TCRAP_Public/071112.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  

           Monday, November 12, 2007, Vol. 10, No. 224

                            Headlines

A U S T R A L I A

ANSELL LTD: S&P Lifts Rating to BBB- Due to Strong Financials
BURNKEL PTY: Placed Under Voluntary Liquidation
CHRYSLER LLC: Labor Agreement Does Not Affect Fitch's Rating
COAL CONTRACTORS: Declares First Dividend for Creditors
COGENT MANAGEMENT: Inability to Pay Debts Prompts Wind-Up

DESIREE PTY: Members and Creditors to Meet on November 23
ELSWICK PTY: Members Receive Wind-Up Report
GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter
J.R. BAKER: Shareholders to Receive Wind-Up Report on Nov. 14
KOALA TIMBER: To Declare Dividend on November 30

MID-CITY HEALTH: Members Agree on Voluntary Liquidation
MOBILE CONCRETE: Members Pass Resolution to Wind Up Firm
PHAMILLE PTY: Commences Liquidation Proceedings
SCO GROUP: IBM and Novell Balk at Proposed Asset Sale Procedure
SCO GROUP: Seeks Court OK to Expand Mesirow's Scope of Services

SYMBION HEALTH: Primary Health Launches AU$3.5-Billion Offer
SYMBION HEALTH: Moody's Retains Downward Review of Ba1 Rating
SYMBION HEALTH: S&P Puts Rating on Watch After Primary's Offer
TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30
TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3

TEREX CORP: S&P Affirms BB Corporate Credit Rating
URS CORP: Earns US$38.7 Million in Third Quarter Ended Sept. 28


C H I N A   &   H O N G  K O N G

ARTAMON COMPANY: Members to Hold General Meeting on Dec. 3
CHAMP FAIR: Appoints Tsang Hin Man, Terence, as Liquidator
CHINA EASTERN AIRLINES: Sale to Singapore Air & Temasek Ratified
EVERELITE TECHNOLOGY: Appoints S. Zhan as Head of Finance
EVERELITE TECH: Incurs TWD91.09-Mil. Loss For 2007 First Half

EVERELITE TECHNOLOGY: September Sales Fall 58.45%
FAR EAST: Ha Yue Feun Henry Quits As Liquidator
FAMOUS KIT: Members to Hold General Meeting on Dec. 1
GRAND HONG KONG: Ha Yue Feun Henry Steps Down as Liquidator
HOUTOKU FURNITURE: Members to Receive Wind-Up Report on Dec. 8

MONI COMMUNICATIONS: Creditors' Proofs of Debt Due on Nov. 23
PEDRENA LIMITED: Members to Hold Final Meeting on December 3


I N D I A

AES CORP: Seeking Regulators' Approval on Two Gas Projects
AES CORP: Benefiting from Gas Export Restriction to Chile
AGILENT TECHNOLOGIES: Inks Purchase Agreement with Velocity11
BALLY TECH: To Acquire Compudigm Int'l Gaming Applications
LOK HOUSING: To Allot Shares to Bennett Coleman

MODI RUBBER: Net Loss Almost Triple in September Quarter
ORIENTAL BANK OF COMMERCE: Profit Down 30% in July-Sept. Quarter
QUEBECOR WORLD: Inks $341 Million Sell/Merge Deal with RSDB NV


I N D O N E S I A

AVNET INC: Closes Acquisition of Betronik in Germany
BANK NEGARA: Gov't Appoints Unit as Co-Manager for Global Bonds
GEOKINETICS INC: Relocates Corporate Office in Houston, Texas
GOODYEAR TIRE: Commences Offer to Exchange 4% Conv. Senior Notes
MCDERMOTT INT'L: Reports US$140.4-Mln Net Income in Third Qtr.

PERUSAHAAN LISTRIK: Seeks Permission to Sell Off Assets


J A P A N

ATARI INC: June 30 Balance Sheet Upside-Down by US$8.6 Million
DELPHI CORP: Wants to Use US$4.4-Bil. DIP Loan Until Sept. 2008
HANKYU HANSHIN: Moody's Assigns Baa1 Ratings to JPY10-Bil. Bonds
NIS GROUP: S&P Says Capital Enhancement Plan Can Affect Rating
NOVA CORP: Swiss-Based Firm Invites Teachers to Work in China

SOJITZ CORP: Acquires 30% Stake in Energy Resources' Oil Field
SAPPORO HOLDINGS: Steel Partners Submits Improvement Measures


K O R E A

ACTUANT CORP: R. Alan Hunter Joins Board of Directors
HANAROTELECOM: SK Telecom Considers Buying Major Stake
KOREA EXPRESS: Plans to Sell Controlling Stake in February 2008


M A L A Y S I A

PROTON HOLDINGS: Expects Positive Results for FY to March 2008
PROTON HOLDINGS: Eyes Middle East for Export Expansion
PROTON HOLDINGS: Talks with Volkswagen Still Ongoing
* Khazanah Set to Resolve Problems in Troubled GLCs by Year-End


N E W  Z E A L A N D

AIR NEW ZEALAND: To Lock Out 145 Workers Starting Nov. 26
CLASSIC FINANCE: Commences Wind-Up Proceedings
HOSPITALITY STAFF: Creditors' Proofs of Debt Due on Nov. 15
I J BLOXHAM: Court Releases Wind-Up Order
MECHANICAL SPECIALISTS: Placed Under Voluntary Liquidation

MOLYNEUX HOLDINGS: Appoints Nellies and Jenkins as Liquidators
PINOT INVESTMENTS: Commences Liquidation Proceedings
PS CONCRETE: Court Enters Wind-Up Order
RACE MARKETING: Commences Wind-Up Proceedings
SOUTHERNSOUND NZ: Commences Liquidation Proceedings

TREADSTONE PROPERTIES: Taps Murray Louis Acker as Liquidator


P H I L I P P I N E S

BANCO DE ORO-EPCI: On Track to Hit PHP7-Bil. 2007 Profit Target
BANGKO SENTRAL: Expresses Caution on Oil Price Outlook for 2008
DEV'T BANK: Expects Minimal Earnings from US$1-Bil. Hedge Fund
LEPANTO CONSOLIDATED: Inks Deal with Zijin Over Benguet Project
NAT'L POWER: First Gen Mulls Acquisition of 8 Power Plants

SAN MIGUEL: Sells National Foods to Kirin Holdings for AU$2.8BB
SAN MIGUEL: Sale of Australian Unit Cue's Moody's 'Ba2' Rating
SAN MIGUEL: Disclosure on Aussie Unit Sale Cues Trade Resumption


S I N G A P O R E

DEEP SEA: Proofs of Debt Due on November 28
GLOBELL CHEMICAL: Fixes Nov. 23 as Last Day to File Claims
M-I PRODUCTION: Placed Under Voluntary Liquidation
SCOTTISH RE: Fitch Maintains Rating After Alt-A Realized Losses
VALUE INNOVATION: Requires Creditors to File Claims by Dec. 9


T H A I L A N D

ADVANCE AGRO: Moody's Changes B3 Ratings Outlook to Negative
ADVANCE AGRO: S&P Places B- Ratings on CreditWatch Negative
ADVANCE AGRO: Awaits Shareholders' OK For Voluntary Delisting
ARVINMERITOR INC: Closing North Carolina Business in Sept. 2008
CIRCUIT ELECTRONICS: Appoints Suvimol Krittayakian as Auditor


* Asian Credit Default Seen to Rise in 2008, WSJ Says

     - - - - - - - -

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

ANSELL LTD: S&P Lifts Rating to BBB- Due to Strong Financials
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term rating on Ansell Ltd. and associated debt issues to
'BBB-' from 'BB+' reflecting Ansell's demonstrated ability to
maintain strong cash-flow protection measures and liquidity
while growing its businesses and managing input-price pressures.  
Although acquisitions in the past two years have further
diversified Ansell's customer and manufacturing bases, Ansell
will need to successfully manage the entry into these new
markets as well as potential integration risks.  The outlook on
the rating is stable.

"Ansell's fiscal 2007 results continued to evidence the
resilience of its operating performance despite the negative
impact of significantly higher raw material prices, both for
latex and synthetic raw materials," Standard & Poor's credit
analyst Brenda Wardlaw said.  "Despite modest share buyback
activity, increasing dividend payments, and slightly weaker
earnings, Ansell's credit measures remained strong, with
operating lease-adjusted funds from operations (FFO) to debt of
57.8% (adjusted for surplus cash).  Ansell's strong
and stable free cash-flow generation and sizable cash holdings
underpin its strong liquidity."

Ansell continued its strategy of "bolt-on" acquisitions to
diversify its geographical presence in the condom sector with
acquisitions during fiscal 2007 in Poland and Brazil.  Ansell
also acquired a 75% shareholding in Chinese condom importer and
distributor Jissbon in China in 2006.  Apart from providing
Ansell with increased geographic diversity of manufacturing
sites and consumer markets, these acquisitions encompass strong
brands, and enhance Ansell's manufacturing and distribution
capacity.

Ms. Wardlaw added: "The stable outlook is underpinned by
Ansell's conservative debt usage and ample liquidity, which
position the group to pursue growth objectives and withstand the
negative impact of volatile raw material prices."

                      About Ansell Ltd.

Based in Melbourne, Australia, Ansell Limited --
http://www.ansell.com/-- is a global provider of healthcare  
barrier protective products, primarily gloves and condoms.

Up to this day, Moody's Investors Service still keeps its Ba1
rating on Ansell's subordinated debt which was rated on
September 4, 2006.


BURNKEL PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on October 5, 2007, the members of
Burnkel Pty Limited resolved to voluntarily liquidate the
company's business.

John Leslie Cousins was appointed as liquidator.

The Liquidator can be reached at:

          John Leslie Cousins
          c/o Herries, Davidson & Co.
          32 Clifford Street
          Goulburn, New South Wales 2580
          Australia

                        About Burnkel Pty

Located at Goulburn, in New South Wales, Australia, Burnkel Pty
Limited is an investor relation company.


CHRYSLER LLC: Labor Agreement Does Not Affect Fitch's Rating
------------------------------------------------------------
Chrysler LLC's Issuer Default Rating 'B+'; Outlook Stable are
unaffected by the recent ratification of a new labor agreement
with the United Auto Workers.  The rating of 'BB+/RR1' on the
US$7.5 billion first-lien senior secured term loan, as well as
the US$2 billion senior secured second-lien term loan, based on
expectations of full recovery in a stress scenario, is likewise
unaffected.

Ratings for Chrysler reflect the intense competitive conditions
in the North American auto market, an uncertain U.S. economic
outlook entering 2008, declining market share, an unbalanced
product mix, stresses in the supply base, high leverage in a
high fixed-cost industry, and an ongoing restructuring program.
Positives include the cost benefits and improved competitive
position to be derived from the new UAW contract, Chrysler's
relative success across a number of product segments, the
benefits of its relationship with Daimler AG and international
growth opportunities.

Fitch believes weakening economic growth in the U.S. has created
an increasingly uncertain outlook for industry sales in 2008.  
In particular, the key pickup truck market will continue to be
affected by depressed housing market conditions.  Coupled with
the pruning of its product line and a targeted reduction in
fleet sales, share losses may continue and Chrysler will be
challenged to halt revenue declines.  Depending on the extent of
the expected drop in industry sales, Chrysler will be challenged
to reverse negative cash flows when factoring in restructuring
costs.  Incremental flexibility resulting from the new UAW
contract, however, will allow Chrysler greater flexibility to
size its production and costs to market conditions, thereby
reducing downside risks and cash drains in a downturn.

Nevertheless, the current product pipeline -- including new
minivans and the 2008 introductions of the Journey crossover,
the Dodge Ram pickup and the low-volume, high-profile Challenger
-- will help to support revenues and retail market share through
2008 and into early 2009.  Although the minivan market continues
to decline, the exit of Ford Motor Company (IDR of 'B' with a
Negative Outlook) and General Motors Corp.  (IDR of 'B' with a
Negative Outlook) from this market, and new features provided by
the new Dodge and Chrysler offerings could further augment its
market leading position.  The new Journey crossover is aimed at
one of the most rapidly-growing segments of the market where
Ford and GM have both enjoyed recent success.

Although the pickup truck market is not expected to rebound
significantly through 2008, in line with expectations for the
housing market, the numerous difficulties surrounding the Toyota
Tundra launch lend confidence to the ability of the Detroit 3 to
defend this highly-profitable segment.  Dodge's new pickup
offerings will also include a light-duty diesel product.  
Continuing double-digit growth in export sales will also provide
marginal support to consolidated revenues.  Quality issues
remain a concern.

The new UAW contract will help Chrysler transition to a more
competitive wage and benefit structure over the next several
years, although a structural cost gap will still remain versus
the transplants.  The most significant cost savings will derive
from a reduction in the hourly work force of approximately 30%
from December 2006 to December 2008, along with a transition of
as much as 20% of the remaining U.S. hourly workforce to lower
wage and benefit levels.  This could result in a longer-term
reduction in consolidated wage and benefit costs by more than a
third when factoring in temporary workers.  The transition of
new hires to defined contribution pension and health care
programs also reduces longer-term structural risks.  Reductions
in the hourly workforce have been accompanied by commensurate
reductions in salaried and contract workers.  Nevertheless,
transplant manufacturers will retain a meaningful cost advantage
resulting from platform and parts commonality, flexible
manufacturing capability, capital investment efficiency and
quality.

The establishment of a VEBA, and the associated transfer of
healthcare liabilities represents a significant transfer of
medical cost inflation risk from Chrysler to the UAW.  The
funding of the VEBA through a combination of existing VEBA
funds, wage and Cost of Living Allowance allocation transfers,
and debt was prudently funded to preserve required operating
liquidity at Chrysler.  The benefits, which will begin to be
realized until 2010, are significant in relation to the upfront
funding requirements.  Net liquidity, however, may be modestly
reduced, during a period of industry uncertainty.

Chrysler's market share has held up relatively well versus Ford
and GM over the past seven years, although sales performance has
been habitually boosted through over-production, incentives and
higher fleet sales.  Relatively moderate declines in market
share have resulted from better performance across a number of
product segments, which has aided capacity utilization and
resulted in more modest capacity cutbacks than at Ford and GM.  
(Chrysler currently has one assembly plant scheduled for
closure.)  As a result, cost reductions should more directly
translate into improved margin and cash flow performance.  In a
more favorable industry environment then currently projected the
combination of Chrysler's product performance and material cost
reductions could put Chrysler on a path to positive cash flow.  
Chrysler's sales outside NAFTA (approximately 8% in 2006) is
growing rapidly and could represent an important factor in
sustaining capacity utilization if export growth continues at
its current pace.  Fitch believes the current U.S. dollar
weakness could also support further export market gains.   

The relationship with Daimler AG (which retains a 19.8%
ownership stake in Chrysler) remains an important factor in the
rating.  Although cost synergies did not materialize to the
extent forecasted following the merger of the two entities,
joint programs involving platform consolidation, parts
commonality, purchasing initiatives, research and development,
etc. remain intact and are expected to result in achievement of
variable cost reductions over the longer term.  Access to
Daimler powertrain, safety, emission and other technologies
provides R&D scale that Chrylser would otherwise lack, and which
is critical to remaining globally competitive.  In particular,
access to Daimler's diesel technology could represent an
important competitive advantage as diesel products gain traction
in North America, as expected.

Strategically, Chrysler has displayed an 'asset-lite' approach
to its expansion plans.  Chrysler has demonstrated this approach
by contracting out manufacturing of its vehicles in Europe,
utilizing its North American capacity to manufacturer non-
Chrysler brands, and outsourcing on-site non-assembly
operations.  Fitch expects that Chrysler will continue to
leverage its brands, engineering and design, technologies and
products to expand its global presence through joint-ventures,
alliances, etc. in a capital efficient manner.  Chrysler's
joint-venture with China-based Chery, expected to eventually
manufacture exports to the U.S., is consistent with this
strategy.

Over the intermediate term, legislative and regulatory risks
across a wide spectrum of issues are rising, which could lead to
changes in consumer demand, cost competitiveness, product
standards, investment requirements, etc.  Issues include fuel
efficiency requirements, emissions standards, safety standards,
tax policies and free-trade policies, etc.  The majority of
which could adversely impact operating performance at Chrysler.   

Fitch's rating of 'BB+/RR1' on the first-lien and second-lien
portions of the term loan reflects expectations of full recovery
in the event of a restructuring event.  The loans are secured by
substantially all of Chrysler's tangible and intangible assets
and is subject to a borrowing base.  Fitch's recovery
methodology model incorporates a scenario of materially reduced
market share and revenues, a continuation of manufacturing
operations, and a high level of cash remaining on the balance
sheet to finance ongoing working capital obligations.  Recovery
values, as has been the pattern in the auto parts sector,
reflect the substantial savings in wages, benefits, asset
rationalization and other fixed costs than can be realized as
part of the restructuring process.

Fitch views Chrysler's gains in plant efficiency, the core
strength of certain product lines, and the value of certain
brands (particularly Jeep) and a growing global presence would
lead to continued production by these plants, thereby enhancing
the emerging enterprise value and supplementing recovery values
obtained from other working capital and physical assets.  
Although Chrysler Financial remains a separate legal entity,
incentives exist for Cerberus to keep Chrysler capitalized in
order to retain the value and viability of Chrysler Financial.

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.


COAL CONTRACTORS: Declares First Dividend for Creditors
-------------------------------------------------------
Coal Contractors Australia Pty Limited declared its first
dividend for creditors on November 8, 2007.

Creditors who were not able to file their proofs of debt by the
November 7 due date were excluded from the company's dividend
distribution.

The company's liquidator is:

          G. J. Parker
          Parker Insolvency
          Level 5, 49 Market Street
          Sydney, New South Wales 2000
          Australia

                     About Coal Contractors

Coal Contractors Australia Pty Ltd operates offices of holding
companies.  The company is located at Sydney, in New South
Wales, Australia.


