TCRAP_Public/071107.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

          Wednesday, November 7, 2007, Vol. 10, No. 221

                            Headlines

A U S T R A L I A

AURORA GEMSTONE: Will Declare Dividend on Nov. 9
BERNIE KELLY: Supreme Court Enters Wind-Up Order
BETCORP LIMITED: Members Agree on Voluntary Liquidation
CALLANDER TRANSPORT: Members and Creditors to Meet on Nov. 9
CARAVAN COUNTY: Declares Second Dividend for Unsecured Creditors

CENTURY NO. 10: Commences Liquidation Proceedings
COLES GROUP: Majority of Proxy Votes Support Wesfarmers Offer
COLES: Merger Poses Credit Risks for Wesfarmers, Fitch Says
CTS TOWING: Placed Under Voluntary Liquidation
EMPEROR MINES: Production Down 5% for Quarter Ended Sept. 30

GALE CORPORATION: Members to Receive Wind-Up Report on Nov. 15
GMAC AUSTRALIA: Moody's Says Stake Sale Helps Liquidity Profile
NRG ENERGY: Commences Offer To Purchase US$4.7 Billion of Notes
PSIVIDA LTD: Posts AU$15.4MM Boost in Cashflow for Q1 of FY2007
PSIVIDA LTD: Pfizer Inc. Becomes Largest Shareholder

PSIVIDA LTD: Dr. Woodthorpe Joins Board of Directors
REALOGY CORP: S&P Lowers Corporate Credit Rating from B+ to B
WOODLANDS COMMERCIAL: To Declare Dividend on November 30
ZONTA CONSTRUCTION: Sets Joint Meeting for November 12
* AU Infrastructure Unaffected by Market Turmoil, Fitch Says


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Declares Quarterly Dividend of 6 Cents Per Share
BEARINGPOINT INC: Sarah Beardsley to Lead Comm & Media Practices
BOMBARDIER INC: Fitch Affirms Low-B Ratings and Revises Outlook
BUCYRUS INT'L: Paying US$0.05 Per Share Quarterly Dividend
CHELTON FINANCE: Court to Hear BT's Wind-Up Petition on Dec. 19

CHINA EASTERN AIRLINES: Shares Suspended at Firm's Request
DATUM NETWORKS: Inability to Pay Debts Prompts Wind-Up
DURA DUCT: Creditors' Meeting Set for November 14
EMI GROUP: Terra Firma Leads Strategic Review to Recover Equity
EMI GROUP: Terra Firma Eyes Artists' Compensation Overhaul

EMI GROUP: Appoints Mike Clasper & Billy Mann to Investor Board
FERRO CORP: Initiates Next Step in European Restructuring
HANESBRANDS INC: Inks Ten-Year Strategic Deal with Walt Disney
KIN LEE: Accepting Proofs of Debt Until Nov. 16
MAN CHEONG: Taps Leung Chi Wing as Liquidator

PETROLEOS DE VENEZUELA: Inks Oil Exploration with Sonatrach
PETROLEOS DE VENEZUELA: Petrodelta Operational in Few Months
PREMIER PRECISION: Creditors' Proofs of Debt Due on Dec. 3
SANMINA-SCI CORP: Posts US$1.1 Billion Net loss for FY 2007
SHANGHAI REAL ESTATE: Unit Launches IPO to Raise SGD332 Million

SHINE FAITH: Members to Receive Wind-Up Report on Dec. 5
SKYCITY UNVERSAL: Creditors and Contributories to Meet on Nov. 9
TACWIN INDUSTRIAL: Court Appoints Wai and Fun as Liquidators
WA PEI: Shareholders Resolve to Wind Up Operations
* Moody's Issues Annual Report on China

* Fitch Upgrades China to 'A+'


I N D I A

PRIDE INT'L: Earns US$401.5 Million for Quarter Ended Sept. 30
SHREE DIGVIJAY: Second Qtr. Net Profit Down 81% to INR15 Mil.
SHYAM TELECOM: Profit Down 36% to INR7.42 Mil. in 2Q FY 2008
SOUTH INDIAN BANK: Fitch Affirms 'D' Individual Rating
SPICEJET LTD: Incurs INR377.71 Mil. Loss in Qtr. Ended Sept. 30

VISTEON CORP: Sept. 30 Balance Sheet Upside-Down by US$162 Mln


J A P A N

DELPHI CORP: Postpones Disclosure Statement Hearing
FORD MOTOR: Reaches Tentative National Labor Agreement with UAW
FORD MOTOR: UAW Ford National Council Urges Pact Ratification
JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on Dec. 3
JAPAN AIRLINES: Incurs JPY34.8-Bil. Net Loss for 2007 First-Half

METHANEX CORP: CEO Bruce Aitken to Buy 35,000 Additional Shares
SOJITZ CORP: Adjusts Forecasts for Year Ending March 31, 2008
TIMKEN COMPANY: Board Declares US$0.17 Per Share Dividend


M A L A Y S I A

AMANAH MILLENIA: Voluntary Wind-Up Cues Delisting of Shares
LITESPEED EDUCATION: CEO Pok Unfazed by Wind-Up Petition
LITESPEED EDUCATION: Incurs MYR1.23-Mil. Net Loss in 1st Qtr.
LITESPEED EDUCATION: Enters Into MoU with DGB Education
MALAYSIA AIRLINES: Completes Rights Issue of 417,747,955 Shares


N E W  Z E A L A N D

AMRIT GLASS: Court Sets Wind-Up Petition Hearing for Feb. 28
FOUR SEASONS: Fixes Nov. 16 as Last Day to File Claims
GENEVA FINANCE: Still Not Free From Receivership Threat
HARDHAM FINANCE: Commences Liquidation Proceedings
IRON MOUNTAIN: To Acquire Stratify for US$158 Million in Cash

KIWI LIQUOR: Taps Fatupaito and McCloy as Liquidators
MIKE GADSBY: Creditors' Proofs of Debt Due on Nov. 15
PRENTIS CONSTRUCTION: Fixes Nov. 16 as Last Day to File Claims
SENSE RESEARCH: Court to Hear Wind-Up Petition on Feb. 21
TECHNICAL SPECIALISTS: Faces Pertronic's Wind-Up Petition

WAIROA DUNES: Court Appoints Fatupaito and McCloy as Liquidators


P H I L I P P I N E S

BANGKO SENTRAL: Expects US$6.3-Billion BoP Surplus for 2007
BANGKO SENTRAL: Readies Next Wave of Forex Liberalization
CHEMTURA CORP: Sells Optical Monomers Business to Acomon AG
CHEMTURA CORP: Earns US$2 Million in 2007 Third Quarter
GLOBE TELECOM: To Pay PHP50/Share Cash Dividend on December 17

PHIL LONG DISTANCE: 3rd Qtr. Profit Falls 9% to PHP9.51 Billion
PRIME ORION: Turns Around with PHP4-Bil. Profit for Fiscal 2007
RIZAL COMM'L: Unit Talks To Settle Disputes with Accounting Firm
SAN MIGUEL: Expects to Earn PHP25 Billion from Beer Unit's IPO
SECURITY BANK: Posts PHP1.83-Billion 9-Month Net Income

WENDY'S INT'L: Banks Propose "Highly Conditional" Financing
* Foreign Investors Upbeat on Economic Prospects, BSP Head Says


S I N G A P O R E

CATERINGX PTE: Creditors Set to Meet on November 9
CHEMTURA CORP: Earns US$2 Million in 2007 Third Quarter
CHINA AVIATION: Earns US10.5 Mil. in 3rd Qtr. Ended Sept. 30
FLEXTRONICS: Discloses Change in Solectron's Repurchase Offer
HEXION SPECIALTY: Closes German Resins Business Acquisition

INTEGRATED TECHNIQUE: Accepting Proofs of Debt Until Nov. 9
UNIFIZE PTE: Creditors' Meeting Set for November 9
UNISON PROJECTS: Liquidators to Presents Wind-Up Report
ZHEJIANG HOLDING(S): Court to Hear Wind-Up Petition on Nov. 9


T H A I L A N D

ARVINMERITOR INC: Appoints Art Waldowski as VP of Purchasing
BLOCKBUSTER INC: Posts US$35 Million Third Quarter Net Loss
KRUNG THAI: Offers 6-Month, 3-Month Bill of Exchange


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AURORA GEMSTONE: Will Declare Dividend on Nov. 9
------------------------------------------------
Aurora Gemstone Mines Pty Ltd, which is in liquidation, will
declare dividend for its unsecured creditors on November 9,
2007.

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

The company's liquidator is:

          Glenn Michael Shannon
          SV House
          138 Mary Street
          Brisbane, Queensland 4000
          Australia

                      About Aurora Gemstone

Aurora Gemstone Mines Pty Ltd is a distributor of miscellaneous
nonmetallic minerals.  The company is located at Lightning
Ridge, in New South Wales, Australia.


BERNIE KELLY: Supreme Court Enters Wind-Up Order
------------------------------------------------
On September 24, 2007, the Supreme Court of Australia entered an
order directing the wind up of Bernie Kelly Constructions Pty
Ltd'd operations.

A. S. R. Hewitt was appointed as liquidator.

The Liquidator can be reached at:

         A. S. R.  Hewitt
         Grant Thornton
         Rialto Towers
         Level 35, North Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About Bernie Kelly

Bernie Kelly Constructions Pty Ltd operates nonclassifiable
establishments.  The company is located at Beaumaris, in
Victoria, Australia.


BETCORP LIMITED: Members Agree on Voluntary Liquidation
-------------------------------------------------------
During a general meeting held on Sept. 28, 2007, the members of
Betcorp Limited agreed to voluntarily liquidate the company's
business.

Simon Cathro and Simon A Wallace-Smith were appointed as
liquidators.

The Liquidators can be reached at:

          Simon Cathro
          Simon A Wallace-Smith
          Deloitte Touche Tohmatsu
          180 Lonsdale Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9208 7000

                      About Betcorp Limited

Betcorp Limited provides amusement and recreation services.  The
company is located at Melbourne, in Victoria, Australia.


CALLANDER TRANSPORT: Members and Creditors to Meet on Nov. 9
------------------------------------------------------------
The members and creditors of Callander Transport Co Pty Ltd will
meet on November 9, 2007, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Susan Carter
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise
         Queensland 4217
         Australia
         Web site: http://www.worrells.net.au

                    About Callander Transport

Callander Transport Co Pty Ltd is engaged with trucking business
except local.  The company is located at Grafton, in New South
Wales, Australia.


CARAVAN COUNTY: Declares Second Dividend for Unsecured Creditors
----------------------------------------------------------------
Caravan County (Brisbane) Pty Ltd declared second dividend for
its unsecured creditors on October 23, 2007

Unsecured creditors who were not able to timely file their
proofs of debt were excluded from the company's dividend
distribution.

The company's deed administrator is:

         Matthew L. Joiner
         c/o JCJ Partners Pty Ltd
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia

                      About Caravan County

Caravan County (Brisbane) Pty Ltd is a dealer of new and used
motor vehicles.  The company is located at Eight Mile Plains, in
Queensland, Australia.


CENTURY NO. 10: Commences Liquidation Proceedings
-------------------------------------------------
At the annual general meeting held on September 18, 2007, a
special resolution was passed to voluntarily wind up Century No.
10 Pty Ltd's operations.

Braden Harris was appointed as liquidator.

The Liquidator can be reached at:

          Braden Harris
          c/o Dickfos Dunn Chartered Accountants
          PO Box 1669
          Southport, Queensland 4215
          Australia

                       About Century No 10

Century No 10 Pty Ltd is involved with real estate investment
trusts.  The company is located at Surfers Paradise, in
Queensland, Australia.


COLES GROUP: Majority of Proxy Votes Support Wesfarmers Offer
-------------------------------------------------------------
Coles Group Limited shareholders will cast their votes today,
November 7, regarding Wesfarmers Ltd.'s AU$20-billion offer for
the supermarket chain, Victoria Thieberger of Reuters reports,
citing sources.

Ms. Thieberger says that, according to the sources, Coles and
Wesfarmers are confident of getting the deal approved, based on
the latest tally of proxy votes that must be lodged by a Monday
morning deadline.

Proxy votes, the report explains, are postal votes sent in by
shareholders who are unable to attend the meeting.  Reuters
states that the proxy votes are running strongly in favor of the
Wesfarmers takeover.

More than 75% of Coles shareholders must vote in favor for
Wesfarmers to take control of Australia's second-largest
supermarket chain, relates Ms. Thieberger.

Of Coles' 350,000 shareholders, about 256,000 own 1,000 shares
or less, and another 83,000 own between 1,000 and 5,000 shares,
Reuters notes.

Vanda Carson of The Sydney Morning Herald says that the Myer
family, which holds 47 million shares, or an equivalent 4% of
Coles, is supporting Wesfarmers' offer.

The Myer family, as stated in the SMH report, is the only large
shareholder which has held Coles stock for more than 20 years,
meaning it will not have to pay capital gains tax on the sale.

Rupert Myer, the grandson of Coles founder Sidney Myer, said in
a statement to the media that he has confidence in the
Wesfarmers management, relates SMH.

SMH quotes Mr. Myer as saying, "If the proposed scheme is
approved by Coles shareholders, the Myer Family Company will
become a significant shareholder in Wesfarmers.  We are
confident that under Wesfarmers management, the Coles group of
businesses will have the opportunity to reach its full potential
for the benefit of all Wesfarmers shareholders - both old and
new."

SMH adds that if the proposal is approved by 75% of
shareholders, the deal will be sealed on November 9, allowing a
cash payment to be made on November 23.

                     About Coles Group

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

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


COLES: Merger Poses Credit Risks for Wesfarmers, Fitch Says
-----------------------------------------------------------
Following the release of the independent expert's review of
Wesfarmers Limited proposal to acquire Coles Group Limited ,
Fitch highlighted the key credit issues associated with the
proposal such as the underperformance of Coles, the amount and
maturity of debt Wesfarmers will take on, as well as regulatory
issues.

"The acquisition of Coles by Wesfarmers will result in
Wesfarmers becoming more dependent on earnings and cash flow
from its retail business.  While this in isolation is not
negative, Wesfarmers does not have the necessary in house
supermarket management skills and will therefore need to recruit
senior management.  Overlaying the difficulties of turning
around the underperforming Everyday Needs Businesses (which
includes supermarkets, Coles Liquor, Coles Express and Kmart),
this could present some significant integration and execution
risks for the company," said Vicky Melbourne, director in
Fitch's corporate team.

If the proposal proceed, the net debt of the Wesfarmers-Coles
merged group will be approximately AU$11 billion.  Adjusted for
the capitalization of operating leases (associated with property
rentals) this will increase to nearly AU$20 billion and
accordingly, leverage (adjusted net debt/EBITDA) of nearly 6.0x,
which is high.  Should Wesfarmers "ring fence" its insurance
underwriting activities in order to preserve the rating
associated with this business, the effective leverage is likely
to increase further.  "The pace at which debt can be repaid will
be impacted by the extensive capital expenditure program that is
planned for Coles in order to rejuvenate the business.  
Meanwhile, the announcement by the Australian Competition and
Consumer Commission (ACCC) that it would be opposed to any
attempt by Woolworths Limited to acquire the Kmart and
Officeworks business units would hinder Wesfarmers plans to sell
these businesses," added Melbourne.

The Wesfarmers-Coles merged group liquidity will be strong,
thanks to a robust operation cash flow, cash balances and good
access to credit lines.  However, Fitch notes that over 45% of
the proposed AU$10bn debt facilities (to fund the cash
consideration to Coles shareholders and refinance existing
facilities) is short term and therefore presents some liquidity
risks.  This is compounded by the current volatility in the debt
capital markets.

                     About Coles Group

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

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


CTS TOWING: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on September 24, 2007, the members
of CTS Towing Pty Ltd agreed to voluntarily liquidate the
company's business.

W. G. Malone was appointed as liquidator.

The Liquidator can be reached at:

          W. G. Malone
          PO Box 282
          Spring Hill, Queensland 4004
          Australia
          Telephone:(07) 3839 8330
          Facsimile:(07) 3839 8334

                        About CTS Towing

CTS Towing Pty Ltd provides automotive services, except repair
and carwashes.  The company is located at  Nambour, in
Queensland, Australia.


EMPEROR MINES: Production Down 5% for Quarter Ended Sept. 30
------------------------------------------------------------
Emperor Mines Limited released its results for the quarter ended
September 30, 2007.

Gold production at Tolukuma was down 5%, which comprised of
45,041 tonnes milled (49,516) at a head grade of 7.12g/t (7.54)
producing 10,033 ounces of gold (10,561) at a cash cost of
US$944/oz (US$807/oz).

Production during the quarter was impacted by power supply
issues which impacted the ability to maintain operations in the
mill and underground.

Low river levels reduced hydro generation of power, with diesel
generation sets being run at maximum capacity.  This resulted in
increased power generation costs (price and usage) and increased
logistics cost due to supply of additional diesel.

               Exploration/Development summary

The company maintains over 5,000km2 of exploration tenements in
PNG, and has recently entered into an Alliance Agreement over a
Au-Ag-Cu property in Indonesia.

During the quarter exploration in PNG was focused on on-going
mine extension activities, and on the regional program the focus
was on Mining Wardens hearings for renewals of ELs and on
preparation of Annual Reports.

In Indonesia, an Alliance Agreement was signed over the Tujuh
Bukit Au-Ag-Cu Project in East Java and drilling commenced in
September.

                        Highlights

The sale of Emperor's 20% interest in the Porgera Joint Venture
to Barrick Gold Corporation was completed on August 17, 2007,
and subsequently Emperor retired all its debt facilities,
leaving the Company debt and hedge free and with free cash in
excess of AU$125 million before the capital return.  Subsequent
to the completion of the capital return (5 cents per share
distributed on September 3, 2007), the Company had cash on hand
in excess of AU$70 million.

The Company signed an Alliance Agreement with a group of
Indonesian and Australian investors to explore a large gold-
silver-copper project in eastern Java.  The Alliance Agreement
between Emperor Mines, PT Indo Multi Niaga and IndoAust Mining
Limited sets out the framework for entering into a Joint Venture
Agreement and undertaking further exploration on a property of
approximately 116km2, located in the south eastern area of Java.

Emperor announced its intention to divest the Tolukuma gold mine
situated in PNG as it does not fit with Emperor's newly
developed plans.  Accordingly, the Company has initiated a
divestment process for the mine and a portfolio of associated
exploration tenements.  Emperor Mines Chief Executive, Brad
Gordon, stated that he believes that the sale of Tolukuma will
free up management and other resources to concentrate on
implementing the growth strategy outlined in July.

The Company has entered into 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
with the surviving listed entity, Intrepid Mines Limited listed
on both the Toronto Stock Exchange and the Australian Stock
Exchange.

Subsequent to end to the quarter, the Company's major
shareholder, DRD Gold Limited successfully completed the sale of
its stake in Emperor to a range of domestic and international
institutions and sophisticated investors.  This was following
the Company's announcement during the quarter that DRD Gold
Limited (78.7%) intends to re-focus its attention on
opportunities in South Africa and seek to realize its investment
in Emperor in an orderly manner.

During October, the Tolukuma mine has been successful in
regaining access to all stoping areas.  This had been prevented
during the year due to decline collapse (Tinebar), flooding and
substandard conditions (Gulbadi).  Consequently mill head grades
have improved significantly to 12.5 g/t month to date.

                      Papua New Guinea

The company maintains over 5,000km2 of exploration tenements in
PNG.  During the quarter the focus of activity was within ML 104
on mine extension exploration and at near mine prospects.  
Regional exploration was limited to compilation of data, annual
report preparation and Mining Wardens hearings.

                       Mine Extension

The mine extension exploration program continued to focus the
delineation and extensional drilling of the Zine structure, in
addition to some drilling on Tinabar and at Fundoot.
Holes ZN 097, 098 and 099 have all followed up the high grade
intercepts in holes ZN 093 and 094.  ZN097 was drilled 50m below
ZN094 and intersected the Zine structure at a downhole depth of
368m and returned 1.15m @ 2.0 g/t Au with 88% core loss.  The
hole was abandoned within mineralization due to drilling
difficulties.  ZN098 intersected the Zine structure at 1386mrl
and hole ZN099 intersected the structure at 1320mrl, both of
which are immediately below the Zine bonanza zone.

Hole ZN098 returned an encouraging result of 1.69m @ 16.7g/tAu &
26.4g/t Ag.  These assays and the geological context are
encouraging as they confirm the vertical continuity of the Zine
mineralization to be at least about 100m from current workings.  
However, the mineralization assemblage at depth is different
from the known high grade quartz-adularia-sulphides-sericite
banding in the higher levels.  Underground drilling has been
designed to test continuity of gold mineralization to the south
on the Zine structure from the Mid Zine zone.

Drilling at Fundoot South and on the Kagam Cross veins, in the
southern parts of the mine area, have generally returned lower
grade intercepts.

