TCRAP_Public/071108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 8, 2007, Vol. 10, No. 222

                            Headlines

A U S T R A L I A

AAF CREDIT: Members Agree on Voluntary Liquidation
ACE REMOVALISTS: Liquidator Presents Wind-Up Report
BREMORE ENGINEERING: Intends to Declare Second Dividend
COLES GROUP: Shareholders Accept Wesfarmers AU$19.7-Bil. Offer
DAVLIN (WA) PTY: To Declare Dividend on Nov. 14

EVANS & TATE: Shareholders File Suit Against Failed Wine Maker
HIH INSURANCE: Gets 3-Year Jail Sentence on ASIC Charges
HUGALL AND HOILE: Creditors Resolve to Wind Up Operations
HUGALL'S MERCHANDISING: Creditors Decide to Close Business
KITCHEN HOUSE: Liquidator Presents Wind-Up Report

LEISURETIME CENTRE: Placed Under Voluntary Liquidation
PONDMATE AUSTRALIA: Commences Liquidation Proceedings
T & I PUMPS: Undergoes Liquidation Proceedings
URS CORP: Amends Pact with WGI to Raise Merger Consideration
* Australian Biodiesel Industry Collapsed


C H I N A   &   H O N G  K O N G

ASAT HOLDINGS: Schedules Annual Shareholder Meeting for Dec. 13
ASIA VIEW: Requires Creditors to File Claims by Dec. 6
CHINA EVERBRIGHT: To Sell Shares to Investors After Bailout
CITIC PACIFIC: To Buy Korean Steel for Australia Mine Project
COUNTRY GARDEN: Offers Higher Yields in Bond Sale

CYBERSPEED TECHNOLOGY: Court to Hear Wind-Up Petition on Dec. 12
DANA CORP: To Settle 7,500 Claims for US$2 Million
FORCEWAY INDUSTRIAL: Creditors' Proofs of Debt Due on Nov. 16
FUNBO ENTERPRISES: Liquidator to Give Wind-Up Report on Dec. 4
INTERCARGO INSURANCE: Members' General Meeting Set for Dec. 7

KING FAI: To Hold General Meeting on Dec. 18
PETROLEOS DE VENEZUELA: Refutes Reports of Lower Oil Production
PHILIP Y. CHEUNG: Shareholder's General Meeting Set for Dec. 3
POLYMER GROUP: Proposes To Sell Class A Common Shares
SHEEN UP: Court to Hear Wind-Up Petition on November 21

SHINSHO ELECTRONICS: Members to Receive Wind-Up Report on Dec. 4
UNRIVALED FLIBUSTER: Members and Creditors to Meet on Dec. 3


I N D I A

AFFILIATED COMPUTER: S&P Keeps 'BB' Ratings Under Negative Watch
AFFILIATED COMPUTER: Earns US$66.1 Mil. in Qtr. Ended Sept. 30
AGILENT TECH: Develops Genetic Analysis System w/ BioNanomatrix
GENERAL MOTORS: Moody's Affirms B3 Corporate Family Rating
RAIN CALCINING: Andhra Pradesh Court OKs Scheme of Arrangement

RPG CABLES: Loss Widens 9.3% to INR62.1MM in Qtr. Ended Sept. 30
SAMTEL COLOR: Loss Widens to INR274 Mil. in Qtr. Ended Sept. 30
SAURASHTRA CEMENT: Incurs INR36-Mil. Loss in Qtr. Ended Sept. 30
SUN MICROSYSTEMS: Earns US$89 Million in First Quarter of 2007
SUN MICROSYSTEMS: Inks Broad Contributor Pact with Red Hat

TATA MOTORS: Reports 13% Growth in October Vehicle Sales


I N D O N E S I A

ALCATEL-LUCENT SA: Posts EUR318-Million Net Loss in 3rd Quarter
ALCATEL-LUCENT: Appeals Overturned US$1.5 Billion Award
AVNET INC: To Combine Acquired ChannelWorx Pty with Avnet Tech
BANK MANDIRI: Provides IDR3 Tril. Standby Loan to Semen Gresik
BEARINGPOINT INC: Sarah Beardsley to Lead Comm & Media Practices

COMVERSE TECH: Hires Lance Miyamoto as Exec. VP for Global HR
INDOSAT: Gets Additional IDR400BB Loan from Bank Central Asia
SEMEN GRESIK: Hires Citi Indonesia as Financial Banking Partner
TELKOM INDONESIA: Keen to Expand Abroad for Profit Growth
* R&I Upgrades Country's Foreign Currency Issuer Rating to BB+

* Fitch Publishes Report on Securitisation in Indonesia


J A P A N

BOSTON SCIENTIFIC: Selling Surgery Units for US$750 Million
DELPHI CORP: Equity Panel Balks at Disclosure Statement Changes
FORD MOTOR: S&P Retains 'B' Rating Under Positive CreditWatch
ICONIX BRAND: Signs Licensing Agreement with Elizabeth Arden
JAPAN AIRLINES: Ups Operating Income Forecast to 35% for FY2007

JAPAN AIRLINES: Traffic Stats Decline for FY2007 First Half
MAZDA MOTOR: China Unit Builds Office to Monitor Sales
MAZDA MOTOR: To Raise Stake in China Sales Venture with FAW
SOJITZ CORP: Posts 13% Rise in Net Income for FY2007 First Half


K O R E A

CHONGKUNDANG CORP: Aquires Novel Fumagillol Derivatives Patent
DAEHAN PULP: Discloses Amendment to 92nd Convertible Bonds
DAEYUVESPER CO: To Raise KRW1,999,00 from Bond Issue
E-NET: Discloses First Offer Price for Paid-In Capital Increase
FRESH DEL MONTE: Discloses 12,000,000 Ordinary Shares Offering

FRESH DEL MONTE: Earns US$29.9 Million in Quarter Ended Sept. 28
FRESH DEL MONTE: S&P Puts 'BB-' Rating Under Positive Watch
HANAROTELECOM INC: Macquarie May Buy US$1.2 Bil. Company Stake


M A L A Y S I A

EKRAN BHD: Urged to Re-Open Philippine Casino
EKRAN BHD: Obtains Exemption from Filing Regularization Plan
EKRAN BHD: In Talks to Restructure More Than MYR59-Mil. of Debts
EKRAN BHD: Plans to Reduce Share Premium Account
SOLUTIA INC: Wants US$713MM Environmental Claims Reclassified


N E W  Z E A L A N D

COMMUNICATIONS GROUP: Fixes Nov. 9 as Last Day to File Claims
HAMES SHARLEY: Commences Wind-Up Proceedings
JABRA CIVIL: Shareholders Appoint McDonald as Liquidator
LOADED HOG: Court to Hear Wind-Up Petition on Nov. 19
MAITLAND IMPORTS: Creditors' Proofs of Debt Due on November 9

PACIFIC CONCRETE: Creditors' Proofs of Debt Due on Jan. 11
PANMURE CONSULTANTS: Accepting Proofs of Debt Until Nov. 9
SOUTHERN FLOWERS: Fixes Nov. 9 as Last Day to File Claims


P H I L I P P I N E S

ATLAS CONSOLIDATED: Approves Increase of Unit's Capital Stock
ATLAS CONSOLIDATED: Declares Dividends to Unit's Stockholders
BANGKO SENTRAL: Prepares Measures to Help Exporters Cope v. Peso
BANGKO SENTRAL: Expects More Than US$31 Bil. in Foreign Reserves
FEDDERS CORP: Court Elects Brown Rudnick as Committee's Counsel

FEDDERS CORP: Panel Hires Greenberg Traurig as Delaware Counsel
FEDDERS CORP: Panel Hires Lowenstein Sandler as Special Counsel
GLOBE TELECOM: Posts PHP3.266-Bil. Net Income for 3rd Qtr. 2007
LAFAYETTE MINING: Mulls Options Against Fishkill Hoax Creators
PHIL LONG DISTANCE: Fitch Affirms 'BB+' Long-Term Issuer Rating  

PHIL LONG DISTANCE: S&P Affirms 'BB+' Foreign Currency Rating
PHIL LONG DISTANCE: Moody's Affirms Ba2 Foreign Currency Rating
PHIL LONG DISTANCE: Acquires Piltel's Fixed Line Business
PHIL LONG DISTANCE: Starts Solicitation of Noteholders' Consents
* Rising Peso, Rice Supply Keeps October Inflation at 2.7%


S I N G A P O R E

ITC GLOBAL: Court to Hear Wind-Up Petition on Nov. 30
KIWANIS INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 30
P K S CONTRACTS: Pays Dividend to Creditors
RED HAT: Inks Broad Contributor Pact with Sun Microsystems
SNIJDER SINGAPORE: Creditors' Proofs of Debt Due on Dec. 3

SPECTRUM BRANDS: Completes Sale of Canadian Home & Garden Unit
SUMIKO LEADFRAME: Creditors' Proofs of Debt Due on Dec. 3
SUMMERWIND TRADING: Court Enters Wind-Up Order
* Moody's Releases Annual Report on Singapore


T H A I L A N D

DOLE FOOD: Court Jury Discounts Injury Claims of 6 Tellez Cases
FEDERAL-MOGUL: Plan Proponents Incorporate Insurer Settlements
PHELPS DODGE: Completes US$735 Mln Asset Sale to General Cable
TRUE CORP: Inks Wireless Partnership Deal with Boingo Wireless

     - - - - - - - -

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

AAF CREDIT: Members Agree on Voluntary Liquidation
--------------------------------------------------
During a general meeting held on September 26, 2007, the members
of AAF Credit Services Pty Ltd agreed to voluntarily wind up the
company's operations.

The company's liquidators are:

          Robert Hutson
          John Park
          KordaMentha (Queensland)
          22 Market Street, Brisbane
          Australia

                        About AAF Credit

AAF Credit Services Pty Ltd is engaged with the hardware
business.  The company is located at Bundaberg, in Queensland,
Australia.


ACE REMOVALISTS: Liquidator Presents Wind-Up Report
---------------------------------------------------
The members and creditors of Ace Removalists Pty Ltd met on
October 29, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          G. M. Carrello
          Dickson Carrello Insolvency Practitioners
          London House, Ground Floor
          216 St Georges Terrace
          Perth, Western Australia, 6000
          Australia

                     About Ace Removalists

Ace Removalists Pty Ltd is a distributor of durable goods.  The
company is located at Malaga, in Western Australia, Australia.


BREMORE ENGINEERING: Intends to Declare Second Dividend
-------------------------------------------------------
Bremore Engineering Pty. Ltd. intends to declare its second and
final dividend.

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

The company's liquidator is:

          M. H. Lyford
          Lyfords Ogilvie House
          12 Kintail Road
          Applecross, Western Australia 6153
          Australia

                    About Bremore Engineering

Located at Gosnells, in Western Australia, Bremore Engineering
Pty Ltd is an investor relation company.


COLES GROUP: Shareholders Accept Wesfarmers AU$19.7-Bil. Offer
--------------------------------------------------------------
Coles Group Ltd. shareholders have voted in favor of Wesfarmers
Ltd.'s AU$19.7-billion takeover offer, Victoria Thieberger
writes for Reuters.

Ms. Thieberger conveys that Coles, in a statement, said that
99.25% of votes were cast in favor of the takeover.

In a separate report by Reuters, Ms. Thieberger stated that
proxy votes -- postal votes sent in by shareholders unable to
attend the meeting -- declared 696 million in favor of the deal
and 5.4 million against it.  

Coles Chairman Rick Allert, who held 27.4 million open
votes, during his announcement of the proxy votes in the
meeting said he would vote in favor of the bid, relates
Reuters.

Reuters states that the combined group will become
Australia's largest retailer with revenues of AU$44 billion,
and the largest private-sector employer with some 200,00
staff.

Under the scheme of arrangement submitted to the Australian
Stock Exchange, Coles shareholders will receive (as default
consideration) for each company security they hold AU$4.00
cash, 0.14215 Wesfarmers ordinary shares and 0.14215
Wesfarmers price protected shares.

The Wesfarmers PPP are a separate class of Wesfarmers
ordinary shares which confer a right to receive additional
Wesfarmers ordinary shares in certain circumstances.  

In addition to this, a shareholder may, subject to the terms
of the scheme, participate in a mix and match facility and
elect to maximize the cash consideration or the Wesfarmers
ordinary shares they will receive under the scheme.

Wesfarmers, which had faced criticisms regarding the takeover,
faces an uphill task to overhaul the supermarkets, where
sales have stalled and Coles has lost significant market
share to larger rival Woolworths Ltd., relates Reuters.

The report quotes Wefarmers Chief Executive Officer Richard
Goyder as saying, "We have got a heck of a lot of hard work
ahead of us now. It's not a simple fix."

Mr. Goyder, notes Reuters, said many of Wesfarmers' planned
changes will not be implemented until next year so as not to
disrupt Coles supermarkets and the Target and Kmart general
merchandise stores in the critical run-up to the Christmas
holiday season.

The takeover, which has already received regulatory approval,
is due to take effect on November 23, adds Reuters.

                     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.


DAVLIN (WA) PTY: To Declare Dividend on Nov. 14
-----------------------------------------------
Davlin (Western Australia) Pty Ltd will declare preferential and
ordinary dividend on November 14, 2007.

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

The company's deed administrator is:

          C. M. Williamson
          SimsPartners
          Level 12, 40 St George's Terrace
          Perth, Western Australia 6000
          Australia

                        About Davlin (WA)

Located at Boulder, in Western Australia, Australia, Davlin
(Western Australia) Pty Ltd is an investor relation company.


EVANS & TATE: Shareholders File Suit Against Failed Wine Maker
--------------------------------------------------------------
Investors, who have lost more than AU$4 million in failed West
Australian wine maker Evans & Tate Limited, have filed a class
action against then winery's founder and former executive
chairman, Franklin Tate, Glenda Korporaal of The Australian
reports.

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

The suit is being led by Sydney investor Tony Lewis, chief
executive of Lewis Securities Ltd.  It accuses Mr. Tate of
issuing "materially misleading" statements to investors between
2003 and early 2005 regarding the status of the company's
finances and its profit prospects.

The shareholders bought shares in the company for between 38c a
share and 95c a share between August 15, 2004, and September 12,
2005.

The suit also claims that the company failed to comply with its
continuous disclosure requirements because of Mr. Tate's
influence.

Mr. Tate was forced to resign as both chairman and chief
executive in July 2005, but remained a director of the company
until just before it was put into receivership in August.  A
directions hearing against him will be heard in the Federal
Court in Sydney on Friday.

The purported class action is being handled by class action
specialist lawyer Maurice Blackburn.

                    About Evans & Tate

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

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

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


HIH INSURANCE: Gets 3-Year Jail Sentence on ASIC Charges
--------------------------------------------------------
Dominic Fodera, former Finance Director and Chief Financial
Officer of HIH Insurance Ltd. was sentenced in the New South
Wales Supreme Court to three years and four months
imprisonment on charges brought by Australian Securities &
Investments Commission.

Mr. Fodera had earlier pleaded guilty to a charge of knowingly
or recklessly failing to act honestly in the discharge of the
duties of his office, dishonestly and intending to gain an
advantage for HIH, namely a beneficial accounting treatment.

ASIC Chairman, Tony D'Aloisio, said that the sentence served
to demonstrate how seriously the Courts treat failures of
company officers to properly discharge their duties.

ASIC had alleged that Mr. Fodera, in his capacity as an
officer of HIH, failed to inform the directors of HIH and its
auditor of the true terms and effect of the understandings
and contractual arrangements proposed and entered into
between HIH and its related companies and Hannover
Ruckversicherungs-Aktiengesellschaft, Hannover Reinsurance
(Ireland) Ltd and E + S Reinsurance (Ireland) Ltd. (Hannover
Re), relating to the financial reporting period ended June
30, 1999.  HIH had entered into reinsurance arrangements with
Hannover Re.

HIH had accounted for the arrangements with Hannover Re on
the basis that they were reinsurance contracts involving a
transfer of risk.  The overall profit and loss impact of this
accounting treatment was the booking of an additional
AU$92.8 million to HIH's operating profit before abnormal items
and income tax.  On September 9, 1999, HIH lodged its annual
report for the 18 months from January 1, 1998 to June 30,
1999 with the Australia Stock Exchange and ASIC.  HIH
recorded a consolidated profit of AU$102 million before
abnormal items and income tax and a loss of AU$21.2 million
after abnormal items and tax.

In determining the sentence, Her Honour Justice Bell said,
"As the company's Chief Financial Officer, the offender bore
heavy responsibility in its dealings with the auditor and as
a senior executive member of the board he bore a heavy
responsibility to ensure proper disclosure of all relevant
matters within his area.  The offender's deliberate breach of
his responsibilities in each of these respects was a serious
breach of trust."

Mr. Fodera is presently in custody having been sentenced on 7
June 2007 to three years imprisonment, following his
conviction on other criminal charges laid by ASIC of
authorizing, on October 26, 1998, the issue of a prospectus
by HIH Holdings (NZ) Ltd to raise up to AU$155 million of
converting notes, that contained a material omission.

Justice Bell directed that the sentence be partly concurrent
with the sentence Mr. Fodera is presently serving on the
prospectus charge.  Her Honour specified a single non-parole
period of three years in respect of both the Hannover Re and
the prospectus charge.

The Commonwealth Director of Public Prosecutions prosecuted
the matter.

Background

Mr. Fodera is the ninth person to be sentenced in relation to
charges brought by ASIC as part of its investigation into the
collapse of the HIH Group of companies and referrals made
after the HIH Royal Commission.

The other persons to have been convicted were:

   * William Howard, former Finance General Manager of HIH,   
     sentenced on December 23, 2003 to imprisonment of three  
     years, fully suspended on the basis of a number of factors   
     including his ongoing assistance to the HIH investigation;

   * Rodney Adler, a former director of HIH, sentenced on     
     April 14, 2005 to imprisonment of four and a half years  
     with a non-parole period of two and a half years;

   * Ray Williams, former Chief Executive Officer of HIH,     
     sentenced on April 15, 2005 to imprisonment of four and  
     a half years with a non-parole period of two years and    
     nine months;
  
   * Terry Cassidy, the former Managing Director of HIH,      
     sentenced on April 29, 2005 to imprisonment of 15       
     months;

   * Antony Boulden, the former Financial Controller of FAI's
     Corporate and Professional Insurance Division, sentenced
     on December 1, 2006, to imprisonment of 12 months to be   
     served by way of periodic detention;

   * Bradley Cooper, the former Chairman of the FAI Home      
     Security Group, which had dealings with the HIH Group,      
     sentenced on June 23, 2006, to imprisonment of eight
     years with a non-parole period of five years;

   * Robert Kelly, former Assistant Company Secretary of HIH,
     sentenced on November 3, 2006 to 500 hours community     
     service;

   * Frederick Lo, former Company Secretary of HIH, sentenced
     on February 23, 2007, to imprisonment of nine months.

In addition to its criminal proceedings, ASIC:

   * Successfully brought a civil penalty action against      
     Messrs. Adler, Williams and Fodera, who were found to      
     have breached their duties under the Corporations Act.       
     Messrs. Adler and Williams were banned from acting as      
     company directors and were ordered to pay aggregate       
     compensation totalling nearly AU$8 million to HIH      
     Casualty and General Insurance Limited (together with Adler
     Corporation).  All three men also received various             
     pecuniary penalties;

   * Accepted an Enforceable Undertaking from General Re
     Australia Limited, which provided for the payment of            
     AU$27.2 million by General Re to the Liquidator of the      
     HIH Group;

   * Accepted an Enforceable Undertaking from Jonathan Pye,
     former audit partner of Arthur Andersen, the auditor of        
     HIH.  The Enforceable Undertaking was offered after ASIC      
     expressed concerns about the audit of FAI in 2000, in   
     particular in relation to the disclosure concerning a           
     AU$200 million preference share issue.

                     About HIH Insurance

HIH Insurance Limited -- http://www.hih.com.au/-- the holding
company of the HIH Group, was a publicly listed company in
Australia.  Prior to its collapse, the HIH Group was known as
the second largest general insurer in Australia, and had
operations in many other countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


HUGALL AND HOILE: Creditors Resolve to Wind Up Operations
---------------------------------------------------------
The creditors of Hugall and Hoile (Aust) Pty Ltd met on
September 20, 2007, and agreed to voluntarily liquidate the
company's business.

Martin Jones, Andrew Saker and Darren Weaver were appointed as
liquidators.

The Liquidators can be reached at:

         Martin Jones
         Andrew Saker
         Darren Weaver
         Ferrier Hodgson
         BankWest Tower, Level 26
         108 St Georges Terrace
         Perth, Western Australia
         Australia

                      About Hugall & Hoile

Hugall & Hoile (Australia) Pty Ltd is a distributor of farm and
garden machineries and equipments.  The company is located at
Malaga, in Western Australia, Australia.


HUGALL'S MERCHANDISING: Creditors Decide to Close Business
----------------------------------------------------------
At a meeting held on September 20, 2007, the creditors of
Hugall's Merchandising Pty Ltd agreed to voluntarily liquidate
the company's business.

Martin Jones, Andrew Saker and Darren Weaver were tapped as
liquidators.

The Liquidators can be reached at:

         Martin Jones
         Andrew Saker
         Darren Weaver
         Ferrier Hodgson
         BankWest Tower, Level 26
         108 St Georges Terrace
         Perth, Western Australia
         Australia

                   About Hugalls Merchandising

Hugalls Merchandising Pty Ltd is a distributor of farm supplies.  
The company is located at Thomastown, in Victoria, Australia.


KITCHEN HOUSE: Liquidator Presents Wind-Up Report
-------------------------------------------------
The members and creditors of Kitchen House Western Australia Pty
Ltd met on October 30, 2007, and received the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          G. M. Carrello
          Dickson Carrello
          Insolvency Practitioners
          London House, Ground Floor
          216 St Georges Terrace
          Perth, Western Australia 6000
          Australia

                       About Kitchen House

Kitchen House Wa Pty Ltd is a distributor of furnitures and
fixtures.  The company is located at Malaga, in Western
Australia, Australia.


LEISURETIME CENTRE: Placed Under Voluntary Liquidation
------------------------------------------------------
During a general meeting held on September 14, 2007, the members
of The Leisuretime Centre Pty Ltd resolved to voluntarily
liquidate the company's business.

Thomas G. Hackett was appointed as liquidator.

The Liquidator can be reached at:

          Thomas G. Hackett
          Hacketts Chartered Accountants
          157 Musgrave Street
          North Rockhampton, Queensland 4701
          Australia

                  About The Leisuretime Centre

The Leisuretime Centre Pty Ltd provides services allied to
motion picture distribution.  The company is located at  
Rockhampton, in Queensland, Australia.


PONDMATE AUSTRALIA: Commences Liquidation Proceedings
-----------------------------------------------------
The creditors of Pondmate Australia Pty Ltd met on September 20,
2007, and resolved to voluntarily liquidate the company's
business.

Martin Jones, Andrew Saker and Darren Weaver were tapped as
liquidators.

The Liquidators can be reached at:

         Martin Jones
         Andrew Saker
         Darren Weaver
         Ferrier Hodgson
         BankWest Tower, Level 26
         108 St Georges Terrace
         Perth, Western Australia
         Australia

                    About Pondmate Australia

Pondmate Australia Pty Ltd is a distributor of industrial
machineries and equipments.  The company is located at  Malaga,
in Western Australia, Australia.