COGENT MANAGEMENT: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
During a general meeting held on September 28, 2007, the members
of Cogent Management Pty Ltd agreed to voluntarily liquidate the
company's business due to its inability to pay debts.

The company's liquidator is:

          Q. J. Olde
          Taylor Woodings
          Chartered Accountants
          Level 14, 56 Pitt Street
          Sydney, New South Wales 2000
          Australia

                    About Cogent Management

Cogent Management Pty Ltd provides management consulting
services.  The company is located at Balgowlah, in New South
Wales, Australia.


DESIREE PTY: Members and Creditors to Meet on November 23
---------------------------------------------------------
A final meeting will be held for the members and creditors of
Desiree Pty Limited on November 23, 2007, at 11:00 a.m.

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

The Liquidator can be reached at:

          Schon G. Condon
          Condon Associates
          Australia
          Telephone:(02) 9893 9499

                       About Desiree Pty

Desiree Pty Limited operates non-classifiable establishments.  
The company is located at Penrith, in New South Wales,
Australia.


ELSWICK PTY: Members Receive Wind-Up Report
-------------------------------------------
The members of Elswick Pty Ltd met on October 31, 2007, and
heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          S. Nichols
          Nichols + Brien
          Level 2, 350 Kent Street
          Sydney, New South Wales 2000
          Australia

                        About Elswick Pty

Elswick Pty Ltd is a distributor of durable goods.  The company
is located at Rydalmere, in New South Wales, Australia.


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

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

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

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

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

                         Market Update

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

European electric utility and electrical infrastructure markets
broadly continue to remain robust with the exception of Spanish
construction.  Operating earnings in the Company's European
business grew by 35% to US$36.8 million in the third quarter of
2007 compared to the prior year.  Operating margin was 7.5% in
the third quarter, equal to the same period in 2006 on a metal
adjusted basis.  Revenues were up 35% in the quarter on a metal-
adjusted basis.  Before the impact of acquired businesses and
favorable changes in exchange rates, organic growth was 7.5%,
despite approximately a 20% decline in demand for cables used in
Spanish residential construction since the end of 2006.  The
company has initiated growth strategies in other European
markets for these low voltage products including the European
do-it-yourself markets.

"The Company's European operations are showing strong results,
particularly from businesses recently acquired.  NSW is actively
developing products for submarine power and long-haul fiber
optic communications markets and Silec's high voltage solid
dielectric underground cable systems continue to gain momentum
globally.  Both businesses are booking projects into the 2009
timeframe.  At ECN, we are nearing completion of an important
technology transfer, which will allow ECN to manufacture the
company's trapezoidal design hardened steel core overhead
transmission cable.  This cable effectively provides about 75%
more capacity compared to a similar sized cable of a traditional
design, perfect for the congested rights of way in Europe,"
Gregory B. Kenny, the company's President and Chief Executive
Officer, said.

                    Completion of Acquisition

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

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

                     Management Announcements

The company disclosed several management changes effective
Nov. 1, 2007, which will align the company's management
structure along geographic lines.

The company welcomes Mathias Sandoval to General Cable as
Executive Vice President and Chief Executive Officer of the
company's combined operations in Latin America, Sub-Saharan
Africa and the Middle East/Asia Pacific.

Domingo Goenaga has been promoted to Executive Vice President
and Chief Executive Officer of General Cable Europe and North
Africa and will continue in his current capacity.  

Gregory Lampert has been promoted to Executive Vice President
and Group President of the North American Electrical and
Communications Infrastructure Group.

J. Michael Andrews has been promoted to Executive Vice President
and Group President of the North American Energy Infrastructure
and Technology Group.  In addition, Mr. Macdonald will work with
the company's business and sales leaders around the globe to
align our commercial strategies and ensure that the company will
present one face to global customers across all regions and
businesses.

Each of these individuals will report directly to Mr. Kenny.

"Over the last decade, the General Cable management team has
successfully grown the Company from a U.S. centric business
focused on communications and construction cables, to a truly
international company with approximately two-thirds of its
projected revenues generated outside of the United States and a
product range and geographic diversity second to none," Mr.
Kenny said.  

"I expect these leaders to be relentless in their
drive for continuous improvement; have the vision to identify
new markets and business opportunities before they become
popular; and have the strength and wisdom to profitably navigate
the Company into the future through all market conditions.  I
believe we have one of the most thoughtful and energetic
management teams in the business that we can continue to
leverage as we expand globally."

                    Preferred Stock Dividend

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

                   Fourth Quarter 2007 Outlook

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

                       About General Cable

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

                         *     *     *

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


J.R. BAKER: Shareholders to Receive Wind-Up Report on Nov. 14
-------------------------------------------------------------
The shareholders of J.R. Baker Pty Ltd will meet on November 14,
2007, at 12:00 p.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. Koutzoumis
          Holden & Bolster Avenir Pty Ltd
          Suite 3101, Level 31
          Australia Square
          264-278 George Street
          Sydney, New South Wales 2000
          Australia

                        About J.R. Baker

J.R. Baker Pty Ltd is in the business of local trucking, without
storage.  The company is located at Caringbah, in New South
Wales, Australia.


KOALA TIMBER: To Declare Dividend on November 30
------------------------------------------------
Koala Timber Products Pty Limited will declare its first
dividend on November 30, 2007.

Creditors who were not able to file their proofs of debt by the
November 9 due date will be excluded from the company's dividend
distribution.

The company's deed administrator is:

          Richard Albarran
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney, New South Wales 2000
          Australia

                       About Koala Timber

Koala Timber Products Pty Limited is a distributor of lumber,
plywood, and millwork.  The company is located at Ingleburn, in
New South Wales, Australia.


MID-CITY HEALTH: Members Agree on Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on September 26, 2007,
the members of Mid-City Health & Fitness Club Pty Ltd agreed to
voluntarily wind up the company's operations.

Geoffrey Trent Hancock and Neil Robert Cussen of Deloitte Touche
Tohmatsu were tapped as liquidators.

The Liquidators can be reached at:

          Geoffrey Trent Hancock
          Neil Robert Cussen
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                      About Mid-City Health

Mid-City Health and Fitness Club Pty Ltd is engaged in the
business of physical fitness facilities.  The company is located
at Campbelltown, in New South Wales, Australia.


MOBILE CONCRETE: Members Pass Resolution to Wind Up Firm
--------------------------------------------------------
The members of obile Concrete Pty Limited met on October 4,
2007, and agreed to voluntarily wind up the company's
operations.

P. Ngan was appointed as liquidator.

The Liquidator can be reached at:

          P. Ngan
          Ngan & Co
          Chartered Accountants
          Level 5, 49 Market Street
          Sydney, New South Wales 2000
          Australia

                      About Mobile Concrete

Mobile Concrete Pty Limited is a special trade contractor.  The
company is located at Wetherill Park, in New South Wales,
Australia.


PHAMILLE PTY: Commences Liquidation Proceedings
-----------------------------------------------
The members of Phamille Pty Ltd met on October 5, 2007, and
agreed to voluntarily liquidate the company's business.

Murray C. Smith was appointed as liquidator.

The Liquidator can be reached at:

          Murray C. Smith
          c/o McGrathNicol
          Level 9, 10 Shelley Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9338 2666
          Web site: http://www.mcgrathnicol.com.au

                       About Phamille Pty

Located at West Perth, in Western Australia, Australia, Phamille
Pty Ltd is an investor relation company.  


SCO GROUP: IBM and Novell Balk at Proposed Asset Sale Procedure
---------------------------------------------------------------
International Business Machines Corporation and Novell Inc.,
creditors in The SCO Group Inc. and SCO Operations Inc.'s
chapter 11 cases, oppose the Debtors' proposed sale of certain
assets to JGD Management Corp. dba York Capital Management.

IBM tells the U.S. Bankruptcy Court for the District of Delaware
that the Debtors' proposed procedure for the sale is deficient
and that the bidder protections are based on a misleading
characterization of the purchase price.

IBM argues that the sale is improper and itself cannot be
approved because the Debtors propose to sell assets they don't
own.

Additionally, Novell contends that the sale is "ill-advised at
every level."  

According to Novell, the Debtors have not "established an
adequate justification for emergency consideration of the
proposed sale on shortened notice, relying instead on
unsubstantiated claims of urgent circumstances allegedly
dictated by" JGD.

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).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Seeks Court OK to Expand Mesirow's Scope of Services
---------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
expand the scope of Mesirow Financial Consulting LLC's services
as their financial advisor.

The Debtors propose that Mesirow's services include sale and
valuation, nunc pro tunc Oct. 8, 2007.

A hearing to consider the Debtors' request has been set for
Dec. 5, 2007, at 10:00 a.m.

Recently, the Court approved the employment of Mesirow based on
the Debtors' original application.

The original application, as reported in the Troubled Company
Reporter on Nov. 5, 2007, indicated that nunc pro tunc to
Sept. 14, 2007, Mesirow will:

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

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

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

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

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

  g. assist with identifying and implementing asset
     redeployment opportunities;

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

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

  j. assist in evaluating reorganization strategies and
     alternatives;

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

  i. prepare enterprise, asset and liquidation valuations;

  m. assist in preparing documents necessary for confirmation;

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

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

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

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

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

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

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

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

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

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

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

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

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


SYMBION HEALTH: Primary Health Launches AU$3.5-Billion Offer
------------------------------------------------------------
Primary Health Care Limited announced its intention to make an
all cash offer of AU$4.10 per share for all of the outstanding
shares in Symbion Health Limited.  Primary owns approximately
20% of Symbion.

Primary's Offer values Symbion at approximately AU$3.5 billion
on an enterprise value basis and represents:

   * an attractive premium to the 6 month (22%) and 3 month
     (18%) volume weighted average price for Symbion shares
     prior to the announcement of Primary's previous proposal on  
     January 29, 2007 of AU$3.36 and AU$3.48 per share,   
     respectively;

   * a premium to the mid-point of the Independent Expert's   
     valuation range for the Healthscope led proposal of AU$4.00  
     per share; and

   * a 5% to 16% premium to the recent Independent Expert's
     valuation range for control of Symbion of between AU$3.52
     and AU$3.91 per share.

Primary Managing Director Edmund Bateman said the Offer was a
compelling one for Symbion shareholders, offering 100% cash and
an attractive premium for Symbion shares.

Dr. Bateman said he believed the Offer was clearly superior to
Healthscope's proposal having regard to:

   * the attractiveness of Primary's Offer;

   * the significant risk and uncertainty relating to the
     Healthscope Diagnostics Proposal, given the requirement for
     Symbion to obtain favourable ATO rulings;

   * the significant uncertainty around the inherent value of
     the consideration being offered by Healthscope to Symbion
     shareholders under the Healthscope Diagnostics Proposal;
     and

   * the likelihood that the scheme of arrangement in relation
     to Symbion's consumer and pharmacy business will not be
     approved (given Primary's intention to vote against that
     scheme) and accordingly the inability to realize cash and a
     control premium.

Dr. Bateman said: "Primary believes the all cash Offer is highly
attractive for Symbion shareholders.  Primary's all cash offer
provides certainty of value for Symbion shareholders, as well as
delivering an attractive premium to the top end of the
Independent Expert's value range for Symbion shares of AU$3.91
per share, which includes a premium for control".

"The combination of Primary and Symbion will provide and produce
significant value for the shareholders of each company and
create a leading provider of healthcare services in Australia."

                         Offer Details

The Offer is a AU$4.10 per share cash offer for all Symbion
ordinary shares.

The Offer is subject to a number of conditions, including a
minimum acceptance condition of 90%.

The Offer also contains a condition that Symbion shareholders do
not approve the Healthscope Diagnostics Proposal, and that
approval of the Healthscope Diagnostics Proposal is not put to a
meeting of Symbion shareholders unless Symbion has obtained
favorable ATO rulings in respect of capital gains tax rollover
and demerger relief 5 business days before the scheduled date of
that meeting.

                     Conditions of the Offer

The offer is subject to the following conditions:

   1. 90% minimum acceptance

      During or at the end of the offer period the aggregate of  
      the number of Symbion shares held by Primary or an
      associate of Primary (other than as a result of   
      acceptances of the offer) and the number of Symbion shares
      in respect of which acceptances have been received by    
      Primary, as a percentage of the total number of Symbion
      shares on issue, is at least 90%.

   2. Material adverse effect

      Between the announcement date and the end of the offer
      period, no event, change or condition occurs, is announced
      or becomes known to Primary (whether or not it becomes
      public) where that event, change or condition has had, or
      could reasonably be expected to have the effect of
      reducing:
      
      (a) the consolidated net profits after tax of Symbion, by
          more than AU$5 million for the year ending June 30,
          2008; or

      (b) the net assets of Symbion, by more than AU$40 million;
          except for events, changes and conditions publicly  
          announced by Symbion or otherwise disclosed to ASX by
          Symbion prior to the announcement date, where that
          disclosure provides adequate information on the extent
          and implication of the relevant event, change or
          condition.

   3. Healthscope Diagnostics Proposal

      The Healthscope Diagnostics Proposal is not approved by
      Symbion shareholders nor capable of being approved by
      Symbion shareholders as contemplated in the Explanatory
      Memorandum.

   4. Symbion Shareholder meeting

      Approval of the Healthscope Diagnostics Proposal is not
      put to a vote by the chairman of the meeting of Symbion
      shareholders unless favorable ATO rulings have already
      been obtained 5 business days prior to the Healthscope
      Diagnostics Proposal being put to a vote.

   5. Termination of agreements

      The Transaction Implementation Deed, the Scheme
      Implementation Deed and any other arrangements relating to
      the Healthscope Led Proposal are terminated or capable of
      termination at no cost to Symbion.

   6. Break fees

      No break-fees being paid or becoming payable to:
  
     (a) Healthscope pursuant to clause 13.9 of the Transaction
         Implementation Deed; or

     (b) the IAC Consortium pursuant to clause 9.7 of the Scheme
         Implementation Deed; or

     (c) any other party pursuant to any arrangements entered
         into between that party and Symbion in relation to a
         competing proposal, (together the "Break-Fees"), or the
         recipient of the relevant Break-Fee becomes unable to
         exercise their rights in relation to payment of the
         Break-Fee as a result of an order by a court or
         regulatory authority.

   7. Equal access to information

      During the period from the announcement date to the end of
      the offer period, Symbion promptly provides Primary a copy
      of all information that is generally not available (within
      the meaning of the Corporations Act) relating to Symbion
      or any subsidiary of Symbion or any of their respective
      business operations that has been or is provided by
      Symbion or any subsidiary of Symbion or any of their
      respective officers, employees, advisors or agents to any
      person (other than Primary or any other member of the
      Primary Group) for the purpose of, or in connection with,
      soliciting, encouraging or facilitating a proposal or
      offer by that person, or by any other person under which:
     
      (a) Any person (together with its associates) may acquire
          voting power of 10% or more in Symbion or any
          subsidiary of Symbion;

      (b) Any person may acquire directly or indirectly, any
          interest in all, or a substantial part of the business
          or assets of the Symbion group; or

      (c) That person may otherwise acquire control of or merger    
          or amalgamate with Symbion or any subsidiary of
          Symbion.

   8. No distributions

      During the period commencing on the announcement date and
      ending at the end of the offer period, Symbion does not
      make or declare, or announce an intention to make or
      declare, any distribution (whether by way of dividend,
      capital reduction or otherwise and whether in cash or in
      specie) except for any distribution which has been  
      publicly announced by Symbion on ASX before the   
      announcement date.


   9. Funding conditions

      During, and at the end of the offer period:

      (a) each of the preconditions to the availability of the
          debt facilities and the equity commitment is and
          remains satisfied6; and

      (b) there is no event of default or termination event, or
          potential event of default or termination event, under
          the debt facilities or the equity commitment.

  10. Index decline

      That between the announcement date and the end of the
      offer period the S&P/ASX 200 Index does not fall below
      15% on any trading day.

  11. Regulatory approvals

      All appropriate waiting and other time periods (including      
      any extensions of such waiting and other time periods)
      under applicable laws or regulations of any relevant
      jurisdiction having expired, lapsed or been terminated
      (as appropriate) and all regulatory obligations in any
      relevant jurisdiction having been complied with in each
      case in respect of the offer or any matter arising from
      the proposed acquisition of Symbion by Primary.

  12. No restraining orders

      That between the announcement date and the end of the
      offer period:

      (a) there is not in effect any preliminary or final
          decision, order or decree issued by a public  
          authority; and

      (b) no application is made to any public authority (other
          than by any member of the Primary group), or action or
          investigation is announced, threatened or commenced by
          a public authority, in consequence of, or in
          connection with, the offer (other than a determination
          by ASIC or the Takeovers Panel in exercise of the
          powers and discretions conferred by the Corporations
          Act), which:

      (c) restrains or prohibits (or if granted could restrain
          or prohibit), or otherwise materially adversely
          impacts on, the making of the offer or the completion
          of any transaction contemplated by the offer (whether
          subject to conditions or not) or the rights of Primary
          in respect of Symbion and the Symbion shares to be
          acquired under the offer; or

      (d) requires the divestiture by Primary of any Symbion
          shares, or the divestiture of any assets of the
          Symbion group, the Primary group or otherwise.

  13. No material acquisitions, disposals or new commitments

      Except for any proposed transaction publicly announced by
      Symbion before the announcement date, none of the
      following events occurs during the period from the
      announcement date to the end of the offer period:

      (a) Symbion or any subsidiary of Symbion acquires, offers
          to acquire or agrees to acquire one or more
          companies, businesses or assets (or any interest in
          one or more companies, businesses or assets) for an
          amount in aggregate greater than AU$40 million or
          makes an announcement in relation to such an
          acquisition, offer or agreement;

      (b) Symbion or any subsidiary of Symbion disposes of,
          offers to dispose of or agrees to dispose of one or
          more companies, businesses or assets (or any interest
          in one or more companies, businesses or assets) for
          an amount, or in respect of which the book value (as
          recorded in Symbion's statement of financial position
          as at 30 June 2007) is, in aggregate, greater than   
          AU$40 million or makes an announcement in relation to
          such a disposition, offer or agreement;

      (c) Symbion or any subsidiary of Symbion enters into, or
          offers to enter into or agrees to enter into, any
          agreement, joint venture, partnership, management
          agreement or commitment which would require
          expenditure, or the foregoing of revenue, by Symbion
          and/or its subsidiaries of an amount which is, in
          aggregate, more than AU$40 million, other than in the
          ordinary course of business, or makes an announcement   
          in relation to such an entry, offer or agreement.

