TCRAP_Public/071109.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

           Friday, November 9, 2007, Vol. 10, No. 223

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Wants Until Nov. 30 to Decide on Lone Lease
BASIS CAPITAL: Aust-Rim Fund Improves 1.5% in September
CHRYSLER LLC: Lenders Selling US$4 Billion Loans at a Discount
COLES GROUP: Woolworths is Better Than Wesfarmers, Analysts Say
GLENFIDDICH PTY: Members Receive Wind-Up Report

HIH INSURANCE: Former Execs May Face Legal Action Over Collapse
KENDLE INT'L: Moody's Affirms Corporate Family Rating at B1
LENTIL COMPANY: Undergoes Liquidation Proceedings
MESH PTY: Members and Creditors to Meet on November 14
MOTOR INNS: Members to Hold Final Meeting on November 9

NETALERT LIMITED: Commences Liquidation Proceedings
PONDS AND PUMPS: Placed Under Voluntary Liquidation
REVLON INC: Sept. 30 Balance Sheet Upside-Down by US$1.1 Billion
RUSSBOUR PTY: Commences Liquidation Proceedings
SCO GROUP: Taps CFO Solutions for Chief Financial Officer Search

SCO GROUP: Wants to Employ Tanner LC as Accountants
STONELEIGH PROPRIETARY: Placed Under Voluntary Liquidation


C H I N A   &   H O N G  K O N G

DANA CORP: Supplies Drivetrain Components to Chrysler LLC
EASTMAN KODAK: Launches New Manufacturing Plant in Xiamen, China
EXPRESS BUILDERS: Sets Annual Meeting for November 15
FERRO CORP: Polymer Products Hikes Plastic Compound Prices
FOU WAH: Shareholders Pass Resolution to Liquidate Business

GREENTOWN CHINA: Downgraded to 'Hold' by Citigroup
HIH HOLDINGS: Accepting Proofs of Debt Until Nov. 30
HONG KONG CONSTRUCTION: Members and Creditors to Meet on Nov. 16
IMPERIAL WORLD: Inability to Pay Debts Prompts Wind-Up
JETSWOOL DEVELOPMENT: Members to Hear Wind-Up Report on Dec. 1

SHANGHAI PUDONG: Nine-Month Net Profit Rises 60% to CNY4-Bil.
SHENYIIN WANGUO: Taps Wong Che Keung, Leslie as Liquidator
TOP GALLANT: Wind-Up Petition Hearing Set for Nov. 28
WELLDLED: Commences Wind-Up Proceedings
WONDERYOUTH: Wind-Up Petition Hearing Set for Dec. 12


I N D I A

AES CORP: Reports US$103-Mil. Net Income in Qtr. Ended Sept. 30
BALLY TECH: S&P Lifts Corporate Credit & Sr. Debt Ratings to B+
GENERAL MOTORS: Expects US$39 Bil. Non-Cash Charge in 3rd Qtr.
ICICI BANK: Cuts Interest Rates on Special Deposit Schemes
PANCHMAHAL STEEL: Net Profit Down 38% in Quarter Ended Sept. 30

RPG LIFE: Profit Drops 71% to INR8.9 Mil. in Qtr. Ended Sept. 30


I N D O N E S I A

ADARO INDONESIA: Moody's Reviews Ratings for Possible Upgrade
ALCATEL-LUCENT: Moody's Pares Corporate Family Rating to 'Ba2'
ANEKA TAMBANG: Wants Gov't Contract on Buli Ferro-Nickel Project
CA INC: Appoints Marc Stoll as Senior Vice President
CA INC: Taps Pat Gnazzo as General Manager for Public Sector Biz

COMVERSE TECH: Delays Financial Filing Due to VSOE Evaluation


J A P A N

FORD MOTOR: UAW Members to Vote on New Labor Pact on Sunday
HERBALIFE LTD: Reports US$48-Mln Net Income in 2007 Third Qtr.
INT'L RECTIFIER: Promotes Marc Rougee as Exec. VP for Operations
MITSUBISHI MOTORS: Thailand Unit Introduces New Service
NOVA CORP: Foreign Teachers at a Loss Over Bankruptcy

NOVA CORP: G.communication To Buy 30 of 670 Nova Branches
SOFTBANK CORP: Posts JPY46.5-Mil. Net Profit for H1 of FY2007


K O R E A

ARAMARK CORP: Becomes Commissioning Agent in North Carolina
BURGER KING: Names Armando Jacomino as President for LatAm Biz
TOWER AUTO: Names New President for International Operations


M A L A Y S I A

THERMADYNE HOLDINGS: Earns US$1 Million in Qtr. Ended Sept. 30
TIME ENGINEERING: Disposes Another 11.8 Million TdC Shares
TIME ENGINEERING: Incurs MYR13.67-Mil. Loss in Second Quarter


N E W  Z E A L A N D

ABLEFIX COMPANY: Subject to CIR's Wind-Up Petition
COMTEC COMMUNICATIONS: Taps Damien Grant as Liquidator
DYNAMIC EXPANSION: Commences Liquidation Proceedings
DYNAMIC GROWTH: Members Agree on Voluntary Liquidation
HERCON CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 19

NORTHFERT LTD: Subject to CIR's Wind-Up Petition
SL & H MCCLUSKEY: Wind-Up Petition Hearing Set for Nov. 12
STUART RENATA: Court Sets Wind-Up Petition Hearing for Jan. 31
THOMAS HOLDINGS: Court to Hear Wind-Up Petition on Dec. 10
WAIRARAPA DAIRY: Fixes Dec. 7 as Last Day to File Claims

WINDFLOW TECHNOLOGY: Commences Renounceable Rights Issue
WOOL EQUITIES: Shareholders Choose Biotech Invesment Focus
WOOL EQUITIES: Unit to Develop Bone-Healing Tech w/ AlloSource


P H I L I P P I N E S

BANCO DE ORO-EPCI: Begins Offering Tier-2 Subordinated Notes
BANCO DE ORO-EPCI: Sandiganbayan Goes After Ex-President's Funds
CHINA BANKING: Elects Jose T. Sio to Replace Former Director
FIL-ESTATE: 3rd Quarter Net Loss Soars 1,060% to PHP1.14 Million
GLOBE TELECOM: 4Q Investments to Focus on Wireless Broadband

IPVG CORP: Investors' Briefing Set For November 13
MIRANT CORP: Mirant Lovett Posts US$1,130,285 Aug. 2007 Net Loss
PHILCOMSAT HOLDINGS: Board Elects Two New Directors
SAN MIGUEL: Eyes Listing of 2 Units in Local Bourse Next Year
SAN MIGUEL: Sells J. Boag & Son to Australian Firm for AU$325MM

VULCAN MINING: Inks Confidentiality Deal Over Isabela Project


S I N G A P O R E

CN DISPLAYS: Court to Hear Wind-Up Petition Today
LAZARD LTD: Sept. 30 Balance Sheet Upside-Down by US$74.5 Mil.
LEAR CORP: Earns US$41 Million in Third Quarter Ended Sept. 29
QUANTUM ENERGY: Creditors and Contributories to Meet on Nov. 16
WISEGUYS FILM: Liquidator to Give Wind-Up Report on Nov. 12


S R I  L A N K A

* Fitch Comments on Sri Lanka Banking System


T H A I L A N D

ARVINMERITOR INC: Unit Awarded Supply Business by Hyundai Motor
FEDERAL-MOGUL: Plan Proponents Incorporate Insurer Settlements
TMB BANK: Amends Allocation of Shares for ING Bank & Thai NVDR


* Moody's: Ratings Outlook for Asian Electronics Maker Stable

* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

ADVANCED MARKETING: Wants Until Nov. 30 to Decide on Lone Lease
---------------------------------------------------------------
Advanced Marketing Services Inc., Publishers Group Incorporated,
and Publishers Group West Incorporated ask the U.S. Bankruptcy
Court for the District of Delaware to extend until Nov. 30 the
time by which they may assume or reject their sole remaining
unexpired lease of a non-residential real property, located in
Indianapolis, Indiana, with The Prudential Company of America,
as landlord.

The Court recently extended the Lease Decision Period with
respect to the Indianapolis Lease to Oct. 31, 2007.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors have obtained
prior written consent of the lessor of the Indianapolis Lease to
the requested November 30 extension.

Under Section 365(d)(4)(B)(ii) of the Bankruptcy Code, the Court
may grant a subsequent extension "only upon prior written
consent of the lessor in each instance."

The Debtors seek extension of the Indianapolis Lease Decision
Period without prejudice to their right to seek further
extensions.

The Court will convene a hearing on Nov. 27 at 11:00 a.m., to
consider the Debtors' request.  Pursuant to Del.Bankr.LR 9006-2,
the Debtors' Lease Decision Period with respect to the
Indianapolis Lease is automatically extended until the
conclusion of that hearing.

                 About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia, and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  In schedules filed with the Court,
Advanced Marketing disclosed total assets of US$213,384,791 and
total debts of US$216,608,357.  Publishers Group West disclosed
total assets of US$39,699,451 and total debts of US$83,272,493.
Publishers Group Inc. disclosed zero assets but US$41,514,348 in
liabilities.

On Aug. 24, 2007, the Debtors' exclusive period to file a
chapter 11 plan expired.  On the same date, the Debtors and
Creditors Committee filed a Plan & Disclosure Statement.  On
Sept. 26, 2007, the Court approved the adequacy of the
Disclosure Statement explaining the Second Amended Plan.  The
hearing to consider confirmation of the Plan is set on
Nov. 15, 2007.  (Advanced Marketing Bankruptcy News, Issue No.
22; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


BASIS CAPITAL: Aust-Rim Fund Improves 1.5% in September
-------------------------------------------------------
Basis Capital Fund Management Ltd. reported a "small"
improvement in one of its suspended funds, The Australian
reports.

Basis Capital told investors that its Aust-Rim Diversified
Fund increased 1.5% in September, the newspaper says.  In
September, Basis Capital had said the fund had lost half its
value as investments declined in the wake of the tightening of
global credit markets.

Basis Capital had sought bankruptcy protection for its
Basis Yield Fund, which faces losses of more than 80%,
the newspaper relates.

Basis Capital Funds Management Ltd. manages and advises multi
strategy, relative value and arbitrage funds for Australian
domestic and international investors.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2007, that the Basis Field Fund and Basis Aust-Rim Fund ran into
trouble by investing in the unrated, riskiest portions of
collaterized debt obligations.  These portions also known by
bankers as "toxic waste" are first in line for any losses when
borrowers fall short on mortgage payments and have hired
Blackstone Group LP as an adviser to help avoid a fire of sale
of assets.  Blackstone will advise the hedge fund firm "to
prevent adverse pricing and selling of assets."


CHRYSLER LLC: Lenders Selling US$4 Billion Loans at a Discount
--------------------------------------------------------------
Aiming to lessen US$171 billion leveraged loan backlog, JPMorgan
Chase and Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan
Stanley and Bear Stearns & Co. are planning to sell Chrysler
LLC's US$4 billion loans at about 97.5 cents on the dollar this
week, Pierre Paulden and Bryan Keogh of Bloomberg News reports
citing unnamed sources.

The banks, sources say, are eager to dispose the US$10 billion
loans that they were not able to sell in July and August after
Cerberus Capital Management acquired Chrysler from former owner
DaimlerChrysler AG.

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

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

Chrysler is a unit of Cerberus Capital Management.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 31, 2007,
Standard & Poor's Ratings Services said its corporate credit
ratings on Chrysler LLC and DaimlerChrysler Financial Services
Americas LLC remain on CreditWatch with positive implications,
following the United Auto Workers' narrow approval of the new
Chrysler-UAW labor contract.  The ratings were placed on
CreditWatch on Sept. 26, 2007, based on S&P's belief that
Chrysler would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.

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

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


COLES GROUP: Woolworths is Better Than Wesfarmers, Analysts Say
---------------------------------------------------------------
Analysts expressed that Woolworths Ltd. remains to be their top
pick for Coles Group Ltd. after Wesfarmers Ltd.'s
AU$19.7-billion takeover offer was accepted by Coles'
shareholders, the Australian Associated Press reports.

AAP interviewed UBS analyst Michael Peet who opined that
Woolworths is likely to outperform Coles in sales growth and
should continue to expand margins short to medium term.

Mr. Peet, relays AAP, said that the preference for Woolworths
was due primarily to the increased market penetration of its
Select brand and fresh food, targeted rollback of prices,
greater-than-category-average margins for new lines and fewer
but deeper specials.

According to Mr. Peet, "Wesfarmers needs a more sustainable
strategy as Woolworths is the lowest-cost supermarket and more
able to complete on price.  Woolworths remains our top pick,"
quotes AAP.

A new wave of discounting on key lines might take effect after
Wesfarmers gains control of Coles but Mr. Peet, according to
AAP, doesn't expect it "to last too long."

On November 8, 2007, the Troubled Company Reporter-Asia Pacific
reported that 99.25% of votes were cast by Coles shareholders
who favored the Wesfarmers takeover, becoming Australia's
largest retailer with revenues of AU$44 billion.

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.

                     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.


GLENFIDDICH PTY: Members Receive Wind-Up Report
-----------------------------------------------
The members of Glenfiddich Pty Ltd met on November 2, 2007, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ian Robert Wright
          Garrotts
          62 Paterson Street
          Launceston Tasmania
          Australia

                       About Garrotts Pty

Located at Seymour, in Victoria, Australia, Garrotts Pty Ltd is
an investor relation company.


HIH INSURANCE: Former Execs May Face Legal Action Over Collapse
---------------------------------------------------------------
HIH Insurance Ltd.'s former director, Rodney Adler, and
partners from the defunct accountancy firm Arthur Andersen
may be hit with further legal action over the collapse of the
insurance firm, Kate McClymont of The Age reports.

The NSW Supreme Court, according to The Age, heard that some
of the other defendants in a AU$450-million action by HIH
liquidator Tony McGrath were contemplating cross-claims
against the accountancy firm and FAI companies and directors.

Mr. McGrath, states The Age, is suing nine defendants involved
over HIH's 1999 takeover of Mr. Adler's FAI Insurance.

HIH creditors, through its liquidator, is seeking to recover the
AU$295 million HIH purchase price as well as AU$234 million in
interest, relates The Age.

Mr. Adler, as reported by the Troubled Company Reporter-Asia
Pacific on October 17, 2007, was released on parole from the
NSW jail.

                     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.


KENDLE INT'L: Moody's Affirms Corporate Family Rating at B1
-----------------------------------------------------------
Moody's Investors Service has affirmed the B1 Corporate Family
Rating of Kendle International Inc. and withdrawn the B1 rating
on the senior secured term loan.  Moody's also changed the
rating on the senior secured revolving credit facility to Ba1 in
accordance with Moody's Loss Given Default Methodology.  The
rating actions follow the company's full repayment of its term
loan primarily with the proceeds from the sale of US$200 million
convertible senior unsecured notes.  The outlook for the ratings
is stable.

The B1 Corporate Family Rating is supported by the company's
solid cash flow coverage of debt metrics, and overall favorable
trends in financial strength and revenue diversity since the
August 2006 acquisition of CRL Clinical Services, which was the
Phase II-IV business of Charles River Laboratories International
Inc.  The B1 is also supported by Moody's expectation for future
revenue growth, supported by healthy underlying industry demand
for contract research services.  This is balanced, however, by
Kendle's limited scale versus a number of much larger market
participants and a highly competitive environment in which
contract research organizations compete for business awards,
employees and business development opportunities.  The ratings
are also constrained by Moody's expectation for continued
acquisition activity.

Approximately US$54 million in rated debt affected.

Ratings affirmed:

  -- Corporate Family Rating, B1
  -- Speculative Grade Liquidity Rating, SGL-2

Ratings upgraded:

  -- Probability of Default Rating, to B1 from B2

  -- Senior Secured Revolving Credit Facility due 2011, to Ba1
     (LGD1, 4%) from B1 (LGD3, 31%)

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


LENTIL COMPANY: Undergoes Liquidation Proceedings
-------------------------------------------------
ABB Grain Limited is conducting a rationalisation of non-
operating companies which are surplus to its corporate
requirements.

As a result of the rationalisation strategy, it was resolved to
voluntarily liquidate The Lentil Company Pty Ltd's operations.

The company's liquidator is:

          George Divitkos
          BDO Kendalls (South Australia)
          248 Flinders Street
          Adelaide, South Australia 5000
          Australia

                    About The Lentil Company

The Lentil Company Pty Ltd, which is alos trading as Tlc
Exports, is a distributor of grain and field beans.  The company
is located at Horsham, in Victoria, Australia.


MESH PTY: Members and Creditors to Meet on November 14
------------------------------------------------------
Mesh Pty Ltd will hold a final meeting for its members and
creditors on November 14, 2007, at 11:00 a.m.

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

The Liquidator can be reached at:

          John Brinkman
          Brinkman & Associates
          422 Portrush Road
          Linden Park, South Australia 5065
          Australia
          Telephone:(08) 8338 4767

                        About Mesh Pty

Mesh Pty Ltd operates investment offices.  The company is
located at Highbury, in South Australia, Australia.


MOTOR INNS: Members to Hold Final Meeting on November 9
-------------------------------------------------------
The members of Motor Inns ty Limited will have their final
meeting on November 9, 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:

          Anthony Phillips
          Heard Phillips Chartered Accountants
          Level 2, 45 Grenfell Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8212 3433

                        About Motor Inns

Motor Inns Pty Limited operates nonclassifiable establishments.
The company is located at  Parkside, in South Australia,
Australia.


NETALERT LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
On September 22, 2007, a special resolution was passed to
voluntarily liquidate Netalert Limited's operations.

Gerard John Mier was appointed as liquidator.

The Liquidator can be reached at:

          Gerard John Mier
          c/o KPMG
          15 Lake Street
          Cairns, Queensland
          Australia

                     About Netalert Limited

Netalert Limited provides business services.  The company is
located at Hobart, in Tasmani, Australia.


PONDS AND PUMPS: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on September 20, 2007, the
creditors of Ponds and Pumps Australia Pty Ltd agreed to
voluntarily liquidate the company's business.

Martin Jones was appointed as liquidator.