                        Near Mine

The Near Mine program has focused on the Banana vein area
located immediately SW of the mine area.

Drilling has returned a best intercept of 0.46 @ 1.97g/tAu &
36.6 g/tAg in hole BN016, but the drill holes have intercepted
quartz-sulphide-clay veins with crackle hydrothermal brecciation
and some stockwork veining.

Hole BN014 intersected a 0.34m wide brecciated quartz vein with
pyrite + sericite/kaolinite + minor mixed/dark sulphides and a
2.29m wide footwall stockwork zone consisting of similar
mineralization.  This intersection (at 1627 mRL) returned an
average assay of 2.63m @ 1.17 g/t Au, 27.6 Ag.  The presence of
sericite/kaolinite and specks of dark sulphides in the vein
together with the high silver values are encouraging signs for
potential at depth.

Creek mapping has commenced and is progressing in the southern
parts of the Lock/Dagakuma and 120 Vein Prospects, located
approximately 600m east of the Zine structure.  No significant
structures have been observed to date but rock chips of minor
vein material have returned assays up to 3.9g/t Au & 12g/t Ag.

                          Regional

Wardens Hearings have been successfully completed over 8 ELs as
part of the EL renewal process.  Two EL's remain to have the
Wardens Hearings completed in December.  The Mining Warden was
pleased with the hearings and strong local support for ongoing
exploration was communicated to the TGM and government
representatives.

Annual reports for several of the ELs were completed and
submitted to the PNG Department of Mines.

Work programs have been prepared for Ipi River and Etasi Project
areas to continue exploration as soon as the EL's are renewed

                         Indonesia

On August 19, 2007 Emperor signed an Alliance Agreement with a
group of Indonesian and Australian investors to explore the
Tujuh Bukit Au-Ag-Cu project in East Java.  Emperor can earn up
to a 70% economic interest through funding exploration
activities.

Drilling commenced at Tumpangpitu Prospect on September 20.  The
first hole, GTD-07-15 was completed post quarter end at 411m.  
The hole is located approximately 80m NE of original hole GT-11
(68m @ 1.04g/t Au, 54 ppm Ag & 30m @ 0.22g/tAu, 4ppm Ag).  
Drilling is being undertaken with 3 x 8 hour shifts.  Fourteen
drill holes are proposed in the area -- referred to as Zone C --
over 5 NE-SW trending 80m spaced traverses.  A similar program
will then be undertaken in the vicinity or original hole GT-10
(Area A).

An option exists for a second drilling rig to commence later in
the year.  This rig will have greater depth capacity and be
capable of testing some of the deeper porphyry Cu-Au targets.

Soil sampling, geological mapping and rock chip sampling are
ongoing in the Tumpangpitu and Salakan areas.

                     About Emperor Mines

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

As of June 30, 2007, the company had 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.


GALE CORPORATION: Members to Receive Wind-Up Report on Nov. 15
--------------------------------------------------------------
The members of Gale Corporation Pty Ltd will hold their general
meeting on November 15, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Warren White
          PPB, Level 10
          90 Collins Street
          Melbourne, Victoria 3000
          Australia

                     About Gale Corporation

Gale Corporation Pty Ltd is a distributor of piece goods and
notions.  The company is located at  Campbellfield, in Victoria,
Australia.


GMAC AUSTRALIA: Moody's Says Stake Sale Helps Liquidity Profile
----------------------------------------------------------------
Moody's Not Prime short-term rating for GMAC, Australia
(Finance) Limited is based on the underlying credit quality of
GMAC LLC, its indirect parent which has unconditionally
guaranteed payment of any commercial paper notes issued by
GMACAF.

GMAC is a finance company with sizeable auto finance and
residential mortgage finance businesses, as well as a
complimentary insurance business and a commercial finance
business.  In November 2006, GM sold a 51% stake in GMAC to FIM
Holdings LLC, an investor group led by private investment firm
Cerberus FIM Investors, LLC.  The transaction resulted in a de-
linkage of GMAC's debt ratings from the ratings of GM, on the
basis of a change in control.  However, a significant proportion
of GMAC's funding needs continue to relate to dealer and retail
financing the company provides as a part of its ongoing business
relationships with GM, which could impart a continuation of GM-
related confidence sensitivity to GMAC's liquidity position.  In
addition, adverse performance trends in sub-prime mortgage pools
and resultant capital market uncertainty for this and other
mortgage asset classes has contributed to liquidity challenges
for GMAC's residential mortgage unit, Residential Capital LLC
("ResCap," whose liquidity profile Moody's separately assesses).  
Moody's believes GMAC's committed borrowing facilities, strong
cash balances, cash flow from short-duration assets, and
expanded access to funding sources such as ABS and whole loan
sales provide sound sources of liquidity for the firm's short-
term obligations.

In Moody's view, the sale of a majority interest in GMAC,
together with recent actions undertaken by management, have
improved GMAC's liquidity profile.  Direct exposures to GM were
reduced as part of the sale, concurrently reducing GMAC's
associated actual and contingent funding and capital
requirements associated with the exposures.  Also in connection
with the sale, GMAC arranged a US$10 billion asset-based
facility with a subsidiary of Citigroup.  A US$4 billion tranche
of this facility can be used to fund asset types not commonly
securitized, such as retail loans with balloon maturities and
commercial finance receivables, enhancing GMAC's liquidity with
respect to these asset classes.  Since the sale closing, GMAC
has established funding facilities that replace over half of its
SWIFT wholesale receivables funding that would be subject to
early amortization if a trigger related to a GM bankruptcy is
tripped.  In addition, GMAC has executed two SWIFT transactions,
valued at approximately US$1.4 billion and US$2 billion that
include no GM-related chapter 11 bankruptcy trigger.

Though GMAC's liquidity prospects are improved, there remain
contingent risks related to GM -- both explicit (GM insolvency
would limit GMAC's ability to utilize certain legacy SWIFT
wholesale financing structures) and implicit (confidence
sensitivity) -- that detract from the firm's overall liquidity
position.  Moody's continues to monitor GMAC's ability to access
competitively priced unsecured funding, as well as market
signals, regarding the confidence sensitivity issue.

During the past few years, GMAC has expanded its use of
securitization and whole loan sales significantly, helping to
ease its funding constraints in the unsecured markets.  These
sources constituted approximately 86% of funding for GMAC's U.S.
auto financing operations in the first half of 2007.  Moody's
comfort level with GMAC's auto finance related securitization
and whole loan sale capacity is based on the company's
experience in securitizing consumer receivables, retail leases,
and wholesale assets, while demonstrating good asset quality.  
However, for some asset classes, recent securitizations have
required structural enhancements to maintain tranching and
rating levels, due to heightened GM-related risks.  GMAC has
increased its securitization platforms to include less liquid
assets, such as automotive leases and assets residing in smaller
jurisdictions outside of the U.S. Some markets remain reliant on
U.S. funding support despite progress in expanding in-market
funding programs.

ResCap is also a frequent issuer of mortgage-backed securities.  
Though the overall market for residential mortgage assets is
deep and accessible, recent investor demand for sub-prime
mortgage ABS, as well as for certain prime non-conforming
mortgage ABS, has been negatively impacted by deteriorating
asset quality.  GMAC would likely support ResCap with a capital
injection were the firm to come under significant stress.  
Should Moody's come to view GMAC as a probable supporter of
ResCap to its own potential detriment, GMAC's ratings would
likely be equalized with ResCap's ratings.

GMAC maintains a committed whole loan sale flow agreement with
Bank of America, under which it can sell up to US$55 billion of
retail auto loans over a five-year period, and a similar
US$20 billion five-year agreement with Bank of Nova Scotia.  
During the first six months of 2007, GMAC sold about
US$6 billion in auto finance receivables through whole-loan sale
arrangements, versus US$16 billion for all of 2006.  At June 30,
2007, US$42.5 billion in unused capacity remained under GMAC's
whole loan flow commitments.  GMAC sells to the counterparties
of these agreements retail installment contracts that are
representative of the spectrum of contracts that it originates,
though delinquent loans are not eligible for sale and are
therefore retained by GMAC.

GMAC's greater use of alternative funding sources in
substitution of unsecured debt issuance has led to declines in
the firm's unsecured debt balances.  During the first half of
2007, GMAC did issue US$4.5 billion of unsecured debt in support
of its auto finance activities.  The firm's unencumbered assets
have had a shorter maturity profile than its unsecured debt; as
a result, internally generated cash flow, in combination with
asset sales, repayment by subsidiaries of inter-company debt,
and securitization, have provided the funds necessary for GMAC
to both meet its maturities and fund new originations.  
Unsecured debt maturities in 2007 are lower than 2006
maturities, reducing this burden on the firm's cash flow.

Moody's expects GMAC's funding profile will continue to reflect
strong utilization of whole loan sales and securitization and a
proportionately lesser reliance upon unsecured debt, even as the
firm re-engages the unsecured debt markets.  While unsecured
debt can provide a firm greater overall financial flexibility,
Moody's believes GMAC's more diversified funding strategy is
prudent, given the uncertainties related to developments at GM
and their potential impact on GMAC's businesses.

As of June 30, 2007, GMAC had US$2 billion of commercial paper
outstanding, an increase from 2006 year end balances of

US$1.5 billion.  Near term, Moody's expects CP to continue to be
a less consequential component of debt capital, though balances
could continue to expand, depending upon investor sentiment
regarding GMAC's continuing operating prospects.  GMAC renewed
its 364-day global bank facilities in June 2007.  As of June 30,
2007, GMAC had a total of US$9.5 billion in committed bank
credit facilities supporting its auto financing operations,
consisting of a US$6.0 billion contractually committed
syndicated global credit agreement and US$3.5 billion of
contractually committed international bilateral agreements.  The
syndicated facility includes a US$3 billion five-year facility
with a maturity of June 20128, and a US$3 billion 364-day
facility with a one-year term-out provision expiring in June
2008.  GMAC is in compliance with the leverage covenant included
in its bank agreements.  At June 30, 2007, GMAC had cash, cash
equivalents and certain marketable securities of US$17.5 billion
(US$3.7 billion of which resides in ResCap) available as a near-
term liquidity cushion.

At June 30, 2007, GMAC had access to US$12.0 billion of
contractually committed liquidity facilities to support its
asset-backed commercial paper (ABCP) program (NCAT).  Aggregate
ABCP outstanding under this program at June 30, 2007 totaled
US$6.5 billion.  The majority of GMAC's retail auto finance
assets are eligible for securitization under this facility.  As
of the end of the second quarter of 2007, GMAC also had
US$48 billion in other committed secured funding facilities for
its auto finance operations, comprised primarily of conduits
(US$32 billion), with the balance made up of a variable funding
note facility (US$6 billion) and the aforementioned Citi
facility (US$10 billion).  Availability under these facilities
totaled US$17.2 billion at the end of the quarter.

Moody's notes that a higher percentage of secured debt issuance
(including securitization) as a percentage of total capital,
does create the potential over time for structural subordination
of unsecured debt holders.  While not presently a significant
rating concern, Moody's continues to monitor this development,
in part by assessing trends in secured debt ratios and asset
coverage ratios.


NRG ENERGY: Commences Offer To Purchase US$4.7 Billion of Notes
---------------------------------------------------------------
NRG Energy Inc., in connection with the previously-announced
implementation of a new holding company structure to facilitate
its capital allocation plan, has commenced conditional cash
offers to purchase any and all of its US$4.7 billion of
outstanding senior notes at 101% of the principal amount, plus
accrued interest, as required by the indentures for its 7.25%
senior notes due 2014, 7.375% senior notes due 2016 and 7.375%
senior notes due 2017.  In addition to these contractually
required offers, NRG announced a concurrent alternative
solicitation of consents that will provide each investor with an
opportunity to forgo its right to require NRG to make the offers
to purchase with respect to its Notes.

The cash tender offers are expressly conditioned on the
consummation of a merger to implement the holding company
structure, as contemplated by the merger agreement dated
Nov. 2, 2007, among NRG Energy, Inc. and two newly formed
subsidiaries, NRG Holdings, Inc. (Holdco) and NRG Merger Sub,
Inc. Upon consummation of the merger, NRG Energy, Inc. will
remain the issuer of the Notes and will become a wholly owned
subsidiary of Holdco.  In the event that the merger is not
consummated for any reason, NRG will be under no obligation to
consummate the tender offers (although NRG reserves the right to
accept tenders and purchase tendered Notes even if the merger is
not consummated).

The concurrent alternative consent solicitation for each series
of Notes is not conditioned on receipt of consents representing
a minimum percentage of outstanding Notes of any series.  Each
holder of Notes that consents to forgo the requirement for the
tender offer with respect to its Notes will receive a minimum
consent fee of US$1.25 in cash per US$1,000 principal amount of
Notes upon consummation of the merger, whether or not any other
holders of Notes elect to consent.  Furthermore, in the event
that holders of a majority in aggregate principal amount of a
particular series of Notes consent to forgo the tender offer,
consenting holders of Notes of that series will receive upon
consummation of the merger a consent fee per US$1,000 principal
amount of Notes equal to US$1.25 divided by the percentage of
Notes of that series which consented.  In the event that a
majority of consents for a particular series of Notes are
received, NRG will not be obligated to purchase any Notes of
that series (although it reserves the right to do so) and will
have the option to terminate the tender offer for that series of
Notes in its discretion.

Notes may either be tendered into a tender offer for a
particular series or may be consented, but not both.  Notes of
any series that are tendered into a tender offer will not be
eligible to receive the consent payment, even if consents
representing a majority in aggregate principal amount of that
series are received, thereby eliminating the requirement for the
tender offer with respect to all outstanding Notes of that
series.  In addition, Notes that are neither tendered nor
consented will not be eligible to receive the consent payment
under any circumstances.

In connection with the transaction, Bank of America has provided
NRG Energy, Inc. with a US$4.2 billion senior unsecured debt
financing commitment, subject to customary conditions, to fund
the tender offers together with a portion of NRG's cash on hand.
In addition, as previously disclosed, the Company entered into a
new US$1 billion senior credit facility at Holdco on
June 8, 2007, as part of NRG's refinancing transaction.  NRG
intends to fund the Holdco facility upon consummation of the
merger and pay the proceeds to NRG Energy, Inc. as an equity
contribution.  NRG will use the net proceeds for the prepayment
of a portion of its existing Term B loan, resulting in a
reduction in debt at NRG Energy, Inc. but no change to the
Company's consolidated debt levels.  Upon completion, the
restricted payments capacity under the indentures governing the
Notes will increase by an amount equal to the equity
contribution.  As previously announced, in light of the
company's projected earnings and cash flow profile, the company
plans to target an annual return of capital to shareholders,
consisting of both fixed (dividend) and variable (share
repurchase) components, of approximately 3% per annum.

The tender offers are being made pursuant to the provisions of
the indentures governing the Notes that require NRG to make an
offer to repurchase Notes at a price of 101% of the principal
amount thereof, plus accrued interest, upon a "Change of
Control," as defined therein.  The holding company merger, if
completed, will constitute a "Change of Control" under the
indentures governing the Notes.  Conducting the tender offers as
described above will fulfill NRG's obligation with respect to
the change of the control provisions of the indentures governing
the Notes.  NRG will not have any obligation to make any other
offer as a consequence of implementing the holding company
structure pursuant to the merger agreement.  However, NRG
reserves the right, whether or not the tender offers or the
consent solicitations are consummated, to acquire Notes from
time to time in the future through open market purchases,
privately negotiated purchases, redemptions, tender offers or
otherwise, upon such terms and at such prices as NRG in its sole
discretion may determine.

The tender offers and the consent solicitations will expire at
9:00 a.m., New York City time, on Tuesday, Dec. 4, 2007, unless
extended.  NRG reserves the right, but is not obligated, to
extend the tender offers and the consent solicitations.  Tenders
may be withdrawn and consents may be revoked at any time prior
to expiration.

The complete terms of the tender offers and consent
solicitations are contained in the Notice of Conditional Offers
to Purchase and Concurrent Alternative Consent Solicitations
Statement dated Nov. 2, 2007, which is being sent to holders of
Notes.  Each tender offer or consent solicitation with respect
to a series of Notes is independent of the others.

Banc of America Securities LLC is the exclusive dealer manager
for the tender offers and solicitation agent for the consent
solicitations.  Questions regarding the tender offers and the
consent solicitations can be addressed to Banc of America
Securities LLC at (888) 292-0070 or (212) 847-5188.  Requests
for documents may be directed to MacKenzie Partners, Inc., the
information agent, at (800) 322-2885 or (212) 929-5500.

                     About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse  
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                       *     *     *

Standard & Poor's Ratings Services rates NRG Energy Inc.'s
US$4.7 billion unsecured bonds at 'B'.  In addition, Standard &
Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'.
S&P said the outlook is stable.


PSIVIDA LTD: Posts AU$15.4MM Boost in Cashflow for Q1 of FY2007
---------------------------------------------------------------
pSivida Limited announced the filing of its Quarterly Cash Flow
Statement for the quarter ended September 30, 2007.

The cash balance at September 30, 2007 was AU$18.5 million
(US$16.5 million) an increase of AU$15.4 million
(US$13.8 million) from the balance at June 30, 2007.  During the
quarter, net cash inflows from financing activities were
AU$21.3 million (US$18.4 million) from a share placement in
July.  Net cash used in operating activities was AU$5.3 million
(US$4.5 million) and net cash used in investing activities was
AU$95,000 (US$80,000).  The Company's burn rate, which we define
as net cash used in operating activities, was AU$5.3 million,
the same as the previous quarter.  This compares to an average
burn rate of AU$6.3 million per quarter during fiscal 2007.  The
Company is debt free having repaid all of its convertible notes
as of June 30, 2007.

In the June Quarterly Cash Flow we reported that Bausch and Lomb
will retain 100% of the next US$4.7 million (AU$5.5 million) of
Retisert(R) royalties otherwise payable in accordance with a
royalty advance agreement the Company entered into with Bausch &
Lomb in June 2005.  Royalties otherwise payable for the quarter
ended September 30, 2007 were US$510,000 (AU$601,000), which
represents a 9% decrease from US$559,000 (AU$673,000) for the
quarter ended June 30, 2007 and a 3% increase from US$495,000
(AU$654,000) for the quarter ended September 30, 2006.  
Retisert(R) is the only FDA-approved treatment for posterior
uveitis, a chronic eye disease.


pSivida Limited -- http://www.psivida.com/-- is an Australian    
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


PSIVIDA LTD: Pfizer Inc. Becomes Largest Shareholder
----------------------------------------------------
Pfizer Inc. increases investment in pSivida Ltd. to
AU$13.7 million (US$11.5 million) or approximately 10% of
outstanding shares.

In July 2007, pSivida raised AU$24.0 million (US$20.6 million)
of gross proceeds from share placements including a
AU$7.5 million (US$6.5 million) investment by Pfizer Inc. that
increased their total investment in the Company to
AU$13.7 million (US$11.5 million) or approximately 10% of
outstanding shares, making Pfizer the largest shareholder in the
Company.  Cowen and Company, LLC acted as lead placement agent
and JMP Securities acted as co-agent in the July placement.

This investment and Pfizer's earlier equity investment of
US$5 million were made pursuant to a collaborative research and
licensing agreement that provides for a total of up to
US$165 million in equity investments and development and sales-
related milestones.  The Company expects to receive certain
research and development funding from Pfizer under the
agreement, commencing in January 2008.


pSivida Limited -- http://www.psivida.com/-- is an Australian    
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


PSIVIDA LTD: Dr. Woodthorpe Joins Board of Directors
----------------------------------------------------
pSivida Ltd. appoints Dr. Katherine Woodthorpe to the pSivida
Board.

Dr. Katherine Woodthorpe was appointed as a Non-executive
Director of the company, based in Sydney, Australia.  
Dr. Woodthorpe is currently the Chief Executive of AVCAL, the
Australian Private Equity and Venture Capital Association and
has more than 25 years experience in the technology and
commercialization industry.

pSivida Limited -- http://www.psivida.com/-- is an Australian    
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at
AU$0.30 per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


REALOGY CORP: S&P Lowers Corporate Credit Rating from B+ to B
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Realogy Corp.; the corporate credit rating was lowered to 'B'
from 'B+'.  The rating outlook is stable.

"The downgrade reflects S&P's expectation that the company will
experience lower than previously expected cash flow generation
and weakening credit measures over the intermediate term
resulting from a lengthening downturn in the U.S. residential
real estate market," said S&P's credit analyst Emile Courtney.

S&P expects Realogy to have about US$6.3 billion in funded debt
and US$7.7 billion in lease-adjusted debt, including borrowings
related to accounts receivable securitizations, at the end of
2007.  While there is nothing stable about current transaction
and pricing trends in the U.S. residential real estate market,
S&P believes Realogy has available liquidity sources adequate to
withstand the current downturn in the cycle.  As a result, S&P
is unlikely to lower the rating further over the intermediate
term.

