TCRAP_Public/071113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, November 13, 2007, Vol. 10, No. 225

                            Headlines

A U S T R A L I A

A.S.K (INTERNATIONAL): Members and Creditors to Meet on Nov. 28
ALLIED & GENERAL: Appoints Robert Whitton as Liquidator
BRANT CORPORATION: Liquidator to Give Wind-up Report on Nov. 16
BRIGHTPOINT INC: Third Qtr. Net Income Up to US$12.9 Million
CHRYSLER LLC: S&P Holds 'B' Rating and Removes Positive Watch

COLES GROUP: Moody's Upgrades Issuer Rating to Baa1 from Baa2
CSI SPORTS: Members Agree on Voluntary Liquidation
DREEGAN CONSTRUCTIONS: To Declare Dividends on December 6
EMANUEL GARDENS: Liquidators to Give Wind-Up Report on Nov. 19
HCF NO.2 PTY: Liquidator to Give Wind-Up Report on November 21

K.B. FELTHAM: Liquidator to Give Wind-Up Report on November 16
RETNUH PTY: Members to Hear Wind-Up Report on November 16
SOUTHERN CROSS: Members Agree to Voluntarily Liquidate Business
SYMBION HEALTH: Rejects Primary's AU$2.65 Billion Offer
TEREX CORP: Acquires Superior Highwall for US$140 Million Cash

TEREX CORP: Mulls Issuance of US$500 Mln. Sr. Subordinated Notes
WESTPOINT GROUP: ASIC to Pursue Compensation for Investors
WESTPOINT GROUP: Asset Preservation Extended for Rundle


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: To Charge Online Banking Fees
AVATAR MFG: Darach E. Haughey Quits Post as Liquidator
BEIYA INDUSTRIAL: Insolvent by CNY294.9 Million as of Sept. 30
BEIYA INDUSTRIAL: Harbin Railway Files Lawsuit
BEIYA INDUSTRIAL: To Close Shenzhen and Hubei Branches

BISHA CHEMICAL: Liquidators Step Down From Post
CASTLEBROOK INVESTMENT: Members to Hear Wind-up Report on Dec. 3
CITY TELECOM: Selects Oracle Communications for Next-Gen Billing
CHONGQING INT'L: June 30 Balance Sheet Upside-Down By CNY119.6MM
CHONGQING INT'L: Zibo Qilu Files Lawsuit Against Company

CHONGQING INT'L: Details Share Merger Reform Plan
CU SECURITIES: Liquidators Quit Post
DANA CORP: Gets Proposals from Banks for US$2-Bil. Exit Loan
FERRO CORP: Reports US$5.6-Mln Net Income in Qtr. Ended Sept. 30
FOU WANG: Mo Leung & Grame Morisson Tapped as Liquidators

FUJIAN START: June 30 Balance Sheet Upside-Down by CNY185 Mil.
FUJIAN START: Changchun Rongchuang Increases Stakes
FUJIAN START: Expects Turnaround for Full-Year 2007
GUANGZHOU ORIENTAL: Insolvent By CNY95.7 Million as of June 30
GUANGZHOU ORIENTAL: Terminates Asset Swap Deal with Hunanm Firm

HANESBRANDS INC: Hires William Nictakis as Chief Comm'l Officer
HONG KONG FUJIDENKI: Liquidators Quit Posts
JOINT BRIGHT: Meeting to Hear Wind-up Report Set for December 4
LEABURG ENGINEERING: Members and Creditors to Meet on Nov. 15
MIANYANG GAO: Turns Around with CNY36.5-Million Net Profit in 1H

PETROLEOS DE VENEZUELA: Increasing Oil Shipments to China
PETROLEOS DE VENEZUELA: Investing Over US$10B To Boost Output
POWER STAR: Members to Meet on December 5
SEGA.COM ASIA: John Kit Yen Cheng Steps Down as Liquidator


I N D I A

GENERAL MOTORS: Posts US$39 Billion Net Loss in Third Quarter
LLOYDS FINANCE: Net Loss at INR7.14 Mil. in Qtr. Ended Sept. 30
LLOYDS STEEL: Books INR129-Mil. Net Profit in 2nd Qtr. FY2008
LOK HOUSING: Earns INR213 Mil. in Qtr. Ended Sept. 30, 2007
QUEBECOR WORLD: Paying Preferred Shares Dividends on December 1

QUEBECOR WORLD: Posts US$315-Mil. Net Loss in 2006 Third Quarter


I N D O N E S I A

ADARO INDONESIA: Inks 5-Year Coal Contract with Guangdong Firms
ALLIANCE ONE: Earns US$18.1 Million in Quarter Ended Sept. 30
GARUDA INDONESIA: To Resume Flights to Europe by Year-End
GEOKINETICS: Completes US$25 Mil. Lease Facility with CIT Group
PERUSAHAAN LISTRIK: To Form Holding Company w/ Tenaga Nasional


J A P A N

DELPHI CORP: Disclosure Statement Hearing Continued to Nov. 29
EBARA CORP: To Book JPY29BB in Extraordinary Losses for FY2007
FORD MOTOR: Post US$380 Mil. Net Loss in 3rd Qtr. Ended Sept. 30
FORD MOTOR CREDIT: Earns US$334 Million in Third Quarter
JAPAN AIRLINES: To Begin JALCard Bidding in Mid-November

NOVA CORP: Former Students Form Group; Other Schools Help
NOVA CORP: G.communication to Reopen School Within the Week
XERIUM TECH: Earns US$7.1 Million in Third Qtr. Ended Sept. 30
XERIUM TECH: Paying US$0.1125 Per Share Dividend on Dec. 17
* Fitch Says Feedstock Maintenance is Key for Japanese Gas Cos.

* Energy, Metals Helped Japanese GTC's Profit Growth, S&P Says


K O R E A

DURA: Debtors File Motion to Pay Arrangers of US$425MM Exit Loan
DURA AUTOMOTIVE: Confirmation Hearing Moved to December 7
REMY: Gets US$225MM Secured DIP Financing From Barclays Capital
SSANGYONG ENGINEERING: KAMCO Accepts Bid for 50.07% Stake Sale


M A L A Y S I A

LITYAN HOLDINGS: Names New Personnel in Two Committees
OLYMPIA INDUSTRIES: To Hold Annual General Meeting on Nov. 30
SELOGA HOLDINGS: Bursa to Suspend Securities Trading on Nov. 19
SHAW GROUP: Joint Venture Bags Remediation Contract from DOE
TRIPLC BERHAD: Will Hold Annual General Meeting on Nov. 28


N E W  Z E A L A N D

AD STOTT: High Court Appoints Crichton &  Horne as Liquidators
EX PLASTERING: Shareholders Resolve to Wind Up Operations
HOME INVESTMENT: High Court to Hear Wind-Up Petition on Feb. 8
JUST MARKETING: Sets November 19 as Deadline for Proofs of Debt
PENDEREL FARM: Appoints Mason and Meltzer as Liquidators

RIVERVIEW ENGINEERING: Shareholders Agree to Liquidate Business
RTB CONTRACTING: Court to Hear Wind-Up Petition on Nov. 19
SHERMART LTD: Sets Nov. 20 Deadline to File Proofs of Claims
SWEATER MANUFACTURING: Sets Nov. 19 Deadline for Proofs of Debts
WINSUN DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 30


S I N G A P O R E

AAR CORP: Inks Definitive Merger Agreement with Summa Tech
ARINC INC: S&P Rates US$575 Million Credit Facility at B+
READER’S DIGEST: Appoints Kerry D. Hatch as President of QSP
SOON LAI: Creditors' Meeting Set for November 23
SOTHEBY'S: Experts Link Low Art Sale Proceeds on Credit Crisis

SWECO ASIA: Placed Under Voluntary Liquidation
UNITED TEST: Names New Personnel Upon Completion of Scheme


T H A I L A N D

FEDERAL-MOGUL: Court Confirms Fourth Amended Reorganization Plan


* BOND PRICING: For the Week 12 November to 16 November 2007

     - - - - - - - -

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

A.S.K (INTERNATIONAL): Members and Creditors to Meet on Nov. 28
---------------------------------------------------------------
A final meeting will be held for the members and creditors of
A.S.K (International) Agencies Pty Limited on November 28, 2007,
at 11:00 a.m.

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

The company's liquidators are:

          Antony De Vries
          Riad Tayeh
          c/o de Vries Tayeh
          Level 3, 95 Macquarie Street
          Parramatta, New South Wales 2124
          Australia

                  About A.S.K. (International)

A.S.K. (International) Agencies Pty Limited is a distributor of
drugs, drug proprietaries, and druggists' sundries.  The company   
is located at Parramatta, in New South Wales, Australia.


ALLIED & GENERAL: Appoints Robert Whitton as Liquidator
-------------------------------------------------------
The members of Allied & General Pty Ltd, during an extraordinary
general meeting held on July 17, 2007, have agreed to
voluntarily liquidate the company's business.

Robert Whitton of Lawler Partners was appointed as liquidator.

The Liquidator can be reached at:

           Robert Whitton
           Lawler Partners
           Chartered Accountants
           Level 7, 1 Margaret Street
           Sydney, New South Wales 2000
           Australia

                     About Allied & General

Allied & General Pty Ltd is involved with real estate investment
trusts.  The company is located at Collaroy, in New South Wales,
Australia.


BRANT CORPORATION: Liquidator to Give Wind-up Report on Nov. 16
---------------------------------------------------------------
The members and creditors of Brant Corporation Pty Limited will
have their final meeting on November 16, 2007, at 10:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           Bruce Gleeson
           c/o Jones Partners
           Chartered Accountants
           Australia
           Telephone:(02) 9251 5222

                     About Brant Corporation

Brant Corporation Pty Limited provides security systems
services.  The company is located at Five Dock, in New South
Wales, Australia.


BRIGHTPOINT INC: Third Qtr. Net Income Up to US$12.9 Million
------------------------------------------------------------
Brightpoint Inc. reported net income of US$12.9 million for the
three months ended Sept. 30, 2007, compared to net income of
US$8.7 million for the same period in 2006.

"In the third quarter of 2007, we continued to focus on the
execution of our growth strategy including the integration of
the Dangaard and CellStar businesses," stated Robert J. Laikin,
Brightpoint's Chairman of the Board and Chief Executive Officer.  
"I am excited about Brightpoint's long term opportunities for
growth in the global wireless industry.  In the third quarter,
we handled an all-time company record of 22 million wireless
devices.  We feel that with the completion of the Dangaard
transaction along with our current positive momentum in many of
our markets, we are on pace to grow faster than the global
wireless device industry.  I currently expect Brightpoint to
handle between 100 million to 115 million wireless devices in
2008 giving Brightpoint an estimated market share of 8 to 9% on
a global basis.  Based on the continued strong momentum and
robust demand in Q4, I am estimating the wireless industry's
2008 global unit sell-in to be in the range of 1.25 billion to
1.35 billion units.  I also believe that this demand will
continue for the next several years with my new updated 2011
global sell-in estimate of greater than 1.65 billion units."

"During the third quarter of 2007, we made very good progress in
the integration of the Dangaard acquisition," said Tony Boor,
Brightpoint's Chief Financial Officer.  "I am very pleased with
the efforts of our Global Finance Team on this initiative over
the past several months.  We have successfully converted
Dangaard from International Financial Reporting Standards to US
GAAP, and Brightpoint accounting policies are now being applied
on a consistent basis.  I am also very pleased with our strong
operating results and the cash generated from selling through
inventory within our Asia-Pacific division, which contributed to
our positive operating cash flow of US$96.5 million year to
date."

Revenue was US$1.2 billion for the third quarter of 2007, an
increase of 86% from the third quarter of 2006.  Excluding the
impact of the Dangaard Telecom acquisition, revenue increased
34%, which was primarily driven by the acquisition of CellStar
as well as growth in our distribution business in Singapore.  In
order to conform to Brightpoint accounting policies and US GAAP,
Dangaard Telecom changed its revenue recognition for
arrangements where Dangaard Telecom serves as the "agent" in the
transaction.  As a result, revenue from the Dangaard Telecom
operations for the two months ended September 30, 2007 was
approximately US$58.0 million lower under US GAAP than it would
have under International Financial Reporting Standards.

                     About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and  
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


CHRYSLER LLC: S&P Holds 'B' Rating and Removes Positive Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  The
outlook is negative.
     
The CreditWatch placement resulted from the announcement that
day by General Motors Corp. that it had reached a contract
agreement with its main labor union, the United Auto Workers.    
As S&P expected, Chrysler reached a largely similar agreement
that caused S&P to review the company's rating and outlook.  
     
Also, S&P assigned its bank loan and recovery ratings to
Chrysler's US$7.5 billion, secured first-lien term loan.  The
loan is rated 'BB-', with a recovery rating of '1', indicating
that lenders can expect very high (90% to 100%) recovery in the
event of a payment default.  S&P also raised the rating on the
US$2 billion, second-lien term loan to 'B' from 'B-', and the
recovery rating was revised to '4', indicating that lenders can
expect average (30% to 50%) recovery in the event of a payment
default, from '5'.
     
The negative outlook on the corporate credit rating reflects
S&P's view that Chrysler's exposure to weakening industry
conditions in North America remains a key risk factor, which
could cause greater-than-expected cash outflows during 2008.
      
"We still view the company's liquidity as substantial for now
and the new labor contract with the UAW as a significant long-
term positive for the company's efforts to return its North
American automotive operations to positive cash flow
generation," said Standard & Poor's credit analyst Robert
Schulz.  "However, the greatest portion of cash benefits from
the contract will not begin to accrue to Chrysler until 2010.  
The health care cost savings are subject to final court
approval, but S&P do not expect this to be an issue," he
continued.

Chrysler faces several serious challenges during the next two
years.  First and foremost is the weak outlook for U.S. light-
vehicle sales, which are expected to be flat at best in 2008
versus 2007.  The current rating reflects the assumption that
Chrysler will use cash in 2008 and 2009, but it does not reflect
the much sharper use of cash that would result from the type of
decline in U.S. light-vehicle sales that would accompany a
recession.  S&P expect U.S. light-vehicle sales to be about 16
million units in 2008, virtually flat with sales in 2007, which
turned out to be a weaker year for sales than initially
expected.  Other uses of cash will include cash restructuring
costs (including the cost of attrition plans, which Chrysler may
negotiate with the UAW) and Chrysler's need to fund certain UAW
contract provisions prior to 2010.
     
S&P expect over time to place greater weight on the substantial
health care and other cash savings that will begin in 2010 as
stipulated in the current UAW contract.  But it is important to
note that Chrysler's automotive results, industry conditions,
and the economic outlook will be crucial components of any such
future review, and accordingly, the threshold for an outlook
revision to stable in 2008 is fairly high, given the current
lack of visibility into prospective results in North America.
     
The rating on Chrysler reflects the wide-ranging challenges the
company faces in North America, where the vast majority of its
automotive operations are located.  The company is more heavily
reliant on North American sales of light trucks than either of
its other Michigan-based competitors, but it benefits from its
strong presence in the minivan segment and ownership of the
iconic Jeep brand.
     
Although the company has been profitable in recent years, S&P
expect it to remain unprofitable into 2009 and perhaps longer.  
Chrysler's new management team is moving quickly to respond to
the massive challenges of excess capacity and headcount and
adverse product mix trends by instituting additional headcount
reductions, closing plants, and reducing the number of models,
in addition to implementing a restructuring plan that was first
announced in February 2007.  However, as with past
restructurings, the ultimate success depends largely on whether
the company can maintain its market share at a level consistent
with its future capacity.  In addition, near-term success will
rest at least partly on the U.S. economy's avoiding a recession
in 2008.
     
The fate of Chrysler's restructuring also depends greatly on how
the company's product mix, vehicle pricing, and market share
evolve--and there is greater uncertainty in these areas, given
the vagaries of consumer demand.  Chrysler's U.S. light-vehicle
market share has been more stable than that of its other
Michigan-based competitors.  Furthermore, Chrysler's sales mix
of light trucks (crossover utility vehicles [CUVs], SUVs, vans,
and pickups) and cars is more truck-weighted than those of its
competitors, making the company more vulnerable to further
adverse shifts in many of these segments.
     
One key variable into 2008 will be the U.S. full-size pickup
truck market, which is soft because of the weak housing market
and high gas prices.  In addition, formidable competitor Toyota
Motor Corp. has a new full-size pickup truck that is
manufactured in Texas.  Chrysler has a fairly distant No. 3
position (17% share through October 2007 versus 41% and 30% for
GM and Ford, respectively) in this market, which generates a
disproportionate share of profits.
     
Chrysler is underrepresented in the growing CUV segment; it had
only an 8% share through the first 10 months of 2007.  Although
it will be introducing more models into this already well-
populated segment, garnering critical market share will not be
easy.  CUVs are generally not as profitable as SUVs or full-size
pickups, so the increasing customer substitution of CUVs for
larger vehicles will likely reduce total profit contribution.
     
As with its overall market share, Chrysler's share in the
passenger car segment has been more stable than that of its
Michigan-based competitors, but the company is underrepresented
here, too (cars represent about 27% of Chrysler's product mix),
compared with GM (39%) and Ford (34%).  Chrysler's car sales are
also highly concentrated among a few models.
     
The weakness in Chrysler's automotive performance and the costs
of executing a turnaround will reduce cash balances that were
sizable at the close of the Chrysler purchase.  Chrysler's
pension funding position has improved in recent years, and this
is less of a concern currently, as the U.S. hourly and salaried
plans collectively were overfunded at the end of 2006.
     
DCFS is expected to continue performing its primary function of
providing retail and wholesale financing of Chrysler vehicles.  
S&P expect DCFS to remain profitable.  Its portfolio is
considered high quality, and S&P expect it to remain so.  
However, the financial affiliate is not expected to be a source
of cash dividends for Chrysler.
     
The outlook on Chrysler and DCFS is negative.  S&P's primary
concern is Chrysler's need to return its North American
automotive operations -- the vast majority of the company's
business -- to profitability.  The ratings could be lowered,
despite the health care savings that will start to accrue in
2010, if S&P came to expect that Chrysler's substantial cash
outflow would fail to continue moderating or begins to worsen
because of setbacks, whether Chrysler-specific or stemming from
market conditions.  S&P do not expect to revise the outlook to
stable or positive within the next several quarters, given the
uncertain economic outlook and ongoing execution risk in its
turnaround plan.


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.


COLES GROUP: Moody's Upgrades Issuer Rating to Baa1 from Baa2
-------------------------------------------------------------
Moody's Investors Service has upgraded the issuer rating of
Coles Group Limited to Baa1 from Baa2.  At the same time,
Moody's has upgraded the senior unsecured ratings for debt
issuances from its wholly owned finance entities -- Coles Group
Finance Limited and Coles Group Finance (USA) Ltd -- to Baa1
from Baa2.  The P-2 short term rating has been confirmed.
This completes the review for possible upgrade initiated on
October 8, 2007.  The outlook for all ratings is stable.

"The upgrade follows Wesfarmers Limited's acquisition of Coles
and the benefits of incorporation into a larger, more
diversified group," says Peter Fullerton, a Moody's AVP/Analyst.

