TCRAP_Public/071106.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

           Tuesday, November 6, 2007, Vol. 10, No. 220

                            Headlines

A U S T R A L I A

AUTOMOTIVE CARPET: Members and Creditors to Meet on November 12
AVS OPTICS: Liquidator to Give Wind-Up Report on Nov. 9
CHRYSLER LLC: U.S. October 2007 Sales Down by 9 Percent
COEUR D'ALENE: Earns US$3.6 Mil. in 3rd Quarter Ended Sept. 30
CRYSTALTEX ARCHITECTURAL: Sets Joint Meeting for Nov. 12

DECORATOR TERRACOTTA: Creditors Resolve to Liquidate Business
EMPEROR MINES: FY2007 Balance Sheet Upside-Down by AU$59.56MM
F.H. BAILEY: Placed Under Voluntary Liquidation
FATKAT NOMINEES: Liquidator to Give Wind-Up Report on Nov. 12
FORMA INTERIORS: Declares Dividend for Ordinary Creditors

FOSCON PTY: Sets Final Meeting for November 9
G.P. BURNS: Commences Liquidation Proceedings
GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale
GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter
GLOBAL WINE: Deloitte Touche Tohmatsu Raises Going Concern Doubt

GLOBAL WINE: Sets Annual General Meeting on Nov. 29
KENDLE INT'L: Earns US$3.8 Million for Third Quarter 2007
NATIONAL MOBILE: Commences Liquidation Proceedings
NEWTEC PTY: Sets Joint Meeting for November 12
OPSBEO PTY: Members to Receive Wind-Up Report on Nov. 9

OPSVP PTY: Members to Hold Meeting on November 9
P & R EVENTS: Placed Under Voluntary Liquidation
PEABODY ENERGY: UBS Maintains Buy Rating on Firm's Shares
SCO GROUP: Seeks Court OK to Hire Mesirow as Financial Advisor
PERRETT & ASSOCIATES: Members Resolve to Liquidate Business

SCO GROUP: U.S. Trustee Balks at Retention of Mesirow as Advisor
SUN CONTROL: Members Agree on Voluntary Liquidation
TECH DRY: Members and Creditors to Meet on November 9
TH OPTICAL: Members' Meeting Set for November 9
TOORAK RD: To Declare Dividend on November 16

TRICOM NETWORK: Liquidator to Give Wind-Up Report on Nov. 12
WESTPOINT GROUP: Judge Favors Burnard Against Asset Preservation
* ASIC Sets Stricter Debenture Rules


C H I N A   &   H O N G  K O N G

BAIN CLARKSON: Chiu and Diana Quit as Liquidator
BANIN COMPANY: Lawrence Steps Down as Liquidator
BENQ CORP: Invests US$20 Million in BenQ Shanghai
CENTRAL UNITY: Members to Hold General Meeting on November 26
CITIC SECURITIES: Reaches Strategic Tie-Up with Bear Stearns

COMMUNITY HEALTH: Convenes Final Meeting on Nov. 20
EUROPEAN TRANSPORT: Lees Resigns as Liquidator
GLOBAL HOME: Liquidators Leave Post
KONFULL LIMITED: Members to Hold General Meeting on Nov. 30
PACE MICRO: Members to Receive Wind-Up Report on Nov. 28

STAR DRAGON: Members to Hold Final Meeting on Nov. 27
TOWNSMAN ENTERPRISES: Final Meeting Set on Nov. 28


I N D I A

CA INC: Reports US$137-Mil. Net Income in Quarter Ended Sept. 30
DRESSER-RAND: UBS Maintains Neutral Rating on Firm's Shares
GENERAL MOTORS: Investing US$73 Mln in Shreveport Assembly Plant
GENERAL MOTORS: October 2007 Sales Increased by 3%
GMAC LLC: Unit Posts US$1.6 Bil. Net Loss in Third Quarter 2007

GMAC LLC: Moody's Downgrades Senior Unsecured Rating to Ba2
GMAC LLC: Reduced Earnings Prospects Cue S&P to Hold BB+ Rating
SINGER INDIA: Incurs INR5.1-Mil. Loss in Qtr. Ended Sept. 30
SOUTHERN IRON: Board Approves Amalgamation Scheme w/ JSW Steel
SOUTHERN IRON: CRISIL Reaffirms Default Rating on INR280MM Debt

TATA TELESERVICES: Loss Narrows to INR493.1 Mil. in Second Qtr.


I N D O N E S I A

ALCATEL-LUCENT SA: Forms Regional Units & Management Committee
ALCATEL-LUCENT SA: Names Hubert de Pesquidoux as CFO
ANIXTER INT'L: Fitch Affirms Issuer Default Rating at BB+
BAKRIE SUMATERA: Plans to Up Stake in Agri Resources to 51%
FREEPORT-MCMORAN: Names Richards McMillan as Senior Vice Pres.

FREEPORT-MCMORAN: Closes Phelps Dodge Biz Sale for US$735 Mil.


J A P A N

CREDIA CO: Moody's Lowers JPY1.3 Bil.-Worth of Notes to Ba3
FLOWSERVE CORP: Reports US$63-Mln Net Income in Third Qtr. 2007
ICONIX BRAND: Third Qtr. Net Income Climbs to US$17 Mil. in 2007
JAPAN AIRLINES: MLIT Approves Flight to Taiwan
NOVA CORP: 12 Firms Apply to Restore School, Administrators Say

NOVA CORP: Ex-President Counters Allegations of Wrongdoing
TENNECO INC: Commences US$230MM Tender Offer for 10-1/4% Notes
TENNECO INC: Fitch Rates New Senior Unsecured Notes at BB-
TENNECO INC: S&P Rates Proposed US$250 Mil. Senior Notes at B+
* Stable Rating Outlook for Japanese Life Insurers, Moody's Says

* Regional Bailout Body to be Capitalized At JPY20-30 Billion


K O R E A

DYNCORP INT'L: Earns US$13.9 Mil. in Second Qtr. Ended Sept. 28
KOREA EXPRESS: To Invite Bidders for Stake Sale This Month
REMY WORLDWIDE: Taps Greenberg Traurig as Special Counsel
REMY WORLDWIDE: Wants to Hire Ernst & Young as Accountant
SEJI CO: Books KRW2.10-Trillion Net Loss in First Half of 2007

SEJI CO: Resets Private Placement of Common Shares to Dec. 17
SEJI CO: Signs Three Separate Contracts Since October


M A L A Y S I A

MYCOM BHD: Enters Into Joint Venture Agreement w/ Various Firms


N E W  Z E A L A N D

ALFA HOMES: Appoints Parsons and Kenealy as Liquidators
CHAPMAN ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 4
COCKAYNE ROAD: Appoints Parsons and Kenealy as Liquidators
COLLECTIVE PROPERTIES: Taps R. Simpson as Liquidator
COURTHOUSE NUMBER 14: Wind-Up Petition Hearing Set for Nov. 22

EASTERN TECHNOLOGIES: Fixes Nov. 7 as Last Day to File Claims
EELES HOLDINGS: Commences Liquidation Proceedings
FIRST DATA: Completes Check Forte Acquisition
GENEVA FINANCE: Proposed Moratorium Gets Overwhelming Approval
GENEVA FINANCE: S&P Raises Long-Term Counterparty Rating to 'CC'

HULA HAKA PRODUCTIONS: Creditors Receive Wind-Up Report
LIKE MAGIC: Taps Parsons and Kenealy as Liquidators
MR COMPUTER: Taps Parsons and Kenealy as Liquidators
NU-WAY PRODUCTS: Names John Francis Managh as Liquidator
S.P. PUBLISHING: Taps Levin and Vance as Liquidators

STONNE LTD: Faces Auckland City's Wind-Up Petition
TAWARI STREET: Court to Hear Wind-Up Petition on Nov. 8
TYLOS ONE: Names Levin and Vance as Liquidators
VALLEY MAINTENANCE: Fixes Nov. 6 as Last Day to File Claims
WHANAU CONTRACTING: Wind-Up Petition Hearing Set for Nov. 21

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: Court Sets Wind-Up Petition Hearing for Nov. 14


P H I L I P P I N E S

AFP-RSBS: Former Official Calls Prosecution Appeal Unmeritorious
BANGKO SENTRAL: To Offer At Least US$500 Mil. in Bonds to OFWs
BANGKO SENTRAL: Manageable Inflation Risks May Cue Rate Cut
CENTRAL AZUCARERA: Incurs PHP175-Million Net Loss for FY2007
IPVG CORP: PhilEXIM Approves US$7-Mil. Guarantee to Subsidiary

LAFAYETTE MINING: DENR Clears Firm From Charge on Albay Fishkill
METROPOLITAN BANK: Assets Rise to PHP665 Billion at September 30
NAT'L POWER: Flying V Group to Bid for Small Generating Assets
SAN MIGUEL: To Hold Briefing on September YTD Results on Nov. 8
SAN MIGUEL: SM Investments to Sell Off 339.349-Mil. Shareholding

VULCAN IND'L: Sees PHP30MM in Expenses from Gold & Nickel Mining


S I N G A P O R E

LAZARD LTD: Paying US$0.09 Per Share Quarterly Dividend
ODYSSEY RE: Third Quarter Net Income Rises to US$114.2 Million
S & I PTE: Members to Hold Final Meeting on December 3
SEMITECH ELECTRONICS: Loses SGD1.81 Mil. for 2007 First Half
SEMITECH ELECTRONICS: Discloses Update of Sky One Acquisition

SINGAPORE HOLT: Creditors' Proofs of Debt Due on Dec. 4
TOWA SINGAPORE: Sets Proofs of Claim Bar Date on Dec. 3
TTS FOOD: Court to Hear Wind-Up Petition on November 16


T H A I L A N D

CENTRAL PAPER: Reports Progress of Business Rehabilitation Plan
G STEEL: S&P Lowers Long-Term Corporate Rating to 'B-' from 'B+'
G STEEL: Unit Enters Into Refinancing Deal for US$120-Mil. Debt
ITV PCL: Submits Reasons for Delisting Exemption
NATURAL PARK: Awaits Approval to Sell Shares in Five Entities


V I E T N A M

* Moody's Says Ba3 Bond Ratings Supported by Policy Progress


* BOND PRICING: For the Week 05 November to 09 November 2007

     - - - - - - - -

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

AUTOMOTIVE CARPET: Members and Creditors to Meet on November 12
---------------------------------------------------------------
A joint meeting will be held for the members and creditors of
Automotive Carpet Industries Pty Ltd on November 12, 2007, at
2:30 p.m.

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

The Liquidator can be reached at:

          Paul Vartelas
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                     About Automotive Carpet

Automotive Carpet Industries Pty Ltd is a distributor of home
furnishings.  The company is located at Dandenong, in Victoria,
Australia.


AVS OPTICS: Liquidator to Give Wind-Up Report on Nov. 9
--------------------------------------------------------
AVS Optics Pty Ltd will hold a meeting for its members on
November 9, 2007, at 10:30 a.m.

At the meeting, J. Zeckendorf and R. Shaw, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         J. Zeckendorf
         R. Shaw
         Level 4, 151 Macquarie Street
         Sydney, New South Wales 2000
         Australia
               
                        About AVS Optics

AVS Optics Pty Ltd operates offices and clinics of optometrists.  
The company is located at Bentleigh, in Victoria, Australia.


CHRYSLER LLC: U.S. October 2007 Sales Down by 9 Percent
-------------------------------------------------------
Chrysler LLC has reported United States sales for October 2007
of 145,316 units; down 9 percent compared to October 2006 with
159,586 units sold.  All sales figures are reported as
unadjusted.
    
"Growing concerns about the housing slump are showing up in
consumers' expectations about future economic conditions as auto
sales for the month of October continue below trend levels,"
said Darryl Jackson, Vice President - U.S. Sales.  "Today's
company announcement on product changes reflects our customer-
driven philosophy and current market conditions."
    
Chrysler brand car sales were led by Sebring Sedan, which posted
sales of 5,015 units, up 86 percent versus 2006 and Sebring
Convertible which finished the month with sales of 1,856 units,
up 837 percent versus October 2006.  Chrysler Town & Country
sales rose 26 percent to 12,177 units versus October 2006 with
9,668 units.
    
Jeep(R) brand sales were down 21 percent year-over-year, driven
by planned fleet reductions.  Jeep Wrangler and Wrangler
Unlimited posted sales of 9,354 units, up 8 percent versus
October 2006.
    
Dodge brand car sales increased 18 percent over last year aided
by steady sales of the Dodge Avenger with 6,268 units delivered.
    
"Given the competitive market, our approach is to provide
substantial value to our consumers by offering consumer cash and
lease cash on the majority of our 2008 models in November," said
Michael Keegan, Vice President - Volume Planning and Sales
Operations.  "We will also introduce 0% APR for 36 months on
2008 models through the end of the month."

                     About Chrysler LLC

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

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

                        *     *     *

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

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

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


COEUR D'ALENE: Earns US$3.6 Mil. in 3rd Quarter Ended Sept. 30
--------------------------------------------------------------
Coeur d'Alene Mines Corporation reported Friday that the
company's quarterly net income for the third quarter of 2007
totaled US$3.6 million, compared to net income of US$18.4
million for the third quarter of 2006.  Included in the third
quarter results for 2007 are expenses of US$2.5 million
associated with the cessation of mining activities at the
Rochester mine during the third quarter.  

The company reported quarterly revenue of US$52.9 million
compared to US$50.6 million during last year's third quarter.

For the first nine months of 2007, revenue was US$155.4 million,
compared to US$149.5 million in the year-ago period.  Net income
during the first nine months of 2007 was US$29.6 million,
compared to net income of US$65.3 million for the same period in
2006.   Results for the first nine months of 2006 included a
gain of US$11.1 million from the sale of Coeur Silver Valley as
well as US$2.0 million of income from CSV operations.

In terms of production levels, Coeur produced 2.7 million ounces
of silver and 20,500 ounces of gold during the third quarter and
8.3 million ounces of silver and 70,500 ounces of gold through
the first nine months of the year.  Coeur produced 3.3 million
ounces of silver and 30,000 ounces of gold during the third
quarter of 2006 and 9.4 million ounces of silver and 84,500
ounces of gold during the first nine months of 2006.

In commenting on the Company's performance, Dennis E. Wheeler,
chairman, president and chief executive officer, said, "During
the recent quarter, we made substantial progress on all of the
company's strategic initiatives that we believe will result in
Coeur becoming the world's undisputed leader in silver.  The San
Bartolome silver mine in Bolivia, the world's largest pure
silver mine under construction, remains on schedule for a
February 2008 production start up.

"In Australia, both Broken Hill and Endeavor continue to deliver
improved results in 2007.  Cash costs remain consistently low
and we are nearing complete payback of our investments made just
2 years ago.  The company expects to continue receiving silver
production from Endeavor for at the least the next 15 years and
from Broken Hill for the next 7 years," Mr. Wheeler continued.

"The Bolnisi Gold NL and Palmarejo Silver and Gold Corporation
merger transaction is expected to close in mid-December
following the Coeur shareholder vote on Dec. 3, 2007.  
Construction is progressing at the Palmarejo project under
Coeur's management.  We believe the Palmarejo project is the
largest and highest quality silver-gold project currently under
development in the world today.  Once Palmarejo is in production
in 2009, Coeur expects to produce nearly 29 million ounces of
silver--a 142% increase over current levels--at industry-low
cash costs below US$1.75 per ounce--a 55% reduction from current
levels."

         Balance Sheet and Capital Investment Highlights

The company had US$208.8 million in cash, equivalents and short
term investments as of Sept. 30, 2007.  Capital expenditures
during the third quarter of 2007 totaled US$57.3 million, most
of which was spent on the San Bartolome silver project.

Mr. Wheeler commented, "Our liquidity position remains very
strong, with US$209 million in cash, equivalents and short-term
investments.  Together with cash flow from operations, we expect
to complete the construction of the San Bartolome silver
project, the Palmarejo silver and gold project, and the
Kensington gold project without the need for additional outside
capital."

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$889.5 million in total assets, US$276.0 million in
total liabilities, and US$613.5 million in total shareholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?24be

                       About Coeur d'Alene

Headquartered in Coeur d' Alene, Idaho, Coeur d'Alene Mines
Corp. (NYSE:CDE) (TSX:CDM) -- http://www.coeur.com/-- is a gold  
and silver mining company.  The company has mining interests in
Alaska, Argentina, Australia, Bolivia, Chile, and Nevada.                        

                          *     *     *

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


CRYSTALTEX ARCHITECTURAL: Sets Joint Meeting for Nov. 12
--------------------------------------------------------
A joint meeting will be held for the members and creditors of
Crystaltex Architectural Products Pty Ltd on November 12, 2007.

At the meeting, Paul Vartelas, the company's liquidator, will
give a report on the company's wind-up proceedings and property
dispsoal.

The Liquidator can be reached at:

          Paul Vartelas
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                 About Crystaltex Architectural

Crystaltex Architectural Products Pty Ltd is a distributor of
concrete block and brick.  The company is located at  
Maribyrnong, in Victoria, Australia.


DECORATOR TERRACOTTA: Creditors Resolve to Liquidate Business
-------------------------------------------------------------
The creditors of Decorator Terracotta Pty Limited met on
Sept. 25, 2007, and resolved to voluntarily liquidate the
company's business.

Sule Arnautovic and Bradd Morelli were appointed as liquidators.

The Liquidators can be reached at:

         Sule Arnautovic
         Bradd Morelli
         Jirsch Sutherland
         GPO Box 4256
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9236 8333
         Facsimile:(02) 9236 8334

                    About Decorator Terracotta

Decorator Terracotta Pty Limited is a distributor of home
furnishings.  The company is located at Terrey Hills, in New
South Wales, Australia.


EMPEROR MINES: FY2007 Balance Sheet Upside-Down by AU$59.56MM
-------------------------------------------------------------
Emperor Mines Limited reported a consolidated net loss of
AU$237.05 million for the year ended June 30, 2007, a 771% rise
from its AU$27.22-million net loss for the year ended June 30,
2006.

The company suffered a 23.60% decrease in revenues from
AU$127.62 million for the year ended June 30, 2006, to this
fiscal year's AU$97.51 million.  The company also earned a
AU$3.23 million in other income, a significant rise from the
AU$204,000 other income reported a year ago.

The company recorded AU$120.40 million in operating expenses,
AU$9.64 million net financing costs, and AU$11.46 million in
impairment of non-current assets.

Emperor Mines' consolidated balance sheet as of June 30, 2007,
showed strained liquidity with total current assets of
AU$159.42 million available to pay total current liabilities of
AU$203.72 million.

As of June 30, 2007, the company has a consolidated total assets
of AU$163.49 million and total liabilities of AU$223.05 million,
resulting in a capital deficiency of AU$59.56 million.

              Merger Plans with Intrepid Mines

On September 18, 2007, Emperor Mines announced an agreement to
merge with Intrepid Mines Limited, where the respective
companies have entered into a Merger Implementation Deed under
which they have agreed to certain undertakings and arrangements
to facilitate the merger.

The surviving listed entity, Intrepid Mines Limited, will be a
dynamic and well-funded international gold producer, developer
and explorer listed on both the Toronto Stock Exchange and the
Australian Stock Exchange.  The merger will take place by way of
a scheme of arrangement, with Emperor shareholders receiving 1
Intrepid share for every 4.25 Emperor shares held.  Existing
unlisted Emperor employee options will be either canceled for
cash or new Intrepid options issued on equivalent terms and
conditions.  The merger is subject to a number of conditions
including Emperor and Intrepid shareholder approval, due
diligence enquiries, Emperor maintaining surplus cash of at
least AU$54 million prior to the second court hearing and any
other regulatory approval, including TSX consent.

Emperor has also provided financial accommodation to Intrepid
Minerals Corporation, a wholly owned subsidiary of Intrepid,
amounting to AU$5 million and holds an option to convert this
loan into Intrepid shares.  Subject to achieving the above
conditions, the transaction is expected to be completed
in early January 2008.

                        *     *     *

Based in Sydney, Australia, Emperor Mines Limited --  
http://www.emperor.com.au/-- is engaged in the exploration,
development and exploitation of gold deposits.


F.H. BAILEY: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on September 21, 2007, the members
of F.H. Bailey & Co. Pty. Limited agreed to voluntarily wind up
the company's operations.

Richard Herbert Judson was named as liquidator.

The Liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty. Ltd.
          PO Box 819
          Moorabbin, Victoria 3189
          Australia

                      About F.H. Bailey

F.H. Bailey & Co Pty Limited is a distributor of  sheet
metalwork.  The company is located at Huntingdale, in Victoria,
Australia.


FATKAT NOMINEES: Liquidator to Give Wind-Up Report on Nov. 12
-------------------------------------------------------------
Fatkat Nominees Pty Ltd will hold a joint meeting on Nov. 12,
2007, at 3:45 p.m.

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

The Liquidator can be reached at:

          Paul Vartelas
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                     About Fatkat Nominees

Fatkat Nominees Pty Ltd is a distributor of  manufacturing
industries.  The company is located at South Melbourne, in
Victoria, Australia.


FORMA INTERIORS: Declares Dividend for Ordinary Creditors
---------------------------------------------------------
Forma Interiors Pty Limited, which is in liquidation, declared
dividend for its ordinary unsecured creditors on October 30,
2007.

Creditors who were not able to file their proofs of debt by the
Oct. 23 due date were excluded from the company's dividend
distribution.

The company's liquidator is:

         Bruce Gleeson
         c/o Jones Partners
         Insolvency & Business Recovery
         Australia
         Telephone:(02) 9251 5222

                      About Forma Interiors

Forma Interiors Pty Limited is involved with carpentry work.  
The company is located at Prestons, in New South Wales,
Australia.


FOSCON PTY: Sets Final Meeting for November 9
---------------------------------------------
A final meeting will be held for the members and creditors of
Foscon Pty Ltd on November 9, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         Stan Traianedes
         McLean Delmo Hall Chadwick
         Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About Foscon Pty

Foscon Pty Ltd operates miscellaneous retail stores.  The
company is located at Mulgrave, in Victoria, Australia.


G.P. BURNS: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting on September 21, 2007, the members of
G.P. Burns Pty Ltd agreed to voluntarily liquidate the company's
business.

Richard Herbert Judson was appointed liquidator for the company.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                       About G. P. Burns

G. P. Burns Pty Ltd is an operative builder.  The company is
located at Paradise Waters, in Queensland, Australia.


GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale
---------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has completed the sale of
its international wire and cable business, operated in the name
of Phelps Dodge International Corporation, to General Cable
Corporation for US$735 million.  FCX expects to use the proceeds
estimated to approximate US$620 million, net of taxes and other
transaction costs, to repay debt.

General Cable acquired 100% of the shares held by FCX and its
subsidiaries in the entities comprising the wire and cable
business.  PDIC operates factories and distribution centers in
19 countries throughout Latin America, Asia and Africa and is
engaged in the manufacturing and distribution of engineered
products, principally for the global energy sector.

FCX expects to record charges of up to approximately US$20
million (US$12 million to net income) for transaction and
related costs associated with the disposition.

                   About Freeport-McMoran

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) --
http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                    About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed USUS$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.


GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter
----------------------------------------------------------
General Cable Corporation has recorded net income of US$61.1
million for the third quarter of 2007, compared to US$37.0
million in the third quarter of 2006.