The 'B' rating reflects Realogy's highly leveraged capital
structure, thin expected EBITDA coverage of interest expense,
and reduced cash flow generating ability as a result of the
residential real estate downturn and the close of the US$9
billion LBO of the company by Apollo Management L.P. in April
2007.

Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor  
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.


WOODLANDS COMMERCIAL: To Declare Dividend on November 30
--------------------------------------------------------
Woodlands Commercial Furniture Pty Ltd will declare dividend for
its priority creditors on November 30, 2007.

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

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East, Victoria 3123
          Australia
          Telephone:(03) 9882 6666
          Facsimile:(03) 9882 8855

                   About Woodlands Commercial

Woodlands Commercial Furniture Pty Ltd is a distributor of  
furnitures and fixtures.  The company is located at Airport
West, in Victoria, Australia.


ZONTA CONSTRUCTION: Sets Joint Meeting for November 12
------------------------------------------------------
Zonta Construction Group Pty Ltd will hold a joint meeting for
its members and creditors on November 12, 2007, at 4:15 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 Zonta Construction

Zonta Construction Group Pty Ltd is a dealer of lumber and other
building materials.  The company is located at Campbellfield, in
Victoria, Australia.


* AU Infrastructure Unaffected by Market Turmoil, Fitch Says
------------------------------------------------------------
The current global financial market turbulence is unlikely to
affect existing Fitch ratings of Australian infrastructure
project debt.  For Australian infrastructure finance in this
market, the future cost of capital becomes a more relevant
question than its availability.  Rising interest rates in
Australia are not new, but the steepness of recent rate
increases could be problematic for the financing of future
projects, especially for greenfield projects with less than
robust cash flow generating ability.

The Stable outlook on existing Fitch-rated infrastructure
project debt also reflects that the projects are actively
managed, and they retain financial flexibility, such as in
scheduling capital expenditures.  Financial stress tests that
were used by Fitch when the project debt ratings were assigned,
assumed a certain level of refinancing risk, which is inherent
to all Australian concession-based infrastructure projects.

The current market conditions may signal, however, a return to
syndicated commercial bank loans and a move away from the bond
markets, which have become less competitive in recent months.  
Some pressure on debt service coverage could be expected, due to
the effect of higher interest rates on the refinancing of bullet
debt maturities, and on the renewal of maturing interest rate
swap contracts.  Nevertheless, Australian commercial bank rate
increases may be tempered by continued growth in bank deposits,
which fuels that sector's funding capacity.

At slightly greater risk are recent levels of equity returns,
especially for projects where financial returns from project
operations were supplemented with debt regearing exercises.  
Regearing will become somewhat more problematic in an
environment of increasing interest rates, especially since it is
often conditioned to preserving the investment-grade rating of
outstanding senior secured (first lien) debt.

In this higher interest rate environment, future projects will
need to have a more robust economic profile and a flexible debt
structure to achieve an investment-grade rating.  Nevertheless,
this will neither be the first nor the last period of interest
rate volatility, and many of the existing operating projects
were originally financed in tougher interest rate conditions
than presently exist.

Ironically, the biggest impediment to the sustainable supply of
infrastructure projects is not the current turbulent financial
markets, but rather how the different levels of government
within Australia coordinate project priorities, partnerships and
approvals.  This will be the subject of Fitch's next special
report on Infrastructure Finance in Australia.


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

ACXIOM CORP: Declares Quarterly Dividend of 6 Cents Per Share
-------------------------------------------------------------
The Board of Directors of Acxiom(R) Corporation declared a
quarterly cash dividend of 6 cents per share payable on Nov. 26,
2007, to shareholders of record as of the close of business on
Nov. 5, 2007.

While Acxiom intends to pay regular quarterly dividends for the
foreseeable future, all subsequent dividends will be reviewed
quarterly and declared by the Board at its discretion.

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Acxiom Corp. remains on CreditWatch with
negative implications, where it was placed on May 17, 2007.  At
the same time, S&P also placed the 'BB' senior secured debt
ratings on CreditWatch with negative implications, because the
debt will no longer be refinanced as part of the LBO financing.


BEARINGPOINT INC: Sarah Beardsley to Lead Comm & Media Practices
----------------------------------------------------------------
BearingPoint Inc. has appointed Sarah Beardsley to senior vice
president and leader of its Communications and Media practices.

Ms. Beardsley brings more than 20 years of leadership and
management experience from highly competitive telecom and
technology companies.  Her background includes sales, marketing,
business development, customer service, product management and
service delivery for mid-sized and large Fortune 500 companies.

Most recently, Ms. Beardsley was a senior vice president of
VeriSign, where she was responsible for all client-facing
activities for Verisign's communications carrier customers,
including sales, support, customer care, business development
and marketing, as well as the targeting and integration of
strategic acquisitions.  Prior to joining VeriSign, Ms.
Beardsley was president of Savvis Communications' startup
enterprise business.

Ms. Beardsley's career also includes a variety of general
management and marketing positions at AT&T and MCI.  During her
16 years at MCI, Ms. Beardsley led the company's carrier segment
and oversaw its entrance into competitive local services.

"BearingPoint is proud to appoint Sarah as the leader of its
Communications and Media practices," said Tom McKelvey,
BearingPoint executive vice president.  "The communications and
media industries are not only in a period of rapid change and
growth, but constantly dealing with new technologies changing
the marketplace.  Sarah's extensive leadership and experience
will enable us to continue providing our customers with the
solutions they need to stay ahead of the game."

Ms. Beardsley graduated summa cum laude with a Bachelor of
Science degree from the University of Illinois.  In addition,
she serves on the Executive Committee of the Board of Directors
for non-profit SOS Children's Villages Illinois and as a trustee
for Steppenwolf Theatre.

                    About BearingPoint

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

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

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


BOMBARDIER INC: Fitch Affirms Low-B Ratings and Revises Outlook
---------------------------------------------------------------
Fitch Ratings affirmed the ratings for Bombardier Inc. and
Bombardier Capital Inc., as:

Bombardier Inc.

   -- Issuer Default Rating at 'BB-';
   -- Senior unsecured debt at 'BB-';
   -- Preferred stock at 'B'.

Bombardier Capital Inc.

   -- IDR at 'BB-';
   -- Senior unsecured debt at 'BB-'.

The rating outlook has been revised to Positive from stable. The
ratings cover outstanding debt and preferred stock totaling
about US$5.4 billion as of July 31, 2007.  Due to the existence
of a support agreement and demonstrated support by the parent,
BC's ratings are linked to those of BBD.

The rating outlook revision to positive reflects expectations
for continued margin improvement, sales growth, and solid cash
generation in the next several quarters.  Strong orders in all
of BBD's businesses and a large backlog support projections for
continued improvement.  These factors, combined with some debt
maturities in February 2008, could lead to a steady improvement
in BBD's credit metrics and to a review of the ratings.

Bombardier's operating performance has been better than Fitch's
expectations in the past year.  Margins have improved at both
Bombardier Aerospace and Bombardier Transportation, sales have
grown at double digit rates in the first half of fiscal 2008,
and cash generation has been much stronger than projected.  
Strong free cash flow and an increase in regional jet orders
have addressed some of Fitch's most significant concerns, while
the business jet and transportation markets have remained solid.  
The company recapitalized in a conservative manner last year,
and it now has a solid balance sheet when considering the
improvement in most of its businesses during the past year.

Factors supporting the ratings include BBD's diversification,
leading market positions, the health of the business jet and
turboprop markets, cash balances, debt maturity schedule, BT's
successful restructuring, and large backlog.  

Rating concerns include the elevated but improving consolidated
gross debt levels compared to EBITDA; relatively low operating
margins; business jet market cyclicality; the pension plan
deficit; the impact of exchange rate volatility on margins,
financial results, and planning; and several RJ concerns,
including uncertainty regarding development of new aircraft
models and contingent obligations related to past aircraft
sales.  BBD's eventual decision about its potential entry into
the mainline aircraft market could potentially have an impact on
its financial and operating profile. Fitch believes the recent
performance issues with one operator's Q400 aircraft are not a
significant credit concern at this time.

As of July 31, 2007 BBD's leverage measures had improved from
levels reported over the past several years, largely as a result
of stronger operating performance.  Gross debt/EBITDA in the
latest 12 months ended July 31, 2007 was 4.1x compared to 4.6x
at the end of fiscal 2007.  The company's consolidated EBITDA
margins improved to 7.9% in the LTM period compared to 7.4% in
F2007.  BA's EBIT margins improved 220bps in the first half of
F2008 to 5.5%, and BT's EBIT margins improved 100 bps to 4.3%.  
Fitch expects modest margin improvement for the rest of the
year, and continued margin expansion in F2009.

The company had nearly US$3 billion of unrestricted cash
balances at the end of the fiscal second quarter, not including
US$1.2 billion of restricted cash related to its letter of
credit facility.  Restricted cash balances are not available for
liquidity purposes or for the benefit of unsecured bond holders.  
Bombardier's unrestricted cash balances are the company's sole
source of liquidity because the LOC facility is not available on
a revolving credit basis.

Free cash flow in the LTM period was US$1.4 billion.  The recent
cash performance was driven by advance payments related to
strong orders, decreases in BC's aircraft portfolio, and low
capital expenditures, all of which more than offset
discretionary pension contributions and seasonal working capital
investment.  Fitch expects BBD to generate additional free cash
flow in the second half despite higher expected capital
expenditures.

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


BUCYRUS INT'L: Paying US$0.05 Per Share Quarterly Dividend
----------------------------------------------------------
The Board of Directors of Bucyrus International, Inc., has
declared a quarterly dividend of US$0.05 per share on Bucyrus'
Class A common stock.  The dividend is payable Dec. 3, 2007, to
Bucyrus stockholders of record on Nov. 15, 2007.  Bucyrus' Class
A common stock is quoted on the NASDAQ Global Select Market
under the symbol "BUCY."

              About Bucyrus International, Inc.

Bucyrus International -- http://www.bucyrus.com/-- is a leading  
manufacturer of electric mining shovels, walking draglines and
rotary blasthole drills and provides aftermarket replacement
parts and services for these machines.  For the 12 months ended
Sept. 30, 2006, Bucyrus had sales of US$705 million.  Bucyrus is
headquartered in South Milwaukee, Wisconsin.  DBT has eight
facilities around the world and approximately 3,200 employees.  
The company has operations in Brazil, Chile, China and Europe.

                        *     *     *

As reported in the Troubled Company Reporter-LAtin America on
June 7, 2007, Standard & Poor's Ratings Services revised its
recovery rating on Bucyrus's credit facilities.  The bank loan
rating remains 'BB-', however the recovery rating was revised to
'3' from '4', indicating S&P's expectation that these lenders
would receive meaningful recovery (50%-80%) in a payment
default.

The paydown of more than US$300 million in the term loan -- to
US$500 million from US$825 million from proceeds of a recent
equity offering -- was the primary reason for the rating change.

The corporate credit rating on Bucyrus is BB-/Positive/--


CHELTON FINANCE: Court to Hear BT's Wind-Up Petition on Dec. 19
---------------------------------------------------------------
A petition to have Chelton Finance Limited's operations wound up
will be heard before the High Court of Hong Kong on Dec. 19,
2007, at 9:30 a.m.

Billion Top Garment Limited filed the petition on October 10,
2007.

Billion Top's solicitors are:

          So, Lung & Associates
          Ming An Plaza, Phase 2, 15th Floor
          8 Sunning Road, Causeway Bay
          Hong Kong


CHINA EASTERN AIRLINES: Shares Suspended at Firm's Request
----------------------------------------------------------
Shares of China Eastern Airlines Corp. Ltd were suspended from
trading in Hong Kong and Shanghai on Nov. 5 upon the company's
request pending an announcement, Trading Markets reports, citing
Thomson Financial.

In a statement filed with the Hong Kong stock exchange, the
airline said the announcement is about a proposed stock
subscription.

Trading Markets notes that, separately, China Eastern told the
Shanghai bourse that its A-shares are being suspended from
trading ahead of a signing of a formal agreement to sell a stake
to Singapore Airlines Ltd and Singapore government investment
arm Temasek Holdings.

According to Stuff.Co.Nz, China Eastern's brief statement did
not give details of when the signing would take place or how
long the shares would be suspended.

Stuff.Co recounts that the companies announced in September that
Singapore Airlines and its parent, Temasek, would pay
US$918 million (HKD7.2 billion) for a combined 24% stake in
China Eastern.  

Specifically, Trading Markets says, Singapore Airlines will buy
1.235 billion China Eastern Airlines H-shares for
HKD3.80 each, or a total of HKD4.7 billion, giving it a 15.7%,
while Temasek will buy 649.4 million H-shares for
HKD2.5 billion, for an 8.3% stake.

According to Stuff.Co, this would be the first purchase by
foreign firms of a major, strategic stake in a top Chinese
airline.


Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal   
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  The outlook on the IDRs is stable.

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


DATUM NETWORKS: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on October 18, 2007,
the members of Datum Networks Corp. Limited resolved to
voluntarily liquidate the company's business due to its
inability to pay its debts.

Thus, 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 liquidators are:

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


DURA DUCT: Creditors' Meeting Set for November 14
-------------------------------------------------
The creditors of Dura Duct International Limited will meet on
November 14, 2007, at 3:00 p.m., to appoint a liquidator and to
consider further matters relevant to the creditors' voluntary
wind-up.

The meeting will be held at Thornton Room, 3rd Floor of
Salisbury Road, Tsimshatsui, in Kowloon, Hong Kong.


EMI GROUP: Terra Firma Leads Strategic Review to Recover Equity
---------------------------------------------------------------
Terra Firma Capital Partners Ltd. confirmed on Oct. 29, 2007,
that it was leading a strategic review on EMI Group Plc, amidst
reports that it will cut its interest in the company, The
Scotsman reports.

According to the report, Terra Firma wants to bring in outside
investors to recover some of the equity placed as part of the
GBP2.4 billion deal.

EMI could face job cuts and a clamp down on costs as its private
equity owner pursues to make savings, Scotsman relates.

A spokesman for Terra Firma told the Scotsman that the review
had been launched and was due to be completed by the end of the
year.

                      About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over EUR7
billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent   
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported on Aug. 6, 2007, Moody's Investors Service
downgraded EMI Group plc's corporate family and senior debt
ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


EMI GROUP: Terra Firma Eyes Artists' Compensation Overhaul
----------------------------------------------------------
EMI Group Plc owner, Terra Firma Capital Partners Ltd, plans to
overhaul EMI executives' pay packages and let go of artists that
it believed are not working hard enough, published reports say.

In an internal memo to his staff obtained by the Financial
Times, Terra Firma CEO Guy Hands also threatened to withdraw
artists' lucrative advances if record sales are disappointing.

"While many spend huge amounts of time working with their label
to promote, perfect and endorse their music, some unfortunately
simply focus on negotiating for the maximum advance. . .
advances which are often never repaid," Mr. Hands said in his
memo.

Mr. Hands said that eventually they would get to choose which
artists they wish to work with and promote, BBC News relates.

According to the Associated Press, Mr. Hands also criticized
EMI's compensation and management system of 20 years, which does
not encourage the right behaviors or reward the right actions.

"What worries me is that the existing structures have been put
in over a couple of decades and unpicking them in a way that
releases the good in the company is not going to happen
overnight," Mr. Hands was quoted by the Associated Press as
saying.

Terra Firma concluded its GBP2.4 billion cash offer for EMI
Group Plc on Aug. 1, 2007.

                        About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over EUR7
billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent    
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                         *     *     *

As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


EMI GROUP: Appoints Mike Clasper & Billy Mann to Investor Board
---------------------------------------------------------------
EMI Group Plc appointed Mike Clasper and Billy Mann to its
Investor Board to assist in the transformation of the group.

Mr. Clasper and Mr. Mann will provide guidance and advice in all
areas of the group.  As well as sitting on the Investor Board,
Mr. Clasper will advise on and review the development of EMI's
manufacturing, logistics and sales operations around the world.

Mr. Mann will provide creative input to the group and the
Investor Board and advise on artist relations.

Mr. Clasper was the Chief Executive of BAA plc, the world’s
leading airports group, between 2003 and 2006 and prior to that
President of Global Homecare at Procter & Gamble.

Mr. Mann is the founder and CEO of Stealth Entertainment, and
has worked with many of the leading names in the music industry
today, including: Pink, Sting, Joss Stone, Take That, Celine
Dion, Martina McBride, Jessica Simpson, Delta Goodrem, Ricky
Martin and Art Garfunkel.  He has recorded sales of over 60
million records over the past ten years, as well as multiple top
10 singles around the globe, through his various collaborations.
Mann has also been a nurturer of various new artists and
songwriters including Teddy Geiger, and Esmeé Denters.

The appointments marked a strengthening of EMI’s Investor Board,
which was established in August 2007 following Terra Firma’s
successful acquisition of the group.  The Investor Board has
been given the task of overseeing EMI’s strategic review.
Current Board members comprise of Guy Hands, Lord Birt, Chris
Roling, Ashley Unwin, Mark Hodgkinson, Riaz Punja  and  Phil
Burns .

The Investor Board is currently engaged in looking at all
aspects of EMI and its business to determine the best way the
group should move forward to capture the opportunities available
to it in the rapidly-changing music industry.

"I am delighted to welcome Mike and Billy to the Investor Board
of EMI.  Mike has had extensive experience of running successful
businesses across the world and leading innovation in a variety
of business sectors.  Billy meanwhile will help balance what is
a very business and consumer focused investor board by providing
creative input.  We are looking forward to their contributions,"
Guy Hands, Chairman of EMI, disclosed.

"The recorded music industry today faces some enormous
challenges but also tremendous opportunities to build on the
central role that music plays in all our lives.  With the
arrival of Mike and Billy I feel confident we have a team that
can work alongside EMI employees and artists to identify and
exploit those opportunities and build EMI’s powerful market
position over the long-term," Mr. Hands added.

"The music industry needs to change and the transformation going
on within EMI gives the Group the opportunity to lead that
change.  I am very pleased to be working with Guy and the team
at EMI to take the business forward and will focus particularly
on the development of the very best distribution, supply chain
and logistic operations around the world to maximize its returns
from the vast array of talent and intellectual property it
owns," Mr. Clasper expressed.

"From the first day, Guy Hands and Terra Firma have been
consistent about empowering the creative community and the
consumer first and foremost.  Instead of approaching artists as
if it is a privilege to be signed to a major label, Terra Firma
is devoted to reaffirming the fact that for any music company it
is a privilege to represent and support artists.  With this in
mind, I couldn't be more excited to join their innovative
efforts," Mr. Mann commented.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent    
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                         *     *     *

As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


FERRO CORP: Initiates Next Step in European Restructuring
---------------------------------------------------------
Ferro Corporation has initiated the next step in the
restructuring of its European manufacturing operations.  As a
result of the new initiative, the Company will discontinue
manufacturing porcelain enamel frit at its facility in
Rotterdam, The Netherlands, by the summer of 2008 and will
consolidate production at other European sites.  Employment at
the Rotterdam location will be reduced by 84 positions.  Ferro
will work closely with customers to ensure a high level of
customer support through the transition.

The Company expects to record a pre-tax charge in the third
quarter ended Sept. 30, 2007, of approximately US$5.9 million
for severance benefits related to the action, pursuant to an
agreement reached with workers' representatives, and asset
impairment and other costs.  The charge is expected to reduce
diluted earnings per share in the 2007 third quarter by
approximately 10 cents.  Previously, Ferro had estimated third
quarter earnings would be 17 to 22 cents per share.

Ferro expects to record future severance costs, accelerated
depreciation and other costs related to this manufacturing
consolidation of approximately US$17 million through the third
quarter of 2008, in addition to the charges announced today.

The consolidation of frit manufacturing is part of Ferro's
ongoing effort to reduce annual costs in its European
manufacturing operations by US$40 million to US$50 million by
the end of 2009.

                    About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of  
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


HANESBRANDS INC: Inks Ten-Year Strategic Deal with Walt Disney
--------------------------------------------------------------
Hanesbrands Inc. and The Walt Disney Company have entered into a
10-year strategic alliance that will tap into the marketing and
product expertise of two of the world's most trusted and
recognized lineups of brands.

The alliance includes basic apparel exclusivity for the Hanes
and Champion brands, product co-branding, attraction
sponsorships and other brand visibility and signage at Walt
Disney Parks and Resorts properties.

A giant Hanes concert T-shirt - 12 feet wide and 14 feet long -
was unfurled at Rock 'n' Roller Coaster Starring Aerosmith at
Disney-MGM Studios in Lake Buena Vista, Fla., to commemorate the
occasion.  During the event, Hanesbrands Chief Executive Officer
Richard A. Noll explained that Hanes will be the presenting
sponsor of the Rock 'n' Roller Coaster Starring Aerosmith, one
of the park's most popular attractions.  Hanes will also have a
customizable apparel venue in Downtown Disney at Walt Disney
World Resort that will enable guests to design and personalize
their own custom T-shirts and other items.