  14. No exercise of rights

      After the announcement date and before the end of the
      offer period, no person exercises or purports to
      exercise, or states an intention to exercise, any rights
      under any provision of any agreement or other instrument
      to which Symbion or any subsidiary of Symbion is a party,
      or by or to which Symbion or any subsidiary of Symbion or  
      any of its assets may be bound or be subject, which
      results, or could result, to an extent which is material
      in the context of Symbion or Symbion and its subsidiaries
      taken as a whole, in:

      (a) any monies borrowed by Symbion or any subsidiary of
          Symbion being or becoming repayable or being capable
          of being declared repayable immediately or earlier
          than the repayment date stated in such agreement or
          other instrument;

      (b) any such agreement or other instrument being
          terminated or modified or any action being taken or
          arising thereunder;

      (c) the interest of Symbion or any subsidiary of Symbion
          in any firm, joint venture, trust, corporation or
          other entity (or any arrangements relating to such
          interest) being terminated or modified; or

      (d) the business of Symbion or any subsidiary of Symbion
          with any other person being adversely affected,
          as a result of the acquisition of Symbion shares by
          Primary.

  15. No prescribed occurrence

      Except with the prior written consent of Primary, none of
      the following events happens during the period beginning
      on the announcement date and ending at the end of the
      offer period:

      (a) Symbion converts all or any of its shares into a
          larger or smaller number of shares;

      (b) Symbion or a subsidiary of Symbion resolves to reduce
          its share capital in any way;

      (c) Symbion or a subsidiary of Symbion:

           (i) enters into a buy-back agreement; or

          (ii) resolves to approve the terms of a buy-back
               agreement under section 257C(1) or 257D(1) of the
               Corporations Act;

      (d) Symbion or a subsidiary of Symbion issues shares or
          grants an option over its shares, or agrees to make
          such an issue or grant such an option;

      (e) Symbion or a subsidiary of Symbion issues, or agrees
          to issue, convertible notes;

      (f) Symbion or a subsidiary of Symbion disposes, or agrees
          to dispose, of the whole, or a substantial part, of
          its business or property;

      (g) Symbion or a subsidiary of Symbion charges, or agrees
          to charge, the whole, or a substantial part, of its
          business or property;

      (h) Symbion or a subsidiary of Symbion resolves to be
          wound up;

      (i) a liquidator or provisional liquidator of Symbion or
          of a subsidiary of Symbion is appointed;

      (j) a court makes an order for the winding up of Symbion
          or of a subsidiary of Symbion;

      (k) an administrator of Symbion, or of a subsidiary of
          Symbion, is appointed under section 436A, 436B or 436C
          of the Corporations Act;

      (l) Symbion, or a subsidiary of Symbion, executes a deed
          of company arrangement; or

      (m) a receiver, or a receiver and manager, is appointed in
          relation to the whole, or substantial part, of the
          property of Symbion or of a subsidiary of Symbion.

A formal Bidder's Statement is expected to be lodged with the
Australian Securities and Investments Commission (ASIC) shortly.

                Benefits to Symbion Shareholders

The Offer is at an attractive premium to the underlying value of
Symbion shares as determined by the Independent Expert.  It
provides Symbion shareholders with the certainty of an all cash
offer.

                       Benefits to Primary

The acquisition of Symbion has strong strategic rationale for
Primary including:

   * strengthening Primary's positioning across the medical
     center, pathology and diagnostic imaging businesses;

   * expanding Primary's geographic coverage;

   * enlarging and diversifying Primary's earnings base; and

   * providing significant scope for synergies and other
     operational improvements - Primary estimate annual EBITDA
     synergies of approximately AU$95 to AU$105 million.

                         Funding Details

Primary has received underwritten commitments for debt and
equity funding sufficient to satisfy in full the cash
consideration payable to Symbion shareholders under the terms of
the Offer.

Primary will fund the total consideration under the Offer by a
combination of debt and equity.  Primary's committed debt
facilities will be provided by ABN AMRO Bank NV Australian
Branch, Calyon Australia Limited, Credit Suisse (Australia)
Ltd., National Australia Bank Limited and Deutsche Bank AG.   
Primary's equity raising will be underwritten by Credit Suisse
(Australia) Ltd, ABN AMRO Rothschild and Deutsche Bank AG.  The
equity will be raised via a placement (announced today) with the
balance intended to be raised via an accelerated renounceable
entitlement offer following the Offer being declared
unconditional.

Further detail in relation to Primary's debt and equity funding
will be set out in Primary's Bidder's Statement.  Further detail
in relation to the underwritten placement is set out in
Primary's investor presentation lodged with the ASX.

Primary is being advised by Caliburn Partnership and Mallesons
Stephen Jaques is Primary's legal adviser.

                    About Symbion Health

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

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


SYMBION HEALTH: Moody's Retains Downward Review of Ba1 Rating
-------------------------------------------------------------
Moody's Investors Service said that its Ba1 issuer rating for
Symbion Health Limited remains on review for possible downgrade,
following the announcement by Primary Healthcare Limited that it
intends to launch an off-market takeover bid for Symbion.

The rating was initially placed on downward review in May 2007
when Healthscope Limited put forward an ownership proposal.

"The rating review reflects the ongoing uncertainty surrounding
Symbion's financial and operating profiles in the current
environment," says Peter Fullerton, a Moody's AVP/Analyst.

"In particular, the review will remain focused on the likely
owner of the group as outlined in the various proposals that
have or will be put to Symbion's shareholders," Fullerton says,
adding, "In addition, the review will continue to look at the
company's likely asset composition, including the potential for
any major divestments that may result from any ownership
change."

Moody's notes the presence of change-of-control provisions in
Symbion's bank facility agreement, as well as financial
covenants, which could restrict further indebtedness at the
company.

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                     About Symbion Health

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


SYMBION HEALTH: S&P Puts Rating on Watch After Primary's Offer
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BBB-' ratings
on Symbion Health Ltd. and Symbion's associated bank loans
remain on CreditWatch with negative implications, where they
were first placed on May 1, 2007.

The CreditWatch update comes after Primary Health Care Ltd. (not
rated) made a conditional all-cash takeover offer for Symbion.  
Primary Health Care is Symbion's largest shareholder and
currently owns about 20% of Symbion.  The offer from Primary
Health Care follows a shareholder-rejected takeover offer
made by Healthscope Ltd. (not rated) and a subsequent revised
offer from Healthscope, which is under consideration by Symbion
shareholders.

"There continues to be a high degree of uncertainty over the
ultimate ownership of the Symbion businesses and the conditions
surrounding this latest offer," Standard & Poor's credit analyst
Peter Stephens said.  "The CreditWatch will not be resolved
until the ultimate ownership of Symbion is known."

                    About Symbion Health

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

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30
---------------------------------------------------------------
Terex Corporation reported income from continuing operations for
the third quarter of 2007 of US$151.5 million compared to income
from continuing operations of US$105.6 million for the third
quarter of 2006.  All per share amounts are on a fully diluted
basis.

As of Sept. 30, 2007, the company reported total assets of
US$5.5 billion, total liabilities of US$3.2 billion, and
stockholders' equity of US$2.3 billion.

                    Third Quarter Highlights

Net sales reached US$2,196.5 million in the third quarter of
2007, an increase of US$292.8 million, or 15.4%, from
US$1,903.7 million in the third quarter of 2006.

Income from operations was US$236.3 million in the third quarter
of 2007, an increase of US$45.2 million, or 23.7%, from
US$191.1 million in the third quarter of 2006.

Interest expense was US$14.6 million for the third quarter of
2007, compared with US$21.3 million in the 2006 third quarter,
reflecting the reduction in debt versus year ago levels.  Other
income totaled US$3.8 million for the third quarter of 2007,
compared with US$0.6 million for the third quarter of 2006.

The effective tax rate for continuing operations for the third
quarter of 2007 was 34.1%, compared to the effective tax rate
for continuing operations of 33.5% for the third quarter of
2006.

Return on invested capital was 41.9% for the trailing twelve
months ended Sept. 30, 2007.  Debt, less cash and cash
equivalents, decreased US$9 million in the third quarter to
US$189 million, reflecting the favorable impact of strong
earnings, partially offset by expenditures of about US$50
million for the repurchase of Terex common stock pursuant to a
previously announced stock repurchase program, as well as
increases in working capital.

Cash flow in the third quarter was slightly below expectations,
mainly as a result of higher than anticipated inventory levels.
In the last twelve months Debt, less cash and cash equivalents,
has decreased by US$174 million.

Working capital as a percent of Trailing Three Month Annualized
Sales was 23.2% at the end of the third quarter of 2007, as
compared to about 19.2% at the end of the third quarter in 2006.

Backlog for orders deliverable during the next twelve months was
US$4,058.1 million at Sept. 30, 2007, an increase of 73% versus
the third quarter of 2006.

                             Outlook

In July 2007, Terex provided guidance for 2007 performance,
indicating that anticipated earnings per share for the full year
would be between US$5.50- US$5.70 per share on net sales of
between US$8.8 to US$9 billion.  The company's current
expectation is to report full year 2007 financial results that
fall within this previously stated range.

Full-text copies of the company's financials are available for
free at http://ResearchArchives.com/t/s?2481

"Our third quarter results reflected a continuation of the many
trends we have seen develop over the past few quarters,"
commented Ron DeFeo, Terex's chairman and chief executive
officer.  "The underlying story of strong global demand for our
products remains intact, contributing to our positive outlook
for Terex's future financial performance.  However, the
challenge of shortages in component deliveries impacting
production output, capacity constraints on certain of our
products, and a softer North American marketplace for certain
products continue to weigh on our business.  Overall, we feel
our ability to improve our franchise during these generally
favorable market conditions is getting stronger."

Mr. DeFeo added, "We continue to invest in our business with a
focus on long-term benefits to our customers and investors.  Our
operating expenses have increased versus year ago levels, but
these are necessary expenses targeted at improving our
capabilities in multiple areas, such as supply management,
marketing, global sales and service, information technology and
financial services.  We will continue to increase our investment
in these areas in the future, and we expect that benefits from
these investments will become more visible."

"Our overarching message today is that we are a company that is
poised for continued strong and profitable growth," said
Mr. DeFeo.  "We are committed to achieving our previously stated
objective of US$12 billion in sales and a 12% operating margin
by 2010.  We anticipate that acquisitions will be a part of this
growth strategy, and with the recent volatility in financial
markets, we are uniquely positioned to take advantage of
opportunities as they arise, as well as continuing to invest in
expanding our infrastructure in developing economies."


Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range    
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last twelve months
Sept. 30, 2007 revenues were approximately US$8.5 billion.


TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned Terex's new US$500 million
senior subordinated notes, being issued in two tranches of 8
year and 10-year maturities, ratings of Ba3, LGD 5, 83%.

In a related action, Moody's affirmed Terex's corporate family
and probability of default ratings of Ba2, and affirmed the
speculative grade liquidity rating of SGL-1.  The rating outlook
remains stable.

The presence of the new US$500 million senior subordinated notes
will add a layer of junior debt to Terex's capital structure.
This new senior subordinated debt will be effectively
subordinated to Terex's existing senior subordinated debt
because the new debt will not be guaranteed, whereas Terex's
existing US$300 million 7.375% senior subordinated notes due
2014 are guaranteed by all of Terex's material domestic
subsidiaries.  The new notes, however, carry a springing
subsidiary guarantee covenant that gets triggered once the
existing US$300 million 7.375% senior subordinated notes due
2014 get repaid.   

As a result of the new layer of effectively most junior debt in
the capital structure, which would be available to absorb loss
in event of default, ratings on Terex's existing debt have been
raised as:

  -- US$900 million senior secured credit facility to Baa3   
     LGD2, 18% from Ba1 LGD2, 24%;

  -- US$300 million 7.375% senior subordinated notes due 2014
     to Ba2 LGD4, 50% from Ba3 LGD5, 77%.

Proceeds from the new issuance will be used to fund prospective
acquisitions as part of the company's growth initiative, as well
as for general corporate purposes, including repaying borrowing
under the company's revolving credit facility, funding capital
expenditures, investments and share repurchases.  The corporate
family rating has been affirmed despite the increase in debt
because Moody's anticipates that the company will manage its
growth initiatives in a manner that will keep the company credit
metrics and risk profile within the Ba2 rating level.  The key
operating risks that Terex faces are potential near-term
weakening of the economy, and the cyclicality of its end
markets.  Although demand from North American customers has
slowed, sales to customers in Europe have compensated.  As well,
an expectation of continued high commodity prices and high
demand for crane products globally helps to somewhat offset the
expectation of near-term slow to flat U.S. non-residential
construction growth rates.  Key non-operating risks include
potential costs associated with any resolution of the Securities
and Exchange Commission and U.S. Department of Justice
investigations.   

In addition, parts shortages for certain classes of heavy
equipment are slowing inventory turns and partially limiting
flow through of higher earnings, as is the need to sell more
equipment manufactured in North America to customers outside
North America, which consumes additional working capital.   
Nevertheless, Moody's expects that Terex should be able to
weather these risks within the Ba2 rating level due to the
company's improved balance sheet, and commitment to maintain
ample liquidity.  For the last twelve months ended
Sept. 30, 2007, Terex had debt to EBITDA of 1.7x and EBITA
margin of 11.3%.

Terex plans to use the notes proceeds to fund strategic
acquisitions over the next 12-18 months as well as for other
corporate purposes.  Moody's recognizes that with the recent
credit market uncertainty, and decline in acquisition activity
from private equity sources, the ability of strategic buyers,
such as Terex, to successfully compete for acquisitions has
improved.  Thus, Terex intends to now raise the 12-18 month
acquisition funding it requires opportunistically rather than
risk the possibility that debt markets could tighten and thereby
limit the company's flexibility.

The SGL-1 Speculative Grade Liquidity Rating anticipates that
the company will maintain very good liquidity over the next 12-
month period.  Terex's operating cash flow generation combined
with about US$460 available under its committed revolving credit
facility and about US$517 million in cash at the end of
September 2007 should be sufficient to fund the company's normal
operating capital requirements, capital spending and debt
service over the next 12 months.

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range    
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last twelve months
Sept. 30, 2007 revenues were approximately US$8.5 billion.


TEREX CORP: S&P Affirms BB Corporate Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Terex
Corp., including the 'BB' corporate credit rating and the 'B+'
issue rating on the existing senior subordinated notes due 2014.   
The outlook is stable.
    
At the same time, Standard & Poor's assigned its 'B+'
subordinated debt rating to the company's proposed $500 million
senior subordinated notes to be issued in a combination of
eight- and ten-year maturities.
      
"The ratings on Westport, Connecticut-based Terex reflect the
company's participation in the highly cyclical and competitive
construction equipment industry and its aggressive financial
profile," said Standard & Poor's credit analyst John Sico.   
"These factors are mitigated by the company's satisfactory
business position as a major provider of construction equipment
and by its good geographic and product diversity."
    
The outlook is stable.  The downside ratings risk is mitigated
by the good diversity among the company's geographic regions and
products; by its competitive cost structure; by its low capital
intensiveness; and by its satisfactory financial flexibility.   
However, S&P could consider a negative rating action if the
company pursues policies that are more aggressive than expected,
such as funding acquisitions through additional debt financing.   
The company's acquisitiveness and exposure to cyclical markets
continue to limit upside rating potential.

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range    
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last twelve months
Sept. 30, 2007 revenues were approximately US$8.5 billion.


URS CORP: Earns US$38.7 Million in Third Quarter Ended Sept. 28
---------------------------------------------------------------
URS Corporation reported its financial results for the third
quarter of fiscal 2007, which ended on Sept. 28, 2007.  Revenues
for the quarter were US$1,272.3 million, compared with revenues
of US$1,085.6 million during the third quarter of 2006, an
increase of 17%.  Net income was US$38.7 million, an increase of
29% over the US$29.9 million reported for the corresponding
period in 2006.

As of Sept. 28, 2007, the company's backlog was US$5.80 billion,
compared to US$4.64 billion as of Dec. 29, 2006, an increase of
25%.

Commenting on the Company's financial results, Martin M. Koffel,
Chairman and Chief Executive Officer, stated: "URS achieved
record revenue, net income and earnings per share in the
quarter.  Revenue grew in each of four key market sectors, led
by our private sector business, which increased approximately
30% primarily due to growth in our emissions control and oil and
gas businesses.  Growth in our state and local government sector
remained strong as a result of the continuing focus on public
infrastructure and favorable funding conditions.  Our federal
business also performed well, with revenue growth from
operations and maintenance and contingency management contracts,
as well as projects related to the military transformation and
base realignment and closure programs."

Mr. Koffel continued: "We remain confident about the outlook for
our business, given URS' strong competitive position, positive
trends across our markets, and our record backlog, which should
support continued growth in the fourth quarter and into 2008."

For the purpose of calculating diluted EPS, weighted-average
shares outstanding for the third quarter of 2007 were 52.8
million, compared to 51.8 million for the corresponding period
last year.

                       Fiscal 2007 Outlook

As previously announced on Nov. 5, URS now expects that 2007
revenues will be approximately US$4.85 billion.  Assuming this
revenue expectation is met, URS expects that 2007 net income
will be approximately US$134 million and earnings per share will
be between US$2.50 and US$2.55.