The Liquidator can be reached at:

          Martin Jones
          AWS Group Subsidiaries
          Ferrier Hodgson
          BankWest Tower, Level 26
          108 St Georges Terrace
          Perth, Western Australia 6000
          Australia

                      About Ponds & Pumps

Ponds & Pumps Australia Pty Ltd is a distributor of rubber and
plastics hose and belting.  The company is located at Belmont,
in Western Australia, Australia.


REVLON INC: Sept. 30 Balance Sheet Upside-Down by US$1.1 Billion
----------------------------------------------------------------
Revlon Inc.'s balance sheet as of Sept. 30, 2007, showed
US$882.4 million in total assets and US$2.03 billion in total
liabilities, resulting in a total stockholders' deficit of
US$1.1 billion.

For the three months ended Sept. 30, 2007, the company posted a
net loss of US$10.4 million compared to a net loss of
US$100.5 million for the same period in 2006.

The company's net sales in the third quarter of 2007 increased
11.0% to US$339.7 million, compared to net sales of
US$305.9 million in the third quarter of 2006.  Excluding the
impact of foreign currency fluctuations, net sales in the third
quarter increased 8.6% versus year-ago. Third quarter 2006 net
sales were reduced by approximately US$15 million from Vital
Radiance.

Commenting on the company’s market share results, Mr. Kennedy
said, "In the third quarter 2007, Revlon color cosmetics market
share declined year-over-year, which reflected a decrease in
market share by products launched in prior years, offset, in
part, by positive performance from new products launched in the
second half of 2006 and in 2007.  On a sequential basis, since
the fourth quarter 2006, the Revlon brand has maintained an
approximate 13% dollar share."

Mr. Kennedy continued, "In the third quarter 2007, Revlon’s
positive performance in the eye category was more than offset by
declines in the face, lip and nail categories.  Revlon’s
positive performance in the eye category was driven by the
Limited Edition Eye Collection, Luxurious Color Eyeliner and 3D
Extreme Mascara, which were all launched in 2007.  In the third
quarter 2007, Almay’s positive performance in the face category
was offset by declines in the lip and eye categories.  Almay’s
positive performance in the face category was driven by the
recently launched Smart Shade Makeup, and by its new line
extensions, Smart Shade Blush and Bronzer.  In the third quarter
and first nine months of 2007, we continued to competitively
support our existing brands worldwide with increased dollar
spending versus last year."

                   2008 New Product Lineup

Revlon is focused on building and leveraging its strong brands
and believes that consistent development and marketing of
innovative new products is a key driver for building brand
equity and profitable growth.  For 2008, the Company will
introduce an extensive new product lineup of Revlon and Almay
color cosmetics.  These product launches include differentiated
and unique offerings for the mass channel, innovations in
products and packaging, new technologies, exciting styles and
extensions within the Revlon and Almay power franchises.  The
company intends to continue its strategy of supporting new
products with advertising and promotions, at competitive levels,
using its talented spokesmodels.

                      Company Strategy

In conclusion, Mr. Kennedy said, "We continue to execute our
business strategy.

   (1) Building and leveraging our strong brands -- throughout
       2007 we launched several exciting new products in our
       core brands and are supporting these launches at
       competitive levels.  As noted, we believe we have an
       exciting and strong 2008 new product lineup;

   (2) Improving the execution of our strategies and plans, and
       providing for continued improvement in our organizational
       capability through enabling and developing our employees
       -- effective Oct. 1, 2007, we established a U.S. region
       and appointed Chris Elshaw as General Manager to run this
       significant part of our business.  This organizational
       change is providing the focus and continued clear
       accountability to grow the U.S. business profitably.
       Prior to his new role, Chris successfully grew our
       business in Europe and Canada for the past five years as
       Managing Director of our Europe region;

   (3) Continuing to strengthen our international business -- we
       continue to strengthen our international business by
       leveraging our U.S.-based Revlon brand marketing, as well
       as our strong regional brands.  In third quarter and
       first nine months of 2007, international operating
       profits and margins continued to improve compared to the
       same periods last year;

   (4) Improving our operating profit margins and cash flow --
       we are focusing on sales growth and expect continuing,
       sustainable benefits from our restructuring actions and
       ongoing cost controls; and

   (5) Improving our capital structure -- In September 2007, we
       entered into a US$150 million two-year floating-to-fixed
       interest rate swap transaction related to indebtedness
       under our term loan in order to reduce our exposure to
       interest rate volatility.  We plan to refinance the
       remaining balance of our 8 5/8% senior subordinated notes
       in the fourth quarter of 2007."

                      About Revlon Inc.

Revlon Inc. (NYSE: REV) -- http://www.revloninc.com/-- Revlon
is a worldwide cosmetics, skin care, fragrance, and personal
care products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands, which are sold
worldwide, include Revlon(R), Almay(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company's Latin American
operations are located in Argentina, Australia, Brazil, Chile,
Mexico and Venezuela.


RUSSBOUR PTY: Commences Liquidation Proceedings
-----------------------------------------------
The members of Russbour Pty Ltd met on August 17, 2007, and
agreed to voluntarily liquidate the company's business.

Robert Colin Parker was tapped as liquidator.

The Liquidator can be reached at:

          Robert Colin Parker
          Freer Parker & Associates
          40 Sturt Street
          Adelaide, South Australia
          Australia

                        About Russbour Pty

Russbour Pty Ltd, which is also trading as Total Gate & Door
Automation, is a distributor of architectural and ornamental
metal work.  The company is located at Keswick, in South
Australia, Australia.


SCO GROUP: Taps CFO Solutions for Chief Financial Officer Search
----------------------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc., seek
authority from the U.S. Bankruptcy Court for the District of
Delaware, to employ CFO Solutions LC to provide their company
with a chief financial officer, nunc pro tunc to Oct. 1, 2007.

CFO Solutions provides consulting services and temporary
employees to staff CFO and other key financial positions in
companies.

CFO Solutions proposes the appointment of Ken Nielsen as the
Debtors' chief financial officer.  Mr. Nielsen is expected to
assist the Debtors in financial and general management matters,
including, evaluating and implementing strategic and tactical
options through the restructuring process.

Specifically, Mr. Nielsen will:

     (a) develop and implement cash management strategies
         and reporting protocols;

     (b) develop and evaluate various restructuring
         alternatives and negotiate with key creditors and
         other stakeholders;

     (c) assist in day-to-day oversight and management of
         the Debtors' operations; and

     (d) counsel and assist the Debtors through the marketing
         and sale process, or other reorganization strategies,
         including the identification of the highest and best
         transaction, and to assist with such other matters as
         may be requested that fall within the firm's expertise
         and mutually agreeable.

The Debtors tells the Court that the firm will charge US$150 per
hour.  Of the total amount, Mr. Nielsen will receive US$105
through the Debtors' payroll and US$45 will be paid to the firm.

The Debtors also relates that they agreed to pay the firm an
amount not to exceed 30% of Mr. Nilesen's annual salary, minus
all amounts paid to the firm, as of the date of termination as a
placement fee, if Mr. Nielsen will be terminated prior to the
expiration of the six month term.

Furthermore, the Debtors agreed to pay the firm US$40,000 minus
70% of any severance amounts paid to Mr. Nielsen, if the Debtors
terminate Mr. Nielsen, without cause, or if Mr. Nielsen is
unable to perform the services.

If the Court does not approve the hourly payments to the firm
under the agreement, the Debtors have agreed to compensate the
firm 30% of Mr. Nielsen's annual base salary, as a placement fee
for a chief operating officer.

To the best of the Debtors' knowledge, the Mr. Nielsen holds no
interest adverse to the Debtors' and their estates and is
"disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

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


SCO GROUP: Wants to Employ Tanner LC as Accountants
---------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc., seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Tanner LC as their accountants, nunc pro tunc
to Oct. 2, 2007.

Tanner LC will perform an audit of the Debtors' consolidated
financial statements for the year ending Oct. 31, 2007, and to
assist the Debtors in reviewing their financial statements and
other documents necessary for the Securities and Exchange
Commission submissions.

Kent M. Bowman, an auditor at Tanner LC tells the Court the
Debtors agreed to pay an estimated amount of approximately
US$196,000.  The firm's reviews of the 10-Q's will bill a fixed
fee of US$22,500 per 10-Q report.  For all other services in
connection with the services rendered, the firm will bill at the
normal customary rate.

To the best of the Debtors' knowledge, the firm is
"disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

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


STONELEIGH PROPRIETARY: Placed Under Voluntary Liquidation
----------------------------------------------------------
The members of Stoneleigh Proprietary Limited met on Sept. 27,
2007, and passed a resolution to voluntarily liquidate the
company's business.

S. W. Vine was appointed as liquidator.

The Liquidator can be reached at:

          S. W. Vine
          200 East Terrace
          Adelaide, South Australia 5000
          Australia

                  About Stoneleigh Proprietary

Located at Adelaide, in South Australia, Australia, Stoneleigh
Proprietary Limited is an investor relation company.


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

DANA CORP: Supplies Drivetrain Components to Chrysler LLC
---------------------------------------------------------
Dana Corporation has begun supplying Spicer(R) drivetrain
products -- including front and rear propshafts and front
suspension modules -- to Chrysler LLC for the all-new 2008
Jeep(R) Liberty.

"Dana has been supplying products for Jeep vehicles since they
were first produced and is honored to be selected as an
important supplier for 2008 Jeep Liberty," said Michael J.
Burns, Dana chairman and Chief Executive Officer.  "This vehicle
program is another example of how Dana provides innovative
solutions designed to exceed our customers' expectations."

Dana's Spicer(R) Life Series(R) front and rear propshafts reduce
noise, vibration, and harshness levels.  The steel front
propshaft features staked-and-centered cardan universal joints
and is manufactured utilizing a pressure-welding process with
shielding gas.  The design results in reduced run-out that
allows for less rotational variance.

The friction-welded aluminum rear propshaft features a splined-
tube design, which helps improve crash performance, and includes
staked-and- centered cardan universal joints at both ends.

These welding technologies ensure precise component orientation,
substantially improving initial propshaft balance
characteristics.  Staked-and-centered universal joints eliminate
unwanted looseness and provide a smoother, high-speed dynamic
performance.

The front suspension modules feature Dana's Spicer(R) axle
technology and will be assembled at Dana's Toledo, Ohio
facility.  The front axle is tested immediately after assembly
to ensure the highest quality noise, vibration, and harshness
levels are achieved.

Dana also supplies Victor Reinz(R) cylinder-head covers for the
3.7-liter engines and Victor Reinz(R) exhaust manifold gaskets
for the 2.4-liter world engines.

Dana has been supplying drivetrain technologies for Jeep
vehicles since the first Willys MA was produced in 1941 and has
provided axles and propshafts for the Jeep Liberty since its
inception in 2002.

                   About Dana Corporation

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 March 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.


EASTMAN KODAK: Launches New Manufacturing Plant in Xiamen, China
----------------------------------------------------------------
Eastman Kodak Company has opened the world’s newest printing
plate manufacturing facility in Xiamen, China.  The state-of-
the-art Kodak facility will produce both digital and
conventional printing plates for the growing China market and
Asia Pacific region.

“This is an important occasion for our commercial printing
customers in China and around the world.  Kodak’s $50 million
investment in plate manufacturing in China demonstrates our
strong commitment to offset printing and strengthening our
position in the Graphic Communications industry,” said Philip J.
Faraci, President and Chief Operating Officer, Eastman Kodak
Company, during a plant opening ceremony.  “The Xiamen plant
significantly increases our total manufacturing capacity
worldwide, which is critical to our customers as the demand for
computer to plate printing solutions continues to grow.  It also
provides a base of operations to increase our service and
support for customers in China and the Asia Pacific.”

Approximately 350 people attended the official opening
ceremonies, including Faraci and the following Kodak
representatives:

   * Andrew Copley, Chief Operating Officer, Graphic
     Communications Group and Vice President, Eastman
     Kodak Company;

   * Ying Yeh, Chairman and President, North Asia Region and
     Vice President, Eastman Kodak Company;

   * Jeff Hayzlett, Chief Business Development Officer and Vice
     President, Eastman Kodak Company;

   * Gustavo Oviedo, Managing Director, Asia Pacific Region, and
     Vice President, GCG; and

   * John Robinson, General Manager and Vice President, Printing
     Plate Business, Prepress Solutions, GCG.

Among the other attendees representing the Chinese government
and printing industry were:

   * Mr. Yongzhan Yu, former Vice Minister of the General
     Administration of Press and Publication of the P.R.C,
     Chairman of the Printing Technology Association of China;

   * Mr. Xinli Li, Deputy Director of Shanghai Press and
     Publication Administration;

   * Mr. Hao Yu, Director of Xiamen Press & Publication
     Administration;

   * Mr. Wenxiang Wu, The Honour Chairman of Printing Technology
     Association of China; and

   * Mr. Shuangru Zhang, Vice Chairman of Printing Technology
     Association of China.

The new facility is located at Kodak’s research and
manufacturing center in Xiamen.  Occupying nearly 21,000 square
meters, the new plant will produce KODAK ELECTRA EXCEL Thermal
Plates.  Considered the largest selling digital plate ever, the
ELECTRA EXCEL plate is a no preheat thermal plate that delivers
excellent versatility and reliability for a wide range of
printing applications.  In addition to digital plate production,
the Kodak Xiamen plant will also meet the strong demand in China
for conventional printing plates.

“Our Xiamen plant will incorporate Kodak printing plate
production expertise from around the world into what we believe
is the most advanced plate manufacturing facility anywhere,”
said Mr. Robinson.  “The team in Xiamen is experienced and
highly qualified.  Many of our employees come from Kodak’s other
operations in Xiamen.  They are skilled in the process
manufacturing required for high-quality plate production, as
well as in Kodak’s quality standards and LEAN manufacturing
practices.”

Along with the new facility in Xiamen, Kodak is creating a
dedicated China Technical Applications Group (TAG) to provide
technical support to customers in China and the Asia Pacific.
Kodak already has TAG operations serving Europe and the
Americas.

In addition to the Xiamen plant, there are seven other Kodak
plate production facilities around the world, including: Munich,
Germany; Osterode, Germany; Leeds, U.K., Sofia, Bulgaria; Gunma,
Japan; Windsor, Colo., U.S.; and Columbus, Ga., U.S.

Kodak’s leading plate portfolio includes flexographic, sheet-fed
and web offset printing solutions for commercial, newspaper, and
packaging printers.  Kodak invented thermal plates in 1995 with
the introduction of the Direct Image Thermal Plate, and since
then has led the way in innovative CTP solutions.

Kodak’s printing plates are part of a full-solution portfolio,
including a broad range of proofing choices and platesetters, as
well as the widely accepted KODAK PRINERGY Workflow System.  In
proofing, Kodak offers digital halftone, inkjet, virtual and
analog proofing.  In platesetting, customers can select
equipment that leads the industry, including KODAK TRENDSETTER
and MAGNUS CTP Platesetters, using KODAK SQUARESPOT Imaging
Technology to provide exceptionally high-resolution images.  In
addition, KODAK STACCATO Screening offers high fidelity,
continuous tone images that exhibit fine detail and an extended
color gamut.

“With manufacturing in eight plants on three different
continents, Kodak is able to produce plate solutions that are
tailored to the regions where are customers are doing business,”
Mr. Robinson said.  “The Xiamen plant solidifies Kodak’s plate
leadership around the world.”

                     About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  S&P said the
outlook is negative.


EXPRESS BUILDERS: Sets Annual Meeting for November 15
-----------------------------------------------------
The members and creditors of The Express Builders Company
Limited will hold their annual meetings on November 15, 2007, at
10:30 a.m. and  11:00 a.m., respectively, at the 7th Floor of
Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong
Kong.

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


FERRO CORP: Polymer Products Hikes Plastic Compound Prices
----------------------------------------------------------
Ferro Corporation’s Engineered Polymer Products business is
increasing the price in North America for all filled and
reinforced plastic compounds.  Price increases range from
US$0.035 to US$0.06 per pound depending on the resin content of
the product supplied. The increases are effective with shipments
made as of Nov. 15, 2007.

Engineered Polymer Products also announced price increases in
North America for color concentrates.  White & Additive
concentrates will increase US$0.05 per pound and Specialty Color
& Black concentrates will increase US$0.08 per pound, effective
with shipments made as of Nov. 1, 2007.

Jim Kolenc, Business Director, Engineered Polymer Products,
noted that price increases are necessary due to rising raw
material and energy costs.  “We have worked diligently in our
Filled & Reinforced Plastics and Color Concentrates groups, as
well as our Advanced Polymer Alloy group, to control our
internal operating and conversion costs in order to ensure
favorable pricing for Ferro customers,” said Mr. Kolenc.  “This
pricing action supports our ability to continue providing high-
value products and services to our customers while remaining
competitive.”

                      About Ferro Corp.

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

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

                        *     *     *

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


FOU WAH: Shareholders Pass Resolution to Liquidate Business
-----------------------------------------------------------
On October 29, 2007, the shareholders of Fou Wah Weaving Mills
Limited passed a resolution to have the company's operations
wound up.

Man Mo Leung and Kenneth Graeme Morrison were named as
liquidators.

The Liquidators can be reached at:

          Man Mo Leung
          Kenneth Graeme Morrison
          Mazars CPA Limited
          The Lee Gardens, 34th Floor
          33 Hysan Avenue
          Causeway Bay, Hong Kong


GREENTOWN CHINA: Downgraded to 'Hold' by Citigroup
--------------------------------------------------
Citigroup has downgraded Greentown China Holdings to "hold" from
"buy" due to the developer's acquisition of land at record high
prices, XFN-Asia reports.

According to Quamnet.com, Citigroup said Greentown's "buy high,
sell higher" business model would not only weaken pricing
feasibility in the event of a downturn in the market, but would
also significantly stretch its financial position.
"We are cautious on its over-brave performances in land
acquisitions, such as Hangqifa Project, Qianjiang New City,
Xinjiangwan City and Tiansheng project, all acquired through
public auction with record-high land costs," the report quotes
Citigroup as saying.