Champion will also have naming rights for the stadium at
Disney's Wide World of Sports Complex, the nation's premier
amateur sports venue.  In addition to Champion Stadium, there
will be brand placement and promotional opportunities throughout
the 220-acre complex that attracts more than 1.1 million
visitors and 240,000 athletes every year.  The alliance also
includes in-store promotional and brand building opportunities
at ESPN Zone restaurants and stores located in Anaheim, Atlanta,
Baltimore, Chicago, Denver, Las Vegas, New York City and
Washington, D.C.

"This alliance is a key component of our marketing programs to
drive long-term growth and is part of our aggressive approach to
building and investing behind our Hanes and Champion brands,"
said Mr. Noll.  "Our alliance with Walt Disney Parks & Resorts,
truly one of the world's greatest brands, is a perfect fit to
maximize the brand strength and equity of both organizations. In
addition to becoming key parts of the consumer experience at
Walt Disney Parks and Resorts properties worldwide, Hanes and
Champion will execute consumer marketing and promotional
outreach in the retail apparel marketplace."

The partnership gives Hanesbrands apparel lines Hanes and
Champion category exclusivity for select apparel at Disneyland
Resort in Anaheim, Calif., Walt Disney World Resort and Disney's
Wide World of Sports Complex Stadium, both in Lake Buena Vista,
Fla., and all eight ESPN Zone stores across the country.

"We have had a long-standing relationship with Hanes and
Champion products and are proud to now have Hanesbrands as our
newest alliance partner," said Meg Crofton, president of Walt
Disney World Resort.  "Our alliance with Hanesbrands is a
natural given they are a leader in apparel and like us, look for
strategic, innovative ways to extend their brand into
communities throughout the world."

Much of the apparel will be co-labeled, including Disneyland
Resort by Hanes, Walt Disney World by Hanes, Disney's Wide World
of Sports Complex by Champion and ESPN Zone by Champion.  Basic
apparel, under the terms of the agreement, is defined as T-
shirts and tanks and fleece sweatshirts, sweatpants, hoodies and
other family fleece, including infant and toddler items.

"The Walt Disney Parks and Resorts alliance represents the
largest marketing partnership to date for Hanesbrands and for
our two largest brands, Hanes and Champion," said Kevin Hall,
Hanesbrands executive vice president and chief marketing
officer.  "Our strategy is to focus on select, large-scale
opportunities that leverage the size, strength and growth trends
of our brands.  We will be able to leverage our alliance with
Walt Disney Parks and Resorts to create and develop additional
consumer marketing and promotional programs at retail, including
back-to-school and holiday programs, family vacation contests
and awards, on-package messaging and in-store display.  This is
a marketing bonanza for Hanes and Champion."

                        Walt Disney

Walt Disney Parks and Resorts -- http://www.DisneyParks.com/--  
is where dreams come true and magic comes to life.  This segment
of The Walt Disney Company encompasses 11 theme parks at five of
the world's leading family vacation destinations - Disneyland
Resort, Walt Disney World Resort, Tokyo Disney Resort,
Disneyland Resort Paris and Hong Kong Disneyland.  It also
includes the Disney Cruise Line; Disney Vacation Club;
Adventures by Disney; Disney Regional Entertainment, which
operates the ESPN Zone sports dining and entertainment centers;
World of Disney stores in New York, Lake Buena Vista, Fla. and
Anaheim, Calif.; and Walt Disney Imagineering, which creates and
designs all Disney parks, resorts and attractions. Walt Disney
Parks and Resorts had approximately US$10 billion in revenues in
fiscal 2006.

                     Hanesbrands Inc.

Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets  
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.
Hanesbrands has approximately 50,000 employees in 24 countries,
Including Dominican Republic, El Salvador, Mexico, Puerto Rico,
India and China.

                       *     *     *

Standard & Poor's Ratings Services affirmed Hanesbrands Inc.'s
B+ corporate family rating on December 2006.


KIN LEE: Accepting Proofs of Debt Until Nov. 16
-----------------------------------------------
Lin Lee Ko Construction Company Limited requires its creditors
to file their proofs of debt by November 16, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

          Anthony Nedderman
          Chin Kin Wah
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong


MAN CHEONG: Taps Leung Chi Wing as Liquidator
---------------------------------------------
The shareholders of Man Cheong Construction Engineering Company
Limited met on October 23, 2007, and passed a resolution to
voluntarily liquidate the company's business.

Leung Chi Wing was appointed as liquidator.

The Liquidator can be reached at:

          Leung Chi Wing
          Kiu Fu Commercial Building
          Room B, 4th Floor
          30 Lockhart Road
          Wan Chai
          Hong Kong


PETROLEOS DE VENEZUELA: Inks Oil Exploration with Sonatrach
-----------------------------------------------------------
Echoroukonline.com reports that Venezuelan state-run Petroleos
de Venezuela SA has signed an accord with its Algerian
counterpart Sonatrach to explore and produce crude oil in the
two nations.

According to Echoroukonline.com, the Venezuelan government
entered into seven bilateral accords with Algeria to strengthen
cooperation in fields that include:

          -- energy,
          -- trade,
          -- technology,
          -- agriculture,
          -- politics,
          -- industry,
          -- education, and
          -- culture.

Echoroukonline.com relates that the bilateral agreement also
provides for special training courses for 420 Venezuelan
technicians in Algeria.

Venezuela also signed an agreement with Algeria to promote
regular consultations and exchanges of information in certifying
products, Echoroukonline.com states.

                      About Sonatrach

Sonatrach seeks to stay on track as one of the world's top
energy players.  Arguably the largest company in all of Africa,
state-owned Sonatrach oversees Algeria's oil and gas
exploration, production, and marketing activities.  In addition
to its exploration, refining, and pipeline operations, the
company also invests in electrical power and in desalination
projects.  Sonatrach may soon lose its power as a monopoly.
Legislation passed by Algeria's parliament in 2005 allows more
foreign players in Algeria's energy sector.  Sonatrach also has
exploration and production activities in other countries,
including Libya, Mali, Niger, and Peru.

                About Petroleos de Venezuela

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

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


PETROLEOS DE VENEZUELA: Petrodelta Operational in Few Months
------------------------------------------------------------
Petrodelta, Venezuelan state-run oil firm Petroleos de Venezuela
SA's newly formed joint venture with Harvest Natural Resources,
will be operational over the next few months, Harvest Natural
Chief Executive Officer James Edmiston said in a conference
call.

Business News Americas relates that Venezuela's President Hugo
Chavez signed on Oct. 25, 2007, an agreement with Harvest
Natural to create Petrodelta.  Petroleos de Venezuela has a 60%
stake in Petrodelta, while Harvest Natural's 80%-owned Harvest
Vinccler owns 40%.

Mr. Edmiston commented to BNamericas, "We are implanting the
transfer of all administrative and operational activities that
were previously managed by Harvest Vinccler during the
transition period."

Mr. Edmiston told BNamericas that Petrodelta will sign the
contract for the sale of hydrocarbons to Petroleos de Venezuela.

BNamericas notes that after the contract is signed, Petrodelta
will be able to invoice Petroleos de Venezuela for oil and gas
output dating back to 2006.  Petrodelta will then distribute a
dividend to shareholders, which include Harvest Natural.
Petrodelta will also invoice Petroleos de Venezuela for oil and
gas production on a monthly basis, instead of a quarterly basis.
Petroleos de Venezuela will be given two months to pay
Petrodelta.

Mr. Edmiston told BNamericas Petrodelta's short-term business
plan will seek to:

         -- boost oil and gas output,
         -- convert possible reserves to proven reserves,
         -- conduct new exploration, and
         -- increase "synergies" at all scales of the
            operation.

Petrodelta has two workover rigs and one drilling rig under
contract, BNamericas says, citing Mr. Edmiston.

According to BNamericas, Petrodelta is bidding for a second
drilling rig.  It will also start bidding for a third rig next
year.

The report says that oil output in the fourth quarter 2007 would
average 13,500 barrels per day.

Mr. Edmiston told BNamericas that Petrodelta wants to return to
the company's pre-conversion production of 30,000 barrels per
day.  Meanwhile, Harvest Harvest is looking for new
opportunities in and outside the country.  It is keen on
acquiring assets where current production remains a fraction of
the asset's potential.

"We expect further consolidation in the mixed companies to occur
in Venezuela and Petrodelta is well positioned to act as a
consolidator," Mr. Edmiston commented to BNamericas.

                    About Harvest Natural

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--  
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging.  Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, California, which operates the South Monagas Unit in
Venezuela.

                 About Petroleos de Venezuela

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

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


PREMIER PRECISION: Creditors' Proofs of Debt Due on Dec. 3
----------------------------------------------------------
Premier Precision Limited requires its creditors to file their
proofs of debt by December 3, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 25,
2007.

The company's liquidator is:

         Kazuhiro Tanabe
         Yip Fat Factory Building
         Block E, 6th Floor, Phase 2
         73-75 Hoi Yuen Road, Kwun Tong
         Kowloon, Hong Kong


SANMINA-SCI CORP: Posts US$1.1 Billion Net loss for FY 2007
-----------------------------------------------------------
Sanmina-SCI Corporation has revenue of US$2.5 billion, compared
to US$2.5 billion in the third quarter ended June 30, 2007 and
US$2.7 billion in the fourth quarter ended Sept. 30, 2006.
Revenue for the year ended Sept. 29, 2007 was US$10.4 billion,
compared to US$11.0 billion in the prior year.

Non-GAAP Financial Results for the Quarter and Fiscal Year

Net income for the fourth quarter 2007 was US$10.2 million,
US$0.02 diluted earnings per share, compared to a net loss of
US$22.8 million, a diluted loss per share of US$0.04 for the
third quarter ended June 30, 2007, and net loss of US$2.1
million, breakeven diluted earnings per share for the fourth
quarter 2006.  Net income for fiscal year 2007 was US$22.8
million, US$0.04 diluted earnings per share, compared to
US$102.4 million, US$0.19 diluted earnings per share in the
prior year.

Gross profit was US$134.1 million or 5.4 percent of revenue, a
60 basis point improvement from the prior quarter of US$120.3
million, or 4.8 percent of revenue, and up from US$131.0
million, or 4.8 percent of revenue in the same period a year
ago.  Operating income for the quarter was US$42.8 million, up
from US$29.1 million in the prior quarter and up from US$32.1
million for the same period last year.  Fiscal 2007 operating
income was US$182.6 million, compared to US$243.7 million in
fiscal 2006 (see Non-GAAP Financial Information).

   GAAP Financial Results for the Quarter and Fiscal Year

Fourth quarter GAAP earnings were primarily impacted by a non-
cash impairment charge for goodwill of US$1.1 billion.  As a
result of this charge, the company reported a net loss of US$1.1
billion in the fourth quarter of fiscal 2007, compared to a net
loss of US$27.6 million in the prior quarter and a net loss of
US$28.1 million for the same period last year.  Diluted loss per
share for the quarter was US$2.10.  Net loss for fiscal year
2007 was US$1.1 billion and diluted loss per share was US$2.15.
This charge resulted from the company's annual goodwill
impairment analysis in accordance with Statement of Financial
Accounting Standards No. 142 (SFAS No. 142).

             Cash Flow and Balance Sheet Metrics

The company continued to manage its cash flow and balance sheet
metrics, making improvements throughout fiscal 2007.

*  Cash flow from operations was US$145 million in fourth
   quarter 2007, and US$511 million for fiscal 2007

*  Cash and cash equivalents were US$933.4 million, up
   US$441.6 million from Q4'06

*  Cash cycle days of 29 days represented a 7 day improvement
   from Q3'07

*  Inventory decreased US$72.7 million, inventory turns
   improved to 8.9 in Q4'07

"I am pleased with our gross margin improvement, cash flow
generation and inventory turns during the fourth quarter.  We
are confident that we will continue to improve our financial
metrics.  We are committed to driving our ROIC above our
weighted cost of capital as we exit fiscal year 2008,"
stated Jure Sola, Chairman and Chief Executive Officer.

"The basis for Sanmina-SCI's operational excellence strategy in
2008 and beyond is to focus on high-end markets that offer the
greatest opportunity for success, invest in leading edge
technology, and provide unparalleled end-to- end manufacturing
solutions to our customers," concluded Mr. Sola.

         Personal and Business Computing Division

Consistent with previous announcements made by the company
concerning its personal and business computing business unit,
the company reaffirmed its intentions of separating this
business unit from its core operations either by means of a sale
or other disposition of the business.  This business unit
includes the company's personal computing and industry standard
server businesses, their related BTO/CTO operations in Mexico
and Hungary and their associated logistics activities. The
company expect the disposition of this business to occur over
the next twelve months.  Accordingly, effective with the first
fiscal quarter 2008, the company expects to account for this
business unit as a discontinued operation in accordance with
SFAS No. 144, Accounting for the Impairment or Disposal of Long-
Lived Assets.

             First Quarter Fiscal 2008 Outlook

The following statements are based on current expectations.
These statements are forward-looking and actual results may
differ materially.  Please refer to the Risk Factors reported in
the company's annual and quarterly reports on file with the
Securities and Exchange Commission for a description of some of
the factors that could influence the company's ability to
achieve the projected results.

The company provides these guidance with respect to the first
fiscal quarter ending Dec. 29, 2007:

*  Revenue is expected to be in the range of US$2.5 billion to
   US$2.65 billion

*  Non-GAAP diluted earnings per share to be between US$0.02
   to US$0.04 Non-GAAP Financial Information

In the commentary set forth above, we present the following non-
GAAP financial measures: gross profit, gross margin, operating
income, operating margin, net income and earnings per share.  In
computing each of these non-GAAP financial measures, we exclude
charges or gains relating to:  stock-based compensation
expenses, restructuring costs (including employee severance and
benefits costs and charges related to excess facilities and
assets), integration costs (consisting of costs associated with
the integration of acquired businesses into our operations),
impairment charges for goodwill and intangible assets,
amortization expense and other infrequent or unusual items, to
the extent material or which we consider to be of a non-
operational nature in the applicable period.

                     About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a  
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Standard & Poor's Ratings Services has revised
its outlook on Sanmina-SCI Corp. to negative from stable, as a
result of continued operating weakness and increasing leverage.
The corporate credit and senior unsecured ratings are affirmed
at 'B+', and the subordinated debt rating is affirmed at 'B-'.


SHANGHAI REAL ESTATE: Unit Launches IPO to Raise SGD332 Million
---------------------------------------------------------------
China New Town Development, a unit of Hong Kong-listed Shanghai
Real Estate, has launched an initial public offering in
Singapore, Channel News Asia reports.

According to Channel News, China New Town is selling 400 million
shares at 83 cents each -- about 29% of its enlarged share
capital.  About 12 million shares have been set aside for public
subscription, the report says.

The IPO is valued at SGD332 million, and China New Town plans to
use the proceeds to fund property development projects in China,
Channel News relates.

The IPO closes on November 12 and trading is scheduled to begin
two days later.

                         *     *     *

Located at Wanchai, Hong Kong, Shanghai Real Estate Ltd --
http://www.sre.com.cn/-- was established in 1993 and was listed   
on the Hong Kong Stock Exchange in 1999.  The Company's primary
activity is nonresidential building operation.  SRE also leases
nonresidential buildings.

On Feb. 12, 2007, Standard & Poor's Ratings Services said that
it has revised its outlook on the long-term corporate credit
rating on Shanghai Real Estate Ltd to negative from stable.

At the same time, it affirmed the 'BB-' rating on the company
and the 'BB-' senior unsecured issue rating on its US$200
million 8.625% notes due 2013.

On Jan. 24, 2007, the Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service says the enforcement of
the land appreciation tax, recently announced by China's State
Tax Bureau, will have no immediate rating impact on Shanghai
Real Estate Ltd.

The company currently carries a B1/stable rating from Moody's.


SHINE FAITH: Members to Receive Wind-Up Report on Dec. 5
--------------------------------------------------------
The members of Shine Faith Investment Limited will hold their
final general meeting on December 5, 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 Room 1101A of Causeway Bay Comm.
Bldg. 1 Sugar Street, Hong Kong.


SKYCITY UNVERSAL: Creditors and Contributories to Meet on Nov. 9
----------------------------------------------------------------
The creditors and contributories of Skycity Universal Limted
will meet on November 9, 2007, at 10:00 a.m. at Rooms 1002-1004,
10th Floor of Hong Kong Trade Centre, 161 Des Voeux Road, in
Central, Hong Kong.

At the meeting, Bernie Fuk Yuen Suen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TACWIN INDUSTRIAL: Court Appoints Wai and Fun as Liquidators
------------------------------------------------------------
On October 25, 2007, the High Court of Hong Kong appointed Li
Man Wai and Tsang Lai Fun as the liquidators of Tacwin
Industrial (International) Limited.

The Liquidators can be reached at:

         Li Man Wai
         Tsang Lai Fun
         Raymond Li & Co., CPA
         Tai Yau Building
         Room 1001, 10th Floor
         Wanchai, Hong Kong
         Telephone: (852) 2889 8833
         Facsimile: (852) 2889 8433


WA PEI: Shareholders Resolve to Wind Up Operations
--------------------------------------------------
At an extraordinary general meeting held on October 24, 2007,
the shareholders of Wa Pei Credit Limited agreed to voluntarily
liquidate the company's business.

Chiu Soo Ching, Katherine and Yiu Yat Cheong were appointed as
liquidators.

The Liquidators can be reached at:

         Chiu Soo Ching, Katherine
         Yiu Yat Cheong
         3806 Central Plaza, 18 Harbour Road
         Wanchai, Hong Kong


* Moody's Issues Annual Report on China
---------------------------------------
In its annual report on China, Moody's Investors Service says
its A1 ratings and stable outlook reflect hugely successful
reforms that have rapidly raised national income, propelled
China's exports to the second largest in the world, and boosted
official foreign exchange reserves to the largest in the world.

China's foreign currency country ceiling for bonds and notes
also is A1, as is the local currency bond ceiling, which is the
highest possible rating that could be assigned to obligors and
obligations denominated in reminbi, the Chinese currency.  As
such, Moody's rates no issuer or instrument in China higher than
the government.

"The progress made so far in the restructuring and modernization
of banks and state-owned enterprises has reduced underlying
public-sector fiscal weaknesses and has strengthened the
government budget," said Moody's Senior Vice President Thomas
Byrne.  "Further reform is needed, however, to reduce financial
market distortions."

He said such advances would improve the financial health of the
banks and develop the capital market closer to those of the more
advanced economies.

"The ratings also are supported by prudent government debt
management and China's exceptionally high savings rate, which
helps finance local investment and the government budget without
significant reliance on foreign borrowing," said Byrne.

Another positive factor, he said, is improved political
stability, as China's regional and international relationships
have "firmed along with its economic might."  Domestic tensions
and those with Taiwan "still simmer but at a lower boil."

"Of course, maintaining geopolitical stability with Taiwan and
macroeconomic and social stability at home are key challenges
for China," said Byrne.  "So is managing rising trade friction
with the US and the European Union over worsening trade
imbalances that favor China."

He said the US-China Strategic Economic Dialogue is attempting
to resolve trade disputes and forestall protectionist measures
from the US Congress.

"The recent conclusion of the 17th Communist Party Congress
reaffirmed the institutionalization of a peaceful leadership
transition, which was first achieved in 2002 when the fourth
generation of leadership since 1949 assumed power," said Byrne.
He added that challenges include the maintenance of strong
economic growth against a background of rising income inequality
and environmental degradation, which could threaten social
stability.

At the same time, exceptionally high growth -- real GDP grew
11.5% in the first three quarters of 2007 -- is being
accompanied by a rise in prices which is proving to be more
stubborn than the last inflationary cycle.  "This poses
additional, near-term policy challenges to the sustainability of
strong and stable economic growth," said Byrne.

Moody's report, "China: 2007 Credit Analysis," is a yearly
update to the markets and is not a rating action.


* Fitch Upgrades China to 'A+'
------------------------------
Fitch Ratings upgraded the Long-term foreign and local currency
Issuer Default Ratings of the People's Republic of China to 'A+'
and 'AA-', respectively, from 'A' and 'A+'.  The Outlook on the
ratings is revised to Stable from Positive.  At the same time,
the agency upgraded the Country Ceiling to 'A+' and affirmed the
Short-term IDR at 'F1'.

The upgrade is based in part on the agency's view that the
government's capacity to deal with contingent sovereign
liabilities is strengthening over time, while the risks
associated with such contingencies are diminishing.  "The steady
improvement in public and external finances provides the
authorities with additional policy flexibility in addressing,
for example, any further support required by the banking
sector," said James McCormack, Head of Fitch's sovereign group
in Asia.  "At the same time, the banks are less likely to need
public support, as previous capital infusions have been
supplemented by other shareholders' equity, and reforms have
improved risk management practices and profitability," added Mr.
McCormack.