In addition, the company expects its effective tax rate for 2007
to be between 41.0% and 42.0% compared to 42.6% in 2006.   
Finally, the company's weighted-average shares outstanding for
2007 are expected to be 53.2 million, compared with 51.7 million
in 2006.

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

                      About URS Corporation

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive  
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                          *     *     *

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

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


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

ARTAMON COMPANY: Members to Hold General Meeting on Dec. 3
----------------------------------------------------------
The members of Artamon Company Limited will hold their general
meeting on December 3, 2007, at 1:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Office B, 26th Floor of United
Centre, in 95 Queensway, Hong Kong.


CHAMP FAIR: Appoints Tsang Hin Man, Terence, as Liquidator
----------------------------------------------------------
The members and creditors of Champ Fair Limited, on October 25,
2007, appointed Tsang Hin Man, Terence as the company's
liquidator.

The Liquidator can be reached at:

          Tsang Hin Man, Terence
          Chinachem Tower
          Suite 2001A, 20th Floor
          34-37 Connaught Road
          Central, Hong Kong


CHINA EASTERN AIRLINES: Sale to Singapore Air & Temasek Ratified
----------------------------------------------------------------
Singapore Airlines Ltd. and Temasek Holdings have signed a final
agreement to buy a combined 24% stake in China Eastern Airlines,
Agence France Presse reports.

The Associated Press, citing a statement by Singapore Air, said
that the three sides signed four agreements that ratified the
purchase terms and strategic partnership.

According to the Wall Street Journal, China's Cabinet and China
Eastern's board of directors have approved the deal, which is
still subject to approval by China Eastern at a shareholder
meeting likely to be held in December or January.

The terms of the official deal are in line with an agreement
reached in September, including the price for a new share in
China Eastern and a right for Singapore Airlines to increase its
stake if China relaxes ownership laws, WSJ points out.

As previous press reports stated, the companies announced in
September that Singapore Air and its parent, Temasek, would pay
US$918 million (HKD7.2 billion) for the combined 24% stake in
China Eastern.

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

The 24% ownership between Singapore Air and Temasek is just
short of the maximum 25% collective stake allowed for foreign
investors in a Chinese carrier, WSJ explains.  China Eastern's
parent firm, CEA Holding, will buy 1.1 billion shares at
HKD3.80 each to keep its ownership at 51%, the report says.

WSJ notes that Singapore Air will nominate Chairman Stephen Lee
and Chief Executive Officer Chew Choon Seng as directors to
China Eastern's 14-member board.  China Eastern will also create
a new committee including representatives from Singapore
Airlines and Temasek to make proposals on financial matters.

Singapore Air can nominate one director to the boards of key
China Eastern units, WSJ adds.

The agreement, the AFP relates, has been seen as a key event in
the battle for Shanghai, which, next to Beijing, is the most
important aviation hub in the rapidly growing Chinese market.

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

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

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


EVERELITE TECHNOLOGY: Appoints S. Zhan as Head of Finance
---------------------------------------------------------
Everelite Technology Co. Ltd.'s board of directors has appointed
Zhan Shunren as Head of Finance on Oct. 19, 2007, Reuters Key
Developments reports.

Taipei, Taiwan-based Everelite Technology Co., Ltd. --
http://www.ever.com.tw/--  is engaged in the provision of  
workstation and servers, high-speed network and related
peripheral equipment, computer software, as well as consultation
and maintenance services.  The company provides corporate data
center related products and services, including high-speed
network and telecommunication equipment such as Internet traffic
management solutions; information security software and hardware
such as firewalls; storage equipment; workstations and servers
for data computing; telecommunication application software such
as e-mails and blogs, as well as application software management
solutions for data management.

The company recorded three annual net losses -- TWD91.8 million,
TWD301.2 million and TWD283.7 million, in FY2004, 2005 and 2006.


EVERELITE TECH: Incurs TWD91.09-Mil. Loss For 2007 First Half
-------------------------------------------------------------
Everelite Technology Co. Ltd. incurred a TWD91.09-million net
loss for the six months ended June 30, 2007, a reversal from the
TWD0.35-million net profit recorded for the same period in 2006.

The company suffered a 55.18% decrease in revenues to
TWD259.90 million for the period in review from
TWD579.90 million a year before.  Cost of goods sold amounted to
TWD202.90 million, while other expenses amounted to
TWD103.35 million, giving the company a gross loss of TWD46.35
million.

Taipei, Taiwan-based Everelite Technology Co., Ltd. --
http://www.ever.com.tw/--  is engaged in the provision of  
workstation and servers, high-speed network and related
peripheral equipment, computer software, as well as consultation
and maintenance services.  The company provides corporate data
center related products and services, including high-speed
network and telecommunication equipment such as Internet traffic
management solutions; information security software and hardware
such as firewalls; storage equipment; workstations and servers
for data computing; telecommunication application software such
as e-mails and blogs, as well as application software management
solutions for data management.

The company recorded three annual net losses -- TWD91.8 million,
TWD301.2 million and TWD283.7 million, in FY2004, 2005 and 2006.


EVERELITE TECHNOLOGY: September Sales Fall 58.45%
-------------------------------------------------
Everelite Technology Co. Ltd.'s sales in September 2007 fell
58.45% to TWD29,016,000 from TWD69,834,000 a year ago, Bloomberg
News relates, citing a statement filed with the Taiwan Stock
Exchange.

Sales for the first nine months of 2007 amounted to
TWD421,722,000, down 40.33% from the TWD706,716,000 recorded for
the first nine months of 2006.

Taipei, Taiwan-based Everelite Technology Co., Ltd. --
http://www.ever.com.tw/--  is engaged in the provision of  
workstation and servers, high-speed network and related
peripheral equipment, computer software, as well as consultation
and maintenance services.  The company provides corporate data
center related products and services, including high-speed
network and telecommunication equipment such as Internet traffic
management solutions; information security software and hardware
such as firewalls; storage equipment; workstations and servers
for data computing; telecommunication application software such
as e-mails and blogs, as well as application software management
solutions for data management.

The company recorded three annual net losses -- TWD91.8 million,
TWD301.2 million and TWD283.7 million, in FY2004, 2005 and 2006.


FAR EAST: Ha Yue Feun Henry Quits As Liquidator
-----------------------------------------------
On November 1, 2007, Ha Yue Feun Henry quit as liquidator of Far
East Petroleum Investment Company Limited.

The former Liquidator can be reached at:

          Ha Yue Fuen, Henry
          Amtel Building
          Unit A, 5th Floor
          144-148 Des Voeux Road, Central
          Hong Kong


FAMOUS KIT: Members to Hold General Meeting on Dec. 1
-----------------------------------------------------
The mmebers of Famous Kit Limited will hold their general
meeting on December 1, 2007, at 10:00 a.m., at the 8th Floor, 10
Pottinger Street, in Central, Hong Kong.

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


GRAND HONG KONG: Ha Yue Feun Henry Steps Down as Liquidator
-----------------------------------------------------------
Ha Yue Fuen Henry quits as liquidator of The Grand Hong Kong
Development Limited on November 1, 2007.

The former Liquidator can be reached at:

          Ha Yue Fuen, Henry
          Amtel Building
          Unit A, 5th Floor
          144-148 Des Voeux Road, Central
          Hong Kong


HOUTOKU FURNITURE: Members to Receive Wind-Up Report on Dec. 8
--------------------------------------------------------------
Houtoku Furniture H.K. Limited will hold a final general meeting
for its members on December 8, 2007, at 11:00 a.m., at Rooms
801-2 of Unicorn Trade Centrem 127-131 Des Voeux Road, in
Central, Hong Kong.

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


MONI COMMUNICATIONS: Creditors' Proofs of Debt Due on Nov. 23
-------------------------------------------------------------
The creditors of Moni Communication Asia Limited are required to
file their proofs of debt by November 23, 2007, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 18,
2007.

The company's liquidator is:

          Kong Chi How, Johnson
          Wing On Centre, 25th Floor
          111 Connaught Road, Central
          Hong Kong


PEDRENA LIMITED: Members to Hold Final Meeting on December 3
------------------------------------------------------------
A final meeting will be held for the members of Pedrena Limited
on December 3, 2007, at Suite 1703, 17th Floor, 88 Hing fat
Street, in Causeway Bay, Hong Kong.

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


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

AES CORP: Seeking Regulators' Approval on Two Gas Projects
----------------------------------------------------------
AES Corporation is seeking the U.S. Federal Energy Regulatory
Commission's authorization for the construction of a liquefied
natural gas terminal at the Sparrows Point shipyard and an 88-
mile pipeline into Pennsylvania, The Baltimore Sun reports.

The National Association of State Fire Marshals and federal
regulators heeded a request from some Turners Station residents
to consider the approval for liquefied natural gas projects,
according to The Sun.  The Fire Marshals and regulators will
meet in Washington about the approval process.

O'Rourke of the National Association of State Fire Marshals told
The Sun, "Some folks who, to date, haven't been involved -- who
missed those initial hearings -- wanted to learn about the LNG
[liquefied natural gas] approval process."

The Sun relates that many community leaders and officials have
been opposing the project.

The terminal would be a potential hazard to nearby homes in
Dundalk, especially to those in Turners Station, The Sun says,
citing sources.

Federal officials had notified AES that the State Highway
Administration would not grant the company access to construct
its pipeline along the Baltimore Beltway.  They asked the firm
to present a new route for the pipeline, The Sun states.

                      About AES Corporation

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 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 $2 billion from $500 million.

Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's
$2 billion issuance of senior unsecured notes maturing 2015
and 2017.  AES' long-term Issuer Default Rating is rated 'B+' by
Fitch.  Fitch said the rating outlook is stable.


AES CORP: Benefiting from Gas Export Restriction to Chile
---------------------------------------------------------
AES Corporation Chief Executive Officer Paul Hanrahan said in a
conference call that Argentina's restrictions on natural gas
shipments to Chile are creating an opportunity for the company.

Mr. Hanrahan commented to Business News Americas, "Chile has
realized it needs more reliable sources of supply.  They really
became over-reliant on Argentine gas and are looking at more
coal-fired plants, more hydro and LNG [liquefied natural gas].   
Chile can't rely on as many imports of natural gas as they have
in the past and this is what has created opportunities for us to
expand in Chile as they have to add more non-natural gas
capacity."

According to BNamericas, low hydrology in Chile and Argentina
are problems for AES in the third quarter 2007.

BNamericas relates that gross generation margins in Latin
America dropped to US$183 million in the third quarter 2007,
compared to the same quarter last year, mainly due to higher
costs associated with gas supply curtailments and lower
hydrology.

The main reasons for Argentina's continued reduction in natural
gas shipment to Chile are high consumption fueled by low
regulated prices, BNamericas states, citing an AES spokesperson.

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.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

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.


AGILENT TECHNOLOGIES: Inks Purchase Agreement with Velocity11
-------------------------------------------------------------
Agilent Technologies Inc. and Velocity11 have signed a
definitive agreement for Agilent to acquire Velocity11.   
Velocity11, privately held, is a leader in automated liquid
handling and laboratory robotics for the life science market.
Financial details were not disclosed.  The acquisition is
expected to be final in 30 to 60 days, subject to certain
closing conditions.

The acquisition will enable Agilent to offer a more
comprehensive suite of workflow solutions to its life science
customers in the pharmaceutical, biotech and academic research
markets.  Velocity11 designs, manufactures and markets robotic
solutions that range from standalone instrumentation to bench-
top automation solutions to large, multi-armed robotic systems.   
The company also develops world-class software to control the
robotics.  Velocity11's technology will strengthen Agilent's
offering of automated sample-preparation solutions across a
broad range of applications.

"Velocity11 is a market leader in lab automation with a solid
reputation for innovative technology, quality products and
superb customer service," said Nick Roelofs, vice president of
Agilent's Life Science Systems and Solutions Unit.  "Together,
we can offer customers a comprehensive set of workflow solutions
with increased levels of automation, which can help speed drug
discovery and genetic research. When the acquisition is final,
customers will continue to experience the same personalized
customer service they've come to expect from Velocity11, with
the addition of Agilent's strong network of global service and
support."

"We are very excited to be joining Agilent and to have found a
company with such a complementary culture, product line,
commitment to customer satisfaction and vision for providing
complete automated workflow solutions," said Rob Nail,
Velocity11's CEO.  "The ability to leverage Agilent's global
infrastructure and deep applications focus will allow us to
continue to improve the services we provide our customers,
innovate in new directions, and rapidly expand our reach
worldwide."

Agilent is offering jobs to substantially all of Velocity11's
approximately 150 employees worldwide.  Headquartered in Menlo
Park, Calif., Velocity11 has a second office in Melbourn,
Hertfordshire, U.K., with field sales and support offered
throughout the U.S. and western Europe.  The company was
established in 1999.

Velocity11 has been recognized as one of the fastest growing
companies in Silicon Valley and in North America.  In 2006,
Velocity11 was named to Deloitte's "Fastest Growing U.S. Tech
Company" list.

                       About Velocity11

Velocity11 -- http://www.velocity11.com/--is a privately held  
company based in Menlo Park, Calif., and is focused on
pioneering automation technology solutions for life science
laboratories.  The company's customers comprise most of the
major pharmaceutical and biotechnology companies as well as
leading genome centers and academic institutions.  Combining
innovative engineering with high standards of quality and
customer service, Velocity11 designs and manufactures flexible
high-performance automation solutions for processes that are
transforming the industry.  Velocity11 is committed to providing
its customers with The Ultimate Automation Experience(tm).

                      About Agilent Tech

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

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

                         *     *     *

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


BALLY TECH: To Acquire Compudigm Int'l Gaming Applications
----------------------------------------------------------
Bally Technologies, Inc. has signed a contract to acquire the
Gaming Power and seePOWER applications for the gaming industry
from Compudigm International, adding exclusive and powerful data
visualization and business analysis technology to the new Bally
Business Intelligence product line.
    
Compudigm's integrated solutions will immediately serve as a key
component in Bally's server-gaming strategy and the company's
plans for delivering "The Networked Floor Of The Future."
    
The acquired Compudigm technology currently monitors, manages
and optimizes data from more than 60,000 gaming positions around
the world that generate US$6 billion in annual revenues. Current
customers using this product for marketing and business analysis
include Harrah's Entertainment, Penn National Gaming, Trump
Entertainment Resorts and the Seminole Tribe of Florida, as well
as major casinos in New Zealand and Australia.
    
Bally also announces the launch of a comprehensive Business
Intelligence solution that will consist of two distinct and
integrated modules -- its internally developed Data Analysis
Dashboard and Compudigm's Gaming Power and seePower Data
Visualization modules -- both working off one combined Gaming
Data Warehouse.  This combination of two best-of-breed solutions
will offer the most powerful and state-of-the-art business
intelligence suite for the gaming industry.
    
The Data Analysis Dashboard offers more than 650 predefined key
performance indicators, graphical data analysis charts and
graphs, more than 150 predefined reports and ad-hoc reporting
that will bring all essential information required to manage a
casino just a few computer
clicks away.
    
"The Compudigm technology acquisition is consistent with our
commitment to deliver leading, yet useable technology with a
strong return on investment to our Systems footprint of more
than 368,000 devices worldwide," said Richard Haddrill, Chief
Executive Officer of Bally Technologies. "Our leading business
intelligence suite of products will be a key component in
delivering ROI on the evolving 'networked gaming floor of the
future.'"
    
The new Bally Business Intelligence product line will feature
multiple pricing and scalable options for the different data
warehousing, business analysis and data visualization solutions.
    
"When combined with the acquired Compudigm technology, this will
allow for dynamic decision-making that doesn't currently exist
in the industry today and will be the most comprehensive
business intelligence package in the gaming space," said Bruce
Rowe, Senior Vice President of Strategy and Business Development
for Bally.  "And it's the perfect foundational technology for
both today's networked floor and for the potential created by
server applications."
    
The Compudigm products Bally is acquiring transform the deluge
of data generated by casino slots, tables and customer loyalty
systems into actionable, visual insights that help casino
managers make the smartest, fastest marketing and game floor
management decisions possible.
    
"The Bally solution will utilize seePOWER's smart marketing and
predictive engine to unlock real value and to realize the full
potential of a casino's business," said Wout van Loon, CEO of
Compudigm International.  "The seePOWER platform has provided
many gaming customers with an unparalleled competitive
advantage."
    
The Bally agreement represents Compudigm's business model to
provide industry-leading solution providers with the seePOWER
platform and application development suite to deliver advanced
visualization, customer profiling, customer segmentation and
content-intelligence to the entertainment, loyalty, financial
services, retail, telecommunications, utilities and health
sciences industries.
    
Recognized as the industry systems leader with more than 368,000
machines at casino, bingo, Class II, central determination and
lottery locations worldwide -- including more than 204 locations
currently running Bally eTICKET(TM) on more than 236,000 slot
machines -- the Bally Technologies systems product line offers
slot machine cash monitoring, table management, cashless,
accounting, security, maintenance, marketing, promotional and
bonusing capabilities, enabling operators to accurately analyze
performance and accountability while providing an enhanced level
of customer service.
    
                        About Compudigm
    
Founded in 1997, Compudigm -- visit http://www.compudigm.com
-- delivers groundbreaking business intelligence solutions based
upon its seePOWER data visualization technology, which enables
enterprises to transform oceans of disparate data into
actionable, visual intelligence for significant competitive
advantage.  The company enables enterprises to see their
business clearly by animating, illustrating and infusing maps
and floor-plans as well as product, engineering and scientific
diagrams with comprehensive business intelligence.  Compudigm
also delivers advanced visualization, customer profiling, and
content-intelligence as well as advice and guidance solutions to
the gaming, retail, entertainment, telecommunications,
utilities, health sciences and financial service industries.   
Compudigm's accolades include Gold and Silver awards from Casino
Journal's Most Innovative Gaming Technology Products
competition; dual Smithsonian Computerworld Laureates; and the
Data Warehousing Institute's "Pioneering Product of the Year"
award.

                    About Bally Technologies

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, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in Macau, China, and India.