T & I PUMPS: Undergoes Liquidation Proceedings
----------------------------------------------
The creditors of T & I Pumps & Irrigation Pty Ltd met on
September 20, 2007, and agreed to voluntarily liquidate the
company's business.

The company's liquidators are:

         Martin Jones
         Andrew Saker
         Darren Weaver
         Ferrier Hodgson
         BankWest Tower, Level 26
         108 St Georges Terrace
         Perth, Western Australia
         Australia

                        About T & I Pumps

T & I Pumps & Irrigation Pty Ltd operates miscellaneous retail
stores.  The company is located at Malaga, in Western Australia,
Australia.


URS CORP: Amends Pact with WGI to Raise Merger Consideration
------------------------------------------------------------
URS Corporation and Washington Group International Inc.'s  
definitive merger agreement for the acquisition of Washington
Group by URS has been amended to increase the consideration to
be received by Washington Group stockholders and to provide them
with the ability to elect to receive cash, stock or cash and
stock for their shares (subject to proration).

Based on the closing price of URS' common stock on Nov. 2, 2007,
the consideration is now valued at approximately US$3.2 billion,
or US$97.89 per Washington Group share, which represents a
premium of approximately 8.5% over the initial merger
consideration value of US$90.20 as of such date.  Based on the
volume weighted average price of URS' common stock during the
five trading days ending on Nov. 2, 2007, the consideration is
now valued at approximately US$3.2 billion, or approximately
US$99.00 per Washington Group share, compared with a value of
approximately US$3.0 billion, or US$91.14 per Washington Group
share (using the five trading day weighted average), under the
terms of the original merger agreement.

Under the terms of the revised merger agreement, which has been
unanimously approved by the boards of directors of both
companies, Washington Group stockholders can elect to receive
all cash, all stock, or a combination of cash and stock (subject
to proration) with a consideration value of 0.900 shares of URS
common stock plus US$43.80 in cash for each Washington Group
share.  The proration will be determined based on the volume-
weighted average price of URS' common stock during the five
trading days ending on the day before the required Washington
Group stockholder approval is received.  This five trading day
period is currently scheduled to end on Nov. 14, 2007.  The
election procedures are subject to proration to preserve an
aggregate per share mix of 0.900 shares of URS common stock plus
US$43.80 in cash for all outstanding Washington Group shares and
options (after giving effect to the options' exercise prices).  
Based on the outstanding shares and options of Washington Group
as of Sept. 30, 2007, in the aggregate, Washington Group shares
and options will be converted into approximately US$1.4 billion
in cash and approximately 29 million shares of URS common stock.  
All terms of the original merger agreement not related to the
revised merger consideration remain substantially unchanged.

Upon completion of the transaction, Washington Group
stockholders would own approximately 35% of the combined
company, compared with approximately 32% under the terms of the
original merger agreement.  Stockholders of record of URS common
stock and Washington Group common stock at the close of business
on Sept. 21, 2007 will be entitled to vote at the special
meetings.

           Dennis Washington Exercises Stock Options

Washington Group also disclosed that Dennis Washington, Chairman
of the Washington Group board of directors, has executed a
binding agreement to exercise all of his beneficially owned
stock options for 3.224 million shares of Washington Group stock
(or approximately 10% of outstanding Washington Group stock) and
vote his shares in favor of the revised merger agreement if
necessary to achieve the required Washington Group stockholder
approval.  If it is necessary for Mr. Washington to exercise his
options and vote his shares, a new record date and meeting date
for the Washington Group special meeting will be set.  Mr.
Washington has indicated that he intends to make the necessary
Hart-Scott-Rodino Act filing today in order to be able to
exercise his options, and has also indicated that if the merger
is completed he would elect to receive cash for all of his
Washington Group shares (subject to proration).

"The enhancement to the terms of our agreement reflects URS'
commitment to the combination with Washington Group and our
conviction that the transaction will create significant benefits
for the stockholders, customers and employees of both
companies," Martin M. Koffel, Chairman and Chief Executive
Officer of URS, said.  "We believe that the recent strong
performance of both companies and continued positive outlook for
our businesses warrant the increase in our offer.  However, URS
is a disciplined buyer and these terms represent our best and
final offer for Washington Group."

"We are very pleased to present this increased consideration to
our stockholders for their vote at our special meeting next
week," Washington Group President and Chief Executive Officer
Stephen G. Hanks, said.  "The increased financial terms of our
agreement with URS provide even greater value to Washington
Group stockholders, as well as a higher level of continued
ownership in the combined entity and greater flexibility to
choose between cash and stock in exchange for their shares.  The
combination of Washington Group and URS represents a unique
opportunity to create a single-source provider that can offer a
full life cycle of planning, engineering, construction,
environmental management, and operations and maintenance
services.  Our board of directors unanimously recommends that
Washington Group stockholders vote in favor of the merger
agreement."

URS expects the transaction to be slightly dilutive to GAAP
earnings per share in 2008, accretive to GAAP EPS in 2009 and
beyond, and accretive to its cash EPS in 2008 and beyond, not
including revenue synergies expected through the combination.

Consummation of the transaction is subject to the approval of
the revised definitive merger agreement by Washington Group
stockholders holding a majority of the outstanding shares and
the approval of the issuance by URS of shares of common stock in
the transaction by URS stockholders holding a majority of the
shares voting.

                 Stockholders' Special Meeting

URS and Washington Group have rescheduled the companies' special
meetings of stockholders for Nov. 15, 2007 to provide investors
with additional time to evaluate the revised offer.  
Supplemental proxy materials will be distributed to URS and
Washington Group stockholders prior to the new meeting date.

The special meeting of URS stockholders will be held at 9:00
a.m., local time, at the offices of Cooley Godward Kronish LLP,
located at 1114 Avenue of the Americas, New York, New York.  The
special meeting of Washington Group stockholders will be held at
7:00 a.m., local time, at Washington Group's offices located at
720 Park Boulevard, Boise, Idaho.

                  URS Outlook for Fiscal 2007

URS has revised its outlook for fiscal 2007 based on revenue
growth for the nine months of 2007 and the company's continued
positive outlook for its markets.  URS now expects that 2007
revenues will be approximately US$4.85 billion compared to its
prior estimate of US$4.8 billion.  Assuming this revenue
expectation is met, URS now expects that 2007 net income will be
approximately US$134 million compared to its prior estimate of
US$132 million.

URS noted that the guidance provided above does not include the
impact of the proposed acquisition of Washington Group.  

                     About Washington Group

Headquartered in Boise, Idaho, Washington Group International
Inc. -- http://www.wgint.com/-- provides the talent,  
innovation, and proven performance to deliver integrated
engineering, construction, and management solutions for
businesses and governments worldwide.  The company has
approximately 25,000 people at work around the world providing
solutions in power, environmental management, defense, oil and
gas processing, mining, industrial facilities, transportation
and water resources.

                         About URS Corp.

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

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

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

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


* Australian Biodiesel Industry Collapsed
-----------------------------------------
The biodiesel industry in Australia has collapsed due to the
increasing price of tallow, which is used to make the fuel,
Bloomberg News relates, citing Katrina Nicholas of The
Australian Financial Review.

Aside from the price hike, the industry has also been
affected by the Australian Government's removal of incentives
to use biodiesel in July 2006, relates Bloomberg.

The report says that the Australian Renewable Fuels placed
its Australian plants on care and maintenance on November 2,
2007.

According to the report, the stock of Australian Biodiesel Group
was placed in trading halt on November 5, 2007.  Furthermore,
all companies have suffered a fall in share price and are
considering their strategies.


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

ASAT HOLDINGS: Schedules Annual Shareholder Meeting for Dec. 13
---------------------------------------------------------------
ASAT Holdings Limited (Nasdaq: ASTT), a global provider of
semiconductor package design, assembly and test services,
announced that it has scheduled its 2007 annual meeting of
shareholders for Thursday, December 13, 2007, at 10:00 a.m.
China Standard Time.  The meeting will be held at the Company's
Dongguan Factory in China, which is located in the Zhen An Hi-
Tech Industrial Park on Zhen An Road in Chang An Town, Dongguan
City, Guangdong Province, 523850.

Shareholders of record at the close of business on November 6,
2007, will receive a copy of the definitive proxy statement.

In accordance with the Securities and Exchange Commission's new
Notice and Access rule, the Company will not mail its Annual
Report, instead making it available online no later than
November 15, 2007, at http://www.asat.com/investor/annual.php

ASAT will furnish a hardcopy of the Annual Report, once
available, free of charge and within a reasonable time to any
shareholder who requests one.  Please contact Ed Varga at (866)
405-0393 or e-mail your request to 2007arrequest@asat.com.

                     About ASAT Holdings

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

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


ASIA VIEW: Requires Creditors to File Claims by Dec. 6
------------------------------------------------------
The creditors of Asia View Holdings Limited are required to file
their proofs of debt by December 6, 2007, to be included in the
company's dividend distribution.

The company went into liquidation on October 29, 2007.

The company's liquidator is:

         Zhang Yun
         Tung Hip Comm. Bldg., Room 803
         248 Des Voeux Road Central
         Hong Kong


CHINA EVERBRIGHT: To Sell Shares to Investors After Bailout
-----------------------------------------------------------
China Everbright Bank Co. intends to invite foreign strategic
investors and sell shares to the public after a CNY20-billion
(US$2.7 billion) capital injection, Josephine Lau and Luo Jun
write for Bloomberg News.

Everbright Bank hopes to receive the capital infusion to its
long-awaited restructuring plan from the government by the end
of this month, Reuters relates, citing the bank's chairman, Tang
Shuangning.

Specifically, the injection would come from Central Huijin, an
arm of China's sovereign wealth fund, Mr. Tang told reporters.

Bloomberg recounts that in August, Central Huijin Investment
Co., a Chinese state holding company, agreed to buy 20 billion
new shares at CNY1 each.

China's eighth-biggest bank hired China International Capital
Corp. and Morgan Stanley to find a foreign strategic investor
before an initial public offering that may raise at least
US$1 billion next year, the report says.

Ms. Lau recalls that Everbright Bank's capital-adequacy ratio
stood at 4.65% at the end of 2003, which was the last time it
published an annual report.  The figure was below the 8% minimum
required by the banking regulator.

As of June 30, 2006, Everbright Bank had assets of
CNY553.7 billion and operated more than 380 outlets nationwide,
Ms. Lau further points out.  The bank's bad loan ratio was
estimated at 8.2%, compared with an average 2.4% for China's 12
mid-sized national banks.  Moreover, Everbright Bank said it had
an unaudited profit of CNY2.76 billion last year, up 22% from a
year earlier.



Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.

The Troubled Company Reporter-Asia Pacific stated on Aug. 9,
2007, that China has approved mid-sized lender China Everbright
Bank's plan for financial restructuring, paving the way for a
capital injection and eventual listing.

China Everbright Bank is saddled with debts partly because of
its takeover of the troubled China Investment Bank in the late
1990s.


CITIC PACIFIC: To Buy Korean Steel for Australia Mine Project
-------------------------------------------------------------
CITIC Pacific Ltd inked a deal to acquire Korean Steel, which
holds the rights to develop a 1-billion tonne magnetite iron ore
project in the Pilbara region of Western Australia, The Age
reports.

The Age relates that the agreement is with cashed-up
entrepreneur Clive Palmer and his private company Mineralogy.
Korean Steel is a wholly owned subsidiary of Mineralogy.

The South China Morning Post says that the mainland conglomerate
agreed to buy rights to the mine for US$200 million
(AU$217.39 million).  In addition, The Age says, CITIC will pay
continuing royalty to Mineralogy.

According to The Age, under the deal, CITIC will develop a port
at Cape Preston, about 100 kilometers south of Dampier, which
Australasian will have access to on a capital and operating
shared-cost basis.

It is CITIC's second deal with Mineralogy, The Age points out.
The first one is an agreement signed in March 2006 relating to
the acquisition of a right to mine up to 6 billion tonnes of
magnetite iron ore at Mineralogy's large Balmoral deposit in WA.

The report adds that State-owned Shougang, China's fourth-
largest steel maker, is providing all the funding for the
funding, estimated to be US$2.1 billion (AU$2.28 billion),
through an interest-free loan.

The Morning Post cites Shougang Concord's deputy managing
director, Michael Chen Zhouping as saying that they are
conducting a feasibility study on the project, and if the
results were good, Shougang could take a 50% stake in it and
sign an agreement to buy all the iron ore produced.

Trading Markets says that CITIC Pacific shares were higher after
reports on the deal, which is said to be part of the company's
efforts to hedge further price increases in the key raw
material.

At 3:20 p.m. on Nov. 6, CITIC Pacific shares were up HKD0.25 or
0.55% at 45.45, off a high of 47.9.


Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of    
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


COUNTRY GARDEN: Offers Higher Yields in Bond Sale
-------------------------------------------------
Country Garden Holdings Company is offering higher yields for
its bond deal than previously targeted, a source close to the
deal told Reuters.

The report relates that Country Garden is offering a 5-year
tranche at yields of 9.25%, and a 10-year tranche at around 10%,
the source said.  That would compare with previous guidance of
around 9% and 9.75%, respectively.

The Chinese property developer is seeking to raise US$1 billion
overall compared to previous estimates of up to US$1.5 billion.

According to Reuters, the offering, which is the biggest high-
yield bond sale from a Chinese mainland firm, comes amid market
speculation that a glut of debt deals from the Chinese property
sector could be making it harder to attract strong interest from
investors.

Agile Property Holdings Ltd, a rival of Country Garden, is
marketing a US$400 million bond deal that could price as early
as next week, Reuters says.

Morgan Stanley and UBS were the joint global coordinators for
the Country Garden sale.  Other joint lead managers and
bookrunners were BOC International, Citigroup, Deustche Bank,
HSBC, and JPMorgan.


Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is a leading integrated
property developer in China.  As of August 2007, it had a
sizeable land bank of 51.9 million square meters, and spread
over 45 projects in 20 cities in the provinces of Guangdong,
Anhui, Hubei, Hunan, Jiangsu and Liaoning, and the two
municipalities of Chongqing and Tianjin.

The Troubled Company Reporter-Asia Pacific reported on Oct. 31,
2007, that Moody's Investors Service assigned first-time Ba1
corporate family rating to Country Garden Holdings Company
Limited.  At the same time, Moody's assigned a provisional (P)
Ba1 senior unsecured debt rating to its proposed US dollar bonds
(maturing 2012 and 2017).  The outlook for the ratings is
stable.

The bond rating will be removed from its provisional status once
Country Garden has successfully completed the bonds issuance,
and which is intended to fund capital needs for its existing and
new projects.


CYBERSPEED TECHNOLOGY: Court to Hear Wind-Up Petition on Dec. 12
----------------------------------------------------------------
On September 28, 2007, the Hong Kong and Shanghai Banking
Corporation Limited filed a petition to have Cyberspeed
Technology Co., Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
December 12, 2007, at 9:30 a.m.

The Petitioner's solicitor is:

          Johnson Stokes & Master
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


DANA CORP: To Settle 7,500 Claims for US$2 Million
--------------------------------------------------
Dana Corp. has agreed to pay a total of US$2 million to 7,500
personal injury claimants to resolve their lawsuits stemming
from asbestos-laden gaskets produced by the Company, The
Associated Press reports.

A court hearing on the proposed settlement is scheduled for
Nov. 15, 2007.

In papers filed on Oct. 26, 2007, with the U.S. Bankruptcy Court
in Manhattan, the Company called the settlement a "reasonable
and expedient way" to resolve the claims without litigation.

The company, which sought Chapter 11 bankruptcy protection in
March 2006, is trying to exit bankruptcy protection under a
reorganization plan that calls for unsecured creditors to
recover between 72 percent and 86 percent on their claims.

The Company has said asbestos-related personal-injury claims,
which totaled 150,000 as of June 30, 2007, will pass through its
bankruptcy unchanged.

However, the Company said many of the claimants have not become
sick.  According to court papers, about seven percent of the
asbestos claims filed against the Company allege mesothelioma or
cancer.

The company said it has pursued settlements to avoid further
litigation costs. The latest settlement, which will cost a
maximum US$2 million if all claimants can submit the required
proof to support their claims, will resolve about seven percent
of the mesothelioma claims and four percent of the cancer claims
filed against the Company.

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

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

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

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

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

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


FORCEWAY INDUSTRIAL: Creditors' Proofs of Debt Due on Nov. 16
-------------------------------------------------------------
The creditors of Forceway Industrial Limited are required 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


FUNBO ENTERPRISES: Liquidator to Give Wind-Up Report on Dec. 4
--------------------------------------------------------------
The members of Funbo Enterprises Limited will meet on Dec. 4,
2007, at 10:00 a.m., at the 9th Floor of Tung Sun Commercial
Centre, 200, Lockhart Road, in Wanchai, Hong Kong.

At the meeting, Wong Ming Wai Rayson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


INTERCARGO INSURANCE: Members' General Meeting Set for Dec. 7
-------------------------------------------------------------
The members of Intercargo Insurance Company H.K. Limited will
hold their final general meeting on December 7, 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:

          Yao Hing Kwok, Danny
          3J Evelyn Towers
          38 Cloudview Road, North Point
          Hong Kong


KING FAI: To Hold General Meeting on Dec. 18
--------------------------------------------
King Fai Industries Limited will hold a general meeting for its
members on December 18, 2007, at 3:00 p.m., at Room 701B, 7th
Floor of Nan Dao Commercial Building, 359-361 Queen's Road, in
Central, Hong Kong.

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


PETROLEOS DE VENEZUELA: Refutes Reports of Lower Oil Production
---------------------------------------------------------------
Venezuelan Energy and Oil Minister and Petroleos de Venezuela's
head, Rafael Ramirez, denied reports that there's been a drop in
oil production, Prensa Latina reports.

The energy minister told the National Assembly's Finance
Committee that current output is at 3.2 millions barrels per
day.  The company plans to increase daily output in 2008 to 3.6
million.

To support his statement, the energy minister pointed out that
Petroleos de Venezuela has allocated US$10 billion for
investments this year, compared to last year's US$6 billion.

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.


PHILIP Y. CHEUNG: Shareholder's General Meeting Set for Dec. 3
--------------------------------------------------------------
Philip Y. Cheung Company Limited will hold the final general
meeting for its shareholders on December 3, 2007, at 10:00 a.m.,
at Room 603, 6th Floor of Hart House, 12-14 Hart Avenue, in Tsim
Sha Tsui, Hong Kong.

At the meeting, Cheung Man Lai Lorraine, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


POLYMER GROUP: Proposes To Sell Class A Common Shares
-----------------------------------------------------
Polymer Group, Inc., and selling stockholders consisting
primarily MatlinPatterson Global Opportunities Partners, L.P.
and certain of its affiliates, propose to sell 5,455,000 shares
of the company's Class A Common Stock, consisting of 3,636,000
shares proposed to be sold by the company and 1,819,000 shares
to be sold by the selling shareholders.

Polymer Group will not receive any proceeds from the sale of the
shares by the selling stockholders.  The company intends to use
the proceeds of the shares sold by the company to repay debt
under its existing senior secured credit facility.

Additionally, the company announced that upon the pricing of the
offering, it expects that its Class A Common Stock will be
listed on the New York Stock Exchange and will trade under the
ticker symbol "PGO."

The offering is being made through an underwriting syndicate led
by J.P. Morgan Securities Inc. and Citigroup Global Markets,
Inc.  The other co- managing underwriters are Deutsche Bank
Securities Inc., Robert W. Baird & Co. Incorporated and KeyBanc
Capital Markets Inc.

                    About Polymer Group

Polymer Group, Inc., -- http://www.polymergroupinc.com/--  
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services said that its
'B-' corporate credit rating and other ratings on Intertape
Polymer Group Inc. remain on CreditWatch with negative
implications, following the company's recent announcement of a
proposed rights issue of up to US$90 million.


SHEEN UP: Court to Hear Wind-Up Petition on November 21
-------------------------------------------------------
On September 7, 2007, Wide Profit Finance Limited filed a
petition to have Sheen Up Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
November 21, 2007, at 9:30 a.m.

Wide Profit's solicitors are:

          J. Chan & Lai
          Room 1901, 19th Floor
          77 Des Voeux Road Central
          Hong Kong


SHINSHO ELECTRONICS: Members to Receive Wind-Up Report on Dec. 4
----------------------------------------------------------------
The members of Shinsho Electronics Components (Hong Kong) Co.,
Limited, will meet on December 4, 2007, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at the 20th Floor of Prince's Building,
in Central, Hong Kong.


UNRIVALED FLIBUSTER: Members and Creditors to Meet on Dec. 3
------------------------------------------------------------
A final general meeting will be held for the members and
creditors of Unrivaled Flibuster of Orient Limited on Dec. 3,
2007, at 10:00 a.m. and 10:30 a.m., respectively at Room A, 14th
Floor of Amtel Building, 144-148 Des Voeux Road, in Central,
Hong Kong.

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


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

AFFILIATED COMPUTER: S&P Keeps 'BB' Ratings Under Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' corporate
credit and senior secured ratings on Dallas-based Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on March 20, 2007.
     
The company announced that five independent directors have
agreed to resign from ACS' board at the request of its chairman.  
This follows the withdrawal of the US$6.2 billion buyout offer
by private equity firm Cerberus Capital Management.
     
"We will continue to monitor developments surrounding the
dispute within the company's board of directors," said Standard
& Poor's credit analyst Phil Schrank.  "Additionally, we will
discuss with management strategic alternatives to enhance
shareholder value."

                  About Affiliated Computer

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --   
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.


AFFILIATED COMPUTER: Earns US$66.1 Mil. in Qtr. Ended Sept. 30
--------------------------------------------------------------
Affiliated Computer Services Inc. reported results of its first
quarter fiscal year 2008 ended Set. 30, 2007.

The company reported net income of US$66.1 million for the first
quarter of fiscal 2008, compared with net income of
US$61.4 million for the first quarter of fiscal 2007.

The company reported revenues of US$1.49 billion, an 8% increase
compared to the prior year quarter.  The company's internal
revenue growth rate for the quarter was 6%.  First quarter
adjusted non-GAAP operating income was US$164 million, a 10%
increase over the prior year quarter adjusted non-GAAP operating
income.  Consolidated adjusted non-GAAP operating margins were
11.0%, a 30 basis point increase from the prior year quarter
adjusted non-GAAP operating margins.

"Our goals for 2008 are to show consistent and good growth in
revenue, operating income and earnings per share each quarter.
Our first quarter results demonstrate that we are accomplishing
our objectives," said Lynn Blodgett, ACS president and chief
executive officer.  "Our operational execution is excellent, our
financial discipline strong and systematic, and our focus on
cost reduction is organized and constant.  I am confident that
2008 will be a strong year for ACS."

Cash flow from operations during the first quarter was
approximately US$8 million.  This quarter's cash flow results
were impacted by the company's annual management incentive
compensation payments and the timing of accounts receivable
collections.  Capital expenditures and additions to intangible
assets were approximately US$75 million, or 5% of revenue.  Free
cash flow during the quarter was negative US$67 million.

The company's first quarter cash flow results also included
approximately US$41 million, or approximately 3% of revenues, of
interest paid on debt, cash paid related to legal and other
costs associated with the ongoing stock option investigations,
potential sale of the company and shareholder derivative
lawsuits, partially offset by cash interest income.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$6.08 billion in total assets, US$3.92 billion in total
liabilities, and US$2.16 billion in total shareholders' equity.

                  About Affiliated Computer

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                        *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.