In contrast to the market's view, Citigroup said there will be
no earnings surprises for Greentown and only expects mild
earnings growth of 7 pct in 2007 and 12 pct for 2008, far lower
than the sector average, XFN notes.

Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

On September 18, 2007, Moody's Investors Service downgraded
Greentown China Holdings Ltd's corporate family and senior
unsecured bond ratings to Ba3 from Ba2.  The outlook for both
ratings is stable.  This concludes the ratings review initiated
on June 25, 2007.

The TCR-AP also reported that, on October 26, 2006, Standard &
Poor's Ratings Services said that it had assigned its 'BB' long-
term corporate credit rating to Greentown China Holdings Ltd.
The outlook is stable.

At the same time, it assigned its 'BB' issue rating to a
proposed US$375 million issue of senior unsecured fixed-rate
notes. The issue is due 2013 and redeemable after 2010. The
proceeds will be used primarily for land acquisitions,
development costs, and general corporate purposes.


HIH HOLDINGS: Accepting Proofs of Debt Until Nov. 30
----------------------------------------------------
The creditors of HIH Holdings (Asia) Limited are required to
file their proofs of debt by November 30, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

          Jan G W Blaauw
          Peter A Whalley
          Prince's Building, 22nd Floor
          Central, Hong Kong


HONG KONG CONSTRUCTION: Members and Creditors to Meet on Nov. 16
----------------------------------------------------------------
An annual meeting will be held for the members and creditors of
Hong Kong Construction (Works) Limited on November 16, 2007, at
10:30 a.m. and 11:00 a.m., respectively, at the 7th Floor of
Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong
Kong.

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


IMPERIAL WORLD: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on October 24, 2007,
the members of Imperial World Company Limited decided to
voluntarily wind up the company's operations due to its
inability to pay debts.

Creditors who can file their proofs of debt by December 3, 2007,
will be included in the company's dividend distribution.

The company's liquidators are:

         Kam Chi Kan Elson
         Yu Shi Kuen
         The Centre Mark, Room 801
         287-299 Queen's Road Central
         Hong Kong


JETSWOOL DEVELOPMENT: Members to Hear Wind-Up Report on Dec. 1
--------------------------------------------------------------
The members of their Jetswool Development Limited will have
their final meeting on December 1, 2007, at 10:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Unit 1, 8th Floor, 10 Pottinger
Street, in Central, Hong Kong.


SHANGHAI PUDONG: Nine-Month Net Profit Rises 60% to CNY4-Bil.
-------------------------------------------------------------
Shanghai Pudong Development Bank's net profit for the first nine
months of 2007 rose 60% to CNY3.92 billion from the figure
reported in the same period the previous fiscal year, China
Knowledge reports.

The Shanghai-listed bank also posted earnings per share of
CNY0.9 in the first three quarters, People's Daily Online says.

According to China Knowledge, net profit for the third quarter
alone rose to CNY1.4 billion.

As of Sept. 30, 2007, Shanghai Pudong's total assets reached
CNY844.4 billion, up 22.5% over the end of 2006.


Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.  At the same time, the agency
affirmed the bank's individual rating at D.

The bank, as of May 4, 2007, also carries Moody's Ba1 rating for
its long-term bank deposits, NP short-term rating, and a D bank
financial strength rating.


SHENYIIN WANGUO: Taps Wong Che Keung, Leslie as Liquidator
----------------------------------------------------------
On October 22, a special resolution was passed to voluntarily
liquidate Shenyin Wangou Charitable Fund (H.K) Limited's
business.

Wong Che Keung, Leslie was appointed as liquidator.

The Liquidator can be reached at:

          Wong Che Keung, Leslie
          Citibank Tower, 28th Floor
          Citibank Plaza, 3 Garden Road
          Central, Hong Kong


TOP GALLANT: Wind-Up Petition Hearing Set for Nov. 28
-----------------------------------------------------
On September 17, 2007, the Government of the Hong Kong Special
Administrative Region filed a petition to have Top Gallant
International Limited's operations wound up.

The High Court of Hong Kong will hear the petition on Nov. 28,
2007, at 9:30 a.m.

The Petitioner's counsel is:

          Paul Yau
          Department of Justice
          High Block, 2nd Floor
          Queensway Government Offices
          66 Queensway, Hong Kong


WELLDLED: Commences Wind-Up Proceedings
---------------------------------------
At an extraordinary general meeting held on October 26, 2007,
the members of Welldled Company Limited agreed to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Dec. 31,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          Ng Kay Lam
          Kai Wing Commercial Building, Room 1106
          222-226 Queen's Road Central
          Hong Kong


WONDERYOUTH: Wind-Up Petition Hearing Set for Dec. 12
-----------------------------------------------------
On September 28, 2007, Hong Kong Parkview Treasury Limited filed
a petition to have Wonderyouth Industries Limited's operations
wound up.

The High Court of Hong Kong will hear the petition on Dec. 12,
2007, at 9:30 a.m.

Wonderyouth's solicitor is:

          Richards  Butler
          Alexandra House, 20th Floor
          16-20 Chater Road
          Central, Hong Kong


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

AES CORP: Reports US$103-Mil. Net Income in Qtr. Ended Sept. 30
---------------------------------------------------------------
The AES Corporation reported net income of US$103 million for
the three months ended Sept. 30, 2007, compared to a net loss of
US$327 million for the same period in 2006.

During the quarter, revenues increased by US$524 million or 18%
to US$3.5 billion.  The increase in revenues reflects higher
rates and volumes of approximately US$284 million in Latin
America, North America and Europe & Africa, favorable foreign
currency translation of approximately US$174 million and
contributions from TEG and TEP, two plants in Mexico the company
acquired in first quarter 2007, of approximately US$57 million.
Gross margin increased by US$14 million or 2% to US$840 million,
primarily due to higher prices in North America and
contributions from TEG and TEP as well as the impacts of
favorable foreign currency translation, a combined impact of
approximately US$106 million.  These gains were partially offset
by the impacts of gas curtailments and lower hydrology at the
company's businesses in Argentina and Chile of approximately
US$112 million.

During the quarter, net cash from operating activities decreased
by US$187 million to US$741 million.  This decrease was
primarily due to the sale of a Venezuelan subsidiary, C.A. LA
Electricidad de Caracas, in May 2007.  Excluding any
contribution from EDC, net cash from operating activities would
have decreased by approximately US$19 million.

During the quarter, the Company was the winning bidder on two
projects totaling 1,762 MW in the Philippines and the Republic
of South Africa.  Additionally, the company’s Alternative Energy
group announced plans to begin construction of a 170 MW
expansion of its Buffalo Gap wind farm in Texas.  Once
completed, the project will increase capacity at Buffalo Gap to
524 MW, making it one of the largest operating wind farms in the
United States.

“We are pleased with our continued progress toward achieving our
growth goals, such as winning two strategically important
projects in the Philippines and South Africa.  These investments
will be platforms for further expansion in these two high growth
markets,” said Paul Hanrahan, AES President and CEO.  “In
October, the market gave us a vote of confidence when our US$500
million offering of unsecured notes generated significant demand
and was successfully upsized to US$2 billion.  This transaction
will help us to achieve more flexibility in our existing capital
structure, as we were able to refinance existing debt, and will
support our growth program.”

           Third Quarter 2007 Segment Highlights

Latin America Generation revenue increased by US$229 million to
US$914 million, primarily due to higher rates in Chile and
Argentina of approximately US$150 million and approximately
US$32 million in higher intercompany sales at Tiete in Brazil.
Gross margin decreased by US$84 million to US$183 million,
primarily due to higher costs associated with gas supply
curtailments and lower hydrology in Chile and Argentina of
approximately US$112 million, partially offset by increased
intercompany sales at Tiete.

Latin America Utility revenue increased by US$141 million to
US$1.3 billion, primarily due to approximately US$135 million in
favorable foreign currency translation and approximately US$26
million in increased volumes at Eletropaulo in Brazil, partially
offset by decreased rates at Eletropaulo due to the 2007 tariff
reset. Gross margin increased by US$71 million to US$259
million, primarily due to approximately US$55 million in
favorable foreign currency translation and approximately US$33
million in lower costs in Brazil.

North America Generation revenue increased by US$76 million to
US$566 million, primarily due to approximately US$57 million in
contributions from the newly acquired TEG and TEP businesses in
Mexico and approximately US$25 million in higher rates and
volumes at Eastern Energy in New York.  Gross margin increased
by US$47 million to US$196 million, primarily due to the higher
rates and volumes as well as lower costs at Eastern Energy, an
impact of approximately US$34 million, and contributions from
TEG and TEP of approximately US$20 million.

North America Utility revenue remained flat at US$274 million.
Consistent with revenues, gross margin remained relatively flat
with a decrease of US$3 million to US$86 million.

Europe & Africa Generation revenue increased by US$20 million to
US$216 million, primarily due to increased rates and volumes of
approximately US$15 million in Kazakhstan and approximately US$3
million in favorable foreign currency translation.  Gross margin
decreased by US$3 million, primarily due to decreased sales of
excess emission allowances in Hungary.

Europe & Africa Utility revenue increased by US$26 million to
US$157 million, primarily due to increased rates of
approximately US$14 million in Ukraine and approximately US$6
million in favorable foreign currency translation.  Gross margin
decreased by US$8 million, primarily due to the reversal of
approximately US$7 million in VAT tax accrual during third
quarter 2006 at SONEL in Cameroon.

Asia Generation revenue increased by US$44 million to US$235
million, primarily due to higher dispatch in Pakistan and higher
volume in Sri Lanka.  Gross margin decreased by US$6 million to
US$47 million, primarily due to lower volumes in China.
Increased revenue in Pakistan and Sri Lanka had a relatively
flat impact on gross margin due to related increases in fuel
costs.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


BALLY TECH: S&P Lifts Corporate Credit & Sr. Debt Ratings to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit and senior secured debt ratings on Bally Technologies
Inc. to 'B+' from 'B-'.  Concurrently, S&P revised the
CreditWatch implications to positive from developing.

Since the ratings were initially placed on CreditWatch on
Sept. 9, 2005, several rating actions have occurred.

"Today's upgrade and revision of CreditWatch implications to
positive reflect the company's ability to complete filing all
outstanding financial reports," said S&P's credit analyst Guido
DeAscanis.  In addition, based on company announcements, Bally
Technologies has experienced positive operating momentum over
the past several quarters, and S&P expects this trend to
continue over the intermediate term.  Bally's is a manufacturer
and supplier of casino gaming machines and information systems.

S&P anticipates resolving the CreditWatch listing within the
next several weeks.  This process will cover a discussion with
management about Bally's operational and financial strategies,
including any material weaknesses related to financial
reporting.  Should this result in an upgrade, S&P expects that
it would be limited to one or two notches.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.


GENERAL MOTORS: Expects US$39 Bil. Non-Cash Charge in 3rd Qtr.
--------------------------------------------------------------
General Motors Corp. disclosed Tuesday that it will record a net
non-cash charge of US$39 billion for the third quarter of 2007
related to establishing a valuation allowance against its
deferred tax assets in the U.S., Canada and Germany.

In accordance with the Financial Accounting Standards Board's
Statement of Financial Accounting Standards No. 109, Accounting
for Income Taxes, GM has evaluated its deferred tax assets
quarterly to determine if valuation allowances were required.
As previously disclosed in GM's 2006 Form 10-K, GM had
determined in prior periods that a valuation allowance was not
necessary for its DTAs in the U.S., Canada or Germany based on
several factors, including the degree to which the company's
three-year historical cumulative losses were attributable to
special items or charges, several of which were incurred as a
result of actions to improve future profitability; the long
duration of its deferred tax assets; and the expectation of
continued strong earnings at GMAC Financial Services and
improved earnings in GM North America.

SFAS No. 109 guidelines require that a valuation allowance
should now be established due to more recent events and
developments during the 2007 third quarter.  A significant
negative factor was the company's three-year historical
cumulative loss in the third quarter of 2007 in the U.S., Canada
and Germany on an adjusted basis.  Another significant factor
was the ongoing weakness at GMAC Financial Services related to
its Residential Capital LLC mortgage business, including
substantial U.S. losses incurred in 2007.  Finally, the company
faces more challenging near-term automotive market conditions in
the U.S. and Germany.

"The establishment of a valuation allowance does not have any
impact on cash, nor does such an allowance preclude us from
using our loss carryforwards or other deferred tax assets in the
future," said Fritz Henderson, GM vice chairman and chief
financial officer.

"It's also important to note that the establishment of a
valuation allowance does not reflect a change in the company's
view of its long-term automotive financial outlook," Henderson
added.  "GM continues to believe that its new product
introductions, combined with the new GM-UAW labor agreement,
once fully implemented, will significantly improve GM's
competitive position in the U.S. and better position the company
to utilize tax benefits in the U.S. and Canada in the future."

SFAS No. 109 requires that companies assess whether valuation
allowances should be established against their deferred tax
assets based on the consideration of all available evidence
using a "more likely than not" standard.  In making such
judgments, significant weight is given to evidence that can be
objectively verified.  A company's current or previous losses
are given more weight than its future outlook, and a recent
three-year historical cumulative loss is considered a
significant factor that is difficult to overcome.

                    About General Motors

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

                        *     *     *

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


ICICI BANK: Cuts Interest Rates on Special Deposit Schemes
----------------------------------------------------------
ICICI Bank Ltd has disclosed reduction of 0.25% to 0.50% on its
special deposit schemes and an alignment of interest rates for
deposits of greater than one year to 8%.

The interest rate on the 390 day deposit will now be 8.5%, and
the interest rate on the 590 day deposit scheme is 8.75%.  The
bank also discontinued the 890 day special deposit scheme.
This is effective starting Nov. 12, 2007.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


PANCHMAHAL STEEL: Net Profit Down 38% in Quarter Ended Sept. 30
---------------------------------------------------------------
Panchmahal Steel Ltd reported a net profit of INR55.52 million
on the three months ended Sept. 30,2007, down 37.8% from the
INR89.19 million the company earned in the same period a year
ago.

The bottom line dipped even with improved revenues.  In the
quarter under review, total income rose 6.6% to INR1.02 billion
from INR955.67 million in the July-Sept. 2007 quarter.  The
operating expenses, however, rose more than the increase in
revenues -- by 10.8% to INR909.59 million -- hence the operating
profit of INR108.81 million, which is 19.2% less than that
booked in the  corresponding quarter in 2006.

The operating profit was further lessened with interest charges
of INR18.09 million, depreciation of INR10.09 million and
INR25.11 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 http://ResearchArchives.com/t/s?251d

Panchmahal's board of directors noted that the company's net
worth has become positive at the end of the year.  The company
said it is approaching Bureau of Industrial and Financial
Reconstruction, seeking its exit from the purview of the Sick
Industrial Companies (Special Provisions) Act, 1985.

Based in Vadodara, India, Panchmahal Steel Limited --
http://www.panchmahalsteel.co.in/ -- stainless steel focused
long product manufacturer.  The Company's product range includes
austenitic, martensitic, ferritic and precipitation hardening
grades in various sizes and finishes in the form of billets,
wire rod, hot-rolled bars, cold finished bars (bright bars), and
wires and forgings. Its wire rod, bars and wires are suitable
for a range of applications, including free machining, cold
heading and fasteners, ball manufacturing, welding, springs,
shafts, heat resisting applications, re-drawing, architectural,
building and construction, and various industrial and
engineering applications.

The Troubled Company Reporter-Asia Pacific reported on Sept. 21,
2007, that Panchmahal Steel has a stockholder's equity deficit
of US$330,000.


RPG LIFE: Profit Drops 71% to INR8.9 Mil. in Qtr. Ended Sept. 30
----------------------------------------------------------------
RPG Life Sciences Ltd recorded a sudden slide in its net profit
in the quarter ended Sept. 30, 2007.  Compared to the same
quarter in 2006, the company's bottom line dropped 70.9% to
INR8.9 million.

The dip in profits came with the higher operating expenses,
depreciation and taxes.  Expenditures on operations rose 3.2% to
INR271.1 million on total income of INR327.2 million, hence the
operating profit of INR56.1 million.  Depreciation increased
11.3% to INR12.8 million and taxes more than doubled to
INR14.1 million.

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

http://ResearchArchives.com/t/s?251e


Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors.


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

ADARO INDONESIA: Moody's Reviews Ratings for Possible Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed PT Adaro Indonesia's Ba3
local currency corporate family and foreign currency bond
ratings under review for possible upgrade.

"The review has been prompted by a continued improvement in
Adaro's financial profile and strong operating performance,"
says Laura Acres, a Moody's Vice President.

"The company has materially strengthened its balance sheet
through continued deleveraging and also has a certainty of cash
flow driven by its ability to lock in customers for substantial
proportions of forward production over the next 3 years," adds
Acres, also Moody's lead analyst for the company.

The review will focus on:

   1) planned initiatives to improve further Adaro's operating
      efficiency metrics;

   2) any resultant capex and funding requirements arising from
      those initiatives and plans to increase capacity; and

   3) ongoing plans for deleveraging the balance sheet.

Adaro is Indonesia's largest single site coal producer in the
southern hemisphere and one of the world's largest sub-
bituminous coal companies.  It exports approximately 70% of its
products to Southeast Asia, the US and Europe, while the rest is
for the domestic market.

Adaro is owned 36% by a group of international investors
including Goldman Sachs, Citigroup, Farallon Capital, GIC of
Singapore and the Kuok Group, remaining shares are held by
Indonesian investors including the Edwin Soeryadjaya group (32%)
and Theodore Rachmat group (32%).


ALCATEL-LUCENT: Moody's Pares Corporate Family Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
Corporate Family Rating of Alcatel-Lucent.  The ratings for
senior debt of the group were equally lowered to Ba3 from Ba2
and the trust preferred notes of Lucent Technologies Capital
Trust I have been downgraded to B2 from B1.  At the same time,
Moody's affirmed its Not-Prime rating for short term debt of
Alcatel-Lucent.  The outlook for the ratings is stable.