The growth of government revenue has exceeded that of nominal
GDP since 1996, contributing to a structural improvement in the
fiscal balance and steady reductions in the consolidated deficit
of the central and local governments since 2002.  Fitch
forecasts a deficit of less than 1% of GDP in 2007, below the
'A' median of 1.4%.  Chinese government debt is projected to be
23% of GDP at end-2007, which is the same as the end-2006 level,
and lower than the 'A' median of 32%.  Government debt ratios
have been falling in China alongside the reduction in the fiscal
deficit, although the trend will pause in 2007 with additional
Treasury securities issued to finance the establishment of the
China Investment Corporation (CIC).  Fitch expects small
government deficits to continue in the forecast period, as
higher spending on an expanded social safety net and rural
development programmes absorb at least part of the continued
expansion of revenue.  Both of these initiatives are intended to
reduce income inequalities, the importance of which could be
more pronounced in an economic downturn.

China's current account surplus in 2007 is forecast to be the
highest ever recorded by any country, at US$363 billion.
Together with annual foreign direct investment inflows of about
USD80bn and official foreign exchange reserves of
US$1.5 trillion, the sovereign's external debt repayment
capacity is extremely strong.  Gross external debt is among the
lowest of any sovereign, at only 11% of GDP, and net external
credit is forecast to reach 43% of GDP by year-end, comparing
favorably with the 'A' median net external debt position of 4%
of GDP.  The CIC should increase the investment return on
official external assets, further adding to current account
receipts.

Consistent with Fitch's forecast of a slowdown in GDP growth
across major advanced economies, the agency expects China's
economic expansion to slow from 11.4% in 2007 to 10.4% in 2008.
Investment-led growth in recent years has reduced the imported
input content of exports, suggesting there is likely to be a
higher contribution to headline growth from net trade, and thus
an increase in the economy's exposure to external shocks.  Fitch
notes that a moderate decline in the growth of major trading
partners does not pose a threat to the sustainability of Chinese
growth, but nor does it ease the macroeconomic policy challenges
of dealing with large external imbalances.  The agency expects
continued incremental changes to exchange rate policy as well as
cautious liberalization of the capital account.


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

PRIDE INT'L: Earns US$401.5 Million for Quarter Ended Sept. 30
--------------------------------------------------------------
Pride International Inc. reported financial results for the
three months ended Sept. 30, 2007.  Net income for the quarter
totaled US$401.5 million, reflecting the impact of certain asset
dispositions.

During the quarter, the company sold its Latin America Land and
E&P Services segments for US$1.0 billion in cash and entered
into an agreement to sell its three tender-assist rigs for total
proceeds of US$213 million in cash.  The disposition of the
Latin America Land and E&P Services segments, which was included
in the Company's third quarter results, resulted in an after-tax
gain of US$265.0 million, or US$1.48 per diluted share.  The
sale of the three tender-assist rigs is expected to close in
early 2008, subject to the novation of drilling contracts by the
customers for each unit and other closing conditions.

The company reported the results of operations and the
associated gain on sale of both the Latin America Land and E&P
Services segments and the results of operations for the quarter
from three tender-assist units as income from discontinued
operations for the third quarter of 2007 and all comparative
periods.  Income from discontinued operations totaled US$281.2
million for the quarter.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "The third quarter of 2007 was one
of the most significant quarters in the history of Pride as we
advance the transformation of the company to an offshore-focused
contract driller with an emphasis on deepwater and other high
specification rigs.  Toward this goal, numerous accomplishments
were achieved during the period, including:

  -- The execution of an agreement to sell our Latin America
     Land and E&P Services business segments for US$1 billion in
     cash and the closing of that transaction only three weeks
     later on Aug. 31, 2007,

  -- A commitment to the construction of an ultra-deepwater
     drillship,

  -- The acquisition of an ultra-deepwater drillship in the
     early stages of construction,

  -- An agreement to sell three tender-assist rigs for US$213
     million in cash, and

  -- The acquisition of the remaining nine percent interest in
     our Angolan joint venture for US$45 million in cash, giving
     us 100 percent ownership in three rigs, including two
     deepwater drillships."

"Our earnings from operations from semisubmersibles and
drillships (floaters) approached 60 percent in the third quarter
of 2007 compared to 34 percent one year ago and is expected to
continue to grow as new contracts commence at higher dayrates
reflecting the tightness in the floating rig market.  In
addition, our strong cash position, coupled with improving cash
flow from operations and the prospects for further cash proceeds
following the disposal of additional non-strategic assets,
provides us with increased flexibility as we address numerous
growth opportunities and other means to enhance shareholder
value."

                     Continuing Operations

Income from continuing operations, consisting primarily of the
company's Offshore Drilling Services segment, was
US$120.3 million on revenues of US$540.4 million for the third
quarter of 2007.  The results compare to income from continuing
operations of US$66.0 million on revenues of US$406.0 million
during the corresponding quarter in 2006.

During the quarter, the company completed a technical evaluation
of its entire offshore fleet.  As a result of this evaluation,
there was a change in estimates regarding useful lives and
salvage values on certain rigs in the fleet.  These changes were
primarily a result of changing market conditions, the recent
significant capital investment in certain rigs and revisions to
and standardization of maintenance practices.  As a result of
these changes, the third quarter of 2007 includes a reduction in
depreciation expense of US$14.5 million, or an after-tax benefit
of US$0.07 per diluted share.  In addition to the changes
impacting depreciation expense, net income from continuing
operations for the quarter also included a tax benefit of
US$10.2 million due to the recognition of foreign tax credits
that had been previously treated as tax deductions in prior
quarters.  This helped reduce its effective tax rate to 27% for
the period.  Realization of this additional tax benefit is based
primarily on the company's forecasts of future profitability,
along with the application of certain tax planning strategies.  
In future quarters, the company expects to continue to recognize
the benefit of these foreign tax credits.  Finally, in August
2007, the company acquired from its partner Sonangol the
remaining nine percent interest in the joint venture related to
the company's Angolan operations for US$45 million in cash,
bringing the company's ownership interest to 100% and adding
approximately US$1.6 million to the company's income from
continuing operations.

Total debt at Sept. 30, 2007, was US$1,212.4 million, while net
debt (total debt less cash and cash equivalents of US$880.6
million) was US$331.8 million.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides  
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2007, Fitch Ratings has affirmed Pride International
Inc.'s Issuer Default Rating at 'BB' in addition to affirming
the ratings on Pride International's senior secured revolving
credit facility, senior unsecured notes and their convertible
senior notes.  The Rating Outlook is Stable.  Fitch maintains
the following ratings for Pride International:

  -- Issuer Default Rating at 'BB';
  -- Senior unsecured at 'BB';
  -- Senior secured bank facility at 'BBB-';
  -- Senior convertible notes at 'BB'.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's USUS$500 million senior notes due
2014, the Baa2 rating on its USUS$500 million senior secured
credit facility and speculative grade liquidity rating of SGL-2.
Moody's said the outlook is stable.

Pride Ratings Affirmed:

  -- Ba1 CFR and Probability of Default Rating;

  -- USUS$500 million Senior Notes due 2014 rated Ba2 (LGD5,
     71%);

  -- USUS$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

  -- Speculative Grade Liquidity Rating -- SGL-2;

  -- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

  -- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

  -- Preferred Shelf rated Ba2 (LGD6, 97%).


SHREE DIGVIJAY: Second Qtr. Net Profit Down 81% to INR15 Mil.
-------------------------------------------------------------
Shree Digvijay Cement Company Ltd's net profit for the second
quarter ended Sept. 30, 2007, slid to INR15 million from the
INR80.30-million profit booked in the same period a year ago.

Revenues for the July-Sept. 2007 quarter decreased 23% to
INR433.6 million while expenditures went down by 15% to INR397.1
million giving the company an operating profit of INR36.5
million.  The company also booked interest charges of INR2
million in the three-month period.

The company noted in a filing with the Bombay Stock Exchange
that the interest on the dues to the holding company (dues
outstanding as at Sept. 30, 2007, aggregate INR492.60 million)
will accrue only upon the company earning sufficient profits so
as to wipe out its entire accumulated losses which is possible
and not necessarily a probable obligation, the existence of
which will be confirmed only by the occurrence of uncertain
future events which are not wholly within the control of the
Company.  Therefore, the accumulated interest aggregating INR
404.60 million has not been provided for and is included as a
part of the company's contingent liabilities.

A copy of Shree Digvijay Cement's financial results for the
quarter ended Sept. 30, 2007, is available for free at the
Bombay Stock Exchange at http://ResearchArchives.com/t/s?2501

Shree Digvijay Cement Company Limited --
http://www.digvijaycement.com--is an Indian Company engaged in  
cement business.  The Company is a subsidiary of Grasim
Industries Ltd, the Company of Aditya Birla Group. Its products
include cements like Oil Well Cement, Sulphate Resisting
Portland Cement and Railway Sleeper Manufacturing Cement in
addition to other varieties of Ordinary Portland Cement, Birla
Plus and Slag Cement.  The Company operates through its brand,
KAMAL.

The Troubled Company Reporter-Asia Pacific reported on Nov. 2,
2007, that Shree Digvijay has a stockholder's equity deficit of
US$32.38 million.


SHYAM TELECOM: Profit Down 36% to INR7.42 Mil. in 2Q FY 2008
------------------------------------------------------------
For the second quarter ended Sept. 30, 2007, Shyam Telecom Ltd
reported a net profit of INR7.42 million, down 36% from the
INR11.64 million earned in the corresponding quarter last year.

The weakened bottom line is brought about by the slide in total
income -- INR392.41 million in the July-Sept. 2007 from the
INR701.84 million in the same period in 2006.  Total income is
comprised of net sales of INR388.99 million and other income of
INR3.42 million.

The company's expenditures for operations in the latest quarter
under review aggregated INR366.11 million bringing the company
an operating profit of INR26.3 million.  Interest for the three-
month period is booked at INR10.03 million, while depreciation
and taxes is at INR7.89 million and INR960,000 respectively.

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

New Delhi, India-based Shyam Telecom Limited --
http://www.shyamtelecom.com/index.html-- and its subsidiaries'
operations relate to investments, providing telecommunication
and information technology services.  The telecom products and
services segment comprise of manufacturing and services in the
related area.  The turnkey projects and trading services segment
includes the turnkey projects and trading in telecom products.
The investment segment includes investments in the subsidiaries,
which are dealing in telecommunication sectors.  The software
products and services segment includes the services in the area,
including software and information technology related and
information technology enabled services.   It also offers
Internet-related products, including data on wire, data on air
and data on cable.

The Troubled Company Reporter-Asia Pacific reported on
Nov. 2, 2007, that the company has a US$22.80-million equity
deficit.


SOUTH INDIAN BANK: Fitch Affirms 'D' Individual Rating
------------------------------------------------------
Fitch on Nov. 5, 2007, affirmed The South Indian Bank Limited's
'A+(ind)' national Long-term rating and 'A+(ind)' rating of its
INR1.3 billion Lower Tier 2 subordinated debt.  At the same
time, the agency has assigned a 'D' Individual rating and a '5'
Support rating to the bank.  The Outlook is Stable.

SIB's ratings reflect its increased capitalisation as well as
its improved but average profitability and asset quality.  The
ratings take into account its relatively small size and
predominately regional franchise.  SIB's equity/assets ratio
declined to 4.8% at FYE07 due to 24% growth of its loans amid
buoyant economic conditions; an INR3.3bn equity infusion in
September 2007 will help the bank stay adequately capitalised
through projected loan growth.  Increased capital would also
facilitate the implementation of Basel II norms (the
standardised approach for credit risk and the basic indicator
approach for operational risk).  While these norms are mandatory
for SIB from FY09, the bank is contemplating earlier adoption as
it estimates the lower risk weight on 'regulatory' retail
portfolio and credit risk mitigation techniques (capital relief
due to existence of marketable collaterals) to offset the
additional capital charge for operational risk.

SIB's return on assets recovered (H108: 0.9%) after dipping
steeply to 0.1% in FY05.  Profits (in FY05) were affected due to
mark to market depreciation on available for sale government
securities in a rising interest rate environment.  While
pressure on its profitability could continue due to an increased
cost of borrowings, reduced size and duration of its AFS
securities mean MTM depreciation may not have a material impact
on the bank's profitability. While the bank's net NPL/equity
ratio has improved significantly (H108: 5.6%, FY05: 45%), its
gross NPL ratio at FY07 (3.9%) was higher than the system median
(2.6%).  The bank is improving its risk appraisal systems.

SIB is an 'old' private sector bank based in the south Indian
state of Kerala.  Its shareholding is diversified and shares are
listed on national stock exchanges.  The bank lends primarily to
mid-sized corporates through its network of 475 branches; over
60% of its deposits and advances are sourced from Kerala and
Tamil Nadu.


SPICEJET LTD: Incurs INR377.71 Mil. Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
SpiceJet Ltd incurred a net loss of INR377.71 million in the
quarter ended Sept. 30, 2007, the financial results filed with
the Bombay Exchange discloses.

For the three-month period, the company earned total income of
INR2.7 billion, which is comprised of net sales of
INR2.23 billion and other income of INR473.75 million.  The
other income  includes net foreign exchange fluctuation loss
amounting to INR13 million and profit on sale of aircrafts
amounting to INR204 million.

Operating expenses for the latest quarter under review totaled
INR3.04 billion, bringing the company an operating loss of
INR337.3 million.  The company also booked INR18.69 million in
interest charges, INR18.7 million in depreciation and taxes of
INR3 million.

The company changed its financial year from June-May to April-
March.  Under the previous financial year, the company had not
published results for the quarter ended Sept. 30, 2006.

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

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

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  For the ten
months ended March 31, 2007, the airline carrier booked a net
loss of INR707.43 million.


VISTEON CORP: Sept. 30 Balance Sheet Upside-Down by US$162 Mln
--------------------------------------------------------------
Visteon Corporation disclosed Wednesday third quarter 2007
results.  

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$7.119 billion in total assets, US$6.993 billion in
total liabilities, and US$288 million in minority interests in
consolidated subsidiaries, resulting in a US$162 million total
shareholders' deficit.

Third quarter 2007 net loss of US$109 million was reduced by
US$68 million compared to the third quarter 2006 net loss of
US$177 million.  Third quarter 2007 results include US$14
million of non-cash asset impairments.  EBIT-R of negative US$33
million was an improvement of US$94 million over the negative
US$127 million EBIT-R reported in the third quarter 2006.  These
improvements were primarily driven by favorable cost performance
resulting from the company's ongoing restructuring and cost-
reduction efforts.

EBIT-R represents net loss before net interest expense,
provision for income taxes and extraordinary item and excludes
impairment of long-lived assets and net unreimbursed
restructuring charges.

For the third quarter 2007, total sales were US$2.55 billion,
including favorable foreign currency of approximately
US$100  million.  Sales from continuing operations for the third
quarter 2006 were US$2.58 billion.  Product sales to Ford Motor
Co. declined 15%, or US$163 million, to US$893 million,
primarily reflecting divestitures, sourcing actions and product
mix.  Product sales to other customers increased 9%, or US$126
million, to US$1.52 billion and represented 63% of total product
sales.

"Our third quarter results show the fundamental improvement we
have achieved across our business," said Michael F. Johnston,
chairman and chief executive officer.  "We are making progress
in every aspect of our improvement plan by implementing our
restructuring actions as planned and continuing to improve and
grow our operations to position Visteon for long-term success."

                          Restructuring

Visteon has completed 17 of the 30 previously identified
restructuring activities under its three-year improvement plan
and has disclosed three additional actions.  During the third
quarter 2007, Visteon completed the sale of its non-core
powertrain operation located in Chennai, India for cash proceeds
of US$30 million.  Visteon made progress implementing the
previously disclosed closures of its Connersville and Bedford,
Ind., facilities.  During the third quarter of 2007, the company
reached an agreement with the local labor union at Bedford to
cease operations by mid-2008.  The company remains on track to
cease production at Connersville in December of this year.  

On Oct. 18, 2007, Visteon disclosed that it had entered into a
non-binding memorandum of understanding for the sale its non-
core chassis facility located in Swansea, Wales, United Kingdom.  
The completion of the transaction is subject to customary
agreements and approvals and is expected to close by the end of
2007.

Upon the completion of the Bedford, Connersville and Swansea
actions, 20 of the 30 facilities actions included in the
company's restructuring plan will have been addressed.

"Our continued success in winning new business from customers
around the world speaks to the strength of Visteon's product
capability and global engineering and manufacturing footprints,"
said Donald J. Stebbins, president and chief operating officer.

                   Nine Month 2007 Results

For the first nine months of 2007, sales from continuing
operations were US$8.41 billion including favorable foreign
currency of approximately US$400 million.  Sales from continuing
operations for the same period in 2006 were US$8.45 billion.  
During 2007, product sales to Ford declined 14%, or US$525
million, to US$3.15 billion, reflecting lower North American
production volumes, divestitures, sourcing actions and product
mix.  Sales to other customers increased 11%, or US$494 million,
to US$4.85 billion and represented 61% of total product sales.

Visteon reported a net loss of US$329 million for the first nine
months of 2007 compared with a net loss of US$124 million for
the same period a year ago.  2007 results include US$77 million
of non-cash asset impairments compared with US$22 million in the
same period a year ago.  EBIT-R of negative US$64 million for
the first nine months of 2007 was lower by US$128 million when
compared to positive US$64 million in the same period of 2006.  
Lower 2007 EBIT-R primarily reflects the non-recurrence of 2006
benefits attributable to the settlement of various post-
retirement benefit obligations and customer commercial
negotiations, 2007 costs associated with the company's
restructuring activities and lower customer volumes and product
mix, principally in North America. These factors were partially
offset by cost performance and benefits from restructuring
actions.

                    Cash Flow and Liquidity

Cash used by operating activities totaled US$53 million for the
third quarter 2007 compared with US$34 million a year ago.  The
increase in cash used by operating activities is primarily a
result of an approximately US$70 million reduction in receivable
sales under the company's European securitization facility.  
Free cash flow was negative US$141 million for third quarter
2007 compared with negative US$116 million for the same period
in 2006.  Visteon used US$38 million of cash from operations for
the first nine months of 2007 compared with US$42 million of
cash provided by operations for the first nine months of 2006.  
For the first nine months of 2007, free cash flow was a use of
US$270 million, compared with a use of US$223 million for the
same period a year ago.

As of Sept. 30, 2007, Visteon had cash balances totaling
US$1.4 billion and total debt of US$2.7 billion.  Additionally,
no amounts were drawn on the company's US$350 million asset-
based U.S. revolving credit facility, and the company had
availability under its US$325 million European receivables
securitization facility of about US$140 million.

                   About Visteon Corporation
    
Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier  
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.  

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.


                          *     *     *

In November 2006, Moody's Investor Service placed Visteon
Corp.'s long term corporate family  and probability of default
ratings at 'B3'.  The ratings still hold to date.


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

DELPHI CORP: Postpones Disclosure Statement Hearing
---------------------------------------------------
Delphi Corp. has asked the U.S. Bankruptcy Court for the
Southern District of New York to adjourn until later this month
a hearing currently scheduled for Nov. 8 to consider potential
amendments to its Joint Plan of Reorganization and related
Disclosure Statement as well as a proposed amendment to the
Company's Investment Agreement.

The purpose of the adjournment is to continue discussions with
Delphi's Statutory Committees, both of which filed objections on
Nov. 2 to the Disclosure Statement and Investment Agreement
amendment approval motions, and other stakeholders, some of
which also filed objections.

The adjournment is also required because Delphi does not
currently believe that all of the conditions to the
effectiveness of the Investment Agreement amendment will be
satisfied prior to the scheduled commencement of the Nov. 8
hearing.

Delphi continues to expect that it will emerge from chapter 11
during the first quarter of 2008.  

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

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

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

(Delphi Bankruptcy News, Issue No. 94; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FORD MOTOR: Reaches Tentative National Labor Agreement with UAW
---------------------------------------------------------------
Ford Motor Company and the United Auto Workers union have
reached a tentative agreement on a four-year national labor
contract covering approximately 54,000 represented employees in
the United States, according to Joe Laymon, group vice
president, Human Resources and Labor Affairs, Ford Motor
Company.

"I'd like to take this opportunity to thank UAW President Ron
Gettelfinger, UAW Vice President Bob King and the entire UAW
national bargaining committee for all of their hard work and
professionalism over the past several months," Mr. Laymon said.  
"I would also like to thank the Ford bargaining team for its
skill and dedication during this complex and challenging set of
negotiations."

The agreement is subject to ratification by UAW members.  It
includes a memorandum of understanding to establish an
independent retiree health care trust.  Following ratification,
implementation of the memorandum of understanding is subject to
approval by the courts and satisfactory review of accounting
treatment with the Securities and Exchange Commission.