AGILENT TECH: Develops Genetic Analysis System w/ BioNanomatrix
---------------------------------------------------------------
Agilent Technologies Inc. and BioNanomatrix Inc. have entered
into a collaboration to develop a new genetic analysis system
combining the two companies' technologies.  BioNanomatrix, which
develops breakthrough nanoscale whole genome imaging and
analytic platforms, will apply its innovative nanoscale single
molecule imaging technology to develop consumable chips and
reagents, while Agilent will develop the measurement
instrumentation platform for the system.

"This collaboration with Agilent provides us with the
opportunity to join forces with a global life sciences leader to
accelerate the development of our unique nanoscale whole genome
imaging technology," said Dr. Michael Boyce-Jacino, chief
executive officer of BioNanomatrix.  "We now have a partner with
strong life sciences expertise and capabilities committed to
working with us to develop key life-sciences applications, such
as assays for genotoxicity and cytogenetics, as well as
potentially DNA sequencing."

BioNanomatrix is developing pioneering technology that enables
nanoscale single molecule identification and analysis of the
entire genome, delivering single-molecule sensitivity in a
highly parallel format.  The company's patented analytic
platform based on this technology has the potential to provide
rapid, comprehensive and cost-effective ultra-high resolution
analyses of DNA.  The two companies intend to collaborate
closely in the development of an integrated system and
applications.

"BioNanomatrix's unique nanoscale whole genome imaging and
analysis technology, with sensitivity at the level of the single
molecule, has the potential to enable a number of important new
applications for life sciences research and clinical medicine,"
said Nick Roelofs, vice president and general manager of the
Life Sciences Solutions Unit at Agilent.  "We are committed to
continuing our leadership in developing important new
technologies and solutions for our customers, and we look
forward to collaborating with the BioNanomatrix team to enable
these powerful new capabilities to reach the marketplace."

Further details of the agreement were not disclosed.

                   About BioNanomatrix

BioNanomatrix -- http://www.BioNanomatrix.com/-- is developing  
breakthrough nanoscale whole genome imaging and analytic
platforms for applications in clinical genetics, cancer
diagnostics and other biomedical applications.  The company is
applying its expertise in nanochips, nanodevices and nanosystems
to develop its patented platform technology to provide fast,
comprehensive, and low-cost analysis of genomic, epigenomic and
proteomic information with sensitivity at the single cell/single
molecule level.  BioNanomatrix's technologies are licensed
exclusively from Princeton University.  Founded as a spin-out of
Princeton University in 2003, the company is headquartered in
Philadelphia, Penn.

                    About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                       *     *     *

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


GENERAL MOTORS: Moody's Affirms B3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service on Nov. 7 affirmed its rating for
General Motors Corporation (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured and SGL-1 Speculative
Grade Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for US auto
sales GM has announced that it will take a non-cash charge of
US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets (DTAs) in the US, Canada and Germany.  Moody's ratings of
GMAC LLC (Ba2 senior unsecured/Negative outlook) and of
Residential Capital, LLC (Ba3 senior unsecured/Negative outlook)
are unaffected by this action.

GM's valuation allowance was established in accordance with
guidelines under the Financial Accounting Standards Board's
Statement of Financial Accounting Standards (SFAS) No. 109, and
reflects three recent negative developments that were cited by
the company.  These include GM's substantial cumulative losses
in the US, Canada and Germany for the three-year period through
the third quarter of 2007, the ongoing weakness at GMAC
Financial Services related to its Residential Capital, LLC
mortgage business, and the more challenging near-term automotive
market conditions in the US and Germany.

The establishment of the allowance is a non-cash event that does
not affect GM's US$27 billion cash liquidity position, its
ability to access over US$5 billion in long-term committed
credit facilities, or its new product and operating plans.  In
addition, GM's longer term operating efficiencies, cost
structure and cash generation will improve significantly by 2010
as a result of the new UAW labor agreement; annual cash savings
could exceed US$4 billion.  However, the recent and continuing
erosion in US market conditions will likely result in GM's
performance during 2008, and possibly into 2009, being weaker
than originally anticipated.  These more challenging market
conditions include: the continued erosion in US consumer
confidence, the significant tightening of credit markets,
weakness in the US housing market, and the growing possibility
that US automotive shipments will be below 16 million units
during 2008.

This significant weakening in market conditions and the
increasingly negative impact they will have on GM's performance
into 2009 are key factors in Moody's decision to stabilize GM's
rating outlook.

In addition, GM has faced a number of challenges with respect to
accounting and financial reporting matters.  These accounting
challenges include: the need for restatements of past
financials, delayed filings of financial reports, ongoing
investigations and inquiries by the SEC and other governmental
agencies, and the determination by its auditors that as of
Dec. 31, 2006, certain material weaknesses existed in various
internal control and reporting practices.  The change in the
outlook to stable also considers the elements of variability in
GM's financial statements, including the US$39 billion
allowance.

During the coming year Moody's will continue to assess the
degree to which GM can successfully implement its new product
strategy and take full advantage of the cost savings available
under the new UAW agreement. Success in these areas will be
necessary in order to contend with challenges that include: US
automotive shipments that could be below 16 million units during
2008, continued high fuel prices, the need to generate stronger
returns in its car franchise, and rising competition in the
truck and SUV segments. Should evidence suggest that GM is on
track to generate positive free cash flow, sustain interest
coverage exceeding 1x, and achieve EBITA margins approximating
2.5% during the 2009 time frame, the rating outlook could be
revisited.

General Motors Corporation, headquartered in Detroit, is the
world's largest automaker, based on 2006 sales.


RAIN CALCINING: Andhra Pradesh Court OKs Scheme of Arrangement
--------------------------------------------------------------
Rain Calcining Ltd disclosed in a filing with the Bombay Stock
Exchange that the High Court of Andhra Pradesh has approved
approving the company's amalgamation with Rain Commodities Ltd
pursuant to a scheme of arrangement.

Among others, the scheme provides for the:

   1. amalgamation effective from April 1, 2007;

   2. transfer of Calcined Petroleum Coke and Power Business    
      from Rain Commodities to Rain Industries Ltd with effect
      from April 1, 2007;

   3. transfer of Cement Business from Rain Industries to Rain
      Commodities with effect from July 1, 2006.

In view of the approval of the scheme and based on the advice of
independent advisors, the financial performance of the CPC and
power businesses carried-out by the company, would be considered
appropriately by Rain Industries with effect from April 1, 2007.
Furthermore, Rain Commodities would be approving its financial
results, after giving effect to the scheme.

The company will not be publishing the financial results for the
quarter ended Sept. 30, 2007, the BSE regulatory adds.

Headquartered in Hyderabad, India, Rain Calcining Ltd --
http://www.raincalcining.com/-- is one of the top five
producers of calcined coke globally, and is the largest in Asia.
It has an annual production capacity of 0.6 million tons, and
its plant is located in Visakhapatnam (India).  Aside from
calcining, the company also operates in the power and trading
segments.

Standard & Poor's Ratings Services on Oct. 29, 2007, assigned
its 'B' corporate credit rating on Rain Calcining and its
subsidiary, CII Carbon LLC.  The outlook is  
stable.

On Oct. 19, 2007, Moody's Investors Service assigned a B2
corporate family rating to Rain Calcining and a B1 rating to its
secured bank facility.  On the same date, Fitch gave the company
a 'B' long-term foreign currency issuer default rating.


RPG CABLES: Loss Widens 9.3% to INR62.1MM in Qtr. Ended Sept. 30
----------------------------------------------------------------
RPG Cables Ltd's net loss widened by 9.3% to INR62.1 million in
the quarter ended Sept. 30, 2007, from the INR56.8-million loss
incurred in the same period a year ago.

Total income in the July-Sept. 2007 quarter increased 43.7% to
INR625.6 million but was brought down with the greater upward
move of operating expenses -- by 51.6% to INR604.4 million --
hence a lower operating profit of INR21.2 million compared to
last year's INR36.7 million.

Interest charges for the latest quarter under review aggregated
INR74.4 million, while depreciation expenses totaled INR8.7
million.

The company noted in its financial results filed with the Bombay
Stock Exchange that the State Bank of India, operating agency
appointed by India's Board for Industrial and Financial
Reconstruction, has prepared a modified rehabilitation scheme
for the revival the company and has submitted the same to the
BIFR.

A copy of the company'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?2511

Headquartered in Mysore, India, RPG Cables Ltd. operates in two
segments: Power cables and Telecommunication cables.  The
company manufactures power and control cables, jelly filled
telephone cables, optical cables and housewiring cables.

The Troubled Company Reporter-Asia Pacific reported on Nov. 2,
2007, that RPG Cables has a stockholder's equity deficit of
US$20.19 million.


SAMTEL COLOR: Loss Widens to INR274 Mil. in Qtr. Ended Sept. 30
---------------------------------------------------------------
In the three months ended Sept. 30, 2007, Samtel Color Ltd
booked a net loss of INR274.5 million, more than 45 times the
INR6-million loss the company incurred in the same period in
2006.

Samtel Color's total income slipped 22.7% from INR3.01 billion
in the July-Sept. 2006 quarter to INR2.33 billion in the latest
quarter under review.  Operating expenses, however, didn't went
down as much -- by 12% to INR2.36 billion -- giving the company
an operating loss of INR33.5 million compared to the INR329.4-
million operating profit last year.

In the latest quarter under review, the company also booked
interest charges of INR195.9 million and depreciation expenses
of INR161.3 million, both more than those incurred in the same
quarter in 2006.

A copy of Samtel Color'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?2510

Headquartered in New Delhi, India, Samtel Color Ltd --
http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a
range of display devices like television picture tubes, tubes
for avionics, medical and industrial applications, glass parts
for picture tubes, components for tubes like deflection yokes
and engineering services.  The company's manufacturing facility
has a production capacity of approximately 6.2 million tubes per
annum.  The deflection yoke (DY) division of Samtel Color
manufactures DYs for color picture tubes.  The division supplies
its products to the color picture tube division, as well as some
television manufacturers in India.  The division also
manufactures deflection yokes for export to tube and television
manufacturers in South East Asia.  The electron devices division
of Samtel Color is a manufacturer of electron guns for color
picture tubes. The company also manufactures glass for
television and display tubes.  Through Samtel Electron Devices
GmbH, the company manufactures professional cathode ray tube
(CRTs).

As reported by the Troubled Company Reporter-Asia Pacific on
June 30, 2006, ICRA Limited has downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the company's income and profits.


SAURASHTRA CEMENT: Incurs INR36-Mil. Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Saurashtra Cement Ltd reported a net loss of INR36.26 million in
the quarter ended Sept. 30, 2007, compared to the net profit of
INR124.08 million earned in the same period last year.

Despite increased revenues, the company posted a negative bottom
line because of rising expenditures.  Total income went up by
6.7% to INR918.47 million while operating expenditures rose
20.2% to INR848.18 million giving the company an operating
profit of INR70.29 million in the July-Sept. 2007 quarter.

The company, however, noted that during the quarter, annual
maintenance cost has been accounted for as per Accounting
Standard 25 issued by the Institute of Chartered Accountants of
India, hence figures are not comparable with corresponding
quarter of the previous year.

The company also booked interest charges of INR78.2 million,
depreciation of INR48.45 million and INR20.1 million in taxes.

A copy of the company's financial results for the quarter ended
Sept. 30, 2007, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?250f

The flagship company of The Mehta Group, Saurashtra Cement Ltd.
-- http://www.mehtagroup.com/scement.htm-- manufactures and         
exports cement including Ordinary Portland Cement, Pozzolana
Portland Cement, Sulphate Resistant Cement and Portland Slag
Cement.  SCL markets cement under the brand name "HATHI CEMENT".
The company also exports clinker.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
changed the outstanding rating of Saurashtra Cement's
INR477.6-million Non-Convertible Debenture Issue from 'D' to
'Not Meaningful.'  The revision followed the company's
registration in the Board of Industrial and Financial
Reconstruction as a Sick Industrial Company pursuant to the
SIC (SP) Act, 1985.

Saurashtra Cement is currently restructuring its debts.  Its
proposal for restructuring under the Corporate Debt
Restructuring Mechanism was approved through the letters issued
by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006.


SUN MICROSYSTEMS: Earns US$89 Million in First Quarter of 2007
--------------------------------------------------------------
Sun Microsystems Inc. reported financial results for its fiscal
first quarter, which ended Sept. 30, 2007.

Revenues for the first quarter of fiscal 2008 were US$3.219
billion, an increase of approximately 1% as compared with
US$3.189 billion for the first quarter of fiscal 2007.  Total
gross margin as a percent of revenues was 48.5, an increase of
5.0 percentage points, as compared with the first quarter of
fiscal 2007.

Net income for the first quarter of fiscal 2008 on a GAAP basis
was US$89 million as compared with a net loss of US$56 million
for the first quarter of fiscal 2007.  GAAP net income for the
first quarter of fiscal 2008 includes a US$113 million
restructuring charge.

Cash generated from operations for the first quarter of fiscal
2008 was US$574 million, and cash and marketable debt securities
balance at the end of the quarter was US$5.193 billion.

"We showed continued execution and operating discipline and
delivered a very solid first quarter with continued revenue
growth, profitability and gross margin expansion," said Jonathan
Schwartz, CEO of Sun Microsystems.  "We saw particular strength
in our high-end systems lineup, good growth in our subscription-
based identity management software offerings, and even more
adoption and momentum behind the award-winning open source
SolarisTM 10 Operating System and our virtualization offerings.
Growth remains our top priority for fiscal 2008 as we look to
capitalize on our UltraSPARC(R) T2 servers, delivering
outstanding Solaris and Linux performance with extreme energy
efficiency."

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network  
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                       *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


SUN MICROSYSTEMS: Inks Broad Contributor Pact with Red Hat
----------------------------------------------------------
Red Hat Inc. has signed an agreement with Sun Microsystems to
advance open source Java(TM) software.  Red Hat has signed Sun's
broad contributor agreement that covers participation in all
Sun-led open source projects by all Red Hat engineers.

In addition, Red Hat has signed Sun's OpenJDK Community TCK
License Agreement.  This agreement gives the company access to
the test suite that determines whether an implementation of the
Java Platform Standard Edition (Java SE) platform that is
derived from the OpenJDK project complies with the Java SE 6
specification.

Red Hat is the first major software vendor to license the Java
SE Technology Compatibility Kit (TCK), in support of Java SE
compatibility.  To help foster innovation and advancement of the
Java technology ecosystem, Red Hat will also share its
developers' contributions with Sun as part of the OpenJDK
community.  These agreements pave the way for Red Hat to create
a fully compatible, open source Java Development Kit (JDK) for
Red Hat Enterprise Linux, including the Java Runtime Environment
(JRE).

As a contributor, Red Hat will have full access to the OpenJDK
code base as well as the Java SE 6 TCK to eventually deliver a
JRE for Red Hat Enterprise Linux that would significantly
enhance Java software applications.  Red Hat customers will
benefit from a highly optimized, accelerated runtime for JBoss
Enterprise Middleware in a Linux environment.

"Red Hat fully supports Sun's courageous decision to open source
Java technology.  After more than 10 years of continuous
leadership, the Java technology ecosystem will enter an era of
accelerated innovation and benefit from extreme pervasiveness on
a wide range of environments," said Sacha Labourey, CTO of
JBoss, a division of Red Hat.  "Through these strategic
agreements, Red Hat commits to contribute to the Java platform
and distribute a compatible, open source Java software
implementation."

One of the first benefits of this agreement is tighter alignment
with the IcedTea project, which brings together Fedora and
JBoss.org technologies in a Linux environment.  IcedTea provides
Free Software alternatives for the few remaining proprietary
sections in the OpenJDK project.

Earlier this month, Red Hat Middleware LLC division was re-
elected by program members of the Java Community Process to the
Executive Committee for the Standard/Enterprise Edition.  Red
Hat will serve as a voting member for three years, helping guide
the evolution of Java technologies.  The company currently leads
the Web Beans Expert Group and has made significant
contributions in the past to specifications such as Enterprise
JavaBeans 3.0.

"Sun welcomes Red Hat to the OpenJDK community," said Rich
Green, executive vice president, Software at Sun Microsystems.
"It is a vote of confidence to have Red Hat, a leader in open
source, engaging with the community on such a broad scale.  When
we open-sourced our Java software implementation, we hoped to
see just this kind of collaboration between the GNU/Linux world
and the Java technology ecosystem.  It is gratifying to see the
promise of open-source Java technology coming true with Red
Hat's leadership."

                       About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.  
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                  About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network  
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                       *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


TATA MOTORS: Reports 13% Growth in October Vehicle Sales
--------------------------------------------------------
Tata Motors Ltd reported a total sale of 49,354 vehicles
(including exports) for the month of October 2007, a growth of
13% compared to 43,743 vehicles sold in October last year.  The
domestic market continues to be sluggish, due to the high
interest rate regime, continuing to affect retails.

Commercial Vehicles

The company's sales of commercial vehicles in October 2007 in
the domestic market were 27,103 units, a growth of 16% compared
to 23,354 vehicles sold in October last year.  Medium and Heavy
Commercial Vehicle sales stood at 13,980 units, a growth of 6%
over October 2006, while Light Commercial Vehicle sales were
13,123 units, a growth of 29% over October 2006, and could have
been better, but for acute shortage of tyres.

Passenger Vehicles

The passenger vehicle business achieved total sales of 18,021
vehicles in the domestic market in October 2007, a growth of 8%
over October 2006.  The Indica reported sales of 11,658 nos., a
growth of 6% over October 2006.  The Indigo family registered
sales of 2,353 units, a growth of 37% over October 2006.  The
Sumo and Safari accounted for sales of 4,010 units, flat
compared to October 2006, but a growth of 21% over September
2007.  The new Safari Dicor 2.2 VTT launched in the month has
received a very encouraging response, with the Safari selling
1716 units, a growth of 19.5% over October 2006 and a growth of
70% over September 2007.

Exports

The company's sales from exports at 4,230 vehicles in October
2007 grew by 16% as compared to 3,663 vehicles in October 2006.

                       About Tata Motors

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

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

                          *     *     *

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

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


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

ALCATEL-LUCENT SA: Posts EUR318-Million Net Loss in 3rd Quarter
---------------------------------------------------------------
Alcatel-Lucent S.A. posted a EUR318 million net loss on
EUR4.35 billion net revenues for the third quarter 2007.  For
the quarter, the company reported a EUR345 million group net
loss, including EUR87 million in impact from purchase price
allocation entries.

Alcatel-Lucent also provided adjusted financial results to show
provide comparable information, which exclude the main non-cash
impacts from purchase price allocation entries.  

For the third quarter, Alcatel-Lucent posted EUR231 million in
adjusted net loss and EUR258 million in adjusted group net loss.

As of Sept. 30, 2007, the company's debts total EUR124 million.

"As you can see our results this quarter were essentially in
line with the update we provided on September 13, and in a few
areas a bit better; however they are still not at a level that
we are satisfied with," chief executive Patricia Russo said.

"We believe that our strategy, our product portfolio and our
expertise align with the long-term market drivers that will
underpin the industry for the next several years, as networks
migrate to all-IP based architecture.  During the first nine
months of operations as a single company, we strengthened our
position in key strategic markets and technologies such as IP
and mobile broadband required to position the company for long-
term sustained growth.

"Having said that, and in spite of the promise of this industry
and the long-term benefits of the merger, we recognize that
market conditions remain difficult, with continued pressure on
revenues and margins due to intensified competition and some
slowdown of spending in North America.  These market conditions
along with our commitment to transform the company for the long-
term lead us to put in place an aggressive three-part plan to
improve profitability and reposition the business."

The Board fully supports the plan presented, which includes:

   -- streamlining the core carrier business, accelerated
      product cost improvement with increased portfolio focus on
      IP transformation of wireline and wireless networks;

   -- enhancing growth by developing an offensive strategy on
      sectors offering a strong growth potential, namely:

      * high value added services and applications for the
        carrier markets;

      * solutions for the enterprise markets and Industry and
        Public Sector; and

   -- streamlining the company's organization into a simplified
      model with a focused management committee with clear
      accountabilities and ownership to quickly execute the
      plans.

This plan will result in an acceleration of cost structure
improvement, especially in support functions and other savings
arising from the realigned and streamlined Carrier Business
Group.  

The company expects that this plan will result in incremental
savings of EUR400 million in gross margin and comparable
operating expenses by the end of year 2009.  This implies an
acceleration of our ongoing headcount targets into 2008 with
incremental reductions of about 4,000 by 2009.

Ms. Russo added, "These are difficult but necessary decisions,
and we will manage these reductions with care. With this plan,
the company is targeting gross margins in the high 30\u2019s and
operating margins of 10% or better in the post integration phase
beginning 2010."

                           Outlook

For the fourth quarter 2007 the company expects a solid ramp up
in revenue over the third quarter 2007.  For the full year,
given some of the recent uncertainty seen in the market,
revenues are likely to be around flat at constant Euro/US$
exchange rate which is at the low end of the range previously
provided.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                        *     *     *

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

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

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


ALCATEL-LUCENT: Appeals Overturned US$1.5 Billion Award
-------------------------------------------------------
Alcatel-Lucent is appealing Judge Rudi M. Brewster's decision
overturning a jury's patent infringement finding and a US$1.5
billion damages award against Microsoft Corp.

Judge Brewster of the U.S. District Court for the Southern
District of California overturned the jury's finding and damages
award on Aug. 6, 2007.

"This reversal of the judge's own pretrial and post-trial
rulings is shocking and disturbing, especially since - after a
three-week trial and four days of careful deliberation - the
jury unanimously agreed with us, and we believe their decision
should stand," said Mary Lou Ambrus, a spokeswoman for Alcatel-
Lucent, in an e-mail to the Associated Press. "We still have a
strong case and we believe we will prevail on appeal."

The jury had returned a verdict on Feb. 22, 2007 in Alcatel-
Lucent's favor finding all the asserted claims valid and
infringed. The Court then awarded US$1.52 billion in damages.

In 2003, the Company filed suit California District Court
seeking a declaratory judgment of non-infringement of its audio
patents.  Alcatel-Lucent has asserted claims under these patents
against computer manufacturers that sell computers with the
Company's operating system and application software pre-
installed.  (Intellectual Property Reporter, Aug. 7, 2007)

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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


AVNET INC: To Combine Acquired ChannelWorx Pty with Avnet Tech
--------------------------------------------------------------
Avnet Inc. has acquired ChannelWorx Pty Ltd of Australia.   
ChannelWorx will be integrated into Avnet Technology Solutions'
Australia business.

In addition to gaining 300 resellers and systems integrators,
the acquisition will bring Avnet new employees with experience
in storage networking and solutions.

KP Tang, president of Avnet Technology Solutions, Asia Pacific,
noted that the acquisition is a significant step in diversifying
Avnet’s business in the market.  "Adding this strong line-up of
networking suppliers from ChannelWorx to our product offerings
moves us strategically into emerging and high-growth
technologies with incremental cross selling opportunities," Mr.
Tang added.  "This acquisition represents the opportunity to
gain greater scale and scope in the market and offer greater
value to our reseller partners in Australia."

The transaction will also provide Avnet Technology Solutions
Australia with a greater presence in Melbourne.  

"Expanding both our geographic footprint and our technology
solutions offerings fits perfectly with our strategic growth
plan," Gavin Lawless, general manager of Avnet Technology
Solutions Australia, added.  "We are excited about the
opportunities this acquisition will provide to accelerate growth
for our partners and for Avnet."