Net sales for the third quarter of 2007 were US$1.1 billion, an
increase of US$194.0 million or 20.6% compared to the third
quarter of 2006 on a metal-adjusted basis.  Without the impact
of acquisitions, revenue growth was approximately 12.1% in the
third quarter of 2007 compared to 2006.  This growth was
principally due to the continuing strength of the company's
global electrical infrastructure and electric utility
businesses, as well as favorable foreign exchange translation,
which together more than offset the impact of declining
telecommunications and residential construction demand. Revenues
from acquired businesses contributed US$80.3 million in the
third quarter.

The average price per pound of copper in the third quarter was
US$3.48, an increase of US$0.02 from the second quarter of 2007,
and a decrease of US$0.06 or 1.7% from the third quarter of
2006.  The average price per pound of aluminum in the third
quarter was US$1.19, a decrease of US$0.09, or 7% from the
second quarter of 2007, and equal to the third quarter of 2006.

Third quarter 2007 operating income was US$92.3 million compared
to operating income of US$65.8 million in the third quarter of
2006, an increase of US$26.5 million or 40.3%.  Operating margin
was 8.1% in the third quarter of 2007, an increase of
approximately 110 basis points from the operating margin
percentage of 7.0% in the third quarter of 2006 on a metal-
adjusted basis.  This improvement was principally due to better
price realization in many of the company's product lines,
operating improvements in acquired businesses, cost improvements
from LEAN initiatives, and approximately US$2.4 million in LIFO
gains from the liquidation of lower cost inventory, all of which
more than offset the impact of lower capacity utilization rates
for certain construction and telecommunications product lines.

Included in the earnings results for the third quarter of 2007
was approximately US$0.08 per share of tax benefits resulting
from prior year tax provision true-ups.  In addition, the 2007
estimated full year effective tax rate has been reduced to 36%
as a result of the increasing relative mix of income generated
in lower tax rate countries and the impact of effective tax
planning strategies.

                      Market Update

In North America, revenues increased 9.7% in the third quarter
compared to 2006 on a metal-adjusted basis.  This top line
improvement is net of nearly a 20% drop in metal-adjusted
revenues for telecommunications products sold primarily to
telephone operating companies.  Without the impact of
telecommunications products, North American metal-adjusted
revenue grew at 16.1% in the third quarter of 2007 compared to
2006.  Operating margin has increased by 190 basis points to
8.7%. With the exception of telecommunications products, all
North American businesses reported increased revenues and
earnings during the third quarter of 2007 compared to the prior
year.  The company has continued to benefit from its exposure to
a wide range of strong end markets including electric utility,
electrical infrastructure, networking, and electronics that are
more than offsetting continued telecommunications product
declines and the impact of a weak housing market on certain
utility cable product families.  The company is examining its
telecommunications footprint in the context of various demand
scenarios.

European electric utility and electrical infrastructure markets
broadly continue to remain robust with the exception of Spanish
construction.  Operating earnings in the Company's European
business grew by 35% to US$36.8 million in the third quarter of
2007 compared to the prior year.  Operating margin was 7.5% in
the third quarter, equal to the same period in 2006 on a metal
adjusted basis.  Revenues were up 35% in the quarter on a metal-
adjusted basis.  Before the impact of acquired businesses and
favorable changes in exchange rates, organic growth was 7.5%,
despite approximately a 20% decline in demand for cables used in
Spanish residential construction since the end of 2006.  The
company has initiated growth strategies in other European
markets for these low voltage products including the European
do-it-yourself markets.  "The Company's European operations are
showing strong results, particularly from businesses recently
acquired.  NSW is actively developing products for submarine
power and long-haul fiber optic communications markets and
Silec's high voltage solid dielectric underground cable systems
continue to gain momentum globally.  Both businesses are booking
projects into the 2009 timeframe.  At ECN, we are nearing
completion of an important technology transfer, which will allow
ECN to manufacture the company's trapezoidal design hardened
steel core overhead transmission cable.  This cable effectively
provides about 75% more capacity compared to a similar sized
cable of a traditional design, perfect for the congested rights
of way in Europe," Gregory B. Kenny, the company's President and
Chief Executive Officer, said.

                 Completion of Acquisition

The company has completed the acquisition of PDIC from Freeport-
McMoRan Copper & Gold Inc.  "This is a transformative
transaction for General Cable and one that accelerates our
globalization plans by many years.  The developing economies
that are served by PDIC are continuing to grow much faster than
the developed world. During the planning process for the
integration of this acquisition, the management teams of both
General Cable and PDIC have been encouraged by the level of
common business philosophies and the opportunities this
transaction presents for more efficient utilization of our
combined manufacturing capacity, the ability to enter new
markets, and improvements in raw material and equipment costs,"
Mr. Kenny said.

In connection with the acquisition of PDIC, the Company recently
completed an offering of US$475 million of 1% Senior Convertible
Notes due 2012.  Proceeds from this offering were used to
partially fund the acquisition of PDIC.  Additionally, as part
of the funding of the acquisition of PDIC, the Company increased
the borrowing capacity of its United States revolving asset
backed loan from US$300 million to US$400 million, effective
Oct. 31, 2007.  This increase will provide additional liquidity
to fund future acquisitions and internal growth opportunities.

                 Management Announcements

The company has announced several management changes effective
Nov. 1, 2007, which will align the company's management
structure along geographic lines.  The company welcomes Mathias
Sandoval to General Cable as Executive Vice President and Chief
Executive Officer of our combined operations in Latin America,
Sub-Saharan Africa and the Middle East/Asia Pacific.  This
includes the historical General Cable Asia Pacific and Central
and South American businesses of the company, as well as Mexico.
Domingo Goenaga has been promoted to Executive Vice President
and Chief Executive Officer of General Cable Europe and North
Africa and will continue in his current capacity.  Gregory
Lampert has been promoted to Executive Vice President and Group
President of the North American Electrical and Communications
Infrastructure Group.  This business includes products
supporting data, telephone, industrial power, assemblies and
electronic applications.  J. Michael Andrews has been promoted
to Executive Vice President and Group President of the North
American Energy Infrastructure and Technology Group.  This
business includes products supporting energy exploration,
production, transmission, and distribution applications.  Roddy
Macdonald has been promoted to Executive Vice President of
Global Sales and Business Development.  In addition to leading
our North American Sales organization, Mr. Macdonald will work
with our business and sales leaders around the globe to align
our commercial strategies and ensure that we will present one
face to global customers across all regions and businesses.
Each of these individuals will report directly to Mr. Kenny.

"Over the last decade, the General Cable management team has
successfully grown the Company from a U.S. centric business
focused on communications and construction cables, to a truly
international Company with approximately two-thirds of its
projected revenues generated outside of the United States and a
product range and geographic diversity second to none," Mr.
Kenny said.  "I expect these leaders to be relentless in their
drive for continuous improvement; have the vision to identify
new markets and business opportunities before they become
popular; and have the strength and wisdom to profitably navigate
the Company into the future through all market conditions.  I
believe we have one of the most thoughtful and energetic
management teams in the business that we can continue to
leverage as we expand globally."

                 Preferred Stock Dividend

In accordance with the terms of the company's 5.75% Series A
Convertible Redeemable Preferred Stock, the Board of Directors
has declared a regular quarterly preferred stock dividend of
approximately US$0.72 per share.  The dividend is payable on
Nov. 24, 2007, to preferred stockholders of record as of the
close of business on Oct. 31, 2007.  The company expects the
quarterly dividend payment to approximate US$0.1 million

               Fourth Quarter 2007 Outlook

The company continues to benefit from strong global demand for
many of our products.  The North American Electric Reliability
Corporation recently suggested that many regions in North
America will fall below their target electricity capacity
margins within the next two or three years.  Additionally, NERC
suggested that planned transmission projects are significantly
higher than projected a year ago.  The Company believes this
assessment supports our view of a continuation of a long-term
upgrade cycle for the aging transmission grid.  However, demand
for low voltage utility products in North America will likely
continue to be weak as a result of continued new home
construction weakness with particular impact on low voltage
distribution products.  As a result, the company expects growth
in the overall utility segment to moderate.  The company will be
lowering production levels of certain utility products in North
America in the fourth quarter in an effort to better align its
production and inventory mix with end market demand, which will
have the benefit of increasing operating cash flows.  While this
will result in some short-term inefficiency in certain
manufacturing facilities, overall the Company is expected to
grow operating earnings by 20% or more in the fourth quarter
compared to the prior year before the benefit of PDIC.

Revenues for the fourth quarter without PDIC are expected to be
approximately US$1.05 billion, an increase of 12% from the
fourth quarter of 2006 on a metal adjusted basis.  In addition,
PDIC will contribute approximately US$220 million of revenues
for the balance of the fourth quarter.  For the fourth quarter,
the Company expects to report earnings per share of
approximately US$0.80 to US$0.85, including estimated
contributions from the PDIC operations, the related financing
impact, and purchase accounting related expenses.  "Looking
forward, we are increasing our accretion guidance for 2008
related to the acquisition of PDIC from a range of US$0.20 to
US$0.30 to a range of US$0.40 to US$0.50 due to the continuing
strength of PDIC's end markets," Mr. Kenny concluded.

                    About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed USUS$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.


GLOBAL WINE: Deloitte Touche Tohmatsu Raises Going Concern Doubt
----------------------------------------------------------------
Global Wine Ventures Limited reported a net loss of
AU$251,178 for the financial year ended June 30, 2007, from a
net profit of AU$68,175 a year ago.

The group reported decreased revenues of AU$994,874 for the
current year, down from AU$1,421,968 a year before.

Cost of sales amounted to AU$558,566, giving the group a gross
profit of AU$436,308.

The group also recorded a AU$991,295 other income.

Sales and other expenses, however, also increased, with sales
and marketing expenses increasing to AU$342,195 from the
previous year's AU$1,289.  Corporate expenses also increased to
AU$887,536, while other expenses increased to AU$144,814 in the
year in review against AU$647,716 and AU$25,564, respectively, a
year before.  These huge increases offset the decrease in other
expenses to result in the group's net loss.

                     Going Concern Doubt

ST Harvey at Deloitte Touche Tohmatsu raised material
uncertainty which may cast significant doubt about the company's
and the group's ability to continue as a going concern, citing
the group's net loss and the group's negative operating
cashflows of AU$504,893.


Based in Kent Town, South Australia, Global Wine Ventures
Limited is engaged in manufacturing and sale of wine.  On
Aug. 22, 2005, the company changed its name from Xanadu Wines
Limited to Global Wine Ventures Ltd.


GLOBAL WINE: Sets Annual General Meeting on Nov. 29
----------------------------------------------------
Global Wine Ventures Limited's annual general meeting of
shareholders will be held on Nov. 29, 2007.

The agenda includes:

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

   * the re-election of Graham Keys as director of the company,
     and;

   * the approval of the remuneration report for the year ended
     June 30, 2007.

Based in Kent Town, South Australia, Global Wine Ventures
Limited is engaged in manufacturing and sale of wine. On August
22, 2005, the Company changed its name from Xanadu Wines Limited
to Global Wine Ventures Ltd.

                   Going Concern Doubt

ST Harvey at Deloitte Touche Tohmatsu raised material
uncertainty which may cast significant doubt about the company's
and the group's ability to continue as a going concern, citing
the group's net loss and the group's negative operating
cashflows of AU$504,893.


KENDLE INT'L: Earns US$3.8 Million for Third Quarter 2007
---------------------------------------------------------
Kendle International Inc. has reported net service revenues for
third quarter 2007 were US$100.1 million, an increase of 33
percent over net service revenues of US$75.2 million for third
quarter 2006.  

Interest expense in the third quarter 2007 was approximately
US$3.3 million, primarily related to debt incurred to finance
the Charles River acquisition, compared to interest expense of
US$2.3 million in third quarter 2006.  

The company's effective tax rate for the quarter was
approximately 25 percent due to the reversal of approximately
US$833,000 of tax liabilities as required by FIN 48, "Accounting
for Uncertainty in Income Taxes."  The liabilities were
established as of Jan. 1, 2007, as part of the initial adoption
of FIN 48.  During third quarter 2007, the time period for
assessing tax on these items expired, necessitating the
reversal.

Income from operations for third quarter 2007 was approximately
US$14.2 million, or 14.2 percent of net services revenues.  Net
income was approximately US$3.8 million in third quarter 2007
compared to US$4.0 million in the third quarter of 2006.  Net
service revenues by geographic region for the third quarter were
51 percent in North America, 41 percent in Europe, 5 percent in
Latin America and 3 percent in the Asia/Pacific region.  The top
five customers based on net service revenues accounted for 24
percent of net service revenues for third quarter 2007 compared
to 30 percent of net service revenues for third quarter 2006.

"We are particularly pleased with the strong increase in our
operating margin," noted Candace Kendle, PharmD, Chairman and
Chief Executive Officer.  "We look forward to building on this
momentum to deliver improved value for our shareholders."

New business awards were a record US$175 million for third
quarter 2007, which represents an 18 percent increase over the
same quarter last year.  Contract cancellations for the quarter
were approximately US$7 million.  Total business authorizations
totaled US$831 million at Sept. 30, 2007, up 10 percent from
June 30, 2007, and an all-time company high.

Reimbursable out-of-pocket revenues and expenses were US$42.4
million for third quarter 2007 compared to US$21.5 million in
the same quarter a year ago.

Cash flow from operations for the quarter was a positive US$13.7
million.  Cash and marketable securities totaled US$29.1
million, including US$1.2 million of restricted cash.  Days
sales outstanding in accounts receivable were 40 and capital
expenditures for third quarter 2007 totaled US$3.4 million.

On July 16, 2007, the company issued US$200.0 million in
principal amount of 3.375% Convertible Senior Notes due 2012.
The notes pay interest semiannually.  Approximately US$174
million of the net proceeds of the Notes offering was used to
pay down the company's term loan.

                    Nine-Month Results

Net service revenues for the nine months ended Sept. 30, 2007,
were US$293.3 million, an increase of 49 percent over net
service revenues of US$197.1 million for the nine months ended
Sept. 30, 2006.  Net income per diluted share of US$0.83 for the
nine months ended Sept. 30, 2007, includes a charge for
amortization of acquired intangibles related to the August 2006
acquisition of Charles River as well as a charge for the write-
off of deferred financing costs related to the company's term
debt, which was paid off in the third quarter of 2007.
Excluding these items, which are detailed in the Condensed
Consolidated Statements of Income, EPS for the nine months ended
Sept. 30, 2007, was US$1.14 per diluted share. Interest expense
in the nine months ended Sept. 30, 2007, was approximately
US$12.0 million, primarily related to debt incurred to finance
the Charles River acquisition, compared to interest expense of
US$2.4 million in the first nine months of 2006.  EPS for the
nine months ended Sept. 30, 2006, was US$0.89 per diluted share.
Excluding the amortization of acquired intangibles, EPS for the
first nine months of 2006 was US$0.92 per diluted share.

The company's year-to-date effective tax rate was approximately
32 percent, reflecting the effect of the FIN 48 adjustment in
the third quarter.

Income from operations for the nine months ended Sept. 30, 2007,
was approximately US$37.6 million, or 12.8 percent of net
service revenues.  Excluding the amortization charge referenced
above, proforma income from operations was approximately US$40.7
million, or 13.9 percent of net service revenues.  Income from
operations for the nine months ended Sept. 30, 2006, was
approximately US$21.8 million.  Excluding the amortization
charge in the nine months ended Sept. 30, 2006, proforma income
from operations was US$22.5 million, or 11.4 percent of net
service revenues.  Net income for the first nine months of 2007
was approximately US$12.3 million compared to net income of
US$13.2 million in the first nine months of 2006.  Excluding the
amortization of acquired intangibles and the write-off of
deferred financing costs, net income for the first nine months
of 2007 was US$16.9 million, or US$1.14 per diluted share.
Excluding the amortization of acquired intangibles in the first
nine months of 2006, net income was US$13.6 million, or US$0.92
per diluted share.

Net service revenues by geographic region for the nine months
ended Sept. 30, 2007, were 50 percent in North America, 42
percent in Europe, 5 percent in Latin America and 3 percent in
the Asia/Pacific region.  The top five customers based on net
service revenues accounted for 25 percent of net service
revenues for the first nine months of 2007 compared to 29
percent of net service revenues for the first nine months of
2006.

Cash flow from operations for the nine months ended
Sept. 30, 2007, was a positive US$38.1 million. Capital
expenditures for the nine-month period totaled US$10.8 million.

             Updated Full-Year 2007 Guidance

Kendle also updated full-year 2007 guidance.  Net service
revenue guidance for the full year 2007 is now projected to be
in a range of US$390-US$400 million.  Operating margin on both a
GAAP and proforma basis remains unchanged from the previous
guidance and is expected to be between 12 and 14 percent and 13
and 15 percent, respectively.  Kendle now expects GAAP EPS in
the range of US$1.25 to US$1.35 and projects proforma EPS to be
in the range of US$1.60 to US$1.70.

                       About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, United
Kingdom, Asia/Pacific, Africa and Latin America including Brazil
and Australia.

                       *     *     *

As of July 3, 2007, the company carried Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  Moody's said the outlook is stable.

In addition, the company also carried Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook is
stable.


NATIONAL MOBILE: Commences Liquidation Proceedings
--------------------------------------------------
The members and creditors of National Mobile Mechanics Pty Ltd
met on September 28, 2007, and agreed to voluntarily liquidate
the company's business.

Gregory Stuart Andrews was tapped as liquidator.

The Liquidator can be reached at:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                     About National Mobile

National Mobile Mechanics Pty Ltd operates general automotive
repair shops.  The company is located at  Narre Warren, in
Victoria, Australia.


NEWTEC PTY: Sets Joint Meeting for November 12
----------------------------------------------
The members and creditors of Newtec Pty Ltd will hold their
joint meeting on November 12, 2007, at 2:15 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paul Vartelas
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                        About Newtec Pty

Newtec Pty Ltd provides plumbing, heating, and air-conditioning
services.  The company is located at Thomastown, in Victoria,
Australia.


OPSBEO PTY: Members to Receive Wind-Up Report on Nov. 9
-------------------------------------------------------
OPSBEO Pty Ltd will hold a meeting for its members on Nov. 9,
2007, at 10:30 a.m.

At the meeting, J. Zeckendorf and R. Shaw, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         J. Zeckendorf
         R. Shaw
         Level 4, 151 Macquarie Street
         Sydney, New South Wales 2000
         Australia

                        About OPSBEO Pty

Opsbeo Pty Ltd operates optical goods stores.  The company is
loctaed at Maryborough, in Queensland, Australia.


OPSVP PTY: Members to Hold Meeting on November 9
-------------------------------------------------
The members of Opsvp Pty will meet on November 9, 2007, at 10:30
a.m., to receive the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         J. Zeckendorf
         R. Shaw
         Level 4, 151 Macquarie Street
         Sydney, New South Wales 2000
         Australia

                         About OPSVP Pty

Opsvp Pty Ltd, which is also trading as Coles & Garrard Optical
Services, is a distributor of ophthalmic goods.  The company is
located at Melbourne, in Victoria, Australia.


P & R EVENTS: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on September 28, 2007,
the members of P & R Events Australia Pty Ltd agreed to
voluntarily liquidate the company's business.

Daniel Bryant was appointed as liquidator.

The Liquidator can be reached at:

         Daniel Bryant
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About P & R Events

P & R Events Australia Pty Ltd operates nonclassifiable
establishments.  The company is located at Pearcedale, in
Victoria, Australia.


PEABODY ENERGY: UBS Maintains Buy Rating on Firm's Shares
---------------------------------------------------------
UBS analysts have kept their "buy" rating on Peabody Energy's
shares, Newratings.com reports.

Newratings.com relates that the target price for Peabody
Energy's shares was decreased to US$57 from US$60.

The analysts said in a research note that Peabody Energy
completed its spin-off of Patriot Coal.

The analysts told Newratings.com that the "prospects for the
coal sector" are still bright.

The earnings per share estimates for 2007 and 2008 were
decreased to US$1.80 from US$1.85 and to US$2.73 from US$3.69,
respectively, Newratings.com states.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on March 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  Moody's placed the instrument on review for
downgrade.


SCO GROUP: Seeks Court OK to Hire Mesirow as Financial Advisor
--------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ Mesirow Financial Consulting LLC as their financial
advisor, nunc pro tunc to Sept. 14, 2007.

Mesirow will:

   a. assist in the preparation of or review of reports or
      filings as required by the Bankruptcy Court or the Office
      of the United States Trustee, including, but not limited
      to, schedules of assets and liabilities, statements of
      financial affairs and monthly operating reports;

   b. assist in the preparation of or review of the Debtors'
      financial information, including, but not limited to,
      analyses of cash receipts and disbursements, financial
      statement items and proposed transactions for which
      Bankruptcy Court approval is sought;

   c. assist with the analysis, tracking and reporting regarding
      cash collateral and any debtor-in-possession financing
      arrangements and budgets;

   d. assist with the implementation of bankruptcy accounting
      procedures as may be required by the Bankruptcy Code and
      generally accepted accounting principles;

   e. advise and assist regarding tax planning issues,
      including, but not limited to, assistance in estimating
      net operating loss carryforwards, international, state and
      local tax issues and the tax considerations of proposed
      plans of reorganizations;
  
   f. assist with identifying and implementing potential cost
      containment opportunities;

   g. assist with identifying and implementing asset   
      redeployment opportunities;

   h. analyze assumption and rejection issues regarding
      executory contracts and leases;

   1. assist in the preparation and review of proposed business
      plans and the business and financial condition of the
      Debtors generally;

   j. assist in evaluating reorganization strategies and
      alternatives;

   k. review and critique of the Debtors' financial projections
      and assumptions;

   i. prepare enterprise, asset and liquidation valuations;

   m. assist in preparing documents necessary for confirmation;

   n. advise and assist to the Debtors in negotiations and
      meetings with the Creditors' Committee, the bank lenders
      and other parties-in-interest;

   o. advise and assist on the tax consequences of proposed
      plans of reorganization;

   p. assist with the claims resolution procedures, including,
      but not limited to, analyses of creditors' claims by type
      and entity;

   q. render litigation consulting services and expert witness
      testimony regarding confirmation issues, avoidance actions
      or other matters; and

   r. render other functions as requested by the Debtors or  
      their counsel to assist the Debtors in these Chapter 11
      Cases.

The Debtors will pay Mesirow according to the firm's customary
hourly rates:

          Designation                       Hourly Rate
          -----------                       -----------
          Sr. Managing Director,            US$650 - US$690
            Managing Director and
            Director
          Sr. Vice-President                US$550 - US$620
          Vice President                    US$450 - US$520
          Senior Associate                  US$350 - US$420
          Associate                         US$190 - US$290
          Paraprofessional                      US$150

Mesirow will bill a fixed fee of US$35,000 for the preparation
of schedules of assets and liabilities and the statement of
financial affairs.  All other services, as requested by the
Debtors, and agreed to by Mesirow, will be billed at the normal
and customary rates listed above less a 10% discount to fees as
determined.

Prior to the bankruptcy filing, Mesirow received an advance
payment retainer of US$35,000 from the Debtors.  Of that
retainer, US$0 has been applied to fees and expenses incurred
prior to the bankruptcy filing.  The balance of this retainer
will be held by  Mesirow and applied against postpetition fees
and expenses to the extent allowed by the Court.

To the best of the Debtors' knowledge, Mesirow is a
"disinterested person" as that term is defined in section
101(14) of the Bankrptcy Code as modified by section 11 07 (b)
of the Bankruptcy Code.

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 J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  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.