Wolfgang Draack, Senior Vice President and lead analyst for
Alcatel-Lucent, summarized: "The rating downgrade reflects the
fact that the company's profitability and cash generation has
fallen behind Moody's expectations from the time of the merger
of Alcatel and Lucent.  While Alcatel-Lucent has realized a
large part of the scheduled cost savings in 2007, it retained
only part of it, so that Alcatel-Lucent's interest coverage was
below 0.5-times for the last twelve months to September 2007 and
it has consumed around EUR1.3 billion cash, including outflows
for restructuring and dividend distributions in the same period.
Were this trend to continue, then the company would increasingly
absorb its financial flexibility."

In its credit opinion of 29 March 2007, Moody's had summarized
its criteria for a possible rating downgrade.  These included a
slow-to-no growth revenue scenario, price pressure to push the
EBITA margin below 3%, and a weak cash flow below 30% for the
retained cash flow to net debt.  With a revenue decline of 7%
for the last twelve months compared to 2006 pro-forma data, an
EBITA-margin of less than 1% and RCF/net debt estimated below
10% for the same period, these conditions are currently met and
will take time to reverse.

The stable outlook for the ratings incorporates the expectation
that (i) price pressure in the market will somewhat abate and
management will focus more on improving gross profit, that (ii)
management's restructuring plan will generate and retain
substantially more cost savings going forward, that (iii) a
trend towards the targeted double-digit operating margins
becomes visible in the company's results, and that (iv) a
seasonally cash-generative fourth quarter 2007, before
restructuring, will reduce cash consumption for this year, with
profitability improvements proving sufficient to fund future
cash cost of restructuring.

The Ba3 CFR reflects:

   * Alcatel-Lucent's strong customer relationships and the
       large installed base supporting its market shares

   * its broad product offering which positions the company
     well for the convergence of various communication
     technologies,

   * the potential for realizing and retaining synergy
     savings now targeted at above EUR2 billion by management,
     and

   * a comfortable liquidity position with a relatively
     moderately levered capital structure.

These credit positives, however, are balanced by (i) the
pressure on revenues stemming from generally subdued investment
behaviour of the telecom carriers in the developed markets as
well as from Alcatel-Lucent's exposure to the slowdown in
spending in North America and the developing position of its 3rd
generation wireless products, by (ii) the intense price pressure
in equipment caused by market share strategies of major
competitors, which absorbs much of the company's synergy
benefits but may abate near term, and by (iii) challenges to
contain cash consumption, given material working capital needs,
substantial dividend payouts and more than €800 million cash
cost for restructuring yet to come.

Moody's last rating action for Alcatel-Lucent introduced on 29
March the Loss Given Default Methodology and raised the ratings
for subordinated debt and preferred stock to B1.

Issuer: Alcatel-Lucent

Downgrades:

    Corporate Family Rating, Downgraded to Ba3 from Ba2

    Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
    Ba3 from Ba2

    Senior Unsecured Medium-Term Note Program, Downgraded to Ba3
    from Ba2

    Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
    from Ba2

Issuer: Lucent Technologies Capital Trust I

  Downgrades:

    Preferred Stock Preferred Stock, Downgraded to B2 from B1

Issuer: Lucent Technologies, Inc.

  Downgrades:

    Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
    Ba3 from Ba2

    Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
    from Ba2

                   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.


ANEKA TAMBANG: Wants Gov't Contract on Buli Ferro-Nickel Project
----------------------------------------------------------------
PT Aneka Tambang asked the Indonesian government to award a
contract of work for its US$1 billion ferro-nickel project in
Buli, North Maluku, The Jakarta Post reports, citing President
Director Dedi Aditya Sumanagara.

According to the report, the project, jointly developed with
BHP Billiton, currently holds only a mining authority license,
which is under the supervision of the local government.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 24, 2007, Aneka Tambang expected to sign a joint venture
agreement with BHP Billiton to develop a nickel project in
Maluku Island.  The TCR-AP said that the two companies had
agreed in February to jointly study development of nickel
deposits in the areas around Buli in North Maluku.  This company
move is Antam's strategy of moving into downstream nickel
processing, the TCR-AP added.

The Post notes that the commitment is to ensure the firm's
mining authority in the North Maluku area will not be given to
other investors during the process of seeking a CoW.  The
project is designed to produce 60,000 tons of ferro-nickel, The
Post adds.

                      About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 24,
2007, Moody's Investors Service has put on review for possible
upgrade the B1 corporate family rating of PT Aneka Tambang
(Persero) Tbk.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


CA INC: Appoints Marc Stoll as Senior Vice President
----------------------------------------------------
CA Inc. has named Marc Stoll as its senior vice president and
corporate controller, reporting to CA Executive Vice President
and Chief Financial Officer Nancy Cooper.

In addition, Robert Cirabisi, who has served as corporate
controller since July 2005, has been named chief risk officer
and interim head of internal audit, reporting to CA Executive
Vice President, Global Risk and Compliance, and Chief Compliance
Officer Kenneth Handal.

"Marc's focus as corporate controller will be on enhancing the
corporate financial strategy, planning and analysis, and
financial controls for the company worldwide," said Mr. Cooper.

"In his new role, Bob will help to further develop CA's
enterprise risk program." Mr. Handal said.  "Bob will be
leveraging more than seven years of experience at CA in both
finance and investor relations to help the company identify and
manage its most important risks."

Mr. Stoll brings more than fourteen years of experience in the
technology industry to the position of corporate controller.
Since joining CA in 2004, Mr. Stoll has held senior vice
president positions in finance and has had responsibilities for
financial planning and analysis, treasury, tax, business
development and strategic finance.  Prior to joining CA, Mr.
Stoll was vice president of equity research for the technology
sector at Julius Baer Investment Management.  Previously, he
worked at Compaq Computer Corporation progressing from
engineering, to business planning and strategy to the position
of finance manager for Compaq's venture group.  He also served
as a manager of information technology integration at DTE
Energy.

Mr. Stoll earned a Bachelor of Science degree in electrical
engineering, cum laude, from Michigan Technological University
and a master of business administration degree from the
University of Chicago, Graduate School of Business.  He also
attended the graduate school of business international exchange
program at Hong Kong University of Science and Technology.

Mr. Cirabisi joined CA in 2000 in finance before becoming vice
president of investor relations in 2002, and senior vice
president and chief accounting officer in July 2004.  He became
corporate controller in July 2005.  He also served as interim
CFO for three months in 2006.  A Certified Public Accountant,
Mr. Cirabisi has accumulated more than 13 years of public
accounting experience at major U.S. accounting firms.  He earned
a bachelor's degree in public accounting from Hofstra
University.

                           About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                         *     *     *

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

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

    -- Issuer Default Rating at 'BB+';

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

    -- Senior unsecured debt at 'BB+'.


CA INC: Taps Pat Gnazzo as General Manager for Public Sector Biz
----------------------------------------------------------------
CA Inc. has appointed Pat Gnazzo as its senior vice president
and general manager for its U.S. Public Sector business,
effective immediately.  In this newly created position, Gnazzo
heads up all operations for CA's Federal, State and Local
business including management, administration, and regulatory
matters, as well as government relations.  He reports to George
Fischer, executive vice president and general manager of
Worldwide Sales, and will be located in the Washington D.C.
area.

"Our public sector business continues to be one of the highest
growth areas for CA," said Mr. Fischer.  "Working in partnership
with Mark Thompson, head of North American Sales, Pat will help
us create a best-in-class process to shape and build this very
important and growing market segment.  He understands government
and his expertise in compliance, combined with his deep
knowledge of CA solutions, uniquely positions him to design an
integrated approach to manage projects and contracts that best
address the needs of our government customers."

Mr. Gnazzo was previously senior vice president, business
practices and chief risk and compliance officer for CA.  He
joined the company in 2005 to create its compliance, ethics and
risk program, as well as oversee its government regulatory
compliance, records and information management, business
continuity and privacy programs.

Prior to CA, Mr. Gnazzo held significant positions at United
Technologies Corporation, including chief compliance officer;
vice president for contracts and deputy general counsel at Pratt
Whitney, a division of UTC; vice president and government
liaison, president of United Technologies International; and
vice president for government contracts and compliance.  Mr.
Gnazzo joined UTC in 1981 after serving as the associate general
counsel, chief trial attorney, and director of the U.S.
Department of the Navy's litigation division.

He also has served on the board of directors of the Ethics and
Compliance Officers Association, is former chairman of the
Defense Industry Initiative's working group, and is a frequent
lecturer on ethics and compliance.  Mr. Gnazzo is on the Board
of the Ethics Research Center, Procurement Round Table and on
the Board of Advisors of the National Contract Management
Association.

CA works with 95 percent of U.S. federal agencies and numerous
state and local governments.  CA builds the solutions to better
manage, govern and secure IT to help manage the cost of
government, meet the needs of constituents and serve citizens
effectively.

                            About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                          *     *     *

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

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

    -- Issuer Default Rating at 'BB+';

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

    -- Senior unsecured debt at 'BB+'.


COMVERSE TECH: Delays Financial Filing Due to VSOE Evaluation
-------------------------------------------------------------
Comverse Technology Inc. announced that its previously stated
expectation to become current in its financial reports by the
end of its fiscal year 2007, ending Jan. 31, 2008, is likely to
be delayed as a result of an evaluation of its recognition of
revenue based on the application of Statement of Position (SOP)
97-2, Software Revenue Recognition, as amended and interpreted,
specifically relating to vendor specific objective evidence
(VSOE).  Any accounting errors identified as a result of this
evaluation are only expected to impact the timing of revenue
recognized and not to call into question the validity of the
underlying transactions or revenue.  Consequently, the company
believes that its aggregate revenue, inclusive of deferrals,
will not be impacted by any restatements caused by this issue.
Until the SOP 97-2 evaluation is complete, the company may not
be in a position to provide revenue and other income statement
information to investors.

Andre Dahan, President and Chief Executive Officer, Comverse
Technology, Inc., said, "The accounting issues related to the
application of VSOE include the evaluation of very complex
software revenue recognition standards, and the timing and
recognition of maintenance revenue, which we are committed to
getting right.  This area of review arose in connection with the
audit of our fiscal 2006 statements, and is not associated with
the investigations led by the Special Committee of our Board of
Directors, which are substantially complete.  Any restatements
resulting from this review is not a reflection on our business,
but an indication of our commitment to address any potential
accounting issues, correct them, and put them definitively
behind us.  We remain very optimistic about the strength of our
business and its prospects.  We are strong financially, hold
leadership positions in our major markets, and deliver high
value products and solutions to our customers.  We remain
focused on delivering value to our customers, and committed to
our objective to build and deliver a new Framework for
Profitable Growth at the company."

The SOP 97-2 VSOE related concerns arose in connection with the
audit of the company's financial statements for fiscal year 2006
(ended Jan. 31, 2007) by the company's independent registered
public accounting firm.  Such evaluation is not part of the
investigations conducted by the Special Committee of the
company's Board of Directors.  Included in this evaluation is a
determination of VSOE of fair value for the various elements of
the company's bundled hardware and software solutions and
associated services for earlier years as well.

The company cautions that its previously issued financial
statements and the revenue and selected consolidated financial
items disclosed in its press releases issued on March 22, 2007,
June 11, 2007, and Sept. 10, 2007, should no longer be relied
upon.  The company believes that its aggregate revenue,
inclusive of deferrals, will not be impacted by any restatements
caused by this issue.  It is not presently known if the
accounting review will identify additional or different issues
that could further impact the company's financial statements or
if the impact of these issues would be material.

In general, the presence of VSOE permits revenue to be allocated
among, and recognized upon the delivery of the contractual
arrangement's various elements.  Most of the company's sales
transactions are generated from complex contractual arrangements
with multiple elements requiring significant analysis with
respect to the facts surrounding the transactions, and
accounting analysis under highly technical accounting rules in
order to determine the appropriate period in which to record
revenue.  When a contract involves multiple elements, such as
sales of products that include maintenance, the company has
allocated the value of the total purchase to each item within
the purchase arrangement based on its determination of VSOE.  If
the company for accounting purposes is unable to determine the
fair value of an undelivered element, as defined by VSOE,
revenue for the entire arrangement is deferred until all
elements have been delivered.  Given the customized nature of
the company's products and services, and the complexity of its
contracts, VSOE can be difficult to establish.  For example,
many of the company's large customers receive maintenance as
part of a sale that also includes product.  The company has
historically determined that portion of the sale to be
classified and deferred as maintenance revenue based on VSOE.

As a result of this evaluation, the company may conclude that
insufficient evidence existed to support the company's prior
determination that VSOE existed for certain elements of its
contracts and would be required to restate its previously
reported revenues.  Generally, the absence of VSOE will result
in the recognition of revenue over longer periods of time.  Any
determination concerning the absence of VSOE is expected to
impact the timing of revenue recognized by the company and not
call into question the validity of the underlying transactions
or revenue.

                    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

In Latin America, Comverse has operations in Argentina, Brazil,
Mexico and Peru.

                       *     *     *

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.


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

FORD MOTOR: UAW Members to Vote on New Labor Pact on Sunday
-----------------------------------------------------------
United Auto Workers union members at Ford Motor Company plants,
including those in Missouri and Louisville, Kentucky, will be
voting on a new labor agreement between the carmaker and the
union on Nov. 11, 2007, according to various reports.

As reported in yesterday's Troubled Company Reporter, Ford and
the union reached a tentative agreement on a four-year national
labor contract covering approximately 54,000 represented
employees in the United States.  The UAW Ford National Council
-- made up of delegates from more than 55 Ford facilities across
the nation -- voted to unanimously recommend ratification of the
union's 2007 tentative agreement with Ford.

The St. Louis Business Journal relates that voting will conclude
on Nov. 12, 2007.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, 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.


HERBALIFE LTD: Reports US$48-Mln Net Income in 2007 Third Qtr.
--------------------------------------------------------------
Herbalife Ltd. reported third quarter net sales of US$529.5
million, an increase of 11.1 percent compared to the same period
of 2006.  This record performance was largely attributable to
double-digit growth in several of the company’s top countries,
including the U.S. up 20.4 percent, Taiwan up 23.6 percent and
China up 89.3 percent, versus the third quarter of 2006.  The
company’s Chairman and Chief Executive Officer Michael O.
Johnson, said, "We are pleased to report our 15th consecutive
quarter of double-digit growth and another record quarter for
net income.  Our strong performance reflects the strength of our
independent distributor organization, their confidence in the
company, and the foundation we’ve built with our products,
business opportunity, brand and image."

The company earned US$48 million for the three months ended
Sept. 30, 2007, compared to net income of US$26.4 million for
the same period in 2006.

Excluding the impact of refinancing charges and other items1 in
third quarter of 2006, adjusted diluted net income per share was
US$0.51, resulting in a US$0.16 improvement in third quarter
2007.  The increase in net income was primarily attributable to
double-digit net sales growth, expansion in operating profit
margins, and a reduction in interest expense during the period.

During the third quarter 2007, total supervisors increased 16.6
percent to 418,735 and new supervisors of 52,982 increased 4.7
percent versus the third quarter of 2006.  The company’s
President’s Team membership increased 11.3 percent to 1,066
members.

                   Financial Performance

During the third quarter, the company invested US$9.2 million in
capital expenditures, primarily related to enhancements to its
management information systems and additional infrastructure
investments to improve distributor service levels.

On Aug. 23, 2007, the company's Board of Directors approved an
increase of US$150 million to its previously authorized share
repurchase program of US$300 million raising the total value of
company common shares authorized to be repurchased to US$450
million.  During the third quarter, the company repurchased 1.7
million shares of its common stock through open market
transactions at an average price of US$39.23 for an aggregate
cost of US$65.1 million.  The company used excess cash along
with debt to fund the repurchase. Since this share repurchase
program was authorized in April 2007, the company has
repurchased 5.2 million shares at an aggregate cost of US$203.9
million.

For year to date Sept. 30, 2007, the company reported net sales
of US$1,567.7 million an increase of 12.1 percent compared to
US$1,398.2 million in the comparable period in 2006.  For the
year to date Sept. 30, 2007, the company reported net income of
US$137.6 million, compared to US$101.5 million in the comparable
period for 2006.  Excluding the impact of favorable tax
settlements in international markets in 2006 and 2007,
recapitalization expenses and tax benefits on refinancing
transactions in 2006, as well as 2007 expenses related to the
company’s realignment for growth initiative1, year to date
Sept. 30, 2007 net income increased 29.4 percent to US$141.6
million, compared to US$1.47 per diluted share in the comparable
period in 2006.

           Third Quarter 2007 Business Highlights

The company experienced record-breaking attendance at its
distributor extravaganza events around the world.  Over 10,000
distributors attended the North America regional event in
Dallas, Texas.  Over 17,000 distributors attended the EMEA
regional event in Cologne, Germany.  Over 15,000 distributors
attended the South East Asia and North Asia regions combined
Asia Pacific Extravaganza in Singapore.  Over 17,000
distributors attended our Mexico and Central America regional
event in Mexico City.  These events are important to allow
distributors a venue to train and network, and for the company
to introduce new products and recognize distributor success.

The company continued its support of distributor business
methods by sharing best practices globally.  "We continue to
encourage sharing of distributor best practices as we focus our
company resources on supporting the distributors’ daily methods
of operations," said Greg Probert, the company’s president and
chief operating officer.

                Fourth Quarter 2007 Guidance

Based on its current business trends, the company is raising its
full year 2007 diluted earnings per share guidance to be in a
range of US$2.62 to US$2.64.  The company is providing guidance
for the fourth quarter of 2007 in the range of US$0.72 to
US$0.74 for diluted earnings per share.  Additionally, fourth
quarter investment in capital expenditures are expected in the
range of US$16 million to US$18 million.

                   Full Year 2008 Guidance

Based upon current business trends coupled with the anticipated
impact from investment initiatives, the company anticipates
revenue growth to be in the range of 7 percent to 10 percent and
earnings per share guidance to be in a range of US$3.17 to
US$3.23.  Additionally, the company anticipates that its capital
spending will be in the range of US$85 million to US$95 million
as the company implements Oracle ERP worldwide during 2008.

                    About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


INT'L RECTIFIER: Promotes Marc Rougee as Exec. VP for Operations
----------------------------------------------------------------
International Rectifier Corporation has promoted Marc Rougee to
the company's leadership team.