"The Baa1 ratings considers the credit profile of the
consolidated group, including the diversified operations across
retailing, coal, insurance, energy and safety equipment," says
Fullerton, adding, "They also reflect the significant execution
and integration risks associated with the proposed acquisition
along with the risks related to rejuvenating Coles supermarkets
and Kmart operations."

The Baa1 issuer and senior unsecured ratings are based on the
expectation that should debt holders remain at the Coles level,
the terms of these obligations will be amended to ensure that
the guarantees provided to debt holders at the Wesfarmers level
are substantially the same as those for debt holders at the
Coles level.  Such amendments would include common events of
default, cross-guarantees and financial covenants.

"As a result, Coles debt holders would benefit from the
operating and financial structure of the consolidated group,"
says Fullerton.

Coles Group, based in Melbourne, is one of Australia's largest
retailers. Approximately 80% of its revenues are obtained from
its core supermarkets division, which encompasses the retailing
of food and groceries, liquor and fuel.  The company also
operates a number of other retail formats, including Kmart and
Target, which retail general merchandise and apparel, and
Officeworks.

Wesfarmers Limited, based in Perth, has a portfolio of
diversified businesses in Australia and New Zealand, including
interests in home improvement products and building supplies,
coal mining, gas processing and distribution, industrial and
safety product distribution, chemicals and fertilizers
manufacture and insurance.

                      About Coles Group

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

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


CSI SPORTS: Members Agree on Voluntary Liquidation
--------------------------------------------------
The members of CSI Sports Pty Ltd, during a general meeting held
on October 3, 2007, agreed to voluntarily liquidate the
company's business.

John Frederick Taylor was appointed as liquidator.

The Liquidator can be reached at:

          John Frederick Taylor
          c/o WHK Horwath
          Level 15, 309 Kent Street
          Sydney
          Australia

                        About CSI Sports

CSI Sports Pty Ltd provides business services.  The company is
located at Balmain, in New South Wales, Australia.


DREEGAN CONSTRUCTIONS: To Declare Dividends on December 6
---------------------------------------------------------
Dreegan Constructions Pty Ltd will declare dividends on Dec. 6,
2007.

Creditors who failed to file their proofs of debt by the
November 6, 2007 due date were excluded from the company's
dividend distribution.

The company's liquidator is:

          Roderick MacKay Sutherland
          Jirsch Sutherland
          Level 4, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334

                   About Dreegan Constructions

Dreegan Constructions Pty Ltd is in the business of  
nonresidential construction.  The company is located at  Vacy,
in New South Wales, Australia.


EMANUEL GARDENS: Liquidators to Give Wind-Up Report on Nov. 19
--------------------------------------------------------------
A final meeting will be held for the members and creditors of
Emanuel Gardens Management Company Pty Limited on November 19,
2007, at 11:00 a.m.

At the meeting, Steven Sherman and Robbyn Duggan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Steven Sherman
          Robbyn Duggan
          Ferrier Hodgson
          Level 13, 225 George St
          Sydney, New South Wales 2000
          Australia

                      About Emanuel Gardens

Emanuel Gardens Management Company Pty Limited is an operator of
dwellings other than apartment buildings.  The company is
located at Woollahra, in New South Wales, Australia.


HCF NO.2 PTY: Liquidator to Give Wind-Up Report on November 21
--------------------------------------------------------------
HCF No.2 Pty Limited will hold a meeting for its members on
November 21, 2007, at 11:00 a.m.

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

The Liquidator can be reached at:

          Martin J. Green
          GHK Green Krejci
          Level 13, 1 Castlereagh Street
          Sydney, New South Wales 2000
          Australia

                         About HCF No.2

HCF No.2 Pty Limited is involved with pension, health, and
welfare funds.  The company is located at Hawthorn, in Victoria,
Australia.


K.B. FELTHAM: Liquidator to Give Wind-Up Report on November 16
--------------------------------------------------------------
A joint meeting will be held for the members and creditors of
K.B. Feltham & Associates (New South Wales) Pty Ltd on Nov. 16,
2007, at 10:30 a.m.

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

The Liquidator can be reached at:

          Anthony W. Elkerton
          Pitcher Partners
          Level 3, 60 Castlereagh Street
          Sydney, New South Wales 2000
          Australia

                       About K. B. Feltham

K.B. Feltham & Associates (New South Wales) Pty Ltd provides
surveying services.  The company is located at Parramatta, in
New South Wales, Australia.


RETNUH PTY: Members to Hear Wind-Up Report on November 16
---------------------------------------------------------
Retnuh Pty Limited will hold a meeting for its members on
Nov. 16, 2007, at 10:00 a.m.

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

The company's liquidators are:

          David Clement Pratt
          Timothy James Cuming
          PricewaterhouseCoopers
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                        About Retnuh Pty

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


SOUTHERN CROSS: Members Agree to Voluntarily Liquidate Business
---------------------------------------------------------------
The members of Southern Cross University Union Limited have
agreed to voluntarily liquidate the company's business during a
general meeting held on October 2, 2007,.

Morgan James Chubb, of Clout & Associates, was appointed as
liquidator.

The Liquidator can be reached at:

          Morgan James Chubb
          Clout & Associates
          Level 1, 144-148 West High Street
          Coffs Harbour, New South Wales
          Australia


SYMBION HEALTH: Rejects Primary's AU$2.65 Billion Offer
-------------------------------------------------------
Symbion Health Limited announced that the Directors of Symbion
Health unanimously recommend that Symbion Health shareholders
reject the inadequate and highly conditional takeover offer
launched by Primary Health Care Limited.

Primary's proposed offer price does not adequately compensate
Symbion Health shareholders for the strategic value of Symbion
Health to Primary and the very significant synergies and
operational improvements which Primary expects to realize.

The Symbion Health Board believes that Primary's proposed offer
is inferior to the Revised Proposal with Healthscope and IAC.

Primary's proposed offer is highly conditional and it is not
clear that these conditions are capable of being satisfied.

Symbion Health's Chairman, Paul McClintock said:
"We are disappointed that Primary has not been able to put
forward a superior proposal."

"It appears that Primary's proposed takeover offer is intended
to create value for Primary shareholders at the expense of
Symbion Health shareholders."

"The Directors of Symbion Health continue to unanimously
recommend the Revised Proposal with Healthscope Limited and the
Ironbridge Capital and Archer Capital consortium, in the absence
of a superior proposal."

                   Valuation benchmarks

Primary is proposing to offer only AU$4.10 per Symbion Health
share, which:

   * does not adequately compensate Symbion Health shareholders
     for the strategic value of Symbion Health to Primary and   
     the very significant synergies and operational improvements
     of AU$95 million to AU$105 million per annum which Primary
     expects to realize.  Symbion Health's initial estimate of
     the value of these benefits is approximately AU$1.40 to
     AU$1.80 per Symbion Health share;

   * is less than the implied value of the proposed transaction
     with Healthscope and IAC of between AU$4.23 and AU$4.43 per
     Symbion Health share; and

   * is less than AU$4.23, which is the highest price paid by
     Primary for Symbion Health shares;

   * would crystallize a capital gains tax liability for some
     Symbion Health shareholders, which would reduce the value
     received by those Symbion Health shareholders.

In addition, Primary has indicated that the transaction is
expected to be strongly EPS accretive for Primary shareholders
in the first full year (FY2009).  This suggests that Primary can
afford to pay more for Symbion Health.

      Comparison of Primary's Proposed Offer to the Revised             
                Proposal with Healthscope and IAC

In contrast to Primary's proposed offer, the Revised Proposal
with Healthscope and IAC, if implemented:

   * offers Symbion Health shareholders an implied value of   
     AU$4.23 to AU$4.43 per Symbion Health share;

   * provides Symbion Health shareholders with the opportunity
     to participate in the significant ongoing synergy and other
     benefits which Healthscope expects to realize; and

   * provides Symbion Health shareholders with the opportunity
     to defer realizing a taxable gain on the scrip component of
     the consideration because of demerger rollover relief,
     subject to satisfactory tax rulings.

The Directors of Symbion Health have determined that Primary's
proposed offer is not a superior proposal under the terms of the
agreements with Healthscope and IAC, nor is it capable of
becoming a superior proposal under those agreements.

       Primary's Proposed Offer is Highly Conditional

Primary's proposed offer is highly conditional and is subject to
15 detailed conditions.  Unless all of those conditions are
satisfied or waived, Primary's proposed offer will fail.  
Symbion Health believes that there is a high risk that a number
of those conditions will not be, or are incapable of being,
satisfied.

                     Primary's Actions

Primary's inadequate proposed takeover offer is conditional on
the Revised Proposal between Symbion Health, Healthscope and IAC
not proceeding.

The announcement by Primary is the latest example of Primary
seeking to prevent Symbion Health shareholders from receiving
the benefits of the Revised Proposal with Healthscope and IAC.

Primary also blocked the original proposal and has commenced
litigation against Symbion Health and the Directors of Symbion
Health in respect of the Revised Proposal.

        Primary Has Misrepresented the Independent Expert's         
                 Valuation of Symbion Health

Primary has represented that the Independent Expert's valuation
of the Revised Proposal is between AU$3.54 to AU$4.45 per
Symbion Health share.  Symbion believes that this is misleading.  
The Independent Expert valued the Revised Proposal between
AU$3.96 and AU$4.45 per Symbion Health share on the basis of the
value of the consideration offered by Healthscope and IAC.

The value of AU$3.54 per Symbion Health share refers to a
situation where the Diagnostics Transaction proceeds and the C&P
Scheme does not.  The value is a combination of the low end of
the Independent Expert's valuation of the Diagnostics
Transaction (including a premium for control) and a trading
valuation for Symbion Health C&P (which does not include a
premium for control) at a low multiple.  In the event that the
C&P Scheme does not proceed, Symbion Health shareholders would
retain the benefit of the C&P Businesses including any further
control premium which might arise.

Further, the Independent Expert has indicated that the value of
AU$3.54 per Symbion Health share "reflects Symbion Health C&P on
a minority stand-alone basis and hence assumes that Primary
votes against the C&P Scheme (after the Diagnostics Transaction
has previously been approved), that no alternative bidder for
Symbion Health C&P emerges, and that any speculation in relation
to an alternative bidder disappears, which we believe to be
unlikely."

The Independent Expert has also confirmed that its conclusion in
relation to the Diagnostics Transaction "would still be that it
is fair and reasonable, irrespective of the voting intentions of
Primary in relation to the C&P Scheme".

Symbion Health also notes that Primary indicated that it if its
proposed offer is successful, it may sell Symbion Health's C&P
Businesses and Primary's Managing Director referred to the price
IAC were prepared to pay for this business as a relevant measure
of value.  This indicates that Primary's previous criticism of
the value of the C&P Businesses (including the Independent
Expert's valuation of the C&P Businesses) and the threat to vote
against the C&P Scheme is inconsistent and disingenuous.

                  Further Developments

Symbion Health intends to continue to pursue the Revised
Proposal with Healthscope and IAC, in the absence of a superior
proposal.

In due course, Symbion Health shareholders will receive a
Bidder's Statement from Primary in relation to its proposed
offer.  To reject Primary's offer, Symbion Health shareholders
should simply take no action in relation to all documents
received from Primary.

Symbion Health will provide its shareholders with a Target's
Statement which formally responds to Primary's Bidder's
Statement.

Symbion Health will keep its shareholders fully informed of any
further developments.

                    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: Acquires Superior Highwall for US$140 Million Cash
--------------------------------------------------------------
Terex Corporation has acquired Superior Highwall Miners Inc.   
The total consideration for the transaction was approximately
US$140 million payable in cash.  

Terex anticipates that this transaction will be slightly
accretive to 2008 earnings per share.

"We believe that the Superior Highwall Miners acquisition
provides us with an important growth opportunity," commented
Ronald M. DeFeo, Terex chairman and chief executive officer.

"The acquisition is a good fit with Terex's strategy of
expanding our market presence in related product areas and is a
natural extension of our current Materials Processing & Mining
Group business," Mr. DeFeo added.  "SHM has existing North
American coal relationships and we believe Terex can help
accelerate its prospects for increasing success globally."

             About Superior Highwall Miners Inc.

Based in Beckley, West Virginia, Superior Highwall Miners Inc.  
manufactures highwall mining equipment for use in trench mining,
open pit mining, contour mining and auger hole mining
applications.

                  About Terex Corporation

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.  
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                         *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.  
These ratings still hold to date.  The outlook is stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB which still hold to date.  the
outlook is stable.


TEREX CORP: Mulls Issuance of US$500 Mln. Sr. Subordinated Notes
----------------------------------------------------------------
Terex Corporation intends to issue approximately US$500 million
principal amount of Senior Subordinated Notes Due 2015 and 2017.  

Terex intends to use the net proceeds from the offering to pay
down outstanding amounts under its revolving credit facility and
for general corporate purposes, including acquisitions, capital
expenditures, investments and the repurchase of its outstanding
securities.

Terex intends to offer and sell these Senior Subordinated Notes
under the company's existing shelf registration statement filed
with the Securities and Exchange Commission in July 2007, and
amended on Nov. 6, 2007.

Copies of the prospectus and prospectus supplement may be
obtained by contacting any of the joint book-running managers
at:

     -- Credit Suisse Securities (USA) LLC
        Prospectus Department
        Eleven Madison Avenue
        New York, NY 10010

     -- Citi
        Brooklyn Army Terminal
        8th Floor, 140 58th Street
        Brooklyn, NY 11220
        Tel (718) 765-6732

     -- UBS Investment Bank
        Attn: Prospectus Department
        299 Park Avenue
        New York, NY 10171
        Tel (212) 821-3000

                     About Terex Corporation

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.  
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                          *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.  
These ratings still hold to date.  The outlook is stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB which still hold to date.  the
outlook is stable.


WESTPOINT GROUP: ASIC to Pursue Compensation for Investors
----------------------------------------------------------
The Australian Securities & Investments Commission announced
that it would take legal action for the benefit of investors in
the Westpoint Group seeking compensation for their failed
investments.

This announcement follows ASIC's statement to the Federal Court
that the Commission had resolved to take over the running of
liquidators' proceedings commenced by the liquidator of Ann
Street Mezzanine Pty. Ltd. and York Street Mezzanine Pty.
Ltd. and to bring claims on behalf of other mezzanine companies.

The regulator believes the legal action, over a number of
phases, if successful, could provide benefits to as many as
3,600 out of some 4,300 investors in the failed property
development group.

As there were several different investment products offered by
the Westpoint Group, the extent of the potential benefits for
investors will vary.  ASIC believes that up to 85 per cent of
investors who invested in Westpoint products where there were
losses should benefit.

ASIC will use its power under section 50 of the ASIC Act, which
enables it to begin and carry on civil proceedings for damages
for investors where it appears to ASIC that such proceedings
are in the public interest.

ASIC Chairman, Tony D'Aloisio said, "Westpoint is one of
those cases where ASIC believes that the conduct of those
involved fell short of what the law expects.

"We consider that there is a clear public interest in using
ASIC's powers to pursue compensation for Westpoint investors,"
he said.

The first phase of the regulator's legal action (which can be
viewed for free at http://ResearchArchives.com/t/s?2532)will  
seek to recover damages from various directors and
officers of certain companies in the Westpoint Group and
entities associated with one of the directors and from a number
of licensees of financial planning firms that sold Westpoint
investments.

The directors and officers involved are:

   * Cedric Richard Palmer Beck;

   * John Norman Dixon;

   * Lynette Rochelle Schiftan;

   * Graeme John Rundle -- who it is alleged was a director as
     defined by the Corporations Act; and

   * Norman Carey -- who it is alleged was a director as
     defined by the Corporations Act.

It will be alleged that directors and officers are responsible
for the misapplication of funds raised by the mezzanine
companies, and that commission payments received by entities
associated with one director should be returned.  While ASIC is
yet to fully formulate and quantify these claims, at this stage
ASIC has identified potential claims of up to AU$245 million.

The availability of assets to satisfy any claims is enhanced as
a result of the range of orders that ASIC sought after the
Westpoint Group failed, freezing up to approximately AU$54
million in assets.  In those proceedings ASIC had foreshadowed
that it would make any decisions in relation to potential
compensation claims by October 31, 2007.

As part of its action against directors and officers, ASIC has
resolved to carry on the current actions by
PricewaterhouseCoopers.  As liquidator of the Ann and York
Street mezzanine companies, PwC is currently suing various
directors and officers of those companies (as well as entities
associated with one of the directors) for AU$39.4 million.

The first phase of ASIC's legal action also covers five
Australian financial services licensees.  Action against
additional licensees is also being considered.

ASIC will allege that, in selling products with the risk and
financial characteristics of Westpoint, the licensees did not
comply with their obligations under the conditions of their
Australian financial services licences and under the law.

The five licensees are:

   * Bongiorno Financial Advisors Pty. Ltd. and Bongiorno
     Financial Advisors (Aust) Ltd.

   * Dukes Financial Services Pty. Ltd. and Dukes Financial
     Services Australia Pty. Ltd. (In Liquidation)

   * Glenhurst Pty. Ltd.

   * Masu Financial Management Pty. Ltd.

   * Professional Investment Services Pty. Ltd.

ASIC will be seeking a total of approximately AU$63.2 million in
damages from these licensees, based on the amounts which their
clients invested in Westpoint products and subsequently lost
when Westpoint collapsed.

The regulator expects the legal proceedings announced against
these licensees to be formally filed with the court by
the end of the year.

In the interim, the regulator will liaise with investors who
were clients of those licensees to confirm details of their
investments.

Mr. D'Aloisio said, "Financial advisers have played and continue
to play an important and valuable role for retail investors in
relation to many complex products beyond just property.  These
proposed actions should be viewed in the context of the
particular facts of Westpoint and how those products were sold."

ASIC is continuing to investigate matters arising from the
Westpoint collapse, including possible further claims for
compensation against other financial service licensees and the
auditors.

ASIC expects to finalize its consideration of these additional
claims by the end of the year.

Investors with questions about ASIC's compensation proceedings
should call 1300 300 630.

                         Background

On May 30, 2007, Mr. D'Aloisio outlined a 3-Point Plan for
reforms to these types of investments to the Senate Standing
Committee on Economics.  The Plan covered advertising, the use
of credit rating agencies, stress testing business models and
investor education.  Last week ASIC released regulatory guidance
to improve disclosure for existing and future debenture issues.  
As well ASIC is developing initiatives to improve advertising of
these products and investor education.

In relation to past collapses, in addition to its work on
Westpoint, ASIC has also commenced investigations into Fincorp
Investments Ltd and Australian Capital Reserve Limited both
property and development financiers that raised money from
retail investors.

The Westpoint Group promoted investments in a number of
property development projects, including 10 projects using
unsecured mezzanine finance (a form of fund raising that covers
the difference between what banks are prepared to lend and the
actual cost of the project).  The Westpoint Group created
mezzanine companies for each of these projects and raised funds
for the projects through the issue of mezzanine investment
products such as promissory notes.

These proposed actions relate to eight of those projects.  There
were some 4,300 investors who invested in Westpoint products
where there were losses.  Some investors invested in more than
one Westpoint product and some of the investments were in
products that were regulated.