             About ChannelWorx Pty Ltd of Australia    

Headquartered in Melbourne, ChannelWorx Pty Ltd of Australia is  
a networking and security distributor established in 1989.  
ChannelWorx markets a portfolio of networking products from
suppliers including Juniper, Extreme Networks, Ironport, and
Avaya and software products from Google.

                         About Avnet Inc

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

Avnet Technology Solutions is an operating group of Avnet Inc.
(NYSE:AVT) -– http://www.ats.avnet.com.au/-- with locations in  
more than 30 countries.  Avnet Technology has sales divisions
focused on specific customer segments and a select line card
strategy that gives attention to the needs of its customers and
suppliers.

                          *     *     *

Moody's Investors Service placed Avnet Inc.'s long term
corporate family, senior unsecured debt and probability of
default ratings at ' Ba1' in September 2006.  The ratings still  
hold to date.


BANK MANDIRI: Provides IDR3 Tril. Standby Loan to Semen Gresik
--------------------------------------------------------------
PT Bank Mandiri Tbk has provided up to IDR3 trillion of standby
loans to cement maker PT Semen Gresik Tbk, Reuters reports.

According to the report, Gresik has long-term expansion plans to
invest up to US$1.3 billion until 2011, aiming to build a new
factory and power plants to support its operations.

Mandiri President Director Agus Martowardojo told reporters
that the bank is allocating between IDR2.5-3 trillion.   The
bank will still review Gresik's final plan, he added.

Gresik plans to start building a new factory starting next year
as it moves to crank up its capacity by about 40% by 2013 to
22.9 million tonnes from 16 million tonnes in 2006, the report
adds.

                        About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is   
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

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

   -- The foreign currency senior/subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

The bank also carries Fitch Ratings: Long-term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


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.


COMVERSE TECH: Hires Lance Miyamoto as Exec. VP for Global HR
-------------------------------------------------------------
Comverse Technology Inc. has appointed Lance Miyamoto as its
Executive Vice President, Global Human Resources.  Mr. Miyamoto
will report to the company\u2019s President and Chief Executive
Officer, Andre Dahan.  In his new role, Mr. Miyamoto also will
be responsible for the human resources function at Comverse,
Inc.

Mr. Dahan said, "Lance is an experienced, proven senior
executive, who has successfully led the human resources efforts
at large global enterprises.  He will be a valuable member of
our management team as we pursue our strategic objectives and
build a new Framework for Profitable Growth.  We welcome Lance
to the Comverse team."

Mr. Miyamoto has more than 25 years of experience in human
resources, having worked for high technology companies in North
America, Europe, Asia and Latin America.  He was recently
Executive Vice President, Human Resources at AOL, where he was
responsible for all aspects of HR for the company, including
talent acquisition and retention, compensation strategy,
organizational development, and leadership development.  Prior
to that, Mr. Miyamoto led the HR efforts for LexisNexis Group.  
He also served as Vice President, Corporate Human Resources at
Honeywell International, Senior Vice President, Human Resources
and Performance Development at Dun & Bradstreet, and in a number
of senior HR positions at AT&T Bell Laboratories, among other
firms.  Mr. Miyamoto has an MBA from the Wharton School of the
University of Pennsylvania.  He earned his undergraduate degree
from Harvard University, where he was a recipient of the Ames
Memorial Award for leadership.

                  About Comverse Technology

Comverse Technology, Inc. (NASDAQ: CMVT) --
http://www.comverse.com/-- provides software and systems that    
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products
to generate  revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.


INDOSAT: Gets Additional IDR400BB Loan from Bank Central Asia
-------------------------------------------------------------
PT Indosat Tbk has received an additional loan of IDR400 billion  
bringing its total loan to IDR2 trillion from Bank Central Asia,
Asia Pulse reports.  Indosat President Johnny Swandi told Asia
Pulse that the loan will mature in 2012.

Mr. Swandi says his company is looking to invest US$1.2 billion
this year to increase service coverage and reach its new goal of
6.5 million new subscribers by year-end, Telegeography relates
noting that the target is higher than the 5.5-million figure set
earlier this year.  By end-June Indosat was on track to meet its
goal, having signed up 3.3 million new subscribers, the report
adds.

In the first half of this year the company already listed 3.3
million new subscribers, Mr. Swandi said, adding that the
company is keen to chalk up a 15%-20% increase in income this
year, Asia Pulse notes.

                        About Indosat

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

                       *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  

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

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


SEMEN GRESIK: Hires Citi Indonesia as Financial Banking Partner
---------------------------------------------------------------
Semen Gresik has appointed Citi Indonesia as its financial and
banking partner to help it become a global player.

"Semen Gresik already serves 45% of Indonesia's cement market
and we are now ready to compete in the global market," said Dwi
Soetjipto, President Director of PT Semen Gresik Tbk.

"Efficiency is the key word to competing in a globalized world,"
said Dwi.  "It is for this reason that we have teamed up with
Citi Indonesia to further our ambitions," he said during a
ceremony to officially appoint Citi Indonesia as their financial
and banking partner.

"To anticipate the future growth of the company relating to
several planned corporate actions, such as to increase capacity
and to build a new plant, as well as corporate restructuring
measures, a set of tools are necessary to boost the quality of
the company's cash management in the corporate treasury sector,"
said Cholil Hasan, Finance Director of PT Semen Gresik Tbk.

"We hope through this cooperation, Citi Indonesia is able to
support our plans.  Through transfer of knowledge we will be
able to improve the competency of our manpower in the corporate
treasury sector," he added.

Under the terms of the appointment Citi Indonesia, through Citi
Global Transaction Services, will provide cash and treasury
management services to help Semen Gresik simplify and at the
same time boost its financial performance.  This set of services
covers the following areas:

   1. Virtual Account -- enables reconciliation process that
      refers to a single reference number called "customer   
      identification."  This service allows Semen Gresik to
      easily identify incoming funds in its account.  Virtual
      Account also ensures quick processing of funds collected
      from its distributors, thanks to the real time online
      system that accelerates payment reconciliation process;
       
   2. CitiDirect -- a secure, web-based platform offering
      financial reporting, analytic tools, dynamic information
      and other online services.  CitiDirect facilitates the
      process of salary and tax payment, in addition to
      facilitating an exchange of information with distributor;
       
   3. Liquidity Management & Investment Solution -- a solution
      of liquidity and investment management to increase Semen
      Gresik's funds.

Semen Gresik plans to increase its output by building a new
plant that has an annual production capacity of 5 million tons.
This expansion and increased capacity will allow Semen Gresik to
increase its production capacity to 23.4 million tons/year to
anticipate a shortage of supplies that is predicted to occur
starting 2013.  The estimate was based on a 6-6.5% annual
national cement consumption growth.

Citi Country Officer for Indonesia Peter B. Eliot said, "Citi
Indonesia is particularly pleased to be able to help Indonesian
companies like Semen Gresik to become global players.  Companies
like Semen Gresik have the drive to succeed and we are glad we
can provide the financial products and worldwide banking network
to help them achieve their goals."

"Cooperation in cash and treasury management is a first step of
our partnership with Semen Gresik.  In the future we are looking
to further enhance this cooperation by providing a complete set
of Citi's banking products from both corporate and investment
bank to meet Semen Gresik's needs," as explained further by
Tigor M. Siahaan, Managing Director, Head of Corporate Bank Citi
Indonesia.

                        About Semen Gresik

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

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


TELKOM INDONESIA: Keen to Expand Abroad for Profit Growth
---------------------------------------------------------
PT Telekomunikasi Indonesia Tbk is very keen about moving beyond
its home market and make acquisitions abroad to boost profit
growth, Reuters reports, citing Chairman Tanri Abeng.

According to the report, Telkom will target emerging markets
like the Middle East and Southeast Asia and look for small
stakes in companies in developed economies.   

Mr. Abeng told the news agency that in the developing world,
Telkom is willing to take a little bit more risk in new
investment where they can have superior management and technical
expertise.

Mr. Abeng said Telkom would also look to pick up stakes in the
range of 5 to 10%  in telecoms firms in developed markets, the
report adds.

                    About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long          
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service has changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable.  At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.

On Sep. 12, 2007, Fitch Ratings has affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.


* R&I Upgrades Country's Foreign Currency Issuer Rating to BB+
--------------------------------------------------------------
Under the sound economic management of the Yudhoyono
administration and the central bank's flexible monetary policy,
Indonesia has placed its economy on a growth track and
strengthened its capacity to handle risk.  R&I considers that
the government will be able to maintain an economic environment
that allows it to continue debt reduction efforts in the future
and focus on economic infrastructure development, which until
now has been delayed. In light of these circumstances, R&I has
upgraded Indonesia's Foreign Currency Issuer Rating to BB+.  The
Rating Outlook is Stable.  R&I has also upgraded the Foreign
Currency Short-term Credit Rating to a-3.

The real gross domestic product (GDP) growth rate for 2007 is
expected to exceed 6%, the fastest pace since the Asian
financial crisis.  As income improves and the high inflation
rate being contained, consumption is expanding, which has led to
a recovery in private sector capital investment.  Sound
macroeconomic management by the Coordinating Minister for
Economic Affairs, Minister of Finance and other officials should
support this growth track in the future as well.  R&I also
evaluates positively the central bank's success in holding the
inflation rate, which at one time exceeded 18%, within the
inflation target in the 6% range.  For 2007, the fiscal deficit
is expected to be contained to a low 1.6% of GDP, and the ratio
of central government debt to decline to about 35% at the end of
the year.  

In 2008, Indonesia plans to expand capital expenditures that
incorporate infrastructure development, and this will push the
fiscal deficit up to 1.7% of GDP.  Although there is a
possibility that annual revenue would slightly expand and the
size of the deficit to reach roughly 2% of GDP, Indonesia
appears able to maintain its primary balance in surplus, and
there is little concern public debt to begin rising.

Thanks to growing exports of products besides oil and gas, in
2006 the current account surplus was 2.7% of GDP. The account
should remain in surplus in 2007 onwards.  Foreign direct
investment also is showing a positive trend in 2007.  Although
crude oil production had continued to drop over the past several
years, the long-awaited Cepu oilfield is scheduled to begin
production in 2008, and this will halt the decline to some
extent.  With foreign reserves reaching 52.8 billion
US dollars at the end of September 2007, and foreign debt
reduced to 35% of GDP at year-end 2006, foreign currency
liquidity concerns continue to diminish.  If Indonesia is to
maintain stable economic growth over the medium to long-term,
effective infrastructure investment by the government will be
required.  In the future, R&I will watch closely to see how the
Yudhoyono administration proceeds with spending to strengthen
its economic base while pursuing debt reduction until the next
presidential election in 18 months.


* Fitch Publishes Report on Securitisation in Indonesia
-------------------------------------------------------
Fitch Ratings published 'The Potential of the Indonesian
Structured Finance Market', a report on the status and potential
of the Indonesian securitisation industry.  The report is
intended as an introductory comment for potential investors,
originators and arrangers as Fitch notes that interest in
securitisation in Indonesia is on the rise and efforts are
underway to solve all potential hurdles.

Structured finance is not new to Indonesia, with the first
transaction dating back to 1994.  However, the country's
securitisation market has come to a halt since the 1997 Asian
financial crisis with few transactions occurring after the
crisis.  All the completed deals used offshore special purpose
vehicles to avoid the potential regulatory, legal and tax
problems.

To encourage onshore securitisation, Bapepam, the Indonesian
capital markets regulator, issued a set of guidelines for asset-
backed securities collective investment contracts in 1997.
Nonetheless, the effectiveness of the ABS CIC model remains to
be tested in the marketplace.  This report reviews a number of
key concerns regarding the Indonesian structured finance market,
including the legal framework, tax environment, accounting
treatment and some potential challenges.  Should any of the
potential onshore deals overcome all hurdles and be completed
successfully, it may pave the way for a burgeoning Indonesian
securitisation market.

The report also discusses the asset classes that offer the best
prospects for securitisation and the potential issuers. Given
the fact that finance companies are prohibited from taking
deposits from the public and are restrained by a 10x debt-to-
equity ratio, they would be the main potential originators in
the Indonesian securitisation market with auto loans as the most
securitisable assets.  Other assets might include mortgage loans
and export-based future flows.  Fitch expects similar export-
based future flow transactions like IndoCoal which closed in
2005 might occur again. Issues such as rating above the country
ceiling rating and swap are also discussed in the report.


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

BOSTON SCIENTIFIC: Selling Surgery Units for US$750 Million
-----------------------------------------------------------
Boston Scientific Corporation has signed a definitive agreement
for the sale of its Cardiac Surgery and Vascular Surgery
businesses to the Getinge Group, a global provider of healthcare
equipment and systems.  The transaction will be for a cash price
of US$750 million and is expected to close within the next 45-90
days, subject to regulatory approvals and customary conditions.
The company announced its intent to sell the Cardiac Surgery and
Vascular Surgery businesses on Aug. 16, as part of its plan to
divest non- strategic assets and increase shareholder value.

Boston Scientific acquired the Cardiac Surgery business in April
2006 as part of the Guidant transaction.  The Cardiac Surgery
business is a leading developer of medical technologies designed
for use in surgical cardiac procedures, including beating-heart
bypass surgery systems and endoscopic vessel harvesting for
coronary bypass surgery.  The business employs approximately 450
people.  Boston Scientific acquired the Vascular Surgery
business in 1995.  The Vascular Surgery business develops
synthetic grafts and patches used to surgically treat vascular
disease, including the repair of abdominal aortic aneurysms and
peripheral vascular anatomy.  The business has approximately 250
employees.  The combined revenues of the two businesses in 2006
were approximately US$275 million.

"Working with the talented employees of the Cardiac Surgery and
Vascular Surgery businesses, our goal is to drive growth and
bring new technologies to these markets, ultimately benefiting
cardiac and vascular surgeons and their patients," said Johan
Malmquist, President and Chief Executive Officer of the Getinge
Group of Stockholm, Sweden.  "We are excited to complement our
existing portfolio with these valuable businesses, each of which
brings leading market positions and impressive product lines."

"This transaction completes a previously announced element of
our plan to divest non-strategic assets, focus on our core
businesses and increase shareholder value," said Jim Tobin,
President and Chief Executive Officer of Boston Scientific.
"We deeply appreciate the contributions our Cardiac Surgery and
Vascular Surgery employees have made to Boston Scientific, our
customers and their patients.  We know they will continue to
serve customers and patients well going forward."

                        About Getinge

The Getinge Group is a leading global provider of equipment and
systems to customers within health care, extended care and
pharmaceutical industries/laboratories.  The Group reported pro
forma revenues of approximately US$2.2 billion in 2006.  The
Group comprises three business areas: Medical Systems (systems
for surgery and intensive care), Infection Control (system
equipment for disinfection and sterilization) and Extended Care
(care ergonomics).  The group currently maintains leading
positions within the majority of the company's product lines.

                  About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Natick, Massachussetts-based Boston Scientific Corp.
(including the 'BB+' corporate credit rating) and removed them
from CreditWatch, where they were placed with negative
implications Aug. 3, 2007.


DELPHI CORP: Equity Panel Balks at Disclosure Statement Changes
---------------------------------------------------------------
The Official Committee of Equity Security Holders of Delphi
Corporation and its debtor-affiliates submitted an emergency
motion with the U.S. Bankruptcy Court for the Southern District
of New York to adjourn the hearing scheduled on Nov. 8, 2007, to
a later date, on, and fix a new time to object to,

   (i) the Debtors' request for approval of the Disclosure
       Statement,

  (ii) the proposed procedures for soliciting votes on the
       Plan, and

(iii) the proposed amendment to the Delphi-Appaloosa Equity
       Purchase and Commitment Agreement.

As reported in the yesterday's Troubled Company Reporter, Delphi
Corp. asked the Court to adjourn until "later this month" the
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 its
Investment Agreement.

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

Bonnie Steingart, Esq., at Fried, Frank, Harris, Shriver                     
                     
& Jacobson LLP, in New York, noted that on Oct. 29, 2007,
under the guise of filing "amendments," the Debtors jettisoned
the Plan and Disclosure Statement filed on Sept. 6, 2007.  The
new October plan and October disclosure statement, he notes,
materially modify, among other things,

   (i) the Debtors' total enterprise value by approximately
       US$900 million;

  (ii) the total enterprise value on which the purchase price
       for the plan investors is based by US$1 billion;

(iii) the ownership structure of reorganized Delphi;

  (iv) the capital structure of reorganized Delphi;

   (v) the nature and amount of distributions to each major
       stakeholder class (other than, notably, the parties with
       claims pursuant to the MDL settlements); and

  (vi) the rights offering and warrants described in the
       September Plan and September Disclosure Statement.  

Ms. Steingart points out that the magnitude of the changes in
recoveries and structure results in a new Chapter 11 plan that:

   (1) eschews the Delphi-Appaloosa Equity Purchase and
       Commitment Agreement approved by the Court on August 2,
       2007;

   (2) is not consensual;

   (3) amounts to a massive shift in value being distributed to
       stakeholders; and

   (4) changes the financial underpinnings of the September
       Plan.

Thus, whether viewed in form or substance the magnitude of the
changes are enormous, Ms. Steingart asserts.  She pointed out
there are approximately 340 pages of changed and new disclosure.

Ms. Steingart noted that the Debtors, in asking the Court on
Sept. 27, 2007, and again on Oct. 3, 2007, to continue the
hearing on the September Disclosure Statement, represented to
the Court that only "laser-like" changes to the September Plan
would be forthcoming.  However, the changes the Debtors propose
are far from "laser-like," drastically modifying stakeholder
recoveries and the structure of distributions under the
September Plan, as well as give rise to numerous disclosure and
confirmation objections.

Ms. Steingart recounted that since the adjournment of the
Oct. 3, 2007 Disclosure Statement Hearing, the Debtors have
met with their stakeholders on several occasions.  During
these meetings and discussions, many of which the Equity
Committee was excluded from participating in, apparently the
Debtors completely abandoned the consensual deal and yielded
to pressure exerted by the ad hoc committee of bondholders,
the Official Committee of Unsecured Creditors and the Plan
Investors.  During this period the Equity Committee received
draft term sheets which reflected continuing diminution of
recoveries for equity.  The end result has been changes to
recoveries that are so profound they can only be described as a
new Chapter 11 plan.  The recovery to equity holders as a
practical matter has been eviscerated.

Specifically, Ms. Steingart detailed, the distribution of
primary equity has been eliminated, the warrants have changed
from a five-year to a six-month duration, and equity's
participation in the discount rights offering has been
eliminated and the entire participation is now given to
unsecured creditors.  To add insult to injury, the New Plan, she
said, also incorporates a "death trap" provision with respect to
the proposed meager recovery to equity holders.  In addition,
certain unsecured creditors are receiving a recovery that is
greater than the amount of their claims, which is disguised by a
manipulation of the Debtors'
total enterprise value.

Ms. Steingart also noted that:

    -- the Plan Investors have renegotiated their deal and are
       now receiving significantly more for their investment
       under the New EPCA than what was agreed to in the
       Current EPCA.  This is true even though the Plan
       Investors, who  received significant fees to date for
       their "commitment,"  remain bound by the Current EPCA,
       which is still in place and has not been terminated.  
       Furthermore, there is a total lack of transparency as to
       why the Debtors have sought to alter drastically the
       consensual deal.  

    -- It appears that management was negotiating its
       compensation and incentive plans with the Plan Investors
       and the Creditors Committee at the same time they were
       allowing the renegotiation of the terms of the Plan and
       the EPCA.  The New Disclosure Statement provides plans
       and programs under which emergence bonuses for
       executives alone are far in excess of the recoveries now
       proposed for equity.

Ms. Steingart asserts that in any event, due process mandates
that parties be provided at least 25 days to evaluate the New
Disclosure Statement, as required by Rules 2002(b) and 3017(a)
of the Federal Rules of Bankruptcy Procedure.  As much as the
Debtors may desire, they are not entitled to require creditors
and equity holders to analyze and evaluate the New Disclosure
Statement and formulate appropriate objections in four days, she
contends.

Bankruptcy Rule 2002(b) requires that parties-in-interest be
given 25 days' notice of "the time fixed for filing objections
and the hearing to consider approval of a disclosure statement"
while Bankruptcy Rule 3017(a) provides that the court will hold
a hearing to consider approval of the Disclosure Statement on 25
days' notice.

Thus, to protect the integrity of the Chapter 11 process, the
Equity Committee asks the Court to require the Debtors to comply
with the notice and hearing requirements of Bankruptcy Rules
2002(b) and 3017(a).

This will ensure that all parties in interest have ample
opportunity to evaluate the implications of the New Plan and the
adequacy of the disclosures in the New Disclosure Statement with
respect to the new structure, Ms. Steingart asserts.

Brandes Investment Partners, L.P., a registered investment
advisory firm that provides investment advisory services, echoed
the Equity Committee's calls for an adjournment of the
Disclosure Statement Hearing.  

Brandes Investment, which currently has under management almost
4% of the issued and outstanding shares of Delphi, agrees with
the Equity Committee's position that given the significant
revisions from the Original Plan and the impact the substantive
rights and recoveries of the Debtors' stakeholders, the Debtors
have now put forth in their 11-hour filing is, in effect, a
completely new plan.  In view of these changes, the Debtors
should be required to comply with the notice and hearing
requirements and adjourn the Disclosure Statement Hearing,
Brandes maintains.

     Equity Committee Wants New Disclosure Statement Denied

As required by Section 1125(a)(1) of the Bankruptcy Code, a
Chapter 11 disclosure statement must contain information
sufficient to enable holders of claims and interests in the
debtor's estates to make an informed judgment on the plan.

Despite the many economic and structural changes in the Debtors'
proposed plan, which affect virtually every one of the Debtors'
constituencies, the New Disclosure Statement does not provide
information critical to the ability of the Debtors' stakeholders
to make an informed judgment to vote to accept or reject the New
Plan, Ms. Steingart asserts.  Moreover, she notes, the proposed
plan is unconfirmable as a matter of law.

In that light, the Equity Committee asks the Court to deny
approval of the proposed amended Disclosure Statement filed on
Oct. 29, 2007.

As previously reported, the Equity Committee supported the Plan
and Disclosure Statement filed on Sept. 6, 2007, which was based
upon a consensual deal reached with stakeholders in the
Chapter 11 cases.  However, the Equity Committee notes that the
documents submitted by the Debtors on October 29 provides for a
virtually unrecognizable revised plan of reorganization and
disclosure statement that reflects a complete re-trade of the
consensual deal memorialized in the Original Plan.  

Ms. Steingart avers that this re-trade, on information and
belief, was instigated by groups who are using the tightening in
the credit markets and certain minor short term inventory
adjustments related to General Motors Corp. as a pretext for
demanding more value for themselves, at the expense of existing
equity.

According to Ms. Steingart, the tightening of the credit markets
was hardly an unforeseen subsequent event; to the contrary,
reports of decreased credit capacity date back to the mid-July
2007 timeframe, almost two months prior to the filing of the
Original Plan and Original Disclosure Statement on September 6.  
Similarly, she notes, forecasts relating to North American
automotive production levels were announced prior to the time
the Original Disclosure Statement was filed and by their own
admission the Debtors characterized such information as
overstated.