PERRETT & ASSOCIATES: Members Resolve to Liquidate Business
-----------------------------------------------------------
During a general meetng held on September 21, 2007, the members
of Perrett & Associates Pty Ltd agreed to voluntarily liquidate
the company's business.

Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty. Ltd.
          PO Box 819
          Moorabbin, Victoria 3189
          Australia

                   About Perrett & Associates

Perrett & Associates Pty Ltd provides accounting, auditing and
bookkeeping services.  The company is located at  Leongatha, in
Victoria, Australia.


SCO GROUP: U.S. Trustee Balks at Retention of Mesirow as Advisor
----------------------------------------------------------------
Kelly Beaudin Stapleton, United States Trustee for Region 3 in
the chapter 11 cases of The SCO Group Inc. and SCO Operations
Inc. asks the U.S. Bankruptcy Court for the District of Delaware
to deny the retention of Mesirow Financial Consulting LLC as the
Debtors' financial advisor.

The U.S. Trustee has listed several grounds for its objections
against the Mesirow retention, including the possible non-
disinterestedness of the firm.  According to the U.S. Trustee,
the intent of Mesirow Financial Consulting's affiliated broker,
Mesirow Financial Inc., to purchase and sell the Debtors'
securities for its own account will disqualify Mesirow Financial
Consulting from employment by the Debtors by making the firm a
person that is not disinterested.  

The U.S. Trustee suggests that Mesirow subsidiaries should not
agree to hold or trade securities issued by the Debtors for
their own account.

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 J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  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.


SUN CONTROL: Members Agree on Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on September 25, 2007,
the members of Sun Control Products (Victoria) Pty Ltd agreed to
voluntarily liquidate the company's business.

David Raj Vasudevan and Andrew Reginald Yeo were tapped as
liquidators.

The Liquidators can be reached at:

         David Raj Vasudevan
         Andrew Reginald Yeo
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                        About Sun Control

Sun Control Products (Victoria) Pty Ltd is a distributor of
roofing, siding and sheetmetal work.  The company is located at
Nunawading, in Victoria, Australia.


TECH DRY: Members and Creditors to Meet on November 9
-----------------------------------------------------
The members and creditors of Tech Dry Solutions Pty Ltd will
hold their general meeting on November 9, 2007, at 12:00 noon,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gregory J. Shilton
          Gregory J Shilton & Co
          Suite 4/58 Dow Street
          South Melbourne, Victoria 3205
          Australia

                        About Tech-Dry

Tech-Dry Solutions Pty Ltd provides business services.  The
company is located at Frankston, in Victoria, Australia.


TH OPTICAL: Members' Meeting Set for November 9
-----------------------------------------------
A meeting will be held for the members of TH Optical Pty Ltd on
November 9, 2007, at 10:30 a.m.

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

The company's liquidators are:

         J. Zeckendorf
         R. Shaw
         Level 4, 151 Macquarie Street
         Sydney, New South Wales 2000
         Australia

                        About TH Optical

TH Optical Pty Ltd, which is also trading as Laubman & Park
Optometrists, operates offices and clinics of optometrists.  The
company is located at Brisbane, in Queensland, Australia.


TOORAK RD: To Declare Dividend on November 16
---------------------------------------------
Toorak Rd Properties Pty Ltd will declare dividend on Nov. 16,
2007.

Creditors who were not able to file their proofs of debt by the
October 26 due date will be excluded from the company's dividend
distribution.

The company's liquidator is:

          S. L. Horne
          Draper Dillon
          499 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                        About Toorak Rd

Toorak Rd Properties Pty Ltd operates nonclassifiable
establishments.  The company is located at  Melbourne, in
Victoria, Australia.


TRICOM NETWORK: Liquidator to Give Wind-Up Report on Nov. 12
------------------------------------------------------------
A joint meeting will be held for the members and creditors of
Tricom Network & Communication Solutions Pty Ltd on November 12,
2007, at 2:45 p.m.

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

The Liquidator can be reached at:

          Paul Vartelas
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                      About Tricom Network

Tricom Network & Communication Solutions Pty Ltd provides
electrical work.  The company is located at Abbotsford, in
Victoria, Australia.


WESTPOINT GROUP: Judge Favors Burnard Against Asset Preservation
----------------------------------------------------------------
Justice Barrett of the Supreme Court of New South Wales
delivered his judgment in respect of proceedings brought by the
Australian Securities & Investments Commission against Neil
Burnard, Palentia Pty. Ltd. (formerly known as Kebbel (NSW) Pty.
Ltd.), Jennifer Robins and BDI Pty. Ltd.  ASIC had sought to
continue asset preservation orders against those parties up to
and including February 11, 2008, pending its further
investigations.  ASIC also asked the Court to make asset
disclosure orders against those parties.

Neil Austin Burnard, the sole director of Palentia Pty Ltd.
reportedly promoted Westpoint schemes to investors.  Mr.
Burnard, through Palentia, helped raise more than AU$100 million
for Westpoint from small investors, mainly in NSW and
Queensland, adding that Palentia earned AU$6.5 million in
commissions in the process.

Justice Barrett indicated that asset preservation orders would
be made against Mr. Burnard and Palentia, subject to a proviso
as to certain exceptions and qualifications sought by Mr.
Burnard and Palentia.  The terms of the proviso are to be the
subject of further submissions.

His Honor indicated that he would make directions for
submissions on the precise form of the orders and on the matter
of costs in due course. Asset preservation orders in respect of
Mr. Burnard and Palentia made initially on August 27, 2007, and
continued, including by Justice Barrett on October 4 and 10,
2007, were extended pending the finalization of orders in
accordance with the reasons for judgment.

Justice Barrett also indicated that asset disclosure orders
would be made against Mr. Burnard and Palentia.  These orders
will require Mr. Burnard and Palentia, except to the extent that
a claim of privilege against self-incrimination or exposure to a
civil penalty is made, to deliver to ASIC a full and detailed
affidavit setting out details of all assets and liabilities.

Justice Barrett discharged existing asset preservation orders in
respect of Ms. Robins and BDI and also declined to make asset
disclosure orders against those parties.  Jennifer Robins is
Mr. Burnard's wife.  BDI is the trustee of several trusts of
which members of the Burnard family are beneficiaries.

The parties have liberty to apply to the Supreme Court in
relation to the orders.

ASIC's investigations are continuing.

                      About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property  
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings.  ASIC contends that Westpoint projects
are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments.  ASIC also sought
wind-up orders after the Westpoint companies failed to comply
with its requirement to lodge accounts for certain financial
years.  These wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


* ASIC Sets Stricter Debenture Rules
------------------------------------
The Australian Securities & Investments Commission released new
disclosure requirements for financial products, the Australian
Financial Review says.

According to the report, the move is aimed at protecting
investors from losing in their investments in unsafe financial
schemes.

The AFR says that the ASIC decreed that issuers in the
AU$7-billion unlisted, unrated debenture market must:

   * have a panel of valuers;
   * have secure a credible credit rating; and
   * keep three months' worth of cash on hand.

According to the report, the ASIC also banned financial products
promoters from using the words "secure," "guaranteed" and
"safe".


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

BAIN CLARKSON: Chiu and Diana Quit as Liquidator
------------------------------------------------
Ying Hing Chiu and Chung Miu, Diana quit as liquidators of Bain
Clarkson (Hong Kong) Limited on October 22, 2007.

The former Liquidators can be reached at:

          Ying Hing Chiu
          Chung Miu, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


BANIN COMPANY: Lawrence Steps Down as Liquidator
------------------------------------------------
David J. Lawrence has resigned as Banin Company Ltd.'s
liquidator on Oct. 16, 2007.

The Troubled Company Reporter-Asia Pacific previously reported
that the company entered liquidation proceedings on Oct. 30,
2006.

The former liquidator can be reached at:

          David J. Lawrence
          7/F, Alexandra House
          18 Chater Road, Central
          Hong Kong


BENQ CORP: Invests US$20 Million in BenQ Shanghai
-------------------------------------------------
Qisda Corp. (2352.TW) said that its unit, BenQ Corp, has
invested US$20 million in its mainland subsidiary, BenQ
(Shanghai) Co Ltd., Trading Markets relates.

The investment is to fund the expansion of BenQ Shanghai's
operations involving the production of electronics products, the
report says, citing a company filing with the Taiwan Stock
Exchange.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

In June 2007 the company announced that it will change its name
to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CENTRAL UNITY: Members to Hold General Meeting on November 26
-------------------------------------------------------------
A final general meeting will be held for the members of Central
Unity International Limited on November 26, 2007, at 10:00 a.m.,
at Rooms 2411-12 Shui On Centre, 6-8 Harbour Road, Hong Kong.

At the meeting, Hung See Mei, Elina, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CITIC SECURITIES: Reaches Strategic Tie-Up with Bear Stearns
------------------------------------------------------------
China CITIC Securities Co. announced on Friday that it has
reached a preliminary strategic collaboration agreement with
U.S. investment bank Bear Stearns Co., People's Daily Online
reports.

China Knowledge, citing Xinhua News, relates that the agreement
involves a cross investment of US$1 billion each and a joint
venture in Hong Kong to offer a large range of financial
services.

According to People's Daily, under the program, CITIC Securities
will buy the equivalent of a 6% stake in Bear Stearns, and plans
to increase the holdings to 9.9% when conditions are ready.

Bear Stearns, on the other hand, will hold a 2% stake -- worth
US$1 billion -- in CITIC and buy an additional 5% stake in the
coming five years, China Knowledge notes.

CITIC Securities said last week that its board of directors
approved the planned alliance with Bear Stearns, Dow Jones says.
The CITIC Securities board, People's Daily adds, has entrusted
company executives to map out a detailed cooperation scheme.

CITIC and Bear Stearns will cooperate to offer new products and
services and plans to align their business in Asia, China
Knowledge points out.  Each partner will hold 50% of the new
joint venture in Hong Kong.

The collaboration is still awaiting the approval from both
partners' shareholders and the two countries relevant
regulators, China Knowledge says.

According to the South China Morning Post, shares in CITIC
Securities soared nearly 10%, to CNY116.49 per share, when it
resumed trading on Friday following the firm's announcement of
the tie-up.

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

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

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


COMMUNITY HEALTH: Convenes Final Meeting on Nov. 20
---------------------------------------------------
Community Health Association Limited will hold its final general
meeting for members on Nov. 26, 2007.

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

The Troubled Company Reporter - Asia Pacific reported on Sept. 4
that the shareholders of Community Health Association Limited
resolved to liquidate the company's business on Aug. 22.

The liquidator can be reached at:

          Woo Siu Wah
          Reverlcy Commercial Centre, Room 1018
          87 Chatham Road, TST
          Kowloon


EUROPEAN TRANSPORT: Lees Resigns as Liquidator
----------------------------------------------
John Robert Lees has resigned as European Transport System
Limited's liquidator.

The Troubled Company Reporter-Asia Pacific previously reported
that during a general meeting held on July 30, 2007, the members
of European Transport System agreed to voluntarily liquidate the
company's business.

The former liquidator can be reached at:

          John Robert Lees
          c/o John Lees & Associates Limited
          1904 Hong Kong Club Building
          3A Chater Road, Central
          Hong Kong


GLOBAL HOME: Liquidators Leave Post
-----------------------------------
Edward Simon Middleton and Jacky Chung Wing Muk have resigned as
joint and several liquidators of Global Home Products Hong Kong
Trading Company Ltd.

The Troubled Company Reporter - Asia Pacific reported that the
company's creditors held a general meeting on Oct. 16, 2006, and
agreed to voluntarily wind up the company's operations due to
its liabilities.

The former liquidators can be reached at:

          Jacky Chung Wing Muk
          Edward Simon Middleton
          KPMG
          8/F, Prince's Building
          10 Chater Road, Central
          Hong Kong


KONFULL LIMITED: Members to Hold General Meeting on Nov. 30
-----------------------------------------------------------
The members of Konfull Limited will hold their general meeting
on November 30, 2007, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at 805, Capitol Centre, 5-19 Jardine's
Bazaar, in Causeway Bay, Hong Kong.


PACE MICRO: Members to Receive Wind-Up Report on Nov. 28
--------------------------------------------------------
The members of Pace Micro Technology (Asia Pacific) Limited will  
hold their final meeting on November 28, 2007, at 3:00 p.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The meeting will be held at the 13th Floor of Gloucester Tower,
The Landmark, 15 Queen's Road, in Central, Hong Kong.


STAR DRAGON: Members to Hold Final Meeting on Nov. 27
-----------------------------------------------------
Star Dragon Properties Limited will hold its final general
meeting for members on Nov. 27, 2007, at 10:30 a.m.

The company's liquidator, Woo Siu Wah, will give a report on the
company's wind-up proceedings and property disposal.

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, the shareholder of Star Dragon passed a
resolution to liquidate the company's business.

The Liquidator can be reached at:

          Poon Ka Lee Barry
          1607, ING Tower
          308 Des Voeux Road, Central
          Hong Kong


TOWNSMAN ENTERPRISES: Final Meeting Set on Nov. 28
--------------------------------------------------
Townsman Enterprises Ltd. will hold its final meeting for
members on Nov. 28, 2007.

The company's liquidator, Ho Chiu Lung Michael, will give a
report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          Ho Chiu Lung Michael
          Room 603, 6th Floor, Alliance Building
          130-136 Connaught Road, Central
          Hong Kong


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

CA INC: Reports US$137-Mil. Net Income in Quarter Ended Sept. 30
----------------------------------------------------------------
CA Inc. disclosed its financial results for its second quarter
fiscal year 2008, which ended Sept. 30, 2007.

The company had net income of US$137 million for the three
months ended Sept. 30, 2007, compared to net income of US$53
million for the same period in 2006.

“This marks CA’s fourth consecutive quarter of solid
performance. We made another significant advancement toward our
goal of transforming CA into one of the world’s leading software
providers,” said John Swainson, CA’s president and chief
executive officer.  “The world’s largest and most sophisticated
IT users are coming to us to help them govern, manage and secure
their IT infrastructures using CA software.”

“We are seeing real excitement from these customers as they see
how CA’s products and services can help them manage the cost of
IT, improve its efficiency and security, and allow them to
ensure that their IT investments are aligned with their business
strategy.  We will continue to invest in software technology
that does this, even as we improve our internal processes and
sales and marketing efficiency.  All of this gives us confidence
that our Enterprise IT Management strategy is right on track,
and that we are also on track to meet our financial objectives,”
he concluded.

                    Second Quarter Results

Total revenue for the second quarter was US$1.067 billion, an
increase of 8%, or 5% in constant currency, compared to US$987
million reported in the comparable prior year period.

For the first half of fiscal 2008, total revenue was US$2.092
billion, up 8% or 5% in constant currency over the first half of
fiscal 2007.

Total North American revenue was up 5% in the second quarter
while revenue from international operations was up 12%, or 5% on
a constant currency basis, compared to the same period last
year.

Total product and services bookings in the second quarter were
US$1.007 billion, an increase of 46% over the US$690 million
reported in the comparable prior year period.  The increase in
bookings was driven primarily by an increase in the number of
large contracts, which were renewed in the quarter, as well as
an increase in contract length.  During the quarter, the Company
renewed 16 license agreements greater than US$10 million,
totaling US$334 million, compared to 6 such deals, totaling
US$113 million, in the prior year period.  The weighted average
duration of new direct bookings in the second quarter was 3.17
years, compared to 2.98 years in the prior year’s second
quarter.

For the first half of fiscal 2008, total product and services
bookings were US$1.841 billion, up 47% from the US$1.252 billion
reported in the first half of fiscal 2007.  The company expects
total product and services bookings growth for the full fiscal
year to be in the low double digits.

Total expenses, before interest and income taxes, for the second
quarter were US$823 million, a decrease of 9%, or 11% in
constant currency, compared to US$907 million in the prior year
period. The second quarter was positively affected by a decrease
in amortization of capitalized software and lower restructuring
expenses from the comparable quarter last year.  In the second
quarter, GAAP operating income was US$244 million, representing
an operating margin of 23%, a 15-percentage point improvement
from the prior year period.

Total expenses, before interest and income taxes, for the first
half were US$1.637 billion, a decrease of 9%, or 11% in constant
currency, compared to the US$1.805 billion reported in the first
half of fiscal 2007.

On a non-GAAP basis, which excludes purchased software and
intangibles amortization and restructuring and other costs, the
Company reported second quarter operating expenses of US$779
million, up 3% from the US$756 million reported in the prior
year period. Excluding the negative impact of currency,
operating expenses were flat year-over-year.  In the second
quarter, non-GAAP operating income was US$288 million,
representing a non-GAAP operating margin of 27%, a 4 percentage
point improvement from the prior year period.

For the first half of fiscal 2008, non-GAAP operating expenses
were US$1.548 billion, virtually flat and down 2% in constant
currency from the US$1.539 billion reported in the same period
in fiscal 2007.

The Company recorded GAAP income from continuing operations of
US$137 million for the second quarter, or US$0.26 per diluted
common share, compared to US$54 million, or US$0.09 per diluted
common share, in the prior year period.  This improvement is a
result of higher revenue and the decrease in amortization of
software costs described above.

For the first half of 2008, GAAP income from continuing
operations was US$266 million, or US$0.49 per diluted common
share, up from the US$89 million, or US$0.15 per diluted common
share, reported in the same period in fiscal year 2007.

The company recorded non-GAAP income from continuing operations
of US$173 million for the second quarter, or US$0.32 per diluted
common share, compared to US$153 million, or US$0.26 per diluted
common share, reported a year earlier.  For the first half of
2008, non-GAAP income from continuing operations was US$332
million, up 29% from the first half of fiscal 2007, while non-
GAAP earnings per diluted common share were US$0.61 in the first
half of fiscal 2008, an increase of US$0.17, or 39%, over the
US$0.44 reported in the same period in fiscal 2007.

For the second quarter of fiscal year 2008, CA reported cash
flow from operations of US$193 million, compared to US$6 million
in cash flow from operations in the second quarter of fiscal
year 2007.  For the first half, CA reported US$180 million in
cash flow from operations, an improvement of US$220 million from
the first half of fiscal 2007.

                     Capital Structure

The balance of cash, cash equivalents and marketable securities
at Sept. 30, 2007, was US$1.890 billion.  With US$2.578 billion
in total debt outstanding, the company has a net debt position
of US$688 million.

                  Fiscal Year 2008 Outlook

The company updated its fiscal 2008 annual outlook based on
current expectations.

   * The range for total revenue increases to US$4.15 billion to
     US$4.2 billion from the prior outlook of US$4.05 billion to
     US$4.1 billion;

   * The new outlook reaffirms the Company’s original guidance
     of 3 to 4% growth in constant currency;

   * The range for GAAP earnings per share from continuing
     operations increases to US$0.87 to US$0.91 per share from
     the previous outlook of US$0.75 to US$0.81 per share and
     includes US$35 million in charges from previously disclosed
     restructuring plans;

   * The range for Non-GAAP operating earnings per share
     increases to US$1.06 to US$1.10 per share compared to the
     previous outlook of US$0.94 to US$1 per share; and,

    * The full-year cash flow from operations outlook of US$1.05
      billion to US$1.1 billion is reaffirmed.

As previously stated, the company expects a total of
approximately US$470 million in cash tax payments during the
2008 fiscal year compared to US$296 million in tax payments paid
in fiscal year 2007.  On a pre-tax basis, the company expects
cash flow from operations to be US$1.52 billion to US$1.57
billion for the full year, representing annual growth of 11 to
15% compared to pre-tax cash flow last year.

The revenue and earnings per share projections are based on
current exchange rates and assume no acquisitions.

The company anticipates approximately 514 million shares
outstanding at fiscal year-end and a weighted average diluted
share count of approximately 542 million shares for the fiscal
year.  The company also expects a full-year tax rate on non-GAAP
net income of approximately 36%.

                          About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries. As reported by the Troubled Company
Reporter-Asia Pacific on Oct. 19, 2007, CA Inc. recently opened
its India Technology Center in Hyderabad, which campus cost
US$30 million to build.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.


DRESSER-RAND: UBS Maintains Neutral Rating on Firm's Shares
-----------------------------------------------------------
UBS analysts have kept their "neutral" rating on Dresser-Rand
Group Inc's shares, Newratings.com reports.

Newratings.com relates that the one-year target price for
Dresser-Rand's shares was increased to US$44 from US$43.

The analysts said in a research note that Dresser-Rand had
strong third quarter 2007 results.  Its earnings per share
surpassed estimates and consensus.

The analysts told Newratings.com that Dresser-Rand’s guidance
this year "points towards US$85 million in operating income, in-
line with the consensus."

According to Newratings.com, UBS said that the earnings per
share estimate for next year was increased to indicate lower
interest expense and taxes.

The earnings per share estimates for 2007 and 2008 were
increased to US$1.38 from US$1.25 and to US$2.05 from US$1.95,
respectively, Newratings.com states.

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


GENERAL MOTORS: Investing US$73 Mln in Shreveport Assembly Plant
----------------------------------------------------------------
General Motors confirmed that it will invest US$73 million into
its Shreveport, Louisiana truck assembly plant to prepare the
plant for production of the all-new HUMMER H3T.

"GM’s US$73-million investment in Shreveport is further proof
that the community remains an important part of GM’s
manufacturing plan," Troy Clarke, GM Group Vice President and GM
North America President, said.  "The H3T is unique for HUMMER
because it is the brand’s first true pickup.  Like every HUMMER
model, the H3T delivers capabilities unparalleled in the
marketplace and will carve out a new niche in the truck market.  
I’m happy to say that the men and women of Shreveport will be a
big part of this new growth."

Cal Rapson, UAW vice president and director of the GM
Department, also voiced strong support for the project.

"This investment is a testament to the members of UAW Local 2166
for their hard work and commitment to build high quality
products," Mr. Rapson said.  "UAW members at the Shreveport
plant are an important part of the team that is bringing this
exciting new GM vehicle to the market."

Larger than a midsize truck, smaller than a full-size, the H3T
delivers attitude, versatility and capability. And more
important, with a fully functional truck bed and one of the
industry’s broadest range of personalization accessories, the
H3T provides a new level of lifestyle functionality to the
HUMMER portfolio and will draw new customers into the brand.  
The H3T is scheduled to arrive in dealerships by third quarter
2008.

"I am delighted that GM has once again chosen to increase
investments in Louisiana by expanding operations in Shreveport,"
Governor Blanco said.  "Louisiana looks to partner with
companies interested in doing business in our state who will not
only positively impact the region’s economy with their activity,
but will also provide quality jobs with good benefits to our
workers.  Thank you for helping us move Louisiana forward."

In the last several years, GM has invested approximately
US$1.5 billion in the Shreveport facility.  This investment
along with the plant’s annual payroll of US$160 million and
annual taxes of US$4.5 million, demonstrates that GM will
continue to be an economic force in the local community and
state of Louisiana for years to come.

Shreveport Assembly has built trucks since 1981, beginning with
the Chevy S-10.  The plant presently produces the HUMMER H3 and
Chevy Colorado and GMC Canyon mid-size pickup trucks.  
Shreveport Assembly employs approximately 2,100 employees.

                      About General Motors

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

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  S&P said the outlook is stable.


GENERAL MOTORS: October 2007 Sales Increased by 3%
--------------------------------------------------
General Motors Corp. dealers in the United States delivered
310,008 vehicles in October, 8,700 more vehicles when compared
with year-ago performance, outpacing an industry expected to
show a volume decline of about 4%.  For the third consecutive
month, on an unadjusted basis, total sales increased, with
October up 3%.  When adjusted for selling days, sales declined
1%.  It is anticipated that GM will see its fourth consecutive
month with market share above 24%.  Since August, market share
is up more than 1 point, to 25.1%, compared with the same three
month period last year.