Mr. Rougee has been promoted to executive vice president,
operations. Mr. Rougee will report directly to Don Dancer, the
company's acting chief executive officer. Mr. Rougee's
responsibilities include wafer fab and assembly operations and
planning and logistics. He will also focus on improving
integrated sales and operations planning and inventory
management. Mr. Rougee joined IR in 2003, when he was appointed
vice president and general manager of IR Newport Ltd. (Wales).

In this role he was responsible for integrating the Newport
acquisition and driving the ramp up of the facility. He was then
promoted to vice president, worldwide wafer fab operations,
where he oversaw supply strategy, cost programs and integration
of the Epi operation in Mesa, Ariz.

With over 25 years of semiconductor industry experience, Mr.
Rougee previously held positions at Motorola, Silicon
Manufacturing Partners, and Chartered Semiconductor
Manufacturing. He holds a Diplome d'Etudes Approfondies in
Electronics and Instrumentation from the Paris VI University,
and a MS in Physics from Ecole Superieure de Physique et Chimie
in Paris.

Don Dancer, IR's acting chief executive officer, said, "Marc has
a wealth of global semiconductor operations experience that he
brings to the senior management team. He has a proven record in
planning, supply chain strategies and implementing a global
operations strategy that has led to increased efficiency and
greater productivity. We believe Marc is a tremendous asset and
will contribute strongly to our strategic growth objectives."

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications. Manufacturers of computers, energy efficient
appliances, lighting, automobiles, satellites, aircraft, and
defense systems rely on IR's power management solutions to power
their next generation products. The company has manufacturing
facilities in the U.S., Mexico, United Kingdom, Germany and
Italy; and has subsidiaries in Japan and Singapore.

                    *       *       *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


MITSUBISHI MOTORS: Thailand Unit Introduces New Service
-------------------------------------------------------
Mitsubishi Motors Corp.'s Thailand unit is offering
compensation up to THB10 million to cover damage after
accidents as part of its renewed effort to improve
after-sales service, Santan Santivilmolnat writes for Bangkok
Post.

The report states that Mitsubishi Motors Thailand Co.
President Michiro Imai said that the after-sales service
would be consistent with the company's policy of lifting
customer satisfaction, improvements in sales, service and
spare parts, and a strengthened dealer network.

The after-sales service includes compensation to both
Mitsubishi customers and second parties of up to THB10
million for property damage and injury or death caused by
accidents, relates Bangkok Post.

According to the report, by introducing this service,
Tokyo-based Mitsubishi hopes to gain ground on its bigger
rivals through the introduction of the "diamond" concept to
boost its corporate image and restore customer satisfaction.
Under this concept, Mitsubishi customers can reduce claim
procedures by immediately reporting to insurance companies
once accidents occur and can have their vehicles repaired at
Mitsubishi body and paint shops nationwide, adds Bangkok
Post.

In addition, writes Mr. Santivimolnat, customers can have body
repairs and paint work done at Mitsubishi facilities if they
renew their first-class insurance coverage with insurance firms
under the "diamond" concept up to five years.

Bangkok Post quotes Mr. Imai as saying, "I realize that after-
sales service is very important and greatly affects our
performance. Thus, besides introducing new models to the market,
improving the sales service image is a very important issue for
us."

                  About Mitsubishi Motors

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

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

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

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


NOVA CORP: Foreign Teachers at a Loss Over Bankruptcy
-----------------------------------------------------
A union for Nova Corp. employees is calling on students and
teachers to meet outside their old schools Saturday noon so
they can find a way to continue classes independently, Reiji
Yoshida writes for Japan Times.

Kristen Moon, of the Nova branch of the National Union of
General Workers Tokyo Nambu, explains to Japan Times that
teachers looking for jobs and students looking for teachers
will meet up in their old school to discuss their own terms for
lessons or language exchanges.

Since Nova filed for bankruptcy on October 26, the union,
according to Ms. Moon, has been getting e-mail messages from
students looking for teachers, states Japan Times.

The union, writes Mr. Yoshida, hopes that the campaign continues
nationwide for the next few weeks at schools from Hokkaido to
Okinawa.  Ms. Moon adds that the union is organizing another
campaign called "Lessons for Food," in which teachers will
provide lessons in exchange for basic meals, relates Japan
Times.

                  State of Foreign Teachers

Various reports have been saying that about 4,000 foreign
teachers haven't been paid since August.

In a separate Japan Times report by Eric Johnston, Nova said
it will pay part of the money it owes to the teachers using
government money.  However, according to Koji Yamahara of the
Osaka-based General Union, which represents some of Nova's
employees, how much each teacher will get and when they will
get it are causes of concern.

Japan Times quotes Mr. Yamahara as saying, "The unpaid
salaries will come from public funds.  But there is a maximum
payout limit and it will take at least six months for Nova
staff to get even a portion of their back wages.  any staff
members are now hurting financially.  They should receive
immediate payment of what they are owed."

Some Nova teachers, according to Yukari Iwatani Kane and Yuka
Hayashi of the Wall Street Journal, have been threatened with
eviction from their apartments because Nova, which had
provided housing and deducted the rent from foreign teachers'
salaries, stopped paying rent months ago.

Mr. Yoshida, in yet another a separate Japan Times report, notes
that according to the employment assistance center, it will most
likely be difficult for the foreign teachers who used to
teach in Nova to get a job in another language school because
most of these English-teaching jobs require a certain level
of Japanese skill.  Mr. Yoshida adds that the Shinjuku
Employment Assistance and Instruction Center for Foreigners
office generally recommends that Nova teachers who cannot
speak Japanese consider returning to their home countries for
the moment because their visas could expire before they can
find a new job in Japan.

The Shinjuku Employment Assistance office offer counseling
for Nova employees and has interpreters and experts on hand,
adds Mr. Yoshida.

                     About Nova Corp.

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

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

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


NOVA CORP: G.communication To Buy 30 of 670 Nova Branches
---------------------------------------------------------
Nova Corp.'s court-appointed administrators, Toshiaki
Higashibata and Noriaki Takahashi, after being pressured to
find a sponsor to quickly assume some of the school's
estimated debt, disclosed that they plan to sell 30 of the
failed language school chain's 670 branches to G.communication
Group and liquidate the rest, Eric Johnston writes for the Japan
Times.

Mr. Johnston relates that G.communication, which runs cram
schools and restaurants, said the takeover would happen
immediately with an eye to resume lessons and eventually run
as many as 200 of the bankrupt Osaka-based schools.

In a statement released to the press, G.communication
expressed, "Our company has been unofficially selected to
become a sponsor in order to fund Nova's operations," without
specifying details of the deal.

According to the statement, the 30 schools would be taken
over by G.communication's wholly owned subsidiary,
G.education Co., which runs 42 English conversation schools
under the EC Inc. brand mainly in Hokkaido, relates Japan
Times.  Initially, G.communication will take over the 30 Nova
schools but reportedly plans to run about 200 Nova branches
under their original brand, relates Japan Times.

The report cites one of the administrators as saying that
the deal had to be made quickly because Nova's corporate
value was plummeting and under the Corporate Rehabilitation
Law, revised in 2003, a failed firm can sell its operations
on the basis of brief court permission, even if its
reconstruction program has not been approved.

                  Students' Tuition Fees

G.communication, the article notes, has agreed to allow Nova's
students to buy the same kind of lesson they were taking at Nova
for about 25% of what they paid there.  However, this decision
by the chosen sponsor "not to return the money to Nova's
students is cruel," Koji Yamahara of the General Union, who
represents some of the Nova workers, said.

Mr. Koji added, "The union will continue negotiations on this
matter with the court and the government."

                      State of Employees

Nova filed for court protection from creditors under the
Corporate Rehabilitation Law on October 26, put 7,000
employees out of work and leaving nearly 300,000 students in
limbo.  G.communication, according to a Kyodo report, said that
it will do all it can to provide job security for the employees.

However, Dennis Tesolat, the General Unions general secretary,
said that the details about re-employing Nova teachers also need
to be clarified, conveys Japan Times.

Mr. Tesolat said, "Both G.communication and Nova's
court-appointed lawyers have said that all of those who want
to be re-employed will be. But how are they going to ensure
this happens and under what conditions will the teachers be
employed? This remains unclear," quotes Japan Times.

Jamie Scarrabelotti, a former employee, relayed to Japan Times
that most Nova staff he knows were skeptical about the prospects
of finding new employment and getting their wages paid.

                       About Nova Corp.

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

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

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


SOFTBANK CORP: Posts JPY46.5-Mil. Net Profit for H1 of FY2007
-------------------------------------------------------------
Softbank Corp. reports that for the six-month period ended
September 30, 2007, its group net profit jumped 3.2-fold from
JPY46.5 million from JPY14.4 billion in the same period last
year, as its mobile phone unit posted a sharp increase in the
number of subscribers, Jiji Press reports.

Jiji Press states that operating profit in the April-September
first half rose 49% year-on-year to JPY167.7 million while sales
rose 21.8% to JPY1.4 billion.

Jiji Press conveys that Softbank's mobile phone unit, Softbank
Mobile Corp., operating profit surged 66.4% to JPY94.2 billion,
while sales increased 39.4% year-on-year to JPY814.5 billion.
The mobile phone unit reports an increase in the number of
subscribers by a net of 1.14 million, as compared with an
increase of 97,000 from the same period last year, notes Jiji
Press.

The Tokyo-based telecommunication firm said that they refuse to
issue earnings forecast for the full year to March 2008, citing
uncertainty over how its earnings will be affected by the
introduction of new price plans, adds Jiji Press.

         Second Quarter Ending September 30 Results

According to a report by Masaki Kondo of Bloomberg News,
Softbank's net income for the July-September quarter climbed 64%
to JPY21.3 billion from JPY13 billion in the same period last
year.

Sales for the quarter, according to Mr. Kondo, rose 12% to
JPY701.7 billion.

Bloomberg conveys that Softbank lured 612,000 customers during
the three months ended Sept. 30, with the industry's lowest
fees, and spread out costs for handset purchases by allowing
installment payments, thus, exceeding the number of customers
for rivals NTT DoCoMo Inc. and KDDI Corp. combined.

Softbank Chief Executive Officer Masayoshi Son relayed to
Bloomberg that gains from an investment will boost profit in the
current quarter.  Mr. Son, relates Bloomberg, added that
Softbank will book tens of billions of yen in gains from the
initial share sale of Alibaba.com Ltd., china's largest web
trading sites for companies.

Softbank, which bought a stake in Alibaba.com's parent,
Alibaba.com Corp. in 200, now owns 29.3%.  "We are considering
setting up a joint venture with Alibaba on business-to-business
online transactions in Japan.  We would like to have a stake of
more than 50 percent in the venture," expressed Mr. Son.

                         About Softbank

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was
JPY163.3 billion.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.
The outlook for the long-term credit rating is stable.

Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone
K.K.


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

ARAMARK CORP: Becomes Commissioning Agent in North Carolina
-----------------------------------------------------------
ARAMARK Corp. is now licensed to perform building commissioning
services throughout the state of North Carolina.  As a
commissioning agent, ARAMARK works with architects and
construction teams to verify that new construction facilities
comply with an institution's specifications and goals.  This, in
turn, can help reduce short-term and long-term facility
management costs.

"This announcement allows us to bring valuable facility services
to this region that we have long provided to institutions across
the country," said Ron Mesaros, associate vice president of
technical services for ARAMARK.  "Many clients have already
experienced how ARAMARK's building commissioning can better
ensure their facilities deliver on their quality and cost
expectations.  We are looking forward to providing our full
portfolio of technical services to North Carolina's institutions
and businesses."

In addition to building commissioning, ARAMARK offers
comprehensive facility services and technical services for
higher education institutions, school districts, health care
institutions, and businesses throughout the United States.  Its
portfolio includes energy management program development,
utility procurement analysis and strategies, and utility master
planning.  The company also provides central plant and utility
infrastructure management, electrical and power distribution
management, and building management, as well as building
commissioning and construction management.  The company
maintains more than 1.6 billion square feet of facility space
worldwide.

ARAMARK currently serves several businesses in North Carolina,
including the University of North Carolina, Elon University,
Wake Forest University, North Carolina Baptist Hospital,
Carolinas HealthCare System, and Rizzo Conference Center.  The
company has approximately 6,000 employees in the state.

                  About Aramark Corporation

Headquartered in Philadelphia, Pennsylvania, ARAMARK Corporation
(NYSE:RMK) -- http://www.aramark.com/-- is a leader in
professional services, providing award-winning food services,
facilities management, and uniform and career apparel to health
care institutions, universities and school districts, stadiums
and arenas, and business around the world.  In FORTUNE
magazine's 2006 list of "America's Most Admired Companies,"
ARAMARK was ranked number one in its industry, consistently
ranking since 1998 as one of the top three most admired
companies in its industry as evaluated by peers and industry
analysts.  The company was also ranked first in its industry in
the 2006 FORTUNE 500 survey.  ARAMARK has approximately 240,000
employees serving clients in 20 countries, including Japan and
Korea.

                       *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 29, 2007, that Moody's Investors Service has assigned an
SGL-2 speculative grade liquidity rating to Aramark Corporation.
Although free cash flow is expected to be only modestly positive
over the next four quarters, the company has a US$$600 million
committed revolver that matures in 2013 and ample headroom under
the financial covenant in its credit facility.

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.


BURGER KING: Names Armando Jacomino as President for LatAm Biz
--------------------------------------------------------------
Burger King Corp. has appointed Armando Jacomino as president of
the Latin America region.  Mr. Jacomino will continue the
company’s restaurant development in Latin America and the
Caribbean, including further expansion into Brazil, Argentina,
Chile and Mexico.  He will also oversee the rollout of the
company’s global operational platforms throughout the region,
and direct the introduction of new premium products and value
menu strategies.  Mr. Jacomino reports to Burger King Corp.’s
Chief Executive Officer John Chidsey and will be an integral
member of the global executive team.

“Strong franchisee relationships are a hallmark of the Latin
America region and Armando is well positioned to maintain these
vital connections,” Mr. Chidsey said.  “He is a 33 year veteran
of the company with an enduring passion for his people and the
brand.  A natural successor to the position, Armando represents
our ability to fill leadership roles internally with the best in
the industry.”

Mr. Jacomino began his career at a BURGER KING® restaurant in
1970 as a crewmember in Miami.  He rose quickly through
restaurant management positions in both the U.S. and Latin
America regions.  After leaving Burger King Corp. to serve as a
regional operations manager for two large corporations, he
rejoined the company as a franchise business manager in 1998.
Most recently, Mr. Jacomino served as vice president of
operations, training and Mexico development for the Latin
America region.  Mr. Jacomino is a graduate of Miami-Dade
College.

Mr. Jacomino replaces Julio Ramirez, who was promoted to
executive vice president, global operations.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/--  operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.  Beginning in 1982, BK and its franchisees began
operating stores in several East Asian countries, including
Japan, Taiwan, Singapore and Korea.

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2007, Fitch Ratings has upgraded the ratings of Burger
King Corporation as:

   -- Long-term Issuer Default Rating to 'BB-' from 'B+';
   -- Secured credit facility to 'BB+' from 'BB'.

Simultaneously, Fitch has withdrawn the Recovery Rating:

   -- Secured credit facility 'RR2'.

Fitch said the outlook is stable.  At June 30, 2007, Burger King
had US$943 million of debt.


TOWER AUTO: Names New President for International Operations
------------------------------------------------------------
Tower Automotive has named Dr. Gyula Meleghy to the newly
created position of President, International Operations.
Effective immediately, Meleghy will lead all Tower businesses in
Europe, South America and Asia.  He will report directly to Mark
Malcolm, President and CEO of "Gyula's broad business experience
and his passion for our customers, colleagues, and products make
him the perfect choice to lead our International Operations into
the future," said Malcolm.

Said Dr. Meleghy, "In our highly competitive and rapidly
changing industry, Tower is dedicated to achieving long-term
profitable growth through customer satisfaction. Our local and
cross-regional capabilities make us a formidable global force.
I could not be more excited about Tower's direction and I
welcome the opportunity to contribute to an even brighter future
for Tower customers and team members."

President of Tower's Asia operations since July 2006, Dr. Gyula
Meleghy has more than 20 years of technical and commercial
experience in the automotive supplier industry.  Previously, he
held senior leadership positions at Tower including President,
Europe and South America; Chief Operating Officer Europe; and
Vice President, Europe Customer Service.

Before joining Tower Automotive in 2000, Meleghy was president
of The Dr. Meleghy Group, an automotive supplier based in
Bergisch Gladbach, Germany. Dr. Meleghy holds a Ph.D. in
business from the University of Cologne.

Simultaneously, Tower announced that Vincent Pairet, President,
Europe and South America since July 2006, is leaving the
company.  "We thank Vincent Pairet for his able leadership and
wish him every success in his future endeavors," Malcolm said.

                    About Tower Automotives

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,
Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen
and Volvo.  Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations
in Korea, Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.

The company and its debtor subsidiaries' First Amended Joint
Plan of Reorganization became effective July 31, 2007.


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

THERMADYNE HOLDINGS: Earns US$1 Million in Qtr. Ended Sept. 30
--------------------------------------------------------------
Thermadyne Holdings Corporation reported financial results for
the three months ended Sept. 30, 2007.

For the 2007 third quarter, net income from continuing
operations was US$1.3 million with net income of US$1.0 million,
after US$0.3 million of net loss from discontinuing operations.
In comparison, the third quarter of 2006 was a net loss of
US$5.7 million, including a net loss of US$0.2 million from
discontinued operations during that period.

Net sales in the 2007 third quarter rose to US$126.6 million, an
increase of 11.4% from the same quarter of 2006.  Excluding the
impact of foreign currency translations, net sales increased
8.2% for the three-month period ending Sept. 30, 2007.

“Excluding the impact of foreign currency translation, our
international sales increased 15% year-to-year in the three-
month period.  Momentum from prior initiatives in these markets
appears to be building as this quarterly result is ahead of the
nine-month pace of 13% year-to-year growth.  Our successful
product strategies, enhanced sales efforts and the weaker U.S.
dollar have created a favorable climate for the full range of
our products,” said Paul D. Melnuk, Chairman and Chief Executive
Officer.  “U.S. market sales growth of mid-single digit over
last year’s third quarter is encouraging, since we have
eliminated certain products and customers that didn’t meet our
return objectives this year,” he added.