The Debtors, according to Ms. Steingart, nonetheless facilitated
this improper and unwarranted re-trade by, among other things:

     * excluding the Equity Committee from the critical
       negotiation sessions at which the New Plan was
       formulated, and only "inviting" them back to the table
       after existing equity's recoveries had already been
       gutted;

     * acceding to the demands of unsecured creditors that they
       be given the right (allocated to existing equity under
       the Original Plan) to participate in a discount equity
       offering that was intended to be a significant source of
       value for existing equity;

     * agreeing to replace equity holders' previously agreed
       recoveries with "rights" with de minimus value to
       monetize portions of other stakeholders' primary
       distributions of new common stock; and

     * permitting the Plan Investors, led by Appaloosa          
       Management, L.P., to renegotiate their contractual
       commitment to invest in the reorganized Debtors,
       effectively creating a windfall of value for their
       investment.

Ms. Steingart asserts that the New Disclosure Statement does not
contain sufficient disclosure as to:

A. The reasons why the Debtors determined it necessary and in
    the best interest of stakeholders to renegotiate the fully
    consensual agreement embodied in the Original Plan or the
    basis for the changes underlying the New Plan.

       The New Disclosure Statement provides no rational basis
       for the Debtors' significant downward adjustment of its
       total enterprise value, approximately US$900,000,000, and
       the subsequent shifting of value from equity holders to
       unsecured creditors and to the Plan Investors.

       The New Disclosure Statement's vague references to
       "lowered projections" and "changes in the Business Plan"
       provide no such explanation because the changes in the
       Business Plan consist of reduced EBITDAR projections for
       a single year of the Debtors' four year business plan,      
       with increases in projected cash flows for the entire
       2008 through 2011 period due to the New Plan's changes
       in the reorganized Debtors' capital structure and the
       reduction of its debt burden.  These changes neither
       justify nor explain the virtual elimination of an
       estimated US$470 million of value to equity holders.

B. Any reasonable justification for the Debtors' allowing the
    Plan Investors and others to escape their commitments to
    the terms of the Original Plan as set forth in the EPCA
    approved by the Court on Aug. 2, 2007.  

       The EPCA has not been terminated and remains in full
       force.  Thus, it appears that the Debtors made the
       fundamental changes embodied in the New Plan, with its
       effective elimination of the ability of existing equity
       holders to realize any meaningful value from the
       Debtors' reorganization, simply because the Plan
       Investors and others allied with the Plan Investors
       demanded that they do so.  The absence of justification
       is especially egregious since the Plan Investors were
       awarded and paid substantial fees and break up
       protections in exchange for their commitment to the deal
       embodied in the Original Plan.

C. Additional material information about the New Plan to which
    the Debtors' stakeholders, including existing equity, must
    have in order to make an informed decision with respect to
    the New Plan.  

       For instance, one of the Debtors' most significant
       assets is its affirmative claims against and defenses to
       claims by GM.  It is the proposed settlement of these
       claims that has enabled the Debtors to reach its
       transformation agreements with GM and various unions,
       formulate a Chapter 11 plan and propose to pay creditors
       in full on their allowed claims.  This value from GM
       appropriately provided the source of the recovery to
       equity under the Original Plan.  Yet, despite the
       importance of the GM claims and the settlement thereof,
       the New Disclosure Statement's assessment of the claims
       falls well short of what is needed to make an informed
       judgment as to the merits and reasonableness of the
       settlement.

Ms. Steingart also asserts that the New Disclosure Statement
must not be approved because it relates to a plan that is
patently unconfirmable.  He cites, among other things:

  * The New Plan Impermissibly Provides Senior Unsecured  
    Creditors With More Than Par-Plus-Accrued Recovery.

       Under the New Plan, all unsecured creditors will receive
       a 100% recovery, but instead of a combination of cash
       and primary equity at a plan value of US$45 per share,
       senior unsecured creditors will receive a distribution
       of primary equity at a New Plan value of US$41.58, plus
       rights to acquire additional equity shares at US$34.98, a
       significant discount to the New Plan value of US$41.58.  
       However, the equity distributions to GM under the New
       Plan remain based on the total enterprise value set
       forth in the Original Plan of US$45 per share.  Assuming  
       a consistent plan value of US$45 per share for all
       distributions to all stakeholders, under the New Plan,
       senior unsecured creditors are to receive more than
       their allowed claims -— a recovery that is strictly
       prohibited by Section 1129(b)(2)(B) of the Bankruptcy
       Code.

  * The GM Settlement, a Cornerstone of the New Plan and the
    Basis for Recoveries, is Not Reasonable or Appropriate.

       The GM Settlement is not reasonable and in the best
       interests of the Debtors' estates because it does not
       provide for an equitable allocation of value.  Current
       equity holders are not receiving sufficient value from   
       the GM Settlement in exchange for releases of claims
       against GM, which have value in the billions of dollars;
       the GM Claims cannot be released by equity in exchange
       for $69 million of very short-term securities.

  * The New Plan Impermissibly Provides for Post-Petition
    Interest on Creditors Claims.

       As a general rule, unsecured creditors are not entitled
       to postpetition interest unless the debtors can
       demonstrate it is required under either the best interest
       test set forth in Section 1129(a)(7)(ii) of the
       Bankruptcy Code or the fair and equitable test set forth
       in Section 1129(b)(1).  The New Plan provisions for
       postpetition interest can not be justified under both
       tests.

  * The Treatment of the Section 510(b) Equity Claims under the
    New Plan Violates the Bankruptcy Code

       Under the MDL Settlement and pursuant to the New Plan,
       the Securities Class and ERISA Class would receive, in
       the aggregate, in addition to insurance proceeds and
       certain other payments, an allowed claim and interest
       totaling $204 million, which claims is to be paid in the
       same plan currency that will be distributed to general
       unsecured creditors.  By this treatment under the New
       Plan, these claims by recipients of the MDL Settlement,
       claims arising out of the purchase or sale of equity
       securities would be placed in a class senior to equity,
       when at best they should be pari passu with equity
       pursuant to Section 510(b) of the Bankruptcy Code.

          Lead Plaintiffs: Some Issues Remain Unresolved

The lead plaintiffs in the consolidated securities class action
entitled In re Delphi Corp. Securities Litigation, Master Case
No. 05-md-1725 (GER) (E.D.Mich.), which previously agreed to,
among other things, a US$204 million general unsecured claim to
settle its lawsuit against the Debtors, say that they are still
discussing with the Debtors their concerns based upon the
current versions of, and the proposed revisions to, the Plan and
Disclosure Statement.

The Debtors on Oct. 29, 2007, said they will modify the Plan
currency that will be utilized to satisfy Lead Plaintiffs'
US$204 million allowed claim.  Under the revised Plan, this
claim, upon the required final approval by the Bankruptcy Court
and the U.S. District Court for the Eastern District of
Michigan, will now be satisfied with shares of New Common Stock
of reorganized Delphi and rights to participate in a Discount
Rights Offering.

Michael S. Etkin, Esq., at Lowenstein Sandler PC, in New York,
relates that the current versions of the Disclosure Statement
and Plan address many of Lead Plaintiffs' concerns, but not all
of them.

The Debtors previously agreed to make several revisions to
insure consistency between the Disclosure Statement and Plan and
the Stipulation of Settlement resolving the Securities
Litigation.   

The parties have not yet been able to reach agreement on two of
Lead Plaintiffs' proposed revisions to the Disclosure Statement
and Plan involving third party releases and certain conditions
to the effectiveness of the Plan.

To the extent the Lead Plaintiffs' outstanding concerns with the
Disclosure Statement are not resolved on or prior to the hearing
on Nov. 8, 2007 or any adjourned date, the Lead Plaintiffs
reserve the right to raise any and all remaining objections to
the Disclosure Statement at the hearing.

                     About Delphi Corp.

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: S&P Retains 'B' Rating Under Positive CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications, following
the agreement between Ford and the United Auto Workers of a new
labor contract.  Ford's UAW workers are expected to vote on
ratification of the contract in the coming days, and S&P expect
the required approval level to be obtained.  The ratings were
placed on CreditWatch on Sept. 26, 2007, based on S&P's belief
that Ford would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date. Ford's 'B-3' short-term
rating was not on CreditWatch.
      
"We expect to view the new Ford contract as favorable compared
with past agreements, and similar to the recent GM and Chrysler
LLC contracts in many ways," said Standard & Poor's credit
analyst Robert Schulz, "but Ford's challenges in turning around
its North American auto operations remain substantial."  The new
contract is reported to contain many of the same features as the
GM contract, including a new VEBA trust designed to take
responsibility for postretirement health care expenses and a
lower-tier wage structure for new hires.   
     
The main focus of S&P's analysis in resolving the CreditWatch
listing will be the effect of the new contract on Ford's
liquidity in the next several months, as well as prospects for
Ford's cash flow and liquidity during the next two years.  S&P
will view the new contract in light of Ford's multiyear plan to
return its North American operations to profitability, and S&P
will weigh the costs and benefits of the new contract over time,
given the company's workforce and retiree demographics.  All
three Michigan-based automakers are facing a range of challenges
unrelated to their new contracts, including slowing U.S. light-
vehicle sales and shifts away from what had been their most
profitable vehicle segments in recent years.

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.


ICONIX BRAND: Signs Licensing Agreement with Elizabeth Arden
------------------------------------------------------------
Iconix Brand Group Inc. has entered into an exclusive global
licensing agreement with Elizabeth Arden, Inc., a global
prestige beauty products company, for the development, marketing
and distribution of men's and women's fragrance, cosmetics, and
skincare products for its leading lifestyle apparel brand
Rocawear(R).  The debut fragrance is planned to launch in the
fall of 2008.

Commenting on the new launch, Shawn 'Jay-Z' Carter, stated, "We
are excited to partner with an industry giant such as Elizabeth
Arden.  The combination of their expertise in fragrance and our
ability to affect popular culture will produce some incredible
products and breathe excitement into the category."

Neil Cole, Chairman and Chief Executive Officer, Iconix, stated,
"We are excited about the launch of the first ever Rocawear
fragrance next fall.  This is a significant step in the
evolution of the Rocawear brand and a large long-term growth
opportunity.  The excitement and advertising surrounding the
launch next fall will make Rocawear more visible than it has
ever been and benefit the entire brand franchise."

Iconix purchased the Rocawear brand in March of 2007.  Rocawear
is a dominant lifestyle brand with a wide range of customers and
categories including sportswear, footwear, outerwear, handbags,
belts, loungewear, big & tall, headwear, jewelry, sunglasses and
children's clothing.  Since its inception in 1999, its appeal
has expanded beyond national borders to become a brand of
international significance with annual retail sales of over
US$700 million.  Rocawear co-founder Shawn Carter spearheads all
product development, marketing and licensing for Rocawear.

"Elizabeth Arden and Iconix have a successful history together,
and we are thrilled to grow our relationship with this dynamic
collaboration," said E. Scott Beattie, Chairman and CEO of
Elizabeth Arden.

"The Rocawear name connects with the customer we want to
attract. Adding Rocawear to our lineup of lifestyle fragrance
brands allows us to further diversify our multi-dimensional
brand portfolio and expand our reach to a young, modern
consumer.  Elizabeth Arden's leadership in fragrance, coupled
with the creative involvement of Shawn 'Jay-Z' Carter and the
team at Rocawear and Iconix, will provide us with a strong
platform for success," added Beattie.

                  About Elizabeth Arden

Elizabeth Arden (Nasdaq: RDEN) is a global prestige beauty
products company.  The company's portfolio of brands includes
the Elizabeth Arden fragrance brands:  Red Door, Elizabeth Arden
5th Avenue, Elizabeth Arden green tea and Elizabeth Arden
Mediterranean; the Elizabeth Taylor fragrance brands: White
Diamonds and Elizabeth Taylor's Passion; the fragrance brands of
Britney Spears: curious Britney Spears, fantasy Britney Spears
and Britney Spears believe; the Mariah Carey fragrance M by
Mariah Carey; the Hilary Duff fragrance with Love ... Hilary
Duff; the Danielle Steel fragrance Danielle by Danielle Steel;
the lifestyle fragrances: Daytona 500, Design, Giorgio Beverly
Hills, the HUMMER(TM) Fragrance for Men, PS Fine Cologne for
Men, White Shoulders and Wings; and the designer fragrance
brands of Alfred Sung, Badgley Mischka, Bob Mackie, GANT,
Geoffrey Beene's Grey Flannel, Halston and Halston Z-14, and
Nanette Lepore; the Elizabeth Arden skin care lines, including
Ceramide, Intervene and PREVAGE(TM) anti-aging treatment
and the Elizabeth Arden color cosmetics line.

                       About Iconix

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

                       *     *     *

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

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


JAPAN AIRLINES: Ups Operating Income Forecast to 35% for FY2007
---------------------------------------------------------------
Japan Airlines International Co., Ltd., revised its forecast of
consolidated results for the complete fiscal year ending
March 31, 2008, in replacement of the projection announced on
May 9, 2007.

Operating income is expected to reach JPY48.0 billion at the end
of the current year, up JPY13.0 billion from the previous
forecast of JPY35.0 billion.

Net income forecast remains unchanged at JPY7.0 billion.

Ordinary income, which was initially estimated to be at
JPY21.0 billion, is now seen to be at JPY44.0 billion, surging
10%.

Operating revenue, which was initially expected to be at
JPY2,197.0 billion, is now forecast to reach JPY2,238.0 billion.  
However the present forecast for the revenue is down by 2.8%
from the previous fiscal year.

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.


JAPAN AIRLINES: Traffic Stats Decline for FY2007 First Half
-----------------------------------------------------------
Japan Airlines International Co., Ltd., reports a decline in its
consolidated traffic statistics for the first half of the
current fiscal year ending in September 30, 2007.

JAL had a total passenger number of 28,074,449, down from the
same period last year's 28,951,467.  Both international and
domestic passenger number declined as well to 6,703,388 and
21,371,961 respectively.

Revenue passenger kms (000) also dipped to 46,660,087 from the
previous year's 49,103,634.


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.


MAZDA MOTOR: China Unit Builds Office to Monitor Sales
------------------------------------------------------
Mazda Motor Corp.'s China unit said that it has established a
branch office in Beijing to supervise the automaker's sales
network in the country, Jiji Press reports.

According to the report, Mazda Motor (Shanghai) Business
Management & Consulting Co. decided on the move as it sees a
need to promote a unified marketing strategy for the Mazda brand
in the country before the company adds a new sales channel in
January next year.

Mazda, conveys Jiji Press, set up in April a new company,
Changan Mazda Motor Sales Corp., which is scheduled to start
operating after the turn of the year.

Through the new unit and its existing sales firm, FAW Mazda
Motor Sales Co., Hiroshima Prefecture-based Mazda, will aim to
achieve annual sales of 300,000 units in China in 2010, relates
Jiji Press.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MAZDA MOTOR: To Raise Stake in China Sales Venture with FAW
-----------------------------------------------------------
Mazda Motor Corp. plans to increase its stake in a Chinese
sales company established as a joint venture with local
automaker China FAW Group Corp., Asia Pulse reports.

FAW Mazda Motor Sales Co., writes Asia Pulse, was established
in March 2005 with a capitalization of CNY100 million.

FAW's subsidiary, FAW Car Co., owns a 70% stake and FAW
itself holds 5% in the joint venture.  Mazda, will consider
raising its stake to 40% from the current 25%, relates
Asia Pulse.

According to the article, the change in ownership percentages
was reportedly suggested by Mazda and was approved by FAW Car's
board in late October.

Details of the changes have yet to be finalized, but according
to AsiaPulse, Mazda will receive a third-party offering of
shares from FAW Mazda.  Should the plan work out, FAW Car will
own 56%, Mazda 40% and FAW 4%.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


SOJITZ CORP: Posts 13% Rise in Net Income for FY2007 First Half
---------------------------------------------------------------
Sojitz Corp. posted a net income of JPY35.4 billion for the six-
month period ended September 30, 2007, a 13% increase from the
JPY31.4-billion net income recorded for the same period a year
ago.

Operating income increased 16% to JPY45.7 billion from last
year's JPY39.3 billion.  Net sales jumped 12% to
JPY2.8 trillion, from JPY2.5 trillion of the period ended
September 30, 2006.

Recurring profit rose 15% to JPY53.2 billion from
JPY46.4 billion.

Sojitz's consolidated balance sheet as of Sept. 30, 2007, showed
total current assets of JPY1.7 trillion available to pay total
current liabilities of JPY1.4 trillion.

The company's balance sheet at end-September 2007 also reflected
total assets of JPY2.7 trillion and total liabilities of
JPY2.1 trillion, resulting in a total shareholders' equity of
JPY6 billion.

                      Results by Segment

Machinery and Aerospace has a total of JPY587.8 billion for net
sales, compared to last year's JPY532.6 billion and an operating
income of JPY15.3 billion.

Energy and Mineral Resources has a net sales of JPY716.6 billion
from the same period the previous year's JPY669.0 billion and an
operating income of JPY8.9 billion.

Chemicals and Plastics has net sales and operating income of
JPY377.8 billion and JPY13.5 billion respectively, an increase  
from the the same period last year's JPY345.2 billion and JPY9.3
billion.

Real Estate Development and Forest Products totaled net sales of
JPY167.6 billion, a slump from JPY175.4 billion of September
2006, and operating income of JPY2.4 billion, also down year-on-
year.

Consumer Lifestyle Business segment has JPY624.0 billion net
sales and JPY2.0 billion operating income.

                        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
April 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.


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

CHONGKUNDANG CORP: Aquires Novel Fumagillol Derivatives Patent
--------------------------------------------------------------
Chongkundang Corp has acquired a patent on October 11, 2007,
Reuters Investing Keys reports.

According to the report, the newly acquired patent is for novel
fumagillol derivatives and preparing method of thereof.

Chongkundang Pharmaceutical Corporation --
http://www.ckdpharm.com/-- manufactures and distributes  
pharmaceutical products.  The company produces medical drugs in
the fields of systemic anti-infective, cardiovascular system,
alimentary tract, metabolism, and sensory organs.  Chongkundang
Pharmaceutical also constructs apartments and factories.

Korea Investors Service gave Chong Kun Dang's senior unsecured
debt a BB+ rating, while its commercial paper merited a B
rating.


DAEHAN PULP: Discloses Amendment to 92nd Convertible Bonds
----------------------------------------------------------
Daehan Pulp Co. Ltd. has made an amendment regarding its 92nd
convertible bonds, Reuters Key Developments reports.

According to the report, the conversion price has been changed
from KRW6,090 to KRW6,000.

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

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


DAEYUVESPER CO: To Raise KRW1,999,00 from Bond Issue
----------------------------------------------------
DaeyuVesper Co. Ltd. disclosed the issuance of its third
offering of unregistered convertible bonds raising funds up to
KRW1,999,000,000, Reuters Key Developments reports.

According to the report, the details regarding the bond issuance
are:

   * maturity on November 2, 2010,

   * yield to maturity 4%,

   * lump-sum redemption of principal on maturity date,

   * 100% conversion rate of bonds to common shares at KRW1,700
     and;

   * the subscription period for conversion from December 2,
     2007 to October 2, 2010.

Headquartered in Gyoenggi Province, Korea, DaeyuVesper Co. Ltd.
-- http://www.emoris.co.kr/-- formerly SungKwang Co., Ltd., is  
a manufacturer specialized in the provision of wastewater
treatment equipment.  The company provides its products under
two categories: wastewater treatment and water treatment
equipment. Its wastewater treatment includes aerated grit
chambers, bar screens and micro screens, pumps, mixers and
aerators, clarifiers, skimmer systems, sludge collectors,
dissolved air flotation systems, ultraviolet (UV) disinfections
systems, spiral-type rotating biological contractors and
sequencing batch reactors.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on September 21, 2007,
showed that DaeyuVesper has a US$1.60-million shareholders'
deficit on total assets of US$19.06 million.


E-NET: Discloses First Offer Price for Paid-In Capital Increase
---------------------------------------------------------------
E-Net Corporation has decided the first offer price for its
14,000,000 common shares, Reuters Investing Keys reports.

According to the report, the first offer price will be KRW955
per share.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of  
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter-Asia Pacific reported on
March 16, 2007, that Korea Ratings gave E-Net Corporation's
fifth unregistered/unsecured overseas convertible bonds issuance
of US$10 million with warrants a 'B-' rating with a stable
outlook on March 6, 2007.


FRESH DEL MONTE: Discloses 12,000,000 Ordinary Shares Offering
--------------------------------------------------------------
Fresh Del Monte Produce Inc. has intended to offer 12,000,000
ordinary shares, of which 5,000,000 ordinary shares are expected
to be sold by Fresh Del Monte and 7,000,000 ordinary shares are
expected to be sold by IAT Group Inc., under Fresh Del Monte's
existing shelf registration statement filed with the Securities
and Exchange Commission.  Fresh Del Monte and IAT Group also
intend to grant the underwriters an option to purchase up to a
combined 1,800,000 additional ordinary shares solely to cover
over-allotments, if any.

Fresh Del Monte currently intends to use the net proceeds from
the offering for the repayment of indebtedness outstanding under
its credit facility. Fresh Del Monte will not receive any
proceeds from the sale of ordinary shares by IAT Group.


Morgan Stanley & Co. Incorporated is the sole book-running
manager, with Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Piper Jaffray & Co. and Wachovia Capital Markets,
LLC acting as co-managers of the offering.

The offering is being made only by means of a prospectus
supplement and accompanying prospectus, copies of which are
available for review at http://www.sec.gov/

Alternatively, those documents may be obtained by contacting:

        Morgan Stanley & Co. Incorporated
        Prospectus Department
        180 Varick Street, 2nd Floor
        New York, NY 10014
        Tel: 1-866-718-1649

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading  
vertically  integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2007, Standard & Poor's Ratings Services assigned its
preliminary 'B' senior unsecured debt, preliminary 'B'
subordinated debt, and preliminary 'B-' preferred stock ratings
to Fresh Del Monte Produce Inc.'s Rule 415 universal shelf
registration for debt securities.


FRESH DEL MONTE: Earns US$29.9 Million in Quarter Ended Sept. 28
----------------------------------------------------------------
Fresh Del Monte Produce Inc. reported net income of
US$29.9 million for the three months ended Sept. 28, 2007,
compared to a net loss of US$82.9 million for the same period
last year.

Net sales for the third quarter of 2007 increased to
US$757.1 million, compared with US$729.6 million in the same
period a year ago.  The increase in net sales was due to
stronger banana sales, primarily due to planned volume
reductions and higher worldwide banana selling prices; improved
performance in the Company's Prepared Food business segment,
resulting from lower industry supply of canned pineapple
products in Europe; and favorable foreign currency exchange
rates in Europe.

Gross profit for the third quarter of 2007 was US$67.8 million,
compared with adjusted gross profit of US$32.7 million in 2006,
which excludes US$40.8 million for charges associated with the
previously announced closing of the company's operations in
Hawaii and the Kenya product withdrawal and disposal program.
The increase in gross profit for the quarter was driven by the
significant operational improvements in the company's Other
Fresh Produce and Prepared Food business segments, higher
selling prices of bananas, favorable foreign currency exchange
rates, and ongoing operational efficiencies and improvements.
These gains were partially offset by the impact of higher
product procurement and distribution costs.

"It is gratifying to see the actions we took in 2006 to drive
global improvements have had a very favorable impact across all
of our business segments," said Mohammad Abu-Ghazaleh, Fresh Del
Monte's Chairman and Chief Executive Officer.  "Our team did an
exceptional job in terms of focusing our sales and marketing
efforts and increasing efficiencies, and these efforts have
resulted in one of the best third quarters in our history,
during what is traditionally our most challenging three-month
period."  Mr. Abu-Ghazaleh added, "We continue to face
challenges in our industry and our business related to the high
cost of fuel, raw materials and transportation.  As always, we
will remain sharply focused for the balance of 2007 to manage
those challenges and drive performance."