The month's 229,294 retail deliveries demonstrated solid
performance despite continuing industry softness.  GM retail
sales were led by brisk retail sales of full-size utilities,
mid-utility crossovers, the Cadillac CTS, and the Chevrolet
Aveo, Cobalt and HHR.  The Saturn division showed yet another
retail sales increase, up 7%.

"Our strong market share performance and our ability to outpace
industry trends on volume demonstrates the consumer acceptance
of our new products," Mark LaNeve, GM North America vice
president, Vehicle Sales, Service and Marketing, said.  "Over
the past two years, our new products including the Chevrolet
Silverado, GMC Sierra, Cadillac CTS, full-size utilities, and
mid-crossovers have all gained retail share following launch.  
Our committed dealer team has really stepped up to the plate,
pushing all of GM's brands above the industry average in the
recently released J.D. Power Customer Satisfaction Index."

Cadillac CTS total sales surged 75%, compared with year-ago
performance, due to the strength of the all-new CTS, now in
showrooms.  GMC Acadia, Saturn OUTLOOK and Buick Enclave
together had total sales of more than 12,800 vehicles, pushing a
more than 320% increase in GM's mid-crossover segment.
Additionally, Cadillac's SRX luxury crossover saw a total sales
increase of 37%.  Total sales of the fuel-efficient Chevrolet
Cobalt and Pontiac G5 were up 81%, Chevrolet Aveo was up 58% and
HHR was up 70% compared with last October.

Vehicles with retail sales increases, compared with year-ago
levels, include: Chevrolet Aveo, Cobalt, Tahoe, Suburban, and
HHR; Saturn ION; GMC Yukon and Yukon XL; Cadillac CTS and SRX;
Pontiac G5, Grand Prix and Vibe.

"Cadillac CTS and Buick Enclave have two of the fastest turn
rates in the industry," Mr. LaNeve added.  "And while it is
still very early, Malibu demand and customer feedback has been
sensational.  It's products like these that have enabled us to
buck recent industry trends."

                 Certified Used Vehicles Sales

October 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 39,919
vehicles, down nearly 7% from last October.  Total year-to-date
certified GM sales are 442,110 vehicles, up 1% from the same
period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 34,843 sales, down 6%
from last October.  Year-to-date sales for GM Certified Used
Vehicles are 388,442 vehicles, up 3% from the same period in
2006.

Cadillac Certified Pre-Owned Vehicles posted October sales of
3,255 vehicles, down 11% from last October.  Saturn Certified
Pre-Owned Vehicles sold 1,173 vehicles in October, down 9%.  
Saab Certified Pre-Owned Vehicles sold 518 vehicles, down 13%,
and HUMMER Certified Pre-Owned Vehicles sold 130 vehicles, up
59%.

           GM North America October 2007 Production

In October, GM North America produced 423,000 vehicles (152,000
cars and 271,000 trucks).  This is down 5,000 units or 1%
compared to October 2006 when the region produced 428,000
vehicles (174,000 cars and 254,000 trucks).  (Production totals
include joint venture production of 18,000 vehicles in October
2007 and 19,000 vehicles in October 2006.)

Additionally, GM North America's 2007 fourth-quarter production
forecast is unchanged at 1 million vehicles (334,000 cars and
666,000 trucks).  In the fourth-quarter of 2006 the region
produced 1.107 million vehicles (446,000 cars and 661,000
trucks).

                      About General Motors

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

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GMAC LLC: Unit Posts US$1.6 Bil. Net Loss in Third Quarter 2007
---------------------------------------------------------------
GMAC Financial Services, a subsidiary of GMAC LLC reported a
third quarter 2007 net loss of US$1.6 billion, compared to a net
loss of US$173 million for the third quarter of 2006.

Results for the third quarter of 2007 were dominated by the
effects of the global dislocation in the mortgage and credit
markets on GMAC’s real estate finance business, which more than
offset the continued strong performance in the company’s
automotive finance and insurance businesses.  The third quarter
reported loss includes several significant non-cash items, such
as credit provisions and market-driven valuations.  The loss
also includes a US$455 million non-cash goodwill impairment
charge at Residential Capital, LLC, versus the third quarter
2006 results, which included an after-tax goodwill impairment
charge of US$695 million related to GMAC Commercial Finance.

Excluding the goodwill impairment charges, GMAC posted a third
quarter operating loss 1 of US$1.1 billion, compared to
operating income of US$522 million in the third quarter of 2006.  
GMAC’s third quarter operating income generated by automotive
finance, insurance and other operations –- excluding ResCap –-
amounted to US$665 million, marking a 51% increase over the
prior-year period.  At ResCap, an operating loss of US$1.8
billion was incurred in the third quarter of this year amid
unprecedented disruptions in the mortgage financing markets and
adverse trends in home price appreciation.  This compares with
ResCap operating income of US$83 million in the third quarter of
2006.

“The third quarter financial performance of ResCap is a major
disappointment,” GMAC Chief Executive Officer Eric Feldstein
said.  “We are moving aggressively to restructure our real
estate finance business as weakness in the housing market and
mortgage industry continues to prevail.”

As reported in the Troubled Company Reporter on Oct. 18, 2007,
ResCap is implementing a major restructuring of its business in
order to streamline operations and revise its cost structure to
enhance its flexibility.  The company is reducing its workforce
by about 25%, or approximately 3,000 employees, and
rationalizing numerous facilities.  This reduction in workforce
is in addition to the measures undertaken in the first half of
2007, in which 2,000 positions were eliminated.

“Successful execution of these plans will be essential to
restoring the mortgage business to profitability,” Mr. Feldstein
continued.  “This is a top priority for GMAC.” Liquidity and
Capital GMAC significantly strengthened its liquidity position
in the third quarter.  GMAC’s consolidated cash and certain
marketable securities increased to US$28.8 billion as of Sept.
30, 2007, up from US$17.5 billion at June 30, 2007. Of these
total balances, ResCap cash and certain marketable securities
increased from US$3.7 billion at the end of the second quarter
to US$6.5 billion on Sept. 30, 2007 -- including US$2.2 billion
held at GMAC Bank.

GMAC and ResCap took several important measures in the third
quarter to strengthen liquidity during the capital markets
turmoil.  In September, GMAC established a committed secured
funding facility with Citi to finance automotive, mortgage and
commercial finance assets of up to US$21.4 billion, replacing an
existing US$10 billion funding facility with the bank.  ResCap
and GMAC also established other committed secured funding
facilities totaling US$4.6 billion. Separately, GMAC executed
US$11 billion of whole loan sales and retail securitizations in
the quarter.

In the interest of strengthening GMAC's capital position, the
company’s owners intend to convert a total of approximately
US$1.1 billion in preferred equity to common equity, effective
Nov. 1, 2007.  The conversion will not alter the FIM
Holdings/General Motors 51%/49% voting structure that has been
in place since Nov. 30, 2006.

In the third quarter, GMAC injected US$1 billion of equity into
ResCap to bolster the company’s capital base.  As of Sept. 30,
2007, ResCap’s equity base stood at US$6.2 billion.

                         About GMAC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors     
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and
currently employs about 31,000 people worldwide.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.  GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Standard & Poor's Ratings Services placed its ratings on GMAC
LLC, including its 'BB+/B-1' counterparty credit rating, on
CreditWatch with negative implications.

Moody's Investors Service affirmed GMAC's ratings (Ba1 senior
unsecured, Not-Prime short-term), while maintaining its negative
rating outlook.


GMAC LLC: Moody's Downgrades Senior Unsecured Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service downgraded the senior, unsecured
rating of GMAC LLC to Ba2 from Ba1.  The downgrade is in
connection with a two-notch rating downgrade of Residential
Capital LLC, GMAC's wholly-owned residential mortgage company,
to Ba3 from Ba1.  The outlook on GMAC's ratings remains
negative.

Moody's said the downgrade of GMAC's ratings reflects heightened
and continuing risks at ResCap that could negatively affect
GMAC's capitalization, liquidity profile, and profitability.

Affected ratings include:

   -- Senior Unsecured: to Ba2 from Ba1
   -- Preferred Stock: to B1 from Ba3

During the third quarter, GMAC injected US$1 billion into ResCap
to restore capital lost because of weakened performance.  The
impact of the injection on GMAC's stand-alone (excluding ResCap)
capital profile is minimized by GMAC's owners' conversion of
about US$1.1 billion of GMAC preferred stock into common
interests as well as by other intended capital management
initiatives.  On this occasion GMAC's capital position is
preserved by these actions.

However, Moody's believes that there exists a continuing
possibility that GMAC could be required to provide support to
ResCap that is not backed by a commensurate investment from
GMAC's owners.  In Moody's view, GMAC has insufficient capital
to provide support to ResCap without weakening its leverage
beyond levels that are appropriate for the current credit grade.

Moody's analyst Mark Wasden said, "GMAC's leverage, which
Moody's evaluates on a stand-alone basis net of GMAC's
investment in ResCap, is high relative to peers, despite some
improvement during 2007.  We think it is likely to remain high
in the intermediate term, given management's operating
tolerances regarding levels and uses of capital."

Moody's also said that an extension of support by GMAC to ResCap
that weakens GMAC's stand-alone credit profile, particularly its
capitalization, would indicate a weakening of the firm's resolve
to maintain operating and financial protocols that are distinct
and separate from ResCap's.  Should GMAC provide such support,
Moody's would likely equalize GMAC ratings with ResCap's
ratings.

GMAC's auto finance and insurance businesses have performed well
in 2007.  However, Moody's is concerned that ResCap's deepened
operating challenges now pose risks to GMAC's profitability and
liquidity for a longer period of time than previously
anticipated.  GMAC's borrowing costs have moved higher in tandem
with ResCap's, constraining the GMAC's profitability.

Additionally, investor appetite for aggregate GMAC and ResCap
credit exposure may undergo further contraction in light of
ResCap's impaired performance, which could challenge GMAC's
ability to efficiently access the capital markets and maintain
backup sources of liquidity.  Though GMAC has changed its
funding profile so that structured debt markets and whole loan
sale arrangements satisfy a substantial portion of its needs,
the firm has a continuing need for unsecured indebtedness given
the composition of its assets, in Moody's view.

A stabilization of ResCap's condition, together with a
continuation of improvements at GM, would lead to a
stabilization of Moody's rating outlook for GMAC.

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, residential mortgage financing, and auto
extended warranty and insurance products.  GMAC reported a
consolidated nine-month net loss of US$1.6 billion.  GMAC LLC
has a subsidiary in India called GMAC Financial Services India
Limited.


GMAC LLC: Reduced Earnings Prospects Cue S&P to Hold BB+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on GMAC
LLC from CreditWatch, where they were placed with negative
implications on Oct. 17, 2007.  At the same time, S&P affirmed
its 'BB+/B' long-term counterparty credit rating on GMAC LLC.  
The outlook is negative.
      
"The action reflects the diminished earnings prospects of GMAC
LLC's 100%-owned affiliate, Residential Capital LLC
(BB+/Negative/B), and follows the company's announcement of a
third-quarter net loss of $2.3 billion.  Residential Capital
LLC's loss resulted in a $1.6 billion consolidated loss for GMAC
LLC.  Residential Capital LLC's loss was driven by credit- and
market-related charges and write-downs," said Standard & Poor's
credit analyst John K. Bartko.  

In the past, Residential Capital LLC comprised as much as half
of GMAC LLC's earnings and was a positive ratings factor for
GMAC LLC.  Importantly, by affording GMAC LLC a substantial
earnings stream not tied to GMAC LLC's core automotive finance
business, Residential Capital LLC helped differentiate GMAC
LLC's credit profile from that of its 49% owner, General Motors
Corp. (GM; B/Stable/B-3).  However, Residential Capital LLC's
fortunes have turned, reflecting its exposure to the subprime
mortgage sector and current market turmoil.  Given its current
condition, Residential Capital LLC now weighs on GMAC LLC's
credit profile.
     
At this juncture, the ratings on GMAC LLC and the negative
outlook mirror those on Residential Capital LLC, though the
ratings are not structurally linked.  The ratings relationship
between GMAC LLC and Residential Capital LLC will be assessed as
the performance of each entity evolves.  S&P believe Residential
Capital LLC's stand-alone profile is weaker than that of its
parent, GMAC LLC, and factor into S&P's analysis parental
support for both entities.  S&P assume that additional support
would be extended if required.  Furthermore, with regard to the
relationship of the ratings on GMAC LLC with those on GM.  GMAC
LLC continues to benefit from its ownership structure, which
includes GM's 49% ownership stake and Cerberus Capital
Management's 51% ownership stake.  This structure essentially
limits GMAC LLC's direct exposure to GM, though a clear and high
correlation remains between the success of GM's auto business
and GMAC LLC's finance business.
     
As mentioned previously, GMAC LLC's business lines, other than
Residential Capital LLC, are performing well.  Therefore, the
negative outlook reflects Residential Capital LLC's weakened
condition.  Assuming a steady state for GMAC LLC's other
businesses, the outlook could be revised to stable if
Residential Capital LLC demonstrates a return to sustained
profitability.  A further downgrade of GMAC LLC would likely
come as a result of weakening liquidity or equity capital levels
at Residential Capital LLC.  In addition, a further downgrade of
GMAC LLC could occur should the company provide support to
Residential Capital LLC to such an extent that its own financial
condition is compromised.

                           About GMAC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors     
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and
currently employs about 31,000 people worldwide.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.  GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.


SINGER INDIA: Incurs INR5.1-Mil. Loss in Qtr. Ended Sept. 30
------------------------------------------------------------
Singer India Ltd incurred a net loss of INR5.1 million on total
income of INR121.5 million in the second quarter ended Sept. 30,
2007.  The bottom line is an improvement compared to the
INR8.6-million loss booked in the same period in 2006.

The company's operating expenditures for the three months ended
Sept. 30, 2007, aggregated INR114.9 million, bringing the
company's operating profit to INR6.6 million.  The company also
booked interest charges of INR10.2 million, depreciation of
INR1.4 million and INR100,000 in taxes.

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

            http://ResearchArchives.com/t/s?24d1

Singer India Limited manufactures, among others, sewing
machines.  Singer India, hoping to meet the entire needs of an
Indian household, also makes food processors, juicer mixer
grinders, microwave ovens, fans, washing machines, televisions,
and airconditioners.  The company is a 49% subsidiary of Singer
Company N.V.

Singer India has been declared sick by the Board for Industrial
and Financial Reconstruction constituted under Sick Industrial
Companies (Special Provision) Act, 1985.  The company has filed
a restructuring plan for its revival.  Its factory at Jammu
continues to be under lay off since April 6, 2005.


SOUTHERN IRON: Board Approves Amalgamation Scheme w/ JSW Steel
--------------------------------------------------------------
Southern Iron & Steel Company Ltd's board of directors has
approved the scheme of amalgamation between the company and JSW
Steel Ltd, a regulatory filing with the Bombay Stock Exchange
reveals.

The salient features of the Scheme are:

   (a) Appointed Date for the Amalgamation is April 1, 2007.

   (b) One equity share of INR10 each of JSWSL will be issued to
       the equity shareholders of SISCOL for every 22 equity
       shares of INR10 each held by them in SISCOL and one
       redeemable preference share of INR10 each of JSWSL will
       be issued to the preference shareholders of SISCOL for
       every one redeemable preference shares of INR10 each held
       by them in SISCOL and the conversion price for
       outstanding convertible instruments in SISCOL will also
       be adjusted in the proportion of the swap ratio.

   (c) The Share Exchange Ratio is based on the Valuation Report
       and the recommendations made by PriceWaterHouse Coopers,
       valuers tasked to value the business of the two
       companies.

   (d) The Scheme is subject to the approval of the requisite
       majority of the shareholders, lenders, creditors of the
       two companies, the relevant Stock Exchanges, the Bombay
       High Court and the permission or approval of the Central
       Government or any other statutory or regulatory
       authorities, which by law may be necessary for the
       implementation of the Scheme.

JSWSL's board of directors have also approved the Scheme.

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and May 17,
2008.


SOUTHERN IRON: CRISIL Reaffirms Default Rating on INR280MM Debt
---------------------------------------------------------------
Credit Rating And Information Services of India Ltd, on Nov. 1,
2007, reaffirmed its outstanding 'D' rating on the INR280
million non-convertible portion of the optionally-convertible
debenture issue of Southern Iron & Steel Company Ltd.

The reaffirmation follows the approval of the scheme of
amalgamation of SISCOL with JSW Steel Ltd by the boards of
directors of the two companies.  The instrument continues to be
in default and is in arrears of interest.

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.


TATA TELESERVICES: Loss Narrows to INR493.1 Mil. in Second Qtr.
---------------------------------------------------------------
Tata Teleservices (Maharashtra) Limited reported a net loss of
INR493.1 million for the second quarter ended Sept. 30, 2007,
down 47% compared to the INR929.5-million loss booked in the
corresponding quarter last year.

The narrowing net loss could be attributed to increased
revenues.  Total income rose 25% to INR4.28 billion, with net
sales aggregating INR4.18 billion.  With rise in revenues came
increased operating expenses -- INR3.21 billion compared to the
INR2.77 billion in the July-Sept. 2006 quarter.

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

http://ResearchArchives.com/t/s?24f5

For the six months ended Sept. 30, 2006, the company incurs a
net loss of INR777.2 million on total income of INR8.37 billion.  
Operating expenses for the half-year period totaled INR6.3
billion.

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

http://ResearchArchives.com/t/s?24f6

A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services.  The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.

The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended Mar. 31, 2007,
and INR5.41 billion in FY2006.


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I N D O N E S I A
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ALCATEL-LUCENT SA: Forms Regional Units & Management Committee
--------------------------------------------------------------
Alcatel-Lucent S.A., as part of its plan to improve
profitability, has streamlined its regional structure and
established a seven-member management committee reporting
directly to chief executive Patricia Russo to lead the overall
operation of the company, creating a more focused and efficient
operating model.

                       Regional Structure

To streamline the company's regional operations two regional
structures will be created, one for the Americas and one that
includes Asia Pacific, Europe, Africa and the Middle East.

Frederic Rose, who currently heads the Asia-Pacific Region, will
assume additional responsibilities for the company’s current
Europe & North and Europe & South regions.  Cindy Christy, will
lead the Americas Region.  Mr. Rose and Ms. Christy will
continue to report directly to Patricia Russo.

Olivier Picard, head of the Europe and South region will
continue to oversee the Europe and South region, reporting to
and serving as deputy to Frederic Rose.  Christian Reinaudo,
head of the Europe and North region, will be leaving the company
to pursue other opportunities.

"I would like to thank Christian for his outstanding
contribution during the more than 29 years he has been with this
company," Ms. Russo said.  "He has held many leadership
positions within the company and was a key driver for our
optical business, having served as president of Alcatel’s
optical activities and its submarine unit.  He laid the
foundation for the growing success of our Asia-Pacific Region
and has been a critical player in this first stage of our
integration efforts.  I wish him even more success in the
future."

                    New Management Committee

The role of this committee encompasses the company’s strategy,
organization, corporate policy matters, long term financial
planning and human resources strategy.  It is charged with
assuring the execution of the company’s plans and business
performance.

The management committee will comprise seven business leaders:

   -- Cindy Christy, Americas Region;

   -- Etienne Fouques, Research, CTO, Strategy and Corporate
      Marketing;

   -- John Meyer, Services;

   -- Claire Pedini, Corporate Human Resources and  
      Communications;

   -- Hubert de Pesquidoux, CFO;  

   -- Michel Rahier, Carrier Business Group; and

   -- Frederic Rose, Europe, Middle East, Africa and
      Asia Pacific.  

Janet Davidson, Chief Compliance Officer and head of the
Integration and IT, will serve as secretary for the committee.

"This streamlined management structure enables a more efficient,
more focused company with clear lines of accountability," Ms.
Russo said.  "I selected every member of this team, not only
because of his or her area of responsibility, but because they
each bring a great deal of experience in this complex and often
difficult industry and have successfully tackled a range of
challenges throughout their careers.  I look forward to their
counsel and guidance as we navigate through this next phase of
our merger, taking on the challenges and seizing on the
opportunities ahead."

                       About Alcatel-Lucent

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

                          *     *     *

As reported on 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.


ALCATEL-LUCENT SA: Names Hubert de Pesquidoux as CFO
----------------------------------------------------
Alcatel-Lucent S.A. has appointed Hubert de Pesquidoux as Chief
Financial Officer, replacing Jean-Pascal Beaufret, who is
leaving the company to pursue other opportunities.  Mr.
Pesquidoux currently leads Alcatel-Lucent's Enterprise Group.  

"I want to thank Jean-Pascal for his considerable contributions
to this company.  He has been a valuable member of the team.  
His experience and dedication to this new company have helped us
through the difficult, early stages of this complex merger while
dealing with a challenging market," chief executive Patricia
Russo said.  

"Prior to the merger, Jean-Pascal served as CFO of Alcatel
during much of this turbulent decade in the industry, ably
helping to guide it while astutely managing the assets and
resources of the company and was instrumental in the financial
turnaround of Alcatel.  I wish him success in the next phase of
his career."

Mr. Beaufret will stay with the company for a period of time to
ensure a smooth transition.

"I am looking forward to working with his successor, Hubert, who
has been a key contributor to the success of our Enterprise
business," Ms. Russo added.  "Hubert has a great deal of
experience in both operational and financial roles throughout
his career."

Before his position as head of the company’s Enterprise
activities, Mr. de Pesquidoux held several finance positions.    
He was Chief Financial Officer of Alcatel North America,
Corporate Treasurer of Alcatel for four years and spent four
years in investment banking, including two years in New York
City.  He also has led Alcatel’s North America operations and
was a member of the Alcatel Executive Committee.  He joined
Alcatel in 1991.  

Mr. de Pesquidoux's replacement for his current position will be
named at a later date.

                       About Alcatel-Lucent

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

                          *     *     *

As reported on 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.


ANIXTER INT'L: Fitch Affirms Issuer Default Rating at BB+
---------------------------------------------------------
Fitch Ratings has affirmed these ratings for Anixter
International Inc. and its wholly owned operating subsidiary,
Anixter Inc.:

Anixter International Inc.

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

Anixter Inc.

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

Fitch's action affects approximately US$800 million of public
debt securities.  The rating outlook is stable.

The ratings and outlook reflect these considerations:

-- Fitch expects Anixter to demonstrate continued strong
   organic growth driven by solid end market demand and market
   share gains;

-- Fitch believes that, although Anixter is operating near the
   peak of a typical business cycle, the company should be able
   to maintain its current profitability profile with EBITDA
   margins approximately 7% to 8% as additional operating
   efficiencies mitigate ongoing pricing pressure;

-- Anixter will likely continue to make small acquisitions to
   complement growth in its OEM supply business as well as
   potential opportunistic acquisitions in its industrial wire
   and enterprise cabling businesses which in the past have
   been partially debt financed;

-- Fitch expects Anixter will use free cash flow in excess of
   funds needed for acquisitions for additional share
   repurchase programs and/or one-time dividends; and

-- Anixter's use of debt financing for acquisitions and other
   items is expected to, at times, temporarily increase the
   company's leverage ratio but Fitch expects the company to
   manage its balance sheet in the long term near its current
   leverage ratio (total debt/operating EBITDA) of 2.5 times,
   or approximately 3.0 on an adjusted basis (total adjusted
   debt/operating EBITDAR) as well as a debt to total
   capitalization ratio near 50%.