Gross profit in the third quarter of 2007 increased to US$38.1
million, or 30.1% of net sales, as compared to US$33.5 million,
or 29.5% of net sales, in the third quarter period of 2006.
Gross profit for the nine months ended Sept. 30, 2007 increased
to US$114.5 million, or 30.8% of net sales, as compared to
US$97.7 million, or 28.8% of net sales, in the prior-year nine-
month period.

“In the third quarter, the trend of improving gross profit
margin percentage continued albeit at lower levels than earlier
in the year due to ongoing commodity material cost inflation
being higher than anticipated.  We estimate that these commodity
inflationary increases added another US$6 million to our raw
material and supply costs during the third quarter and US$18
million year-to-date.  A number of commodities, including
copper, brass, nickel and petroleum-related items, have all
posted double-digit increases again this year.  In light of
these significant cost increases, we are not disappointed with
the margin improvement although we know we can and must do
better,” commented Mr. Melnuk.

“For example, our August 2007 price increase does not appear to
have been a quick nor aggressive enough response to the
inflationary increases impacting our material costs as the price
increase did not show meaningful impact until late in the
quarter.  In addition, although we continue to have great
success with our continuous cost improvement process ‘TCP,’
which is ahead of plan for the year, we were not able to achieve
enough savings to offset inflation in the period,” Mr. Melnuk
continued.

“Our gross margin of 30.8% for the first nine months of 2007
does reflect a 200 basis point improvement over the 28.8% of the
prior-year comparable period.  Through the combination of cost
savings from our ‘TCP’ process as well as the full impact of the
recent price increase, we expect margins in the fourth quarter
to exceed the third-quarter gross margin performance levels and
the year-to-date performance,” commented Mr. Melnuk.

Selling, general and administrative costs were US$27.2 million
in the third quarter of 2007, or 21.5% of net sales, compared
with US$26.0 million, or 22.9% of net sales, in the prior-year
third quarter, excluding US$2.8 million of incremental
accounting related and bondholder consent fees in the prior-year
period.  Year-to-date selling, general and administrative costs
were 21.6% of net sales compared with 22.5% of net sales in the
prior-year comparable period, excluding US$6.1 million of
incremental accounting related and bondholder consent fees in
the prior-year period.

               Other Income & Expense Items

Interest costs of US$6.7 million decreased US$0.3 million from
the third quarter of 2006, reflecting the Company’s reduced
indebtedness and lower average interest rates following the June
2007 amendments to the Working Capital Facility and Second Lien
Facility Agreements, as well as the US$14 million pay down of
the Second Lien Facility indebtedness.

The income tax provision for the three period ending September
2007 was US$1.7 million, with effective rates of 56.9%.
Approximately 75% of the US$5.3 million tax provision is
attributable to foreign taxes, which are currently payable.  The
portion of the income tax provision that is not currently
payable arises primarily from additional U. S. income taxes
accrued on earnings in foreign countries that may ultimately be
repatriated and for which the use of offsetting available
foreign tax credits is uncertain.

                      Operating EBITDA

In the third quarter of 2007, Operating EBITDA, as adjusted,
from continuing operations was US$14.5 million, or 11.5% of net
sales, compared to US$12.1 million, or 10.6% of net sales in the
third quarter of 2006.  Operating EBITDA, as adjusted, was
US$14.4 million including the discontinued operations for the
third quarter of 2007, versus US$12.6 million for the third
quarter of 2006.

            Divestitures & Discontinued Operations

In May 2007, the company completed the sale of its remaining
South African operations.  The sales proceeds were approximately
US$13.8 million. The proceeds from the sale were used to reduce
the Second Lien Facility.

As announced in December 2006, the Company is in the process of
selling its manufacturing operations in Brazil and expects to
complete the disposition in 2007.  Operational results of the
Brazilian and South African businesses are shown as discontinued
operations in the Company’s 2007 financial statements.

                            Outlook

“As we have transitioned from the short-term ‘crisis management’
environment of the prior few years to a more stable, longer-term
management approach in 2007, we have begun to launch more
innovative new products, particularly plasma and welding
equipment product lines.  We are very pleased with the market
reaction to the unique features of our new plasma products as
orders are far exceeding our expectations since the limited
release on Oct. 1.  Additionally, welding equipment sales,
although lower than expected, have grown at higher rates than
the business as a whole.  The success of our new products will
allow us to build on the inroads we have already made through
our automated cutting line in penetrating new markets throughout
the world,” Mr. Melnuk observed.

Mr. Melnuk continued: “With these new products and the benefits
of our three-tiered brand strategy, we are optimistic about
further international growth prospects for Thermadyne as we
approach 2008.  We will continue to target our product lines in
markets outside the United States and build our international
sales capabilities.  Within the U.S., improved delivery, one-
order/one-invoice and other customer service factors are being
recognized and valued in the market place with market share
gains.  We are encouraged for the potential this creates to
build on the strength of our industry-leading brands.  Despite
emerging concerns for the U.S. economy in general, the outlook
for steel consumption remains relatively strong, as heavy
industrial and infrastructure development continues.
Accordingly, we estimate that our U.S. sales should continue
throughout the fourth quarter at a pace comparable to what we
have experienced so far this year. We also expect international
market growth to continue for the remainder of this year and
into 2008.”

                Working Capital & Liquidity

“Our inventory and receivables management continue to be an area
of special focus.  As we have seen throughout this year, our
inventory turns have improved to 3.5 times at September 2007,
despite inventory build to support new product launches, from
3.2 turns at September 2006.  We expect to further improve turns
to 3.6, or better, by December 31, 2007, as compared with the
3.2 turns shown at Dec. 31, 2006.  We have also made progress in
our billing practices and receivables management as indicated by
the days-sales-outstanding metric of 64.7 in September 2007
versus the September 2006 level of 66.7.  This will continue to
be an area of focus for further improvement during 2008,” Mr.
Melnuk stated.

As of Sept. 30, 2007, the company had combined cash and
availability under its Working Capital Facility of US$53 million
in comparison with US$35 million at Dec. 31, 2006.

                  About Thermadyne Holdings

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 17, 2007, Standard & Poor's Ratings Services raised its
ratings on Thermadyne Holdings Corp., including its corporate
credit rating to 'CCC+' from 'CCC'.  In addition, Standard &
Poor's removed the ratings from CreditWatch with positive
implications, where they were placed on April 5, 2007.  S&P said
the outlook is positive.


TIME ENGINEERING: Disposes Another 11.8 Million TdC Shares
----------------------------------------------------------
Time Engineering Berhad has disposed of 11,799,500 ordinary
shares of MYR1.00 each in TIME dotCom Berhad in the open market
from Nov. 1 to Nov. 7, 2007, for a total net consideration of
MYR10.63 million, the company says in a corporate disclosure
filed with the Bursa Malaysia Securities Berhad.

The company discloses that the 11,799,500 TdC shares were the
shares currently pledged as security for the repayment of the
term loan facility of a development bank.

The company's shareholding in TdC has been reduced to 32.90%, it
says.  It further says that the disposal would positively impact
the company's earnings for the 2007 financial year due to the
interest savings from the repayment of the loan.

This is the latest of Time Engineering's TdC shares disposal.
The Edge Daily recounts that Time Engineering had disposed of
31.2 million shares in TdC for MYR28.5 million from Oct. 10 to
Oct. 30, 2007.  That transaction brought Time Engineering's
total disposal to 164.4 million TdC shares worth MYR160.1
million.

Time Engineering told the Bursa Malaysia in a corporate
disclosure that with that disposal, it reduced its stake in TdC
to 33.36% and proceeds were pledged as security against a term
loan from a development bank.

The Edge also says that as of August, 1 billion shares in TdC or
39.85% of its paid-up share capital had been pledged as security
for the term loan, wherein, as of Sept. 30, 2007, the
outstanding amount of the term loan was MYR453.3 million.

Time Engineering also discloses that it had expected the
previous disposal to increase the group's net assets from
MYR131.1 million to MYR190.4 million, as well as improve group
gearing from MYR599.9 million to MYR439.8 million.

Time Engineering has disposed of 267,741,700 ordinary TdC shares
since 2006.

Kuala Lumpur, Malaysia-based TIME Engineering Berhad --
http://www.timengineering.com/-- is an investment holding
company engaged in information technology, telecommunications
and engineering services.

Time Engineering suffered three consecutive net losses of
MYR367.1 million, MYR266.0 million and MYR34.7 million for the
years ended Dec. 31, 2004, 2005 and 2006, respectively.


TIME ENGINEERING: Incurs MYR13.67-Mil. Loss in Second Quarter
-------------------------------------------------------------
TIME Engineering Berhad reported a net loss of MYR13.67 million
for the six months ended June 30, 2007, compared to a net profit
of MYR21.59 million for the six months ended June 30, 2006.

Revenues for the period in review amounted to MYR418.25 million,
almost doubling the revenues from a year ago.  Cost of sales
amounted to MYR344.46 million, giving the company a gross profit
of MYR73.79 million.

The company, however, racked up other expenses, finance cost and
a share of results of associate amounting to MYR26.34 million,
MYR26.18 million and MYR29.42 million, which together with a
lower other income and gain on disposal of investments accounts,
gave the company a profit before income tax of MYR105,000.


Kuala Lumpur, Malaysia-based TIME Engineering Berhad --
http://www.timengineering.com/-- is an investment holding
company engaged in information technology, telecommunications
and engineering services.

Time Engineering suffered three consecutive net losses of
MYR367.1 million, MYR266.0 million and MYR34.7 million for the
years ended Dec. 31, 2004, 2005 and 2006, respectively.


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

ABLEFIX COMPANY: Subject to CIR's Wind-Up Petition
--------------------------------------------------
A petition to have Ablefix Company Ltd.'s operations wound up
will was filed by the Commissioner of Inland Revenue on Aug. 16,
2007.

The High Court of Auckland will hear the petition on Dec. 13,
2007, at 10:00 a.m.

The CIR's solicitor is:

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


COMTEC COMMUNICATIONS: Taps Damien Grant as Liquidator
------------------------------------------------------
The High Court of Auckland appointed Damien Grant as liquidator
for Comtec Communications Ltd. on October 2, 2007.

The Liquidator can be reached at:

          Damien Grant
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand
          Facsimile: 0800 FAXWSI


DYNAMIC EXPANSION: Commences Liquidation Proceedings
----------------------------------------------------
Dynamic Expansion Ltd. went into liquidation on October 4, 2007.

Creditors who were not able to file their proofs of debt by the
October 30 due date will be excluded from the company's dividend
distribution.

The company's liquidators are:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand


DYNAMIC GROWTH: Members Agree on Voluntary Liquidation
------------------------------------------------------
The shareholders of Dynamic Growth Ltd. met on October 4, 2007,
and resolved to voluntarily liquidate the company's business.

Creditors who were not able to file their proofs of debt by the
October 30 due date will be excluded from the company's dividend
distribution.

The company's liquidators are:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand


HERCON CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 19
--------------------------------------------------------------
On September 6, 2007, the Commissioner of Inland Revenue filed a
petition to have Hercon Construction Ltd.'s operations wound up.

The petition will be heard before the High Court of Whangarei on
November 19, 2007, at 10:00 a.m.

The CIR's solicitor is:

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


NORTHFERT LTD: Subject to CIR's Wind-Up Petition
------------------------------------------------
On September 4, 2007, the Commissioner of Inland Revenue filed a
petition to have Northfert Ltd.'s operations wound up.

The petition will be heard before the High Court of Rotorua on
December 10, 2007, at 10:45 a.m.

The CIR's solicitor is:

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


SL & H MCCLUSKEY: Wind-Up Petition Hearing Set for Nov. 12
----------------------------------------------------------
The Commissioner of Inland Revenue filed on August 23, 2007, a
petition to have SL & H McCluskey Ltd.'s operations wound up.

The High Court of Rotorua will hear the petition on Nov. 12,
2007, at 10:45 a.m.

The CIR's solicitor is:

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


STUART RENATA: Court Sets Wind-Up Petition Hearing for Jan. 31
--------------------------------------------------------------
The High Court of Auckland will hear on January 31, 2008, at
10:00 a.m., a petition to have Stuart Renata Transport Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition on
Aug. 27, 2007.

The CIR's solicitor is:

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


THOMAS HOLDINGS: Court to Hear Wind-Up Petition on Dec. 10
----------------------------------------------------------
The High Court of Tauranga will hear on December 10, 2007, at
10:45 a.m., a petition to have Thomas Holdings Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
September 4, 2007.

The CIR's solicitor is:

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


WAIRARAPA DAIRY: Fixes Dec. 7 as Last Day to File Claims
--------------------------------------------------------
The creditors of Wairarapa Dairy Beef Ltd. are required to file
their proofs of debt by December 7, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7238
          Facsimile:(04) 462 7492


WINDFLOW TECHNOLOGY: Commences Renounceable Rights Issue
--------------------------------------------------------
Windflow Technology Ltd has commenced a one-for-four
renounceable rights issue.  The period of trading in rights to
the offer of new shares opened on Nov. 5 and existing shares
will be quoted 'ex-rights' on the NZAX market.

Rights trading will cease on Nov. 28, 2007.  The closing date
for receipt of acceptances and renunciations and subscription is
on Nov. 30, 2007.

The new shares are being offered at NZ$3 per share.  With each
new share issued subscribers shall also receive an option to
subscribe to one additional share at NZ$3.30 per share on
exercise of the options on Sept. 30, 2008.

Windflow Technology is moving from its establishment period into
a new phase of expansion which will include ongoing R & D and
continuous production of wind turbines to satisfy existing and
anticipated orders, Chairman Barrie Leay said in a letter to
shareholders.

The company has delivered five Windflow 500 turbines and has
orders for 44 turbines which are due to be manufactured and
delivered over the next 18 months, he adds in the prospectus
registered in late October.

The gross revenue of the confirmed orders for 44 turbines will
be in excess of NZ$30 million spread over the build/delivery
period.  Orders for 48 further turbines are anticipated by
Windflow Technology.

The Windflow 500 turbine is being installed in the Te Rere Hau
wind farm, a joint venture between NZ Windfarms Ltd, Babcock &
Brown and NP Power.  The 48.5 MW Te Rere Hau site is consented
for 97 turbines.

NZ Windfarms said on Oct. 30 that it wishes to add a further 37
turbines and intends using the same Windflow 500 turbines for
that extension for which resource consent will be sought.

Windflow Technology's capital raising is for a maximum total of
NZ$10.59 million.  Up to NZ$5.04 million may be raised by the
issue of new shares this year and up to a further NZ$5.55
million in 2008 by exercise of the options.

The first tranche of funds will initially be allocated as
working capital related to fulfilment of the outstanding orders
for 44 turbines, pending progressive payments for delivered
turbines.  The second tranche of funds, also supplemented from
payments for delivered orders, would be allocated to research
and development of new variants of the Windflow turbine and
market development supported by completion of the IEC
certification process.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power
development.  As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited.  The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited.  The principal activity of NZ Windfarms
Limited is the development of wind farms.  Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.

Windflow Technology incurred a net loss of NZ$3.28 million in
the financial year ended June 30, 2007, compared with the
INR2.22-million loss booked in the prior financial year.


WOOL EQUITIES: Shareholders Choose Biotech Invesment Focus
----------------------------------------------------------
Wool Equities Ltd's shareholders opted that the company continue
with its strategy in focusing its investment in biotechnology,
the New Zealand Press Association reports citing the results of
the annual meeting where they voted against board nominees who
wanted to focus on commercial wool growing.

On Nov. 1, 2007, Wool Equities held the annual shareholders
meeting where, among others, they considered various resolutions
including the election of directors to the company's board.

The five nominees that did not get the shareholders' support are
James Robert Aitken, Russell Stewart Emmerson, Clifford John
Heath, John Leonard Shirtcliff and Hugh Gerard Earl Taylor.
Instead, the shareholders re-elected the company's directors who
want to continue the current biotechnology investment focus.

Hence, the shareholders also did not approve of the resolution
that the company cease the almost total reliance on the
company's Keratec biotechnology investment and instead adopt a
strategy of investment in a portfolio of wool-related
investments.

There has been a conflict of objectives among shareholders
between pursuit of the biotechnology investments of the company
and pursuit of wool-industry.  According to NZPA, a group of
disgruntled shareholders have even made a series of complaints
to the New Zealand Stock Exchange and the Securities Commission
about corporate governance and management.

The re-elected board believes that Keratec and Orico are the
ones most likely to generate substantial value for shareholders.
Most of the larger shareholders, including our larger farmer
shareholders, have even invested or increased their investment
in that same belief,Wool Equities Chairman Andy Pearce said in
his address to the shareholders during the meeting.

According to NZPA, the company has invested about NZ$9 million
in Keratec in the last three and a half years, and expected to
invest a further NZ$3 million this financial year.

Wellington, New Zealand-based Wool Equities Ltd --
http://www.woolequities.co.nz/-- is a technology investment
company, with shareholdings in a diverse range of companies,
focusing in the biotech sector.  The companies include Karatec
Limited, which is a manufacturing, marketing/distribution and
technology licensing business extracting high-value protein
fractions used for applications in personal care, consumer
health and medical materials; Canesis Networks Limited, which is
engaged in wool science and textile technology; Orico Limited,
and Paracco Limited. From June 30, 2006, Covita Limited was a
subsidiary of the company.

The group suffered net losses of NZ$1.91 million and
NZ$3.57 million for the years ended June 30, 2007, and 2006
respectively.


WOOL EQUITIES: Unit to Develop Bone-Healing Tech w/ AlloSource
--------------------------------------------------------------
Keratec Ltd, a subsidiary of Wool Equities Ltd, together with
its United States partner Keraplast Technologies Limited, has
signed a licensing agreement with AlloSource, one of the largest
tissue banks in the United States.

Under the agreement, Keratec, Keraplast and AlloSource will
jointly develop Keragraft(TM) bone healing technology as a next
generation putty carrier for donated bone tissue for use in
spinal, reconstructive, trauma and oral/maxillofacial surgical
grafting procedures.