Though the parties will not discuss the specifics of the
tentative agreement until after it becomes final, Ford believes
it is fair to its employees and retirees, and paves the way for
Ford to increase its competitiveness in the United States.

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

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

                          *     *     *

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

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

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

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


FORD MOTOR: UAW Ford National Council Urges Pact Ratification
-------------------------------------------------------------
The UAW Ford National Council -- made up of delegates from more
than 55 Ford facilities across the nation -- has voted to
unanimously recommend ratification of the United Auto Workers
union's 2007 tentative agreement with Ford Motor Co.

The Council met Monday to discuss the details of the proposed
agreement with the automaker.

According to a UAW Ford Report, the agreement protects thousands
of UAW Ford jobs and helps maintain U.S. manufacturing bases to
support the communities.  Ford has also agreed to insource more
than 1,500 UAW jobs and to evaluate an additional 1,700 jobs for
insourcing.

As a result of this agreement, several Ford manufacturing
facilities that were previously identified for closure by the
company will remain open.  UAW negotiators were able to bargain
one-year extensions for two plants \u2013- Twin Cities Assembly
and Clevelanf Casting -- slated for closure.

Ford has promised to invest US$200 million in new technology and
equipment in UAW Ford stamping plants, US$20 million in tool and
die plants and investment commitments on powertrain operations.

Under the agreement, economic gains total US$12,904 for a
typical UAW Ford assembler during the four-year agreement.  
Gains include a US$3,000 signing bonus, two 3% lump sums and one
4% lump sum.  The agreement also maintains cost of-living
protection formula.  A portion of COLA will be diverted to fund
active and retired health care.

Ford agreed to pay US$15.4 billion for retiree health care,
including US$13.2 billion to establish an independent Voluntary
Employee Beneficiary Association trust.  Ford also contributes
US$2.2 billion in pre-VEBA costs for retiree health care.

After a presentation on the proposed contract and a detailed
question-and-answer session, the council agreed that the
agreement covering tens of thousands of UAW Ford workers and
retirees and their families is worthy of their unanimous
support.

"We\u2019re very pleased with the tremendous support the Ford
National Council has given the proposed agreement," UAW
President Ron Gettelfinger said.  "We thank them for their
support of a proposed contract that protects jobs and health
care and provides real gains in economics and benefits."

The proposed agreement was reached Nov. 3 at 3:20 a.m. after a
marathon bargaining session.  UAW members at Ford local unions
will begin contract explanation and ratification meetings this
week; voting will conclude by Monday, Nov. 12.

"Our national negotiators worked some very long hours since July
and crafted an agreement that has a lot of benefits for both
sides," UAW Vice President Bob King, director of the UAW Ford
Department, said.  "This contract will protect our jobs while
helping the company to remain a word-class manufacturer with a
strong base of employment and production here in the United
States."

A full-text copy of the UAW Ford Report summarizing the UAW
agreement with Ford is available for free at
http://ResearchArchives.com/t/s?24d3

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

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

                          *     *     *

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

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

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

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


JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on Dec. 3
----------------------------------------------------------
Jabil Circuit Inc.'s Board of Directors has approved payment of
a quarterly dividend to shareholders of record as of
Nov. 15, 2007.  The dividend of US$0.07 per share is payable on
Dec. 3, 2007.

The company intends to continue to pay regular quarterly
dividends; however the declaration and payment of future
dividends are discretionary and will be subject to determination
by the Board each quarter following its review of the company's
financial performance.

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida
-- http://www.jabil.com/-- is an electronic product solutions  
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2007, Fitch Ratings has downgraded and removed from
Rating Watch Negative these ratings of Jabil Circuit, Inc.:

-- Issuer Default Rating to 'BB+' from 'BBB-';
-- Senior unsecured revolving credit facility to 'BB+' from
    'BBB-';
-- Senior unsecured debt to 'BB+' from 'BBB-'


JAPAN AIRLINES: Incurs JPY34.8-Bil. Net Loss for 2007 First-Half
----------------------------------------------------------------
Japan Airlines International Co. Ltd. announced its consolidated
half-year results for financial year 2007 -- the period from
April 1 to September 30, 2007.

Operating Revenue

Supply on international and domestic passenger routes measured
in available seat kilometers (ASK) decreased respectively by
5.6% and 2.3%, as a result of network restructuring by shifting
to high profit routes, suspending low profit routes and aircraft
downsizing, as outlined in the JAL Group Medium Term Revival
Plan FY2007-2010.  Consequently, demand measured in revenue
passenger kilometers (RPK) fell on international passenger
routes by 5.7% and on domestic routes by 3.5%.  However, due to
an increase in unit price, operating revenue for the core air
transport business segment which includes cargo, increased by
2.3% when compared to the same period last year, up by
JPY20.6 billion to a total of JPY931.6 billion.

Consolidated operating revenue decreased by JPY7 billion or 0.6%
from the same period last year to JPY1,142.9 billion.  One main
factor was a JPY38 billion decrease in non-air transport
business revenue resulting from the exclusion of JALUX from the
consolidated statement, after the trading company changed from a
consolidated subsidiary to an equity method affiliate.  

Operating Expenses

As a result of steady implementation of business structure and
cost reforms outlined in the Medium Term Revival Plan, such as a
review of all routes, aircraft downsizing, and personnel cost
reduction, operating expenses decreased by 4.9% or
JPY55.5 billion from the same period last year, to a total of
JPY1, 086.2 billion.

Operating & Ordinary Income

Operating profit increased by JPY48.4 billion from the same
period last year to JPY56.6 billion. Ordinary profit increased
by JPY53.3 billion to JPY58.7 billion.

Net Income

When compared to the same period last year, extraordinary losses
increased by JPY34.8 billion to JPY40.5 billion, mainly due to
implementation of the special early retirement plan, the posting
of impairment losses resulting from speeding up of the
retirement of aircraft and subsequent decision to sell aircraft,
and provision of a reserve for anti-competitive practice
litigation.  As a result, net profit increased by JPY5.7 billion
from the same period last year to JPY7.3 billion.

                     First Half Factors

a) Operating income

   International Passenger

   Demand: Tourism demand was weak on Europe routes and Hawaii
   routes due to a weakening of the yen, and also on Taiwan
   routes where competition intensified.  Demand out of Korea
   was particularly strong, and business demand was strong on US
   routes, Southeast Asian routes and China routes.  Oceania
   routes, where supply has been reduced considerably from the
   previous year, also enjoyed strong demand.  As a result,
   demand measured in revenue passenger kilometers (RPK) was
   94.3% from the same period last year.  Revenue seat load
   factor was almost the same as last year at 71.4%.  The number
   of international passengers carried by JAL Group airlines
   decreased just 0.8% to 6,703,388.

   Supply: In addition to fleet downsizing, JAL has actively
   reduced flight frequency and suspended flights on low profit
   routes.  On the other hand, the airline has increased
   scheduled flights on high profit routes to such high growth
   markets as China, India and Vietnam, whilst increasing
   international charter flights to meet demand primarily from
   the “baby boomer” generation.  Supply measured in available
   seat kilometers decreased by 5.6% from the same period last
   year.

   Unit price: In addition to an increase in business passenger
   demand and the shifting of resources to high profit routes,
   air fares were revised and the fuel surcharge was increased
   resulting in an increase in unit price of 9.9% compared to
   the same period last year.

   Revenue: Given the above, revenue increased by 3.6% from the
   same period last year up JPY13.4 billion to JPY384.1 billion.

   Domestic Passenger

   Demand: JAL implemented a number of measures that increased
   customer convenience and value through, for example, the
   introduction of discount fares and the launch of seasonal
   promotional campaigns.  However, group demand in particular
   was sluggish due to a review of last year's air fares.  
   Overall demand was also negatively affected by flight
   cancellations caused by typhoons which hit Japan in July.  
   Demand measured in revenue passenger kilometers was 3.5% down
   on the same period last year.  The number of domestic
   passengers carried by JAL Group airlines decreased by 3.7% to
   21,371,061.

   Supply: After reviewing routes, flight frequency was  
   increased on routes with strong demand such as Osaka (Kansai)
   - Sapporo and Osaka (Kansai) - Okinawa (Naha).  Supply
   measured in available seat kilometer was 2.3% down on the
   same period last year.

   Unit price: Due to changes in passenger composition and an
   increase in air fares, unit price increased by 5.7% when
   compared to the same period last year.

   Revenue:  Given the above, revenue increased by 2.0% from the
   same period last year by JPY6.9 billion to JPY352.7 billion.


   International Cargo

   Demand: Demand from Japan to North America decreased from the
   same period last year due to a reduction in belly space
   resulting from a decrease in the number of passenger flights
   operated.  However, from Japan to China, where supply has
   been increased, demand has increased by over 20% when
   compared to the same period last year.  Demand to Europe and
   Southeast Asia also increased.  Demand from China to Japan
   increased from last year, but demand from Europe was sluggish
   from the summer onwards due to a strong Euro.  Demand from
   Southeast Asia to Japan also decreased.  Demand to the US via
   Japan was stagnant as supply beyond Japan was decreased.
   Revenue cargo ton kilometers was 0.9% down when compared to
   the same period last year.

   Unit price: Declined 0.2% from the same period last year.

   Revenue: Revenue decreased by 1.0% from the same period last
   year by JPY0.9 billion to JPY91.4 billion.


b) Operating Expenses & Foreign Exchange

   Fuel costs

   The price of Singapore kerosene from April to September 2007
   averaged US$82.2 per barrel, a slight decrease on the US$84.9
   per barrel average for the same period last year.  
   Nevertheless, fuel prices remained high.  Despite the weak
   yen, a reduction in the effect of hedging, and other factors
   that increased fuel costs,due to a reduction of fuel     
   consumption through steady implementation of the Revival    
   Plan, such as aircraft downsizing, fuel costs decreased by
   JPY3.1 billion to JPY206 billion.

   Personnel costs

   As a result of steadily implementing the various measures of
   the Medium Term Revival Plan, in the air transport segment
   personnel costs decreased by JPY7.1 billion from the same
   period last year.  The group will continue to increase
   productivity by, for example, expanded introduction of Toyota
   Production System methods, and reducing retirement benefit
   expenses.


   Foreign Exchange

   The average yen-to-dollar exchange rate for the half year was
   \119.7 to US$1.00 compared to the average rate of \115.5 to
   US$1.00 for the same period last year.  The impact of foreign
   exchange on operating profit was minus JPY3.7 billion, but as
   a result of hedging and other measures, the company posted a
   foreign exchange gain of JPY10.3 billion in non-operating
   income.

   Miscellaneous

   Steady reduction of sales commission rates, review of
   external contracts and so on.

                    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.  
  
                          *     *     *  

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


METHANEX CORP: CEO Bruce Aitken to Buy 35,000 Additional Shares
---------------------------------------------------------------
Bruce Aitken, Methanex Corporation's president and chief
executive officer, plans to purchase about 35,000 additional
Methanex common shares.  The purchase will be funded by the
exercise of 164,000 Methanex stock options and is expected to
occur between Nov. 8, 2007, and the end of December 2007 through
the facilities of the Toronto Stock Exchange.

Methanex has in place Share Ownership Guidelines under which Mr.
Aitken is to hold Methanex common shares and share equivalents
having a value of at least five times his base salary.  
Subsequent to this intended purchase, Mr. Aitken will hold
approximately 365,000 Methanex common shares or share
equivalents and will continue to substantially exceed the Share
Ownership Guidelines.

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

                          *     *     *

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


SOJITZ CORP: Adjusts Forecasts for Year Ending March 31, 2008
-------------------------------------------------------------
Sojitz Corp. has made revisions to its previous interim and
full-year ending March 31, 2008 forecasts.

The forecasts reflect higher-than-expected earnings in the
Machinery and Aerospace, Energy and Mineral Resources, and
Chemical and Plastics segment during the interim period ended
September 30, 2007.

Consolidated net sales for the period April 1, 2007, thru
September 30, 2007, which was initially forecasted to reach
JPY2.7 trillion, is now seen to be at JPY2.8 trillion, a slight
2.3% increase.  Operating income, announced on April 27, 2007 to
be at JPY40.0 billion is estimated to be at JPY45.7 billion, or
a difference of JPY5.7 billion.  Net income is now estimated to
total JPY35.4 billion from the previous forecast's
JPY30.0 billion, a jump of 18.0%.  Recurring profit is now seen
to be at JPY53.2 billion, an 18.2% soar from JPY45.0 billion.

For the full year ending on March 31, 2008, net sales is
expected to reach at JPY5.7 trillion, or a slightly 1.3%
improvement from the previous JPY5.6 trillion.

Operating income is now forecasted to be at JPY92.0 billion from
the forecast given on April 27, 2007, of JPY86.0 billion.

Net income, with an 8.3% jump change is now seen to be at
JPY65.0 billion from the initial forecast of JPY60.0 billion.

Recurring profit for the year ending March 31, 2008, is seen to
be at JPY100.0 billion, an JPY8.0 billion addition to the
previous JPY92.0 billion forecast.

                        About Sojitz

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                       *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 28,
2007, that Standard & Poor's Ratings Services raised its long-
term issuer credit rating on Sojitz Corp. to 'BB+' from 'BB' and
removed the rating from CreditWatch where it was placed on Apr.
28, 2006, with positive implications.  The upgrade follows
Sojitz's conversion of a total JPY205 billion of its JPY300
billion in outstanding convertible bonds into common shares by
Feb. 26, 2007.


TIMKEN COMPANY: Board Declares US$0.17 Per Share Dividend
---------------------------------------------------------
The Timken Company's board of directors has declared a quarterly
cash dividend of 17 cents per share.  The dividend is payable on
Dec. 4, 2007, to shareholders of record as of Nov. 16, 2007.  It
will be the 342nd consecutive dividend paid on the common stock
of the company.

                     About Timken Co.

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

                       *     *     *

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


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

AMANAH MILLENIA: Voluntary Wind-Up Cues Delisting of Shares
-----------------------------------------------------------
Amanah Millenia Fund Berhad's shareholders approved Sept. 12,
2007, the proposed members' voluntary winding up.  In this  
regard, Bursa Malaysia Berhad, on Nov. 2, 2007, approved the
delisting of Amanah shares.

The shares of Amanah will be removed from the Official List of
Bursa Malaysia Securities Berhad with effect from 9:00 a.m., on  
Nov. 7, 2007, pursuant to Paragraph 16.09(1)(d) of the Listing
Requirement.


LITESPEED EDUCATION: CEO Pok Unfazed by Wind-Up Petition
--------------------------------------------------------
Litespeed Education Technologies Bhd's group executive chairman
and co-founder, Pok Vic Tor, appears to be unfazed by a winding-
up petition filed by three shareholders against the company and
the many recent boardroom changes, The Edge Daily reports.

The Edge Daily recounts that between November 2006 and July
2007, six directors have resigned from the company.  What's more
pressing, the report says, is the company's defense against a
wind-up petition brought on by three shareholders -- Wan Hamimie
Ariff, Dr Syed Ibrahim Mohd Ismail and Moktar Ahmad.

The Edge explains that Mr. Ariff, Dr. Ibrahim and Mr. Ahmad
collectively own 14.7 million shares in Litespeed, and are
seeking to recover some MYR10.94 million, being the balance of
the listing proceeds, given the underperformance of the company
against its listing forecasts.

According to a filing with the Bursa securities Malaysia, the
petitioners are seeking to wind up the company on the basis
that:

   (a) the company is unable to pay its debts as they fall due;

   (b) the affairs of the company have not been conducted fairly
       and justly; and

   (c) it is in all circumstances of the case, just and
       equitable for the company to be wound up.

The Edge says that the winding-up petition may derail the
company's turnaround plan.  It explains that the company has
managed to sign several partnership agreements with Microsoft
Operations Pte Ltd and New Era IT Ltd of New Zealand.


Sungai Besi, Malaysia-based, Litespeed Education Technologies
Berhad -- http://www.litespeed.com.sg/-- is an investment  
holding company and is engaged in E-Learning product and
services development, while its sole subsidiary, Litespeed
Education Pte Ltd, is principally involved in the provision of
education programes.

The company incurred two consecutive annual net losses of
MYR9.9 million and MYR2.6 million in the years ended April 30,
2006, and 2007, respectively.


LITESPEED EDUCATION: Incurs MYR1.23-Mil. Net Loss in 1st Qtr.
-------------------------------------------------------------
Litespeed Education Technologies Berhad reported a net loss of
MYR1.23 million for the first quarter ended July 31, 2007, a
reverse of the MYR2.12-million net income reported for the first
quarter ended July 31, 2006.

Revenues for the quarter in review decreased 65.74% to
MYR1.35 million, while cost of goods sold and other expenses
increased an aggregate of 37.63% to MYR1.2 million and
MYR1.47 million, respectively, giving the company an operating
loss of MYR1.3 million.


Sungai Besi, Malaysia-based, Litespeed Education Technologies
Berhad -- http://www.litespeed.com.sg/-- is an investment  
holding company and is engaged in E-Learning product and
services development, while its sole subsidiary, Litespeed
Education Pte Ltd, is principally involved in the provision of
education programes.

The company incurred two consecutive annual net losses of
MYR9.9 million and MYR2.6 million in the years ended April 30,
2006, and 2007, respectively.

The company is also facing a wind-up petition brought on by
three of its shareholders on June 12, 2007.


LITESPEED EDUCATION: Enters Into MoU with DGB Education
-------------------------------------------------------
Litespeed Education Technologies Berhad has entered a memorandum
of understanding with DGB Education Sdn. Bhd., the company
stated in a corporate disclosure.

The MoU marks a non-exclusive collaboration that will establish
a supplier/distributor relationship between the two companies.

                     About DGB Education

DGB Education Sdn. Bhd. is part of the Dynabook Group of
companies, which had been in the business of providing
information technology learning products and services for the
past 23 years to over 240 schools in Malaysia serving some
180,000 students.

                 About Litespeed Education

Sungai Besi, Malaysia-based, Litespeed Education Technologies
Berhad -- http://www.litespeed.com.sg/-- is an investment  
holding company and is engaged in E-Learning product and
services development, while its sole subsidiary, Litespeed
Education Pte Ltd, is principally involved in the provision of
education programes.

The company incurred two consecutive annual net losses of
MYR9.9 million and MYR2.6 million in the years ended April 30,
2006, and 2007, respectively.

The company is also facing a wind-up petition brought on by
three of its shareholders on June 12, 2007.


MALAYSIA AIRLINES: Completes Rights Issue of 417,747,955 Shares
---------------------------------------------------------------
CIMB Bank, on behalf of Malaysia Airlines, disclosed to the
Bursa Malaysia Securities Berhad that the company completed the
renounceable rights issue of 417,747,955 new ordinary shares in
Malaysia Air of MYR1.00 each at an issue price of MYR2.70 each,
payable in full upon acceptance, and 417,747,955 redeemable
convertible preference shares of MYR0.10 each at an issue price
of MYR1.00 each, payable in full upon acceptance, on the basis
of one rights share and one RCPS for every three existing shares
held at 5:00 p.m. on October 1, 2007.

The Rights Issue was completed following the listing of and
quotation for the 417,747,955 Rights Shares on the Main Board of
Bursa Malaysia Securities Berhad and the admission to the
Official List of Bursa Securities and the listing of and
quotation for the 417,747,955 RCPS on the Main Board of Bursa
Securities on Nov. 5, 2007.

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

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


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

AMRIT GLASS: Court Sets Wind-Up Petition Hearing for Feb. 28
------------------------------------------------------------
On September 14, 2007, Pacific Glass International Limited filed
a petition to have Amrit Glass Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 28, 2007, at 10:00 a.m.

Pacific Glass' solicitor is:

          Malcolm Whitlock
          Debt Recovery Group NZ Limited
          Level 5, 5 Short Street
          Newmarket, Auckland
          New Zealand


FOUR SEASONS: Fixes Nov. 16 as Last Day to File Claims
------------------------------------------------------
On October 11, 2007, Peri Micaela Finnigan and Boris van Delden
were appointed liquidators of Four Seasons Gutter Protection
(NZ) Ltd.

The Liquidators are accepting creditors' proofs of debt until
November 16, 2007.

The Liquidators can be reached at:

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


GENEVA FINANCE: Still Not Free From Receivership Threat
-------------------------------------------------------
Geneva Finance Ltd can still face receivership if the finance
company cannot strike a deal with Bank of Scotland before the
expiration of the debt moratorium.

According to the New Zealand Press Association, Geneva owes BoS
around NZ$43 million.

As reported by the Troubled Company Reporter-Asia Pacific
yesterday, Geneva Finance's investors, at a meeting on Nov. 5,
approved a loan moratorium giving the company an extension of
six and half months on all investment maturities.  