Anixter ratings are supported by:

-- Strong diversification of products, suppliers, customers and
   geographic penetration adds stability to the financial
   profile by reducing operating volatility; and

-- Anixter has established itself as a market leader in niche
   distribution markets, which has resulted in above average
   margins for a distributor.

Rating concerns include:

-- Anixter has historically been highly acquisitive with a
   portion of acquisitions being debt financed; and

-- Anixter has a history of shareholder friendly actions
   coupled with Fitch's expectations that free cash flow in
   excess of investments in internal growth and acquisitions
   would be returned to shareholders rather than being used to
   reduce debt.

As of Sept. 30, 2007, Fitch believes Anixter's liquidity was
sufficient and consisted of:

i) approximately US$46 million of cash and cash equivalents;

ii) US$450 million five-year revolving credit agreement
    maturing April 2012, of which, US$216 million was
    available;

iii) various other committed and uncommitted credit facilities
    totaling approximately US$80 million with nominal amounts
    available; and

iv) US$225 million on-balance-sheet accounts receivable
    securitization program expiring September 2008, of which,
    approximately US$170 million was available.

Total debt as of Sept. 30, 2007, was US$1.0 billion and included
US$55 million outstanding under Anixter's US$225 million
accounts receivable securitization program, US$234 million
outstanding under the US$450 million revolving credit facility,
US$75 million outstanding under various other credit facilities,
US$200 million in 5.95% senior unsecured notes due February
2015, US$163 million in 3.25% zero-coupon unsecured notes due
July 2033 and US$300 million in 1% convertible unsecured notes
due February 2013.  The 3.25% zero coupon notes and the 1%
convertible notes are issued by Anixter International and are
structurally subordinated to the remaining debt which is issued
by Anixter Inc. Anixter Inc. is the operating company under the
parent company of Anixter International.

                        About Anixter

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

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


BAKRIE SUMATERA: Plans to Up Stake in Agri Resources to 51%
-----------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk  plans to raise its current
20% stake in Agri Resources B.V. to 51%, Reuters News reports.

As reported by the Troubled Company Reporter-Asia Pacific,
Bakrie Sumatera paid US$10 million for a 20% stake in a US$100-
million joint-venture company Agri Resources.  Under the terms
of the joint venture agreement, Bakrie Sumatra will manage the
acquired estates and will earn a management fee of US$100 per
annum per each hectare managed.  Agri Resources' crude palm oil
and palm kernel output will be sold to Bakrie Sumatra, with
prices reduced to US$10 for CPO and 5 dollars for kernel as
marketing fee, the TCR-AP says.

Ambono Janurianto, a director of Bakrie Sumatera Plantations,
told the news agency they have the option to buy up to 51% in
the first year.  He said they will exercise their option, with
expectation that it will take place before June 2008, but
declined to say how much the purchase would cost, the report
relates.

Bakrie Sumatera, in August, said that they intend to increase
its palm oil plantation from 80,000 to 100,000 hectares by the
end of the year, the report recounts.

                    About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

The Troubled Company Reporter-Asia Pacific reported on Sep 28,
2007, that Standard & Poor's Ratings Services affirmed its 'B'
corporate credit ratings on Indonesia's PT Bakrie Sumatera
Plantations Tbk.  The outlook is stable.

On Sep 27, 2007, Moody's Investors Service has changed to
positive from stable the outlook for Bakrie Sumatera Plantations
Tbk's B2 corporate family rating and secured bond rating on its
US$160 million notes.


FREEPORT-MCMORAN: Names Richards McMillan as Senior Vice Pres.
--------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has hired L. Richards
McMillan, II as its Senior Vice President and General Counsel.

Mr. McMillan joins FCX after a 30-year career with the law firm
of Jones, Walker, Waechter, Poitevent, Carrere & Denegre L.L.P.
He has worked with FCX as a senior corporate and securities law
attorney since 1995.

Mr. McMillan received his undergraduate degree at Washington &
Lee University and his Juris Doctorate from Tulane University
Law School.  After serving three years in the Navy JAG Corps, he
received a Master of Laws in Taxation from New York University
Law School.  Mr. McMillan served as head of Jones Walker's
corporate and securities section and as a member and chairman of
the firm's executive committee.

Mr. McMillan replaces S. David Colton who is retiring after a
20-year career with Phelps Dodge and has served as FCX General
Counsel since the company's March 2007 acquisition of Phelps
Dodge.  Mr. Colton should be congratulated for his successful
career and valued contributions.

Richard C. Adkerson, Chief Executive Officer, said: "We are
pleased to welcome Rick McMillan to our executive team.  He has
worked with Freeport as outside counsel for over a decade and
has a strong record of accomplishment.  He brings a wealth of
experience on legal and business matters and will be a great
asset to our organization."

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) --
http://www.fcx.com/-- is an international mining industry  
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service revised Freeport-McMoRan
Copper & Gold Inc.'s outlook to positive and affirmed all of its
other ratings.  The ratings reflect the overall probability of
default of Freeport, to which Moody's assigns a PDR of Ba2.

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

       -- Corporate Family Rating: Ba2;

       -- Probability of Default Rating: Ba2;

       -- US$0.5 billion Senior Secured Revolving Credit
          facility, Baa2, LGD1, 2%;

       -- US$1.0 billion Senior Secured Revolving Credit
          Facility, Baa3, LGD2, 17%;

       -- US$2.45 billion Senior Secured Term Loan A, Baa3,
          LGD2, 17%;

       -- US$339.7 million 6.875% Senior Secured Notes due
          2014, Baa3, LGD2, 17%; and

       -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%.


FREEPORT-MCMORAN: Closes Phelps Dodge Biz Sale for US$735 Mil.
--------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has completed the sale of
its international wire and cable business, operated under
Phelps Dodge International Corporation, to General Cable
Corporation for US$735 million.  FCX expects to use the proceeds
estimated to approximate US$620 million, net of taxes and other
transaction costs, to repay debt.

General Cable acquired 100% of the shares held by FCX and its
subsidiaries in the entities comprising the wire and cable
business.  PDIC operates factories and distribution centers in
19 countries throughout Latin America, Asia and Africa and is
engaged in the manufacturing and distribution of engineered
products, principally for the global energy sector.

FCX expects to record charges of up to approximately US$20
million (US$12 million to net income) for transaction and
related costs associated with the disposition.

                      About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes  
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                      About Freeport-McMoran

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) --
http://www.fcx.com/-- is an international mining industry  
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service revised Freeport-McMoRan
Copper & Gold Inc.'s outlook to positive and affirmed all of its
other ratings.  The ratings reflect the overall probability of
default of Freeport, to which Moody's assigns a PDR of Ba2.

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

       -- Corporate Family Rating: Ba2;

       -- Probability of Default Rating: Ba2;

       -- US$0.5 billion Senior Secured Revolving Credit
          facility, Baa2, LGD1, 2%;

       -- US$1.0 billion Senior Secured Revolving Credit
          Facility, Baa3, LGD2, 17%;

       -- US$2.45 billion Senior Secured Term Loan A, Baa3,
          LGD2, 17%;

       -- US$339.7 million 6.875% Senior Secured Notes due
          2014, Baa3, LGD2, 17%; and

       -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%.


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CREDIA CO: Moody's Lowers JPY1.3 Bil.-Worth of Notes to Ba3
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating of Credia
Co. Ltd.'s Series 2005-1 Class A and Class B Notes issued by
CABS Ltd., ABC Money reports.  

According to ABC Money, its JPY1.3 billion Series 2005-1 Class B
Notes due August 2014 was lowered to Ba3, from the second-lowest
investment grade rating of Baa2.

The rating JPY8.7 billion Series 2005-1 Class A Noted due in the
same year rated A2 from Aa2, relates ABC Money.

                       About Credia Co.

Shizuoka, Japan-based Credia Co., Ltd. --
http://www.credia.co.jp/-- is engaged in the financial service  
business.  The company has operations in five divisions:
finance, credit guarantee, debt collection services, installment
purchase brokerage and credit card.  The company is also
involved in advertisement agency, information processing service
and real estate leasing businesses.

                      *      *      *

The Troubled Company Reporter-Asia Pacific reported on Sept. 18,
2007, that Credia Co. Ltd filed for bankruptcy protection with
JPY75.8 billion in liabilities.  According to the report, Credia
had JPY34.5 billion short-term bank debt, including
JPY21 billion from regional banks, while long-term bank debt was
JPY22 billion, including JPY15 billion from regional banks.

The TCR-AP further noted that Credia's financial condition
worsened rapidly after changes in regulations and accounting
rules applied to non-bank lenders, which made it difficult to
raise funds and pay debt.

A subsequent TCR-AP report on October 10, 2007 stated that Japan
Credit Rating Agency, Ltd. has downgraded the rating on CP
program of the issuer from J-3 to NJ of Credia Co., Ltd.


FLOWSERVE CORP: Reports US$63-Mln Net Income in Third Qtr. 2007
---------------------------------------------------------------
Flowserve Corp. earned US$63 million for the third quarter of
2007, compared to net income of US$29.2 million for the same
quarter in 2006.

The company announced that third quarter fully diluted EPS and
operating income growth were up 116% and 75% respectively,
outpacing strong sales growth of 19%.  Flowserve also posted
record third quarter bookings of US$1.1 billion, up 19%, led by
strength in chemical and water markets globally.  Additionally,
the company raised its 2007 sales target to a range between
US$3.6 and US$3.7 billion.  The company also reaffirmed 2007
operating margin improvement targets of between 200 and 300
basis points versus 2006.

"Flowserve Pump Division’s gross margin results help illustrate
the power of mix shift between original equipment and
aftermarket.  This quarter we not only benefited from improved
pricing, fixed cost absorption and operational excellence
programs that have helped us all year, but we also saw an
increase in margins from a mix shift towards aftermarket sales,"
said Lewis M. Kling, Flowserve’s President and CEO.

Pump Division gross profit increased to US$148 million, up US$39
million or 36%.  Gross margin for the third quarter of 2007
increased 280 basis points to 29.8%, reflecting significantly
stronger aftermarket sales as noted above and improved
absorption of fixed costs.

Operating income for the third quarter of 2007 increased to
US$69 million, up US$29 million or 74%, including currency
benefits of approximately US$4 million.  The significant
increase is attributed to the US$39 million increase in gross
profit driven by improved pricing, operational excellence
programs, fixed cost absorption and mix shift to aftermarket
sales, combined with a 120 basis point improvement in leverage
of divisional SG&A.  Operating margin improved from 9.9% to
13.9%.

                         2007 Outlook

"I’m extremely proud of the global team’s results through the
first three quarters of 2007, and in particular the way our
management team came together in Q3 to generate some of the best
results in the company’s history.  At the beginning of the year,
we set out some aggressive targets for the company for 2007 and
the team has answered the call and delivered terrific results
each quarter, with each division playing an integral role," said
Mr. Kling.  "We’re very excited about the year-to-date results,
but even more excited about the future success of the company as
we drive continuous improvement on all of our key initiatives.  
Based on our year-to-date results, I am confident we will
achieve our earlier announced 2007 revenue and operating income
targets.  Accordingly, we are raising our sales target for 2007
to between US$3.6 and US$3.7 billion and reaffirming our
operating income target of 200 to 300 basis points of
improvement versus 2006.  Looking beyond 2007, we are confident
we are building a platform for future success," Mr. Kling said.

                       About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control  
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala,Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


ICONIX BRAND: Third Qtr. Net Income Climbs to US$17 Mil. in 2007
----------------------------------------------------------------
Iconix Brand Group Inc. has announced US$42.7 million Licensing
revenue for the third quarter and nine months ended Sept. 30,
2007.

                      Q3 2007 Results

Licensing revenue for the third quarter of 2007 increased 93% to
approximately US$42.7 million, as compared to approximately
US$22.1 million in the third quarter of 2006.  EBITDA for the
third quarter increased 92% to approximately US$30.8 million, as
compared to approximately US$16.1 million in the prior year
quarter and free cash flow for the quarter increased 106% to
approximately US$27.4 million, as compared to approximately
US$13.3 million in the prior year quarter.  

Net income for the third quarter increased 114% to approximately
US$17.0 million versus approximately US$7.9 million in the prior
year quarter and fully diluted earnings per share increased to
approximately US$0.28 versus US$0.18 in the prior year quarter.  

           Nine months ended Sept. 30, 2007 Results

Licensing revenue for the nine months ended Sept. 30, 2007
increased 109% to approximately US$112.6 million, as compared to
approximately US$53.8 million in the prior year nine-month
period.  EBITDA for the nine-month period increased 138% to
approximately US$85.4 million, as compared to approximately
US$35.9 million in the prior year nine-month period, and free
cash flow increased 160% to approximately US$74.5 million, as
compared to approximately US$28.7 million in the prior year nine
month period.  Net income as reported on the company's income
statement for the nine month period increased 88% to
approximately US$44.5 million, as compared to approximately
US$23.6 million in the prior year nine month period and fully
diluted earning per share as reported on the company's income
statement was US$0.73 versus US$0.54 in the prior year nine
month period.  The company recognized non-cash tax benefits in
the prior year nine-month period and therefore comparing net
income on a tax-effected basis, the company reported net income
of approximately US$44.5 million as compared to approximately
US$17.1 million (tax-effected) in the prior year nine months.
In comparing fully diluted earnings per share on a tax-effected
basis, the company reported fully diluted earnings per share of
US$0.73 in the first nine months of 2007, as compared to US$0.40
(tax-effected) in the prior year nine month period. Tax effected
net income and fully diluted EPS are non-GAAP metrics and a
reconciliation table for both is attached to this press release.

Neil Cole, Chairman and Chief Executive Officer of Iconix,
commented, "I am pleased with our results this quarter as we
increased revenue 93% and net income 114% from the prior year in
what was a very challenging period for retail in general.  Our
performance this quarter highlights the unique attributes of our
licensing model where diversification from a portfolio of 15
brands and almost 200 licensees, combined with contractually
guaranteed revenue and no inventory exposure reduces our risk
and volatility in difficult retail environments.  Looking ahead
to the remainder of this year and for 2008, I am confident we
will continue to deliver strong increases in both revenue and
profitability and execute our long term growth plan."

                       2007 Guidance:

The company is projecting that for the full year 2007 it will be
at the high of end of its current revenue guidance of US$150 -
US$160 million as well as its current fully diluted earnings per
share guidance of US$0.96 - US$1.00.

                       2008 Guidance:

The company is issuing guidance for the full year 2008 of
revenue in a range of US$240 to US$250 million and fully diluted
EPS in a range of US$1.35 to US$1.40.

                       About Iconix

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) -
- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on Iconix Brand Group Inc. to negative.  At the same time,
Standard & Poor's assigned its 'B-' debt rating to Iconix's then
proposed US$250 million convertible senior subordinated notes
due 2012.

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's then proposed US$250 million convertible senior
subordinated note offering.


JAPAN AIRLINES: MLIT Approves Flight to Taiwan
----------------------------------------------
Japan Airlines International Co., Ltd., has been given
permission by the Ministry of Land Infrastructure and Transport
of Japan to operate its own flights between Japan and Taiwan.  
At present, only the JAL Group subsidiary airline, Japan Asia
Airways, is permitted to operate on this routing using its 'EG'
designator.  JAL International plans to takeover the routing
completely from Japan Asia Airways by first placing its 'JL'
designator on all JAA flights from at the earliest April 2008,
and by integrating JAA into its business structure at some point
in the future.

Through the integration of JAA into JAL International, the JAL
Group hopes to achieve greater efficiency and cost reduction by
the elimination of duplication.  Further streamlining of the
organization's business in this way is expected to increase the
JAL Group's ability to effectively respond to changes in the
international business environment.  Details of the planned
integration have yet to be decided.

JAL first started operating to Taiwan on July 30, 1959 when the
airline's Tokyo-Taipei service was inaugurated using DC-6B
aircraft.  In September 1972, diplomatic relations were re-
established between Japan and the People's Republic of China,
and an aviation transportation agreement followed.  Direct air
service by JAL and China Airlines between Japan and Taiwan was
suspended in April 1974.

Eventually, a formula was developed which allowed a JAL
subsidiary to serve Taiwan.  Japan Asia Airways (JAA) was
created for that purpose and was formally established on Aug. 8,
1975, inaugurating service to Taipei in September 1975.  JAA
became primarily a one-destination carrier, but also for a
period added other Southeast Asian points to its route pattern,
using traffic rights unused by JAL.

A wholly owned subsidiary airline of the JAL Corporation, JAA
currently operates 8 passenger flights daily on 4 routes
connecting Tokyo, Osaka, and Nagoya with Taipei, and Tokyo with
Kaohsiung.  The airline has carried some 33 million passengers
since its creation, and in the financial year ending March 31,
2007 carried a total of 1.26 million passengers.  JAA also
operates cargo flights connecting Tokyo and Osaka with Taipei.

JAA's head office is located in Tokyo and has branch offices in
Kaohsiung, Taichung and Taipei in Taiwan. The subsidiary has in
total 781 staff.

                    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.


NOVA CORP: 12 Firms Apply to Restore School, Administrators Say
---------------------------------------------------------------
The two court-appointed administrators of the Nova Corp. said
that 12 companies have applied to sponsor the rehabilitation of
the failed foreign-language school, Japan Times reports, citing
Kyodo News.

According to the report, some of the companies made specific
proposals for turning around the Osaka-based school.

The administrators, Japan Times states, said they plan to choose
a sponsor at "an early stage next week," but admitted they
haven't finished assessing the value of Nova's assets yet,
making it uncertain whether Nova's rehabilitation will proceed
smoothly.

In a separate report, Bloomberg News, citing the Nikkei business
daily, writes that the deadline to find a sponsor was moved
after it was determined that Nova's value was eroding.

Bloomberg further relates that administrator Toshiaki
Higashibata claims he will give priority to the company that is
willing to take on Nova's operations.

The Troubled Company Reporter-Asia Pacific reported on Oct. 29,
2007, that Nova filed for bankruptcy in late October.

According to a follow-up report by the TCR-AP on November 5,
2007, Nova's liabilities, in excess of its assets, would total
nearly JPY100 billion if the Osaka-based school is liquidated.


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

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

The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation
Law with JPY43.9 billion in debt.


NOVA CORP: Ex-President Counters Allegations of Wrongdoing
----------------------------------------------------------
Nova Corp.'s former president, Nozomu Sahashi, appeared at the
office of the government's Osaka labor inspection after his
whereabouts had been unknown, Kyodo News reports.

According to Kyodo's sources, Mr. Sahashi, who founded Nova in
1981, appeared at the office with his lawyer and claims that the
company was unable to raise necessary funds as its request for a
loan was turned down.

Mr. Sahashi, notes Kyodo, is being questioned on suspicion of
violating labor laws over the unpaid wages of employees and
language instructors.

In a separate Kyodo News report, the lawyers of Mr. Sahashi
submitted a petition to a local court rebutting allegations that
the former president used the company to benefit his own wealth
and lifestyle.

Among the points pointed out by the document submitted to the
Osaka District Court by Mr. Sahashi's lawyers are:

    1. Mr. Sahashi demands a reinvestigation, based on its
       accounting records, about a report issued on October 30
       by a court-appointed Nova administrator.  

       On October 30, in a news conference, the administrator
       showed to the media the president's suite at Nova's
       administrative headquarters in Osaka to show "an example
       of Sahashi using the company to benefit himself."  
       According to Kyodo, the 330-square-meter executive suite
       houses a red-carpeted reception room and private quarters   
       including a dining room with a large-screen TV, a
       bathroom with sauna, a Japanese-style tea room and a room
       with a double bed.
      
       Mr. Sahashi, in its petition, explains that the
       president's chambers were created as a model home office
       to demonstrate the advantages of such a space, and that
       he planned to use the tea room for trial language
       lessons at the school, relates Kyodo.
      
       The petition, according to Kyodo, stated that the
       reported monthly rent of some JPY2.7 million for the
       suite was for the entire floor and only about one-third
       of the reported amount is the rent for the suite.

    2. Mr. Sahashi,  Kyodo further adds, denied reports that he
       had received JPY300 million in annual compensation while
       the company itself incurred losses, saying he only
       received JPY120 million as stock dividends have not been
       paid.

    3. Mr. Sahashi denied accusations that irregular   
       transactions took place in the trading of Nova shares in
       August and September before it was put under court
       protection for rehabilitation on October 26.

       The large volume of transactions and wild price
       fluctuations came in the absence of factors encouraging
       investors to buy or sell Nova shares, relates Kyodo.  
       Nova allegedly said that the former president sold a
       massive number of shares in September and failed to
       fulfill a legal requirement to report to authorities any
       major changes in shareholdings.

       Mr. Sahashi's lawyers however, said, "There is no fact to
       reports that Sahashi sold Nova shares," adding that he
       had borrowed money for the company from security houses
       giving his Nova shares as collateral.

    4. Lastly, the petition, notes Kyodo, also denied
       allegations of dubious trading of video-phone equipment
       for use by students.

                       About Nova Corp.

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

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

The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation
Law with JPY43.9 billion in debt.


TENNECO INC: Commences US$230MM Tender Offer for 10-1/4% Notes
--------------------------------------------------------------
Tenneco Inc. has commenced a cash tender offer for up to
US$230 million aggregate principal amount of 10-1/4% Senior
Secured Notes due 2013 (CUSIP No. 880349AD7).

Tenneco is launching this tender offer and consent solicitation
as part of a transaction designed to reduce the company's
interest expense, extend the maturity of some of its debt and to
amend the indenture for the Notes to more closely align debt
covenants among the company's various tranches of notes.

The total consideration per US$1,000 principal amount of Notes
validly tendered and not withdrawn prior to 5:00 p.m., New York
City time, on Nov. 15, 2007, unless extended, will be calculated
based on the present value on the payment date of the sum of
US$1,051.25, the earliest redemption price for the Notes on June
15, 2008, which is the earliest redemption date for the Notes,
plus interest payments through June 15, 2008, determined using a
discount factor equal to the yield on the price determination
date of the 5-1/8% U.S. Treasury Note due June 30, 2008, plus a
fixed spread of 50 basis points.

The price determination date will be 2:00 p.m., New York City
time, at least ten business days prior to the expiration date.
The payment date will be promptly after the expiration date.

The tender offer is scheduled to expire at midnight, New York
City time, on Nov. 30, 2007, unless extended.  Accrued and
unpaid interest to, the payment date will be paid on all Notes
tendered and accepted for payment.

The tender offer is for a maximum of US$230 million aggregate
principal amount of Notes.  In the event that the tender offer
is oversubscribed, tenders will be accepted on a pro rata basis.
Tenneco reserves the right, but is not obligated, to increase
the Maximum Tender Amount.

The total consideration includes a consent payment of US$30 per
US$1,000 principal amount of Notes.  Only Notes that are
tendered on or prior to the Consent Date and that are accepted
for payment will receive the Consent Payment.  The company is
soliciting consents to conform certain covenants in the
indenture governing the Notes to make them no more restrictive
than comparable provisions applicable to the company's 8.625%
Senior Subordinated Notes due 2014, including with respect to
the incurrence of indebtedness and the absence of limitation on
issuances and transfers of restricted subsidiary stock and to
make other minor or related modifications.