At this stage, these proposed actions will not cover
approximately 15 per cent of Westpoint investors who made
losses.  Approximately AU$29 million in losses (10 per cent of
investors) are in the regulated investment products of North
Sydney Financial and Paragon Apartments (issued through
prospectuses) and the Westpoint Income Fund (a registered
scheme).  The balance is in relation to unregulated investment
products (Paragon Commercial Syndicate, part of Paragon
Apartments, Renaissance Mezzanine and Warwick Cinema
Syndicate).  ASIC is reviewing the position in relation to those
products.

To date ASIC has banned five financial advisers who were
involved in promoting Westpoint products with 13 further
banning briefs under consideration.

ASIC has used its section 50 powers on 21 occasions since they
were created in 1991, most notably when AU$100 million was
recovered in 1997 from Permanent Trustee Australia.  ASIC
alleged Permanent, failed in it its duty to investors in a
property trust when it allowed the trust to invest in a
speculative and hazardous transaction.

                      About Westpoint

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

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

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


WESTPOINT GROUP: Asset Preservation Extended for Rundle
-------------------------------------------------------
The Australian Securities & Investments Commission has obtained
an extension to orders made by the Federal Court preserving the
assets of Westpoint Group's former director, Graeme Rundle, and
the trusts associated with him.

In April 2006, the Court made orders appointing receivers to Mr.
Rundle to identify and preserve these assets.

The orders, obtained by consent, have the effect of freezing Mr.
Rundle's assets and any trusts associated with him, and
generally prohibiting any dealings with those assets.  The
orders permit Mr. Rundle to use funds up to certain limits set
by the Court for his living, legal and accounting expenses.

Mr. Rundle is required to report his expenditures to ASIC on a
monthly basis.  The new orders also retain the travel restraints
imposed on Mr. Rundle by the previous orders made by the Court.

ASIC commenced proceedings in the Federal Court in Perth in
March 2006 seeking the appointment of receivers to the property
of certain officers and former officers of the Westpoint Group
of Companies (including Mr. Rundle) and various companies, which
are members of the Westpoint Group.  The application was brought
under Section 1323 of the Corporations Act 2001 (Cth).

ASIC's application was ultimately heard before the Honourable
Justice French on April 12, 2006, who handed down a decision on
April 20, 2006, agreeing to appoint receivers to the
respondents' property.

                       About Westpoint

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

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

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


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

AGRICULTURAL BANK: To Charge Online Banking Fees
------------------------------------------------
The Agricultural Bank of China said it will charge for online
banking services starting over a week from November 19, CCTV.Com
reports.

According to CCTV, this move brings Agricultural Bank in line
with China's three other big state-owned lenders -- The
Industrial and Commercial Bank of China, China Construction Bank
and Bank of China -- who are already making customers pay for
online services.

A 0.4% fee will be charged for transfer of funds between
accounts in different locations with a CNY20 fee being the upper
limit, and CNY1 the lower limit, the report says.  Charges
ranging from CNY1 to CNY35 will be incurred for transfers
between different banks.


The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


AVATAR MFG: Darach E. Haughey Quits Post as Liquidator
------------------------------------------------------
Darach E. Haughey has resigned from his post as liquidator for
Avatar MFG. Co. Limited on October 24, 2007.   

Mr. Cheng can be reached at:

          Darach E. Haughey
          35th Floor, One Pacific Place
          88 Queensway Hong Kong


BEIYA INDUSTRIAL: Insolvent by CNY294.9 Million as of Sept. 30
--------------------------------------------------------------
Beiya Industrial (Group) Co., Ltd., posted a net loss of
CNY8.99 million for the third quarter of 2007, a 75.63%
improvement from the CNY36.89-million net loss incurred for the
third quarter of 2006.

The company reported a 73.61% drop in turnover to
CNY33.76 million for the third quarter of 2007 from
CNY127.92 million in the same period a year ago.  Although
operating costs also trimmed down, the company posted a
CNY6.16-million operating loss, 58.69% better than the previous
year's CNY14.91 million operating loss.

As of Sept. 30, 2007, the company had total assets of
CNY3.20 billion and total liabilities of CNY3.50 billion,
resulting in a capital deficiency of CNY294.90 million.


Headquartered in Harbin, Heilongjiang Province, China, Beiya
Industrial (Group) Co., Ltd. -- http://www.beiya.com.cn-- is  
engaged in trading, manufacturing and railway transportation
businesses.


BEIYA INDUSTRIAL: Harbin Railway Files Lawsuit
----------------------------------------------
Beiya Industrial (Group) Co. Ltd has received indictment filed
by Harbin Railway Sub-branch of Industrial and Commercial Bank
of China, Reuters Key Developments reports.

Reuters explains that the lawsuit was brought about due to a
CNY50-million loan dispute between the parties.

Reuters notes that because Beiya Industrial has repaid
CNY1.8 million, Harbin Railway requires it to repay the
principal of CNY48.2 million and interests of CNY11.27 million
and the charges arising from the lawsuit.


Headquartered in Harbin, Heilongjiang Province, China, Beiya
Industrial (Group) Co., Ltd. -- http://www.beiya.com.cn-- is  
engaged in trading, manufacturing and railway transportation
businesses.


As of Sept. 30, 2007, the company had total assets of
CNY3.20 billion and total liabilities of CNY3.50 billion,
resulting in a capital deficiency of CNY294.90 million.


BEIYA INDUSTRIAL: To Close Shenzhen and Hubei Branches
------------------------------------------------------
Beiya Industrial (Group) Co. Ltd. will close its branches in
Shenzhen and Hubei, Reuters Key Developments reports.

No further details were provided, Reuters says.

Headquartered in Harbin, Heilongjiang Province, China, Beiya
Industrial (Group) Co., Ltd. -- http://www.beiya.com.cn-- is  
engaged in trading, manufacturing and railway transportation
businesses.

As of Sept. 30, 2007, the company had total assets of
CNY3.20 billion and total liabilities of CNY3.50 billion,
resulting in a capital deficiency of CNY294.90 million.


BISHA CHEMICAL: Liquidators Step Down From Post
-----------------------------------------------
Chan Shu Kin and Chow Chi Tong quit as Bisa Chemical Company
Limited's liquidators on November 2, 2007,.   

Liquidators can be reached at:

          Chan Shu Kin
          Chow Chi Tong
          9th Floor, Tung Ning Building
          Des Voeux Road Central, Hong Kong


CASTLEBROOK INVESTMENT: Members to Hear Wind-up Report on Dec. 3
---------------------------------------------------------------
The members of Castle Investment 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 the United
Centre, in 95 Queensway, Hong Kong.


CITY TELECOM: Selects Oracle Communications for Next-Gen Billing
----------------------------------------------------------------
City Telecom (HK) Ltd., a leading provider of telecommunications
services in Hong Kong, has selected Oracle(R) Communications
Billing and Revenue Management software to provide a billing
and revenue management platform that will help address rapid
business growth and increase variation in service offerings and
pricing options.  The new platform will help City Telecom
centralize and manage revenue streams across services, networks,
partners, technologies and payment methods, ultimately enabling
faster time-to-market and enhanced quality of service.

Since the introduction of broadband Internet services by its
wholly owned subsidiary, Hong Kong Broadband Network Limited  
seven years ago, City Telecom strived to provide end-to-end,
world-class residential and corporate voice and data services.
In September, City Telecom launched Hong Kong's first
residential Fiber-To-The-Home broadband services at symmetric
100 megabits per second, 200Mbps and 1 billion bits per
second.  Earlier this year, City Telecom introduced bbBOX, a
multimedia sharing application converging Internet, television
and computers.  As City Telecom continues to expand and
innovate, the company needs an integrated platform to provide an
immediate, comprehensive view of all company revenue with the
ability to drill down into detailed customer service
preferences, usage patterns and transaction histories.

"Service innovation is key to our company's development of new
revenue streams and the group's sustainable growth.  For this
reason, it is vital that we understand our customers so we can
provide more value-added, personalized services to boost their
satisfaction.  A highly reliable, scalable billing and revenue
management platform is a critical part of our strategy for
staying ahead of the competition and embracing growth
opportunities," said Stephen Chang, chief technology officer of
City Telecom.

Mr. Chang added, "We chose Oracle Communications Billing and
Revenue Management for its functional richness, flexibility and
scalability, as well as Oracle's proven track record for
delivering an end-to-end software solution for many of the
world's largest and most innovative service providers.  When the
implementation is complete, we plan to leverage the full 360-
degree view of the customers to support further innovation in
service offerings while reducing the total cost of ownership.
This will enable us to decrease our time-to-market in rolling
out innovative services and offerings."

In addition to Oracle Communications Billing and Revenue
Management's support for the entire revenue management lifecycle
and its ability to recognize revenues from service usage in the
balance sheet, City Telecom will also benefit from the
application's rich support for partner accounts.  The
application will manage royalty calculations and revenue sharing
agreements and create various settlement and sponsorship
arrangements to optimize relationships with business partners,
such as content service providers.  This functionality will help
City Telecom simplify partner settlements and support the
company's rapid triple-play service expansion.

"Oracle is committed to providing best-in-class applications
that deliver next-generation capabilities for communications
service providers.  We are pleased to work with [City Telecom]
to deliver a comprehensive, innovative solution that will enable
the company to maximize customer and partner value and drive
profitable new business in the years to come," said Dr.
Weiming Li, vice president, Japan and Asia Pacific, Oracle
Communications.

                 About Oracle Communications

Oracle is No. 1 in communications globally with 20 of the
world's top 20 telecommunications companies running Oracle
applications.  Oracle Communications integrates industry-
specific BSS and OSS solutions with the capabilities of Oracle's
industry-leading enterprise applications, business intelligence
tools, and carrier-grade middleware and database technologies.
Oracle Communications enables service providers to deliver next
generation convergent services rapidly, increase customer
satisfaction and loyalty, and reduce costs in the business and
the network.  For more information, visit
http://www.oracle.com/communications

                      About City Telecom

Hong Kong-based City Telecom (H.K.) Limited --
http://www.ctihk.com/-- is engaged in the provision of   
international telecommunications services (IDD) and fixed
telecommunications network services (FTNS) to customers in Hong
Kong and Canada.  The Company operates in two segments:
international telecommunications, which is engaged in the
provision of international long-distance calls services, and
fixed telecommunications network, which is engaged in the
provision of dial up and broadband Internet access services,
local voice-over-Internet protocol services and Internet
protocol television (IP-TV) services. City Telecom (H.K.)
Limited's wholly owned subsidiaries include Attitude Holdings
Limited, Automedia Holdings Limited, City Telecom (B.C.) Inc.,
City Telecom (Canada) Inc., City Telecom Inc., City Telecom
International Limited, Credibility Holdings Limited, CTI
Guangzhou Customer Services Co. Ltd., CTI Marketing Company
Limited, Golden Trinity Holdings Limited, Hong Kong Broadband
Network Limited and IDD 1600 Company Limited.

Moody's Investors Service on Feb. 1. 2007, affirmed its B2
corporate family rating and senior unsecured bond rating for
City Telecom Ltd, and at the same time has revised the company's
rating outlook to positive from stable.

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006 that Fitch Ratings assigned a Long-term
foreign currency Issuer Default rating of 'B+' to Hong Kong-
based City Telecom (HK) Limited.  The Outlook on the rating is
Stable.  At the same time, Fitch assigned an instrument rating
of 'BB-' to the US$125 million senior unsecured notes due 2015
issued by CTI on the expectation of good recovery prospects
given default as denoted by the agency's recovery rating of
'RR3'.


CHONGQING INT'L: June 30 Balance Sheet Upside-Down By CNY119.6MM
----------------------------------------------------------------
Chongqing International Enterprise Investment Co. Ltd. reported
a net loss of CNY0.99 million for the half-year period ended
June 30, 2007, a 92.11% improvement against the CNY12.55-million
net loss incurred for the half-year ended June 30, 2006.

The company's sales for the six-month period totaled to
CNY0.77 million, while cost of goods sold and other expenses
totaled CNY1.76 million.

As of June 30, 2007, Chongqing International's balance sheet
showed total assets of CNY158.5 million and total liabilities of
CNY278.1 million, resulting in a capital deficiency of
CNY119.6 million.


Headquartered in Chongqing, the People's Republic of China,
Chongqing International Enterprise Investment Co., Ltd. is an
industrial investment company engaged in industrial investment,
high technology development, equipment leasing and commodity
agent business.


CHONGQING INT'L: Zibo Qilu Files Lawsuit Against Company
--------------------------------------------------------
Zibo Qilu Chemicals Co. Ltd. has filed a lawsuit against
Chongqing Int'l Enterprise Investment Co. and five individuals  
regarding loan dispute, Reuters Key Development reports.

No further details were disclosed, Reuters says.


Headquartered in Zengcheng, Guangzhou Province, the People's
Republic of China, Guangzhou Oriental Baolong Automotive
Industry Co., Ltd. -- http://www.baolong.com.cn/-- is engaged  
in the development, production and sale of special-purpose
automobiles and their components.

As of June 30, 2007, Chongqing International's balance sheet
showed total assets of CNY158.5 million and total liabilities of
CNY278.1 million, resulting in a capital deficiency of
CNY119.6 million.


CHONGQING INT'L: Details Share Merger Reform Plan
------------------------------------------------
Chongqing International Enterprise Investment Co. Ltd. had
earlier announced that it would issue 220,624,754 shares of its
common stock through private placement, Reuters Key Developments
reports.  Each share will have a par value of CNY1 and will be
offered at a price per share of CNY5.77.

Pursuant to the proposal, the report explains, a property
development company (Company A) would take up 161,060,225 shares
while five other companies (Group A) would take up the remaining
59,564,529 shares.

The company will also use additional paid-in capital to fund an
issue of new shares at a ratio of every 10 shares to be given
4.07 shares, to all holders of tradable shares.  This is
equivalent to a compensation of 2.1236 shares for every 10
shares held, Reuters notes.

Chongqing Yufu Asset Management Corp. would waive CNY150 million
worth of debt liabilities owed by the company.  This is
equivalent to a compensation of 3.6539 shares for every 10
shares held.  Other holders of non-tradable shares would
compensate holders of tradable shares 0.8764 shares for every 10
shares held after the issue of paid-in capital.

In addition, holders of tradable shares would be given one share
for every 10 shares held.  Chongqing Yufu and other holders of
non-tradable shares will adopt the standard locking period
stated by the regulator.

In addition to that, Company A would not sell its holdings in
the company within three years.  Company A promised to
compensate 0.5 shares to holders of tradable shares for every 10
shares for any shortfall in net profit (excluding one-off
charges) for these fiscal years: CNY30 million for fiscal 2007,
CNY42 million for fiscal 2008, and CNY150 million for fiscal
2009.  Apart from the standard locking period stated by the
regulator, companies within Group A which has a more than 5%
stake in the Company will not sell more than 5% of the total
outstanding shares within Year 2 and not more than 10% within
the second and third year.


Headquartered in Zengcheng, Guangzhou Province, the People's
Republic of China, Guangzhou Oriental Baolong Automotive
Industry Co., Ltd. -- http://www.baolong.com.cn/-- is engaged  
in the development, production and sale of special-purpose
automobiles and their components.

As of June 30, 2007, Chongqing International's balance sheet
showed total assets of CNY158.5 million and total liabilities of
CNY278.1 million, resulting in a capital deficiency of
CNY119.6 million.


CU SECURITIES: Liquidators Quit Post
------------------------------------
Lam Yuk Shing, Tony and Lau Kwok Fai have stepped down as CU
Securities Limited's liquidators on October 26, 2007.   

The liquidators can be reached at:

          Unit 2707, West Tower, Shun Tak Centre
          168-200 Connaught Road Central
          Hong Kong


DANA CORP: Gets Proposals from Banks for US$2-Bil. Exit Loan
------------------------------------------------------------
Dana Corp. and its debtor-affiliates have received proposals
from 10 financial institutions in connection with the exit
financing contemplated in their joint plan of reorganization and
the bankruptcy court-approved Disclosure Statement.  The Debtors
are seeking a US$2,000,000,000 loan to exit Chapter 11 by the
end of 2007.

Dana has sought permission from the U.S. Bankruptcy Court for
the Southern District of New York to enter into and perform
under a commitment letter and a fee letter, which allows the
payment of commitment fees and reimbursement of out-of-pocket
expenses.  Dana, however, has yet to identify the lenders or
financial institutions who will syndicate or provide the loan.

Corinne Ball, Esq., at Jones Day, in New York, told the Court
that the Debtors, with the assistance of Miller Buckfire & Co.,
LLC, and AlixPartners, LLP, their financial advisors, are still
in the process of selecting and negotiating the optimal
financing package from proposals submitted by more than 10
financial institutions.

"The Debtors need to proceed expeditiously to stay on target to
emerge from chapter 11 by the end of 2007 and anticipate that
they will be in a position to file the Commitment Letter with
the Court on or about November 16, 2007," Ms. Ball says.

The Debtors have asked the Court to hold a hearing on Nov. 28,
2007, to consider approval of the Commitment Letter.  Objections
are due November 21 at 4:00 p.m.  The Debtors said that in any
event, they will file the Commitment Letter with the Court at
least three business days prior to the scheduled hearing.

According to Ms. Ball, the Commitment Documents will contain
customary terms and conditions found in similar types of
financing, and will generally provide for an Exit Facility
consisting of:

  (a) Up to US$2,000,000,000 senior credit facility, which will
      consist of:

      -- US$650,000,000 asset-based revolving credit facility
         with a sublimit for letters of credit to be
         determined; and

      -- US$1,350,000,000 term loan.

  (b) Maturity is expected to be between five to seven years.

  (c) The collateral securing the exit facility is  
      substantially all of the Debtors' assets, including a
      pledge of 65% of the stock of each of the Debtors' foreign
      subsidiaries.

  (d) The interest rate and fees are still to be negotiated but
      will be consistent with market rates used in similar
      financing type.

  (e) The Exit Facility will contain affirmative and negative
      covenants, representations and warranties and events of
      default customary for similar types of financings.

  (f) The Revolver will be undrawn at closing.  The proceeds of
      the Term Loan will be used at closing to repay existing
      claims against the Debtors pursuant to the Plan, including
      repaying in full the DIP Credit Agreement, and any excess
      proceeds will remain on the balance sheet of the
      Reorganized Debtors.

                     About Dana Corporation

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  The Court approved the Disclosure Statement explaining
the terms of the Plan on Oct. 23, 2007.


FERRO CORP: Reports US$5.6-Mln Net Income in Qtr. Ended Sept. 30
----------------------------------------------------------------
Ferro Corporation has earned US$5.6 million on net sales of
US$551 million for the three months ended Sept. 30, 2007,
compared to net income of US$5.5 million on net sales of
US$501 million for the same period in 2006.

Income from continuing operations for the 2007 third quarter was
US$5.6 million, up 2.2 percent compared with US$5.5 million in
the third quarter of 2006.  During the quarter, lower selling,
general and administrative expenses and lower interest expense
were largely offset by restructuring charges related to the
consolidation of certain manufacturing operations in Europe and
higher income tax expense.  The 2007 third quarter income from
continuing operations included net pre-tax expenses of
US$6.5 million primarily related to restructuring costs.  The
third quarter 2006 income from continuing operations included
net pre-tax expenses of US$1.3 million primarily related to
manufacturing rationalization activities.