                  About Fresh Del Monte Produce

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading  
vertically  integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2007, Standard & Poor's Ratings Services assigned its
preliminary 'B' senior unsecured debt, preliminary 'B'
subordinated debt, and preliminary 'B-' preferred stock ratings
to Fresh Del Monte Produce Inc.'s Rule 415 universal shelf
registration for debt securities.


FRESH DEL MONTE: S&P Puts 'BB-' Rating Under Positive Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Cayman Islands-based Fresh Del Monte
Produce Inc. on CreditWatch with positive implications,
meaning that the ratings could be raised or affirmed following
the completion of S&P's review.  About US$359 million of total
debt was outstanding at Sept. 28, 2007.
     
The CreditWatch placement follows the company's announcement of
its proposed equity offering, net proceeds of which will be used
to repay debt outstanding under its credit facility, in addition
to continued strong operating performance year to date.  The
equity offering consists of 5 million of primary shares expected
to be issued by the company, and an additional 7 million shares
expected to be sold by IAT Group, an existing shareholder.  The
company will only receive proceeds from the primary offering,
which will be used for debt reduction.
     
For the nine months ended Sept. 28, 2007, Fresh Del Monte's
sales grew 1.6% due to higher banana and prepared food sales,
partially offset by lower other fresh produce sales as a result
of product rationalization.  Adjusted EBITDA more than doubled
because of cost saving and restructuring initiatives.  As a
result, credit measures have improved: for the 12 months ended
Sept. 28, 2007, lease- and pension-adjusted funds from
operations to debt was 42%, compared with 10% in the prior-year
period, and 6.5% at year-end 2006.  Adjusted total debt to
EBITDA was about 2x for the 12 months ended Sept. 28, 2007, an
improvement from 4.8x in the prior-year period and 5x at year-
end 2006.  Debt repayment from the equity offering will likely
further improve credit measures.
     
"We will review Fresh Del Monte's operating, strategic, and
financial plans before resolving the CreditWatch listing," said
Standard & Poor's credit analyst Alison Sullivan.

                 About Fresh Del Monte Produce

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading  
vertically  integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.


HANAROTELECOM INC: Macquarie May Buy US$1.2 Bil. Company Stake
--------------------------------------------------------------
Macquarie Bank Ltd. is closer to buying a major stake in
hanarotelecom Inc for an estimated KRW1.1 trillion, Reuters
reports.

As reported by the Troubled Company Reporter-Asia Pacific on
June 28, 2007, several foreign investors have shown interest in
acquiring a controlling stake in hanarotelecom Inc, which is
currently held by American International Group Inc. and TPG
Capital.

Macquarie had offered about KRW12,000 won for each of
91.4 million shares owned by a consortium led by American
International Group and Newbridge Capital, Reuters notes.

According to Reuters, Macquarie beat Carlyle Group and other
bidders.

Goldman Sachs is handling the sale, the report adds.

                     About hanarotelecom

Seoul, South Korea-based hanarotelecom Inc. --
http://www.hanaro.com/-- is the second  largest player in the   
Korean local telephone market.  It provides high-speed Internet
services in Korea.  It provides high-speed Internet services in
Korea.  In June 2001, the company integrated broadband Internet
access services which included ADSL, Hybrid Fiber Coaxial cables
and Broadband Wireless Local Loop into a single brand called
HanaFOS.  hanarotelecom offers VoIP services to its broadband
business customers as a bundled service and also as a stand
alone service.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2006 that Fitch Ratings assigned hanarotelecom Inc. a
Long-term foreign currency Issuer Default rating of 'BB'.  The
rating outlook is stable.

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


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

EKRAN BHD: Urged to Re-Open Philippine Casino
---------------------------------------------
Malaysian officials in the Philippines have agreed with their
Philippine counterparts to touch base with Ekran Berhad for the
possible reopening of the mothballed multi-billion-peso Samal
Casino Resort, Sun.Star Davao reports.

Sun.Star quotes Daisy Avance Fuentes as saying that Malaysian
officials from Sarawak will initiate talks for Ekran Berhad to
resume the company's casino operations in the Island Garden City
of Samal.  Ms. Fuentes added that while there was no time frame
for the talks, they hoped that the re-opening would occur as
soon as possible.

Sun.Star relates that the Malaysian delegation, headed by
Minister of Industrial Development Datuk Ewon Ebin, vowed to
constantly keep in touch on the development regarding efforts to
urge Ekran Berhad to reopen its casino venture.

The casino was closed in 2000, the report recounts.  The resort,
developed at a cost of more than US$250 million in the early
1990s, is valued at PHP2 billion before it was shut down due to
continuing financial losses as a result of the Asian financial
crisis.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


EKRAN BHD: Obtains Exemption from Filing Regularization Plan
------------------------------------------------------------
Ekran Berhad has been exempted by Bursa Malaysia Securities
Berhad from submitting a regularization plan as prescribed by
Section 32 of the Securities Commission Act 1993, the company
said in a corporate disclosure lodged with the Malaysian bourse.

The company, however, explained that Bursa Securities' decision
is without prejudice to Bursa Securities' right to suspend the
trading of the company's securities and to commence delisting
procedures against it in the event that certain conditions
imposed by Bursa Securities are not fulfilled by December 31,
2007.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


EKRAN BHD: In Talks to Restructure More Than MYR59-Mil. of Debts
----------------------------------------------------------------
Ekran Berhad is negotiating with Pengurusan Danaharta Nasional
Bhd for a restructure in its debts, the company says in a
corporate disclosure filed with the Bursa Malaysia Securities
Berhad.

The company reports that Danaharta has filed separate writs of
summons against the company, and that negotiation for full and
final settlement is in progress.

The debts in question are


   Bankers               Claim amount       Description
   -------               ------------       -----------
   Pengurusan Danaharta  MYR28,426,953.08   Original Loan with
   National Sdn Bhd                         Pacific Bank Berhad
                                            Loan recalled.

   Danaharta Managers    MYR1,217,535.25    Original Loan with
   Sdn Bhd                                  Public Merchant Bank
                                            Berhad
                                            Loan recalled.

   Danaharta Urus        MYR29,535,045.28   Original Loan with
   Sdn Bhd                                  Bumiputra-Commerce
                                            Bank Berhad
                                            Loan recalled.

All claimed amounts are exclusive of interest.

Pengurusan Danaharta Nasional Bhd is undergoing debt
restructuring company.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


EKRAN BHD: Plans to Reduce Share Premium Account
------------------------------------------------
The board of directors of Ekran Berhad has announced that the
company intends to undertake a share premium reduction involving
the reduction of the amount standing to the credit of the share
premium account of the company of up to MYR1,085,000,000, the
company says in a corporate disclosure lodged with the Bursa
Malaysia Securities Berhad.

The move will result in the reduction of the company's
accumulated losses from MYR1.07 billion to turn a
MYR13.34 million accumulated profit, based on the company's
unaudited accounts as of June 30, 2007.

The company explains that the proposal will not have any effect
on the issued and paid-up share capital, earnings and
shareholding structure of the company.

The proposed scheme, subject to the approval of the company's
shareholders and the High Court of Malaya, is seen to be
completed by the second quarter of 2008.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


SOLUTIA INC: Wants US$713MM Environmental Claims Reclassified
-------------------------------------------------------------
Solutia Inc. and certain of its affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to
reclassify certain environmental proofs of claim, conditioned
upon the occurrence of the effective date of the Debtors' Fifth
Amended Joint Plan of Reorganization, dated October 19, 2007.

Under the Plan, the Environmental Claims will be treated
differently from general unsecured claims.  According to
Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
the Environmental Claims will be dealt with according to these
terms:

  (i) Solutia will remain responsible for certain Environmental
      Liabilities, as defined in the Plan, with respect to the
      sites where the company was an owner or operator on or
      after the "spinoff."

(ii) Monsanto Company, as Pharmacia Corporation's attorney-in-      
      fact, will be responsible for Environmental Liabilities
      with respect to sites for which those debts were
      transferred to Solutia pursuant to the Spinoff, but where
      Solutia was never an owner or operator.

(iii) Solutia and Monsanto will share responsibility for
      Environmental Liabilities with respect to the off-site
      areas in Anniston, Alabama and Krummrich, Illinois, in
      accordance with the allocation set forth in a settlement
      agreement between Solutia and Monsanto.

The Plan provides that claims of governmental agencies relating
to environmental liabilities with respect to the Shared Sites
and the Retained Sites "shall be reinstated and unaffected by
the chapter 11 cases and will be liquidated or adjudicated
pursuant to applicable law and in the ordinary course of
business."

Mr. Henes asserts that the future treatment of Environmental
Liabilities, including the Environmental Claims, is an important
component of the Plan and the Global Settlement among Solutia,
Monsanto, Pharmacia, the Official Committee of Unsecured
Creditors, the Official Committee of Equity Security Holders,
and other parties reallocating certain liabilities that Solutia
assumed when it was created.

Since the Petition Date, approximately 389 Environmental Claims
were filed against the Debtors in the aggregate amount of
US$713,296,201, excluding unliquidated portions of the Claims,
Mr. Henes says.

                          NRD Claims

The Debtors ask Judge Beatty to reclassify five environmental
claims which will not be treated as general unsecured claims to
the extent they satisfy the Plan's definition of "NRD Claims."

The NRD Claims are:

                                          Asserted
Claimant                  Claim No.  Claim Amount  Claim Class
--------                  ---------  ------------  -----------
California Dept. of Fish     5816          US$290  Unsecured
Kansas Dept. of Health &    13551       4,084,000  Unsecured
Environment
United States               11276    Unliquidated  Undetermined
State of Alabama            11277    Unliquidated  Priority
State of Illinois           11275      31,965,157  Unclassified

                       Legacy Site Claims

Solutia has identified around 100 Environmental Claims which,
they believe, relate to Environmental Liabilities with respect
to Legacy Sites.

Pursuant to the Plan, Solutia will receive a discharge from
Legacy Site Claims.  Also, under the Solutia-Monsanto Agreement,
Monsanto will hold Solutia harmless with regard to those Claims.
Accordingly, to the extent they satisfy the Plan's definition of
Legacy Site Claims, the Legacy Claims will not be treated as
general unsecured claims and holders of the Legacy Claims will
not receive a distribution from the Debtors' estates on account
of such claims.

As a result, the Debtors ask Judge Beatty to reclassify the
Legacy Claims as Legacy Site Claims, effective upon the Plan
Effective Date.

A complete list of the Legacy Site Claims is available for free
at http://ResearchArchives.com/t/s?24ce

                     Retained Site Claims

Solutia believes that 13 Environmental Claims relate to
Environmental Liabilities with respect to Retained Sites.

Pursuant to the Plan, to the extent they met the Plan's
definition of Environmental Sites, the Retained Site Claims will
be reinstated and unaffected by the chapter 11 cases.

Accordingly, the Retained Site Claims will not be treated as
general unsecured claims, and holders of Retained Site Claims
will not receive a distribution from the Debtors' estates on
account of those claims.  Instead, the Retained Site Claims will
be satisfied by the reorganized Debtors in the ordinary course
of business, Mr. Henes asserts.

Thus, the Debtors seek reclassification the Retained Site Claims
as Environmental Liabilities with respect to Retained Sites,
effective upon the Effective Date.

A complete list of the Retained Site Claims is available for
free at http://ResearchArchives.com/t/s?24cf

                     Shared Site Claims

The Debtors ask Judge Beatty to reclassify about 30
Environmental Claims Claims as Environmental Liabilities with
respect to Shared Sites.

Pursuant to the Plan, the Shared Site Claims will be reinstated
and unaffected by the Chapter 11 cases.  Holders of the Shared
Site claims will not receive distribution from the Debtors'
estates on account of those claims, but instead will be
satisfied in full by either Pharmacia, Monsanto or the
reorganized debtors in the ordinary course of business.

A complete list of the Shared Site Claims is available for free
at http://ResearchArchives.com/t/s?24d0

      Reclassification Will Benefit Environmental Claimants

The Debtors state that they are not seeking any determinations  
on the merits of the Environmental Claims.  According to them,
the reclassification of the Environmental Claims will not
adversely impact the rights of the holders of the Environmental
Claims, but will benefit the claimants from appropriate
classification in "pass-through classes" under the Plan, as
compared to the impaired treatment provided for holders of
general unsecured claims under the Plan.

Accordingly, to clarify the rights, including voting rights, of
parties under the Plan, and to enable the Debtors to maintain an
accurate claims register and ensure that the holders of
Environmental Claims are treated in accordance with the terms of
the Plan, the Environmental Claims need to be reclassified,
contingent upon the occurrence of the Effective Date, Mr. Henes
maintains.

The Debtors reserve the right to:

  -- object in the future to any of the Environmental Claims or
     portions (a) that are not reclassified pursuant to the
     Objection or (b) that are determined not to be an NRD
     Claim, a Legacy Site Claim, an Environmental Liability with
     respect to Retained Sites or Environmental Liability with
     respect to Shared Sites as those terms are defined in the
     Plan, based on the merits of the Surviving Claims and any
     procedural or substantive grounds; and

  -- seek to disallow, reduce or reclassify the Surviving
     Claims.

Except as provided for in the Plan, the Debtors reserve any and
all of their rights and defenses with respect to the
Environmental Claims under applicable law.

In addition, notwithstanding the reclassification of any Claim
as an NRD Claim, Legacy Site Claim, Environmental Liability with
respect to Retained Sites or Environmental Liability with
respect to Shared Sites, as between Monsanto and Solutia, the
allocation of liability for any individual claim will be
governed by the applicable provisions of the Agreement, provided
that nothing in will impair or adversely affect any claim, cause
of action, or right of a governmental agency related to
Environmental Liabilities with respect to the Retained Sites or
the Shared Sites.

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia has operations in Malaysia.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis  
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  A hearing to
consider confirmation of the Debtors' Reorganization Plan is
scheduled for Nov. 29, 2007.  (Solutia Bankruptcy News, Issue
No. 105; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


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

COMMUNICATIONS GROUP: Fixes Nov. 9 as Last Day to File Claims
-------------------------------------------------------------
The shareholders of The Communications Group Ltd. met on
Oct. 15, 2007, and agreed to voluntarily liquidate the company's
business.

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 liquidator is:

         Douglas Kim Fisher
         Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


HAMES SHARLEY: Commences Wind-Up Proceedings
--------------------------------------------
Hames Sharley International Ltd. went into liquidation on
October 11, 2007.

The company's liquidator is:

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


JABRA CIVIL: Shareholders Appoint McDonald as Liquidator
--------------------------------------------------------
On October 5, 2007, the shareholders of Jabra Civil Engineering
Ltd. appointed Graeme George McDonald as the company's
liquidator.

Creditors who were not able to file their proofs of debt by the
Nov. 2 due date will be excluded from the company's dividend
distribution.

The company's liquidator is:

          Graeme George McDonald
          Apex Accounting Limited
          PO Box 7719, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 573 5840
          Facsimile:(09) 573 5359


LOADED HOG: Court to Hear Wind-Up Petition on Nov. 19
-----------------------------------------------------
The High Court of Wellington will hear on November 19, 2007, at
10:00 a.m., a petition to have Loaded Hog Franchise Company
Ltd.'s operations wound up.

BOC Limited filed the petition on September 26, 2007.

BOC Limited's solicitor is:

          A. M. O’Connor
          c/o Credit Services (NZ) Limited,
          Level 6, 138 Victoria Street
          Christchurch
          New Zealand


MAITLAND IMPORTS: Creditors' Proofs of Debt Due on November 9
-------------------------------------------------------------
Henry David Levin and Barry Phillip Jordan were named
liquidators of Maitland Imports/Exports Ltd. on October 11,
2007.

Creditors who can file their proofs of debt by November 9, 2007,
will be included in the company's dividend distribution.

The Liquidators can be reached at:

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


PACIFIC CONCRETE: Creditors' Proofs of Debt Due on Jan. 11
----------------------------------------------------------
Vivian Judith Fatupaito and Malcolm Grant Hollis were named
liquidators of Pacific Concrete Ltd. on October 11, 2007.

Creditors who can file their proofs of debt by Jan. 11, 2007,
will be included in the company's dividend distribution.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Malcolm Grant Hollis
          c/o PricewaterhouseCoopers
          188 Quay Street
          Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


PANMURE CONSULTANTS: Accepting Proofs of Debt Until Nov. 9
----------------------------------------------------------
The High Court at Auckland, on October 11, 2007, appointed Henry
David Levin and Barry Phillip Jordan as liquidators of Panmure
Consultants Limited.

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

The liquidators can be reached at:

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


SOUTHERN FLOWERS: Fixes Nov. 9 as Last Day to File Claims
---------------------------------------------------------
The creditors of Southern Flowers 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:

          Andrew Marchel Oorschot
          c/o Ashton Wheelans & Hegan
          Chartered Accountants
          PO Box 13042, Christchurch
          New Zealand
          Telephone:(03) 366 7154


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

ATLAS CONSOLIDATED: Approves Increase of Unit's Capital Stock
-------------------------------------------------------------
Atlas Consolidated Mining and Development Corp. has approved the
proposed increase in the authorized capital stock of subsidiary
Birong Nickel Corp., a disclosure with the Philippine Stock
Exchange says.

According to the disclosure, BNC will increase its capital stock
from PHP10 million to PHP700 million divided into 700 million
common shares with a par value of PHP1 each.  Existing
stockholders Nickeline Resources Holdings Inc., Toledo Mining
Corp. and Investika Ltd. will subscribe to an aggregate of
181,792,219 common shares with a total par value of
PHP181.792 million.


Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million.  Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.


ATLAS CONSOLIDATED: Declares Dividends to Unit's Stockholders
-------------------------------------------------------------
Atlas Consolidated Mining and Development Corp.'s Board of
Directors, as well as subsidiary Berong Nickel Corp.'s
stockholders, have approved the declaration of cash and stock
dividends to all existing stockholders of BNC.

According to a disclosure with the Philippine Stock Exchange,
the dividends will be paid to existing BNC stockholders of
record as of August 15, 2007.


Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million.  Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.


BANGKO SENTRAL: Prepares Measures to Help Exporters Cope v. Peso
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas has prepared various measures to
help exporters recover from the negative effects of an
appreciating peso, the Philippine Daily Inquirer reports.

According to BSP Governor Amando Tetangco Jr., the BSP has
created moves "to establish lending programs that develop banks'
tie-ups with industrial associations, such as the [Philippine
Confederation of Exporters] and the Foreign Buyers Association
of the Philippines."  Mr. Tetangco said this will help the BSP
identify good exporter borrowers that qualify for credit access.

The BSP believes that a reduced borrowing cost could boost
exporters' long-term performance, the report notes.  

Mr. Tetangco assured exporters that the BSP is making efforts to
lessen pressure created by the peso's appreciation, and to
maintain overall stability in the foreign exchange market,
including moves aimed in building up international reserves and
prepaying external obligations, the report says.

The rapidly growing peso damages exporters by reducing the peso
equivalent of their dollar earnings and by reducing their price
competitiveness, the article explains.

However, Mr. Tetangco told exporters that price competitiveness
is not the only factor determining their long-term performance,
and advised them to increase productivity.  The BSP official
said that improvement in power and transportation infrastructure
as well as in new technologies and manpower skills, are
important in developing the export sector.

Finally, Mr. Tetangco said that foreign exchange liberalization
can benefit the export sector by lowering costs for
transactions.


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: Expects More Than US$31 Bil. in Foreign Reserves
----------------------------------------------------------------
The Philippines' actual gross international reserves could
exceed the official target of US$31 billion by at least
US$1 billion due to steady growth in inflows, Bangko Sentral ng
Pilipinas Governor Amando M. Tetangco Jr. told the Philippine
Star.

The growth would be sustained through next year and continue to
boost the GIR, which could easily surpass this year's expected
US$31 billion based on strong portfolio and direct investment
inflows, Mr. Tetangco added.  However, he declined to specify
figures, the report says.

The GIR has already hit the US$30.7 billion level at September,
the report reveals, and is expected to continue growing for the
rest of 2007.


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.


FEDDERS CORP: Court Elects Brown Rudnick as Committee's Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Fedders Corp.
and its debtor-affiliates' Chapter 11 cases obtained authority
from the U.S. Bankruptcy Court for the District of Delaware to
retain Brown Rudnick Berlack Israels LLP as its counsel.

As reported in the Troubled Company Reporter on Oct. 18, 2007,
Brown Rudnick is expected to:

   a) assist and advise the Creditors' Committee in its
      discussions with the Debtors and other parties in interest
      regarding the overall administration of the cases;

   b) represent the Creditors Committee at hearings to be held
      before this Court and communicating with the Committee
      regarding the matters heard and the issues raised as well
      as the decision and consideration of this Court;

   c) assist and advise the Creditors' Committee in its
      examination and analysis of the conduct of the Debtors'
      affairs;

   d) review and analyze pleadings, orders, schedules, and other
      documents filed and to be filed with this Court by
      interested parties in these cases; advise the Creditors'
      Committee as to the necessity, propriety, and impact of
      the foregoing upon these cases; and consenting or  
      objecting to pleadings or orders on behalf of the
      Committee, as appropriate;

   e) assist the Committee in preparing applications, motion,
      memoranda, proposed orders, and other pleadings as may be
      required in support of positions taken by the Committee,
      including all trail preparation as may be necessary;

   f) confer with the professional retained by the Debtors and
      other parties in interest, as well as with such other
      professionals;

   g) coordinate the receipt and dissemination of information
      prepared by and received from the Debtors' professionals,
      as well as information that may be received from other
      professionals engaged by the Committee;

   h) participate in such examinations of the Debtors and other
      witnesses as may be necessary in order to anaylze and
      determine the Debtors' assets and financial condition,
      whether the Debtos have made any avoidable transfers of
      property, or whether causes of action exist on behalf of
      the Debtors' estates;

   i) negotiate and formulate a plan of reorganization for the
      Debtors; and

   j) assist the Creditors' Committee generally in performing
      such other services as may be desirable or required for
      the discharge of the Committee's duties.

The Committee told the Court that the firm's professionals
bill:

         Professional/Designation         Hourly Rate
         ------------------------         -----------
         Robert J. Stark, Esq.              US$715
         Attorneys                       US$320-US$890
         Paraprofessionals               US$190-US$275

To the best of the Committee's knowledge the firm is a
"disinterested" as that term is defined in Section 101(14) of
the U.S. Bankruptcy Code.

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air    
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No.: 07-11182).  Its Debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The U.S. Trustee for
region 3 has appointed an Official Committee of Unsecured
Creditors on this case.  When the Debtors filed for protection
from its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.

The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in the Philippines, China
and India.


FEDDERS CORP: Panel Hires Greenberg Traurig as Delaware Counsel
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
gave the Official Committee of Unsecured Creditors in Fedders
North America Inc. and its debtor-affiliates' bankruptcy cases
permission to retain Greenberg Traurig LLP as its Delaware
counsel.

As reported in the Troubled Company Reporter on Oct. 18, 2007,
Greenberg Traurig is expected to

   a. provide legal advice with respect to the Committee's
      rights, powers and duties in these cases;

   b. assist the lead counsel in preparing, filing and serving
      all necessary applications, answers, response, objections,
      orders, reports and other legal papers;

   c. represent the Committee in any matters arising in the
      cases including disputes or issues with the Debtors,
      alleged secured creditors or other creditors or third
      parties;

   d. assist the Committee in it investigation and analysis of
      the Debtors, including but not limited to, the review
      and analysis of all pleadings, claims and plans of
      reorganization that may be filed in these cases and any
      negotiations or litigation that may arise out of or in
      connection with the matters, operations and financial
      affairs;

   e. represent the Committee in all aspects of confirmation
      proceedings; and

   f. perform all other legal services for the Committee that
      may be necessary or desrirable in these proceedings.