The tender offer is conditioned on the satisfaction or waiver
prior to the acceptance date of customary conditions, including:

   (i) Tenneco having received from the offer and sale of new
       indebtedness, on terms and conditions acceptable to it
       in its sole discretion, funds sufficient to consummate
       the offer; and

  (ii) the receipt of the requisite consents required to
       implement the proposed amendments to the indenture from
       holders of the senior secured notes.

Copies of the Offer to Purchase and Consent Solicitation
Statement of the company may be obtained by contacting Global
Bondholder Services Corporation, the information agent for the
offer, at (212) 430-3774 (collect) or (866) 873-5600 (U.S. toll-
free).

Banc of America Securities LLC and Citi are the dealer managers
and solicitation agents for the tender offer and consent
solicitation.  Additional information concerning the tender
offer and consent solicitation may be obtained by contacting
Banc of America Securities LLC, High Yield Special Products, at
(704) 388-4813 (collect) or (888) 292-0070 (U.S. toll-free) and
Citi at (212) 723-6106 (collect) or (800) 558-3745 (toll-free).

                      About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and    
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings
and securities ratings on Rating Watch Negative.  Fitch
confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank
facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv)
Subordinated 'B'.


TENNECO INC: Fitch Rates New Senior Unsecured Notes at BB-
----------------------------------------------------------
Fitch Ratings assigned a rating of 'BB-' to Tenneco Inc.'s new
senior unsecured notes due 2015.  The new notes replace a
portion of TEN's existing US$475 million in 10.25% senior
secured second-lien notes for which TEN is tendering.  The
rating outlook is positive.

   -- Issuer Default Rating 'BB-';
   -- Senior secured bank facility 'BB+';
   -- Senior secured second lien notes 'BB';
   -- Senior subordinated notes 'B'.

TEN's new US$250 million senior unsecured notes will improve the
company's maturity profile, and contains covenants on a par with
the company's senior subordinated notes.  TEN is also adjusting
and removing certain covenants from the remaining senior secured
second-lien notes.  The refinancing also reduces the overall
amount of secured debt which, in conjunction with covenant
changes, provides TEN with additional operating flexibility.

In addition, the company projects interest savings of about
US$4 million.  The new notes are the obligation of TEN and
guaranteed by certain domestic subsidiaries.  Concurrent with
the offering of the new notes due 2015, TEN will initiate a
series of steps designed to better align the company's capital
structure with its assets and cash flow, while also providing
certain tax benefits.

TEN faces the same headwinds as other suppliers including
pricing pressures, high raw material costs, lower production
volumes from U.S.-based OEM's, exposure to slow-selling SUV
products and limited free cash flow.  However, TEN has offset
these challenges with increased revenue from new business wins,
manufacturing efficiencies, working capital management, and a
geographically diverse customer base compared with other North
American suppliers.  TEN's technology position and product
acceptance in the growing diesel emissions market augur well for
revenue performance over the near term.

The company's increasingly technology-driven product portfolio
and margin performance in a difficult industry environment
provide comfort that new business wins and revenue growth will
also produce longer-term earnings growth.  However, costs and
investments related to new product launches and growth
initiatives will limit free cash flow over the short term.  The
Positive Outlook is based on expectations of moderate, but
continuing de-leveraging over the intermediate term through
continued growth in operating earnings from a diversified global
customer base.  Concerns include total debt levels, industry
margin pressures, U.S. production volumes in an uncertain
economic environment, and stresses from second-tier and third-
tier suppliers.

TEN retains healthy liquidity, with $203 million in cash and
marketable securities at Sept. 30, 2007.  In addition, TEN has
US$292 million of unused borrowing capacity available on its
US$680 million revolver.  The company also has a US$100 million
US securitization facility (of which $94 million was
outstanding), and US$55 million outstanding under its
uncommitted European receivable facilities.

                      About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and    
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.


TENNECO INC: S&P Rates Proposed US$250 Mil. Senior Notes at B+
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
Tenneco Inc.'s proposed US$250 million senior unsecured notes
due 2015.  The rating is one notch below the corporate credit
rating, reflecting the unsecured nature of the proposed new
debt in Tenneco's capital structure, which consists mainly of
secured debt.  The company will use the proceeds to tender for
US$230 million of its 10.25% secured second-lien notes due 2013.
     
At the same time, because the tender will substantially reduce
the outstanding principal on the 10.25% senior secured notes,
S&P raised the ratings on that issue to 'BB' from 'BB-', and
revised the recovery rating to '2' from '4', reflecting the
expected improvement in recovery resulting from the pending
reduction in outstanding principal.  S&P also affirmed the 'BB-'
corporate credit rating and stable outlook and withdrew the
short-term rating of 'B-1'.
      
"The ratings on Tenneco reflect a weak business profile and
aggressive financial profile," said Standard & Poor's credit
analyst Lawrence Orlowski.  Although 2007 free cash flow
generation will likely be negative, S&P do not view this as a
trend.  Tenneco's credit measures have been stable.  The company
benefits from good diversity among its customers, business
platforms, and regions of operation.  However, Tenneco is still
exposed to the risks of declining vehicle production by its
largest customers, General Motors Corp. and Ford Motor Co.
     
The outlook is stable.  Revenue growth was solid in the third
quarter of 2007 because of new business launches, but investment
to support this growth contributed to negative free cash flow.  
Still, S&P expect credit measures to remain consistent with the
rating despite industry conditions that include production cuts
by some customers and raw-material price pressures.  In the
longer term, S&P could revise the outlook to positive if
industry conditions stabilize and the company uses free cash
flow to reduce debt.  Alternatively, S&P could revise the
outlook to negative if severe industry challenges cause cash
flow to remain negative.

                      About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and    
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.


* Stable Rating Outlook for Japanese Life Insurers, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that the ratings outlook for
Japanese life insurers is stable, adding that the outlook
reflects improving capitalization backed by diversifying profit
sources -- which is offset, however, by high-risk asset holdings
whose traits do not correspond to insurance liabilities traits.

The report, "Japanese Life Insurance: Stable Outlook for the
Near Term; Refinement of ALM Key for the Medium Term," comments
that the industry currently faces the challenge of insufficient
insurance payments, which could weigh on earnings in the short
term.  Still, earnings accumulation is likely to continue for
the medium term.

One negative medium-term factor could ensue from the
privatization of Japan Post and the concomitant creation of
Japan Post Insurance, which could adversely affect the insurance
companies' market positions and brand power.

Capitalization has improved due to earnings accumulation, but
risk-based capital has improved only gradually, a situation that
should improve considerably once insurers decrease the number of
high-risk assets in their portfolios.  Furthermore, limiting
interest rate fluctuation risk, as well as risk stemming from
embedded options (e.g., surrender options), would be vital to
achieving a solid risk-based capital position.

"Given Japanese major life insurers' current investment
portfolios, the insurers seem to be betting on an increase in
interest rates, as surplus value increases when interest rates
rise.  So if interest rates rise, the companies would lock in
gains by actively hedging interest rate risks.  At this point,
however, their current surplus value is vulnerable to drops not
only in the equity market but also in interest rates.  And the
vulnerability is a credit-negative," says Masahiko Miwa, a
Moody's AVP-Analyst and the author of the report.

"A transition to an economic value-based regulatory solvency
evaluation or to fair value-based insurance liabilities could
encourage insurers to enhance their ALM risk management and
limit these risks, which would have a positive impact on
ratings," adds Miwa.


* Regional Bailout Body to be Capitalized At JPY20-30 Billion
-------------------------------------------------------------
A state-backed entity planned to be set up in fiscal 2008 to
help rehabilitate ailing regional companies and public-private
joint ventures is expected to be capitalized at JPY20-JPY30
billion, to be shouldered equally by the state, local
governments and banks, Bloomberg News reports, citing sources
close to the matter.

Bloomberg relates that the Japanese government is considering
having the entity handle about 50 to 100 revitalization cases
using about 100 employees, including financial experts.  The new
body will follow the footsteps of the now-defunct Industrial
Revitalization Corp. of Japan, which helped mainly major firms
such as retailer Daiei Inc. and textile and cosmetic maker
Kanebo Ltd., Bloomberg explains.

Bloomberg adds that the new body is expected to concentrate on
ailing local entities including public-private joint ventures
that were set up in the 1980s through 1990s as vehicles to boost
regional economies.  Since the speculative bubble burst, many of
those ventures have been running at a loss.

The report explains that the new body is one of the key features
of the Council on Economic and Fiscal Policy's plan to
revitalize regional economies, which the government has cited as
one of the most important areas to work on.  The government's
policy-setting council is headed by Prime Minister Yasuo Fukuda.

The report also details that conditions for local companies and
joint ventures to receive help from the new bailout body will
include having local support and decent potential for a
turnaround.  It will get funds from both its own coffers and
private funds.


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

DYNCORP INT'L: Earns US$13.9 Mil. in Second Qtr. Ended Sept. 28
---------------------------------------------------------------
DynCorp International Inc. earned US$13.9 million for the three
months ended Sept. 28, 2007, compared to a net loss of
US$2.9 million for the same period in 2006.

Revenue for the second quarter of fiscal 2008 was US$495.1
million, a 4.3% increase over revenue of US$474.7 million for
the second quarter of fiscal 2007.  Revenue for the Government
Services segment, which represented 65.7% of company revenue,
increased to US$325.1 million for the second quarter of fiscal
2008, up US$8.1 million or 2.6% from the second quarter of
fiscal 2007.  GS revenue grew through increased deployment of
international police advisors to the Middle East under the
Civilian Police program, a CIVPOL task order to train Iraqi
border security personnel and additional work supporting the
International Narcotics and Law Enforcement Air Wing program.
Revenue for the Maintenance and Technical Support Services
segment, which represented 34.3% of Company revenue, increased
to US$170.0 million for the second quarter of fiscal 2008, up
US$12.3 million or 7.8% from the second quarter of fiscal 2007.
MTSS revenue grew through increased logistics support services
provided to the U.S. Air Force C-21 fleet and work performed for
the U.S. Army's Threat System Management Office, partially
offset by a reduction of personnel on the Contract Field Teams
program.

Operating income was US$33.9 million in the second quarter of
fiscal 2008 compared to US$9.5 million in the second quarter of
fiscal 2007, a 257% increase, primarily due to the elimination
of US$17.9 million of one-time costs that were incurred during
the second quarter of fiscal 2007.  Operating margin was 6.8% in
the second quarter of fiscal 2008, compared to operating margin
of 2.0% in the second quarter of fiscal 2007.  Operating margin
increased by 4.8 percentage points primarily due to improved
contract performance and the elimination of certain one-time
costs incurred during the second quarter of fiscal 2007.

Earnings before interest, taxes, depreciation and amortization
in the second quarter of fiscal 2008 increased 113% to US$46.6
million, compared to US$21.9 million in the second quarter of
fiscal 2007.

Cash and cash equivalents totaled US$110.1 million at
Sept. 28, 2007, up US$7.6 million from March 30, 2007.  The
company had working capital of US$327.4 million at
Sept. 28, 2007, compared to US$282.9 million at March 30, 2007.

Total debt was US$594.7 million at Sept. 28, 2007, a reduction
of US$36.3 million from March 30, 2007.  Of this reduction,
US$34.6 million was due to an excess cash flow payment required
by the terms of our credit agreement.  Days Sales Outstanding
increased to 76 days from 67 days primarily due to the timing of
collections from the Department of State.

Backlog as of Sept. 28, 2007, decreased to US$2.7 billion from
US$6.1 billion as of March 30, 2007.  The backlog decrease was
due to the exclusion of the previously included US$3.3 billion
from the linguist and translation services contract awarded by
the U.S. Army Intelligence and Security Command to Global
Linguist Solutions LLC, a joint venture of DynCorp International
and McNeil Technologies.  The Army terminated the contract for
convenience after the Government Accountability Office sustained
the incumbent's protest.  INSCOM requested and received revised
proposals, which are currently under evaluation pending a new
award decision.

                   About DynCorp International

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized    
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Korea, and Haiti.  DynCorp International,
LLC, is the operating company of DynCorp International Inc.

                          *     *     *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC. The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


KOREA EXPRESS: To Invite Bidders for Stake Sale This Month
----------------------------------------------------------
Korea Express Co plans to invite bidders late this November so
it can sell a controlling stake in the company, Asia Pulse
reports, citing a Korea Express official.

According to the report, the official said if things go as
planned, a formal contract will be signed in late February.

The sale of Korea Express, under court receivership since June
2001, may draw bids from industrial conglomerates such as STX,
CJ and Kumho-Asiana, the report notes.

Asia Pulse adds that Korea Express named a consortium led by
Merrill Lynch & Co. last month to manage the stake sale.

                    About Korea Express Co.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine   
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


REMY WORLDWIDE: Taps Greenberg Traurig as Special Counsel
---------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Greenbert Traurig, LLP, as their special
corporate advisory and litigation counsel nunc pro tunc Oct. 8,
2007.

Kerry A. Shiba, senior vice president and chief financial
officer of Remy Worldwide Holdings, Inc., relates that the
Debtors currently do not employ an experienced attorney who
serves in the role of "general counsel."  That void, he notes,
is filled by Greenberg Traurig, who, since 2006, has serviced
the Debtors in connection with corporate advisory and litigation
matters.  As a result, Greenberg Traurig, has become familiar
with the Debtors' business affairs.

The Debtors, thus, believe that Greenberg Traurig's continued
representation of them is essential to a successful Chapter 11
reorganization and will provide a substantial benefit to their
bankrupt estates.

Specifically, the Debtors have asked Greenberg Traurig to
continue to render services in connection with:

   -- advising and counseling them in connection with corporate
      advisory matters, including, but not limited to,
      corporate, securities, financing, transactional,
      intellectual property, environmental, and insurance
      matters unrelated to the administration of the Chapter 11
      cases;

   -- handling all aspects of non-bankruptcy litigation, as
      requested by the Debtors, including any pending
      prepetition litigation that would proceed in various
      forums postpetition; and

   -- any other corporate advisory or litigation services as
      requested by the Debtors.

To note, the Debtors have chosen Shearman & Sterling LLP and
Young Conaway Stargatt & Taylor LLP to provide them general
bankruptcy services.  Shearman & Sterling will chiefly be
responsible for providing general bankruptcy and reorganization
advice to the Debtors and Young Conaway will serve as the
Debtors' local Delaware counsel, while Greenberg will generally
focus on corporate advisory and litigation matters, Mr. Shiba
relates.  The Debtors assure the Court that they will undertake
efforts to minimize duplication of the professionals' work.  

The Debtors will pay for Greenberg Traurig's services on an
hourly basis in accordance with the firm's customary rates:

            Attorneys             $235 to $750
            Paraprofessionals     $65 to $230

The Debtors will also reimburse Greenberg Traurig for all the  
necessary cost and expenses the firm incurs in connection with
the contemplated services.  

Quinn P. Williams, Esq., a Greenberg Traurig professional,
assures the Court that his firm does not hold or represent any
interests adverse to the Debtors or their estates, in matters
upon which it is to be engaged.

Greenberg Traurig relates that it will conduct an ongoing review
to ensure that it continues neither to hold nor represent any
interests adverse to the Debtors or their estates.  If the firm
becomes aware of material information or relationships that it
determines require further disclosure, it will promptly disclose
that information to the Court on notice to the parties-in-
interest and the U.S. Trustee.

                     About Remy Worldwide

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --http://www.remyinc.com/
-- manufactures, remanufactures and distributes Delco Remy brand
heavy-duty systems and Remy brand starters and alternators,
locomotive products and hybrid power technology.  The company
also provides a worldwide components core-exchange service for
automobiles, light trucks, medium and heavy-duty trucks and
other heavy-duty, off-road and industrial applications.  Remy
has operations in the United Kingdom, Mexico and Korea, among
others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of $919,736,000 and total liabilities of $1,265,648,000.  
(Remy Bankruptcy News; Issue No. 5, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


REMY WORLDWIDE: Wants to Hire Ernst & Young as Accountant
---------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Ernst & Young LLP as their accountant,
auditor and tax services provider, nunc pro tunc Oct. 8, 2007.

Remy Worldwide Holdings, Inc. Senior Vice President and Chief
Financial Officer Kerry A. Shiba relates that the Debtors
require the services of a seasoned accountant, auditor and tax
services provider that is familiar with their businesses and the
Chapter 11 process.  In the course of performing services for
the Debtors over the past years, Ernst & Young has developed a
reserve of institutional knowledge related to the Debtors'
business, finances, operations, systems, and capital structure,
Mr. Shiba points out.

Thus, Mr. Shiba relates, the services of Ernst & Young are
necessary for the Debtors to maximize the value of their estates
and to reorganize successfully.  

As the Debtors' accountant, Ernst & Young will:

   -- audit and report on the Debtors' consolidated financial
      statements for the year ended December 31, 2007;

   -- review the Debtors' unaudited interim condensed
      consolidated financial statements; and

   -- periodically perform research and consultations for the
      Debtors regarding financial accounting and auditing
      matters and participate in all scheduled meetings of the
      Debtors' Audit Committee, as requested.

Ernst & Young will also perform various tax services on a
project by project basis as authorized by the Debtors.  The
projects may include assistance with tax issues, transactional
issues, or the Debtors' dealings with tax authorities.  Specific
tasks that may be required of Ernst & Young in connection with
the Tax Services include:

   -- participation in meetings and telephone calls with the
      Debtors;

   -- participation in meetings and telephone calls with taxing
      authorities and other third parties; and

   -- review of transactional documentation, research of
      technical issues, and the preparation of technical
      memoranda, letters, e-mails, and other written
      documentation.

The Debtors will pay for Ernst & Young's services on an hourly
basis:

     Professionals                 Hourly Rate
     -------------                 -----------
     Partners and Principals     US$530 to $800
     Senior Managers               $435 to $540
     Managers                      $275 to $340
     Seniors                       $195 to $270
     Staff                         $105 to $170

The Debtors will also reimburse the firm for any direct and
reasonable out-of-pocket expenses it incurs in connection its
retention with the Debtors.

Mr. Shiba notes that as of Oct. 8, 2007, the Debtors don't owe
Ernst & Young any outstanding balance with respect to services
the firm provided prior to the Petition Date.  The Debtors tell
the Court that during the 90 days immediately preceding the
Petition Date, they paid to Ernst & Young fees totaling
$490,713.

Ernst & Young has advised the Debtors that it will coordinate
with the other retained professionals in the Debtors' bankruptcy
cases to eliminate unnecessary duplication or overlap of work.

Thomas R. Ertel, a partner of Ernst & Young, assures the Court
that his firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.  The firm do not have
an interest materially adverse to the Debtors' estates,
according to Mr. Ertel.  

None of the services Ernst & Young rendered to other entities
are related to the firm's contemplated services with the Debtors
and their Chapter 11 cases, Mr. Ertel adds.

                    About Remy Worldwide

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --http://www.remyinc.com/
-- manufactures, remanufactures and distributes Delco Remy brand
heavy-duty systems and Remy brand starters and alternators,
locomotive products and hybrid power technology.  The company
also provides a worldwide components core-exchange service for
automobiles, light trucks, medium and heavy-duty trucks and
other heavy-duty, off-road and industrial applications.  Remy
has operations in the United Kingdom, Mexico and Korea, among
others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of $919,736,000 and total liabilities of $1,265,648,000.  
(Remy Bankruptcy News; Issue No. 5, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SEJI CO: Books KRW2.10-Trillion Net Loss in First Half of 2007
--------------------------------------------------------------
Seji Co. Ltd. incurred a KRW2.10-trillion net loss in the first
half of 2007.

The company recorded KRW655.79 billion in sales for the half
year ending June 30, 2007.  Cost of good sold, however, amounted
to KRW692.51 billion, while other non-sales expenses totaled
KRW978.17 billion, giving the company an operating loss of
KRW1.01 billion.

The company also spent KRW341.47 billion in interest expense.

As of June 30, 2007, the company had KRW21.47 trillion in
assets, while total liabilities amounted to KRW8.17 trillion.

Headquartered in Korea, Seji Company Limited specializes in the
field of environmental engineering.  The Company develops and
manufactures sludge collectors, screens and filters, dehydrators
and other related equipment. It also carries out work from
design to manufacturing, installation, testing of water, air and
waste treatment facilities and their automatic control devices.

The company had been suffering net losses of KRW3.25 trillion,
KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from
2003 through 2006.


SEJI CO: Resets Private Placement of Common Shares to Dec. 17
-------------------------------------------------------------
Seji Co. Ltd. has moved the listing date of its private
placement of common shares to Dec. 17, 2007 from the previously
announced Nov. 26, Reuters Key Development reports.

The company has recently announced that it has agreed to issue
18 million common shares through a private placement, raising
KRW9 billion in proceeds.  The par value and offer price are
both KRW500.

Headquartered in Korea, Seji Company Limited specializes in the
field of environmental engineering.  The Company develops and
manufactures sludge collectors, screens and filters, dehydrators
and other related equipment. It also carries out work from
design to manufacturing, installation, testing of water, air and
waste treatment facilities and their automatic control devices.

The company had been suffering net losses of KRW3.25 trillion,
KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from
2003 through 2006.


SEJI CO: Signs Three Separate Contracts Since October
-----------------------------------------------------
Seji Co. Ltd. has signed three contracts with various companies
for a total contract amount of KRW2,199,473,050, Reuters Key
Development reports.

According to Reuters, the company signed a KRW919,060,090
contract with ATE International Co., Ltd. to supply scraps of
used car parts on Nov. 2, 2007.  The company also signed a
KRW680,912,960 contract with Korstar Trading Co. to supply
electronic scraps.  In October, Seji bagged a KRW599,500,000
contract with IC Corporation to provide maintenance services for
sewages.

Headquartered in Korea, Seji Company Limited specializes in the
field of environmental engineering.  The Company develops and
manufactures sludge collectors, screens and filters, dehydrators
and other related equipment. It also carries out work from
design to manufacturing, installation, testing of water, air and
waste treatment facilities and their automatic control devices.

The company had been suffering net losses of KRW3.25 trillion,
KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from
2003 through 2006.


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

MYCOM BHD: Enters Into Joint Venture Agreement w/ Various Firms
---------------------------------------------------------------
On November 1, 2007, Mycom Berhad's wholly owned subsidiary, KH
Estates Sdn Bhd, and Olympia Properties Sdn Bhd, a wholly owned
subsidiary of Olympia Industries Berhad, have -- via Allied
Parade Sdn Bhd, a 58% and Olympia Properties 42% joint venture
company -- entered into a Joint Venture and Shareholders
Agreement with SWX Malaysia Limited, wholly owned subsidiary of
Stonehage Westcity Property Fund Limited, pursuant to which
Allied Parade and SWPF Co have agreed to participate in a joint
venture to carry out a proposed mixed development of a piece of
land measuring in area approximately 8.784 acres net situated in
the vicinity of Mont Kiara/Sri Hartamas, as well as to regulate
the respective rights and responsibilities of Allied Parade and
SWPF under the joint venture.

The transactions leading to the Agreement involve a transfer/
sale of the Land to Asas Galian Sdn Bhd as a joint venture
company with Allied Parade and SWPF taking up a 60% and 40%,
respectively, in the equity of Asas Galian.

Moreover, the parties have also entered into other ancillary
agreements including a share sale agreement, land sale and
purchase agreement, infrastructures agreement and development
management cum sales and marketing agreement to facilitate and
implement the terms of the joint venture of the Land subject to
the terms and conditions contained in the Transaction Documents.