“We delivered strong third-quarter sales that were driven by the
breadth of our international operations,” said Chairman,
President and Chief Executive Officer James F. Kirsch.  “Our
segment income increased 7 percent, compared with the third
quarter of 2006, despite weakness in a number of U.S. markets
and continued raw material cost increases.  While we delivered
improved segment income from the third quarter of 2006, we
remain focused on the opportunities we have identified to
improve overall profitability and deliver enhanced shareholder
value.”

Net sales increased in the third quarter primarily as a result
of product price increases and favorable changes in foreign
currency exchange rates.  Compared with the third quarter of
2006, sales increased in the Performance Coatings, Color and
Glass Performance Materials, Electronic Materials and Polymer
Additives segments.  Sales declined from the prior-year period
in the Specialty Plastics segment.  International net sales grew
18 percent compared with the third quarter of 2006, while sales
in the United States were flat.

Gross margins were 18.2 percent of sales for the third quarter,
compared with 19.7 percent of sales in the third quarter of
2006.  The Company's 2007 third quarter gross profit was reduced
by US$0.5 million in costs primarily related to accelerated
depreciation and other costs associated with manufacturing
rationalization activities.  Gross profit was negatively
impacted by lower volumes, particularly in porcelain enamel and
plastics products, and higher raw material costs.  In addition,
gross margin as a percent of sales continued to be negatively
impacted by rising precious metal costs.  Precious metal costs
are passed through to customers with minimal contribution to
margins.

Selling, general and administrative (SG&A) expense was
US$71.1 million in the third quarter of 2007, or 12.9 percent of
sales.  SG&A expense in the third quarter of 2006 was
US$74.1 million, or 14.8 percent of sales, including charges of
US$0.4 million primarily related to organizational initiatives
and an accounting restatement.  SG&A expense declined primarily
as a result of expense reduction activities, particularly in the
Specialty Plastics and Electronic Materials segments, lower
incentive compensation accruals and lower audit fees.

Restructuring charges were US$5.8 million for the 2007 third
quarter, primarily as a result of activities related to the
consolidation of Ferro's porcelain enamel manufacturing
operations in Europe.  There were no restructuring charges
recorded in the third quarter of 2006.

Interest expense for the 2007 third quarter was US$14.5 million,
compared with US$16.8 million in the year-ago period.  Interest
expense declined from the prior-year period largely as a result
of lower borrowing levels resulting from the elimination of cash
deposits on precious metal consignments and lower interest
rates.  The elimination of these deposits also resulted in a
decline in interest income during the third quarter compared
with the third quarter of 2006.

The company's tax rate for the third quarter increased to 38.3
percent from 33.0 percent in the 2006 third quarter.  The higher
rate was largely the result of the tax effects from the
restructuring charges recorded in the quarter, the mix of income
by country and an increase in the tax cost of foreign current-
year earnings to be repatriated.

Total debt on Sept. 30, 2007 was US$536.4 million, compared with
US$592.4 million at the end of 2006.  The company had net
proceeds of US$65.5 million from its U.S. accounts receivable
securitization program as of Sept. 30, 2007, compared with
US$60.6 million at the end of 2006.  The company also had
US$51.2 million in net proceeds from similar programs outside
the U.S. at the end of the quarter, compared with
US$33.7 million at the end of 2006.

                      About Ferro Corp.

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

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

                        *     *     *

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


FOU WANG: Mo Leung & Grame Morisson Tapped as Liquidators
---------------------------------------------------------
The members of Fou Wang Weaving Mills Limited have appointed Man
Mo Leung, and Kenneth Grame Morrison as the company's
liquidators on October 29, 2007.

The Liquidators can be reached at:

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


FUJIAN START: June 30 Balance Sheet Upside-Down by CNY185 Mil.
--------------------------------------------------------------
Fujian Start Computer Group Co., Ltd., incurred a net loss of
CNY19.86 million for the half-year ended June 30, 2007, a 52.32%
improvement against the CNY41.65-million net loss recorded for
the six-month period ended June 30, 2006.

The company had lower sales for the current half-year, amounting
to CNY217.55 million, a 5.42% decrease from a year ago.  The
company's cost of goods sold amounted to CNY178.00 million and
other operating expenses amounted to CNY49.34 million, giving
the company an operating loss of CNY9.79 million.

As of June 30, 2007, Fujian Start's balance sheet showed total
assets of CNY849.80 million and total liabilities of
CNY1.03 billion, resulting in a capital deficiency of
CNY184.80 million.

Headquartered in Fuzhou, Fujian Province, China, Fujian Start
Computer Group Co., Ltd. -- http://www.start.com.cn/-- is  
engaged in the manufacture of computers and computer peripheral
products.


FUJIAN START: Changchun Rongchuang Increases Stakes
---------------------------------------------------
Fujian Start Computer Group Co. Ltd discloses that shareholder
Changchun Rongchuang Real Estate Co. Ltd. has purchased
51,517,818 shares in the company from another shareholder at
CNY75,500,000, Reuters Key Development reports.

Reuters says that after the transaction, Changchun Rongchuang
Real Estate's holdings in the company increased from 14.22% to
28.87%, becoming its largest shareholder.


Headquartered in Fuzhou, Fujian Province, China, Fujian Start
Computer Group Co., Ltd. -- http://www.start.com.cn/-- is  
engaged in the manufacture of computers and computer peripheral
products.

As of June 30, 2007, Fujian Start's balance sheet showed total
assets of CNY849.80 million and total liabilities of
CNY1.03 billion, resulting in a capital deficiency of
CNY184.80 million.


FUJIAN START: Expects Turnaround for Full-Year 2007
---------------------------------------------------
Fujian Start Computer Group Co. Ltd expects to report a profit
for fiscal year 2007, from a net loss of CNY246,794,052.39 for
fiscal year 2006, Reuters Key Developments relates.

Reuters recounts that the company previously announced its
expectations of a profit for the first three months of 2007
against a CNY19,044,941.98 profit in the same period in 2006.


Headquartered in Fuzhou, Fujian Province, China, Fujian Start
Computer Group Co., Ltd. -- http://www.start.com.cn/-- is  
engaged in the manufacture of computers and computer peripheral
products.

As of June 30, 2007, Fujian Start's balance sheet showed total
assets of CNY849.80 million and total liabilities of
CNY1.03 billion, resulting in a capital deficiency of
CNY184.80 million.


GUANGZHOU ORIENTAL: Insolvent By CNY95.7 Million as of June 30
--------------------------------------------------------------
Guangzhou Oriental Baolong Automotive Industry Co., Ltd.,
recorded a CNY8.46-million net loss for the first half of 2007,
a 47.94% improvement against the net loss of CNY16.25 million
reported a year earlier.

The company's sales for the 2007 first half totaled
CNY0.24 million, down 98.39% from the CNY14.91-million sales
recorded a year before.  All expenses totaled CNY3.81 million,
giving the company an operating loss of CNY3.58 million for the
first half of 2007.

As of June 30, 2007, Guangzhou Oriental's balance sheet showed
total assets of CNY120.7 million and total liabilities of
CNY216.4 million, giving it a capital deficiency of
CNY95.7 million.


Headquartered in Zengcheng, Guangzhou Province, the People's
Republic of China, Guangzhou Oriental Baolong Automotive
Industry Co., Ltd. -- http://www.baolong.com.cn/-- is engaged  
in the development, production and sale of special-purpose
automobiles and their components.


GUANGZHOU ORIENTAL: Terminates Asset Swap Deal with Hunanm Firm
---------------------------------------------------------------
Guangzhou Oriental Baolong Automotive Co. Ltd. has terminated an
asset swap deal with a Hunan-based technology and investment
company and a new share issuance, which was previously announced
on Aug. 15, 2007, Reuters Key Developments reports.

The report did not identify the Hunan-based firm.

An earlier Reuters Key Developments report stated that Guangzhou
Oriental had previously planned an asset swap with a certain
company, wherein Guangzhou Oriental would use all of its assets
(except office buildings, accommodation assets and land usage
rights, and having an initial estimated value of
CNY34.65 million) to exchange for a 70% stake in a dyeing
company and a 98% stake in a Hubei-based high-tech company
(where both have a total estimated value of CNY561.1 million).

Reuters adds that Guangzhou Oriental would top up the difference
with a private placement of 80 million shares to 120 million
shares to Company A at a price of CNY7.04 per share.  After the
private placement is completed, the company would no longer be
involved in the manufacture and assembly of special vehicles,
with its principal businesses being changed to the production
and sale of precision chemical products.


Headquartered in Zengcheng, Guangzhou Province, the People's
Republic of China, Guangzhou Oriental Baolong Automotive
Industry Co., Ltd. -- http://www.baolong.com.cn/-- is engaged  
in the development, production and sale of special-purpose
automobiles and their components.

As of June 30, 2007, Guangzhou Oriental's balance sheet showed
total assets of CNY120.7 million and total liabilities of
CNY216.4 million, giving it a capital deficiency of
CNY95.7 million.


HANESBRANDS INC: Hires William Nictakis as Chief Comm'l Officer
---------------------------------------------------------------
Hanesbrands Inc. has appointed William J. Nictakis to the newly
created position of president, chief commercial officer,
effective Nov. 12, 2007.

Mr. Nictakis who has a wealth of consumer product experience in
executive management, sales, category management, marketing and
product development, will lead Hanesbrands' domestic and
international commercial businesses and support functions to
drive sales growth and profitability.  He will report to
Hanesbrands Chief Executive Officer Richard A. Noll.


“Bill Nictakis has a tremendous track record of driving growth
in big organizations with nationally recognized brands,” Mr.
Noll said.  “We have successfully consolidated the Hanesbrands
organization from several independent operating units to one
company focused on customers and consumers.  This is the perfect
time for Bill to join our team to lead our commercial operations
under this new chief commercial officer position.

“Bill has tremendous energy, great consumer products vision and
an unrelenting drive.  He will fit in well with our powerful
brands and the passion and experience of our organization.”

Mr. Nictakis has more than 25 years of experience at leading
consumer product companies, most recently as president of Sara
Lee Corporation's U.S. fresh bakery unit.  Before joining Sara
Lee, Mr. Nictakis was vice president of sales for Frito-Lay,
Inc., leading the company's 20,000-member national sales
organization.

Reporting to Mr. Nictakis will be sales and customer management,
brand marketing, product design and development, and the
strategic commercial business units for intimate apparel, male
underwear, activewear, casualwear, socks and international,
which include customer marketing, merchandising and forecasting
and pricing.

Hanesbrands also announced that it has named Howard Upchurch as
executive vice president and general manager of domestic
innerwear and John Marsh as senior vice president and general
manager of domestic casualwear.  Mr. Upchurch, who joined
Hanesbrands in 1987, previously led the company's domestic
intimate apparel business.  Mr. Marsh, who joined the company in
1995, has had several assignments before leading the casualwear
business.

                      Hanesbrands Inc.

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

                        *     *     *

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


HONG KONG FUJIDENKI: Liquidators Quit Posts
-------------------------------------------
Rainier Hok Chung Lam and John James Toohey quit their posts as
Hong Kong Fujidenki Co. Limited's liquidators on October 31,
2007.   

Liquidators can be reached at:

          Rainier Hok Chung Lam
          John James Toohey
          22nd Floor, Prince Building
          Central Hong Kong


JOINT BRIGHT: Meeting to Hear Wind-up Report Set for December 4
---------------------------------------------------------------
The members and creditors of Joint Bright Limited will hold
their final meeting on December 4, 2007, at 2:00 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, 4th Floor, of Kiu Fu
Commercial Building, 300 Lockhart Road, in Wanchai, Hong Kong.


LEABURG ENGINEERING: Members and Creditors to Meet on Nov. 15
-------------------------------------------------------------
The members of Leaburg Engineering Limited will hold their final
meeting on November 15, 2007, at 2:00 p.m., while the creditors
will meet on the same day at 2:30 p.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at the 7th floor of the Allied Kajima
Building, Gloucester Road, in Wanchai, Hong Kong.


MIANYANG GAO: Turns Around with CNY36.5-Million Net Profit in 1H
----------------------------------------------------------------
Mianyang Gao Xin Industrial Development (Group) Inc. posted a
turnaround with a net income of CNY36.5 million for the first
half of 2007, against a net loss of CNY5.7 million in the first
half of 2006.

For the six months ended June 30, 2007, the company's sales   
rose 547.04% to CNY23.0 million from the CNY3.6-million recorded
a year before.  Operating costs, however, increased 221.80% to
CNY26.9 million, giving the company a CNY3.9-million operating
loss for the period in review.

As of June 30, 2007, Mianyang Gao's balance sheet showed total
assets of CNY186.5 million and total liabilities of
CNY275.7 million, giving it a capital deficiency of
CNY89.2 million.

Based in Mianyang, Sichuan Province, the People's Republic of
China, Mianyang Gao Xin Industrial Development (Group) Inc. --
http://www.mygx.com.cn/-- is principally engaged in the  
investment in infrastructural construction and real estate
development, as well as the asset management and consulting
service businesses.


PETROLEOS DE VENEZUELA: Increasing Oil Shipments to China
---------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said
in a statement that it will increase oil exports to China to one
million barrels per day by 2011.

According to Petoleos de Venezuela's statement, the firm will
export almost 500,000 barrels of oil per day to China next year.

The Venezuelan government told Business News Americas that
Venezuela exports some 350,000 barrels per day to China.

Venezuelan news agency Agencia Bolivariana de Noticias says that
authorities in the two countries entered into 11 agreements to
boost cooperation in these sectors:

         -- energy,
         -- financial, and
         -- technological.

According to published reports, Venezuela agreed to form a US$6-
billion fund with China to promote energy projects throughout
Latin America to increase fuel exports to the Asian country.

BNamericas relates that China will contribute about US$4 billion
to the fund, which would be called Fondo Pesado.  Venezuela will
donate some US$2 billion.

Petroleos de Venezuela will collaborate with Chinese oil firm
Sinopec on the certification of reserves in the Junin 8 block in
Orinoco, BNamericas notes.

Venezuelan President Hugo Chavez said in a statement, "There are
40 billion barrels of reserves in that block [Junin 8] alone.   
That's more than double what the US has at the moment."

The report says that Petroleos de Venezuela signed an accord
with China National United Oil Corporation to supply the Asian
nation with Venezuelan fuel.  Petroleos de Venezuela also signed
a memorandum of understanding with the China National Petroleum
Company to boost cooperation in the energy sector.

According to BNamericas, Petroleos de Venezuela's transit unit
PDV Marina signed a strategic alliance for the transport of
crude and refined products with China's Petrochina International
Company.

President Chavez commented to BNamericas, "This agreement is
important because it will allow us to reduce transportation
costs.  We won't have to depend on third parties that inflate
costs."

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

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


PETROLEOS DE VENEZUELA: Investing Over US$10B To Boost Output
-------------------------------------------------------------
Venezuelan energy minister Rafael Ramirez said in a statement
that state-run oil firm Petroleos de Venezuela SA will invest
over US$10 billion in 2008 to raise production to 5.8 million
barrels a day by 2012.

Minister Ramirez told Petroleumworld.com that the investment
plan for this year rose 657% to almost US$10 billion, compared
to last year.  Petroleos de Venezuela is also investing:

          -- US$3.30 billion in oil production facilities,
          -- US$720 million in drilling operations, and
          -- US$3.40 billion in gas.

Oil and gas royalties are expected to total US$8.70 billion this
year, Petroleumworld.com states.

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

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


POWER STAR: Members to Meet on December 5
-----------------------------------------
The members of Power Star Enterprises Limited will hold their
final meeting on December 5, 2007, at 4:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 6th floor of the Kwan Chart
Tower, 6 Tonnochy Road, in Wanchai, Hong Kong.


SEGA.COM ASIA: John Kit Yen Cheng Steps Down as Liquidator
----------------------------------------------------------
John Kit Yen Cheng stepped down as Sega.com Asia Network
Limited's liquidator on October 29, 2007.   

Mr. Cheng can be reached at:

          John Kit Yen Cheng
          650 Townsend Street, Suite 650
          San Francisco, CA94103-4908
          U.S.A.


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

GENERAL MOTORS: Posts US$39 Billion Net Loss in Third Quarter
-------------------------------------------------------------
General Motors Corp. disclosed Wednesday its financial results
for the third quarter of 2007.

GM reported a net loss of US$39 billion, including Allison  
Transmission, which is classified as a discontinued operation,
for the third quarter of 2007, compared with a reported net loss
of US$147 million in the year-ago quarter.

Special items included a net non-cash charge of US$38.6 billion
due to a valuation allowance against deferred tax assets related
to operations in the U.S., Canada and Germany as required under
SFAS No. 109, Accounting for Income Taxes.  Also included was a
favorable US$3.5 billion after-tax gain on the sale of the
Allison Transmission business in August 2007, for which GM
received US$5.4 billion in proceeds.  GM also had special
charges of US$1.6 billion in pension service costs related to
prior labor agreements, US$400 million associated with
restructuring actions and US$400 million related to an
adjustment to the Delphi reserve.

Excluding special items, GM had a 2007 third-quarter adjusted
net loss of US$1.6 billion, compared to net income of
US$497 million in the year-ago quarter.  The variance was driven
primarily by a significant decline in net income at GMAC, as
well as increased corporate expense related to legacy cost,
foreign exchange and various 2006 tax benefits, partially offset
by improved performance in automotive operations.

"We continue to implement the key elements of our North America
turnaround strategy, and these initiatives are driving steady
improvement in our financial results, despite challenging North
America market conditions.  In addition, we are very encouraged
by our performance in emerging markets.  Our record third
quarter global sales are strong evidence that our commitment to
great cars and trucks is being embraced by consumers around the
globe." said Rick Wagoner, GM chairman and chief executive
officer.

The company's improved performance in its automotive operations
was more than offset by special charges of US$37.4 billion
related largely to a previously announced valuation allowance
against its deferred tax assets, as well as lower reported GMAC
Financial Services income, down US$630 million versus the year-
ago quarter as a result of continued pressures in the mortgage
industry.

                    GM Automotive Operations

GM's global automotive operations posted net income of
US$122 million from continuing operations on an adjusted basis
in the third quarter of 2007 (reported net loss of US$40.6
billion), an improvement of US$577 million compared to an
adjusted net loss from continuing operations of US$455 million
(reported net loss of
US$401 million) in the same quarter 2006.  Results for GM's
automotive operations, specifically GMNA, exclude Allison
Transmission, which was classified as a discontinued operation
as a result of the sale of that business which was concluded in
August 2007.

GM generated record third quarter automotive revenue of
US$43.1 billion.  The company also achieved record global third
quarter sales of 2.39 million cars and trucks, up 4% compared to
the third quarter 2006, driven by exceptionally strong demand in
emerging markets and improved performance in developed markets.  
GM also set a number of third quarter sales records around the
globe, including a 22% increase in GMLAAM, 16% increase in the
GMAP region, and 15% gain in GME.

"We continue to see solid progress in the fundamentals of our
automotive business.  We're very pleased with our strong sales
performance in key markets outside of North America, and growing
retail momentum in the U.S. driven by products like the all-new
Cadillac CTS.  We're also very encouraged by the early reactions
to our all-new Chevrolet Malibu and 2008 Chevrolet Tahoe and GMC
Yukon two-mode hybrids -- the world's only full-size hybrid
SUVs," said Wagoner.