                          *     *     *

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


LOK HOUSING: To Allot Shares to Bennett Coleman
-----------------------------------------------
Lok Housing and Constructions Ltd's board of directors proposes
to allot equity shares to Bennett Coleman & Co. Ltd to the
extent of INR15 crore on preferential basis, a regulatory filing
with the Bombay Stock Exchange says.  The price will be decided
as per SEBI Guidelines Chapter XIII of the SEBI (Disclosure and
Investor Protection) Guidelines, 2002, the company says.

The company will hold an extraordinary general meeting on
Dec. 5, 2007, to decide on the preferential allotment Bennett
Coleman.

In another BSE filing, the company disclosed that the
subscribers of its convertible warrants have exercised their
option to convert their 26,08,650 warrants into equity shares.

The Allotment Committee of the company have allotted 26,08,650
shares to the warrant holders on Nov. 8.

Headquartered in Mumbai, India, Lok Housing and Constructions
Ltd constructs residential buildings.  Apart from housing
construction, the company manufactures concrete blocks catering
to in-house needs.  The company is also involved in the
construction of railway quarters, railway bridges and slum
rehabilitation programs through its associate companies.

Credit Rating Information Services of India Ltd, on June 27,
2007, reaffirmed its 'D' rating on Lok Housing's INR170-million
non-convertible debentures.  The rating continues to indicate
that the instrument is in default.  The arrears on interest and
principal payments have not been entirely cleared.


MODI RUBBER: Net Loss Almost Triple in September Quarter
--------------------------------------------------------
Modi Rubber Ltd's net loss almost tripled in the quarter ended
Sept. 30, 2007, to INR46.33 million from the INR15.85-million
loss incurred in the corresponding quarter last year.

The widening loss in the second quarter is brought about by
increased operating expenses and interest charges despite the
slide in revenues.  Total income went down to INR2.3 million in
the latest quarter under review from a year ago's
INR5.07 million.  Expenses from operations rose 95% to
INR28.2 million while interest charges jumped 3% to
INR6.54 million.

The company also booked depreciation charges of the
INR13.5 million while there was none for the July-Sept. 2006
period.  According to the company, expenses on refurbishing and
repairs of plant and machinery and other assets are being
capitalized.

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

   http://ResearchArchives.com/t/s?252a


Headquartered in Delhi, India, Modi Rubber Limited --
http://www.mepc.com/-- is principally involved in the
development, manufacture and distribution of automobile tires,
tubes and flaps.  The company's financial performance has not
been all that impressive, as it continuously reported losses in
the past years, which eventually lead to its closure in 2001.
The financial health of its subsidiaries was also in question
with Modistone being referred to the Board of Industrial and
Financial Reconstruction due to the erosion in net worth.

Modi Rubber's equity shares were the delisted from the Uttar
Pradesh Stock Exhange, Kanpur.  The delisting, effective
Feb. 22, 2006, came after news that 44% stake in the rubber
manufacturer was acquired by a group of financial institutions.

The Board for Industrial and Financial Reconstruction on May 23,
2006, declared the company as "Sick Company" and appointed IDBI
Bank has been appointed as the operating agency.  By BIFR order
dated Oct. 9, 2006, the State Bank of India has been appointed
as operating agency for the company and was directed to prepare
a revival scheme.  A revised draft revival scheme of Modi Rubber
was submitted to its board of directors at its meeting on
March 10, 2007, which board gave unanimous approval.  The same
has been submitted to SBI and BIFR on March 15, 2007, for
further action.


ORIENTAL BANK OF COMMERCE: Profit Down 30% in July-Sept. Quarter
----------------------------------------------------------------
Oriental Bank of Commerce's net profit fell 30% to
INR1.75 billion in the quarter ended Sept. 30, 2007, from the
INR2.5 billion earned in the same period in 2006.  

The bottom line weakened despite improved revenues because of
the greater pull from rising expenditures.  Total income rose
24% to INR17.88 billion in the July-Sept. 2007 quarter.  Total
expenditures, however, rose 35% to INR15.16 billion, which
include interest charges of INR12.46 billion and operating
expenses of INR2.7 billion.

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

   http://ResearchArchives.com/t/s?2525

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been affirmed at
C/D.  On March 15, 2007, Fitch upgraded the support rating of
the bank to '3' from '4'.

The company also carries Moody's Investors Service's Ba2 Foreign
Currency Deposit Rating.


QUEBECOR WORLD: Inks $341 Million Sell/Merge Deal with RSDB NV
--------------------------------------------------------------
Quebecor World Inc. and RSDB NV have signed a definitive Share
Purchase Agreement and Implementation Agreement to sell/merge
Quebecor World's European operations to RSDB Group.  Under the
terms of the Share Purchase Agreement and Implementation
Agreement, RSDB will deliver to Quebecor World, at closing,
cash, a note and shares valued in the aggregate at approximately
240 million Euros or $341 million, subject to certain post-
closing adjustments.

The aggregate consideration payable by RSDB to Quebecor World
will be paid in cash, shares and through the assumption of
indebtedness by RSDB.

RSDB will buy Quebecor World's European operations and Quebecor
World will retain a 29.9% interest in the merged entity that
will be named "Roto Smeets Quebecor" and will be listed on
Euronext Amsterdam.

Specifically, the consideration payable to Quebecor World will
be comprised of:

   -- approximately 150 million Euros or $213 million in cash;    
   -- a 35 million Euros or $50 million note 8-year note
      repayable from 2011 to 2015;
   -- 1.4 million shares in RSQ representing approximately
      29.9% of the issued and outstanding shares of the
      combined business post-closing; and
   -- assumption of QWE's pension, legal, and other        
      liabilities.

Completion of the merger is conditional, on the approval of the
shareholders of RSDB and receipt of clearances from the European
Commission.  Closing is expected to take place by the end of
2007.

"This transaction is a key element of our 5-Point Transformation
Plan and is expected to deliver several significant benefits to
our shareholders," Wes Lucas, president and CEO Quebecor World,
stated.  "The sale/merger will improve our balance sheet, and
will provide additional financial flexibility and strategic
options to create further shareholder value.  We believe that it
will also enable us to strategically reposition our company to
focus on growing earnings within our core business in the
Americas, where we are a leader."  

"We are pleased that retaining an investment in RSQ may present
an upside opportunity, as Quebecor World will help facilitate
the consolidation of the European print industry and the
creation of the leading printer in Europe, which will benefit
our customers and employees going forward," Mr. Lucas added.  
Quebecor World and RSQ will also work together in the future to
serve global customers."

"The combination of Quebecor World's European printing business
with RSDB will enable RSDB, through its increased scale and
broader footprint throughout Europe, to play an important role
in the consolidation of the graphic industry in Europe," John
Caris, chief executive officer of RSDB stated.  "We see a great
opportunity to pool the best practices and extensive industry
experience available in the two businesses and to benefit from
an attractive range of potential synergies".

In the event that the transaction is not completed as a result
of a default of one party, the defaulting party is obliged to
pay the other party a break-up fee of 15 million Euros or
$21 million.

The supervisory board of RSQ will be comprised of five
directors.  Two of the five members of the supervisory board
will be nominated by QWI.  Resolutions of the supervisory board
are, in general, adopted by an absolute majority.

However upon completion of the sale/merger, Quebecor World and
RSDB have agreed that certain predefined corporate decisions
relating to important strategic matters, such as decisions
relating to mergers and acquisitions, the issuance of new shares
and the change of the dividend policy, will require a four out
of five majority vote.

RSDB's current CEO, John Caris, will lead RSQ.  QWE's
experienced senior management team will continue to run the
operations in each European country from which it currently
operates.  The key members of QWE's existing senior management
team have indicated their support for the transaction and their
continued involvement with the combined business.  Their local
expertise will be a valuable asset of the combination of the
companies.

                          About RSDB NV

Headquartered in Hilversum, Netherlands, RSDB NV (Euronext:
RSDB) is a European provider of high-value graphic printing
services.  RSDB's principal business, Print Productions,
produces full service gravure and offset printing material, with
seven printing facilities in The Netherlands and one printing
facility in Hungary, supported by sales offices in seven
European countries.  RSDB's Marketing Communications business
focuses on marketing communications solutions and customer
management processes.

                       About Quebecor World
                           
Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--   
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'B' from 'B+' ratings on Quebecor
World Inc.
    
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


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

AVNET INC: Closes Acquisition of Betronik in Germany
----------------------------------------------------
Avnet Inc. has completed its acquisition of the Berlin, Germany-
based passive components distributor Betronik GmbH.  Betronik,
which has annual sales of approximately US$40 million, employs
about 80 people and has a logistics center in Berlin, seven
sales offices across Germany and one sales office in France.   
Betronik and its French subsidiary DEL S.A. will be combined
with the Avnet Time organization in Germany and France,
respectively.  The newly formed business will operate within
Avnet Electronics Marketing EMEA under the Avnet Time brand.

Harley Feldberg, President of Avnet Electronics Marketing,
commented, "This acquisition demonstrates our on-going
commitment to build our IP&E business in Europe.  We believe
customers, suppliers, employees and shareholders will benefit as
we expand our capabilities in this market and bring together two
great companies.  Betronik has a strong reputation, and we will
build on that together."

With the acquisition, Avnet Time expands its scale and scope in
serving the German and French markets, providing customers with
access to one of the industry's best line cards as well as a
broader spectrum of value-added services.

Ingeborg and Horst Mergener, managing directors and founders of
Betronik, will lead the sales organization in Germany reporting
directly to Michael Danylow, president of Avnet Time EMEA.  By
leveraging the strengths that have made Betronik the preferred
choice in the passive components market, Avnet Time will further
enhance its organization and ensure customers, suppliers and
employees experience a smooth transition.

                      About Avnet Inc.

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

                       *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


BANK NEGARA: Gov't Appoints Unit as Co-Manager for Global Bonds
---------------------------------------------------------------
Indonesia has mandated PT BNI Securities, a unit of PT Bank
Negara Indonesia, and PT Danareksa Sekuritas as co-managers for
sovereign bonds expected to be issued next year, Reuters
reports, citing Finance Ministry Treasury Director General
Rahmat Waluyanto.

According to the report, Mr. Waluyanto confirmed that the
ministry has named Lehman Brothers, HSBC, and Barclays as joint
lead managers for the planned issue.

Indonesia expects to use the proceeds to help plug the budget
deficit forecast at 1.7% of GDP next year, the report relates.

Reuters adds that Indonesia plans to raise about US$2 billion
from the debt that may have maturities of 10 years and 30 years,
as it aims to reduce its reliance on bilateral and multilateral
loans.

                      About BNI Securities

BNI Securities is a leading investment bank and securities house
wholly owned by Bank BNI, the largest bank in Indonesia. Founded
in April 1995, BNI Securities espouses the mission to serve the
capital-market industry of Indonesia in the best interest of its
constituents, customers, investors and the nation.

Since its inception, BNI Securities has been careful to chart a
sound course of development, initially by recruiting talented
professionals in the industry and, subsequently, employing a
corporate structure that is designed to maximise the company's
performance.

Thus, backed by the financial strength of its parent company,
and bolstered by a comprehensive and integrated divisional lines
that encompass corporate finance, securities brokerage,
investment management, research and the relevant supporting
functions, BNI Securities now commits itself to be a leading
securities company that provides innovative, quality investment
banking services to its discerning customers.

                      About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial   
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara
Indonesia (Persero) Tbk.'s foreign currency long-term debt
rating to Ba2 from Ba3 and foreign currency long-term deposit
rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


GEOKINETICS INC: Relocates Corporate Office in Houston, Texas
-------------------------------------------------------------
Geokinetics Inc. has relocated its corporate headquarters
effective Nov. 5, 2007.   All of the company's Houston staff,
currently operating out of two office locations, will be
centralized in the new corporate headquarters.   

Dick Miles, Geokinetics' President and Chief Executive Officer
commented, "The new location was selected to accommodate our
growth in personnel and is conducive to our expanding business
requirements.  Geokinetics has seen unprecedented growth over
the past two years and this move was prompted by the need to
consolidate locations after two major acquisitions.  This
relocation and consolidation of offices is a key step in our
integration efforts to provide an enhanced working environment
for our employees to continue to strengthen our spirit of
teamwork and create synergies by having our employees in one
location.  We are excited about our current success and will
continue to push forward for more and better business
opportunities."

Geokinetics new corporate headquarters is located at:

      1500 CityWest Blvd., Suite 800
      Houston, TX  77042
      Tel.: (713) 850-7600
      Fax: (713) 850-7330
      http://www.geokinetics.com/

All current employee e-mail addresses and telephone numbers will
remain the same.

This move will consolidate the current offices of Geokinetics
Inc. and its subsidiary companies located at One Riverway, Suite
2100 and Suite 400, Houston, TX 77056 and 14521 Old Katy Rd.,
Suite 100,  Houston, TX 77079, including Geokinetics USA, Inc.
(formerly Quantum Geophysical, Inc.), Geokinetics Processing,
Inc. (formerly Geophysical Development Corporation); Geokinetics
Exploration, Inc. (formerly Trace Energy Services, Inc. and
Solid State Geophysical); Geokinetics International Holdings,
Inc. (formerly Grant Geophysical Inc.); and Advanced Seismic
Technology.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic  
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Moody's Investors Service has withdrawn all the
ratings for Geokinetics Inc. following the company's redemption
of all of its rated bonds with the proceeds of an equity
offering.  Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.


GOODYEAR TIRE: Commences Offer to Exchange 4% Conv. Senior Notes
----------------------------------------------------------------
The Goodyear Tire & Rubber Company has commenced an offer to
exchange any and all of its outstanding 4% Convertible Senior
Notes due June 15, 2034, for a cash premium and shares of its
common stock.
    
"This exchange offer is another step in our plan to further de-
lever and improve our capital structure," W. Mark Schmitz,
executive vice president and chief financial officer, said.
"This allows us to reduce our debt by as much as US$350 million,
save up to US$14 million a year in interest and simplify our
balance sheet."
    
The exchange offer allows holders of convertible notes to
receive the same number of shares of the company's common stock
as they would receive upon conversion of the convertible notes
in accordance with their current terms, plus a cash premium and
accrued and unpaid interest.
    
For each US$1,000 principal amount of convertible notes validly
tendered, note holders will receive 83.0703 shares of the
company's common stock, which represents a conversion price of
approximately US$12.04 per share.  

In addition, per each US$1,000 principal amount of convertible
notes, the company will offer note holders a cash payment of
US$48.30 as well as accrued and unpaid interest up to, but
excluding, the exchange date.

The offer is scheduled to expire at 5:00 p.m., New York City
time, on Dec. 5, 2007.  As of Nov. 6, 2007, there was
US$349,798,000 principal amount of convertible notes
outstanding.
    
Copies of the prospectus may be obtained from the exchange
agent:

     Wells Fargo Bank N.A.
     Corporate Trust Operations
     Sixth and Marquette, MAC N0303- 121
     Minneapolis, Minn. 55479
     Tel (800) 344-5128

Goodyear has engaged Goldman, Sachs & Co., telephone (800) 828-
3182, to act as dealer manager in connection with the exchange
offer.
    
                         About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- manufactures tires,  
engineered rubber products and chemicals in more than
90 facilities in 28 countries.  Goodyear Tire has marketing
operations in almost every country around the world including
Chile, Colombia, Guatemala, Jamaica and Peru in Latin America.  
Goodyear employs more than 80,000 people worldwide.

                          *     *     *

Moody's Investor Services placed Goodyear Tire & Rubber Co.'s
long term corporate family and bank loan debt ratings at 'B1' in
November 2005.  The ratings still hold to date with  negative
outlook.


MCDERMOTT INT'L: Reports US$140.4-Mln Net Income in Third Qtr.
--------------------------------------------------------------
McDermott International Inc. recorded net income of US$140.4
million for the 2007 third quarter, compared to net income of
US$102.7 million for the corresponding period in 2006.  Weighted
average common shares outstanding on a fully diluted basis were
approximately 228.9 million and 228.3 million in the quarters
ended Sept. 30, 2007 and Sept. 30, 2006, respectively.  For
2006, the company's common shares outstanding and earnings per
share are adjusted to reflect the 2-for-1 stock split effected
in September 2007.

McDermott's revenues in the third quarter of 2007 were
US$1,324.0 million, compared to US$1,118.3 million in the
corresponding period in 2006.  The 18.4 percent growth in
Company revenues, compared to a year ago, was led by the
Offshore Oil & Gas Construction segment which increased US$142
million, or 32.3 percent.  The revenues in the Power Generation
Systems and Government Operations segments increased 6.2 percent
and 20.3 percent, respectively.

Operating income was US$155.2 million in the 2007 third quarter,
a 25.0 percent improvement compared to US$124.1 million in the
2006 third quarter.  The increase in operating income is
attributable to continued exceptional performance within the
Offshore Oil & Gas Construction segment combined with improved
results from the Power Generation Systems segment.

"Our employees' continued commitment to outstanding project
execution again produced superior results for our shareholders,"
said Bruce W. Wilkinson, Chairman of the Board and Chief
Executive Officer of McDermott.  "With the continued strength of
McDermott's Offshore Oil & Gas Construction business, we believe
the 2007 fourth quarter will complete a remarkably strong year
at McDermott."

At Sept. 30, 2007, McDermott's consolidated backlog was US$9.3
billion, compared to US$8.6 billion at Sept. 30, 2006 and US$8.9
billion at June 30, 2007.

                 About McDermott International

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its  
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure.  McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government.  With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 5, 2007, Moody's raised MII's Corporate Family Rating to
Ba3 from B1.

Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1,
its Probability of Default Rating to B1 from B2 and its senior
secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%)
and The Babcock & Wilcox Company's senior secured bank facility
rating to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).  The rating
outlook for J. Ray is positive, while the rating outlooks for
MII and B&W are both stable, according to Moody's.