"It was made fairly clear during the meeting that the Bank of
Scotland arrangements needed to be dealt with prior to the
moratorium ending or receivership would happen," NZPA quoted
Graham Miller of Covenant Trustees as telling Radio NZ.

A sharebroker also shared to Radio NZ of his worries about the
threat of receivership.  "[I]f the market deteriorates and they
are unable to negotiate a deal with the BoS and if the
shareholders aren't able to raise more capital for Geneva, my
fear is that in six months time, Bank of Scotland can say 'we
are still owed $43m at call, we want our money back'," he was
quoted as saying.

Geneva is shutting down branches and laying off employees to
build up cash reserves and cut costs, an earlier TCR-AP report
related.

Geneva reportedly will continue to lend but will not accept any
new investments.

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 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.
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.


HARDHAM FINANCE: Commences Liquidation Proceedings
--------------------------------------------------
On October 10, 2007, Hardham Finance Ltd. commenced liquidation
proceedings.

The company is accepting creditors' proofs of debt until today,  
November 7, 2007.

The company's liquidator is:

          Kevin Gordon Greer
          K. G. Greer
          233 Broadway Avenue
          Palmerston North
          New Zealand
          Telephone (06) 356 2214


IRON MOUNTAIN: To Acquire Stratify for US$158 Million in Cash
-------------------------------------------------------------
Iron Mountain Incorporated has signed a definitive agreement to
acquire Stratify Inc. for approximately US$158 million in cash.

With this acquisition, Iron Mountain augments its eDiscovery
services, providing businesses with a complete, end-to-end
Discovery Services solution that manages paper and digital
information for discovery and data investigations, compliance
and associated records management, and litigation matters.
    
"With increased litigation and regulatory investigations,
businesses are facing significant pains associated with the
growing cost and complexity of discovery across tremendous
volumes of discoverable information," said John Clancy,
president of Iron Mountain Digital, the technology arm of Iron
Mountain.  "In order to help meet our customers' needs in this
area, we began an exhaustive search for the leading provider of
electronic discovery and investigation services.  We formed a
partnership with Stratify that has since evolved into a natural
extension of the Iron Mountain Digital portfolio."
    
"Stratify provides the most intuitive, advanced and efficient
electronic discovery and data investigation services on the
market today,” Mr. Clancy continued.  "By combining Stratify's
advanced electronic discovery and investigation capabilities
with Iron Mountain's data protection and records management
solutions, we're providing our customers with the ability to
meet their discovery requirements better, faster and more cost-
effectively."
    
As the risks and volume of litigation and regulatory
investigations continue to grow, so do the complexities
associated with managing the exponential growth of information.
In acquiring Stratify, Iron Mountain expands its core data
protection and management capabilities by integrating Stratify's
service offerings that address discovery issues for both paper
and digital records.  

The acquisition enables Iron Mountain to help businesses
minimize the risks of eDiscovery by simplifying the electronic
discovery process to facilitate a secure chain of custody,
increasing the accuracy and consistency of review, and enabling
attorneys to identify and protect privileged documents during
review.
    
"The electronic discovery process puts a tremendous strain on
organizations, particularly for legal, compliance and IT
departments, due to the huge volumes of information that must be
searched and the demanding deadlines of the legal system," Brian
Babineau, senior analyst of Enterprise Strategy Group, noted.  
"This acquisition is a logical step for Iron Mountain, a service
provider already known for cost-efficient information
storage and management solutions."

"Our research shows that nearly 40% of North American corporate
counsels expect electronic discovery spending to remain flat
next year," Mr. Babineau continued.  "The only way this is
feasible is for organizations to work with partners like Iron
Mountain that provide a single point of control that increases
the speed at which data is retrieved, restored, organized,
indexed and ready for review."
    
As a division of Iron Mountain Digital, Stratify will provide
its electronic discovery services and software to AmLaw 200,
Fortune 500 and other firms for investigative, regulatory and
litigation matters, augmented by Iron Mountain's scale and
distribution.  

In addition, Iron Mountain customers will now be able to
maximize their investment in Iron Mountain Digital's storage and
data protection solutions by leveraging the capabilities of
Stratify's solution integrated as a value-added service.
    
The Stratify Legal Discovery service provides attorneys a single
review application for scanned paper and native electronic
documents, securely managing documents through the entire
discovery lifecycle.

Stratify's complete feature support for European and complex,
multi-byte languages such as Chinese, Japanese and Korean
removes all barriers to in-depth eDiscovery for corporations
active in the expanding economy.
    
"Joining the Iron Mountain Digital family represents the next
evolutionary development for Stratify's electronic discovery and
information management solutions and business," Ramana Venkata,
CEO and founder of Stratify, said.  

"Integrating our advanced electronic discovery and data
investigation capabilities with the industry leading data
protection and records management provider is critically
important to cater to the critical needs of customers who face
increasing regulatory and legal discovery obligations and
rapidly rising costs," Mr. Venkata added.

"With Stratify, Iron Mountain is now the only company that can
collect, protect and store an organization's information,
consolidate matter- specific information from external parties,
and deliver high-productivity results through people, process
and unique underlying technology to handle investigations and
discovery requirements quickly and cost-effectively," stated Mr.
Venkata.
    
The acquisition is subject to regulatory review and customary
closing conditions and is expected to close by the end of the
year.

                     About Stratify Inc.
    
Headquartered in Mountain View, California, Stratify Inc.
-- http://www.stratify.com/-- is one of the electronic  
discovery solution providers and serves many of the AmLaw 200
and Fortune 500 corporations.  Founded in September 1999,
Stratify is a privately held company that has received funding
from Mobius Venture Capital and In-Q-Tel, the strategic
investment firm of the U.S. Intelligence Community.
   
                    About Iron Mountain
    
Based in Boston, Massachusetts, Iron Mountain Incorporated
(NYSE:IRM) – http://www.ironmountain.com/-- is an international  
provider of information storage and protection related services.  
The company offers comprehensive records management and data
protection solutions, along with the expertise to address
complex information challenges such as rising storage costs,
litigation, regulatory compliance and disaster recovery.  
Founded in 1951, Iron Mountain has more than 90,000 corporate
clients throughout North America, Europe, Latin America, and
Asia Pacific.  Revenue for the twelve months ended Dec. 31,
2006, was approximately US$2.4 billion.

In June 2006, Iron Mountain expanded its presence in Australia
and New Zealand with the acquisition of Melbourne-based
DigiGuard.

                        *     *     *

Moody's Investor Service placed Iron Mountain Inc.'s probability
of default rating at 'B2' in September 2006.  The rating still
holds to date with a stable outlook.


KIWI LIQUOR: Taps Fatupaito and McCloy as Liquidators
-----------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were tapped
liquidators of Kiwi Liquor Marketers Limited on October 11,
2007.

Creditors must file their proofs of debt by January 11, 2007, to
be included in the company's dividend distribution.

The Liquidators can be reached at:

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


MIKE GADSBY: Creditors' Proofs of Debt Due on Nov. 15
-----------------------------------------------------
Mike Gadsby Building & Design Ltd. requires its creditors to
file their proofs of debt by November 15, 2007, to be included
in the company's dividend distribution.

The company entered wind-up proceedings on October 8, 2007.

The company's liquidator is:

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


PRENTIS CONSTRUCTION: Fixes Nov. 16 as Last Day to File Claims
--------------------------------------------------------------
The shareholders of Prentis Construction Ltd. resolved to
voluntarily liquidate the company's business on October 10,
2007.

Creditors are required to file their proofs of debt by Nov. 16,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

          John Albert Price
          Christopher Robert Ross Horton
          Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 366 3700
          Facsimile:(09) 366 7276
          e-mail: jprice@hortonprice.co.nz


SENSE RESEARCH: Court to Hear Wind-Up Petition on Feb. 21
---------------------------------------------------------
A petition to have Sense Research Ltd.'s operations wound up
will be heard before the High Court of Auckland on February 21,
2007, at 10:45 a.m.

The petition was filed by Daba Holdings Limited on September 6,
2007.

Daba Holdings' solicitor is:

          P. L. Rice
          Grove Darlow & Partners
          Tower One, Level 10
          The Shortland Centre
          51-53 Shortland Street
          Auckland
          New Zealand


TECHNICAL SPECIALISTS: Faces Pertronic's Wind-Up Petition
---------------------------------------------------------
Pertronic Industries Limited filed on August 30, 2007, a
petition to have Technical Specialists Ltd.'s operations wound
up.

The High Court of Auckland heared the petition on December 6,
2007.

Pertronic Industries's solicitor is:

          E. J. Collins
          c/o Collins & May Law Office
          4th Floor, 44 Queens Drive
          PO Box 30614, Lower Hutt
          New Zealand
          Telephone:(04) 566 5775


WAIROA DUNES: Court Appoints Fatupaito and McCloy as Liquidators
----------------------------------------------------------------
The High Court of Auckland on October 11, 2007, appointed Vivian
Judith Fatupaito and Colin Thomas McCloy as the liquidators of
Wairoa Dunes Ltd.

Only creditors whose proofs of debt are in by January 11, 2007,
will be included in the company's dividend distribution.

The Liquidators can be reached at:

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


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

BANGKO SENTRAL: Expects US$6.3-Billion BoP Surplus for 2007
-----------------------------------------------------------
The Bangko Sentral ng Pilipinas is expecting its full-year
balance of payments to reach a surplus of US$6.3-billion,
Governor Amando M. Tetangco Jr. told the Philippine Star.

Based on emerging indicators, Mr. Tetangco said, the bank also
expects foreign exchange inflows to be higher than expected in
the remaining months of the year as markets recovered from the
risk aversion in the third quarter.    

The BOP surplus had already reached US$6.7 billion at the end of
September, the Star recounts.  

The report also says that global liquidity is seen to expand
with the US Federal Reserve Board's latest reduction of interest
rates by another 25 basis points, and that the bulk of these
funds would go to emerging markets like the Philippines.

Mr. Tetangco also revealed that the Philippines' gross
international reserves is projected to hit at US$35 billion in
the next few years due to strong inflows.


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: Readies Next Wave of Forex Liberalization
---------------------------------------------------------
The Bangko Sentral ng Pilipinas is readying the next round of
foreign exchange liberalization that are aimed towards reducing
business costs, the Philippine Daily Inquirer reports.

The liberalization will relax restrictions on overseas
investments and over-the-counter purchases of U.S. dollars, the
report adds.

According to the article, the BSP is thinking of relaxing
restrictions on foreign investments of professionally managed
collective funds, such as unit investment trust funds, mutual
funds and pension funds.  The BSP is also considering raising
the limit on foreign investments to US$20 million, the report
adds.


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.


CHEMTURA CORP: Sells Optical Monomers Business to Acomon AG
-----------------------------------------------------------
Chemtura Corporation, in order to place greater focus on its
core businesses, has sold its optical monomers business to
Acomon AG, an affiliate of Munich-based Auctus Management GmbH &
Co.  KG in an all-cash transaction for an undisclosed amount.
Included in the transaction is Chemtura's Ravenna, Italy
manufacturing facility.  Proceeds from the sale will be used
primarily for debt reduction.

"This sale represents continued progress in our portfolio
refinement and footprint optimization initiatives," said
Chemtura Chairman and CEO Robert L. Wood.  "Optical monomers is
a very good business that just doesn't fit our portfolio at this
time.  We are pleased to be transferring the business to a buyer
who is interested in growing it, which should benefit both
customers and employees," Mr. Wood concluded.

Optical monomers are used in a variety of applications,
including lenses for eyewear; protection sheets for welding
masks and screens; photographic filters; and lab equipment.  The
optical monomers business being sold had revenues for 2006 of
approximately US$35 million and employs approximately 45 people,
the majority of whom work in its Ravenna, Italy facility.

                      About Acomon AG

Acomon AG, based in Zug, Switzerland, was formed to operate
Chemtura's former optical monomers business.  Acomon is an
affiliate of Auctus Management GmbH & Co. KG, a Munich-based
private equity firm.

                    About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

  -- Corporate Family Rating: Ba2 from Ba1

  -- Senior notes, USUS$500 million due 2016: Ba2 from Ba1;
     LGD4 (53%)

  -- Senior Unsecured Notes, USUS$150 million due 2026: Ba2
     from Ba1; LGD4 (53%)

  -- Senior Unsecured Notes, USUS$400 million due 2009: Ba2
     from Ba1; LGD4 (53%)


CHEMTURA CORP: Earns US$2 Million in 2007 Third Quarter
-------------------------------------------------------
Chemtura Corporation reported net earnings of US$2 million for
the third quarter of 2007 and net earnings on a non-GAAP basis
of US$19 million.

Net earnings for the quarter include earnings from continuing
operations of US$4 million; and loss on the sale of discontinued
operations of US$2 million.  On a non-GAAP basis, net earnings
include income from continuing operations of US$19 million.

“Our third quarter results demonstrated revenue growth of 9%, a
17% improvement in operating income and pre-tax earnings up 38%
on a non-GAAP basis compared with the third quarter of 2006,”
said Robert L. Wood, chairman and Chief Executive Officer.

“Three of our four business units showed improvement in both
revenue and operating income.  Crop Protection and Consumer
Products demonstrated particularly strong performance.  
Performance Specialties is also delivering on revenue and
earnings growth as well as the initial benefits of the Kaufman
acquisition."

“The shortfall in our earnings expectation was driven by a
decline in gross profit margins from 24% to 22%.  The decline
was principally focused in our Polymer Additives business where
we saw lower demand from electronics end markets (which impacts
our flame retardant products line in particular), continuing
weakness in building and construction, and higher raw material
costs, served to erode margins.  Despite the weakness in these
markets, Polymer Additives revenue grew by 4% in the quarter led
by a 19% increase in PVC Additives revenues.  Looking forward to
the fourth quarter, we are encouraged by increased orders in
September and October from the electronics industry, which is
usually seasonally strong in the fourth quarter."

“Finally, we continued to make progress with our cost reduction
initiatives.  SGA&R was down 7% compared to third quarter, 2006.
SGA&R for the quarter was 12% of net sales compared to 13% of
net sales in the same quarter of 2006.  Our focus remains on
performance improvement despite headwinds related to
electronics, construction demand and continuing raw material
cost pressure.  I remain confident that our underlying
performance will continue to improve and that the second half of
2007 will be better than the same period in 2006.”

The company's total debt as of Sept. 30, 2007 was US$1.0 billion
as compared with US$1,143 million at June 30, 2007.  This
decrease primarily reflects the repayment of certain of the
company's committed working capital facilities.  Cash and cash
equivalents increased from US$76 million as of June 30, 2007 to
US$114 million as of Sept. 30, 2007.

                     About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global  
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, USUSUS$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, USUSUS$150 million due 2026: Ba2
      from Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, USUSUS$400 million due 2009: Ba2
      from Ba1; LGD4 (53%)


GLOBE TELECOM: To Pay PHP50/Share Cash Dividend on December 17
--------------------------------------------------------------
Globe Telecom Inc. will pay a special cash dividend of PHP50 per
share on December 17, the Philippine Daily Inquirer reports.

Globe announced on Tuesday that the dividend will be paid to
shareholders on record as of November 20.

Headquartered in Mandaluyong City, Philippines, Globe Telecom,
Inc. -- http://www.globe.com.ph/-- is one of the country's
major telecommunications companies.  It was incorporated on
January 15, 1935 as a traditional provider of telex/telegram and
VSAT services.  Thereon, it diversified its business into a
cellular, landline and international gateway facility services
provider for long distance telephone calls.

The company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

According to a Troubled Company Reporter-Asia Pacific article on
August 24, 2007, Fitch Ratings has upgraded Globe Telecom's
Long-term local currency Issuer Default Rating to 'BBB-' (BBB
minus) from 'BB+'.  Following the upgrade, the Outlook is
Stable.

At the same time, Fitch has affirmed Globe's Long-term foreign
currency IDR of 'BB+' and its National Long-term rating at
'AAA(phl)'.  The rating Outlook remains Stable.  Meanwhile,
Fitch has also affirmed the rating on Globe's senior unsecured
debt instruments at 'BB+'.

On June 4, 2007, the TCR-AP reported that Moody's Investors
Service raised the local currency issuer rating for


PHIL LONG DISTANCE: 3rd Qtr. Profit Falls 9% to PHP9.51 Billion
---------------------------------------------------------------
The Philippine Long Distance Telephone Co.'s third quarter net
profit fell 9% year-on-year to PHP9.51 billion from
PHP10.44 billion in the third quarter of 2006, the Philippine
Daily Inquirer reports.  

The rising peso has hurt its dollar-based revenues, the company
said.

According to PLDT, it raised its core earnings forecast to
within PHP34.5 billion to PHP35 billion this year from an
earlier guidance of PHP33 billion to PHP34 billion.

The company's core earnings for the third quarter went up 13% to
PHP9.09 billion from 2006's third quarter core earnings, the
report says.  PLDT's net profit for the nine-month period ending
September 30 went up 3% year-on-year while its nine-month core
profit increased 13%.

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

                          *     *     *

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

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

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


PRIME ORION: Turns Around with PHP4-Bil. Profit for Fiscal 2007
---------------------------------------------------------------
Prime Orion Philippines Inc. reported a net income of
PHP4.406 billion for its fiscal year ended June 30, 2007,
turning around from the PHP202.674-million net loss for the same
period in 2006.

For the 12-month period ending June 30, 2007, the company made
revenues of PHP1.249 billion, comprised mostly of
PHP711.799 million merchandise sales and PHP438.299 million in
rental income.  Insurance premiums and commissions made up
PHP98.336 million and real estate sales gave in PHP634,000.  
Expenses for the period reached PHP1.604 billion, made up in
bulk by PHP806.308 million in costs of goods sold and services.  
The company recorded a PHP4.746 million in other charges for the
period.

As of June 30, 2007, the company had total assets of
PHP5.111 billion and total liabilities of PHP4.97 billion.  The
company had a total equity of PHP140.917 million, with a deficit
of PHP3.467 billion.

                       Going Concern Doubt

After auditing the company's yearly financial statements for the
fiscal year 2007, Jose Pepito E. Zabat III at Sycip Gorres
Velayo & Co., raised substantial doubt on the company's ability
to continue as a going concern.  Mr. Zabat cited the deficit of
PHP3.467 billion as of June 30, 2007.  

The company's financial statements can be downloaded for free
at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/POPI_17A_Jun2007.pdf


                     About Prime Orion Phils.

Headquartered in Makati City, Philippines, Prime Orion
Philippines, Inc. acquires by purchase, exchange, assign, donate
or otherwise, and to hold, own and use, for investment or
otherwise and to sell, assign, transfer, exchange, lease, let,
develop, mortgage, pledge, traffic, deal in and with, and
otherwise operate, enjoy and dispose of any and all properties
of every kind and description and wherever situated, as and to
the extent permitted by law, including but not limited to,
buildings, tenements, warehouses, factories, edifices and
structures and other improvements, and bonds, debentures,
promissory notes, shares of capital stock, or other securities
and obligations, created, negotiated or issued by any
corporation, association, or other entity, domestic or foreign.

Prime Orion Philippines, Inc. and subsidiaries have principal
business interests in real estate, financial services and
manufacturing.


RIZAL COMM'L: Unit Talks To Settle Disputes with Accounting Firm
----------------------------------------------------------------
Sycip Gorres Velayo & Co. and RCBC Capital, a subsidiary of the
Rizal Commercial Banking Corp., are currently discussing an out-
of-court settlement on their legal dispute regarding SGV's
alleged accounting mistake in the financial statements of
Bankard Inc., BusinessWorld reports.

The case was initiated in May 2006, when RCBC Capital sued SGV,
alleging that SGV did not audit Bankard's financial statements
in accordance with generally accepted accounting principles
causing RCBC Capital to overpay Bankard when it bought the firm
from then Equitable PCI Bank seven years ago.

RCBC Capital sought at least PHP556 million with interest for
actual and compensatory damages.


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

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

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

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


SAN MIGUEL: Expects to Earn PHP25 Billion from Beer Unit's IPO
--------------------------------------------------------------
San Miguel Corp. sees PHP25 billion in proceeds from subsidiary
San Miguel Brewery's initial public offering, the Philippine
Daily Inquirer reports.

San Miguel Brewery will offer 1.5 billion common shares for a
price of between PHP9.50 and PHP16.30 each, the article  
relates.  The offering will consist of 1.39 billion existing
shares and 154.88 million new shares.

According to the article, PHP2.5 billion will go to the
subsidiary while San Miguel Corp. will pocket the rest for
working capital and general corporate purposes.


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.


SECURITY BANK: Posts PHP1.83-Billion 9-Month Net Income
-------------------------------------------------------
Security Bank Corp. has posted a PHP1.83-billion net income for
the nine-month period ending September 30, 2007, up 36% from the
same period last year, the Philippine Daily Inquirer reports.

The company attributes the growth to higher interest income and
gains from fees, service charges and commissions, the report
adds.