GMNA had an adjusted net loss from continuing operations of
US$247 million in the third quarter 2007 (reported net loss from
continuing operations of US$38.2 billion, which includes charges
of approximately US$36.5 billion for a valuation allowance
against its deferred tax assets and US$1.3 billion for pension
service costs related to prior labor agreements), compared to an
adjusted net loss of US$660 million from continuing operations
in the third quarter 2006 (reported net loss from continuing
operations of US$667 million).  GMNA's improved adjusted
earnings reflect favorable mix, pricing and better warranty
performance, which were partially offset by lower volume and
increased material cost.

GME posted an adjusted net loss of US$90 million in the third
quarter (reported net loss of US$2.9 billion, which includes
charges of US$2.5 billion for a valuation allowance against
deferred tax assets in Germany and restructuring charges of
US$262 million), compared to US$39 million loss in the third
quarter of 2006 (reported net loss of US$126 million).  The
variance in adjusted net income reflects the softness of the
German market and unfavorable currency exchange, which was
partially offset by improved pricing and higher volume.

GME achieved record third quarter sales of about 524,000 units,
aided by continued momentum of GME's multi-brand strategy during
the period.  Chevrolet is amongst the fastest growing global
vehicle brands in Europe, posting record third quarter sales of
113,000 vehicles.  GM gained further ground in the growing
Russian market, with sales up by 75% over the same quarter 2006,
to a record 65,700 vehicles.

GMAP recorded adjusted net income of US$138 million in the third
quarter (reported net income also US$138 million), compared with
US$57 million in the year ago period (reported net income of
US$205 million, which included US$148 million in favorable tax-
related items).  This favorable earnings performance was driven
largely by strong export growth from GM Daewoo, continued strong
sales and profitability in China, and improved earnings in India
and Australia.

GM achieved 16% sales growth in the Asia Pacific region,
resulting in record third quarter sales of 327,500 units.  GM
China sold 230,000 vehicles, a 21% increase compared with the
year ago period.  GM sales in the region were also aided by the
strong performance of GM Daewoo products, including the
Chevrolet Captiva.

GMLAAM achieved all-time record earnings and quarterly sales in
the third quarter, posting adjusted earnings of US$340 million
(reported net income also US$340 million), up 86% compared with
strong earnings in the year ago period of US$183 million
(reported net income also US$183 million).  The earnings
improvement was driven primarily by volume growth, favorable
pricing and vehicle mix.

GMLAAM set a third quarter sales record of over 329,000
vehicles, up almost 22% year-over-year.  All-time sales records
were achieved in Brazil, Colombia, Venezuela, Argentina and
Egypt.  The successful launch of the Chevrolet Captiva in South
Africa, Venezuela, Colombia and the Middle East helped drive
strong sales in the region.

                             GMAC

As a standalone company, GMAC Financial Services reported a net
loss of US$1.6 billion for the third quarter 2007, compared to a
net loss of US$173 million in the third quarter 2006.  The
reported results for the third quarter of 2007 included a US$455
million goodwill impairment charge at Residential Capital LLC,
while a goodwill impairment charge of US$695 million related to
GMAC Commercial Finance was reflected in results for the third
quarter of 2006.

Results were dominated by the effects of the dislocation in the
mortgage and credit markets on the real estate finance business,
which more than offset the continued strong performance at
GMAC's automotive finance, insurance and other operations.

GM recognized US$757 million of the net loss attributable to
GMAC as a result of its 49% equity interest and accrued
preferred dividends (reported net loss of US$803 million).

                      Cash and Liquidity

GM continues to have a strong liquidity position.  Cash,
marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association trust grew to
US$30 billion as of Sept. 30, 2007, up from US$27.2 billion on
June 30, 2007.  The balance includes US$5.4 billion of net cash
proceeds from the completion of the Allison Transmission
transaction in August 2007.

GM had negative adjusted automotive operating cash flow of
US$2.5 billion in the third quarter of 2007, improved from a
negative US$3.9 billion in the third quarter 2006.

                      About General Motors

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

                          *     *     *

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


LLOYDS FINANCE: Net Loss at INR7.14 Mil. in Qtr. Ended Sept. 30
---------------------------------------------------------------
Lloyds Finance Ltd booked a net loss of INR7.14 million for the
quarter ended Sept. 30, 2007, just about the same figure booked
in the corresponding quarter last year -- INR7.39 million.

The company's July-Sept. 2007 financial results shows total
income of only INR100,000 representing miscellaneous income.     
With the restrictions imposed by the Reserve Bank of India in
1998, the company had no business operations.  Expenses for the
quarter totaled INR7.18 million while taxes aggregated
INR60,000.  

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

              http://ResearchArchives.com/t/s?2537


Lloyds Finance Ltd provides financial services including
leasing, hire purchase, merchant banking, equity research,
corporate finance, portfolio management, forex and other
advisory services.  Pursuant to a winding up petition, the High
Court of Bombay in March 2004, appointed a special committee to
take charge of the company's management and affairs.  The
special committee is empowered to take all necessary steps to
generate funds from the company's debtors and frame the scheme
of repayment to all creditors including debenture holders.

In that regard, the committee formulated a scheme for repayment
to debenture holders and placed the plan before the High Court
for approval.  Approval of Securities and Exchange Board of
India to the scheme has already been accorded via order dated
May 5, 2006.  Repayment to debenture holders will commence after
approval of the High Court as per terms and conditions of
scheme.

Pursuant to the Court's order dated May 3, 2007, the Scheme has
been forwarded to the debenture holders. Further orders from the
High Court in this regard is awaited.

The company's fixed deposits and senior unsecured debt carry
Credit Analysis and Research Limited's CARE D rating.
Additionally, Lloyds Finance's short-term FD 3800, long-term NCD
217 and OFCD 517 all carry a CARE D rating effective on
August 31, 2006.


LLOYDS STEEL: Books INR129-Mil. Net Profit in 2nd Qtr. FY2008
-------------------------------------------------------------
Lloyds Steel Industries Ltd reported a net profit of INR128.7
million in the second quarter ended Sept. 30, 2007, compared to
the INR290.37-million loss incurred in the corresponding quarter
last year.

The positive bottom line is brought about by increased revenues,   
lesser operating expenditures and the big slide in interest
charges.  Total income rose INR4.54 billion in the July-Sept.
2007 quarter from the INR4.37 billion in the same period in
2006.  Operating expenses decreased by 5% to INR4.02 billion
while interest charges was cut by almost half to INR73.98
million.

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

             http://ResearchArchives.com/t/s?2536

Headquartered in Mumbai, India, Lloyds Steel Industries Limited
-- http://www.lloydsgroup.com/-- is engaged in the business of
manufacturing and marketing of iron and steel products, and
manufacturing of capital equipments and Tumkey Projects.  The
company's products include hot rolled products, galvanized
products and pipes.

The company booked two years of consecutive net losses --
INR681.42 million in FY2007 (March 31, 2007) and
INR632.07 million in FY2006 (march 31, 2006).


LOK HOUSING: Earns INR213 Mil. in Qtr. Ended Sept. 30, 2007
-----------------------------------------------------------
Lok Housing & Constructions Ltd reported a net profit of
INR212.75 million on total revenues of INR444.93 million in the
second quarter ended Sept. 30, 2007, compared to a
INR232.7-million net profit on revenues of INR700.2 million in
the same quarter last year.

Even with the revenues' dive, there was only a slight decrease
in Lok Housing's bottom line because of much smaller operating
expenses and interest charges incurred in the latest quarter
under review.

The company booked operating expenditures of INR74.44 million in
the three months ended Sept. 30, 2007, 27% less than those
incurred in the corresponding period in 2006.  Interest charges
dwindled to INR42.2 million from last year's INR240.36 million.

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?2531

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.


QUEBECOR WORLD: Paying Preferred Shares Dividends on December 1
---------------------------------------------------------------
The board of directors of Quebecor World Inc. declared a
dividend of CDN$0.3845 per share on Series 3 Preferred Shares
and CDN$0.43125 on Series 5 Preferred Shares.  The dividends are
payable on Dec. 1, 2007, to shareholders of record at the close
of business on Nov. 19, 2007.

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.


QUEBECOR WORLD: Posts US$315-Mil. Net Loss in 2006 Third Quarter
----------------------------------------------------------------
Quebecor World Inc. reported a net loss of US$315 million from
continuing operations compared to net income of US$19 million in
the third quarter of 2006.

Third quarter 2007 results incorporated an impairment of assets,
restructuring and other charges and a goodwill impairment
charge, net of income taxes, of US$272 million, compared with
US$10 million in 2006 which resulted in a non-cash impact mainly
due to the European transaction.

Considering the transaction and evaluation of the company's
European operations, Quebecor World incurred a non-cash goodwill
impairment charge of US$166 million, US$159 million net of
taxes.  In addition, because of the European transaction with
RSDB and because of the retooling plan and the relocation of
existing assets in North America, impairment tests were
triggered that resulted in an impairment of assets restructuring
and other charges of US$133 million, US$113 million net of taxes
of which US$128 million was a non-cash impairment of long-lived
assets.

For the first nine months of 2007, Quebecor World reported a net
loss from continuing operations of US$374 million compared to
net income from continuing operations of US$19 million for the
same period in 2006.  The results for the first nine months of
2007 included impairment of assets, restructuring, and other
charges and goodwill impairment of US$321 million compared to
US$54 million in 2006 which resulted in a non-cash impact mainly
due to the European transaction.

Adjusted operating income in the first nine months of 2007 was
US$88 million compared to US$167 million in 2006.  This decrease
reflects lower revenues from plant closures, and restructuring
programs well as the effect of the poor European market
conditions, which offset the increased profits in divisions
where the retooling has already been completed, such as the U.S.
Book and Magazines Divisions.  

"Our overall third quarter financial results are disappointing,
but we are achieving three key milestones in the third quarter
to turn around our business and to grow earnings and cash flow:

   (1) sale/merger of the company's European business;

   (2) refinancing the company's balance sheet; and

   (3) completion of the 3-year retooling of the company's
       plants.

“We firmly believe that the sale/merger of our European platform
combined with other initiatives will strengthen our balance
sheet, give us additional financial flexibility and allow us to
focus on our core business in the America's," Wes Lucas,
president and CEO, Quebecor World, said.  "Now that our three-
year retooling program is completed, we will concentrate on
maximizing our cash flow, optimize the value of our asset base,
reduce costs and further develop value-added initiatives to
ensure we succeed in the marketplace by providing our customers
with the best solutions."

Quebecor World disclosed a full repurchase of its 8.42%, 8.52%,
8.54% and 8.69% Private Notes.  Other initiatives are planned to
further strengthen the balance sheet.

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$ 5.6 billion, total liabilities of US$4.2 billion
and total shareholders' equity of US$1.4 billion.

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

ADARO INDONESIA: Inks 5-Year Coal Contract with Guangdong Firms
---------------------------------------------------------------
PT Adaro Indonesia signed a five-year coal import contract with
three major electricity companies of Guangdong Province, China
Daily reports.

According to the report, Adaro Indonesia will supply:

   -- 15 million tons of coal to Guangdong Yudean Group Co Ltd,

   -- 9 million tons to Shenzhen Energy Corporation, and

   --  8.5 million tons to Huaneng Power International Inc.

The supply contract will run between 2008 and 2012, China Daily
notes.  This, the report says, is the largest coal import deal
“energy-hungry” Guangdong has signed with a foreign company.

China Daily cites Li Xiangming, deputy director of Guangdong
Provincial Economic and Trade Commission, as saying that the
contract will help expand further the cooperation between
Guangdong and Indonesia in the energy sector.

                 About PT Adaro Indonesia

Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the  
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia.  The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement.  There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on  Nov. 9,
2007, that Moody's Investors Service placed PT Adaro Indonesia's
Ba3 local currency corporate family and foreign currency bond
ratings under review for possible upgrade.

On Sept. 11, 2006, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Adaro Indonesia.  The
outlook is stable.

At the same time, Standard & Poor's affirmed its 'B+' rating on
the senior secured notes issued by Adaro's wholly owned
subsidiary, Adaro Finance B.V.  The issue is unconditionally and
irrevocably guaranteed by Adaro, and its related company, PT
Indonesia Bulk Terminal.  Adaro had total assets or
US$1.4 billion at March 31, 2006.  It is the largest single-mine
coal producer in Indonesia, with capacity of 38 million tons per
year in 2006 and reserves of at least 14 years.


ALLIANCE ONE: Earns US$18.1 Million in Quarter Ended Sept. 30
-------------------------------------------------------------
Alliance One International, Inc. has announced results for the
quarter and six months ended Sept. 30, 2007.

                  Second Quarter Results

For the second quarter ended Sept. 30, 2007, the company
reported net income of US$18.1 million, or US$0.21 per basic
share, compared to net income of US$8.3 million, or US$0.10 per
basic share, in the year ago quarter.  For the six months ended
Sept. 30, 2007, the company had net income of US$24.1 million,
or US$0.27 per basic share, compared to net income of
US$12.9 million or US$0.15 per basic share for the year ago
period.

Robert E. Harrison, Chief Executive Officer, said  "Operating
income for the quarter and six months was comparable to the
prior year's same periods.  However, the current business
environment remains challenging due to the short African burley
crops and the continued weakening of the US dollar against many
of the foreign currencies where we have a local currency
denominated cost structure.  These factors negatively impacted
our underlying results.  The impact of short crops in periods of
high demand translated into higher average green prices, higher
through put costs and less volume to sell.  In areas not supply
constrained, including Brazil, the continued weakening of the US
dollar has created a challenging pricing environment.  Despite
these challenges, we did make further significant progress in
our strategies to reduce long-term debt, manage our cost
structure and execute on the innovation focus of our core
business.

"Since year end at March 31, 2007, long term debt has been
permanently reduced by US$152.1 million, lowering our cash
interest expense as we move forward.  Additionally, we continue
to focus on our core business as demonstrated by the post
quarter end sale of the CdF operations in early October --
realizing an additional US$16.2 million dollars of cash
available for further debt reductions.

"Finally, consistent with our mission to provide our customers
with innovative solutions, I am pleased to announce that we have
recently filed for intellectual property protection on four new
reduced alkaloid burley varieties developed at our R&D facility
in Brazil.  Applications were filed with the US Department of
Agriculture seeking Plant Variety Protection, and patents are
now pending with the US Patent and Trademark Office.  The new
burley varieties, which are the product of a research program
spanning more than eight years, were developed using
conventional plant breeding methods and exhibit lower alkaloid
levels when compared with other standard burley varieties.  In
addition, the new varieties retain the desirable leaf quality,
grower yields and smoking characteristics typical of existing
Brazilian burley tobaccos.

"Tobacco varieties with lower alkaloid levels mean lower overall
nicotine levels and intrinsically may produce leaf containing
reduced tobacco specific nitrosamines.  We believe this is a
positive development and may compliment the industry's ongoing
research to develop reduced harm products.  Limited commercial
production is expected to commence in early 2009.

Mr. Harrison concluded, "In summary, it was a challenging
quarter in which we kept our focus squarely on our strategic
priorities.  Our long term debt continues to decline and we're
focused on providing innovative products for the future."

            Performance Summary for the Quarter

Sales and other operating revenues

The decrease of 1.2% from US$593.6 million in 2006 to
US$586.6 million in 2007 is primarily the result of a 3.2% or
5.6 million kilo decrease in quantities sold partially offset by
a 2.1% or US$0.07 per kilo increase in average sales prices.

-- Tobacco sales from the South America operating segment
   decreased US$3.3 million or 0.9% resulting from a decrease
   of US$0.15 per kilo in average sales prices as a result of
   product mix, partially offset by an increase in volumes of
   3.4 million kilos.

-- Tobacco sales from the Other Regions operating segment
   decreased US$3.3 million or 1.4% primarily as a result of a
   decrease in volumes of 9.0 million kilos partially offset by
   an increase of US$0.33 per kilo in average sales prices.
   This dynamic is primarily a result of opportunistic sales
   and accelerated shipments in the prior year in the United
   States, the exit from the European markets in Greece and
   Spain and a shortage of shipping vessels in Tanzania in the
   current year.

Gross profit as a percentage of sales

Gross profit decreased US$20.0 million or 19.3% from
US$103.8 million in 2006 to US$83.8 million in 2007 and gross
profit as a percentage of sales decreased from 17.5% in 2006 to
14.3% in 2007.

-- Gross profit in the South America operating segment
   decreased US$14.5 million primarily as a result of decreased
   sales prices coupled with higher costs related to higher
   processing costs as a result of a smaller 2007 crop, as well
   as the impact of the strengthening Brazilian Real, which
   substantially increased both the 2006 and 2007 crop green
   and tobacco processing costs.

-- In the Other Regions operating segment, the decrease in
   gross profit of US$5.5 million is primarily attributable to
   the Africa origins of Malawi and Tanzania.  The 2007 Malawi
   crop size was reduced as a result of weather conditions and,
   when coupled with decreased share due to increased
   competition within the Malawi market, both have dramatically
   increased the purchase price of the 2007 burley crop.  As a
   result of these factors, the average auction prices for the
   2007 crop tobacco in Malawi have almost doubled in
   comparison with the prior year while the per kilo processing
   and overhead costs allocated to the 2007 crop increased.
   Negotiated sales price increases are insufficient to cover
   these cost escalations.  These factors will have a material
   negative impact on Other Region gross profit as the 2007
   Malawi burley crop is sold in future quarters.

Selling, administrative and general expenses decreased
US$4.5 million or 11.0% from US$41.0 million in 2006 to
US$36.5 million in 2007.  The decrease is primarily due to
decreased incentive compensation costs and professional fees
partially offset by increased travel expenses.

Other income of US$2.2 million in 2007 and US$2.9 million in
2006 relates primarily to fixed asset sales.

Restructuring and asset impairment charges were US$2.4 million
in 2007 and US$20.9 million in 2006 as a result of both employee
severance and asset impairment changes.

Debt retirement expense of US$1.3 million in 2007 relates to
accelerated amortization of debt issuance costs as a result of
debt prepayment during the quarter.

Interest expense decreased US$4.4 million from US$29.6 million
in 2006 to US$25.2 million in 2007 primarily due to lower
average borrowings during the quarter.

Interest income decreased from US$2.8 million in 2006 to
US$2.1 million in 2007 primarily due to a lower weighted average
return on cash.

Effective tax rates were an expense of 23.6% in 2007 and 51.4%
in 2006.  We forecast the tax rate for the year ended Mar. 31,
2008, will be 29.9% after absorption of discrete items.

Income (loss) from discontinued operations.  Discontinued
operations resulted in income of US$0.4 million in 2007 compared
to a loss of US$0.8 million in 2006 as a result of our exit from
the discontinued operations in Italy, Mozambique and wool
operations.

              Liquidity and Capital Resources

As of Sept. 30, 2007, available credit lines and cash were
US$686.2 million including US$10.0 million exclusively available
to letters of credit, US$129.2 million of cash, the
US$250.0 million unfunded revolver and US$297.0 million in
foreign lines.  Total debt net of US$129.2 million in cash
decreased to US$797.6 million from US$988.2 million for the
prior year quarter end and US$903.1 million for the quarter
ended June 30, 2007 driven by the pay off of the remaining
US$60.0 million under the US$145.0 million term loan B as a
result of cash flow from operations and other available cash.  
Additionally, from time to time in the future, the company may
elect to redeem, repay, make open market purchases, retire or
cancel indebtedness prior to stated maturity under its various
global bank facilities or outstanding public notes, as they may
permit.