The JVSA and Transaction Documents are inter-conditional and are
subject to, inter-alia, the approvals of the Foreign Investment
Committee and where required, the approvals of Bank Negara
Malaysia and the shareholders of both Mycom and Olympia
Industries.

Completion of the JVSA and the Transaction Documents are
expected to take place within six months from the date of the
JVSA.

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad --
http://www.mycom.com.my/-- is engaged in the provisions of   
granite quarry services, manufactures and sells latex rubber
thread, tape, plywood, laminated board and sawn timber,
cultivates oil palm fruits, and develops property. The company
is also involved in hotel operation, provision of management and
financial services and investment holding.  Operations of the
Group are carried out in Malaysia and South Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction, will reduce the company's accumulated losses.


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

ALFA HOMES: Appoints Parsons and Kenealy as Liquidators
-------------------------------------------------------
On October 8, 2007, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed liquidators of Alfa Homes 2003 Ltd.

The Liquidators can be reached at:

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


CHAPMAN ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 4
------------------------------------------------------------
Chapman Enterprises Ltd. requires its creditors to file their
proofs of debt by January 4, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          John Howard Ross Fisk
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


COCKAYNE ROAD: Appoints Parsons and Kenealy as Liquidators
----------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators of Cockayne Road Development Ltd. on October 1,
2007.

The Liquidators can be reached at:

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


COLLECTIVE PROPERTIES: Taps R. Simpson as Liquidator
----------------------------------------------------
Richard Grant Simpson was named liquidator of Collective
Properties Ltd. on October 9, 2007.

Moreover, creditors who were not able to file their proofs of
debt by the October 31 due date will be excluded from the
company's dividend distribution.

The company's liquidator is:

          Richard Grant Simpson
          Grant Thornton
          AXA Building, Level 13
          80 The Terrace
          PO Box 10712, Wellington
          New Zealand
          Telephone:(04) 474 8500
          Facsimile:(04) 474 8509


COURTHOUSE NUMBER 14: Wind-Up Petition Hearing Set for Nov. 22
--------------------------------------------------------------
A petition to have Courthouse Number 14 Ltd.'s operations wound
up will be heard before the High Court of Auckland on Nov. 22,
2007, at 10:00 a.m.

The petition was filed by Hugo Boss Australia Pty Limited on
August 1, 2007.

Hugo Boss' solicitor is:

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


EASTERN TECHNOLOGIES: Fixes Nov. 7 as Last Day to File Claims
-------------------------------------------------------------
On October 8, 2007, John Howard Ross Fisk and Craig Alexander
Sanson were named liquidators of Eastern Technologies Ltd.

Messrs. Fisk and Sanson are accepting creditors' proofs of debt
until December 7, 2007.

The Liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7044
          Facsimile: (04) 462 7492


EELES HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
Eeles Holdings Ltd. commenced liquidation proceedings on Oct. 3,
2007.

Creditors are required to file their proofs of debt by Nov. 30,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          Murray Eric Judge
          HWI Limited Chartered Accountants
          Level 3, 139 Carlton Gore Road
          Newmarket, Auckland
          New Zealand


FIRST DATA: Completes Check Forte Acquisition
---------------------------------------------
First Data Corp. has completed the acquisition of Check Forte
Processamento de Dados Ltda., a payment transaction processing
company in Sao Paulo, Brazil.

Founded in 1997, Check Forte provides data capture, switching
and POS terminal management and network processing services to
banks for bill payment transactions.  It also provides check
verification services directly to merchants.

“This acquisition will allow First Data to build on its existing
strengths and provide an extended portfolio of products and
services to the Brazilian marketplace,” said Peter Harrington,
President, Latin America and Canada, First Data.  “First Data is
well equipped and positioned to support Check Forte’s clients
and deliver a compelling service proposition.”

“First Data is committed to Brazil and to continuing to
strengthen its local presence in the country,” said David Yates,
President, First Data International.  “We have been present in
the country since 2002 and the acquisition of Check Forte
represents our promise to continue to invest in the region.”

First Data’s office in Sao Paulo, Brazil provides local support
to financial institutions using its VisionPLUS(R) transaction
processing solution.  In addition to Brazil, First Data has an
extensive reach across the region with offices in Argentina,
Costa Rica, Mexico, Miami, Panama, Puerto Rico and Uruguay.

                      About First Data

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

                       *     *     *

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

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

   -- Corporate Family Rating - B2

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

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


GENEVA FINANCE: Proposed Moratorium Gets Overwhelming Approval
--------------------------------------------------------------
Geneva Finance Ltd's investors yesterday approved the proposed
loan moratorium giving the company time to negotiate a funding
package that could bring it back to a stable position.

The moratorium provides the company an extension of six and half
months on all investment maturities.  "[I]nterest would be paid
monthly during the period and the company would continue to
trade and lend," the Australian Associated Press relates.

According to media reports, the extraordinary resolution passing
the proposed moratorium was an "overwhelming majority" of the
company's investors.

"[T]his action was taken as part of a prudent strategy to
strengthen the business and protect all investors' interests,"
AAP quotes Geneva Chief Executive Shaun Riley as saying.  "The
passing of the moratorium gives Geneva time to stabilize its
investment position and business operations, generate cash
reserves and focus on negotiating a significant debt and equity
transaction that will secure the future of the company."


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.


GENEVA FINANCE: S&P Raises Long-Term Counterparty Rating to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services on Nov. 5, 2007, raised its
long-term counterparty credit ratings on New Zealand finance
company Geneva Finance Ltd. to 'CC' from 'D'.  The rating had
been placed on CreditWatch with developing implications.

At the same time, the 'CC' insurer financial strength and
counterparty credit ratings on Geneva's sister company Quest
Insurance Group Ltd. were affirmed.  The ratings on Quest were
also placed on CreditWatch with developing  implications.
The ratings on Geneva and Quest were lowered on Oct. 16, 2007 as
Geneva had defaulted on its debenture payments.

These rating actions follow Geneva advising Standard & Poor's
yesterday that it had successfully secured a moratorium on
debenture withdrawals from Oct. 15, 2007 to April 30, 2008.
Under this resolution, all classes of debt maturities are to be
extended by six-and-a-half months.  During this moratorium
period, Geneva intends to make monthly interest payments, and
although the company intends to continue to lend, it will not
accept any new investments.

"The CreditWatch will be resolved at the time when greater
certainty can be established regarding the company's credit-risk
profile," said Standard & Poor's credit analyst Gavin Gunning.
"Resolution of the CreditWatch listing, which is expected to be
within the next month, will hinge mainly on Standard & Poor's
analysis concerning Geneva's operating activities, including
cash flow management, and future business and recapitalization
plans."

A CreditWatch listing highlights the potential direction of a
short- or long-term rating.  It focuses on identifiable events
and short-term trends that cause ratings to be placed under
special surveillance by Standard & Poor's analytical staff.  The
"Developing" designation means that a rating may be raised,
lowered, or affirmed.


HULA HAKA PRODUCTIONS: Creditors Receive Wind-Up Report
-------------------------------------------------------
On October 31, 2007, the creditors of Hula Haka Productions Ltd.
had a meeting and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          D. C. Parsons
          Indepth Forensic Limited
          Insolvency Practitioners
          26E Liverpool Street
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Facsimile:(07) 957 8677


LIKE MAGIC: Taps Parsons and Kenealy as Liquidators
---------------------------------------------------
On October 2, 2007, Dennis Clifford Parsons and Katherine Louise
Kenealy were named liquidators of Like Magic Ltd.

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


MR COMPUTER: Taps Parsons and Kenealy as Liquidators
----------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were tapped
as liquidators of Mr Computer Ltd. on October 10, 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


NU-WAY PRODUCTS: Names John Francis Managh as Liquidator
--------------------------------------------------------
The shareholders of Nu-Way Products Co Ltd., on October 9, 2007,
appointed John Francis Managh as the company's liquidator.

The Liquidator can be reached at:

          John Francis Managh
          Gladstone Chambers
          50 Tennyson Street
          PO Box 1022, Napier
          New Zealand
          Telephone/Facsimile:(06) 835 6280


S.P. PUBLISHING: Taps Levin and Vance as Liquidators
----------------------------------------------------
Henry David Levin and David Stuart Vance were tapped as
liquidators of S.P. Publishing Limited on October 4, 2007.

Only creditors whose proofs of debt were in by Nov. 1 due date
will be included in 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


STONNE LTD: Faces Auckland City's Wind-Up Petition
--------------------------------------------------
On July 17, 2007, Auckland City Council filed a petition to have
Stonne Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
November 8, 2007, at 10:00 a.m.

Stonne Ltd.'s solicitor is:

          R. B. Lange
          Simpson Grierson
          Level 27, 88 Shortland Street
          Auckland
          New Zealand


TAWARI STREET: Court to Hear Wind-Up Petition on Nov. 8
-------------------------------------------------------
On July 17, 2007, Auckland City Council filed a petition to have
Tawari Street Trustee Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
November 8, 2007, at 10:00 a.m.

Auckland City's solicitor is:

          R. B. Lange
          Simpson Grierson
          Level 27, 88 Shortland Street
          Auckland
          New Zealand


TYLOS ONE: Names Levin and Vance as Liquidators
-----------------------------------------------
On October 4, 2007, the High Court of Auckland named Henry David
Levin and David Stuart Vance as the liquidators of Tylos One
Ltd.

Creditors who were not able to file their proofs of debt by the
November 1 due date, 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


VALLEY MAINTENANCE: Fixes Nov. 6 as Last Day to File Claims
-----------------------------------------------------------
The creditors of Valley Maintenance & Builders Ltd. are required
to file their proofs of debt by November 6, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


WHANAU CONTRACTING: Wind-Up Petition Hearing Set for Nov. 21
------------------------------------------------------------
A petition to have Whanau Contracting Ltd.'s operations wound up
will be heard before the High Court of Blenheim on November 21,
2007, at 10:00 a.m.

Accident Compensation Corporation filed the petition on
September 21, 2007.

Accident Compensation's solicitor is:

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


WHEELS ON WEST: Court to Hear Wind-Up Petition on February 8
------------------------------------------------------------
The High Court of Auckland will hear on February 8, 2008, at
10:00 a.m., a petition to have Wheels On West Ltd.'s operations
wound up.

Provincial Finance Limited filed the petition 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
-------------------------------------------------------
The creditors of White Rose Investments Ltd. are required to
file their proofs of debt by November 9, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

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


WILSON FAMILY: Court Sets Wind-Up Petition Hearing for Nov. 14
--------------------------------------------------------------
A petition to have Wilson Family Dairy Ltd.'s operations wound
up will be heard before the High Court of Timaru on November 14,
2007, at 9:30 a.m.

The petition was filed by Accident Compensation Corporation on
July 20, 2007.

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

AFP-RSBS: Former Official Calls Prosecution Appeal Unmeritorious
----------------------------------------------------------------
The prosecution's appeal of the Sandiganbayan's dismissal of an
estafa case against former officers of the Armed Forces of the
Philippines-Retirement and Separation Benefits System is a
"rehash of the same old issues," Manuel Satuito said in his
opposition to the appeal, the Manila Standard Today relates.

Atty. Satuito, former legal division documentation chief of the
AFP-RSBS, was previously a defendant in an estafa case, together
with retired Brig. Gen. Jose Ramiscal Jr. and Meinrado Enrique
Bello.  The case stemmed from an alleged irregular acquisition
of a 1.22-hectare property in Tanauan, Batangas, by the AFP-
RSBS, the Standard explains.

The report recounts that in its dismissal of the case, the
Sandiganbayan ruled that the evidence were not sufficient to
show that estafa was committed by the defendants through
falsification of public documents.  The Court had also noted
that the defendants could not have received any money, goods, or
other personal property in trust, or on commission, for
administration within the meaning of the contemplated law.

"There is no evidence presented showing the difference between
the amount of PHP2,455,714 and PHP425,495 was withdrawn from the
account of First Integrated Finance Corp. and received by herein
accused in trust, or on commission or for administration," the
Court ruled, saying that the prosecution failed to prove that
the check payment of PHP2.455 million was misappropriated or
converted for personal use.

Mr. Satuito said in his opposition that the case's dismissal is
equivalent to an acquittal, and said that the "ground relied
upon [by the case] are unmeritorious to disturb the findings of
the honorable court" and are "nothing but a rehash of the same
old issues which have already been judiciously considered by the
honorable court."

                       About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by Presidential Decree 361 as
amended to serve as a self-sustaining fund system from which the
pension, separation, and other benefits of the soldiers maybe
taken.

The Troubled Company Reporter-Asia Pacific reported on Oct. 9,
2006, that military officials revealed the closure of the Armed
Forces of the Philippines Retirement and Separation Benefits
System after an investigation found that some of its officials
have mismanaged the multibillion-peso fund.

According to the report, billions of pesos, which had been
misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.


BANGKO SENTRAL: To Offer At Least US$500 Mil. in Bonds to OFWs
--------------------------------------------------------------
The Bangko Sentral ng Pilipinas will offer at least
US$500 million in pioneering retail treasury bonds starting
early next year under its agreement with the Philippine national
government.

According to the Philippine Star, Finance Undersecretary Roberto
Tan said that the Department of Finance is still studying what
currency is most appropriate for the planned offer.  Mr. Tan,
who is also acting National Treasurer, added that the DOF is
considering offering the bonds in local currency, stating that
problems on legal jurisdiction could arise if foreign
denominated instruments are used.

The BSP could initially launch US$500 million to test the
market, and issue another US$500 million if the response from
overseas Filipino workers' is favorable, BSP Deputy Governor
Diwa Guinigundo told the Philippine Daily Inquirer.  
Mr. Guinigundo added that they may offer US$1 billion
immediately depending on market response.

"We will put together the package, hopefully before the year
ends," Mr. Guinigundo told the Inquirer.  However, Mr. Tan told
the Star that the plan is unlikely to materialize since the
government is still studying how to implement the plan.  Mr. Tan
also said that the government is still finalizing the final
offering amount.

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: Manageable Inflation Risks May Cue Rate Cut
-----------------------------------------------------------
The Bangko Sentral ng Pilipinas may further reduce its benchmark
interest rates during its November 15 monetary setting meeting
in light of reportedly "manageable" inflation risks, the
Philippine Daily Inquirer reports.

In light of the US Federal Reserve's move lowering its federal
funds rate to 4.5% last week, BSP Governor Amando Tetangco Jr.
told the Inquirer that they are considering the implications of
the move particularly on capital flows and domestic liquidity
and its impact on future inflation.  Mr. Tetangco also said that
the BSP primarily considers the inflation outlook in assessing
is monetary policy.

The risks to the currently benign inflation outlook appear to be
manageable based on the inflation report for the third quarter,
the BSP said.

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.


CENTRAL AZUCARERA: Incurs PHP175-Million Net Loss for FY2007
------------------------------------------------------------
The Central Azucarera de Tarlac has incurred a net loss of
PHP175.89 million for the year ended June 30, 2007, its third
following a PHP87.48-million loss in 2006 and a
PHP548.98-million loss in 2005.

For the year ended June 30, 2007, the company recorded revenues
of PHP612.23 million and PHP428.85 million in costs of goods
sold and services.  The company's operating expenses for the
period totaled PHP128.20 million, while penalties and interest
expenses reached PHP242.76 million.  The company also recorded
an income from interest of PHP4.04 million.    

As of June 30, 2007, the company had PHP1.65 billion in total
assets and PHP1.73 billion in total liabilities, resulting in a
capital deficiency of PHP83.27 million.

After auditing the company's annual financial statements for the
year ended June 30, 2007, the company's auditor at Sycip Gorres
Velayo & Co. raised substantial doubt on the company's ability
to continue as a going concern.  The company's ability to
continue operating within the normal course of business depends   
on the successful implementation of its planned initiatives to
increase revenue and reduce costs, the finalization of the
ongoing settlement with creditor banks and the settlement of
intercompany accounts with related parties, the auditors state.

The company's annual financial statement for the period ended
June 30, 2007, can be downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/CAT_17A_Jun2007.pdf


Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.


IPVG CORP: PhilEXIM Approves US$7-Mil. Guarantee to Subsidiary
--------------------------------------------------------------
The Philippine Export Import Credit Agency has approved an
extension of a US$7-million guarantee in favor of IP Contact
Center Outsourcing Inc., a subsidiary of IPVG Corp.  IPVG will
be IPCCO's corporate guarantor.

In a disclosure with the Philippine Stock Exchange, the
guarantee will be extended in tranches of US$1.5 million for
this year, US$3.5 million for 2008, and US$2 million.  The last
tranches is subject to favorable review of utilization of the
loan's first two tranches, as well as market conditions and
IPCCO's compliance with the credit agency's conditions.  The
guarantee also requires IPVG to infuse additional equity into
its subsidiary.

The funds obtained from the guarantee will be used for the
operation and expansion of IPCCO's business process outsourcing
business.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the    
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


LAFAYETTE MINING: DENR Clears Firm From Charge on Albay Fishkill
----------------------------------------------------------------
The Department of Environment and Natural Resources has cleared
Lafayette Mining Philippines Inc. from charges related to the
reported fishkill on October 28 in Rapu-Rapu, Albay, the
Philippine Daily Inquirer reports.  The decision is being
criticized by various groups, the report adds.

According to DENR Regional Director Reynulfo Juan, the fishkill
was confined to a 50-meter radius from the pier or 10 kilometers
away from Lafayette's mining site.  Mr. Juan also said there
were only two sacks of dead fish found near the pier, contrary
to earlier reports of a massive fishkill.  However, the DENR was
unable to establish the origins of the fishill, and has asked
the Bureau of Fisheries and Aquatic Resources to conduct
extensive laboratory analysis.

Kalikasan-People's Environment Network coordinator Clemente
Bautista criticized the decision, saying that it is
"irresponsible" of the DENR to acquit Lafayette Philippines even
if the cause of the fishkill has not yet been determined, the
report relates.  Rapu-Rapu mayor Dick Galicia also told the
Inquirer that he will seek an investigation by the law
enforcement agencies if evidence show that the fishkill was
related to local mining operations.  

Gov. Jose Sarte Salceda also called for an investigation, the
report adds.

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

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


METROPOLITAN BANK: Assets Rise to PHP665 Billion at September 30
----------------------------------------------------------------
Metropolitan Bank & Trust Company, the country's largest bank,
continued to grow its consolidated assets as it reached a total
of PHP665.0 billion as of the quarter ended September 30, 2007.

In its latest Consolidated Statement of Condition submitted to
the Bangko Sentral ng Pilipinas, Metrobank's consolidated total
assets was PHP35.4 billion higher than the PHP629.6 billion
recorded at the end of the same period in 2006 as a result of
additional placements in the reserve deposit account with the
BSP.

Total deposits at the end of September 2007 reached
PHP504.7 billion, PHP25.4 billion higher than the
PHP479.3 billion of the previous year.  Low and high cost
deposits registered an increase of 65% and 35%, respectively.  
Metrobank Executive Vice President Fernand Tansingco said that
the Bank's condition as of the third quarter reflected the
continued success of the strategies it recently adopted to drive
sales and focus on key market segments.  "Externally, we
continue to ride the momentum of good market conditions and
stable economy.  Internally, we have been successful in growing
our deposits despite stiffer competition due to our enhanced
product and service offerings and customer service initiatives,"
said Mr. Tansingco.

Stockholders' equity at the end of the third quarter was
reported at PHP64.8 billion, with capital stock at
PHP40.8 billion, also improving from last year's PHP55.6 billion
and PHP34.4 billion, respectively, after the Bank's successful
global equity offering of 173.6 million shares at P38 per share
in October 2006 and income generated during the period.

Earlier this month, Metrobank concluded its offer of Lower Tier
2 Peso-Denominated Step-Up Callable Subordinated Notes.  The
bank upsized its LT2 notes offer from the initial PHP5.0 billion
to PHP8.5 Billion in response to strong investor interest.  
Metrobank has the option to increase the issue up to PHP10.0
billion as approved by the Bangko Sentral.

The issue is another landmark transaction for the Philippines'
biggest bank as it has the distinction of being the largest
local currency issue, the tightest-priced Peso bank issue of its
kind, and the highest credit rating for a Philippine Peso  
Subordinated Notes by Moody's Investor Service.

The offer will replace the US$125 million Subordinated Notes Due
2012 which the Bank is redeeming and help strengthen its capital
base, especially under new Basel 2 capital adequacy regulations.

                     About Metropolitan Bank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the   
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

As reported on Nov. 6, 2006, that Moody's Investors Service
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.


NAT'L POWER: Flying V Group to Bid for Small Generating Assets
--------------------------------------------------------------
The Flying V group will bid for the small power generating
assets being held for sale by the National Power Corp., Flying V
Chairman and President Ramon Villavicencio told the Philippine
Star.

According to Mr. Villavicencio, the group is still identifying
the areas that they will diversify into.  

The expansion into power business is part of the company's near
to medium-term strategic plan, the Flying V executive revealed.  
The Star then recounted that  Flying V affiliate Filpride Energy
Corp. floated the possible investment to the power sector, as it
is one of the fuel suppliers of power producers including
NAPOCOR's small power utilities group.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines.  This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--).  The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.
Napocor will use the proceeds for capital expenditure.

On October 11, 2007, Fitch Ratings has affirmed on Thursday the
ratings of 'BB' to the US$500 million fixed-rate and US$300
million floating-rate notes issued by National Power Corporation
in 2006 and 2005, respectively.


SAN MIGUEL: To Hold Briefing on September YTD Results on Nov. 8
---------------------------------------------------------------
San Miguel Corp. and Ginebra San Miguel Inc. will hold a
briefing on their 2007 September YTD results on November 8 at
3:00 pm.

The briefing will be held at the 2nd floor of the Executive
Dining Room of the SMC-Head Office Complex, located at No. 40
San Miguel avenue, Mandaluyong City.

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

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

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


SAN MIGUEL: SM Investments to Sell Off 339.349-Mil. Shareholding
----------------------------------------------------------------
SM Investments Corporation's Board of Directors approved on
October 31 the sale of its ownership of 339,349,120 shares in
San Miguel Corp. to San Miguel Retirement Plan.  The shares were
sold at a price of Php80 per share, an SM press release says.

SM Executive Vice President and CFO Jose T. Sio said, "We took
an excellent opportunity to cash in on one of our investments at
a good price.  We still believe San Miguel is a company worth
investing given its strong brand franchise in beer and its
dominant position in the food and beverage business.  However,
SM would like to focus on its four core businesses at this time,
namely retail merchandising, mall operations, banking, and
property development."

Proceeds of the sale of San Miguel Shares will be used for
general corporate purposes, capital expenditures and other
investments.  Aside from the businesses where it is currently
dominant, SM is aggressively pursuing its property development
projects in areas such as residential development under SM
Development Corporation, commercial development mainly at the
Mall of Asia Complex, tourism development in Hamilo Coast, and
hotel investments in key cities across the country.  All these
projects will require a considerable amount of capital
expenditure for the company moving forward.

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

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

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


VULCAN IND'L: Sees PHP30MM in Expenses from Gold & Nickel Mining
----------------------------------------------------------------
Vulcan Industrial & Mining Corp. is expecting to spend about
PHP20 million in laterite nickel mining operations in Dinagat
Island in Surigao del Norte, and in Tagkayawan in Palawan, a
company disclosure with the Philippine Stock Exchange says.

The company also expects another PHP10 million in expenses from
exploration operations for gold in Surigao del Norte.  Gross
revenues of PHP6 million to PHP8 million a month are projected
from these projects.


Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                          *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern after auditing the company's financials for
the fiscal year ended Dec. 31, 2006.

Mr. Cruz cited the company's and its subsidiary's current
liabilities exceeding their current assets by
PHP204.5 million and PHP231.3 million, respectively.  In
addition, the company and its subsidiary had difficulty meeting
their obligations to their creditor banks.

For the year ending 2006, the group suffered a net loss of
PHP32.5 million, its third consecutive annual net loss after
2005's PHP29.0 million and 2004's PHP47.9 million.


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

LAZARD LTD: Paying US$0.09 Per Share Quarterly Dividend
-------------------------------------------------------
Lazard Ltd.'s Board of Directors has declared a quarterly
dividend of US$0.09 per share on its outstanding Class A common
stock, payable on Nov. 30, 2007, to stockholders of record on
Nov. 9, 2007.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a  
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


ODYSSEY RE: Third Quarter Net Income Rises to US$114.2 Million
--------------------------------------------------------------
Odyssey Re Holdings Corp. recorded net income of US$114.2
million for the three months ended Sept. 30, 2007, compared to
net income of US$60 million for the same period in 2006.

The Company recognized an after-tax loss of US$13.8 million, or
US$0.19 per diluted share, during the third quarter of 2007 in
connection with its previously disclosed settlement of  
litigation.  The third quarter 2007 net income available to
common shareholders includes after-tax net realized capital
gains of US$56.9 million compared to after-tax net realized
capital gains of US$1.3 million for the third quarter of 2006,
which included realized capital gains of an equity investee that
were included in net investment income for that quarter.

The combined ratio for the third quarter of 2007 was 97.8%,
compared to 95.8% for the third quarter of 2006.  Included in
the underwriting results for the quarter ended Sept. 30, 2007 is
a pre-tax loss of US$21.2 million, or 3.9 combined ratio points,
related to the settlement of litigation, which resulted in the
commutation of the reinsurance treaties at issue.

Net investment income totalled US$86.5 million for the third
quarter of 2007, compared to US$82.6 million for the third
quarter of 2006.  Net pre-tax realized capital gains were
US$87.6 million for the third quarter of 2007, compared to
US$2.0 million for the third quarter of 2006. For the three
months ended Sept. 30, 2007, net cash flow from operations was
US$41.9 million, compared to US$281.7 million for the three
months ended Sept. 30, 2006.

At September 30, 2007, total investments and cash were US$7.8
billion, an increase of US$712.4 million, or 10.1%, compared to
Dec. 31, 2006.  Net unrealized gains, after tax, at Sept. 30,
2007 and Dec. 31, 2006 were US$37.0 million and US$23.4 million,
respectively.  In the third quarter of 2007, Odyssey Re paid a
cash dividend of US$0.0625 per common share on Sept. 28, 2007 to
common shareholders of record as of
Sept. 14, 2007.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of
property and casualty treaty and facultative reinsurance, as
well as specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Toronto, Mexico and
Singapore.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2006,
Standard & Poor's affirmed its 'BBB-' counterparty credit and
'BB' preferred stock ratings on Odyssey Re Holdings Corp. and
removed them from CreditWatch negative.


S & I PTE: Members to Hold Final Meeting on December 3
------------------------------------------------------
The members of S & I Pte Ltd will hold their final meeting on
December 3, 2007, at 11:00 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at 25 International Business Park, #04-
22/26 German Centre, Singapore 609916.


SEMITECH ELECTRONICS: Loses SGD1.81 Mil. for 2007 First Half
------------------------------------------------------------
Semitech Electronics Ltd. recorded a SGD1.81-million net loss
for the first half ended June 30, 2007, a 49.59% increase from
the SGD1.21-million net loss recorded for the first half ended
June 30, 2006.

The company had no revenues for the period in review, but
incurred expenses amounting to SGD0.46 million.

As of June 30, 2007, the company had total assets amounting to
SGD12.23 million, total liabilities of SGD10.95 million and
total equity of SGD1.27 million, recovering from an insolvent
position of SGD0.40 million as of Dec. 31, 2006.


Headquartered in Singapore, Semitech Electronics Ltd. is
principally engaged in contract equipment manufacturing, trading
and distribution of equipment and providing after sales services
for voice and data communication products. Some of its wholly
owned subsidiaries include SEM Manufacturing Pte Ltd, Semitech
Electronics (Wuxi) Co. Ltd, Semitech Enterprise Pte Ltd and
Semitech Manufacturing Sdn Bhd.

Semitech has incurred SGD0.16 million, SGD2.37 million, SGD5.1
million, SGD6.5 million annual net losses since 2003 through
2006.


SEMITECH ELECTRONICS: Discloses Update of Sky One Acquisition
-------------------------------------------------------------
On January 25, 2007, Semitech Electronics Ltd first disclosed
the conditional sale and purchase agreement with Suen Yiu Chung,
Dicky and Lau Hon Kit, in relation to the Proposed Acquisition
of the entire issued share capital of Sky One Network (Holding)
Ltd for an aggregate consideration of SGD38,720,000.

In an update, Semitech has entered into a second supplemental
agreement with Messrs. Suen and Lau to amend certain terms
in the Injection Agreement to reflect the company's proposal to
undertake a share consolidation of every four ordinary shares in
the company's capital into one consolidated share following the
completion of the Proposed Acquisition and the Disposal.

Presently, the issued share capital of the company is
SGD15,515,542 divided into 246,500,000 shares.  Immediately
following the completion of the Proposed Acquisition, the
Disposal and the Proposed Share Consolidation, the company will
have an issued share capital of approximately SGD55.4 million
divided into 242,791,250 Consolidated Shares.

Shareholders are not required to make any payment to the Company
in respect of the Proposed Share Consolidation.

Moreover, there were 3,256,700 outstanding share options granted
by the company under the Semitech Share Option Scheme enabling
holders thereof to subscribe for an aggregate of 3,256,700 new
shares.  Appropriate adjustments will be made to the share
options granted or to be granted under the ESOS, in connection
with the Proposed Share Consolidation.

The Proposed Share Consolidation is subject to the:

   (a) approval of the Singapore Exchange Securities Trading
       Limited; and

   (b) approval of company's shareholders for the Proposed Share
       consolidation being obtained at the extraordinary general
       meeting of the company to be convened in connection with
       the Proposed Acquisition and the other matters
       contemplated under the Injection Agreement.

An application will be made to the SGX-ST for permission to deal
in and for the listing of and quotation for the Consolidated
Shares on the Main Board of the SGX-ST.

Accordingly, the Injection Agreement is conditional upon the:

   (a) approval of shareholders being obtained at the EGM for
       the Proposed Share Consolidation and the grant of a
       general mandate for the issue of new Consolidated Shares;
       and

   (b) approval in-principle of the SGX-ST for the listing and
       quotation of the consolidated shares on the Main Board of
       the SGX-ST having been obtained and approval remaining in
       full force and effect.

   * Long-Stop Date

Under the Injection Agreement, the long-stop date, which is the
date on which the Injection Agreement will lapse and the parties
will have no claim against the other(s) save as provided in the
Injection Agreement if any of the conditions precedent set out
in the Injection Agreement is not fulfilled or waived in
accordance with the Injection Agreement by October 31, 2007, or
such other date as the vendors and the company may agree in
writing.  Both parties have agreed, by way of the Second
Supplemental Agreement, to extend the Long-Stop Date to Dec. 31,
2007.


Headquartered in Singapore, Semitech Electronics Ltd. is
principally engaged in contract equipment manufacturing, trading
and distribution of equipment and providing after sales services
for voice and data communication products. Some of its wholly
owned subsidiaries include SEM Manufacturing Pte Ltd, Semitech
Electronics (Wuxi) Co. Ltd, Semitech Enterprise Pte Ltd and
Semitech Manufacturing Sdn Bhd.

Semitech has incurred SGD0.16 million, SGD2.37 million, SGD5.1
million, SGD6.5 million annual net losses since 2003 through
2006.


SINGAPORE HOLT: Creditors' Proofs of Debt Due on Dec. 4
-------------------------------------------------------
Singapore Holt Inv Pte. Ltd. requires its creditors to file
their proofs of debt by December 4, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o 5 Shenton Way
          #06-08 UIC Building
          Singapore 068808


TOWA SINGAPORE: Sets Proofs of Claim Bar Date on Dec. 3
-------------------------------------------------------
The creditors of Towa Singapore Mfg. Pte. Ltd are required to
file their proofs of debt by December 3, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

          Chua Keng Khng
          89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


TTS FOOD: Court to Hear Wind-Up Petition on November 16
-------------------------------------------------------
On October 26, 2007, Hong Leong Finance Limited filed a petition
to have TTS Food Industries Pte. Ltd.'s operations wound up.

The petition will be heard before the High Court of Singapore on
November 16, 2007, at 10:00 a.m.

Hong Leong's solicitors are:

          Bih Li & Lee
          79 Robinson Road
          #24-08 CPF Building
          Singapore 068897


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

CENTRAL PAPER: Reports Progress of Business Rehabilitation Plan
---------------------------------------------------------------
Central Paper Industry PCL has reported on the progress of its
business rehabilitation program through a disclosure with the
Stock Exchange of Thailand.

In the disclosure, the company said that it is still in the
process of negotiating with its major creditor, Thai Assets
Management, to amend the installment condition in the plan so it
can resume business as normal.  

The company ceased operations on June 21 last year in accordance
with the rehabilitation plan.

                  About Central Paper Industry

Established in 1973, Central Paper Industry Public Company
Limited -- http://www.centralpaper.thailand.com/-- produces and
distributes uncoated printing paper including fine printing
paper used in high quality printing tasks, newsprint paper used
in newspaper printing, and kraft paper used for making paper
bags.

On March 16, 2004, the company filed a petition for
rehabilitation with Thailand's Central Bankruptcy Court.
Subsequently, on February 1, 2005, the Bankruptcy Court approved
the company's Business Reorganization Plan.

Currently, the company is in the process of complying with its
Reorganization Plan.

Central Paper Industry Public Company Limited reported a net
loss of THB130,483,909 for the year ended Dec. 31, 2006, 231.83%
more than the THB39,322,085 net loss for the year ended Dec. 31,
2005.

                      Going Concern Doubt

After reviewing the company's financial statements for the first
half of 2007, Apichart Sayasit at M.R. & Associates Co. Ltd.
raised substantial doubt on the company's ability to continue as
a going concern.

Mr. Apichart cited the company's ongoing negotiations with its
creditor, Thai Assets Management Corp., regarding its inability
to pay its debts because of liquidity problems.  The company's
petition to amend its rehabilitation plan remains pending.


G STEEL: S&P Lowers Long-Term Corporate Rating to 'B-' from 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on G Steel Public Co. Ltd. to 'B-' from
'B+', and removed it from CreditWatch, where it was placed with
negative implications on Oct. 4, 2007.  The outlook is negative.

Standard & Poor's has also lowered the long-term issue credit
rating on G Steel's US$170 million senior unsecured notes to
'B-' from 'B+' and removed it from CreditWatch, where it was
placed on Oct. 4, 2007, with negative implications.

Although G Steel has addressed the immediate liquidity concern
associated with the maturity of its US$120 million bank
facility, with the anticipated approval of a new 30-month bank
facility for US$100 million (the US$20 million difference set to
be repaid from cash reserves), the company's key financial
metrics have deteriorated to a level no longer supportive of its
previous 'B+' rating, with the likelihood of a quick improvement
in credit metrics in the near term remote and reliant on a sharp
improvement in the company's earnings.

"G Steel's operating performance and its ongoing ability to
service all debt obligations is heavily reliant on domestic
demand and prices for hot rolled coil steel," said Standard &
Poor's credit analyst Ryan Tsang.  "In addition, any improvement
in its weak credit metrics will require an increase in the
company's production and efficiency."

The negative rating outlook recognizes the delicate balance of
the company's financial position and the prevailing uncertainty
on domestic demand, which could together with the company's high
financing costs, contribute to further liquidity pressures.

Stabilization and some signs of improvement in key credit
metrics through the remainder of 2007 would be required to avert
a further rating downgrade.

"Prospects of upward rating movement are limited and would
require evidence that the company could achieve and sustain a
financial profile consistent with a higher rating," Mr. Tsang
said.


G STEEL: Unit Enters Into Refinancing Deal for US$120-Mil. Debt
---------------------------------------------------------------
G Steel PCL announces the refinancing agreement entered into by
its subsidiary, Oriental Access Co. Ltd., for its US$120-million
loan facility with foreign institutions for its investment in
Nakornthai Strip Mill PCL.

The loan has matured on October 30 and was temporarily extended
by the lenders until today.

Under the terms and conditions of the refinancing agreement, OA
is required to prepay US$20 million under the bridge loan
facility, which amounts to US$100 million.  The facility has a
tenor of up to 30 months or until April 30, 2010, whichever is
earlier.  The refinancing includes an amortization schedule with
semi-annual repayments, which will be in compliance with the
EBITDA  and the existing covenants of the outstanding G Steel
Senior Unsecured Notes.

The facility has an interest of 4.5% of the principal amount
plus the Singapore Interbank Offered Rate.

Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in   
different grades and gauges.  G Steel is a stand-alone operating
entity with no related group companies.

On November 1, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on G Steel Public Co. Ltd.
to 'B-' from 'B+', and removed it from CreditWatch, where it was
placed with
negative implications on Oct. 4, 2007. The outlook is negative.

Standard & Poor's also lowered the long-term issue credit rating
on G Steel's US$170 million senior unsecured notes to 'B-' from
'B+' and removed it from CreditWatch, where it was placed on
Oct. 4, 2007, with negative implications.

On November 1, 2007, Moody's Investors Service lowered the
corporate family rating and senior unsecured bond rating of G
Steel Public Company Limited to B3 from B2.  The outlook for
both ratings is negative.

The company is currently listed under the "Non-Performing Group"
sector of the Stock Exchange of Thailand.


ITV PCL: Submits Reasons for Delisting Exemption
------------------------------------------------
ITV PCL has submitted its reasons supporting its request not to
be delisted by the Stock Exchange of Thailand.

According to a disclosure with the SET, the company is currently
preparing its rehabilitation plan, which it will propose to its
shareholders for approval as required by the Thailand bourse.

The company also says that it awaits the decision to the
arbitration involving its contingent liabilities or compensation
for damages from the illegal termination of the concession
agreement with the Prime Minister's Office.  The company
explains that the compensation depends on a final ruling, which
cannot be predicated and may impact the company in the long
term.

The company further reveals that it has a shareholders' deficit
of THB1.948 billion as of June 30, 2007, and has recorded a
THB330 million annual interest in the disputed concession fee or
THB83 million per quarter in its financial statements.  
Therefore, in line with the SET's rules to avoid being delisted,
the company needs to acquire a new business that will generate a
potential minimum accumulated profit of THB1.948 billion or
higher to address its deficit.

As a result, the company says it needs more time to review its
feasibility study on business opportunities which can
potentially generate the needed funds.


Headquartered in Bangkok, Thailand, ITV Public Company Limited
-- http://www.itv.co.th/-- is a media company that operates a
television broadcast station under an ultra-high-frequency
system.  ITV provides news and entertainment to the public
through television and the Internet via its 52 network stations
throughout the country.

                     Going Concern Doubt

After reviewing ITV PCL's financial statements for the quarter
ended March 31, 2007, Prasan Chuaphanich at
PricewaterhouseCoopers ABAS Ltd. raised significant doubt on the
company's ability to continue as a going concern.

According to Mr. Prasan, the company's concession agreement was
revoked by the Office of the Permanent Secretary of the Office
of the Prime Minister as the company did not pay the unpaid
concession fee totaling THB2.210 billion and the interest on the
total unpaid concession fee at 15% per annum including the
penalty arising from the alteration of television programming of
THB97,760 million.  The company's concession agreement was
revoked on 7 March 2007 by the PMO therefore, the company ceased
its operation at that date.  In addition, the PMO claimed the
undelivered value of assets under concession amounting to Baht
656 million plus interest on 30 March 2007.

On January 4, 2007, and May 9, 2007, the Company filed the
statements of claim regarding the THB2.210-billion unpaid
concession plus the THB97.760-million interest, as well as the
undelivered value of assets under concession plus interest to
the arbitration process.  The company is in the process of
preparing development plans to resolve the cause of delisting
and a plan to undertake new business and rehabilitation for the
Stock Exchange of Thailand after the company seeks and obtains
approval from the company's shareholders.

Mr. Prasan also cited the company's equity and working capital
deficits.


NATURAL PARK: Awaits Approval to Sell Shares in Five Entities
-------------------------------------------------------------
Natural Park PCL may dispose of assets held in four companies
pending approval by its shareholders during a meeting to be held
on December 11, disclosures with the Stock Exchange of Thailand
say.

According to the disclosures, the company's Board of Directors
approved during a meeting on November 2 to divest ownership in
these companies:

    * Pacific Assets PCL, in which it holds 62.5% or 208,739,547
      shares

    * Aimtop Investment Ltd., a wholly owned subsidiary with
      6,100,010 paid-up ordinary shares
    
    * Bangkok Metro PCL, in which it holds 6.85% or 820.26
      million ordinary shares

    * Sansiri PCL, in which it owns 62,721,231 ordinary shares
      or 4.25% of total paid-up shares
    
    * Syntec Construction PCL, which it owns 11.88% of total
      paid-up shares, equivalent to 190 million ordinary shares

The Pacific Asset shares will be sold to Asia Debt Management
Hong Kong Ltd.  Shining Global Investment Ltd., a company
affiliated with a group led by an Adriaan Zecha, will purchase
the Aimtop shares.  The disclosure did not specify the investors
for the Bangkok Metro, Sansiri and Syntec shares.

Proceeds from the sales will be used to fund repayment of debts
to Siam City Bank amounting to THB790.67 million and THB1,776.22
billion.

Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


=============
V I E T N A M
=============

* Moody's Says Ba3 Bond Ratings Supported by Policy Progress
------------------------------------------------------------
In its annual report on Vietnam, Moody's Investors Service says
the government's Ba3 foreign and local currency bond ratings
with positive outlook are supported by the progress made in
externally oriented policies and state enterprise restructuring.

The bond ratings, along with Moody's assessment of a high risk
of a payments moratorium in the event of a government bond
default, form the basis for Vietnam's foreign-currency country
ceiling for bonds of Ba2.

"Vietnam's public finances are manageable even as the government
runs moderately large deficits to support investment and boost
income growth," said Moody's Senior Vice President Thomas Byrne.
"The overall policy stance supports rapid economic growth,
although this has, at times, contributed to inflationary
pressures."

Trade liberalization and structural reforms in the state-
enterprise and financial sectors are helping to shift the
economy from one that is inefficient and state-directed towards
one that increasingly incorporates market incentives, promoting
sustainable economic growth and ultimately reducing contingent
fiscal liabilities.

Vietnam's real output growth has picked up, making it likely
that GDP growth for 2007 as a whole will reach 8.5%, up from
8.2% in 2006.

"Favorable external developments contributed to export growth of
19% in the first three quarters of this year," said Byrne.
"Although surging investment-related imports have widened the
current account deficit, capital inflows have sharply boosted
foreign exchange reserves to close to $21 billion as of
August\u2014a level which significantly reduces vulnerability to
external shocks."

He said the government intends to tap the global bond market
again for lending to state-owned companies.

"The credit challenges facing Vietnam include maintaining
monetary stability, containing government debt, and advancing
further reform of the country's state-owned banks and industrial
enterprises," said Byrne.  "Additional challenges are posed by
Vietnam's relatively low income level and transitional economic
and legal institutions."

Moody's report, "Vietnam: 2007 Credit Analysis," is a yearly
update to the markets and is not a rating action.


* BOND PRICING: For the Week 05 November to 09 November 2007
------------------------------------------------------------



Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.75
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Antares Energy Limited        10.000%  10/31/13     AUD     1.75
Arrow Energy NL               10.000%  03/31/08     AUD     2.38
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     9.50
Becton Property Group          9.500%  06/30/10     AUD     1.12
Bounty Industries Limited     10.000%  06/30/10     AUD     0.11
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     9.65
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    11.50
Cardno Ltd                     9.000%  06/30/08     AUD     7.10
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.40
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     5.01
FGL Finance                    6.250%  03/17/10     AUD     7.72
First Australian              10.000%  10/31/09     AUD     0.72
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.00
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.00
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.00
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.45
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.05
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.90
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.75
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.09
LongReach Group Limited       10.000%  10/31/08     AUD     0.22
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Minerals Corp.                 9.000%  03/31/08     AUD     0.90
Minerals Corp.                10.500%  09/30/08     AUD     1.00
Nylex Limited                 10.000%  12/08/09     AUD     2.07
Primelife Corporation         10.000%  01/31/08     AUD     1.02
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.14
Salomon SB Aust                4.250%  02/01/19     USD     8.23
Silver Chef Limited           10.000%  08/31/08     AUD     1.00
Speirs Group Ltd.             10.000%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.75
TrustPower Ltd                 8.500%  09/15/12     NZD     9.00
TrustPower Ltd                 8.500%  03/15/14     NZD     8.65


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     68.38
Yunan Yuntianhu                1.200%  01/29/13    CNY     74.50


JAPAN
-----
Cent Japan Rail                1.310%  03/18/33     JPY    74.57
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.68
Nara Prefecture                1.520%  10/31/14     JPY     9.61
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    70.99

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    47.44
Korea Dev. Bank                7.450%  10/31/21     KRW    47.41
Korea Dev. Bank                7.400%  11/02/21     KRW    47.40
Korea Dev. Bank                7.310%  11/08/21     KRW    47.35
Korea Dev. Bank                8.450%  12/15/26     KRW    70.30


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.12
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.06
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.35
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.10
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.71
EG Industries Berhad           5.000%  06/16/10     MYR     0.57
Equine Capital                 3.000%  08/26/08     MYR     2.30
Greatpac Holdings              2.000%  12/11/08     MYR     0.10
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.50
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.55
Insas Bhd                      8.000%  04/19/09     MYR     0.68
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.43
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.61
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.31
Kumpulan Jetson                5.000%  11/27/12     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.62
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.62
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.60
Media Prima Bhd                2.000%  07/18/08     MYR     1.68
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.57
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.80
Pelikan International          3.000%  04/08/10     MYR     1.97
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     0.86
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.23
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.60
Southern Steel                 5.500%  07/31/08     MYR     1.65
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.00
Tradewinds Corp.               2.000%  02/08/12     MYR     1.02
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.67
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.86
Wah Seong Corp.                3.000%  05/21/12     MYR     6.20
WCT Land Bhd                   3.000%  08/02/09     MYR     3.44
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.83
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.02


SRI LANKA
---------

Sri Lanka Govt                7.000%  10/15/11     LKR     73.39
Sri Lanka Govt                6.850%  04/15/12     LKR     70.78
Sri Lanka Govt                8.500%  10/15/13     LKR     68.82
Sri Lanka Govt                8.500%  07/15/13     LKR     72.16
Sri Lanka Govt                7.500%  08/01/13     LKR     69.22
Sri Lanka Govt                7.500%  11/01/13     LKR     69.39
Sri Lanka Govt                8.500%  02/01/18     LKR     68.38
Sri Lanka Govt                8.500%  07/15/18     LKR     66.47
Sri Lanka Govt                7.500%  08/15/18     LKR     61.19
Sri Lanka Govt                7.000%  10/01/23     LKR     53.05


SINGAPORE
---------
Sengkang Mall                  4.880%  11/20/12     SGD     0.90


  


                           *********

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

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

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




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***