PERUSAHAAN LISTRIK: Seeks Permission to Sell Off Assets
-------------------------------------------------------
PT Perusahaan Listrik Negara has asked for permission from the
state, to sell off several assets, Tempo Interactive reports.

According to the report, the sales from the proceeds will be
used to provide funding for electricity power development.  PLN
Managing Director Eddie Widiono said that this was the only way
to make PLN independent and competitive, the report adds.

Mr. Widiono said that if necessary, the company asks for
permission to release its assets to find funding, the report
notes.  The asset release, he said, was one of PLN's ways to
have more electricity infrastructure amounting to 35,000
megawatts, 26,000 kilometers of transmission and 390 kilometers
of distribution.

Tempo relates that the funding need for additional
infrastructure is around IDR350 trillion, and can be from the
State Budget, the comapny's budget and the involvement of the
private sector.

Mr. Widiono said that once this additional infrastructure is
complete, PLN will be ready to be independent and competitive,
the report adds.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity    
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


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

ATARI INC: June 30 Balance Sheet Upside-Down by US$8.6 Million
--------------------------------------------------------------
Atari Inc. disclosed Tuesday that it has filed its delayed
quarterly report on Form 10-Q for the first quarter ended
June 30, 2007.

Atari anticipates that the filing of its Form 10-Q will bring it
current in its periodic reporting obligations.  As previously
disclosed, the staff of Nasdaq notified Atari that its stock was
subject to delisting because of its failure to comply with those
requirements and granted Atari an extension to file its delayed
Form 10-Q until Nov. 5, 2007.  Atari notified the staff of
Nasdaq of the need for an additional day and is awaiting their
final determination.

Atari Inc.'s consolidated balance sheet at June 30, 2007, showed
US$35.0 million in total assets and US$43.6 million in total
liabilities, resulting in an US$8.6 million in total
shareholders'

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with US$25.2 million in total current
assets available to pay US$34.1 million in total current
liabilities.

Net loss for the first quarter ended June 30, 2007, was
US$11.9 million, compared to net loss of US$7.3 million in the
year-earlier period.

Net revenue for the first quarter ended June 30, 2007, was
US$10.4 million versus US$19.5 million in the comparable year-
earlier period.  Publishing net revenue was US$9.7 million,
versus US$9.8 million in the prior year, while distribution
revenue was US$687,000, versus US$9.7 million in the comparable
year-earlier period.

Total distribution net revenues for the three months ended
June 30, 2007 decreased by 93.0% from the prior comparable
period due to the overall decrease in product sales of third
party publishers as a result of management's decision to reduce
the company's third party distribution operations in efforts to
move away from lower margin products.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2517

                       Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.

                         About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) -
http://www.atari.com/ -- develops interactive games for all  
platforms and is a third-party publisher of interactive
entertainment software in the U.S.  Atari Inc. is a majority-
owned subsidiary of France-based Infogrames Entertainment SA, an
interactive games publisher in Europe.

Atari has offices in Brazil, the United Kingdom and Japan.


DELPHI CORP: Wants to Use US$4.4-Bil. DIP Loan Until Sept. 2008
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates are seeking the approval
of the U.S. Bankruptcy Court for the Southern District of New
York to extend its US$4.5 billion bankruptcy loan for five
months to June 28, 2008, with an option to further extend to
Sept. 30, 2008, to give it more time to exit Chapter 11
protection after changing the terms of its reorganization plan.

As reported in the Troubled Company Reporter on Jan. 9, 2007,
the Debtors obtained U.S. Bankruptcy Judge Robert D. Drain's
approval to enter into a postpetition financing facility with
JPMorgan Chase Bank, N.A., the administrative agent for certain
lenders.  The DIP Facility, among other things, refinanced both
the US$2 billion first amended DIP credit facility arranged by
J.P. Morgan Securities Inc., Citigroup Global Markets, Inc., and
Deutsche Bank Securities Inc. in Nov. 21, 2005, and the
approximate US$2.5 billion outstanding on the US$2,825,000,000
credit facility obtained by the Debtors before the Petition
Date.  The DIP facility consists of:

    Tranche   Commitment
    -------   ----------
      A       US$1.75 billion first priority revolving credit
              facility

      B       US$250.00 million first priority term loan

      C       US$2.50 billion second priority term loan

The DIP Facility, on its current terms, matures on the date of
the earlier of (i) Dec. 31, 2007 or (ii) the date of the
substantial consummation of a reorganization plan that is
confirmed pursuant to an order of the Court.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, tells the Court that the
maturity date of the existing credit facility must be extended
in light of the Debtors' timetable of emerging from bankruptcy
by the end of the first quarter of 2008.  Delphi had earlier
planned to emerge from Chapter 11 by the end of 2007.

The Debtors and the DIP Lenders have negotiated and entered into
an amendment to DIP Credit Agreement.  The key modifications
achieved as a result of the amendments are:

               Current DIP              Amended And Restated
               Credit Agreement         DIP Credit Agreement
               ----------------         --------------------
Maturity Date  Earlier of               Earlier of
               (i) Dec. 31, 2007 and    (i) June 30, 2008,
with                 
               (ii) substantial         option to further   
               consummation of plan     extend to Sept. 30,
                                        2008 if Delphi pays   
                                        an amount equal to
                                        25 basis points of the
                                        Tranche A commitment,
                                        the Tranche B loan,
                                        and the Tranche C loan
                                        and (ii) substantial
                                        consummation of plan

Add'l Interest  Tranche A               Prior to July 1, 2008
on JP Morgan's    Borrowings: 1.50%     Tranche A
Alternate       Tranche B                 Borrowings: 1.75%
Rate              Borrowings: 1.25%     Tranche B   
                Tranche C                 Borrowings: 1.75%
                  Borrowings: 1.75%     Tranche C
                                          Borrowings: 2.25%

                                        From & after July 1,
                                          2008
                                        Tranche A
                                          Borrowings: 2.00%
                                        Tranche B
                                          Borrowings: 2.00%
                                        Tranche C
                                          Borrowings: 2.50%
                      
Add'l Interest  Tranche A               Prior to July 1, 2008
on LIBOR          Borrowings: 2.50%     Tranche A   
                Tranche B                 Borrowings: 2.75%
                  Borrowings: 2.25%     Tranche B   
                Tranche C                 Borrowings: 2.75%
                  Borrowings: 2.75%     Tranche C
                                          Borrowings: 3.25%

                                        From & after July 1,
                                          2008
                                        Tranche A
                                          Borrowings: 3.00%
                                        Tranche B
                                          Borrowings: 3.00%
                                        Tranche C
                                          Borrowings: 3.50%

Global EBITDAR  For each rolling 12     For each rolling 12   
Covenants       fiscal month period     fiscal month period
                ending on the last      ending on the last day
                day of the months       of the months Dec. 31,
                March 31, 2007          2007 through Aug. 31,
                through Nov. 30, 2007   2008 with a global
                with a global EBITDAR   EBITDAR ranging from
                ranging from            US$475 million to
                US$130 million to       US$500 million
                US$375 million                         
                
PBGC            -- None--               DIP Lenders consent to
Replacement                             consummation of
Liens                                   transactions authorized
                                        under DASHI
                                        Intercompany
                                        Transfer Order

The proposed Amended and Restated DIP Credit Agreement contains
fee provisions, including, among other things, certain
commitment fees and letter of credit fees.   

Other fee provisions are contained in a separate fee letter,
which the parties have agreed would be kept confidential.  The
fee letter will be provided, upon request, to counsel to the
Statutory Committees and the U.S. Trustee and will be made
available to the Court for review.

The Debtors also propose that they be authorized, but not
directed, to perform, and take all actions necessary to make,
execute, and deliver the Amendment together with all other
documentation executed in connection therewith and to pay the
related fees.

A copy of the form of Amendment to the DIP Facility is available
for free at http://bankrupt.com/misc/Delphi_Amended_DIP_Facility

          DIP Lenders Consent to Intercompany Transfer

As previously reported, the Debtors obtained the Court's
approval (i) for Delphi Automotive Systems (Holding), Inc., to
effectuate the transfer funds accumulated from certain of its
global affiliates to Delphi Automotive Systems LLC; and (ii) use
the proceeds of the transfer, subject to the requisite consent
of the DIP Lenders.  In connection with the intercompany
transfer, the Debtors proposed to grant the U.S. Pension Benefit
Guaranty Corp., on account of unpaid contributions to certain
Delphi pension plans, adequate protection of its asserted
interests in the form of replacement liens in the amount of
US$255 million, upon certain DASHI assets already encumbered by
the Current DIP Facility.

As memorialized in the Amended and Restated DIP Credit
Agreement, the DIP Lenders have consented to the Intercompany
Transaction, including the use of proceeds and the granting of
the replacement liens to the PBGC.  In addition,

  -- In the event the Debtors accumulate any further funds
     from their global affiliates, the Debtors also negotiated
     a provision that should obviate the need for further
     consent by the DIP Lenders.  Specifically, they agreed
     that the replacement liens, and any additional liens,
     granted to the PBGC will be permitted but subject to and
     subordinate to the liens granted to the Agent for the
     benefit of the DIP Lenders and the liens granted to any
     "Setoff Claimant" set forth in the DIP Order.

--  In connection with their consent to the PBGC Liens, the
     DIP Lenders required clarification that the PBGC will be
     treated like all other subordinated secured creditors
     under the DIP Order.

The Debtors also ask the Court to waive the 10-day stay period
under Rule 6004(g) of the Federal Rules of Bankruptcy Procedure
for the use, sale, or lease of property.  By waiving the 10-day
period, the Debtors will be able to consummate the Intercompany
Transaction, thereby allowing them to immediately take advantage
of the US$650 million intercompany transfer.  By using these
funds, the Debtors will be able, among other things, to reduce
their interest expense on the Current DIP Facility.

Mr. Butler asserts that approval of the Amendment will allow the
Debtors to consummate the Intercompany Transaction, which, among
other things, will provide a definitive source of liquidity on
favorable terms to the Debtors and enable the Debtors to
maximize efficiencies.

                       About Delphi Corp.

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

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

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

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


HANKYU HANSHIN: Moody's Assigns Baa1 Ratings to JPY10-Bil. Bonds
----------------------------------------------------------------
Moody's Investors Service assigned its Baa1 ratings to Hankyu
Hanshin Holdings, Inc.'s Series 34 JPY10 billion 1.39% bonds due
2011, and Series 35 JPY10 billion 1.66% bonds due 2013.  The
rating outlook is stable.

The rating reflects the company's solid railway operations -
supported by an established franchise and stable regulatory
framework - and the progress it has achieved in streamlining its
group operations.  The rating also reflects concerns over Hankyu
Hanshin's high level of financial leverage and the expected
modest pace of its efforts to reduce debt.

Moody's believes that the acquisition of Hanshin Electric
Railway Co., Ltd. in October 2006 will further strengthen the
Hankyu Hanshin group's position in its urban transportation
segment, which operates in the Kansai area.  The acquisition
will also help the diversification of its real estate leasing,
retail, hotel, travel and other businesses, thus further
stabilizing the group's cash flow generation.  In addition, over
the longer term the new group may enjoy benefits from the joint
development of properties in Osaka's Umeda and other areas in
Kansai.  The combination may also - through reductions in cost
duplications - help raise the efficiency of Hankyu Hanshin's
railway and related businesses, such as buses and taxis.

On the other hand, Moody's notes that the acquisition has
created a financial burden for Hankyu Hanshin.  However, Moody's
believes that Hankyu Hanshin's basically conservative financial
policy will remain unchanged, and that both the newly issued
debt and Hanshin's existing debt will be manageable for the
group.  Furthermore, the rating agency sees Hanshin's financial
profile as sound.  As a result, Moody's expects that the group's
consolidated financial structure will not materially change.

Hankyu Hanshin Holdings, Inc., headquartered in Osaka, is a pure
holding company with four main operating subsidiaries.  It is
also the issuer of Hankyu Hanshin Holdings group debt.  Hankyu
Corporation is the group's largest operating subsidiary and
engages in railway and other urban transportation, real estate
leasing and development operations. Group sales for the fiscal
year ended March 2007 were JPY743 billion.

                     About Hankyu Hanshin

Hankyu Hanshin Holdings,Inc., -- http://www.hankyu-
hanshin.co.jp/english/index.html -- formerly Hankyu Holdings,
Inc., is a holding company with seven business segments. The
City Transportation segment is involved in the railway, bus,
taxi, automobile maintenance, car rental and vehicle
manufacturing businesses. The Real Estate segment leases,
purchases, sells and manages real estates and operates
investment assets. Travel and International Transportation
segment is involved in traveling and cargo delivery services.
Hotel segment is engaged in the hotel business. Entertainment
and Communication segment is involved in the opera business,
theater operations, advertising agency services and the
publishing business. Retail segment is engaged in the retail, as
well as food and drink businesses. Others segment is involved in
finance services, information, human resource and accounting
agency services, golf course management, movie entertainment,
construction and broadcasting. Headquartered in Osaka, Japan, it
has 68 subsidiaries and 12 associates.

Standard & Poor's Ratings Services, on March 30, 2007, upgraded
Hankyu Hanshin's rating for its long-term foreign and local
issuer credit to BB+ from BB, with a stable outlook.


NIS GROUP: S&P Says Capital Enhancement Plan Can Affect Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that a capital
enhancement plan reportedly being discussed by NIS Group
Co. Ltd. (BB-/Watch Neg/--) and third parties could have an
impact on the ratings on NIS Group.

A media report stated that the company is in talks with
investment funds to negotiate a capital increase through the
allocation of new shares to third parties.  NIS Group said it is
now considering a general plan to enhance its financial profile,
but added that no specific plans have yet been determined.

If the capital increase plan is confirmed as reported, Standard
& Poor's will scrutinize the details of the scheme and assess
the rating implications, incorporating the indirect impact of
the capital increase on the company's liquidity.  Although a
capital increase is typically a positive factor for credit
quality, the effect widely varies depending on its size and the
particular details of the scheme.  Standard & Poor's will also
consider whether the underwriting parties of any new issuance
intend to reinforce the medium- to long-term credit quality of
NIS Group.

The rating on NIS Group has been on CreditWatch with negative
implications since Oct. 3, 2007, reflecting worsening operating
conditions and their negative impact on the company's funding
flexibility.  Standard & Poor's will resolve the CreditWatch
listing after analyzing the company's detailed plans to enhance
its financial base and the results of the mid-term accounting
settlement.

Headquartered in Ehime Prefecture, Japan, NIS Group Co., Ltd.,
formerly Nissin Co., Ltd., --
http://www.nisgroup.jp/japanese/ind... -- is mainly engaged in  
the provision of secured and unsecured loans to individuals,
including small business owners, consumers, small- and medium-
sized enterprises in Japan.  The Company operates in four
business segments.  The Integrated Loan Services segment is
engaged in the provision of secured and unsecured loans, trust
assurance, leasing and securities services to individuals and
corporate clients.  The Debt Management and Collection segment
is engaged in the purchase, management and collection of debts.  
The Real Estate segment is engaged in the purchase, sale and
development of real estate, as well as the asset management
business.  The Others segment is engaged in the provision of
construction services and enterprise support services, among
others.  The Company has 54 subsidiaries and 10 associated
companies.


NOVA CORP: Swiss-Based Firm Invites Teachers to Work in China
-------------------------------------------------------------
Nova Corp.'s foreign teachers have been invited by a
Switzerland-based English language institute to teach English in
China where demand for English learning is expected to go up
ahead of the 2008 Beijing Olympics, Kyodo News reports.

According to Kyodo News, EF Education First Ltd, which has been
chosen as an official language partner of the Olympics, is
seeking about 1,000 English instructors who can teach English in
major Chinese cities as Beijing and Shanghai.

Molly Fitzpatrick, of the Swiss institute, expressed in a press
conference in Tokyo that EF Education hopes that the Nova
instructors with extensive English teaching experience will seek
a new opportunity in China.

                     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.


SOJITZ CORP: Acquires 30% Stake in Energy Resources' Oil Field
--------------------------------------------------------------
Sojitz Corp. said it has acquired a 30% stake in the deepwater
Phoenix oil field in the Gulf of Mexico from Texas-based Energy
Resources Technology GOM Inc. for JPY4.6 billion, Reuters
reports.

In addition, another JPY12.5 billion would be invested in the
field to redevelop and boost the overall oil output to 30,000
barrels per day, notes Reuters.

According to the report, the Phoenix oil field began its oil and
gas production in 2001, but the operations have been stopped
since 2006 after the platform was upset due to a hurricane.  
However, Sojitz claims it is scheduled to resume output in
September 2008 or later, relates Reuters.

Reportedly, all output will be supplied to the United States.

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

                          *     *     *

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


SAPPORO HOLDINGS: Steel Partners Submits Improvement Measures
-------------------------------------------------------------
U.S. investment fund Steel Partners submitted a set of business
improvement measures to Sapporo Holdings Ltd. that could signal
an attempt to reignite the takeover battle for Japan's
third-largest brewer, Japan Times reports, citing Kyodo News and
Bloomberg News.

Japan Times relates that among the steps to be taken is for
Steel Partner Japan Strategic Fund to urge Sapporo to review
its underperforming softdrink and restaurant businesses and
focus more on its core alcohol and real estate operations.

The fund, according to Japan Times, recommends that Sapporo
emphasize its premium beer lineup, including Yebisu and
restaurant-use beers, rather than continue with its strategy of
trying to target the mass market.

In addition, Steel Partners Japan Strategic Fund, Sapporo's
largest shareholder, urged the beer maker to try harder to
expand its overseas operations.

Outside its mainstay business, Steel Partners suggested that
Sapporo, which distributes Guinness beer and Smirnoff Ice Vodka
in Japan, redevelop and find ways to increase rental income from
its lucrative real estate assets, conveys Japan Times.

Japan Times adds that the proposal also included a relocation of
Sapporo's head office from Yebisu Garden Place, which Steel
Parnters considers a pricey real estate locale in Tokyo.