                   About Alliance One

Based in Morrisville, North Carolina, Alliance One International
Inc. (NYSE: AOI) -- http://www.aointl.com/-- is a leaf tobacco  
merchant.  The company has worldwide operations in Argentina,
Bangladesh, Brazil, Bulgaria, Canada, China, France,
Philippines, Malaysia, Singapore, and Indonesia.

                       *     *     *

Alliance One International Inc. continues to carry Moody's
Investors Service's B2 long-term corporate family rating, B1
bank loan debt rating, B2 senior unsecured debt rating, Caa1
subordinated debt rating, and B2 probability-of-default rating.
Moody's said the ratings outlook is stable.

The company also carries Standard & Poor's B+ long-term foreign
and local issuer credit ratings.  S&P said the ratings outlook
is negative.


GARUDA INDONESIA: To Resume Flights to Europe by Year-End
---------------------------------------------------------
PT Garuda Indonesia will resume its flight to European
destinations at the end of 2007, Antara News reports.

Antara recounts that European flights were suspended in 2004 due
to losses incurred by the carrier.

Garuda Managing Director Emirsyah Satar told the news agency
that the resumption of flights will be possible if the flight
ban to Europe due to safety issues is lifted and if proper
planes are available.

As reported by the Troubled Company Reporter-Asia Pacific on
July 17, 2007, the European Union sent safety experts to
Indonesia to review an EU ban on Indonesian airlines.  Fifty-one
Indonesian airlines, including Garuda, have been barred from
European airspace due to safety concerns.  Indonesian officials
said that the ban was not informed since it has failed to
account the improvements made this year.

Meanwhile, head of the Garuda communications affairs Pujobroto
commented that a comprehensive study should be conducted on the
planned resumption of Garuda flights to Europe, the report adds.

                  About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--    
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


GEOKINETICS: Completes US$25 Mil. Lease Facility with CIT Group
---------------------------------------------------------------
Geokinetics Inc. closed a new US$25 million capital lease
facility with CIT Group/Equipment Financing Inc.  This facility
adds US$25 million of additional capacity to the company's
existing capital lease with CIT that closed on July 25, 2006,
for an original amount of US$6 million.

"I am happy to report the expansion of our relationship with
CIT," Richard Miles, president and CEO of Geokinetics, said.
"This facility will serve as a major cornerstone for the future
growth of Geokinetics."  

"We have experienced record levels of backlog and that, along
with ever-increasing demand from our customers to deliver world-
class data in some of the world's toughest environments, has
fueled our significant capital investment program for this
year," Mr. Miles added.  "This facility will help us to finance
our equipment on a long-term basis and support our growth plans
going forward."

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.


PERUSAHAAN LISTRIK: To Form Holding Company w/ Tenaga Nasional
--------------------------------------------------------------
PT Perusahaan Listrik Negara and Malaysia's Tenaga Nasional
Berhad will form a holding company for an interconnection
transmission network project between Sumatra and Malaysia, Tempo
Interactive reports.

According to the report, PLN Transmission and Distribution
Director Herman Darnell Ibahim said the two companies'  
subsidiaries are the ones that will form the holding company, as
each subsidiary owns its assets.  This will simplify the gain
sharing of the electricity purchase based on share ownership, he
said.

In the future, he said, the sales price of Indonesia and
Malaysia is the market price, so that the purchase agreement is
business to business, 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
=========

DELPHI CORP: Disclosure Statement Hearing Continued to Nov. 29
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has agreed to continue until Nov. 29 a hearing previously
scheduled for Nov. 8 to consider potential amendments to Delphi
Corp. and its debtor-affiliates' Joint Plan of Reorganization
and related Disclosure Statement as well as an amendment to the
company's Investment Agreement.

As reported in the Troubled Company Reporter on Nov. 6, 2007,
Delphi Corp. asked the Court to adjourn until later this month a
hearing currently scheduled for Nov. 8.  The purpose of the
adjournment is to continue discussions with Delphi's Statutory
Committees, both of which filed objections on Nov. 2 to the
Disclosure Statement and Investment Agreement amendment approval
motions, and other stakeholders, some of which also filed
objections.  

Consistent with the company's expectations previously disclosed,
the conditions to the effectiveness of the Investment Agreement
amendment reported on Oct. 30 were not satisfied prior to the
Nov. 8 scheduled hearing.  As a result, Delphi's Plan Investors
are no longer obligated to execute the Oct. 30 amendment,
although the underlying Investment Agreement remains effective
in accordance with its terms as approved by the Bankruptcy Court
in August 2007.  The adjournment, which was approved by the
Bankruptcy Court on Nov. 7, will permit the company to continue
discussions with its principal stakeholders, including Delphi's
Statutory Committees, Plan Investors and General Motors Corp.

In order to proceed with the Nov. 29 hearings, the Bankruptcy
Court's supplemental scheduling order requires Delphi to use
commercially reasonable efforts to file additional potential
amendments to the Company's Disclosure Statement, Plan of
Reorganization, Investment Agreement with the Plan Investors and
Global Settlement Agreement with GM by Nov. 16.

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

                       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. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


EBARA CORP: To Book JPY29BB in Extraordinary Losses for FY2007
--------------------------------------------------------------
Ebara Corp. said it will take extraordinary charges of
JPY29 billion in the year ending March 31, 2008, due to losses
at overseas plants, Asia Pulse reports.

The report states that Tokyo-based Ebara decided to book the
extraordinary losses early on, amid growing concern about its
plant operation business.

According to Asia Pulse, Ebara will charge a provision of
JPY13.6 billion on expectations of increased costs from parts
procurement delays as well as high component costs at its
German incineration plant and another JPY10 billion will be
booked due to ongoing delays in collecting debts related to the
suspension of a contract at a plant in Malaysia.

The extraordinary losses, notes Asia Pulse, will be booked in
the first half of the current fiscal year, causing the net loss
for the six-month period to be anticipated at
JPY23.9 billion, exceeding the previously projected
JPY16.9 billion.

The company expects its group net profit to climb 10% this
fiscal year to JPY6 billion, which is in line with earlier
predictions, due to a sale of assets offsetting the losses,
relates Asia Pulse.  

To ensure dividend payouts, Ebara will sell real estate,
including its Haneda plant in Tokyo, and unload securities, the
report adds.

                      About Ebara Corp.

Headquartered in Tokyo, Japan, Ebara Corp. --
http://www.ebara.co.jp/en/ir/index.html -- is Japan's largest  
manufacturer of pumps, a major fluid machinery producer and an
integrated environmental engineering service company.  It also
has technologies for semiconductor polishing, cleaning and
plating.   Headquartered in Tokyo, the company has 107
subsidiaries and 17 associated companies.

Fitch Ratings Agency holds its BB+ foreign and local currency
Issuer Default Ratings and a BB+ senior unsecured local currency
debt rating to Ebara Corp., with a stable outlook.  The rating
was announced on June 21, 2006.


FORD MOTOR: Post US$380 Mil. Net Loss in 3rd Qtr. Ended Sept. 30
----------------------------------------------------------------
Ford Motor Company reported Thursday a net loss of
US$380 million for the third quarter of 2007.  This compares
with a net loss of US$5.2 billion in the third quarter of 2006.

Ford's third-quarter revenue was US$41.1 billion, up from
US$37.1 billion a year ago.  The increase primarily reflected
higher net pricing, changes in currency exchange rates, and
improved product mix.

Ford's third-quarter loss from continuing operations, excluding
special items, was US$24 million, compared with a loss of
US$850 million in the same period a year ago.

Special items reduced pre-tax results by US$350 million in the
third quarter.  These special items were associated with the
previously disclosed Trust Preferred Securities exchange offer,
and charges associated with Ford Europe and PAG personnel
reductions and other restructuring actions.  Favorable cost
adjustments associated with Ford North America personnel
reduction programs were a partial offset.

Automotive gross cash, which includes cash and cash equivalents,
net marketable securities, loaned securities and short-term VEBA
assets, was $35.6 billion at Sept. 30, 2007, an increase of
US$1.7 billion from year-end 2006.

The company continues to explore in greater detail the potential
sale of Jaguar and Land Rover with interested parties and
anticipates these discussions will culminate in an agreement no
later than early next year.

In addition, the company has been conducting a strategic review
of Volvo, and has developed a plan.  The first priority of the
plan is to improve financial performance at Volvo.  The plan
also includes: enhancing Volvo's position as a global producer
of premium vehicles; establishing appropriate business
arrangements between Volvo and Ford-brand operations to allow
Volvo to operate on a more stand-alone basis in the absence of
the PAG structure; and, continuing to achieve synergies between
Ford-brand operations and Volvo in areas such as product
development and purchasing.  The company plans to disclose
Volvo's financial performance beginning with 2008 results.

"Our third quarter performance is very encouraging," said Ford
president and chief executive officer Alan Mulally.  "We can see
our plan taking hold with significant improvement continuing in
our core Automotive operations.  We remain committed to
executing the four priorities of our plan – restructuring the
business to operate profitably, accelerating the development of
new products that our customers want and value, funding our plan
and improving our balance sheet, and working even more
effectively together as one Ford team, leveraging our global
assets."

                      Automotive Sector

On a pre-tax basis, worldwide Automotive sector losses in the
third quarter were US$362 million.  This compares with a pre-tax
loss of US$1.9 billion during the same period a year ago.  The
improvements were more than explained by higher net pricing,
lower costs, and improved volume and mix, partially offset by
higher interest expense, and unfavorable changes in currency
exchange rates.

Vehicle wholesales in the third quarter were 1,487,000, up from
1,467,000 a year ago.  Worldwide Automotive revenue for the
third quarter was US$36.3 billion, up from US$32.5 billion in
the same period last year.  The increase primarily reflected
higher net pricing, changes in currency exchange rates, and
improved product mix.

Ford North America: In the third quarter, Ford North America
reported a pre-tax loss of US$1.0 billion, compared with a pre-
tax loss of US$2.1 billion a year ago.  The improvement
primarily reflected higher net pricing and improved product mix,
partially offset by unfavorable changes in currency exchange
rates.  Revenue was US$16.5 billion, up from US$15.4 billion for
the same period a year ago.

Ford South America: Ford South America reported a third-quarter
pre-tax profit of US$386 million, compared with a pre-tax profit
of US$201 million a year ago.  The improvement was primarily
explained by higher net pricing and higher volume.  Third
quarter revenue improved to US$2.1 billion from US$1.5 billion
in 2006.

Ford Europe:  Ford Europe third-quarter pre-tax profit was
US$293 million, compared with a pre-tax loss of US$13 million
during the same period in 2006.  The improvement was more than
explained by lower costs and higher net pricing, partially
offset by lower volume and less favorable mix.  During the third
quarter of 2007, Ford Europe's revenue was US$8.3 billion,
compared with US$7.3 billion during the third quarter of 2006.

Premier Automotive Group (PAG): PAG reported a pre-tax loss of
US$97 million for the third quarter, compared with a pre-tax
loss of US$508 million for the same period in 2006.  The third-
quarter 2007 result reflected a loss at Volvo, partially offset
by a small profit at the combined Jaguar and Land Rover
operation.  The year-over-year improvement was primarily
explained by cost reductions across all brands, including the
non-recurrence of adverse 2006 adjustments to warranty reserves.  
Higher volumes and higher net pricing were partially offset by
the effect of the continued weakening of the U.S. dollar against
key European currencies.  Third-quarter 2007 revenue was
US$7.4 billion, compared with US$6.5 billion a year ago.

Ford Asia Pacific and Africa: For the third quarter, Ford Asia
Pacific and Africa reported a pre-tax profit of US$30 million,
compared with a pre-tax loss of US$56 million a year ago.  The
improvement primarily reflected cost reductions and higher net
pricing, partially offset by adverse product mix, mainly in
Australia.  Revenue was US$1.8 billion for the third quarter of
2007, compared with US$1.6 billion in 2006.

Mazda: For the third quarter, Ford earned US$18 million from its
investment in Mazda and associated operations, compared with
US$40 million during the same period a year ago.

Other Automotive: Third-quarter results included a pre-tax
profit of US$29 million, compared with a profit of US$553
million a year ago.  The year-over-year deterioration primarily
reflected the non-recurrence of last year’s tax-related
interest.

                  Financial Services Sector

For the third quarter, the Financial Services sector earned a
pre-tax profit of US$556 million, compared with a pre-tax profit
of US$750 million a year ago.

Ford Motor Credit Company: On a pre-tax basis from continuing
operations, Ford Motor Credit Company earned US$546 million in
the third quarter compared with US$730 million in the previous
year.  The decrease in earnings was more than explained by the
non-recurrence of prior-year credit loss reserve reductions,
higher depreciation expense for leased vehicles and higher
borrowing costs.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$276.163 billion in total assets, US$273.606 billion in
total liabilities, US$1.394 billion in minority interests, and
US$1.163 billion in tota shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2520

                            Outlook

The company is ahead of its 2007 plan both on a pre-tax and net
income basis, and anticipates substantial year-over-year
improvement in fourth quarter results.  Fourth quarter
Automotive and cmpany pre-tax results are expected to be a loss,
more than explained by North America.  Full-year pre-tax results
excluding special items are expected to be in the range of a
small loss to breakeven, which would be a significant
improvement from a year ago.

Excluding gains or losses from future divestitures, special
items for full-year 2007 are expected to be a charge in the
range of  US$1 billion to US$2 billion, including a one-time,
non-cash charge estimated to be approximately US$1.4 billion
relating to a proposed change in business practice for offering
and announcing retail variable marketing incentives to our
dealers.

Ford Motor Credit expects to earn US$1.3 billion to US$1.4
billion this year on a pre-tax basis, excluding the impact of
gains and losses related to market valuation adjustments from
derivatives, consistent with the previous estimate.

The company is on track to meet its North American cost
reduction target of $5 billion by 2008 as compared with 2005.  
Progress is being made on achieving U.S. market share goals, and
the company is ahead of its US$17 billion cash outflow target
for the 2007 to 2009 period.

"Our third-quarter and year-to-date performance indicate that
our plan is working,"” said Mulally.  "Our full-year pre-tax
outlook excluding special items is to be substantially better
than 2006.  We remain committed to improving our business and
delivering our plan."

                       About Ford Motor

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications, following
the agreement between Ford and the United Auto Workers of a new
labor contract.  Ford's UAW workers are expected to vote on
ratification of the contract in the coming days, and S&P expect
the required approval level to be obtained.  The ratings were
placed on CreditWatch on Sept. 26, 2007, based on S&P's belief
that Ford would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date. Ford's 'B-3' short-term
rating was not on CreditWatch.


FORD MOTOR CREDIT: Earns US$334 Million in Third Quarter
--------------------------------------------------------
Ford Motor Credit Company has reported net income of
US$334 million in the third quarter of 2007, down US$118 million
from earnings of US$452 million a year earlier.  On a pre-tax
basis from continuing operations, Ford Motor Credit earned
US$546 million in the third quarter compared with US$730 million
in the previous year.  The decrease in earnings primarily
reflected the non-recurrence of credit loss reserve reductions,
higher depreciation expense for leased vehicles and higher
borrowing costs.
    
In the third quarters of 2007 and 2006, pre-tax earnings were
US$341 million and US$521 million, excluding the net gains
related to market valuation adjustments from derivatives, which
were US$205 million and US$209 million, respectively.
    
Ford Motor Credit expects to earn on a pre-tax basis
US$1.3 billion to US$1.4 billion this year, excluding the impact
of gains and losses related to market valuation adjustments from
derivatives, consistent with the previous estimate.
    
"Our sound risk management practices, high-quality portfolio,
strong liquidity and ongoing restructuring continue to produce
solid operating results," said Mike Bannister, chairman and
Chief Executive Offcier.  "As we effectively execute the
fundamentals of the business, we remain on track to meet our
earnings outlook."
    
On Sept. 30, 2007, Ford Motor Credit's on-balance sheet net
receivables totaled US$141 billion, compared with US$135 billion
at year-end 2006.  Managed receivables were US$148 billion,
largely unchanged compared with Dec. 31, 2006.
    
On Sept. 30, 2007, managed leverage was 10.1 to 1.
    
                    About Ford Motor Credit

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

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 7, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications, following
the agreement between Ford and the United Auto Workers of a new
labor contract.  Ford's UAW workers are expected to vote on
ratification of the contract in the coming days, and S&P expect
the required approval level to be obtained.  The ratings were
placed on CreditWatch on Sept. 26, 2007, based on S&P's belief
that Ford would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date. Ford's 'B-3' short-term
rating was not on CreditWatch.


JAPAN AIRLINES: To Begin JALCard Bidding in Mid-November
--------------------------------------------------------
Japan Airlines International Co., Ltd., is set to hold the first
round of bidding in mid-November for shares in its wholly owned
credit card unit, JALcard Inc., sources close to the matter
revealed to Jiji Press.

According to the sources, Mitsubishi UFJ Financial Group Inc.,
Sumitomo Mitsui Financial Group Inc., and Credit Saison Co.,
are expected to bid for the shares.

The Troubled Company Reporter-Asia Pacific reported on
September 19, 2007, that JAL is considering unloading 49% of its
stake in JALcard, which is estimated to have a market value of
about JPY100 billion.

The proceeds of the sale, states Jiji Press, is aimed at
helping the struggling airline focus on core flight service
operations and to help reduce debts.

JALcard subscribers total about 1.9 million, with billings
coming to JPY1.65 trillion, relates Jiji Press.


Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger    
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.  
  
                          *     *     *  

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.  
  
The TCR-AP reported on Oct. 10, 2006, that Moody's Investors  
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines  
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.  
  
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


NOVA CORP: Former Students Form Group; Other Schools Help
---------------------------------------------------------
About 70 former students of bankrupt language-school Nova Corp.
launched Nova Students' Association on Saturday to organize the
abandoned pupils, Kyodo News reports.

Kyodo quotes Joji Yamabuki, who spearheads the group, as
saying, "Former students have been left out.  We would like to
gather as many students as possible to take a joint action."

The group submitted a list of requests to Nova's court-appointed
administrators, asking them to disclose the details of how
G.communication was selected to take over some of Nova's
operations, relates Kyodo.

The Yomiuri Shimbun relates that G.communication Chairman and
President Masaki Inayoshi expressed that the firm will abolish
the system under which students paid tuition fees to Nova in
advance, introducing instead a system in which students pay fees
on a monthly basis.

According to Kyodo, the group plans to hold another meeting on
November 15 in Chuo Ward, Osaka, to gather and disseminate more
information about Nova.

Meanwhile, Jiji Press reports that All Japan Linguistics
Association, an industry group of 21 school operators, said
that 10 of its members will provide programs for Nova students.

Among those firms that have offered to help is Geos Corp., which
decided to accept 3,000 of around 300,000 students that took
lessons at Nova and exempt them from enrollment fees, Jiji
Press says.

The Jiji report further states that Geos is ready to extend
assistance to Nova students who paid fees but cannot take
lessons following the company's bankruptcy filing last month.  
However, if Nova students can prove that they have to complete
all their unpaid lessons, Geos will provide lessons at a 10%
discount for up to one year.