Keragraft(TM) technology has been identified by Allosource as an
optimal carrier as it has superior bone growth characteristics,
and its malleable properties make it is easy to mould and shape
and be able to fill bone cavities.  Development and market
approvals from the FDA are expected to take six to nine months
and AlloSource plans to have the new product available shortly
afterwards.  Keratec will manufacture Keragraft(TM) in its
clean-room facilities at Lincoln in Christchurch, New Zealand.

While the size of the deal is not substantially large, it has
significant strategic importance.

"This is a major first step for both Keratec and Keraplast into
the highly lucrative biomedical sector.  This deal demonstrates
that our products have distinct advantages over our rivals and
that we can hold our own in international markets" said Keratec
Chief Executive Officer, Elizabeth Hopkins.  "This achievement,
when taken into consideration with the recent granting of the CE
Marks, the ISO certificates and the orthopaedic patent, is
tangible evidence that we do indeed hold the dominant global
position in keratin processing and application, and that
becoming a serious player in the biomedical market is well
within our grasp" she said.

The Keragraft(TM) bone healing products will use the same
technology as Keratec's Functional Keratin(TM) range of medical
and consumer care technologies.  The technology extracts natural
keratin, a main constituent of skin and hair, from New Zealand
wool in a form that uniquely preserves its natural biological
function of promoting cell strength, growth and recovery.

Keratec is the major investment of Wool Equities, which owns
94.5% of the shares.

Wellington, New Zealand-based Wool Equities Ltd. --
http://www.woolequities.co.nz/-- is a technology investment
company, with shareholdings in a diverse range of companies,
focusing in the biotech sector.  The companies include Karatec
Limited, which is a manufacturing, marketing/distribution and
technology licensing business extracting high-value protein
fractions used for applications in personal care, consumer
health and medical materials; Canesis Networks Limited, which is
engaged in wool science and textile technology; Orico Limited,
and Paracco Limited. From June 30, 2006, Covita Limited was a
subsidiary of the company.

The group suffered net losses of NZ$1.91 million and
NZ$3.57 million for the years ended June 30, 2007, and 2006
respectively.


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

BANCO DE ORO-EPCI: Begins Offering Tier-2 Subordinated Notes
------------------------------------------------------------
Banco de Oro-EPCI has launched yesterday a public offering of at
least PHP5 billion in tier-2 subordinated debt, the Philippine
Daily Inquirer reports.

Speaking before reporters in an investors' forum on Wednesday,
the bank's president, Nestor Tan, said that the notes would
yield 7% until 2012, after which the bank can choose to pay
investors.  The notes will be issued in denominations of
PHP500,000 and increments of PHP100,000, Mr. Tan added.

According to Mr. Tan, the bank would use the proceeds of the
offering to finance its near-term expansion plans.  They will
also allow the bank the flexibility to refinance the
US$200 million notes that were issued by Equitable PCI before
the BDO merger, he added.

The notes carry a call option by mid-2008.

Mr. Tan also said that the bank will float as much as
PHP10 billion in debt notes in tranches.

HSBC is the sole lead arranger of the issuance, the Inquirer
reveals.

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANCO DE ORO-EPCI: Sandiganbayan Goes After Ex-President's Funds
----------------------------------------------------------------
Court Sheriff Ed Urieta has served Banco de Oro-EPCI with a writ
confiscating money illegally collected by former president
Joseph E. Estrada and had been deposited with the bank, the
BusinessWorld reports.

According to Mr. Urieta, this is the first in the recovery of
some PHP215 million worth of funds from illegal gaming rackets
that Mr. Estrada holds.

These funds, the report recalls, were proceeds from payoffs from
jueteng operators and were deposited in the name of a foundation
supposedly set up by Mr. Estrada to provide scholarships to
Muslim children.  However, the Sandiganbayan had said, it was
used to hide the former president's jueteng kickbacks.

BDO officials were very cooperative, Mr. Urieta said.  He
expects them to comply and provide documents necessary for the
recovery of the funds.

Malacanang officials have distanced themselves from the case and
left the matter to the Sandiganbayan, the report explains.

For his part, the report adds, Mr. Estrada claims he worked for
his assets when he was still a movie star.  However, Mr. Urieta
said there were no representatives from the former president's
camp when he went to the bank.

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


CHINA BANKING: Elects Jose T. Sio to Replace Former Director
------------------------------------------------------------
China Banking Corp.'s Board of Directors has elected Jose T. Sio
to replace Henry T. Sy Jr. as director during a meeting held on
Wednesday.

Aside from Mr. Sio's appointment, the Board also approved:

    * the deposit under escrow to a trust department of any
      third party of an amount representing the total tender
      offer price for the remaining 1,106,030 common shares and
      22,042 preferred shares of the Manila Banking Corp.; and

    * the appointment of Atty. Christopher B. Landrito as
      primary tender offer agent of the bank and Atty. Leilani
      B. Elarmo as secondary tender offer agent.

China Banking Corporation -- http://www.chinabank.com.ph/--is
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating of 4.


FIL-ESTATE: 3rd Quarter Net Loss Soars 1,060% to PHP1.14 Million
----------------------------------------------------------------
Fil-Estate Corp. has posted a net loss of PHP1.139 million for
the quarter ended September 30, 2007, a 1060% increase from the
PHP98,232 net loss for the same period in 2006.

For the July-September period, the company incurred general and
administrative expenses of PHP1.139 million, while earning an
interest income of PHP155.  The company did not report any
revenues for the three-month period.

The company's net loss for the nine-month period ending
September 30, 2007 also increased 4% year-on-year, hitting
PHP1.967 billion this year from the PHP1.894 billion reported
last year.

For the January-September period, the company did not report
revenues, but instead disclosed PHP2.57 million in general and
administrative expenses and an interest income of PHP740.

As of September 30, 2007, the company has PHP2.219 million in
assets and PHP2.151 billion in liabilities, resulting in a
stockholders' equity of PHP67.588 million.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/FC_17Q_Sep2007.pdf


Headquartered in Pasig City, Philippines, Fil-Estate Corporation
was originally incorporated as San Jose Oil Company, Inc. whose
primary purpose was to prospect for and market, oil, natural gas
and other minerals and secondarily invest in non-mining
corporation or other enterprises.  In July 1996, the Board of
Directors and the stockholders approved the change in the
company's primary purpose from oil exploration to that of a
holding company authorized to engage in property and
infrastructure development, as well as the increase in
authorized capital stock from PHP300 million to PHP2 billion
with par value of PHP1.00 per share.

On January 22, 1998, the Securities and Exchange Commission
approved the change in corporate name to Fil-Estate Corporation,
the change in primary purpose from oil exploration to a holding
firm, the change in par value from P0.01 to P1.00 per share, and
the declassification of the A and B shares.  The company shall
engage in infrastructure, privatization, leisure and real estate
investments through directly managed subsidiaries, associated
entities and strategic alliances. On December 31, 2002, the SEC
approved the company's increase in authorized capital stake from
PHP300 million shares to PHP2 billion shares.

The key investment of Fil-Estate Corporation is in the form of
equity interest in Metro Rail Transit Holdings, Inc., and Metro
Rail Transit Holdings 2.  The combined investment in these two
holding companies represents approximately 28.5% interest in the
MRT phase I train system which runs from North triangle and Taft
Avenue.

The Troubled Company Reporter-Asia Pacific reported in its
"Companies with Insolvent Balance Sheets" column on Feb. 16,
2007, that Fil-Estate Corporation has US$33.30 million in total
assets and US$5.80 million in total shareholders' equity
deficit.


GLOBE TELECOM: 4Q Investments to Focus on Wireless Broadband
------------------------------------------------------------
Globe Telecom Inc. will focus investments for the fourth quarter
on wireless broadband, admitting that it has been lagging behind
competition, Globe President and Chief Executive Officer Gerardo
Ablaza said in an investors' briefing held on Wednesday, as
reported by the Philippine Star.

Mr. Ablaza blamed delays in the wireless broadband roll-out,
saying that "[t]he delay is largely due to the reconfiguration
of the overall design of the 3G network to make it more
appropriate for broadband."

The Globe executive revealed during the briefing that Globe will
devote 60% of its planned US$300 million for capital expenditure
to its wireless business, with the bulk going to broadband and
the rest for both 2G and 3G wireless communications services.

According to the article, Globe's wireless business continued to
benefit from strong sales efforts and target marketing
initiatives.  These have enabled the business to sustain double-
digit subscriber growth across its brands, the article says,
pointing out that strong gross additions and effective churn
management has kept net additions above the one million mark for
four consecutive quarters.  Because of this, the wireless
business has 19.2 million subscribers by September 30, 2007.

Mr. Ablaza also said that the company expects the broadband
business to provide growth to the company, citing the recent
growth in its subscribers to 109,000 as of September 30 this
year.  Revenues also doubled to PHP846 million for the period,
he added.

"Our DSL is on track, however. We have to catch up on the
wireless broadband, where we are currently using the 3G
technology in the near term," Mr. Ablaza stated.

                     About Globe Telecom

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.


IPVG CORP: Investors' Briefing Set For November 13
--------------------------------------------------
IPVG Corp. will hold an investors' briefing on November 13 at
3:00 p.m., to be held at the Hexagon Lounge, 4th floor of RCBC
Plaza Tower II in Makati City.

Contact person is the company's vice president for investor
relations, Antonio Garcia.

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

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

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


MIRANT CORP: Mirant Lovett Posts US$1,130,285 Aug. 2007 Net Loss
----------------------------------------------------------------

                        Mirant Lovett, LLC
                    Consolidated Balance Sheet
                      As of August 31, 2007

ASSETS

Unrestricted Cash                                   US$288
Restricted cash                                 16,709,929
Total cash                                      16,710,217
Accounts receivable (net)                        9,378,627
Inventory                                       12,055,198
Notes receivable                                31,210,351
Prepaid expenses                                         -
Other                                            1,364,312
                                               -----------
     Total current assets                       70,718,705

Property, plant & equipment                     10,565,277
Less: accumulated                               (2,695,995)
   Depreciation / depletion
Net property, plant & equipment                  7,869,282
Due from insiders
Other assets, net of amortization
Other restricted cash                            5,958,062
                                               -----------
     TOTAL ASSETS                            US$84,546,049
LIABILITIES AND EQUITY

Postpetition Liabilities:
   Accounts payable                              8,877,583
   Taxes payable                                 1,162,546
   Notes payable                                         -
   Professional fees                                     -
   Secured debt                                          -
   Other                                         8,593,537
                                               -----------
     Total postpetition liabilities             18,633,666

Prepetition Liabilities:
   Secured debt                                          -
   Priority debt                                         -
   Unsecured debt                                        -
   Other liabilities subject to compromise      25,273,500
                                               -----------
     Total prepetition liabilities              25,273,500
                                               -----------
     TOTAL LIABILITIES                          43,907,166

EQUITY
Additional paid in capital                     244,343,544
Retained earnings                             (203,704,661)
Direct charges to equity                                 -
                                               -----------

     Total equity                               40,638,883
                                               -----------
     TOTAL LIABILITIES & OWNERS' EQUITY      US$84,546,049


                      Mirant Lovett, LLC
                Consolidated Statements of Income
                   Month Ending August 31, 2007

REVENUES:
   Gross Revenues                             US$8,901,803
   Less: returns & discounts                             -
                                               -----------
     Net revenue                                 8,901,803

COST OF GOODS SOLD:
   Material                                      4,416,812
   Direct labor                                          -
   Direct overhead                                       -
                                               -----------
     Total cost of goods sold                    4,416,812
                                               -----------
     Gross margin                                4,484,991

OPERATING EXPENSES:
   Officer / insider compensation                        -
   Selling & marketing                                   -
   General & administrative                              -
   Operating & maintenance                       4,962,251
   Other                                                 -
                                               -----------
     Total operating expenses                    4,962,251
                                               -----------
     Income before non-operating                  (477,260)
     income & expense

OTHER INCOME AND EXPENSES:
   Non-operating income                                  -
   Non-operating expense                                 -
   Interest expense                                 53,012
   Depreciation / depletion                        629,668
   Amortization                                          -
   Other                                            (3,103)
                                               -----------
     Net other income & expenses                   679,577

REORGANIZATION EXPENSES:
   Professional fees                                     -
   U.S. Trustee fees                                     -
   Other                                           (26,552)
                                               -----------
      Total reorganization expenses                      -
   Income tax                                            -
                                               -----------
     NET PROFIT (LOSS)                       US$(1,130,285)


                       Mirant Lovett, LLC
         Unconsolidated Cash Receipts and Disbursements
                 Month Ending August 31, 2007

Cash, beginning of month                     US$14,824,607

Cash sales                                               -

Collection of accounts receivable                        -
   Prepetition                                           -
   Postpetition                                          -
                                               -----------
     Total operating receipts                            -

   Non - operating receipts
     Loans & advances                           (2,254,625)
     Sale of assets                                      -
     Other                                          61,750
                                               -----------
     Total non-operating receipts               (2,192,875)
                                               -----------
     Total receipts                             (2,192,875)
                                               -----------
     Total cash available                       12,631,732

Operating disbursements
   Collateral deposits                         (11,367,431)
   Operating and maintenance                     7,289,232
                                               -----------
     Total operating disbursements              (4,078,199)

Reorganization expenses                                  -
                                               -----------
     Total disbursements                        (4,078,198)
                                               -----------
Net cash flow                                    1,885,323
                                               -----------
Cash, end of month                           US$16,709,930

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On
March 7, 2007, the Court entered a final decree closing 46
Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007.  (Mirant Bankruptcy News, Issue No. 132;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

To date, Mirant Corp. carries Fitch's B+ long-term issuer
default rating.  The rating was assigned on July 11, 2006.


PHILCOMSAT HOLDINGS: Board Elects Two New Directors
---------------------------------------------------
Philcomsat Holdings Corp.'s board of directors has elected two
new directors during a meeting on November 6.

According to a disclosure with the Philippine Stock Exchange,
the Board elected these individuals:

    * Guy de Leon, as a replacement for Oliverio G. Laperal who
      has resigned; and

    * Alma Kristina Alobba, as a replacement for Prudencio C.
      Somera who has tendered his resignation.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


SAN MIGUEL: Eyes Listing of 2 Units in Local Bourse Next Year
-------------------------------------------------------------
San Miguel Corp. may list its local beer and packaging
subsidiaries anytime within the first, second or third quarter
next year, the Manila Bulletin reports.

According to the Bulletin, SMC President Ramon Ang said in a
chance interview that they plan to sell 10-15% each of San
Miguel Brewery Inc. and San Miguel Packaging Products in order
to raise funds for debt payment.

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

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

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


SAN MIGUEL: Sells J. Boag & Son to Australian Firm for AU$325MM
----------------------------------------------------------------
San Miguel Corp. has entered into a definite agreement with
Australian firm Lion Nathan Ltd. for the sale of brewery unit J.
Boag & Son for AU$325 million, a company press release says.

SMC President and Chief Operating Officer Ramon S. Ang said that
"[w]hile Boag's is an excellent business. . . San Miguel is in a
process of redefining itself and injecting into our operations a
higher return-on-investment focused discipline."  Mr. Ang said
the company is "reassessing [its] priorities and reshaping [its]
portfolio to include new businesses that... will give it higher
growth margin in the near- and medium term."

Proceeds will be used for various activities, including San
Miguel's entry into new businesses," Mr. Ang added.

The acquisition offers strong strategic value, Lion Nathan's CEO
Rob Murray said.  According to Pat Riley, Lion Nathna managing
director, it would broaden Lion Nathan's existing portfolio with
a complementary brand that has strong identity and values.


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

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

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


VULCAN MINING: Inks Confidentiality Deal Over Isabela Project
-------------------------------------------------------------
Vulcan Industrial and Mining Corp. has signed a confidentiality
agreement with Kadabra Mining Corp. regarding the Marian
Porphyry Copper and Gold properties in Cordon, Isabela.

According to a disclosure with the Philippine Stock Exchange,
Vulcan Executive Vice President and General Manager Patrick V.
Caoile met late afternoon on Wednesday with Kadabra President
Thomas Rodney P. Jones to sign the agreement, which stipulates
that Kadabra will acquire 60% of the project in exchange for
shouldering investment for its development.


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

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

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

                          *     *     *

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

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

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


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

CN DISPLAYS: Court to Hear Wind-Up Petition Today
-------------------------------------------------
The High Court of Singapore will hear today, November 9, 2007,
at 10:00 a.m., a petition to have CN Displays (S) Pte. Ltd.'s
operations wound up.

The petition was filed by New Central Pte Ltd on October 15,
2007.

New Central's solicitors are:

          Yeo-Leong & Peh LLC
          10 Shenton Way, MAS Building, 9th Floor
          Singapore 079117


LAZARD LTD: Sept. 30 Balance Sheet Upside-Down by US$74.5 Mil.
--------------------------------------------------------------
Lazard Ltd reported last week financial results for the third
quarter and nine months ended Sept. 30, 2007.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.

Net income increased 206% to US$40.3 million for the 2007 third
quarter, compared to US$13.2 million for the 2006 third quarter.

For the third quarter of 2007, income before minority interest
in net income increased to US$90.3 million, compared to US$39.0
million  for the third quarter of 2006.  Operating income
increased 141% to US$118.6 million for the third quarter of
2007, compared to US$49.2 million for the third quarter of 2006.

Net revenue was US$542 million for the three month period ended
Sept. 30, 2007, up US$244 million, or 82%, versus net revenue of
US$298 million in the corresponding period in 2006.

During the 2007 period, fees from investment banking and other
advisory activities were US$370 million, an increase of
US$187 million, or 102%, versus fees of US$183 million in the
corresponding period in 2006.  Money management fees for the
three month period ended Sept. 30, 2007, were US$164 million, an
increase of US$48 million, or 42%, versus US$116 million in the
corresponding period in 2006.

Net income increased 70% to US$95.9 million for the first nine
months of 2007, compared to US$56.4 million for the first nine
months of 2006.