                     About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--     
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As of May 16, 2007, the company carries Standard & Poor's
Rating Service's 'BB' Long-Term Foreign Issuer Credit and Long-
Term Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on March 14,
2006.


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

ACTUANT CORP: R. Alan Hunter Joins Board of Directors
-----------------------------------------------------
Actuant Corporation has appointed R. Alan Hunter to the
company's Board of Directors, effective immediately.

Mr. Hunter is a retired executive from The Stanley Works where
he had served as President and Chief Operating Officer from
1993-1997 as well as Vice President Finance and Chief Financial
Officer from 1986-1993.  He joined Stanley in 1974 and prior to
that time was an Officer in the United States Navy.  Mr. Hunter
has been involved in several business and community
organizations since retiring from Stanley in 1997.

Commenting on the announcement, Bob Arzbaecher, Actuant's
Chairman and CEO, said, "We are pleased to announce the addition
of Alan to Actuant's Board of Directors.  His broad experience
in operations and finance, as well as his industrial tool and
home center market background, nicely complements the Actuant
portfolio of businesses.  The rest of the Board and I look
forward to his contributions and counsel on the various
opportunities awaiting Actuant."

Actuant also announced that Kathleen Hempel will be retiring
from the Board at the Company's Annual Meeting of Shareholders
in January 2008.  Arzbaecher commented, "Kathy has been a member
of our Board since 2001.  Since that time, Actuant has grown
significantly, both in terms of internal growth and
acquisitions.  I am grateful for her dedication, integrity and
leadership during this period of growth for Actuant and,
speaking on behalf of the entire Board, we will miss her insight
and passion for the business."

                     About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial  
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control
systems and branded hydraulic and electrical tools and
supplies.  Since its creation through a spin-off in 2000,
Actuant has grown its sales from US$482 million to over US$1
billion and its market capitalization from US$113 million to
over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's USUS$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed USUS$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


HANAROTELECOM: SK Telecom Considers Buying Major Stake
------------------------------------------------------
SK Telecom is considering buying a major stake in hanarotelecom
Inc., ending widespread speculation about its interest in the
broadband provider, Reuters reports.

hanarotelecom executives told the news agency that local
strategic investors were in the race for the company.

According to Reuters, a consortium led by American International
Group and Newbridge Capital is looking to sell a 40% stake in
hanarotelecom.  The consortium bought the shares for US$500
million in 2003, the report recounts.

Citing a source familiar with the situation, the news agency
notes, that Australia's Macquarie Bank had submitted the highest
bid.  Goldman Sachs is handling the sale, the report adds.

                    About Hanarotelecom

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

                          *     *     *

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

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


KOREA EXPRESS: Plans to Sell Controlling Stake in February 2008
---------------------------------------------------------------
Korea Express Co. plans to sell a controlling stake in February
as it exits six years of court receivership, Bloomberg News
reports.

As reported by the Troubled Company Reporter-Asia Pacific on
September 11, 2007, Korea Express, which has been under court
receivership since November 2000, plans to find a new owner by
selling new shares equal to 50% of enlarged capital plus one
share.

Bloomberg recounts that Korea Express went into court
receivership after it failed to pay debt inherited from its
former parent, Dongah Construction Industrial Co.

The TCR-AP noted that the sale has been delayed for years
because of worries over possible contingent liabilities stemming
from a continuing Libyan waterway project, where it is building
pipelines to deliver underground water in the Sahara desert to
Mediterranean cities.

According to Bloomberg, a notice will be released later this
month to sell the shares, with a group led by Merrill Lynch &
Co. to manage the sale.

South Korea's Doosan Group, Kumho-Asiana Group and STX Group are
reportedly interested in the stake.

Korea Express, with a market value of US$1.8 billion, may
increase outstanding shares by 50 percent, Bloomberg says citing
the Seoul Central District Court as saying.  The stock will be
sold as a block through an auction, the report adds.

                     About Korea Express Co.

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

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

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

Korea Investors Service gave the company a BB rating.


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

PROTON HOLDINGS: Expects Positive Results for FY to March 2008
--------------------------------------------------------------
Proton Holdings Berhad is expecting positive results for its
current financial year ending March 31, 2008, following an
increase in market share, Bernama News relates, citing Proton
managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir.

Mr. Syed Zainal was quoted by Bernama as saying that "I think we
are  positioned in the right direction.  If we increase
production and volume, we can look forward to much positive
numbers by end of this year."

Bernama reports that, according to Mr. Syed Zainal, Proton's
share in the local automotive market has improved in September
2007 to 38% from 32% in August 2007.  Mr. Syed Zainal also
confirmed that he expects the company's October figures to
increase, month-on-month.

Mr. Syed Zainal further said the company's move to expand its
export markets in the Middle East and Indonesia as well as new
markets like China and Thailand will help contribute to growth,
Bernama further relates.

Bernama explains that apart from sales, the company was also
working towards improving efficiency and reducing operating
costs and expenses, which, together with volume expansion and
introduction of new models, will improve the company's overall
performance.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,  
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


PROTON HOLDINGS: Eyes Middle East for Export Expansion
------------------------------------------------------
Proton Holdings Berhad is eying the Middle East, particularly
Iran, in an effort to boost its car exports, Bernama News
relates, citing Proton's managing director, Datuk Syed Zainal
Abidin Syed Mohamed Tahir.

Mr. Syed Zainal explains that while Proton has already been
exporting its cars to the Middle East, mainly to Iran, Syria,
Eygpt, Saudi Arabia and Oman on a CBU (completely built up)
basis, the company would like "to have CKD (completely knocked
down) operations in the Middle East," Bernama notes.

Mr. Syed Zainal also confirms that Proton is in talks with a
local distributor in Iran to have a factory set up there,
Bernama adds.  Proton hopes to have the CKD operations commenced
by year end.

Bernama explains that Proton has also recently signed a
agreement to supply cars to China, and is currently exploring
marketing plans in India.  Proton will also be launching its
cars in Thailand by the end of November, the report adds.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,  
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


PROTON HOLDINGS: Talks with Volkswagen Still Ongoing
----------------------------------------------------
Talks between Malaysian national carmaker Proton Holdings Bhd
and Germany auto giant Volkswagen AG regarding a possible
partnership are ongoing, Forbes.Com reports, citing Malaysia's
second finance minister, Nor Mohamed Yakcop.

Minister Nor told reporters that while the government is open to
forming partnerships in all sectors, the deals "will have to be
at the right time, the right price and the right terms," Forbes
note.

Minister Nor further confirms that the government's discussion
with Volkswagen "is continuing."

Forbes adds that Minister Nor is confident that a deal between
Proton and Volkswagen will be reached by the end-2007 deadline.

The Troubled Company Reporter-Asia Pacific reported on Oct. 11,
2007, that Malaysia Prime Minister Datuk Seri Abdullah Ahmad
Badawi has not set a date to meet Volkswagen AG's chief
executive officer, Martin Winterkorn, nor will the government
rush the German carmaker into making a decision to take a stake
in Proton Holdings.

The TCR-AP report said that according to the Prime Minister,
while the government wanted a decision on the issue "as soon as
possible", he could not force Volkswagen to hurry up.  The prime
minister also explained that while there have been many meetings
between both parties, they have yet to reach an agreement on any
pending issues.

Forbes explains that Volkswagen is in talks with Malaysian
authorities, a major shareholder in Proton, with a view towards
forging a possible cooperation between the two automakers or the
German company taking a shareholding in Proton.  Forbes expounds
that the deal will boost Proton's efforts to reclaim top spot in
the Malaysian car market as well as help it enter the lucrative
European market.

Volkswagen, on the other hand, hopes to strengthen its presence
in the Southeast Asian region through the partnership, Forbes
points out.

                   About Volkswagen Group

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading   
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and
further seven countries in the Americas, like Mexico, Africa,
and Asia.  Volkswagen has more than 343,000 employees producing
over 21,500 vehicles or are involved in vehicle-related services
on every working day.

                        *     *     *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by former Chief
Executive Bernd Pischetsrieder and former Volkswagen brand head,
Wolfgang Bernhard.

In November 2006, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,  
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


* Khazanah Set to Resolve Problems in Troubled GLCs by Year-End
---------------------------------------------------------------
Khazanah Nasional Berhad is on track to resolve various problems
plaguing Proton Holdings Berhad, Time Engineering Berhad, Time
dotCom Berhad and Malaysian Airports Holdings Berhad by year-
end, The Edge Daily reports, citing Khazanah managing director
Datuk Azman Mokhtar.

According to The Edge, Mr. Azman says that all companies had
very different solutions ranging from finding a suitable partner
for Proton to a change in government policy for MAHB.  Mr. Azman
further said that for Proton, the outcome of a move to get the
company a suitable foreign partner would also depend on the
outcome of the shareholding issues in Volkswagen AG.

Mr. Azman said the national investment arm was also confident
that problems surrounding TdC and MAHB would be resolved by
year-end but declined to give specific details, The Edge
relates.

On Time Engineering, Mr. Azman said that the company was
reducing its stake in TdC as part of its strategy to reduce its
liabilities, the report continues.


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

AIR NEW ZEALAND: To Lock Out 145 Workers Starting Nov. 26
---------------------------------------------------------
Air New Zealand Ltd plans to lock out 145 check-in staff and
baggage handlers for at most five days after the workers, which
are members of the Service and Food Workers Union, refused the
airline's new labor terms and conditions, Roeland van den Bergh
of The Dominion Post reports.

The affected workers reportedly refused the new terms saying it
will cost them up to NZ$20,000 yearly.

The check-in staff involved would be shutout for five days
starting Nov. 26, while handlers will be prevented from work
three days from Dec. 4, The Post relates.  The carrier's general
manager of international operations John Whittaker told the news
agency that the lockout would not materially affect passengers.

ANZ also warned to lock out 178 more staff from the retail and
administration dept. if they wont agree to a new contract.  

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


CLASSIC FINANCE: Commences Wind-Up Proceedings
----------------------------------------------
Classic Finance Ltd. went into liquidation on October 11, 2007.

Creditors are required to file their proofs of debt by Nov. 23,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          Robin M. Seal
          BKR Walker Wayland Limited
          PO Box 2175, Auckland 1140
          New Zealand


HOSPITALITY STAFF: Creditors' Proofs of Debt Due on Nov. 15
-----------------------------------------------------------
Hospitality Staff Solutions Ltd. requires its creditors to file
their proofs of debt by November 15, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          David Donald Crichton
          Keiran Anne Horne
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          PO Box 3978, Christchurch
          New Zealand
          Telephone:(03) 379 7929


I J BLOXHAM: Court Releases Wind-Up Order
-----------------------------------------
The High Court of Dunedin, on September 25, 2007, released an
order directing the wind-up of I J Bloxham Dental Surgeon Ltd.'s
operations.

Iain Andrew Nellies and Paul William Gerrard Jenkins were named
liquidators for the company.

The Liquidators can be reached at:

          Wayne John Deuchrass
          Iain Andrew Nellies
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


MECHANICAL SPECIALISTS: Placed Under Voluntary Liquidation
----------------------------------------------------------
On September 18, 2007, Mechanical Specialists Ltd. was placed
under voluntary liquidation.

Iain Andrew Nellies and Wayne John Deuchrass were tapped as
liquidators for the company.

The Liquidators can be reached at:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


MOLYNEUX HOLDINGS: Appoints Nellies and Jenkins as Liquidators
--------------------------------------------------------------
Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators of Molyneux Holdings Ltd. on September 28,
2007.

The company went into liquidation on that same day.

The Liquidators can be reached at:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


PINOT INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On April 1, 2007, members decided through a special resolution
to voluntarily liquidate Pinot Investments Ltd.'s operations.

Murray Louis Acker was appointed as liquidator.

The Liquidator can be reached at:

          Murray Louis Acker
          WHK Cook Adam Ward Wilson
          62 Deveron Street, Invercargill
          New Zealand
          Telephone:(03) 211 3355
          Facsimile:(03) 218 3623


PS CONCRETE: Court Enters Wind-Up Order
---------------------------------------
On September 25, 2007, the High Court at Christchurch entered an
order directing the wind-up of PS Concrete Services Ltd.'s
operations.

Wayne John Deuchrass and Iain Andrew Nellies were appointed as
liquidators.

The Liquidators can be reached at:

          Wayne John Deuchrass
          Iain Andrew Nellies
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


RACE MARKETING: Commences Wind-Up Proceedings
---------------------------------------------
On Sept 25, 2007, the High Court of Dunedin a passed a special
resolution to voluntarily liquidate Race Marketing New Zealand
Ltd.'s business.

Iain Andrew Nellies and Paul William Gerrard Jenkins were named
liquidators of the company.

The Liquidators can be reached at:

          Wayne John Deuchrass
          Iain Andrew Nellies
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


SOUTHERNSOUND NZ: Commences Liquidation Proceedings
---------------------------------------------------
Southernsound NZ Ltd. went into liquidation on September 18,
2007.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed as liquidators.

The Liquidators can be reached at:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


TREADSTONE PROPERTIES: Taps Murray Louis Acker as Liquidator
------------------------------------------------------------
Treadstone Properties Ltd. commenced liquidation proceedings on
April 1, 2007, through a special resolution passed on that day.

Murray Louis Acker was named liquidator.

The Liquidator can be reached at:

          Murray Louis Acker
          WHK Cook Adam Ward Wilson
          62 Deveron Street
          Invercargill
          New Zealand
          Telephone:(03) 211 3355
          Facsimile:(03) 218 3623


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

BANCO DE ORO-EPCI: On Track to Hit PHP7-Bil. 2007 Profit Target
---------------------------------------------------------------
Banco de Oro-EPCI may achieve its PHP7-billion annual net income
for 2007, BDO President Nestor Tan told the Philippine Star.

During the investors' forum for the issuance of its PHP5-billion
lower Tier 2 unsecured subordinated notes, Mr. Tan said that BDO
will start looking for more growth opportunities in 2008 as the
entry of fresh capital from the debt issues gives it the
flexibility needed for its expansion and integration process.  
It will also allow the bank to pre-fund its dollar-denominated
Tier 2 issue, which will mature mid-2008, he added.


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.


BANGKO SENTRAL: Expresses Caution on Oil Price Outlook for 2008
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas expects oil prices to remain
manageable this year but is cautious on the outlook for 2008,
the Philippine Daily Inquirer reports.

The Inquirer cites BSP Deputy Governor Diwa Guinigundo as saying
that the inflation pressure from oil prices had been considered
for this year.  For 2008, he said, the bank will be monitoring
oil prices closely.

Oil prices have been trading at historic high approaching
US$100 a barrel, the Inquirer notes.  The peso's sustained
appreciation this year has so far helped temper the impact of
runaways prices of imported oil.

According to the report, Mr. Guinigundo said that the BSP had
not tightened monetary policy in the past even in the face of
rising oil prices, saying that "it wouldn't be effective."  He
said that the BSP only takes action if oil prices trigger
second-round effects in terms of wages and prices, and if oil
prices force producers and consumers to consider an inflation
scenario sharply different from BSP forecasts.


The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/--is     
the central bank of the Republic of the Philippines. It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993. BSP took over from the Central Bank of Philippines as the
country's central monetary authority. Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Services gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


DEV'T BANK: Expects Minimal Earnings from US$1-Bil. Hedge Fund
--------------------------------------------------------------
The Development Bank of the Philippines said it expects minimal
earnings from its US$1-billion hedging program for exporters,
stating that it was meant to protect exporters against the
weakening dollar, the Philippine Star reports.

"It is a public service and part of our developmental mandate to
assist in anyway we can a segment of the market," PhilStar
quotes DBP President and CEO Reynaldo G. David as saying.

The program was introduced in the middle of this year in
response to the Philippine Exporters Confederation Inc.'s
request for help to soften the negative effects of the prolonged
peso appreciation, PhilStar recounts.  

Since then, Mr. David noted, several exporters have availed of
the program.  "[They] now realize the benefits of this facility,
particularly how they can be protected against the peso
appreciation," he said.

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the   
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

DBP carries Fitch Ratings' 'BB' Long-Term foreign currency
issuer default rating, and 'BB+' long-term local currency issuer
default rating, which were issued to it on December 22, 2006,
and affirmed on September 3, 2007.

Standard & Poor's Ratings Services also assigned on December 5,
2006, its 'BB-' rating to DBP's PHP2.35 billion existing lower
Tier II subordinated notes, which are due in 2016.  The bank
also carries S&P's BB+ local currency and BB- foreign currency
issuer ratings with Stable outlooks.

The bank carries Moody's Investor Services' B1 foreign currency
and Ba2 local currency long-term deposit ratings with a Negative
outlook.


LEPANTO CONSOLIDATED: Inks Deal with Zijin Over Benguet Project
---------------------------------------------------------------
Lepanto Consolidated Mining Co. and Zijin Mining Group Co. Ltd.
of China have executed a memorandum of understanding for Zijin's
acquisition of a 20%-interest in Far Southeast Gold Resources
Inc. for US$70 million.

The Far Southeast project is gold-copper porphyry deposit in
Mankayan, Benguet, Philippines.  Mineral ore reserves at the
project stands 123 million tonnes at 0.80% Copper and 1.51 grams
Au/t.  Lepanto owns 60% of the project.

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated   
primarily to engage in the exploration and mining of gold,
silver, copper, lead, zinc and all kinds of ores, metals,
minerals, oil, gas and coal and their related by-products.  The
company was incorporated in 1936 and until 1997 was operating an
enargite copper mine.  It shifted to gold bullion production
that same year through its Victoria Project.  Lepanto operated a
copper flotation plant from August 2000 to December 2001, when
copper operations were suspended due to the presence of
excessive penalty elements in the mill feed and copper
concentrate.  Lepanto sells its gold bullion production to
London's Johnson Matthey.  Lepanto is now one of the country's
top producers of gold and its by-products, copper and silver.  
The company also has investments in other areas through its
subsidiaries such as hauling business, diamond drilling
business, insurance business, manufacturing of industrial
diamond tools for mining exploration, marble cutting and the
construction industry.