Smaller school operators Kokusai Gaigo Center, which will be
accepting 800 students, and Blue Wish, which will be accepting
50 students, will give lessons to Nova students for free,
excluding enrollment fees and textbooks, for up to six months,
adds Jiji Press.

                     About Nova Corp.

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

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

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


NOVA CORP: G.communication to Reopen School Within the Week
-----------------------------------------------------------
Scandal-tainted language school Nova Corp.'s chosen sponsor,
G.communication Co., said it plans to reopen a Nova school in
Nagoya as early as this week, various reports say.

Kyodo News reports that the Nova Kurokawa school in Nagoya's
Kita Ward would be the first Nova school to be reopened by
G.communication.

According to Kyodo News, G.communication, which is looking to
reopen 30 schools by the end of this month, has decided to
reopen the school due to its proximity to the company's head
office and its large scale of operation.

The acquisition of Nova operations, Kyodo states, will be
conducted through G.communication's wholly owned subsidiary, G.
Education Co., which runs a chain of 45 English conversation
schools under the "EC Inc." brand and plans to rebrand its EC
school in front of Nagoya Station as Nova.

Kyodo News adds that G.communication aims to run schools
elsewhere including Tokyo, Osaka, Sendai, and Fukuoka and is
already in negotiation with landlords in order to restart
operations.

                 Re-employing Former Nova Staff

G.communication Chairman and President Masaki Inayoshi said in
an interview with the Yomiuri Shimbun that the firm would employ
about 2,000 teachers and about 500 administrative staff.

Kyodo News notes that G.communication briefed Nova employees
and foreign teachers about their reemployment over the weekend.

However, according to an Agence France Press report, some
teachers are already packing their bags, giving up hope of
getting the salaries they are owed.

Julie Pidgeon, for one, plans to go home, saying that Nova did
not tell them anything and that any "new information was from
media, or from the union or gossiping amongst ourselves," AFP
notes.

Kristen Moon, who arrived six months before Nova filed for
bankruptcy last month, is quoted by AFP as saying, "I
feel my cultural contribution to Japanese society through the
teaching of English is valued by individuals, but the
government has exploited this need and led to companies earning
huge profits."

                     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.


XERIUM TECH: Earns US$7.1 Million in Third Qtr. Ended Sept. 30
--------------------------------------------------------------
Xerium Technologies Inc. reported financial results for the
third quarter ended Sept. 30, 2007.  Net sales for the third
quarter of 2007 were US$153.6 million, a 5.6% increase from
US$145.5 million for the third quarter of 2006.

For the three months ended Sept. 30, 2007, the company recorded
net income of US$7.1 million compared to US$2.2 million for the
third quarter of 2006.

Thomas Gutierrez, President and Chief Executive Officer of
Xerium Technologies, said, "We continue to make meaningful
progress as we work to strengthen our core businesses and
position Xerium for future growth.  Our clothing business
demonstrated exceptional, broad-based growth this quarter, with
sales increasing 11.6% over the same period last year.  Even
more importantly, as a result of numerous programs we initiated
to drive efficiencies and reduce costs, segment earnings for
clothing grew at almost double the rate of sales growth,
improving 22.5% over the same period."

"As we have described in previous quarters, the roll covers
business continues to face a number of challenges that have
limited our ability to generate sales increases.  These factors
led to a decline in roll covers sales of 5.2% for the third
quarter of 2007 compared to the same quarter last year.  We
have, however, made progress offsetting the bottom-line impact
of sales declines with programs aimed at reducing costs, and I
am pleased that we were able to generate segment earnings this
quarter in line with the prior year period."

He added, "With our cost structure improvement initiatives well
under way, we are also focusing on initiatives designed to
accelerate growth prospects for Xerium.  These efforts include
regional expansion in higher-growth areas of the world,
improving our access to these markets and enabling us to shift
production from higher-cost locations.  In clothing, the
expansion of our South American capabilities and building of a
new manufacturing facility in Vietnam remain on track.  For our
roll covers business, we continue to expect to establish a
physical presence in China by mid-2008, opening up a larger
market opportunity for Xerium."

Mr. Gutierrez concluded, "We remain cautious about market
conditions as consolidation amongst our customers continues and
the competitive environment, particularly in Western Europe, is
still challenging.  We are confident that our strategy clearly
addresses not only these concerns, but also positions us to
capitalize upon the opportunities available to a company with
Xerium’s technological leadership, exceptional customer
relationships and strong market position.  We believe we have a
solid framework for future growth."

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two   
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                        *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating -- B1
     * Guaranteed senior secured term loan B -- B1
     * Guaranteed senior secured revolving credit facility -- B1


XERIUM TECH: Paying US$0.1125 Per Share Dividend on Dec. 17
-----------------------------------------------------------
Xerium Technologies Inc.'s Board of Directors declared a
dividend of US$0.1125 per share of common stock payable on
Dec. 17, 2007, to shareholders of record as of the close of
business on Dec. 5, 2007.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two   
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                        *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating -- B1
     * Guaranteed senior secured term loan B -- B1
     * Guaranteed senior secured revolving credit facility -- B1


* Fitch Says Feedstock Maintenance is Key for Japanese Gas Cos.
---------------------------------------------------------------
Fitch Ratings has commented that the sustainability of feedstock
procurement is an increasingly important rating factor for
Japanese leading gas companies, due to intensifying global
competition over gas feedstock resources amidst growing
potential demands for natural gas in the domestic market.

As crude oil prices escalate beyond US$60 per barrel, the
contractual issues surrounding the importation of liquefied
natural gas (LNG) have enhanced the competitiveness of natural
gas against other fossil fuel resources in the domestic energy
market.  While gas companies have a high potential for expanding
gas sales volume, their attempts to develop new demands may
cause a mismatch between downstream domestic gas sales and
upstream gas procurement contracts.  This mismatch may lead to
an imbalance in these companies' business portfolios as a whole,
especially when speculative moves and national interests are
expected to further intensify competition over gas feedstock
resources.  "Increases in gas sales volume, if profitability is
sustained, will contribute to an improvement in financial
flexibility.  However, aggressive demand development without a
secure and stable supply of feedstock resources may increase
business risks, which is likely to have adverse effects on
ratings of gas companies," says Takeshi Shigemoto, associate
director of Fitch's Energy and Utilities team.

The tariff mechanism for Japanese gas companies has an inherent
time lag of six-to-nine months before crude oil prices are
reflected in gas retail prices.  Provided there are minimal
fluctuations in crude oil import prices, this mechanism
generates adequate profit margins for Japanese gas companies,
regardless of the price levels.  Fitch's view is that
fluctuations in crude oil and gas prices do not generally affect
ratings at Japanese leading gas companies, as long as the risks
in feedstock procurement area are well controlled.  When
business expansion strategies are likely to cause adverse
effects on the cash flow structures via increases in debts,
Fitch will incorporate these into the ratings, although the
agency acknowledges that Japanese leading gas companies have
sustained relatively favourable financial leverage metrics,
compared with other 'AA'-rated companies in the oil, gas, and
electric power segments.


* Energy, Metals Helped Japanese GTC's Profit Growth, S&P Says
--------------------------------------------------------------
Strong earnings growth in the energy, metals & mineral
resources, automobiles, construction equipment, and chemicals
segments helped Japan's six major rated general trading
companies (GTCs) to maintain record consolidated earnings levels
in the first half of fiscal 2007 (ended Sept. 30, 2007),
according to a Japanese-language report published by Standard &
Poor's Ratings Services.  The six major GTCs are Mitsubishi
Corp. (A/Positive/A-1), Mitsui & Co. Ltd. (A/Positive/A-1),
Sumitomo Corp. (A/Stable/A-1), ITOCHU Corp. (BBB+/Positive/A-2),
Marubeni Corp. (BBB-/Positive/--), and Sojitz Corp.
(BB+/Stable/--)

Each of the GTCs generally maintained profit growth in the
energy and metal & mineral resources segments despite a decrease
in the profitability of coal, resulting from lower charcoal
prices and an increase in demurrage costs.  The companies'
bottom lines were underpinned by the high prices of such
commodities as petroleum, iron ore, and copper, and from the
effects of increased production volumes. Since the start of the
second half of fiscal 2007, many commodities have been
increasing in price, with crude oil in particular hitting record
highs. If the market continues to appreciate, Standard & Poor's
expects a further increase in the profits of the GTCs, although
this depends on the terms of contracts as well as the hedging
structure.

In addition to strong sales in emerging markets for automobiles
and construction equipment, price hikes in chemical products due
to increasing prices of materials such as naphtha, resulting
from the appreciation in the price of crude oil, also
contributed to the increase in profits.

Conversely, the GTCs' profits were undercut by losses on
investments in finance companies, which included investments in
Daiei OMC Inc., Orient Corp., and Central Finance Co. Ltd. This
was due to weakened financial performance and stock price falls
following revisions to Japan's Moneylending Control Law.  
Moreover, the impact of the subprime mortgage loan problem and a
slump in housing construction starts from the implementation of
the revised Building Code pressured the GTCs' profits in U.S.
residential housing businesses and domestic housing materials-
related businesses.

All of the GTCs have ramped up their investment activities in
recent years, while simultaneously tightening strategic
portfolio management.  In addition, many have exited certain
investments following a reappraisal of market factors and
business environments, while opting instead to pursue new
investments.  For example, the main reason that Mitsui & Co.
posted a large increase in profits in the first half of fiscal
2007 was its exit from several large-scale investments, such as
in SesaGoa Ltd.

The disposal of investment interests by any of the GTCs may
result in one-off profit boosts, depending on the book value,
because current market prices reflecting aggregate future
earnings will be delivered at a specific point in time.  Due to
this, profits in each reporting period have become even more
volatile, and earnings cannot be evaluated properly via short-
term comparisons.  The GTCs will continue to promote strategic
portfolio management, and in the event that the companies'
buying and selling of assets heats up, earnings in each fiscal
period are likely to fluctuate more.  A longer term view of
performance when assessing the GTCs' business results will be
critical.


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

DURA: Debtors File Motion to Pay Arrangers of US$425MM Exit Loan
----------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates are
seeking a US$425,000,000 financing to emerge from Chapter 11.  
DURA expects US$300,000,000 of the loan to be funded on the
effective date of its Plan of Reorganization.

The Debtors sought and obtained Court approval of an engagement
letter and a fee letter entered into with Goldman Sachs Credit
Partners, L.P., and Barclays Capital, the investment banking
division of Barclays Bank, PLC.

Pursuant to the Engagement Letter, Goldman Sachs and Barclays,
as arrangers, have offered to syndicate exit financing for Dura
Operating Corp.:

   (a) a senior secured revolving credit facility in an amount
       up to US$125,000,000;

   (b) a senior secured first-lien tranche B term loan facility
       in amount up to US$225,000,000; and

   (c) a senior secured second-lien term loan facility in an
       amount up to US$75,000,000.  

Goldman Sachs will be the administrative agent for the First
Lien Term Facility, and Barclays Capital will be administrative
agent for the Revolving Facility.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, noted that the Debtors' emergence from
bankruptcy is predicated on funding from two key sources -- the
exit facility and the US$140,000,000 to US$160,000,000 rights
offering backstopped by Pacificor, LLC.  The backstop deal with
Pacificor has already been approved by the Court.

The Debtors, with the assistance of their investment banker,
Miller Buckfire & Co., initiated discussions with, and solicited
exit financing proposals from, a variety of potential exit
lenders.  The Debtors have decided to pursue a joint proposal
from Goldman Sachs and Barclays.

The Debtors are not yet seeking approval of the exit financing.  
The documents submitted for the Bankruptcy Court's approval do
not constitute not a commitment, and do not oblige the Barclays
and Goldman Sachs, or their affiliates to provide the exit
facility or any other financing.  The Debtors only sought Judge
Kevin Carey's approval to pay fees and reimburse the expenses
of, and to grant indemnification to, the Arrangers.

The Debtors did not specify the fees to be paid to the Arrangers
or the amount of expenses they will reimburse.  The Debtors have
redacted the Fee Letter filed with the Court.

The Debtors said that the indemnification, fees and expense
reimbursements are necessary to compensate the Arrangers for
their time and efforts in soliciting lender interest for the
exit facility and are customary for transactions of similar
nature.

The Debtors asked the Court hear their proposal on an expedited
basis and have scheduled a November 8 hearing on the matter.  
The Debtors' proposal faced opposition from the U.S. Trustee.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
warned that the Debtors may be improperly retaining Barclays, et
al., as estate professionals under Section 327(a) of the
Bankruptcy Code.  She said that it appears that Barclays, et
al., have been tasked to act as investment bankers with respect
to the exit facility when the Debtors have employed Miller
Buckfire as their investment bankers.

The U.S. Trustee also disputes the filing of the Fee Letter
under seal on grounds that it stops the public from viewing
certain economic terms of the arrangement.

                          *     *     *

The Court has approved the Engagement Letter and the Fee Letter
in all respects.  The Court's order did not specify whether the
U.S. Trustee's concerns were addressed.

                      About Dura Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.  
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Nov. 26, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 34 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Confirmation Hearing Moved to December 7
---------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates asked
the Court to reschedule the hearing to consider confirmation of
their Joint Plan of Reorganization to December 6, 2007.

The hearing on the Plan, which contemplates a US$425,000,000
exit
financing and a US$140,000,000 to US$160,000,000 equity rights
offering to be fully backstopped by Pacificor, LLC, was
originally scheduled for November 26, 2007.

The Debtors will seek confirmation of a restructuring plan that
contemplates paying administrative claimants and secured lenders
in full, and awarding 55% recovery to holders of US$418,700,000
in senior notes and 22% recovery for holders of US$22,300,000 in
other general unsecured claims.  Holders of senior notes and
general unsecured claimants will receive cash, but larger
claimants, which also includes Pacificor, will have the option
to buy shares at the rights offering.  Holders of subordinated
notes aggregating US$560,700,000 and owners of existing stock of
DURA will not receive any recovery under Plan.

The deadline to file objections to the Plan's confirmation has
also been moved to November 12, 2007, at 4:00 p.m., from the
original November 6 deadline.

Various parties have already filed objections to the Plan.  The
objectors include a prior purchaser of the Debtors' assets, the
U.S. Internal Revenue Service, certain subordinated noteholders
and parties to contracts to be assumed or rejected under the
Plan.

                        Objections to Plan

(a) Atwood

Atwood Acquisition Co. LLC, now known as Atwood Mobile LLC, says
the Plan is not confirmable if the Debtors are unable to pay its
US$35,230,326 administrative claim.

As previously reported, Atwood Acquisition Co. LLC, now known as
Atwood Mobile LLC, purchased the assets of the Debtors' Atwood
division for a US$160,200,000 cash consideration.

Michael G. Busenkell, Esq., at Hunton & Williams, LLP, in
Dallas, Texas, relates that the purchase price under the
parties' asset purchase agreement included a working capital
component, which the parties failed to calculate prior to the
August 2007 closing of the deal.  Accordingly, for closing
purposes, the Debtors and Atwood agreed to estimate the working
capital and to calculate the actual working capital after the
closing pursuant to a negotiated procedure set in the APA.

According to Mr. Busenkell, Atwood has calculated the actual
working capital and has determined that it is entitled to a
refund of a portion of the purchase price in the amount of
US$35,230,326.

"While Atwood fully intends to honor the negotiated procedures
set forth in the purchase agreement, the Debtors are moving
forward confirmation and their proposed plan of reorganization
does not provide for payment of the working capital refund to
Atwood," says Mr. Busenkell.

Mr. Busenkell points out that the working capital adjustment
constitutes a postpetition, administrative claim under Section
503(b) of the Bankruptcy Code, and entitled to 100% payment on
the Plan's effective date like other administrative claims.

Without sufficient cash to satisfy Atwood's administrative claim
on the Effective Date, the Plan is not feasible and, thus, not
confirmable, he asserts.

Thus, Atwood Acquisition objects to the Plan to the extent that
it does not demonstrate the Debtors' ability to satisfy Atwood's
administrative claim on the Effective Date.  Atwood requests
that any order confirming the Plan be subject to the Debtors'
establishment of a reserve in the amount of US$35,230,326 to
ensure payment of the working capital adjustment.

(b) U.S. Government

The United States Government, on behalf of the Internal Revenue
Service, objects to the Plan's treatment of IRS' priority
claims, specifically, with respect to the Plan's failure to
provide for an adequate rate of interests on the claims.

"The IRS is entitled to an interest at the rate and method
specified in 26 U.S.C. Sections 6621 and 6622," contends Ellen
W. Slights, Esq., Assistant United States Attorney.

IRS has asserted a prepetition claim totaling US$5,178,912 and a
postpetition claim asserting US$487,873 against the Debtors.  

(c) Counterparties to Contracts

The Debtors provided a list of executory contracts and unexpired
leases to be assumed and rejected as part of the Plan.

Toyota Motor Credit Corporation questioned the clarity of the
Plan's list of executory contracts and leases to be assumed and
the cure amounts asserted.  Toyota noted that the Debtors listed
for assumption only two of their five forklift agreements, and
estimated a cure amount of US$8,086 with no breakdown of how the
cure amount was determined or delineation of which leases are
being assumed.  Toyota insists that an additional US$4,497 is
due under the leases on account of late charges.

Oracle Corporation, parties to certain agreements related to the
licensing of Hyperion software and related services with the
Debtors, noted that the Debtors stated that they are assuming
certain contracts between Hyperion and the Debtors and indicated
a cure amount of US$3,876 due under the contract.  Beyond
identifying Hyperion Solutions as a counter-party, the Plan does
not provide any additional identifying information, including
correct name or date, for the three contracts that the Debtors
seek to assume, said James E. Huggett, Esq., at Margolis
Edelstein, in Wilmington, Delaware.  Oracle insists that if the
three contracts to be assumed consist of the Software License
Agreement, the subsequent Assignment Agreement and the Software
License and Services Agreement, the proposed US$3,876 cure
amount is inadequate.

Robert Bosch, LLC, for its part, filed a protective objection to
the inclusion of the Trademark Agreement, entered into by Bosch
and Excel Industries Inc., a company acquired by the Debtors in
1999., on the Plan's list of contracts to be rejected.  The
Agreement gives Bosch the rights to use the trademark "Excel" in
return for royalty payments, Gordon J. Toering, Esq., at Warner,
Norcross & Judd, LLP, in Grand Rapids, Michigan, said.  
According to Mr. Toering, Bosch and the Debtors have had
discussions regarding the Debtors' inclusion of the Agreement
among the contracts to be rejected, and have yet to reach a
resolution on the issue.

Karl Storrie and David Bovee are parties to the Debtors'
Supplemental Executive Retirement Plan.  Michael W. Yurkewicz,
Esq., at Klehr, Harrison, Harvey, Branzburg & Ellers, LLP, in
Wilmington, Delaware said that Messrs. Storrie and Bovee
continue to have obligations under the SERP.  The contract
provides that the Messrs. Storrie and Bovee should not compete
with the company, and the Debtors have not released them from
their obligations under the SERP.  Mr. Yurkewicz argues that the
Plan is improperly requesting a retroactive rejection of certain
executory contracts, including the SERP.  Messrs. Storrie and
Bovee ask the Court to order that  the rejection should be
effective at the earliest as of the date of the Plan is
confirmed, and not on the Petition Date.