The firm's professionals and their compensation rates are:

          Professionals                 Hourly Rates
          -------------                 ------------
          Donald J. Detweiler, Esq.        US$510
          Victoria W. Counihan, Esq.       US$475
          Dennis A. Meloro, Esq.           US$360
          Elizabeth C. Thomas              US$190

          Designations                  Hourly Rates
          ------------                  ------------
          Shareholders                 US$235-US$570
          Associates                   US$130-US$480
          Legal Assistants              US$65-US$230
          Paralegals                    US$65-US$230

Victoria W. Counihan, Esq., a shareholder of the firm, assured
the Court that the firm does not hold any interest adverse to
the Debtors' estate and is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.

Ms. Counihan can be reached at:

     Victoria W. Counihan, Esq.
     Greenberg Traurig LLP
     1007 North Orange Street, Suite 1200
     Wilmington, Delaware 19801
     http://www.gtlaw.com/

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air    
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No.: 07-11182).  Its Debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The U.S. Trustee for
region 3 has appointed an Official Committee of Unsecured
Creditors on this case.  When the Debtors filed for protection
from its creditors, it listed total assets of $186,300,000 and
total debts of $322,000,000.

The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in the Philippines, China
and India.


FEDDERS CORP: Panel Hires Lowenstein Sandler as Special Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
the Official Committee of Unsecured Creditors in Fedders North
America Inc. and its debtor-affiliates' bankruptcy cases
authority to retain Lowenstein Sandler PC as its special
litigation counsel and conflicts counsel.

As reported in the Troubled Company Reporter on Oct. 18, 2007,
the Committee sought to retain Lowenstein as special counsel
with regard to issues pertaining to Bank of America and Goldman
Sachs Credit Partners LP, as well as any matters where lead
counsel finds a real or potential conflict of where lead counsel
and the Committee deem it appropriate.  Lowenstein told the
Court that it intends to work closely with Saul Ewing Remick &
Saul LLP, the Committee's lead counsel.

             Issues with Bank of America and Goldman

In September 2007, the Troubled Company Reporter said, citing
Bloomberg News that the Committee had opposed the $79 million in
postpetition financing provided to Fedders by a group including
Goldman Sachs Credit Partners LP and Bank of America NA.  The
Committee called the loan "outrageously expensive" arguing that
it costs 14% over the London interbank offered rate for the term
loan and LIBOR plus 5% for the revolving credit.  In August
2007, Fedders obtained interim Court approval to borrow under
the financing agreement.

Lowenstein will bill on an hourly basis, plus reimbursement of
the actual and necessary expenses the firm incurs.  The firm's
rates are:

            Designation              Hourly Rate
            -----------              -----------
            Partners                US$400-US$725
            Counsel                 US$265-US$445
            Associates              US$185-US$450
            Legal Assistants         US$75-US$175

Lowenstein assured the Court that it does not hold, or represent
any other entity having an adverse interest in connection with
the Debtors' cases.

The firm can be contacted at:

             Sharon L. Levin, Esq., Member
             Lowenstein Sandler PC
             65 Livingston Avenue
             Roseland, NJ 07068
             Tel: (973) 597-2500
             http://www.lowenstein.com/

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air    
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No.: 07-11182).  Its Debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The U.S. Trustee for
region 3 has appointed an Official Committee of Unsecured
Creditors on this case.  When the Debtors filed for protection
from its creditors, it listed total assets of $186,300,000 and
total debts of $322,000,000.

The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in the Philippines, China
and India.


GLOBE TELECOM: Posts PHP3.266-Bil. Net Income for 3rd Qtr. 2007
---------------------------------------------------------------
Globe Telecom Inc. has reported a net income of PHP3.266 billion
for the quarter ended September 30, 2007, an 8% decrease from
the PHP3.550 billion net income reported for the same period in
2006.

For the July-September 2007 period, the company earned revenues
of PHP16.273 billion, comprising in bulk of service revenues
which made up PHP15.531 billion.  The company incurred costs and
expenses of PHP11.427 billion, resulting in an income of
PHP4.845 billion before income tax.

The company also reported a nine-month net income of
PHP9.691 billion, a 4% increase from the PHP9.308 billion
reported for the nine months ending September 30, 2006.  
Revenues for the period rose 9% to PHP49.774 billion this year,
from last year's PHP45.526 billion.  The company's expenses also
rose 11% to PHP35.204 billion in the January-September 2007
period, from the PHP31.776-billion figure in the same period
last year.

As of September 30, 2007, the company had PHP118.622 billion in
assets and PHP60.364 billion in liabilities, resulting in a
total equity of PHP58.258 billion.  Total current liabilities of
PHP25.467 billion as of September 30, 2007, exceeded current
assets of PHP20.956 billion.

The company's financials can be downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/GLO_17Q_Sep2007.pdf


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 Globe
Telecom Inc. to Baa1 from Baa2 with a stable outlook.


LAFAYETTE MINING: Mulls Options Against Fishkill Hoax Creators
--------------------------------------------------------------
Lafayette Mining Philippines Inc. is considering legal action
against the perpetrators of the "fishkill" allegations aimed
against it, saying that it is becoming increasingly clear to be
another hoax, the Daily Tribune reports.

According to Atty. Bayani Agabin, spokesperson for Lafayette,
there had been no fishkill in the immediate vicinity of the
company's Rapu Rapu project and in the other municipalities
before the Poblacion area.  He said there were no problems in
the sea in front of the project, located in Barangay Pagcolbon,
and in the other barangays between it and Poblacion.  "The
barangays between Pagcolbon and Poblacion have certified that
there was no fishkill in their areas," Atty. Agabin said.

Atty. Agabin maintained that the company did not release any
water before the alleged fishkill because its operations have
been halted for preventive maintenance.  Its dam, the lawyer
added, had plenty to spare and had enough space left for
rainwater.

The Troubled Company Reporter-Asia Pacific had earlier reported
that the company was facing inquiries by authorities into the
alleged fishkill in Barangay Poblacion.  The Department of
Environment and Natural Resources later cleared the firm of the
charges, the TCR-AP said, saying that the fishkill was isolated
to the Poblacion area.

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

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


PHIL LONG DISTANCE: Fitch Affirms 'BB+' Long-Term Issuer Rating  
---------------------------------------------------------------
Fitch Ratings has affirmed on Tuesday Philippine Long Distance
Telephone Company's issuer and instrument ratings following news
of the company's proposal to change certain covenants under its
2009, 2012 and 2017 senior notes.

The affirmed ratings include PLDT's Long-term local currency
Issuer Default Rating at 'BBB', its Long-term foreign currency
IDR at 'BB+' and its National Long-term rating at 'AAA(phl)'.
The Outlook remains Stable.

Also, PLDT's senior notes have been affirmed at 'BB+'.

PLDT has approached bondholders of its 10.5% Notes due 2009,
11.375% Notes due 2012 and 8.35% Notes due 2017, to seek their
consent to amend the applicable limitations on dividends,
shareholder distributions and restricted payments.  Apart from
some financial compensation to bondholders, PLDT intends to
tighten the maximum threshold on its leverage and capital
structure ratios; in return for consent to modify the covenants.
In doing so, the company intends to reduce the maximum threshold
on Consolidated Debt to EBITDA to 3.0x from 3.5x earlier as well
as that on Long-Term Debt to Tangible Net Worth to 2.5x from
3.0x earlier.

"The proposed covenant amendments would afford the company
higher capacity for dividend payments and capital management
initiatives, which could potentially lead credit protection
ratios to weaken from current levels.  There is however,
moderate headroom for an increase in net debt at the current
local currency IDR level, before pressure is exerted on the
rating," said Priya Gupta, Director in Fitch's Asia-Pacific
telecommunications, media and technology team.  As at June 2007,
PLDT's net adjusted leverage stood at 0.6x, against a maximum
threshold of 1.0x set by the agency.  Future decisions (if any)
with respect to material debt-funded acquisitions/investments
and/or capital management initiatives will constitute event
risk, subject to review on an individual basis.


PHIL LONG DISTANCE: S&P Affirms 'BB+' Foreign Currency Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed on Wednesday its
'BB+' foreign currency rating on Philippine Long Distance
Telephone Co. following the solicitation from the holders of
some of the company's senior notes to amend certain covenants.
The outlook is stable.

"The rating on PLDT reflects that of the transfer and
convertibility (T&C) risk assessment on the Philippines (foreign
currency BB-/Stable/B; local currency BB+/Stable/B)," said
Standard & Poor's credit analyst Judy Kwok-Cheung.  "And
although the amendments to the company's senior notes due 2009,
2012, and 2017 will increase PLDT's flexibility to make
investments and capital distributions, particularly dividends to
ordinary shareholders, the company's financial profile is
expected to remain consistent with the current rating."

PLDT generates free cash flow of about US$725 million annually.
Consolidated debt to EBITDA was below 0.8x at June 30, 2007, as
a result of the company's effort to deleverage in the past few
years; this ratio is expected to increase slightly, but to
remain below 2x in the next two to three years.  Given PLDT's
improved credit metrics, Standard & Poor's does not expect
the company's increasing focus on delivering shareholder value
through dividend payments to significantly weaken its credit
metrics.

"An upward revision of the T&C risk assessment for the
Philippines will be needed before PLDT's foreign currency
ratings may be raised. Conversely, any downward movement of the
sovereign rating could prompt a reduction in the T&C risk
assessment or deterioration in country risk factors, which in
turn could result in a lowering of the ratings on the company.
In addition, the rating could come under pressure if the
company's total debt to EBITDA increases to above 2.5x, given
the current satisfactory business profile supported by a leading
market position," Ms. Kwok-Cheung noted.


PHIL LONG DISTANCE: Moody's Affirms Ba2 Foreign Currency Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Philippines Long Distance
Telephone Company's local currency issuer and foreign currency
bond ratings at Baa2 and Ba2 respectively.  The outlook on the
ratings is stable.

This affirmation follows PLDT's announced proposals to amend
certain of its bond indentures such that restrictions on the
payment of dividends have been lifted.

"Whilst this theoretically puts no restrictions, over and above
the Philippines regulatory requirements, on PLDT's ability to
pay dividends, Moody's would expect that the company continue to
maintain a credit profile commensurate with its rating level,"
says Laura Acres, a Moody's Vice President.

PLDT has consistently operated at an adjusted debt/EBITDA ratio
of less than 1.5x since 2005 and Moody's expects such trend to
continue.

PLDT's local currency issuer rating of Baa2 reflects the
company's position as the largest telecommunications operator in
the Philippines; strong consolidated financial metrics; dominant
market position, founded on its integrated business platform;
and the company's moderate sensitivity to technological
developments and competitive pressures.

However, these factors are counterbalanced by country-specific
issues, such as uncertainty surrounding the Philippines'
political and economic environment.  Any deterioration in the
political system or changes in the regulatory regime could
impact PLDT's operating profile and prospects for growth.

The stable outlook reflects Moody's expectation that PLDT will
execute its business plan as outlined.

In addition, Moody's affirmation of PLDT's foreign currency bond
rating reflects the fact that the rating is unlikely to rise
without an improvement in the Philippines foreign currency
country ceiling.

PLDT's financial metrics exhibit strong investment grade
characteristics; hence any upward pressure on the local currency
rating would be more reflective of a stabilizing economic,
political and social environment reducing the operating
environment uncertainties.  Specifically, Moody's would look for
PLDT to maintain its existing sound financial profile.

On the other hand, downward pressure is not expected, given that
PLDT currently enjoys a healthy financial and operating risk
profile.  Event risk is always a possibility because of the
parlous state of the socio-economic and political environment,
and such risk would be measured by EBITDA margins falling below
50% or debt/EBITDA rising above 2.0x.  Furthermore, the foreign
currency ratings are sensitive to any movement in the sovereign
rating.


PHIL LONG DISTANCE: Acquires Piltel's Fixed Line Business
---------------------------------------------------------
The Philippine Long Distance Telephone Co. has acquired Pilipino
Telephone INc.'s fixed-line business, the Philippine Star
reports.

The acquisition is subject to a definitive agreement and
fulfillment of certain closing conditions including the required
approvals by regulatory agencies, the article adds.

Divesting its fixed-line business will allow Piltel to focus on
its wireless business, company officials say, while it will
enable PDLT to bring together its local exchange carrier units
to operate more efficiently.  This will also allow Piltel's
40,415 fixed-line subscribers to benefit from PLDT's updates to
its fixed line infrastructure.

PLDT ha been managing Piltel's fixed-line business since July
2001 under a facilities management agreement, the report
recounts.  Piltel is owned by Smart Communications, a subsidiary
of PLDT.

Piltel's board of directors also approved the redemption of
PLDT's series J preferred shares in Piltel at the original issue
price of PHP1000 per share, for a total of PHP4.93 billion plus
PHP195.9 million in accrued dividends up to the redemption date
of December 5, the report adds.

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.

                          *     *     *

As of November 7, 2007, Philippine Long Distance Telephone
Company carries Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.

The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.


PHIL LONG DISTANCE: Starts Solicitation of Noteholders' Consents
----------------------------------------------------------------
Philippine Long Distance Telephone Company announced today that
it has commenced a solicitation of consents from holders of its
outstanding 11.375% Notes due 2012, 10.5% Notes due 2009 and  
8.35% Notes due 2017.

The solicitation will be to effect certain proposed amendments
to the indenture governing the said Notes.

Capitalized terms used in this press release shall have the
meanings ascribed to them in the Consent Solicitation Statements
dated November 6, 2007.

The proposed amendments will, once effective, amend the
covenants in the 2012 Notes relating to the Limitation on
Restricted Payments.  The proposed amendments will also, once
effective, amend the covenants in the 2009 Notes, the 2012 Notes
and the 2017 Notes relating to the Limitation on Dividends.   
Specifically, the proposed amendments would give PLDT greater
flexibility to make certain restricted payments, amend
limitations on PLDT paying dividends or distributions, and
reduce PLDT's permitted leverage ratios pursuant to the terms of
the notes.

PLDT's key financial indicators including revenues,
profitability and operating cash flows have improved over time
compared to when the notes were issued.  PLDT has utilized cash
flow from operations and dividends from its wholly owned
cellular subsidiary, Smart, to substantially reduce debt while
resuming payment of dividends to its shareholders from 2005
onwards.  

At the PLDT Group level, total debt has been reduced by 56% from
US$3,526 million as of June 30, 2002 (when the 2012 Notes were
issued) to US$1,550 million as of September 30, 2007. At the
PLDT Parent level, total debt has been reduced by 70%, from
US$2,868 million as of June 30, 2002 to US$855 million as of
September 30, 2007.  Credit ratings agencies have acknowledged
these improvements by upgrading PLDT's credit profile above the
sovereign ratings of the Republic of the Philippines.  PLDT's
foreign currency long-term credit ratings from Standard & Poor's
Rating Services, a division of the McGraw Hill Companies, Inc.  
and Moody's Investors Services, Inc. have improved from BB to
BB+ and from Ba3 to Ba2 respectively.  The Republic of the
Philippines is now rated BB- by S&P and B1 by Moody's.  

PLDT is focused on maintaining its market leadership, investing
in new growth areas to boost its core telecommunications
business and diversifying its revenue sources.  PLDT is also
focused on pursuing an efficient capital structure by adjusting
its dividend and distribution policy to maintain an optimal
level of cash on its balance sheet.  PLDT believes that the
existing Limitation on Restricted Payments and the existing
Limitation on Dividends, constrain its ability to pursue these
objectives.  PLDT's debt capacity is currently limited by the
limitation on debt in the 2012 Notes which specifies a
maximum Consolidated Leverage Ratio of 3.5x.  PLDT's debt
capacity is also limited by the Maintenance of Leverage Ratio in
the 2009 Notes and the 2017 Notes which specifies a maximum
ratio of Long Term Debt to Tangible Net Worth of 3.0x.  To
demonstrate its continued commitment to maintaining a prudent
capital structure, PLDT will simultaneously tighten its debt
capacity under both these limitations.  The maximum Consolidated
Leverage Ratio will be reduced to 3.0x from 3.5x. The maximum
ratio of Long Term Debt to Tangible Net Worth will be reduced to
2.5x from 3.0x.

The 2012 Notes Consent Solicitation.  The 2012 Notes Consent
Solicitation will expire at 11:00 A.M., New York City time, on
Tuesday, November 27, 2007, unless extended or earlier
terminated.  Holders of the 2012 Notes that deliver valid
consents prior to 11:00 A.M., New York City time, on Tuesday,
November 20, 2007 will receive a consent payment of US$6.25
for each US$1,000 principal amount of the 2012 Notes for which
consents have been accepted.  Holders of the 2012 Notes that
deliver valid consents after the Early Consent Deadline but on
or prior to the Expiration Time will receive a consent payment
of US$3.75 for each US$1,000 principal amount of the 2012 Notes
for which consents have been accepted.

The terms and conditions of the 2012 Notes Consent Solicitation,
including PLDT's obligation to accept the consents delivered and
pay the applicable consent payment, are set forth in PLDT's
Consent Solicitation Statement dated November 6, 2007.  PLDT may
amend, extend or, subject to certain conditions, terminate the
2012 Notes Consent Solicitation.  

2009/2017 Notes Consent Solicitation.  The 2009/2017 Notes
Consent Solicitation will expire at 11:00 A.M., New York City
time, on Tuesday, November 27, 2007, unless extended or earlier
terminated.  Holders of the 2009 Notes or 2017 Notes that
deliver valid consents prior to 11:00 A.M., New York City time,
on Tuesday, November 20, 2007 will receive a consent payment of
US$5.00 or US$6.25, respectively, for each US$1,000 principal
amount of the 2009 Notes or 2017 Notes for which consents have
been accepted.  Holders of the 2009 Notes or 2017 Notes that
deliver valid consents after the Early Consent Deadline but on
or prior to the Expiration Time will receive a consent payment
of US$2.50 or US$3.75, respectively, for each US$1,000 principal
amount of the 2009 Notes or 2017 for which consents have been
accepted.

The terms and conditions of the 2009/2017 Notes Consent
Solicitation, including PLDT's obligation to accept the consents
delivered and pay the applicable consent payment, are set forth
in PLDT's Consent Solicitation Statement dated November 6, 2007.
PLDT may amend, extend or, subject to certain conditions,
terminate the 2009/2017 Notes Consent Solicitation.  In
connection with the 2012 Notes Consent Solicitation and the
2009/2017 Notes Consent Solicitation, PLDT has retained Deutsche
Bank as the Solicitation Agent and D.F. King & Co, Inc. as the
Information Agent and the Tabulation Agent.  Full contact
details of all parties are given on the back page.

Questions regarding the 2012 Notes Consent Solicitation or the
2009/2017 Notes Consent Solicitation and requests for the
Consent Solicitation Statements dated November 6, 2007 may be
directed to the Information Agent.

                         About PLDT

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.

                          *     *     *

As of November 7, 2007, Philippine Long Distance Telephone
Company carries Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.

The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.


* Rising Peso, Rice Supply Keeps October Inflation at 2.7%
----------------------------------------------------------
Inflation has been kept at an average of 2.7% last month in
light of the stronger-than-expected peso as well as the abundant
supply of rice, monetary authorities told the Philippine Daily
Inquirer on Tuesday.

According to the article, the October inflation rate has brought
the 10-month average to 2.6% which is still lower than the
government target of 4%-5% for 2007 and also lower than the 5.4%
recorded in October last year.  Core inflation is at 2.4%, the
report adds, as compared to September's 2.7%.  10-month core
inflation is at 2.8%.

Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said
that the peso's appreciation have kept price pressures on basic
commodities in check.  These lower prices, he said, cushioned
inflation with the onset of the harvest season and import
arrivals.  Some producers also chose to maintain prices to
protect their market shares, the BSP official added.

Food beverage and tobacco recorded an inflation rate of 3.5% for
October, the article relates from data reported by the National
Statistics Office on Tuesday.  Housing and repair recorded 1.2%,
clothing rose 1.9%, fuel, as well as light and water, rose 1%,
cost of services recorded a 3.5% rate, and miscellaneous items
put in 1.4%.

Price movements since August have confirmed the BSP's benign
inflation outlook, Mr. Tetangco said.  The strong peso has
protected the official inflation targets from being breached by
rising global prices of oil, officials added.

                          *     *     *  

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

ITC GLOBAL: Court to Hear Wind-Up Petition on Nov. 30
-----------------------------------------------------
A petition to have ITC Global Holdings Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
November 30, 2007, at 10:00 a.m.

Chay Fook Yuen and Tham Sai Choy filed the petition on Oct. 25,
2007.

The Petitioners' solicitors are:

         Rajah & Tann
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


KIWANIS INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 30
---------------------------------------------------------------
Kiwanis International Regional Service Center — Asia Pacific Ltd
requires its creditors to file their proofs of debt by Nov. 30,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


P K S CONTRACTS: Pays Dividend to Creditors
-------------------------------------------
P K S Contracts Services Pte Ltd, which is in liquidation, paid
its second dividend on November 2, 2007.

The company paid 17% of dividend to all the admitted ordinary
claims.

The company's liquidator is:

          Chee Yoh Chuang
          Stone Forest Corporate Advisory Pte Ltd
          Member, RSM International
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


RED HAT: Inks Broad Contributor Pact with Sun Microsystems
----------------------------------------------------------
Red Hat Inc. has signed an agreement with Sun Microsystems to
advance open source Java(TM) software.  Red Hat has signed Sun's
broad contributor agreement that covers participation in all
Sun-led open source projects by all Red Hat engineers.

In addition, Red Hat has signed Sun's OpenJDK Community TCK
License Agreement.  This agreement gives the company access to
the test suite that determines whether an implementation of the
Java Platform Standard Edition (Java SE) platform that is
derived from the OpenJDK project complies with the Java SE 6
specification.

Red Hat is the first major software vendor to license the Java
SE Technology Compatibility Kit (TCK), in support of Java SE
compatibility.  To help foster innovation and advancement of the
Java technology ecosystem, Red Hat will also share its
developers' contributions with Sun as part of the OpenJDK
community.  These agreements pave the way for Red Hat to create
a fully compatible, open source Java Development Kit (JDK) for
Red Hat Enterprise Linux, including the Java Runtime Environment
(JRE).

As a contributor, Red Hat will have full access to the OpenJDK
code base as well as the Java SE 6 TCK to eventually deliver a
JRE for Red Hat Enterprise Linux that would significantly
enhance Java software applications.  Red Hat customers will
benefit from a highly optimized, accelerated runtime for JBoss
Enterprise Middleware in a Linux environment.

"Red Hat fully supports Sun's courageous decision to open source
Java technology.  After more than 10 years of continuous
leadership, the Java technology ecosystem will enter an era of
accelerated innovation and benefit from extreme pervasiveness on
a wide range of environments," said Sacha Labourey, CTO of
JBoss, a division of Red Hat.  "Through these strategic
agreements, Red Hat commits to contribute to the Java platform
and distribute a compatible, open source Java software
implementation."

One of the first benefits of this agreement is tighter alignment
with the IcedTea project, which brings together Fedora and
JBoss.org technologies in a Linux environment.  IcedTea provides
Free Software alternatives for the few remaining proprietary
sections in the OpenJDK project.