According to the report, other income, including fees, service
charges, commissions and miscellaneous income, climbed 15% to
PHP2.1 billion, offsetting the 12% reduction in foreign exchange
and trading gains.

Makati City-based Security Bank Corporation --
http://www.securitybank.com.ph/-- offers a wide variety of
financial products and services.  The bank's services include
peso, dollar and third currency deposits, domestic and
international fund transfers, deposit pick-up and payroll
services, and ancillary services.  Security Bank also provides
working capital financing, term arrangements and loan
syndication services.

Security Bank holds Fitch Ratings' 'BB' Long-Term Foreign
Currency Issuer Default Rating, a 'BB' Long-Term Local Currency
Issuer Default Rating, a 'D' Individual Rating and a '4' Support
Rating.


WENDY'S INT'L: Banks Propose "Highly Conditional" Financing
-----------------------------------------------------------
Sale of Wendy's International Inc. could be affected by a
financing package its lenders -- J.P. Morgan Chase & Co. and
Lehman Brothers Holdings Inc. -- recently disclosed, Janet Adamy
of The Wall Street Journal reports, citing a person familiar
with the matter.

According to WSJ's source, the package, which is anchored by a
securitization of the royalty fees franchisees pay Wendy's,
allows the lenders to back out should financing conditions
worsen.

Calling the financing as "highly conditional," WSJ's source
believes such term could lower bids or make bidders think twice
about proceeding.

The Troubled Company Reporter earlier said that among the
entities interested in buying the company is Cedar Enterprises
Inc., a Columbus, Ohio-based franchisee, which owns 134 Wendy's
restaurants.

A group formed by Fidelity National Financial Inc., Thomas H.
Lee Partners LP, Oaktree Capital Management LP, and Ares
Management LLC also joined to bid for the company, which group,
WSJ says, is expected to rely on the banks' financing package.

Further in the list is Mr. Nelson Peltz, the chairman of Triarc
Companies Inc., who said Triarc's offer could range from
US$37.00 to US$41.00 per share, and which could increase further
depending on due diligence results.

Wendy's decided to sell the business in June 2007 to "minimize
disruption to the company and its operations."  

                  About Wendy's International

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

                          *     *     *

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

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


* Foreign Investors Upbeat on Economic Prospects, BSP Head Says
---------------------------------------------------------------
Foreign investors are still optimistic about economic prospects
in the Philippines despite an expected slowdown in the U.S.
economy in the next few years, Bangko Sentral ng Pilipinas
Governor Amando M. Tetangco told the Philippine Star.

Mr. Tetangco, who had just returned from the annual meeting of
the International Monetary Fund and the World Bank in
Washington, said that both the IMF and the WB recognized the
country's positive economic performance, and sentiments from
investors were positive even at the time of the Ayala Mall
blast.

This was consistent with the evident and sustained strength of
portfolio and direct investments into the country, Mr. Tetangco
said.  The BSP governor then cited the various surveys conducted
by the central bank in which six out of 10 respondents expressed
confidence in the Philippine macroeconomy.

"The overall business confidence index (Cl) for the third
quarter of 40.9% was higher by 19.2 index points compared to the
year ago level," he said.

                          *     *     *

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

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

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


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


CATERINGX PTE: Creditors Set to Meet on November 9
--------------------------------------------------
A meeting will be held for the creditors of Cateringx Pte Ltd
on November 9, 2007, at No. 1, Marina Boulevard Level 9, in One
Marina Boulevard, Singapore.

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

The company's liquidator is:

         Teo Seng Chee
         c/o 149 Rochor Road
         #05-07 Fu Lu Shou Complex
         Singapore 188425


CHEMTURA CORP: Earns US$2 Million in 2007 Third Quarter
-------------------------------------------------------
Chemtura Corporation reported net earnings of US$2 million for
the third quarter of 2007 and net earnings on a non-GAAP basis
of US$19 million.

Net earnings for the quarter include earnings from continuing
operations of US$4 million; and loss on the sale of discontinued
operations of US$2 million.  On a non-GAAP basis, net earnings
include income from continuing operations of US$19 million.

"Our third quarter results demonstrated revenue growth of 9%, a
17% improvement in operating income and pre-tax earnings up 38%
on a non-GAAP basis compared with the third quarter of 2006,"
said Robert L. Wood, chairman and Chief Executive Officer.

"Three of our four business units showed improvement in both
revenue and operating income.  Crop Protection and Consumer
Products demonstrated particularly strong performance.  
Performance Specialties is also delivering on revenue and
earnings growth as well as the initial benefits of the Kaufman
acquisition."

"The shortfall in our earnings expectation was driven by a
decline in gross profit margins from 24% to 22%.  The decline
was principally focused in our Polymer Additives business where
we saw lower demand from electronics end markets (which impacts
our flame retardant products line in particular), continuing
weakness in building and construction, and higher raw material
costs, served to erode margins.  Despite the weakness in these
markets, Polymer Additives revenue grew by 4% in the quarter led
by a 19% increase in PVC Additives revenues.  Looking forward to
the fourth quarter, we are encouraged by increased orders in
September and October from the electronics industry, which is
usually seasonally strong in the fourth quarter."

"Finally, we continued to make progress with our cost reduction
initiatives.  SGA&R was down 7% compared to third quarter, 2006.
SGA&R for the quarter was 12% of net sales compared to 13% of
net sales in the same quarter of 2006.  Our focus remains on
performance improvement despite headwinds related to
electronics, construction demand and continuing raw material
cost pressure.  I remain confident that our underlying
performance will continue to improve and that the second half of
2007 will be better than the same period in 2006."

The company’s total debt as of Sept. 30, 2007 was US$1.0 billion
as compared with US$1,143 million at June 30, 2007.  This
decrease primarily reflects the repayment of certain of the
company’s committed working capital facilities.  Cash and cash
equivalents increased from US$76 million as of June 30, 2007 to
US$114 million as of Sept. 30, 2007.

                     About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global  
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, USUSUS$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, USUSUS$150 million due 2026: Ba2
      from Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, USUSUS$400 million due 2009: Ba2
      from Ba1; LGD4 (53%)


CHINA AVIATION: Earns US10.5 Mil. in 3rd Qtr. Ended Sept. 30
------------------------------------------------------------
CAO records net profit of US$10.5 million in 3Q 2007
China Aviation Oil (Singapore) Corporation Ltd disclosed its
results for the third quarter ended September 30, 2007.

The Group recorded a net profit attributable to shareholders of
US$10.5 million in 3Q 2007, compared to US$7.6 million for the
same period last year, representing an increase of 39%.  The
increase in net profit was mainly attributable to a substantial
increase in interest income and a significant reduction in
finance costs.

In 3Q 2007, CAO procured and supplied 1.07 million Metric Tonnes
of jet fuel which was a decrease of about 17% as compared to 3Q
2006 where 1.29 million MT of jet fuel was procured and
supplied.  The total volume of jet fuel procured and supplied
during the first three quarters of 2007 was 2.90 million MT, a
reduction of 13% compared to the corresponding period last
year.

Zhang Zhenqi, Executive Director and General Manager of CAO,
said, The decline in total volume of jet fuel procured and
supplied for the first three quarters was due to a decrease in
demand for jet fuel imports in China corresponding to an
increase in China’s domestic production of jet fuel.

“Going forward, jet fuel demand in China is expected to grow
with increased air travel.  However, the import level is linked
to domestic production,” said Mr. Zhang.

The Group’s revenue for 3Q 2007 was US$747.4 million as compared
to US$925.2 million for the same period last year, representing
a decrease of 19%.  This reflects the drop in total volume of
jet fuel procured and supplied during the quarter.

Despite lower procurement volumes in 3Q 2007, gross profit
during this period was 5% higher at US$3.5 million.  Gross
profit in 3Q 2006 was lower due to a downward adjustment of the
fixed margin per barrel for supplies to a major customer in 2Q
2006 being recorded in 3Q 2006.  The purpose of the adjustment
was to bring the pricing in line with other key customers.

Interest income was 71% higher at US$2.5 million in 3Q 2007.
This was due to higher bank balances mainly from the proceeds of
the sale of CAO’s stake in Compania Logistica de Hidrocarburos,
S.A. in 1H 2007.

Finance costs declined 95% to US$0.1 million as a result of
substantial interest savings for CAO from the accelerated full
repayment of debts under the Creditors’ Scheme, which was
announced on 17 May 2007.  The accelerated payment was financed
by part of the proceeds from the sale of CLH stake.  The
significant decline in finance costs contributed to a decline of
42% in the Group’s total expenses in 3Q 2007.

The Group’s 33% share of the results of its associated company,
Shanghai Pudong International Aviation Fuel Supply Company Ltd
was US$7.5 million for 3Q 2007 compared to US$7.1 million for 3Q
2006, an increase of 6%.  This was mainly attributable to the
short-term rise in China’s domestic supply of jet fuel, which
has helped to lower SPIA’s average cost of sales and thus
resulted in an improvement in its gross profit.

The Group’s financial position has continued to improve during
the quarter.  Net tangible assets (“NTA”) per share as at 30
September 2007 stood at US$0.3581, an increase of 5% over
US$0.3412 as at 30 June 2007.  Cash and cash equivalents
increased 14% over the quarter to US$187 million as at
30 September 2007.

                About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel  
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


FLEXTRONICS: Discloses Change in Solectron's Repurchase Offer
-------------------------------------------------------------
Flextronics International Ltd. disclosed that in connection with  
its acquisition of Solectron Corporation on October 1, 2007,
Solectron notifies holders of its outstanding 0.50% Convertible
Senior Notes due 2034 and Solectron's 0.50% Convertible Senior
Notes Series B 2034, that it will repurchase at a cash prize
equal to 100% of their outstanding principal amount, plus
accrued and unpaid interest to, but excluding, the date of
repurchase.  The indentures governing the Convertible Notes
require Solectron to make the offer to repurchase te Convertible
Notes as a result of Flextronic's acquisition of Solectron.

U.S. Bank National Association is acting as the paying agent for
Solectron's offer to repurchase its Convertible Notes.

In order to have their Convertible Notes repurchased, holders
must validly surrender their Convertible Notes to the paying
agent by 5:00 p.m., New York City time, on November 30, 2007.  
The repurchase price for all Convertible Notes validly
surrendered and not withdrawn by the Submission Deadline will
become due and payable on December 14, 2007, abd interest on the
Convertible Notes will cease to accrue on and after the date.  
Solectrom will deposit a cash payment equal to the aggregate
repurchase price for the Convertible Notes being repurchased
with the paying agent, which will transmit payment to holders.

The Convertible Notes, which are convertible into a cash payment
of US$402.41 per US$1,000 principal amount, a re not currently
again at any time prior to their maturty on Feb. 15, 2034.

holders of Convertible Notes should carefully read the Change in
Control Repurchase Notice issued by Solectron, as it contains
important information regarding the procedures to be followed
and timing for Solectron's repurchase of the Convertible Notes.  
Holders of Convertible Notes may obtain copies of the Change in
Control Repurchase Notice and delivery instructions for the
Convertible Notes by contacting U.S. Bank National Association
at (800) 934-6806.

               About Flextronics International

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

                        *     *     *

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

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

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

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


HEXION SPECIALTY: Closes German Resins Business Acquisition
-----------------------------------------------------------
Hexion Specialty Chemicals Inc. has completed its acquisition of
the German resins and formaldehyde business of Arkema GmbH.

The business is based in the Leuna industrial park in Leuna,
Germany, employs 100 people and generated revenues of EUR101
million in 2006.  It manufactures formaldehyde and formaldehyde-
based resins including urea-formaldehyde, melamine-urea-phenol-
formaldehyde and other melamine-based resin systems.  These
resins are used to manufacture engineered wood panels such as
oriented strandboard, particleboard and medium density
fiberboard.  It also produces impregnation resins used to
laminate decorative paper surfaces to wood products.  Hexion
announced an agreement in late May to acquire the Arkema
business.

"We are pleased to welcome this business and its associates into
the Hexion organization," said Dale Plante Hexion vice
president, Forest Products – Europe.  "The Leuna operation and
its team of people will strengthen Hexion’s position in the
European wood products market, particularly in the important
German marketplace."

Plante will serve as managing director of the business, which
has been renamed Hexion Specialty Chemicals Forest Products
GmbH.  It will become part of Hexion’s global forest product
resins network, which serves producers of engineered wood
products around the world.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial  
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.

                        *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.


INTEGRATED TECHNIQUE: Accepting Proofs of Debt Until Nov. 9
-----------------------------------------------------------
The creditors of Integrated Technique Pte 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:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Facsimile: 6532 0331


UNIFIZE PTE: Creditors' Meeting Set for November 9
--------------------------------------------------
Unifize Pte Ltd will hold a meeting for its creditors on
November 9, 2007, at 3:00 p.m., at No. 1, Marina Boulevard Level
9, in One Marina Boulevard, Singapore 018989.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report on the company's wind-up
      proceedings and property disposal.;

   -- approve the remuneration of the liquidator; and

   -- discuss other matters.

The company's liquidator is:

         Teo Seng Chee
         Unifize Pte Ltd
         c/o 149 Rochor Road
         #05-07 Fu Lu Shou Complex
         Singapore 188425


UNISON PROJECTS: Liquidators to Presents Wind-Up Report
-------------------------------------------------------
On November 2, 2007, the creditors of Unison Projects Singapore
Pte Ltd had a meeting and received the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Yeo Ek Khuan
         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


ZHEJIANG HOLDING(S): Court to Hear Wind-Up Petition on Nov. 9
-------------------------------------------------------------
A petition to have Zhejiang Holding(s) Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
November 9, 2007, at 10:00 a.m.

The petition was filed by Lai Yew Seng Pte Ltd on October 9,
2007.

Lai Yew's solicitors are:

          Mallal & Namazie
          No. 50, Robinson Road
          #12-00 VTB Building
          Singapore 068882


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

ARVINMERITOR INC: Appoints Art Waldowski as VP of Purchasing
-------------------------------------------------------------
ArvinMeritor's Commercial Vehicle Systems business has announced
the appointment of Art Waldowski as Vice President of
Purchasing, effective Nov. 1, 2007.
    
Mr. Waldowski will be responsible for leading the global
purchasing team and implementing the worldwide procurement
strategy for CVS.  He will also focus on driving the Direct
Material Optimization program and strengthening and diversifying
the supply base.

Mr. Waldowski spent the past eight years with Valeo in Auburn
Hills, Michigan, most recently as the division director for
North American Purchasing.  Prior to that, he held various
purchasing positions within ITT and General Motors.  He has more
than 20 years of purchasing experience in the automotive
industry.
    
Mr. Waldowski holds a bachelor's of science degree in Business
Administration from Oakland University in Rochester, Michigan.

                     About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,  
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Fitch Ratings downgraded its ratings on ArvinMeritor Inc.
including Issuer Default Rating to 'BB-' from 'BB'; Senior
secured revolver to 'BB' from 'BB+'; and Senior unsecured notes
to 'B+' from 'BB-'.  Fitch said the rating outlook is negative.

Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  S&P said the outlook is negative.

Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable.  Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%).  The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2.  Moody's said the outlook is stable.


BLOCKBUSTER INC: Posts US$35 Million Third Quarter Net Loss
-----------------------------------------------------------
Blockbuster Inc. has reported Total Revenues decreased 5.7% to
US$1.24 billion for the third quarter ended Sept. 30, 2007, from
US$1.31 billion for the third quarter of 2006.  For the third
quarter of 2007, net loss was US$35.0 million, or US$0.20 per
common share, as compared with a net loss of US$24.7 million, or
US$0.15 per common share, for the third quarter of 2006.  Net
loss for the third quarter of 2007 included US$9.6 million, or
US$0.05 per common share, in severance and lease termination
costs.
    
"We believe the actions we have taken over the last quarter have
better positioned Blockbuster for the future," said Jim Keyes,
Blockbuster Chairman and Chief Executive Officer.  "Going
forward, we are focused on protecting our core rental business,
developing new retail opportunities, and becoming the preferred
provider of digital entertainment.  To this end, we have
launched a series of initiatives centered around product
availability and increased emphasis on our retail business. I am
pleased with the progress we have made both strategically and
financially and believe we are on our way to transforming
Blockbuster into a company that is able to generate total
revenue growth, effectively redeploy resources and balance
investment in a manner that delivers favorable returns."
    
As part of its previously announced efforts to improve
profitability, management has completed a preliminary review of
the company's cost structure and has implemented a plan to
reduce annualized overhead costs by approximately US$45 million
through the elimination of staffing and operational redundancies
in the company's in-store and online corporate support structure
and through improvements in other operating efficiencies.   
Management continues to evaluate a number of other methods to
reduce costs, including outsourcing various corporate functions.
    
Additionally, consistent with its efforts to strike an
appropriate balance between the growth of its online
subscription service and enhanced profitability, during the
quarter the company implemented pricing modifications to the
Blockbuster Total Access offering, reduced advertising
spend and minimized promotion of the program in its stores.  
These actions significantly reduced the number of unprofitable
Blockbuster Total Access subscribers, improved profitability
across the remaining subscriber base and contributed to a
sequential improvement in the company's operating
results from the second quarter of 2007.
    
Further, in light of the company's emphasis on growing its
overall customer base -- through its stores, through the mail
and eventually through the digital delivery of content -- going
forward, the company will no longer be narrowly focused on its
online subscriber count but instead will concentrate on the
growth of, and report on, its total membership.
    
"During each month this quarter, over 20 million customers
around the world used the Blockbuster(R) brand to satisfy their
needs for media entertainment, and that customer base presents
us with a tremendous opportunity," said Mr. Keyes.  "Our goal is
to continue to increase our membership base by providing even
more ways for customers to get the entertainment they want
through our stores, through the mail and through new
technologies."

               Third Quarter Financial Results
    
Total revenues for the third quarter of 2007 decreased primarily
due to the closure and sale of 526 company-operated stores
worldwide.  This decrease was partially offset by a US$79.2
million year-over-year increase in revenues from Blockbuster's
online rental service resulting from growth in the subscriber
base, which totaled approximately 3.1 million total subscribers
at the end of the quarter.
   
Worldwide same-store rental revenues for the third quarter
increased 1.1% from the same period last year, reflecting a 2.3%
increase in domestic same-store rental revenues and a 2.8%
decline in international same-store rental revenues.  Worldwide
same-store retail revenues for the third quarter of 2007
increased 14.2% from the same period last year largely due to a
79.5% increase in international same-store game retail revenues.
    
Operating loss for the third quarter of 2007 totaled US$5.6
million, compared to operating income of US$3.3 million for the
same period last year.  Gross profit decreased US$75.7 million,
which was primarily driven by the decline in total revenues
discussed above and an approximately US$29 million impact to
rental gross profit associated with the cost of free in-store
exchanges under the Blockbuster Total Access program.  Gross
margin declined 270 basis points to 53.9% for the third quarter
of 2007.  The decrease in gross profit was partially offset by a
US$51.9 million decrease in general and administrative expenses
for the third quarter of 2007 largely due to a US$25.8 million
decline in compensation expense and a US$19.4 million decrease
in occupancy costs primarily resulting from (i) the lower
worldwide company-operated store-base and (ii) the sale of 217
GAMESTATION(R) stores in the U.K. Advertising expense for the
third quarter 2007 totaled US$27.5 million as compared to
US$33.0 million for the third quarter of 2006.
    
Cash flow used for operating activities of US$17.1 million for
the third quarter of 2007 reflected a US$168.9 million decrease
from cash provided by operating activities of US$151.8 million
in the third quarter of 2006.  Free cash flow decreased US$174.5
million to a negative US$38.6 million for the third quarter of
2007 from a positive US$135.9 million for the third quarter of
2006.  Both changes were primarily the result of changes in
working capital and rental library.


Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 1,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Thailand,
Australia, among others.

The Troubled Company Reporter-Asia Pacific reported on August 9,
2007, that Standard & Poor's Ratings Services lowered its
ratings on Dallas-based Blockbuster Inc. to 'B-' from 'B'.  The
outlook is negative.

The TCR-AP also reported on August 8, 2007 that Moody's
Investors Service downgraded Blockbuster Inc.'s corporate family
rating to Caa1, its senior secured credit facilities to B3, and
speculative grade liquidity rating to SGL-4.


KRUNG THAI: Offers 6-Month, 3-Month Bill of Exchange
----------------------------------------------------
Krung Thai Bank PCL is offering bill of exchange with three-
month and six-month maturities carrying interest rates from
2.25% to 2.8%, The Nation reports.

The BE is available from November 9 to December 28, the report
reveals, and is non-transferable.  Minimum purchasing value is
THB100,000.


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

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

                          *     *     *

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 14, 2007
  Turnaround Management Association
    TMA Australia 4th Annual Conference and Gala Dinner
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

November 29, 2007
  Turnaround Management Association
    Special Speaker
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

  


                           *********

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 ***