Income before minority interest in net income increased to
US$220.4 million for the first nine months of 2007 from
US$167.2 million for the first nine months of 2006.  Operating
income increased 35% to US$286.0 million for the first nine
months of 2007, compared to US$212.0 million for the same period
in 2006.

Net revenue increased to US$1.33 billion for the first nine
months of 2007 compared to US$1.02 billion for the first nine
months of 2006.

During the 2007 period, fees from investment banking and other
advisory activities were US$813 million, an increase of
US$157  million, or 24%, versus fees of US$656 million in the
corresponding period in 2006.  Money management fees were
US$449 million, an increase of US$102 million, or 29%, versus
US$347 million in the corresponding period in 2006.

"Our Financial Advisory and Asset Management businesses each
achieved record outcomes," said Bruce Wasserstein, chairman and
chief executive officer of Lazard Ltd.  "The results underscore
our differentiated strategy and simple business model.  We are
an intellectual capital business focused on providing premium
advice and asset management.  Our diversity by geography,
industry and client base contributes to our success, as does the
breadth of our advisory practice.  For example, we advised the
UAW in its negotiations with the automakers regarding retiree
health care obligations.  As we pointed out last quarter, we
have limited exposure to the volatile credit market environment.
We are not in the sub-prime business, are not a public hedge
fund nor do we have any SIVs.  We don't have a significant
principal trading book or hanging bridge loans.  We believe our
exposure to a softening of leveraged buyouts is limited."

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?250b

                        About Lazard Ltd.

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


LEAR CORP: Earns US$41 Million in Third Quarter Ended Sept. 29
------------------------------------------------------------
Lear Corporation reported Tuesday financial results for the
third quarter of 2007.

Lear reported net income of US$41.0 million for the third
quarter of 2007.  This compares with a net loss of US$74.0
million for the third quarter of 2006.

For the third quarter of 2007, Lear reported net sales of
US$3.6 billion and pretax income of US$60.1 million, including
restructuring costs of US$37.3 million and other special items
of US$8.0 million.  For the third quarter of 2006, Lear reported
net sales of US$4.1 billion and a pretax loss of US$65.9
million, including restructuring costs and other special items
of US$46.1 million.

Income before interest, other expense, income taxes,
restructuring costs and other special items was US$170.4 million
for the third quarter of 2007.  This compares with net sales of
US$3.3 billion and core operating earnings of US$100.1 million,
excluding the divested Interior business, for the third quarter
of 2006.

"Our financial performance continued to improve in the third
quarter as the benefits from on-going operational efficiencies,
our global restructuring initiative and new business favorably
impacted our bottom line," said Bob Rossiter, Lear chairman,
chief executive officer and president.  "Our focus going forward
is to continue to provide superior quality products and
services, while we work to further strengthen and profitably
grow our core seating, electrical distribution and electronic
businesses."

Net sales in core businesses were up from the prior year,
primarily reflecting the addition of new business outside of
North America and favorable foreign exchange, offset in part by
unfavorable platform mix in North America.  Operating
performance improved from the year-earlier results, reflecting
the company's cost improvement actions and restructuring
initiative, as well as benefits from new business outside of
North America.

In the seating segment, operating margins improved, reflecting
favorable cost performance from restructuring and ongoing
efficiency actions, selective vertical integration and the
benefit of new business globally.  In the electrical and
electronic segment, operating margins declined, reflecting
unfavorable net pricing and the roll-off of several key programs
in North America.

Free cash flow in the third quarter of 2007 was US$90.8 million
as compared to negative US$48.2 million in the third quarter of
2006. The improvement reflects primarily the divestiture of the
Interior business and an improvement in core operating earnings.
Net cash provided by operating activities was US$62.0 million in
the third quarter of 2007 as compared to net cash used by
operating activities of US$8.1 million in the third quarter of
2006.

At Sept. 29, 2007, the company's consolidated balance sheet
showed US$7.94 billion in total assets, US$7.01 billion in total
liabilities, and US$932.7 million in total shareholders' equity.

                     Full-Year 2007 Outlook

The outlook excludes results for the divested Interior business
for the full year.  On this basis, Lear expects 2007 net sales
of approximately US$15 billion. This is unchanged from the prior
outlook.  Lear now anticipates 2007 core operating earnings in
the range of US$680 million.  This is up from the last full-year
outlook, reflecting lower production risk and more favorable
operating performance.

Restructuring costs in 2007 are estimated to be about
US$125  million.

Interest expense is estimated to be approximately US$200
million. Pretax income before restructuring costs and other
special items is estimated in the range of US$430 million.  Tax
expense is expected to be approximately US$135 million,
depending on the mix of earnings by country.

Capital spending in 2007 is estimated at approximately US$200
million, down US$35 million from the prior outlook, reflecting
primarily program timing and spending efficiencies.
Depreciation and amortization expense is estimated at about
US$300 million.  Free cash flow is expected to be positive at
about US$350 million for the year.  This is up from the prior
outlook, reflecting higher earnings and lower capital spending.

Key assumptions underlying Lear's full-year 2007 financial
outlook include expectations for industry vehicle production of
approximately 15.0 million units in North America and 19.7
million units in Europe.  In addition, the company is assuming
an exchange rate of US$1.35/Euro.

                        About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- supplies automotive seating systems,
electrical distribution systems and electronic products.  Lear's
world-class products are designed, engineered and manufactured
by a diverse team of more than 90,000 employees at 236
facilities in 33 countries.  Lear's headquarters are in
Southfield, Michigan.

Lear also operates in Asian countries including Singapore,
China, India, Japan, Philippines, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2007,
Moody's Investors Service affirmed Lear Corporation's Corporate
Family Rating of B2 with a stable outlook.  Ratings on the
company's term loan of B2 and on its unsecured notes of B3 were
similarly affirmed but with slight revisions to their respective
LGD point estimates.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services raised its corporate credit
rating on Lear Corp. to 'B+' from 'B' and removed the ratings
from CreditWatch with positive implications where they were
placed on July 17, 2007.  The outlook is negative.


QUANTUM ENERGY: Creditors and Contributories to Meet on Nov. 16
---------------------------------------------------------------
Quantum Energy Systems Pte Ltd will hold a meeting for its
creditors and contributories on November 16, 2007, at 10:00
a.m., at 20 Maxwell Road, #11-09 Maxwell House, Singapore.

At the meeting, the creditors and contributories will be asked
to:

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

   -- form a Committee of Inspection and to ascertain the wishes
      of the Committee in all matters relating to the company's
      wind-up proceedings; and

   -- resolve that the liquidator will be authorize to open and
      operate a bank account for the company.

The company's liquidator is:

          Lee Tai Wai CPA MBA
          c/o 20 Maxwell Road
          #11-09 Maxwell House
          Singapore 069113


WISEGUYS FILM: Liquidator to Give Wind-Up Report on Nov. 12
-----------------------------------------------------------
The creditors and contributories of Wiseguys Film Pte Ltd will
hold their separate meetings on November 12, 2007, at 140
Robinson Road #06-03, in Chow House, Singapore 068907.

At the meeting, Winston Loong Sie Yoke, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


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

* Fitch Comments on Sri Lanka Banking System
--------------------------------------------
Fitch Ratings said that the Sri Lankan banking sector continues
to be resilient in the face of a weak macroeconomic environment
and prolonged internal conflict.  In a special report to be
published soon, Fitch notes that the sector has had hitherto
little direct exposure to the conflict and its ramifications, as
it did to the December 26 tsunami in 2004.  However, the state's
recent fiscal weaknesses, its resulting effect on monetary
policy stability and overall policy consistency have been, and
will be, the sector's primary concerns in the short to medium
term.

With the local capital markets being crowded out by large
deficits and poor savings rates, the banking system remains the
dominant component of the financial system, accounting for 57.5%
of financial system assets at FYE06.  For a relatively small
nation of 20 million, Sri Lanka has a high number of different
banks -- 37 -- although there is significant concentration.  The
eight largest banks account for 80.5% of the banking system
assets, while the remaining 19.5% of the market share is
fragmented among 29 other banks.  Fitch observes that although
there is some rationale for consolidation within the banking
system, its materialization has been hampered by shareholder and
employee issues.

In spite of a volatile, and recently rising, interest rate
environment, the Sri Lankan banking industry has managed to
sustain its profitability.  Net interest margins have been
relatively stable at around 4.0%-4.5%, largely as a result of
the short-term nature of assets and liabilities, which allows
for quick re-pricing and pass-through.  Effective taxation for
the sector, however, has steadily increased during the last two
to three years through additional taxes on the financial sector.
The effective tax rate was a very high 56% in 2006 for the 13
commercial banks rated by Fitch.  Although some, if not most, of
such increases appear to have been passed on, Fitch is of the
opinion that any continued increases to taxation will have a
negative impact on capital accretion by way of both retention
and infusions.

The sector has usually grown in line with real GDP and
inflation, although growth has surged in recent years at a
Compound Annual Growth Rate (CAGR) of 20.7% between FY02-FY06
and 28.1% during FY06, before declining to 11.2% during H107.
Growth was initially spurred by a relatively loose monetary
policy and the financing of large revenue and fiscal deficits
through the banking system.  It declined, however, during FY07,
owing to moderate economic growth and a tightening monetary
policy.  At FYE06 loans accounted for 51.7% of GDP,
significantly up from 43.2% at FYE02.

There has been some improvement in asset quality since 2002, as
most banks focused on improved risk management and recoveries,
resulting in the NPLs to gross loans ratio improving to 5.7% at
FYE06 from 14.3% at FY02.  Fitch notes however that significant
disparities remain among the individual banks, and improvements
to the ratio during the last two years are due to rapid loan
growth in spite of the absolute increase in NPLs.  Meanwhile,
provision coverage of NPLs improved to 66.3% at FYE06 from 48.1%
at FYE02 due to the introduction of more stringent provisioning
requirements.  Fitch expects the present weakening of the
economic environment to affect asset quality, albeit moderately,
as banks further tighten loan origination standards and enhance
recovery efforts.

Capitalization in the sector, particularly among small and
medium-sized banks, has also improved owing to increased minimum
capital requirements.  With the exception of a very few isolated
cases, most banks meet the regulatory capital adequacy ratios.
However, Fitch observes that the economic capital position -- as
measured by the equity/assets ratio -- is lower for most of the
larger banks, including the two largest (which are state-owned).
Ensuring adequate capitalization will be a challenge in the
future in the face of constrained ROE and, for the state banks,
the government's fiscal limitations.

Overall, Fitch considers the Sri Lankan banking system to be
more resilient than in the past, although it could be moderately
affected by asset quality and profitability in the face of the
current economic conditions and the effects of the government's
weak fiscal position.


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

ARVINMERITOR INC: Unit Awarded Supply Business by Hyundai Motor
---------------------------------------------------------------
ArvinMeritor's Body Systems business unit within the Light
Vehicle Systems business group has been awarded new business to
supply over four million window regulator motors annually to
Hyundai Motor Company worldwide.  The agreement will supply
Hyundai's future models with ArvinMeritor's New Generation Motor
II from January 2010 through January 2017.

"This new business award is indicative of Hyundai's confidence
in ArvinMeritor's body systems technology.  Our competitive
advantage is rooted in our global footprint that enables us to
produce high-quality products in locations that are convenient
to our customers all over the world," said Aziz Aghili, vice
president and general manager of Body Systems for LVS,
ArvinMeritor.

The New Generation Motor II offers several benefits, including
an improved electromagnetic compliance design, a more robust
brush card, and minimization of lower body vibration due to the
improved rigidity of the gear housing - all at a reduced cost.

The New Generation Motor II will be produced in ArvinMeritor
facilities located in China, India, France, and the United
States for delivery to Hyundai manufacturing facilities located
in Korea, Europe, China, India, and the United States.

                 About Light Vehicle Systems

ArvinMeritor's LVS business group is a market leader in the
product categories it serves, supplying integrated systems and
modules to the world's leading passenger car and light truck
OEMs.  Through smart systems(TM) technologies, the intelligent
application of controls and electronics, ArvinMeritor's
traditional mechanical products are taking on new form and
function at both the component and system levels.  With advanced
technology and systems design expertise in body systems, chassis
and wheels, LVS combines high-quality components into cost-
effective, performance-based solutions for virtually every car
and light truck on the road.

                     About ArvinMeritor

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

                        *     *     *

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

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

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


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.

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 US$3 million, plus
US$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          US$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 $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 US$10.15 billion in assets and
US$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)


TMB BANK: Amends Allocation of Shares for ING Bank & Thai NVDR
--------------------------------------------------------------
TMB Bank PCL's board of directors has approved the proposal of
Thai NVDR Co. Ltd. to amend the number of shares to be allocated
to Thai NVDR and new majority shareholder ING Bank NV.

According to a disclosure with the Stock Exchange of Thailand,
the bank will offer at most 10,970,893,359 newly issued ordinary
shares at an offering price of THB1.60 per share from the
previously-approved THB1.40 per share.

On the other hand, Thai NVDR will be allocated at most
2,141,728,186 newly issued ordinary shares at a similar price
with the ING Bank offering.

The bank's shares had been suspended from trading on Wednesday
as the bank's Board considered the proposal.  In light of the
bank's disclosure with the SET, the SET had allowed the bank's
shares to resume trading yesterday.

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

On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.

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

On October 30, 2007, Fitch Ratings has placed TMB Bank Public
Company Limited's Long-term foreign currency Issuer Default
Rating of 'BB+', Short-term foreign currency IDR of 'B', foreign
currency subordinated debt rating of 'BB', foreign currency
hybrid Tier 1 rating of 'B', Individual 'D', Support '3',
Support Rating Floor of 'BB', national Long-term 'A(tha)',
national Short-term 'F1(tha)', national subordinated debt 'A-
(tha)' (A minus (tha)) rating on Rating Watch Evolving.


* Moody's: Ratings Outlook for Asian Electronics Maker Stable
-------------------------------------------------------------
The rating outlook for Asian consumer electronics companies for
the next 12 months is as a whole stable, although globalization
and digitalization have intensified competition, notes Moody's
Investor Services in a new report.
Given the accelerating digitalization of the TV market, one of
the largest consumer electronics markets, demand for flat panel
display (FPD) TVs has been driving growth since 2006, according
to the report, "Asian Consumer Electronics Industry Outlook."
However, severe competition has led to sharp price declines,
which have pressured profitability and widened the gap between
the top makers and others.  As a result, the less competitive
manufacturers may be forced to withdraw from the market or
reconsider their business models.  "The top makers, however, are
likely to maintain their strong market positions as they will
likely keep their competitive advantages in larger size TVs or
higher-end products, although low-end products will soon be
commoditized" note authors Shinsuke Tanimoto and Yoshio
Takahashi.

Moody's expects that, with market growth in developed countries
slowing down, emerging markets will continue to drive the
sector's global economic growth for some time, expanding all
three market categories -- digital consumer electronics, mobile
phones, and home appliances.

Despite the uncertain market conditions, however, Moody's views
the rating outlook as generally stable, given manufacturers'
diversified portfolios (thanks to stable businesses such as
electronic devices and home appliances) and solid financial
positions (thanks to conservative financial policies).  Moody's
also expects that major industry restructuring and consolidation
will continue.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------



                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Advance Healthcare Group Ltd      AHG      13.59      -12.43
Allstate Explora                  ALX      12.65      -51.62
Austar United Communications
   Limited                        AUN     411.16      -43.72
Emperor Mines Limited             EMP     138.99      -50.63
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF     105.24     -190.86
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.47       -2.40
Bao Long Orienta               600988      15.78      -11.11
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
  Holding Ltd                    8130      11.62       -2.32
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.             121     316.12       -8.92
China Force Oil & Grains
   Industrial Co                 1194      92.02       -7.43
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning International
   Cooperation (Group) Ltd        638      20.46      -41.24
Chinese.Com Logi                  805      13.75      -32.33
Chongqing Int'l Enterprise
   Investment Co               000736      19.88      -15.67
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      14.19       -0.02
Ever Fortune Intl.
   Hldgs. Limited                 875      14.41       -4.03
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Hunan Hengyang                 600762      61.08      -43.98
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.40       -4.50
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      12.93       -5.39
Lan Bao Technology
   Information Co.,Ltd            631     110.09      -78.89
Loulan Holdings Limited          8039      11.14       -2.21
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.65
New City China                    456     253.47      -25.03
Orient Power Holdings Ltd.        615     176.86      -64.20
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.58      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     218.51       -3.48
Shanghai Xingye Housing
   Co.,Ltd                     600603      16.23      -49.40
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      34.21     -238.76
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.05      -15.98
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92      -53.39
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Direct-A                  757     143.71      -94.34
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suncorp Tech Ltd.                1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &
   Merchant Co, Ltd            600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Ashima Ltd.                     NASHM      96.57      -42.59
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -150.72
Dunlop India Ltd                 DNLP      52.75      -65.30
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Gujarat State Fi                  GSF      43.60     -195.24
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     316.41     -175.33
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Phil Corporation                NPPII      22.13       -4.96
RPG Cables Ltdd                  NRPG      51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     657.28      -73.89
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
C4 Technology, Inc               2355      33.71       -1.24
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
QUIN LAND Co., Ltd               2732     138.79      -23.93
Tasco System Co., Ltd            2709      48.45      -14.07
Trustex Holdings, Inc.           9374     102.84       -7.81


KOREA

Cosmos PLC Co., Ltd            053170      19.31       -4.95
DaiShin Information &
   Communication Co.            20180     740.50     -158.45
Dong Yang Gang                   1780     108.79       -9.80
E-Rae Electronics Industry
   Co., Ltd                     45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      35.66       -0.66
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.         420      77.37       -4.76
Seji Co., Ltd                   53330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

Boustead Heavy Industries
   Corp. Bhd                     BHIC      57.34     -152.51
Chin Foh Berhad                  CFOH      53.19      -13.88
FED Furniture                    FFHB      38.27       -5.11
Harvest Court                     HAR      10.17       -3.85
Lityan Holdings Berhad            LIT      18.84      -23.22
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     181.15     -125.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.76      -85.36
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.               AT      61.14      -16.74
Benguet Corp.                      BC      55.45      -44.94
Cyber Bay Corporation            CYBR      12.49      -64.98
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.54
Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88






                           *********

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, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman,
Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

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