Earlier this month, Red Hat Middleware LLC division was re-
elected by program members of the Java Community Process to the
Executive Committee for the Standard/Enterprise Edition.  Red
Hat will serve as a voting member for three years, helping guide
the evolution of Java technologies.  The company currently leads
the Web Beans Expert Group and has made significant
contributions in the past to specifications such as Enterprise
JavaBeans 3.0.

"Sun welcomes Red Hat to the OpenJDK community," said Rich
Green, executive vice president, Software at Sun Microsystems.
"It is a vote of confidence to have Red Hat, a leader in open
source, engaging with the community on such a broad scale.  When
we open-sourced our Java software implementation, we hoped to
see just this kind of collaboration between the GNU/Linux world
and the Java technology ecosystem.  It is gratifying to see the
promise of open-source Java technology coming true with Red
Hat's leadership."

                  About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network  
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

                       About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.  
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has revised
its outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.


SNIJDER SINGAPORE: Creditors' Proofs of Debt Due on Dec. 3
----------------------------------------------------------
The creditors of Snijder Singapore Pte Ltd are required to file
their proofs of debt by December 3, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 1,
2007.

The company's liquidator is:
          Chia Lay Beng
          1 Scotts Road #21-07/08/09
          Shaw Centre
          Singapore 228208


SPECTRUM BRANDS: Completes Sale of Canadian Home & Garden Unit
--------------------------------------------------------------
Spectrum Brands has completed the sale of the Canadian division
of its Home & Garden business segment, which operates under the
name Nu-Gro.

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Spectrum Brands disclosed its plans of postponing its strategic
asset sale process due to recent challenging conditions in the
credit markets.

On Sept. 28, 2007, the company signed a definitive agreement to
sell the Canadian division of its Home & Garden business segment
to a new company formed by RoyCap Merchant Banking Group and
Clarke Inc.  

Net proceeds from the sale will be utilized to reduce Spectrum
Brands' outstanding debt balance.  The company currently
estimates that its FY 2008 peak seasonal borrowing needs will be
reduced by approximately US$45 million as a result of cash
proceeds from the transaction and the elimination of the working
capital requirement for the Canadian Home & Garden business in
the 2008 lawn and garden selling season.

In addition, the company reiterated its commitment to further
reducing outstanding indebtedness and leverage through the
sale of assets.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company operates in 13 Latin American nations including El
Salvador, Guatemala, Costa Rica, Colombia and Nicaragua.

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's
new four-year, US$225 million senior secured asset-backed loan
facility priced at LIBOR +225 basis points.  

Fitch also affirmed these ratings: 'CCC' Issuer Default Rating,
'B/RR1' rating on the company's US$1 billion term loan B,
'B/RR1' rating on the company's EUR350 million term loan, 'CCC-
/RR5' rating on the company's US$700 million 7.4% senior
subordinated notes, 'CCC-/RR5' rating of the company's US$2.9
million 8.5% senior subordinated notes, and 'CCC- /RR5' rating
on the company's US$347 million 11.25% variable rate toggle
senior subordinated notes.  The Rating Outlook is Negative.


SUMIKO LEADFRAME: Creditors' Proofs of Debt Due on Dec. 3
---------------------------------------------------------
Sumiko Leadframe Singapore Pte Ltd requires its creditors to
file their proofs of debt by December 3, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

         Yukinori Okano
         c/o No. 39/41 Kallang Place
         Singapore 339169


SUMMERWIND TRADING: Court Enters Wind-Up Order
----------------------------------------------
On October 19, 2007, the High Court of Singapore entered an
order directing the wind-up of Summerwind Trading Pte Ltd's
operations.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee\u2019s Office
         c/o 45 Maxwell Road, #05-11/06-11
         The URA Centre (East Wing)
         Singapore 069118


* Moody's Releases Annual Report on Singapore
---------------------------------------------
In its annual report on Singapore, Moody's Investors Service
says the country's Aaa government bond ratings are supported by
strong external-payments and fiscal positions, as well as the
government's substantial assets.

"Consistently good macroeconomic management, accompanied by
structural reforms, has resulted in residents enjoying one of
the highest living standards in Asia," said Moody's Vice
President Steven Hess, lead analyst for Singapore. "Output and
employment have grown, the already-low unemployment rate is
declining, and inflation is manageable."

Singapore's banking system is strong and can withstand the
relatively minor shock prompted by the US subprime problem, said
Hess.

Large Singaporean banks have some exposure to subprime, "but it
is a relatively small proportion of their assets," said Hess.
"Should the US economy slow dramatically, Singapore's
electronics sector, in particular, could be vulnerable."

According to the analyst, Singapore is once again undergoing a
shift in its economic structure as the government attempts to
open the financial services sector to a wider variety of
businesses and as manufacturing investment becomes less
concentrated in the electronics sector.

"Singapore's economy is growing strongly, supported by both
exports and strengthening domestic demand," said Hess. "Real GDP
growth looks set to record a fourth consecutive year of very
strong growth, with a rise of 6.5% now estimated."

Inflation is rising due, in part, to an increase in the general
sales tax, but it is likely to average less than 2.0% for the
year, which is the target of Singapore's Monetary Authority.

"Singapore's large government asset position is a significant
credit strength, which, combined with foreign currency reserves
of US$136 billion at year-end 2006, means Singapore is well-
positioned to weather any unexpected domestic or external
shock," said Hess.

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


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

DOLE FOOD: Court Jury Discounts Injury Claims of 6 Tellez Cases
---------------------------------------------------------------
Dole Food Company Inc. is pleased by the Los Angeles Superior
Court jury verdict in the Tellez case against six of the
plaintiffs.  The jury found that six of the 12 plaintiffs did
not even suffer any injury as a result of their alleged exposure
to the agricultural chemical DBCP on independent banana farms in
Nicaragua nearly 30 years ago.  The jury awarded a total of
approximately US$2.5 million in compensatory damages against
Dole to the remaining six plaintiffs, who claimed they were made
sterile by DBCP.  Dole plans to appeal these six verdicts.  The
jury also found against Dow Chemical Company on these six cases.

"We are happy with the jury's findings as they relate to six of
the twelve hand-picked plaintiffs.  These verdicts send a strong
message that false testimony does not stand up in a court of
law.  Dole has always believed that there is no scientific basis
to support these alleged injuries," said C. Michael Carter,
Dole's executive vice president and general counsel.  "However,
the six verdicts against Dole are flat wrong and the result of
junk science, raw emotional appeals and false testimony.  These
six men were not injured by DBCP or Dole, and it is unjust for
them to be awarded money from us. We are appealing to set the
record straight."

The Facts:

  -- All the independent scientific research demonstrates that,
     to be possibly injured, a man would have to be exposed to
     hundreds of times the amount of DBCP that an agricultural
     worker could possibly receive.  The only possible injury
     caused by exposure to DBCP is male sterility, and even
     that effect can occur only at very high levels of exposure
     over extended periods of time.

  -- Some of the plaintiffs claimed to have been made sterile
     by DBCP even though they were still fertile after they
     left work on the farm.

  -- Some of the other plaintiffs were sterile before they came
     to work on the farm.

  -- Other plaintiffs had become sterile through common causes
     like serious alcoholism and sexually transmitted diseases.

Dole believes there is no reliable scientific basis for alleged
injuries from the agricultural field application of DBCP.

Nevertheless, Dole has consistently demonstrated its willingness
to compensate fairly those male banana workers who meet minimum
criteria consistent with reliable science, as an effort to
resolve disputed claims -- scientific research indicates that
DBCP does not have any harmful effects in women.  As in
Honduras, where Dole, worker unions and the Government of
Honduras have implemented a successful worker program to deal
with DBCP claims, Dole is committed to finding a prompt
resolution to DBCP claims in Nicaragua, and is prepared to
discuss a structured worker program with science-based criteria.

Dole is prepared to litigate cases anywhere in the world where
there is a fair and independent judicial process and where
resolution cannot be reached.  Dole will not be intimidated by
ugly accusations, fraudulent claims, junk science, or threats
from U.S. trial lawyers, and is prepared to fully litigate each
and every case.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook was stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


FEDERAL-MOGUL: Plan Proponents Incorporate Insurer Settlements
--------------------------------------------------------------
Federal-Mogul Corp. and its debtor-affiliates, together with the
Official Committee of Unsecured Creditors, the Official
Committee of Asbestos Claimants, the Legal Representative for
Future Asbestos Claimants, the Official Committee of Equity
Security Holders, and JPMorgan Chase Bank, N.A., as
administrative agent for Federal-Mogul Corp.'s prepetition
secured credit facility, ask the U.S. Bankruptcy Court for the
District of Delaware to approve certain modifications to the
Fourth Amended Joint Plan of Reorganization.

The Court will consider approval of the Insurer Settlements and
other Plan-related matters today, Nov. 7, 2007.

Among others, the Plan Proponents modified and restated the
Fourth Amended Plan to:

   -- reflect agreements that they have reached with the
      remaining Plan Objectors, including a coverage-in-place
      agreement among Felt Products Manufacturing Co., Federal-
      Mogul Corp., and certain signatory insurers;

   -- provide that assets of the Asbestos Personal Injury Trust
      will include:

      * the Reorganized Federal-Mogul Class B Common Stock;

      * Asbestos Insurance Action Recoveries attributable to
        any Asbestos Personal Injury Claims;

      * certain of the Asbestos Insurance Settlement Agreements
        attributable to any Asbestos Personal Injury Claims;
        and

      * insurance coverage addressed in the Asbestos
        Coverage-In-Place Agreement.

   -- provide that Class IO will consist of all outstanding
      shares of Federal-Mogul common stock, of which there were
      89,861,480 shares outstanding as of July 25, 2007, and
      will also include up to 1,482,716 additional shares; and

   -- include Rothschild Inc. among the Released Parties.

In accordance with settlements between the Debtors and various
insurers, the Plan Proponents amended the list of Settling
Asbestos Insurance Companies, a full-text copy of which is
available for free at http://ResearchArchives.com/t/s?2506

                          CIP Agreement

Pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of
the Federal Rules of Bankruptcy Procedure, the Debtors ask the
Court to approve the Asbestos Bodily Injury Coverage in Place
Agreement among Felt Products Manufacturing Co., Federal-Mogul
Corp., and certain signatory insurers.

A full-text copy of the CIP Agreement is available at no charge
at http://ResearchArchives.com/t/s?2507

The CIP Agreement outlines certain obligations that the Debtors,
the Asbestos Trust, and the CIP Insurers have agreed to
undertake in connection with the confirmation and implementation
of the Fourth Amended Plan, James E. O'Neill, Esq., at Pachulski
Stang Ziehl & Jones LLP, in Wilmington, Delaware, informs the
Court.

Pursuant to the CIP Agreement, the Debtors will:

   (1) modify the treatment of Fel-Pro and Vellumoid Claims  
       under the Plan;

   (2) sell to The Travelers Indemnity Company, free and clear
       of all liens, claims, and encumbrances, all of their   
       right, title and interest in the certain post-1986
       insurance policies; and

   (3) release the CIP Insurers with respect to specifically
       described categories of claims.

Moreover, the Asbestos PI Trust will establish and fund
an escrow account at an initial sum of $3 million, plus
$4.3 million worth of escrow replenishment funds to be held in a
Trust sub-fund for the purpose of seeking coverage from non-
participating insurers or paying unallocated defense costs and
unallocated indemnity costs relating to Fel-Pro or Vellumoid
Claims; Mr. O'Neill relates that the Debtors and the Trust will

   (a) cooperate and assist the CIP Insurers with respect to
       the defense of potentially covered claims; and

   (b) will assign to the CIP Insurers any rights to collect
       payment from any non-party insurers with respect to
       Covered Defense Costs or Covered Indemnification Costs
       for which the Settling Insurers are liable under the
       terms of the Agreement.

The Trust, Mr. O'Neill adds, will use all commercially
reasonable means to pursue insurance coverage from Columbia
Casualty Company, Continental Casualty Company, The Continental
Insurance Company, and their affiliates for all potentially
insured claims under the CNA insurance policies.

The CIP Insurers, on the other hand, agree to withdraw their
objections to the confirmation of the Plan.  The CIP Insurers,
however, will not be deemed or required to withdraw their
objections to the Plan A Settlement.

The CIP Insurers also consent to the Plan's contemplated
assignment to the Trust of insurance policy proceeds solely with
respect to Asbestos Claims.  In addition, the CIP Insurers agree
to pay Covered Defense Costs related to Fel-Pro Claims,
Vellumoid Claims or Mixed Claims and Covered Indemnification
Costs on a several liability basis.  The CIP Insurers further
agree to release the Debtors with regard to specifically
designated claims.

As part of the Settlement, Travelers Indemnity's Claim No. 10163
will be partially allowed as a Class IE secured claim for
US$700,000 to be paid in full in cash in accordance with the
Plan.

The Debtors believe that the terms of the CIP Agreement are fair
and equitable.  The CIP Agreement will fully and finally settle
and compromise remaining Plan confirmation objections to the
treatment of Fel-Pro and Vellumoid Claims, Mr. O'Neill points
out.

                    Other Insurer Settlements

The Debtors also ask the Court to approve separate settlements
that they have reached with Cooper Industries, LLC, and these
insurance companies:

   * OneBeacon America Insurance,

   * Seaton Insurance Company,

   * Stonewall Insurance Company,

   * TIG Insurance Company,

   * The ACE USA Companies comprised of Century Indemnity
     Company, Pacific Employers Insurance Company, Central
     National Insurance Company of Omaha, U.S. Fire Insurance
     Company, Insurance Company of North America, St. Paul
     Mercury Insurance Company, and ACE property and Casualty
     Insurance Company, and

   * The Travelers Indemnity Company and Travelers Casualty and
     Surety Company.

The Insurers' predecessors are alleged to have issued certain
liability insurance policies to Debtor Federal-Mogul Products,
Inc.'s predecessor.  The Debtors purchased F-M Products, then
known as Wagner Electric Corp., from Cooper in 1998.

Numerous asbestos claims have been asserted against F-M Products
with respect to certain insurance policies.  Both the Debtors
and Cooper assert rights under the Subject Policies.  Federal-
Mogul Corp. and F-M Products assert that the Insurers are
obligated under the Subject Policies to make liability payments
and pay defense costs in connection with the Asbestos Claims.

The Insurers dispute the Debtors' and Cooper's assertions as to
coverage under the Subject Policies.

The Debtors and the Insurers have initiated lawsuits against
each other in various jurisdictions in connection with insurance
coverage under the Subject Policies.

Among other things, the Insurer Settlements:

   -- settle and resolve the Coverage Dispute among the
      Debtors, Cooper, and the Insurers;

   -- dismiss, with prejudice, certain of the Coverage Actions;

   -- withdraw the Insurers' claims and objections to
      confirmation of the Plan, if any;

   -- limit the Insurers' future actions against the Debtors;
      and

   -- preserve certain rights and claims as among the parties.

Under the Settlements, the Insurers agree to pay the Debtors
these amounts:

          Insurer                 Settlement Amount
          -------                 -----------------
          ACE USA Companies          $34,000,000
          OneBeacon                    8,000,000
          Seaton                         837,500
          Stonewall                    3,000,000
          TIG                          8,010,000
          Travelers                    1,000,000

If the Court approves Plan A, Cooper will be entitled to 12% of
the Settlement Amount.  If the Court approves Plan B, Cooper
will be entitled to 20% of the Settlement Amount.

In return for the Settlement Amounts, the Debtors agree to
release the Insurers of all rights to insurance coverage for
released claims under the Subject Policies.  The Debtors will
also provide the Insurers with releases relating to Asbestos
Claims under the Pneumo Asbestos Insurance Policies.

Specifically, the Insurer Settlements provide for:

   -- a complete release of the Debtors' and the Asbestos
      Personal Injury Trust's rights with respect to the
      Subject Policies issued prior to 1987;

   -- a complete release of the Debtors' rights with respect to
      Asbestos Claims under the Pneumo Asbestos Insurance
      Policies; and

   -- a partial release of the Trust's rights with respect to
      Pneumo Asbestos Claims under the Pneumo Asbestos
      Insurance Policies.

Cooper will also release the Insurers from all product claims
relating to the pre-1987 Subject Policies, certain Asbestos
Claims, and any violation of the Unfair Claims Practices Acts or
similar statutes under state law or certain negligence, breach
of contract and bad faith causes of action.

Concurrent with the effectiveness of the Debtors' and Cooper's
releases, the Insurers release, covenant not to sue, and forever
discharge the Debtors and Cooper from and against all
obligations and claims in connection with the Subject Policies.

Mr. O'Neill clarifies that the Insurer Settlements do not apply
to:

   * the Debtors' rights to coverage relating to non-Asbestos
     Claims under the Pneumo Asbestos Policies;

   * Cooper's rights to coverage relating to non-products or    
     non-completed operations limits of the Subject Policies;
     and

   * MagneTek National Electric Coil, Inc.,'s rights to   
     coverage relating to non-products or non-completed
     operations limits of the Subject Policies for claims other
     than Asbestos Claims.

The Insurer Settlements do not negatively impact the rights of
Asbestos claimholders or non-party insurance companies, Mr.
O'Neill maintains.  The net proceeds of the Settlement Amount
arising from the the Debtors' insurance rights, he points out,
will be paid to the Trust for the benefit of the Asbestos
claimholders.  Any qualifying insurer will receive adequate
protection for loss of its contribution rights resulting from
the Settlements, Mr. O'Neill assures the Court.

TIG confirms that upon Court approval of its Settlement with the
Debtors and Cooper, it will withdraw, without further act or
deed, its objections to the Plan and any pending motions that it
has filed in the Debtors' Chapter 11 cases.

Cooper clarifies that it has not yet agreed to the Travelers
Settlement as proposed at this time.  Cooper reserves all its
rights to raise objections to the Settlement should ongoing
negotiations not conclude successfully.

                          Modified TDPs

In addition, the Plan Proponents modified the form of Asbestos
Personal Injury Trust Agreement and Asbestos Personal Injury
Trust Distribution Procedures, a full-text copy of which is
available for free at http://ResearchArchives.com/t/s?2508

In accordance with a Court-approved stipulation with Owens-
Illinois, Inc., the Plan Proponents modified the Asbestos PI
TDPs to provide, among other things, that nothing in the Plan
limits or impairs a claimant's obligation under applicable law
to respond fully to lawful discovery in an underlying civil
action regarding the claimant's submission of factual
information to the Trust for the purpose of obtaining
compensation for asbestos-related injuries from the Trust.

In exchange for the TDP modifications, Owens-Illinois has agreed
to withdraw its objections to the Plan with prejudice.

               Objections to Insurer Settlements

About six entities oppose the Insurer Settlements among the
Debtors, Cooper, ACE USA Companies, OneBeacon, Seaton,
Stonewall, TIG, and Travelers:

   * CNA,

   * Fireman's Fund Insurance Company and National Surety
     Company,

   * PepsiAmericas, Inc.; and

   * the Hartford Companies comprised of First State Insurance
     Company, Hartford Accident and Indemnity Company, and New
     England Insurance Company.

The proposed orders approving the Insurer Settlements include
language that purports to affect our rights of contribution and
subrogation against the Settling Insurers, the Objecting
Entities complain.

"[A]ll non-settling insurers' contribution claims that would
have been allowable and/or recoverable against the settling
insurer but for any applicable injunctions [should] be credited,
dollar-for-dollar, against any claim for coverage by the Debtors
and/or the Trust against the non-settling insurer," Michael W.
Yurkewicz, Esq., at Klehr, Harrison, Harvey, Branzburg & Ellers
LLP, in Wilmington, Delaware, argues on Hartford's behalf.

Mr. Yurkewicz contends that the Proposed Approval Orders include
new potentially misleading surplusage regarding their effect on
the rights and obligations of non-settling insurers.  "This new
language is unnecessary, does nothing to clarify the
Settlements, and potentially creates confusion," he asserts.

CNA also objects to the CIP Agreement between the Debtors and
the CIP Insurers arguing that the CIP Agreement "thrusts upon
[it] new burdens that did not exist under the current claims
handling protocols and were not warranted under the applicable
policies and law."  The CIP Agreement does not adequately
preserve its rights, CNA contends.

In addition, Certain Underwriters at Lloyd's, London, and
Certain London Market Companies, complain that they were not
given adequate notice of the Insurer Settlements; thus, they are
unable to determine if, and to what extent, their rights are
affected by the Settlements.

The Objecting Entities thus ask the Court to disapprove the
Insurer Settlements unless the Proposed Approval Orders are
clarified to state that they will not eliminate, affect, or
impair any of their rights or obligations, including potential
rights of contribution and subrogation against the Settling
Insurers.

The Underwriter ask the Court to convene the hearing to consider
approval of the Insurer Settlements on November 14 to give them
adequate time to review the Settlements.

                      About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.  
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing
started on June 18, 2007.

(Federal-Mogul Bankruptcy News, Issue No. 151; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


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

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

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

                       About General Cable

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

                     About Freeport-McMoran

Headquartered in Phoenix, Arizona, Freeport-McMoRan Copper &
Gold Inc. (NYSE: FCX) -- http://www.fcx.com/--  is an  
international mining company that operates large, long-lived,  
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum.  FCX has a portfolio of operating,
expansion and growth projects in the copper industry and is the  
producer of molybdenum.  The Grasberg mine in Indonesia, the
world's largest copper and gold mine in terms of reserves, is
the company's key asset.  Freeport-McMoRan also operates
significant mining operations in North and South America and is
developing the world-class Tenke Fungurume project in the
Democratic Republic of Congo.  The completion of Freeport-
McMoran's acquisition further expands the company's global
operations.  The former Phelps Dodge Corp. has mining operations
in Chile, Peru, Colombia, Venezuela and Ecuador, among others.

                       About Phelps Dodge

Phelps Dodge Corp. -- http://www.phelpsdodge.com/-- produces  
molybdenum, molybdenum-based chemicals, and manufacturer of wire
and cable products.

Phelps Dodge has operations in Venezuela, Thailand, China,
Netherlands, Philippines, Japan, United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Moody's Investors Service revised Freeport-McMoRan Copper & Gold
Inc.'s and Phelps Dodge's outlooks to positive and affirmed all
of Freeport's and Phelps Dodge's other ratings, including
US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3, 36%;
US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3, 36%;
US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3, 36%; and
US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3, 36%.


TRUE CORP: Inks Wireless Partnership Deal with Boingo Wireless
--------------------------------------------------------------
Boingo Wireless has expanded ts Asian roaming network by adding
4,000 hot spots in Bangkok and surrounding provinces, after
inking a partnership deal with True Corp. PCL, The Nation
reports.

Boingo Wireless now has more than 23,000 hot-spot locations, the
report reveals.  The report also said that the network, known as
"Wi-Fi by True Move," the network will provide Boingo users with
coverage in popular business travel routes from China and Hong
Kong to Taiwan, South Korea, Japan and all of Southeast Asia.

"A growing number of business travellers are now spending a
large amount of time with us here in Thailand, and especially in
Bangkok, and we are very committed to supporting their
communications needs by partnering with innovative global Wi-Fi
leaders like Boingo," Non Ingkutanon, deputy director and head
of wireline broadband service of True, told The Nation.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  The outlook is negative.

The Troubled Company Reporter-Asia Pacific reported on Nov. 27,
2006, that Moody's Investors Service affirmed True Corporation
Public Company Ltd's Ba3 corporate family rating and at the same
time changed the rating outlook to negative from stable.



  


                           *********

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 ***