Lepanto Consolidated Mining Co. posted a PHP35.63-million
consolidated net loss for the year ended Dec. 31, 2006, a 90%
decrease from the PHP355.22-million net loss posted for the year
ended Dec. 31, 2005.


NAT'L POWER: First Gen Mulls Acquisition of 8 Power Plants
----------------------------------------------------------
First Gen Corp. is considering the acquisition of eight plants
owned by state firm National Power Corp. starting this year
until 2009, First Gen's Chief Financial Officer Francis Giles
Puno told stockholders, as reported by the Philippine Daily
Inquirer.

During a meeting with stockholders on Wednesday, Mr. Puno said
that the company is considering bidding for NAPOCOR's 192.5-
megawatt Palinpinon, 700-MW Tiwi Makban and 112-MW Tongonan
geothermal facilities, as well as for the 175-MW Ambuklao-Binga
and 246-MW Angat hydropower plants and the decommissioned 850-MW
Sucat thermal power plant.

"We plan to grow by bidding for more assets that are up for
privatization and by doing more new projects. From 2007-2009,
there are eight scheduled bidding activities that will give us
more opportunity to grow. We're also in constant lookout for
projects in the private sector that we can acquire," the
INquirer quotes Mr. Puno as saying.

The acquisitions are in line with the company's aim to increase
generation capacity to 1,968 megawatts by 2011, the report says.  
According to Mr. Puno, the company will also expand its existing
plants and partner with other power generators for the
establishment of new capacity.

The company is readying a US$30-million upgrade for its 112-MW
Pantabangan-Masiway hydropower facility as well as a US$578-
million addition of 385MW of capacity to the 735-MW Pagbilao
coal-fired power plant, the Inquirer reveals.  The expansion
will be undertaken in partnership with plant operator Team
Energy.


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

                          *     *     *

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

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

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


SAN MIGUEL: Sells National Foods to Kirin Holdings for AU$2.8BB
---------------------------------------------------------------
San Miguel Corp. has reached an agreement with Kirin Holdings
Co. Ltd. for the latter's acquisition of National Foods Ltd. for
AU$2.8 billion.

Kirin will acquire 100% of National Foods by the end of
December.

National Foods was acquired by SMC in 2005 for AU$1.9 billion.

San Miguel had earlier announced the restructuring of its core
businesses in the Philippines, and had spun off its domestic
beer operations.  San Miguel also said it will participate in
non-core businesses such as power generation and transmission.

According to Kazuyasu Kato, president and CEO of Kirin, his
company entered into the agreement because "it is seeking to
expand its non-alcoholic beverage and food business."  Mr. Kato
also said that Kirin is "keen to increase its Australian
interests."

In light of this, Fitch Ratings placed Kirin's Long-term foreign
and local currency Issuer Default Ratings and senior unsecured
debt rating of 'A+', as well as its Short-term foreign and local
currency IDR of 'F1' on Rating Watch Negative.

"Kirin's series of business acquisitions will accelerate its
expansion overseas and into other industries, which will help it
to diversify away from the declining Japanese beer market.
However, the fact that Kirin is investing outside of its core
brewing business can also be understood as recognition that it
is lacking opportunities to improve the core business," says
Satoru Aoyama, director in Fitch's Asia-Pacific Corporate team.


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.

The TCR-AP reported on November 12, 2007 that Moody's has
affirmed the Ba2 local currency corporate family rating of San
Miguel Corporation (SMC). This follows the company's
announcement that it is to sell the Tasmanian brewer, J Boag &
Son Pty Ltd, for A$325 million and the Australia-based dairy and
beverage producer, National Foods Ltd, for A$2.8 billion. The
rating outlook remains 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: Sale of Australian Unit Cue's Moody's 'Ba2' Rating
--------------------------------------------------------------
Moody's has affirmed the Ba2 local currency corporate family
rating of San Miguel Corporation.  This follows the company's
announcement that it is to sell the Tasmanian brewer, J Boag &
Son Pty Ltd, for AU$325 million and the Australia-based dairy
and beverage producer, National Foods Ltd, for AU$2.8 billion.
The rating outlook remains stable.

"Despite the temporary improvement in SMC's short-term liquidity
and net leverage resulting from the substantial sale proceeds,
the company will be applying the proceeds to part finance
investments in businesses outside its core competencies,
including mining, power and other infrastructure projects," says
Renee Lam, a Moody's Vice President/Senior Analyst.

"In addition, capital requirements for its new businesses are
unpredictable, while it is also uncertain how the company will
apply any residual cash," says Lam, also Moody's lead analyst of
San Miguel.

"As such, Moody's considers the current Ba2 rating to be
appropriate, incorporating SMC's evolving business mix and
financial risk profile," she adds.

The disposals also reduce the company's geographical diversity,
as most of its assets will be located in the company's domestic
market, the Philippines, as a result of these sales.

SMC's Ba2 rating reflects its strong brand equity and commanding
positions in most of its markets, which provide it with a strong
platform for cash flow generation.

The rating outlook is stable, and incorporates expectations that
SMC will continue to reshuffle its business mix while investing
not more than 10% of its total assets in non-traditional
businesses.

Given its strong liquidity and low net leverage subsequent to
its assets disposal, SMC is well-positioned at the Ba2 rating.
However, the rating is constrained by the uncertainties
surrounding its planned new ventures and its medium-term
financial profile.  The rating could be upgraded over time with
evidence that its business mix is sustainable. Positive rating
pressure will also emerge should SMC enhance efficiency and
counter rising costs, while executing its growth strategy with
prudent funding means.

On the other hand, the rating may come under pressure should
SMC's investments in non-traditional assets develop beyond the
scale presently envisaged (i.e. 10% of total assets).  A
downgrade is also possible if there is deterioration in its
operating performance, or if its new investments are
aggressively debt-funded, such that its financial metrics
weaken.  This may be reflected by adjusted retained cash flow
(RCF) to net debt consistently below 12%; and Adjusted
Debt/EBITDA consistently above 4.0x.


SAN MIGUEL: Disclosure on Aussie Unit Sale Cues Trade Resumption
----------------------------------------------------------------
The Philippine Stock Exchange on Friday lifted the suspension
previously imposed on the trading of San Miguel Corp.'s
securities.

On Thursday, SMC requested for the suspension as it prepared the
disclosures regarding its sale of National Foods Ltd. and J.
Boag and Son Ltd.

SMC's shares resumed trading at 9:00 a.m. Friday.


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.

The TCR-AP reported on November 12, 2007 that Moody's has
affirmed the Ba2 local currency corporate family rating of San
Miguel Corporation (SMC). This follows the company's
announcement that it is to sell the Tasmanian brewer, J Boag &
Son Pty Ltd, for A$325 million and the Australia-based dairy and
beverage producer, National Foods Ltd, for A$2.8 billion. The
rating outlook remains 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.


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

DEEP SEA: Proofs of Debt Due on November 28
-------------------------------------------
The creditors of Deep Sea Solutions Pte Ltd are required to
submit their proofs of debt by November 28, 2007, to be included
in the company's dividend distribution.

The company's liquidator is:

          Zalinah Samade
          c/o IP Consultants Pte Ltd
          50 Robinson Road
          #15-02 VTB Building
          Singapore 068882


GLOBELL CHEMICAL: Fixes Nov. 23 as Last Day to File Claims
----------------------------------------------------------
Globell Chemical Co. Pte Ltd requires its creditors to file
their proofs of debt by November 23, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chen Yeow Sin
          Abuthahir Abdul Gafoor
          c/o ELTICI Financial Advisory Services Pte Ltd
          1 Raffles Place, #20-02 OUB Centre
          Singapore 048616


M-I PRODUCTION: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on November 1, 2007,
the members of M-I Production Chemicals AP Pte Ltd passed a
resolution voluntarily liquidating the company's business.

Seshadri Rajagopalan and Aaron Loh Cheng Lee of Ernst & Young
were appointed as liquidators.

The Liquidators can be reached at:

          Seshadri Rajagopalan
          Aaron Loh Cheng Lee
          Ernst & Young
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


SCOTTISH RE: Fitch Maintains Rating After Alt-A Realized Losses
---------------------------------------------------------------
Fitch Ratings disclosed on November 8, 2007, that Scottish Re
Group Limited's corporate debt and insurer financial strength
ratings are unaffected following the company's reported realized
losses on investments of US$102 million.

In August, Fitch had performed stress tests on the 'A', 'BBB'
and below subprime holdings in SCT's portfolio and the US$95
million in losses realized in connection with impairment charges
for the subprime and Alt-A residential mortgage securities were
in line with Fitch's stress test.  Preliminary estimates of
SCT's Sept. 30, 2007 risk-based capital (RBC) exceeds 375%
excluding securitizations, and exceeds 325% including
securitizations. These estimates compare to ratings expectations
of greater than 250%.

Fitch estimates that Total Adjusted Capital (TAC), including and
excluding common equity in Regulation XXX securitizations, was
US$1.65 billion and US$1.23 billion respectively.  The majority
of unrealized losses on investments resides in the
securitizations.  SCT has commented that the assets in the
securitization trusts exceed the regulatory reserves by
US$830 million.

Fitch continues to watch developments for SCT's subprime and
Alt-A holdings, especially as they relate to ratings
expectations for RBC and exposure to these investments relative
to TAC.  Fitch also notes the first positive quarter in eight
for pretax operating earnings as well as the expectation that
SCT will meet or slightly exceed plan for 2007 for pretax
operating earnings and net operating earnings

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a    
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.


As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Moody's Investors Service affirmed the ratings of
Scottish Re Group Limited, with the outlook changed to stable
from positive, including its Senior unsecured shelf of (P)Ba3;
its subordinate shelf of (P)B1; its junior subordinate shelf of
(P)B1; its preferred stock of B2; and its preferred stock shelf
of (P)B2.


VALUE INNOVATION: Requires Creditors to File Claims by Dec. 9
-------------------------------------------------------------
The creditors of Value Innovation Action Tank Ltd are required
to file their proofs of debt by December 9, 2007, to be included
in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


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

ADVANCE AGRO: Moody's Changes B3 Ratings Outlook to Negative
------------------------------------------------------------
Moody's Investors Service has changed to negative from positive
the rating outlook for Advance Agro Public Company Ltd's B3
corporate family rating and B3 senior unsecured bond rating.

The outlook change is in response to Advance Agro's announcement
that its Board of Directors has received a purchase offer for
the company's shares from Mr. Yothin Damnerncharnwanit, a
current director and shareholder, for Baht 39 per share, or a
total consideration of approximately Baht 21 billion. The buyout
is subject to shareholder approval and Advance Agro's shares
will be de-listed upon completion of the transaction.

The negative outlook mainly reflects:

   1) the uncertainties pertaining to Advance Agro's financial
      and business strategies; and

   2) Moody's concerns about the company's corporate governance
      and level of disclosure post-privatization.

Moody's also notes that Advance Agro's year-to-date operating
performance has deteriorated and is below expectation.

The rating could be downgraded if there is evidence of weakening
in the company's corporate governance and disclosure practices,
or further deterioration in the company's financial profile with
EBITDA/Interest falling below 1.2-1.5x.

Upward rating pressure is limited given the current negative
rating outlook.  However, the outlook could stabilize if Advance
Agro's business and financial profiles post-privatization become
more certain, while at the same it stabilizes its operating
performance.


ADVANCE AGRO: S&P Places B- Ratings on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit rating on Thailand's pulp and paper company,
Advance Agro Public Co. Ltd., on CreditWatch with negative
implications following the company's plan to be delisted from
the Thai stock exchange as part of its restructuring plan.  At
the same time, Standard & Poor's has also placed its 'B-' rating
on the company's outstanding senior unsecured notes on
CreditWatch with negative implications.

"The CreditWatch placement reflects uncertainties on Advance
Agro's financial and business strategies and potential further
weakening of the company's financial flexibility post-
delisting," said Standard & Poor's credit analyst Yasmin
Wirjawan.  The company's liquidity position is weak and its 2007
financial performance to date was below expectations.  The
company has confirmed that it has arranged facilities to cover
the US$48.7 million debt due Nov. 15, 2007.  Advance Agro's
major shareholder intends to make a purchase offer for the
shares from the public.

"The CreditWatch placement is likely to be resolved after a
detailed review of the company's new business strategy, final
terms of the restructuring plan, capital expenditure, and
funding plans," Ms. Wirjawan added.  "The corporate credit
rating could be lowered if the company's business strategy and
financial performance post-restructuring are perceived to lead
to a material weakening of Advance Agro's financial metrics and
liquidity position."


ADVANCE AGRO: Awaits Shareholders' OK For Voluntary Delisting
-------------------------------------------------------------
Advance Agro PCL awaits the approval by its shareholders to
delist all its shares froom the Stock Exchange of Thailand in
light of Yothin Damnerncharnwit's offer to purchase all of the
company's issued shares.

On November 2, Mr. Yothin, a minority shareholder holding 1,800
shares, made a conditional offer to purchase 532,381,308 shares
equivalent to 99.9997% of the company at a price of THB39.  The
offer outlined these conditions:

    * Approval of the Board of Directors of a voluntary
      delisting from the SET, and nomination of Mr. Yothin as
      general purchaser

    * Approval by the shareholders of the voluntary delisting

    * Approval by the SET of the voluntary delisting

On November 7, the company's board of directors approved the
proposed delisting of the company's shares.  The delisting is
now subject to approval of the company's shareholders, which
will meet on December 24 to consider whether to approve or
disapprove the delisting.

The company will hold a presentation on December 14.

Advance Agro Public Company Limited --
http://www.advanceagro.com/-- is a pulp and paper manufacturer    
and distributor.  It markets its products under the brand name
Double A.  The company also distributes its products through
Double A Copy Center with over 1,500 branches in Thailand and
overseas and Double A Stationery with approximately 100 shops
nationwide.  In addition, Advance Agro operates three power
plants.   Headquartered in Prachinburi Province, the company has
a branch office in Bangkok.  Advance Agro is comprised of a
number of subsidiaries.

The Troubled Company Reporter-Asia Pacific reported on Jan. 5,
2006, that Advance Agro Public Co. Ltd. received from Standard &
Poor's Rating Services a B- rating, an upgrade from the previous
CCC rating to its US$250 million 11 percent bonds due 2012.

The company also carries S&P's 'B-' long-term corporate credit
and 'B-' outstanding senior unsecured notes ratings.

Moody's Investor Services has changed to negative from positive
the outlook for both Advance Agro's B3 corporate family rating
and the senior unsecured bond ratings on its notes due in 2007
and 2012.


ARVINMERITOR INC: Closing North Carolina Business in Sept. 2008
----------------------------------------------------------------
ArvinMeritor Inc. will close its Commercial Vehicle Systems axle
operation in Arden, North Carolina by September 2008.

The closure is part of the restructuring actions in North
America and Europe which the company expects to affect 13 plants
and 2,800 employees, resulting in an estimated annual run rate
savings of $130-$140 million by 2012.

Operations based in Arden will be transferred to the company's
facility in Forest City, North Carolina and to a plant in
Monterrey, Mexico.  The company intends to begin transferring
work in February 2008.

Fifty-six employees at the Arden facility were advised of the
November 7 closure.  Arden employees will transfer to the
Fletcher, North Carolina facility.

"ArvinMeritor is taking action to optimize its global
manufacturing footprint which will enable us to better serve our
customers while reducing our cost structure," Wayne Watson,
general manager, operations, North America, said.

                     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.


CIRCUIT ELECTRONICS: Appoints Suvimol Krittayakian as Auditor
-------------------------------------------------------------
Suvimol Krittayakian of the Office of DIA International Auditing
is now serving as Circuit Electronics Industries PCL's external
auditor.

Mrs. Suvimol, with CPA registration no. 2982, will receive a
remuneration of THB900,000.

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--
manufactures and exports various integrated circuit and chip on
board for many kinds of electronic equipment such as mobile
phone, computer, automobile assembly, household electronic
equipment and others.  The group operates in the United States
of America, Europe and Asia.

The company is currently under the Stock Exchange of Thailand's
Non-Performing sector.

The Troubled Company Reporter-Asia Pacific reported on
August 23, 2007, that as of June 30, the company had
THB775.475 million in total assets and THB3.521 billion in total
liabilities, resulting in a capital deficit of THB2.746 billion.  
The company's balance sheet as of end-June 2007 also reflected
illiquidity as its current liabilities of THB394.181 million
exceeded its current assets of THB385.362 million.


* Asian Credit Default Seen to Rise in 2008, WSJ Says
-----------------------------------------------------
Defaults among corporate-credit issuers in the Asia-Pacific
region rated by Standard & Poor's Ratings Services are expected
to rise in 2008 as companies adjust to higher funding and input
costs, the Wall Street Journal notes.

Overcapacity in certain sectors of the economy will add to those
pressures, creating a "more testing environment going forward,"
WSJ cites Ian Thompson, chief credit officer for the Asia-
Pacific region, as saying.

However, Mr. Thompson said, the expected increase would come off
of very low levels, and that the number of non-investment grade
companies rated by S&P has also risen to 32% of rated companies
from 23% in 2006, the report relates.

"We've had a very benign credit environment and the number of
defaults is at record low levels," WSJ quotes Mr. Thompson as
saying at a conference call on Thursday last week to discuss
S&P's 2008 outlook for Asian-Pacific markets.

There were only two defaults in 2007 among Asian companies rated
by S&P, WSJ notes, but Mr. Thompson said the number could go up
eight to 10 in 2008, which is closer to the historical level.

According to Mr. Thomson, the outlook mix for the Asia-Pacific
region's credit issuers has not changed dramatically, WSJ
relates.  Outlooks are stable for about 78% of the S&P-rated
companies, compared with the 77% in 2006, and outlooks are
negative for about 10%.


  


                           *********

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.
   
                 *** End of Transmission ***