(d) Noteholders and Other Parties
                
Douglas Stevens and Raphael Durst, owners of Dura Operating
Corp. Series C/D 9% Senior Subordinated Notes Cusip Number
26632QAh6, object the Debtors' Plan of Reorganization.  "[I]t
would be unfair if in two years the company would be profitable
and these bonds will have no recovery in the present," Mr. Durst
says.  He  asserts that the Plan should entail some or future
recovery of these bonds in form of either:

   (a) a stock transfer in the present; or
          
   (b) a hold on the bonds (no interest or maturity payments)
       for a certain period and then reexamine the value of Dura
       to see if there is value in those bonds.

Additional parties, namely, Envision Graphics, Inc., a Class 5A
Claim Holder; Autobon Express, Inc.; and Magna Donnelly
Corporation, also expressed their objection to the Plan.  
Autobon says it is unethical to participate in a vote where 80%
of its claim will be given to the "New Dura" to operate and
continue to build and eventually be a successful and profitable
business.  Magna Donnelly Corporation, a defendant to a patent
infringement lawsuit filed by the Debtors, complains that the
provisions of the proposed Plan permit the Debtors to pursue the
patent case against Magna, while at the same time, barring it
from pursuing any counter-claims that it is otherwise entitled
to raise.

                  About Dura Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.  
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had USUS$1,993,178,000 in total assets
and USUS$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Nov. 26, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 34 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


REMY: Gets US$225MM Secured DIP Financing From Barclays Capital
---------------------------------------------------------------
Judge Carey of the U.S. Bankruptcy Court for the District of
Delaware granted Remy Worldwide Holdings, Inc., and its debtor
affiliates final approval to obtain up to US$225,000,000 of
secured postpetition financing from a syndicate of lenders led
by Barclays Capital, the investment division of Barclays Bank
PLC.  The approved DIP Financing consists of a $120,000,000
Revolver Credit Agreement and a US$105,000,000 First Lien Credit
Agreement.

Among the DIP Lenders are Barclays Bank PLC, Wachovia Capital
Finance Corporation, General Electric Capital Corporation and
Wells Fargo Foothill, LLC.

All objections not otherwise resolved or withdrawn are
overruled.

"The approval of the final DIP facility is right in line with
our game plan, and keeps us on track to complete our consensual
restructuring and emerge from Chapter 11 in early December as
planned," Remy Chief Executive Officer John Weber said in a
press release.  "The DIP facility provides more than adequate
resources
to fund our postpetition obligations to suppliers and employees
and our other operating requirements during the plan
confirmation
process."

Available financing and advances under the DIP Facility
Agreement will be made only (i) to repay Remy's prepetition
indebtedness aggregating US$158,000,000; (ii) to fund Remy's
ordinary working capital and general corporate needs; and (iii)
to pay other amounts required or allowed to be paid under the
DIP Facility Agreement, the Court ruled.

As consideration for Remy's DIP obligations, the DIP Lenders are
granted superpriority claims, which will be payable from and
have recourse to any of Remy's unencumbered property.

As security for Remy's postpetition indebtedness, Barclays Bank,
as DIP Collateral Agent, is granted DIP Liens.

In the occurrence of an event of default under the DIP Facility,
the DIP Superpriority Claims and DIP Liens will be subject to a
Carve-Out.  The Carve-Out refers to the payment of unpaid fees
and disbursements of the professionals of Remy and any official
unsecured creditors committee appointed in Remy's Chapter 11
cases in an aggregate amount not to exceed US$2,500,000, plus
fees payable to the U.S. Trustee pursuant to Section 1930 of the
Judicial Procedures Code.

The Administrative Claim for Remy's Prepetition Lenders is
deemed subordinate to the DIP Superpriority Claim and the Carve-
Out, and will be senior to the Replacement Liens afforded to the
noteholders of the senior floating rate notes due 2009 issued by
Remy.

The DIP Facility will terminate on the earliest of:

   (i) six months after the date of the Closing Date,

  (ii) the effective date of Remy's plan of reorganization,
       or

(iii) the date of termination of the commitments or
       acceleration of any outstanding extensions of credit.  

Remy is directed, after receipt of a written summary invoice,
reimburse the DIP Lenders for their reasonable costs, fees and
expenses incurred in connection with their Chapter 11 cases.

A full text-copy of the 31-page Remy Final DIP Order is
available at http://bankrupt.com/misc/DIPOrder.pdf

The DIP Financing is vital to avoid irreparable harm to Remyu's
business, properties and estates and to allow the orderly
continuation of Remy's businesses, the Court opined.

                 Schedules Filing Deadline Extended

Judge Carey also gave Remy until December 7, 2007, to file its
Schedules of Assets and Liabilities and Statements of Financial
Affairs.  The Court's ruling is a 30-day interim extension for
Remy to file the required Schedules and Statements.

Remy originally asked for a 45-day extension of the Schedules
filing deadline, asserting that its cases are complex and its
professionals are busy with other bankruptcy-related matters.

Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, however,
opposed Remy's original request.  The U.S. Trustee emphasized
that the nature and pace of the Debtors' cases require a prompt
deadline for filing Schedules and Statements, and suggested that
it will not object to a 30-day extension.

In light of the fact that Remy has delivered to the Court a
comprehensive Disclosure Statement and complete creditor matrix
on the Petition Date, the U.S. Trustee also contended that the
bulk of the information necessary for Remy to complete its
Schedules and Statements has already been compiled and should be
readily available.

The Court has yet to rule on Remy's request for a permanent
waiver of the obligation to file Schedules in the event that it
confirms its Plan of Reorganization prior to the expiration of
the extended Schedules filing period.

The U.S. Trustee has complained that by seeking a permanent
waiver of the Schedules filing requirement, Remy is seeking to
dispense with its obligation to advise creditors of its position
as to the extent and nature of the creditors' claims which are
being discharged under the Plan.

A hearing to confirm Remy's prepackaged Plan of Reorganization
is scheduled for November 20, 2007.

                       About Remy Worldwide

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

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

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


SSANGYONG ENGINEERING: KAMCO Accepts Bid for 50.07% Stake Sale
--------------------------------------------------------------
Korea Asset Management Corp. will accept bids, until November
27, for its controlling stake in Ssangyong Engineering &
Construction Co, various reports says.

Korean Times notes that KAMCO, with a 38.75% stake in Ssangyong,
is managing a 50.07% -- including Shinhan Bank's 4.58% shares
and Woori Bank's 1.44% shares -- stake sale in the company .

A number of domestic construction companies and private equity
funds have expressed their interest in acquiring a majority
stake in Ssangyong, The Times notes.  The report relates that,
according to industry analysis, due to the bidding competition,
sales will probably increase to around KRW700 billion.

KAMCO told the news agency that lead sales manager, Samjong KPMG
& Socius consortium, will accept letters of intent from
prospective buyers this month, select up to five bidders by the
end of the year, and then choose a preferred bidder in February.

However, The Times relates, creditors' attempt to sell  
Ssangyong Engineering will likely be blocked by the company's
employees.  Ssangyong employees are opposing the sale to a third
party, vowing to make it a company owned and run by its workers.

Bloomberg News, citing a company statement, relates that
Ssangyong's employees, who own a combined 18% in Ssangyong
Engineering by value, have the right to buy, at the highest
bidding price, about half of the stake being put up for auction.

The Times adds that KAMCO officials said it is not possible to
sell more than a 24% stake to the Ssangyong employee association
on their terms because it is not the best way to recoup
taxpayers' money spent to revive the distressed company.

                About Ssangyong Information

Seoul-based Ssangyong Information & Communication --
http://www.sicc.co.kr-- is a provider of information technology  
and communication solutions.  The company\u2019s system
integration business offers system design, planning,
development, operation and maintenance services; application
development, integration and maintenance services; the
development of geographic information systems, and the operation
of data centers.  Its network business is engaged in the
development of communication equipment, the building of local
area and wide area networks, and the provision of Internet
security and other solutions. In addition, the Company provides
training services, enterprise resource planning and consulting
services through its education and consulting divisions.

Korea Ratings gave the company's commercial papers a B- rating
on Jan. 29, 2007.


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

LITYAN HOLDINGS: Names New Personnel in Two Committees
------------------------------------------------------
Lityan Holdings Berhad disclosed new personnel in its
remuneration and nomination committees.

The company's nomination committee comprises of:

   * Dato' Mohd Hanafiah bin Omar -- chairman;

   * Encik Mohamed Ridza bin Mohamed Abdulla -- member; and

   * Encik Adi Azuan bin Abdul Ghani – member.

Lityan's remuneration committee now comprises of:

   * Dato' Mohd Hanafiah bin Omar -- chairman;

   * Encik Mohamed Ridza bin Mohamed Abdulla -- member; and

   * Encik Adi Azuan bin Abdul Ghani – member.

                    About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides     
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

Lityan Holdings Bhd's unaudited balance sheet as of March 31,
2007, went upside down with an equity deficit of
MYR83.07 million, from total assets of MYR62.01 million and
total liabilities of MYR145.08 million.


OLYMPIA INDUSTRIES: To Hold Annual General Meeting on Nov. 30
-------------------------------------------------------------
Olympia Industries Berhad will hold its annual general meeting
on November 30, 2007, at 10.00 a.m., at Level 3, Avenue K, in
Jalan Ampang, Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive and adopt the audited financial statements for the
      financial year ended June 30, 2007, together with the
      reports of the directors and auditors;

   -- approve the payment of directors' fees for the financial
      year ended June 30, 2007;

   -- re-elect these directors:

      * Dato' Yap Yong Seong;

      * Tan Sri Datuk Eugenio Antonio Da Luz Campos,

      * Tun Dato' Seri Abdul Hamid bin Haji Omar,

      * Tan Sri Dato' Jaffar bin Abdul, and

      * Tan Sri Dato' Wan Sidek bin Wan Abd Rahman; and
     
   -- re-appoint Messrs Ernst & Young as the company's auditors.

                    About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad -- http://www.oib.com.my-- is an investment holding
company that provides management services to its subsidiaries.
The Company, through its subsidiaries, is engaged in property
development and management; organizing, managing numbers
forecast pools and public lotteries; paint spraying of aluminum,
other metal products and related architectural products; civil,
building construction works, construction of storage tanks and
engineering; stock broking and other financial services; food
and beverage business; maintaining and operating Internet-based
transaction facilities and services; servicing of oil and gas
pipelines, and operation of travel agencies. In October 2006,
the Company increased its interest in Jupiter Securities Sdn Bhd
from 60.06% to 70.57%.

The company is currently operating pursuant to a restructuring
scheme.


SELOGA HOLDINGS: Bursa to Suspend Securities Trading on Nov. 19
---------------------------------------------------------------
The Bursa Malaysia Securities Bhd will suspend the trading of
Seloga Holdings Berhad's securities on November 19, 2007, after
the Securities Commission rejected the company's regularization
plan proposals.  

In a letter dated November 6, 2007, the Commission rejected the
company's appeal on its regularization plan because of its
failure to regularize its financial condition and no extension
of time has been granted to the company.

In addition to the suspension, Bursa Securities also commenced
delisting procedures against the company.

                      About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SHAW GROUP: Joint Venture Bags Remediation Contract from DOE
------------------------------------------------------------
The Shaw Group Inc. disclosed that Accelerated Remediation
Company LLC, a small business joint venture formed by Shaw
Environmental & Infrastructure Group and Portage Environmental,
Inc., was awarded a task order by the U.S. Department of Energy.   
The value of the three year, cost-plus-incentive fee task order
contract is approximately US$14 million and has been included in
the company's previously announced backlog.

The task order contract is issued under the Small Business DOE
Environmental Management Nationwide Indefinite Delivery
Indefinite Quantity contract previously awarded to ARC.  Under
this task order, ARC will provide remediation services at the
Separations Process Research Unit, a former nuclear research
facility that is located at the Knolls Atomic Power Laboratory
in Niskayuna, N.Y.

“Shaw's Environmental & Infrastructure Group has established
itself as a premier provider of hazardous waste management,
removal and disposal services at our nation's former nuclear
research and production sites,” said J.M. Bernhard Jr., Shaw's
chairman, president and chief executive officer.  “We are
pleased to have been selected for this important DOE contract
and we look forward to executing this contract with Portage
Environmental.”

                     About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the    
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                       *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


TRIPLC BERHAD: Will Hold Annual General Meeting on Nov. 28
----------------------------------------------------------
Triplc Berhad will hold its annual general meeting on Nov. 28,
2007, at 10:00 a.m., at the Zamrud Room, The Saujana Kuala
Lumpur, Saujana Resort, in Jalan Lapangan Terbang SAAS, 40150
Shah Alam, Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive the company's audited financial statements for the
      year ended May 31, 2007, and the reports of the directors
      and auditors;

   -- re-elect these directors:

   * YBhg Dato Hashim Bin Mahfar;

   * Dr. Abdul Latif Bin Shaikh Mohamed; and

   * Encik Jumsi Bin Batri

   -- re-appoint BDO Binder as the company's Auditors and
      authorize the directors to fix their remuneration.
              
Moreover, a resolution stating that the directors' fees of
MYR43,333 will be approved for payment for the year ended
May 31, 2007, will also be passed at the meeting.


TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian
based provider of property development, construction and related
project management services.

The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company has been classified as an affected
listed issuer of the Amended Practice Note 17 category of the
Bursa Malaysia Securities Bhd.

Accordingly, as stipulated in the listing requirements of the
bourse, the company is required to submit a regularization plan
to relevant authorities which is aimed at stabilizing the
company's financial condition.


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

AD STOTT: High Court Appoints Crichton &  Horne as Liquidators
--------------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of AD Stott Ltd. on October 15, 2007.

Creditors who were not able to file their proofs of debt by the
November 5 due date were excluded from the company's dividend
distribution.

The Liquidators can be reached at:

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


EX PLASTERING: Shareholders Resolve to Wind Up Operations
---------------------------------------------------------
The shareholders of EX Plastering Ltd. met on October 15, 2007,
and resolved to voluntarily wind up the company's operations.

Steven Cammish, of BDO Spicers, was appointed as liquidator.

The Liquidator can be reached at:

          Steven Cammish
          BDO Spicers, PO Box 51563
          Pakuranga, Auckland
          New Zealand
          Telephone:(09) 274 9340
          Facsimile:(09) 274 0863


HOME INVESTMENT: High Court to Hear Wind-Up Petition on Feb. 8
--------------------------------------------------------------
A petition to have Home Investment Group Ltd.'s operations wound
up will be heard before the High Court of Auckland on Feb. 8,
2008, at 10:45 a.m.

Town & Country Carpets Limited filed the petition on Sept. 28,
2007.

Town & Country's solicitor is:

          Natalie Tabb
          35 Isobel Road, Greenhithe
          Auckland
          New Zealand


JUST MARKETING: Sets November 19 as Deadline for Proofs of Debt
---------------------------------------------------------------
The shareholders of Just Marketing Partnerships Ltd. appointed
Paul Graham Sargison and Gerald Stanley Rea as the company's
liquidators on Oct. 16, 2007.

Messrs. Sargison and Rea are accepting creditors' proofs of debt
until November 19, 2007.

The Liquidators can be reached at:

          Paul Graham Sargison
          Gerald Stanley Rea
          Gerry Rea Partners
          PO Box 3015, Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098


PENDEREL FARM: Appoints Mason and Meltzer as Liquidators
--------------------------------------------------------
Karen Betty Mason and Jeffrey Philip Meltzer were named
liquidators of Penderel Farm Ltd. on September 24, 2007.

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

The company's liquidator is:

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


RIVERVIEW ENGINEERING: Shareholders Agree to Liquidate Business
---------------------------------------------------------------
The shareholders of Riverview Engineering Ltd. have agreed to
voluntarily liquidate the company's business during a meeting
held on Oct. 17, 2007.

Damien Grant and Steven Khov were appointed as liquidators.

The Liquidators can be reached at:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand
          Facsimile:(09) 444 FAXWSI


RTB CONTRACTING: Court to Hear Wind-Up Petition on Nov. 19
----------------------------------------------------------
An application to have RTB Contracting (2006) Ltd.'s operations
wound up will be heard before the High Court of Whangarei on
November 19, 2007, at 10:45 a.m.

The petition was filed by Halls Earthworks Limited on Aug. 19,
2007.

Halls Earthworks' counsel is:

          Daniel Grove
          45 Chancery Street
          Auckland
          New Zealand


SHERMART LTD: Sets Nov. 20 Deadline to File Proofs of Claims
------------------------------------------------------------
A special resolution dated October 17, 2007, has decreed the
voluntary liquidation of Shermart Ltd.'s operations.

Creditors are required to file their proofs of debt by Nov. 20,
2007, in order to be included in the company's dividend
distribution.

The company's liquidators are:

          Kim S. Thompson
          PO Box 1027, Hamilton
          New Zealand
          Telephone:(07) 834 6813
          Facsimile:(07) 834 6104; and

          Kenneth P. Brown
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Facsimile: (07) 571 6281


SWEATER MANUFACTURING: Sets Nov. 19 Deadline for Proofs of Debts
----------------------------------------------------------------
Karen Betty Mason and Jeffrey Philip Meltzer were tapped as
liquidators of The Sweater Manufacturing Company Ltd. on
Oct. 18, 2007.

Creditors who can file their proofs of debt by November 19,
2007, will be included in the company's dividend distribution.

The Liquidators can be reached at:

          Karen Betty Mason
          Jeffrey Philip Meltzer
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


WINSUN DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 30
-------------------------------------------------------------
Creditors of Winsun Developments Ltd. have until November 30,
2007, to file their proofs of debt in order to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 17,
2007.

The company's liquidators are:

          John Robert Buchanan
          Callum James Macdonald
          Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993, North Shore
          North Shore City 0745
          New Zealand
          Telephone:(09) 441 4165
          Facsimile:(09) 441 4167


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

AAR CORP: Inks Definitive Merger Agreement with Summa Tech
----------------------------------------------------------
On November 9, 2007, AAR Corp. disclosed that it has signed a
definitive merger agreement to acquire Summa Technology, Inc., a
provider of high-end sub-systems and precision machining,
fabrication, welding, engineering and test services to both
commercial and government customers.  Summa will operate as part
of AAR's Structures and Systems segment.

The consummation of the merger agreement will remain subject to
Summa stockholders’ approval, the expiration of the Hart-Scott-
Rodino anti-trust waiting period and other customary conditions.
The company expects the merger will be completed before the end
of November.

                          About Summa

Founded in 1987, Summa is headquartered in Huntsville, Alabama
with additional facilities in Cullman, Alabama and Lebanon,
Kentucky, totaling over 420,000 square feet of manufacturing
space.  Stifel Nicolaus served as financial advisor to Summa in
connection with the merger agreement.

                         About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'.  The outlook
is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


ARINC INC: S&P Rates US$575 Million Credit Facility at B+
-------------------------------------------------------
Standard & Poor's Ratings Services assigned bank loan and
recovery ratings to ARINC Inc.'s US$770 million secured credit
facility.  The US$575 million first-lien credit facility is
assigned a 'B+' rating and '2' recovery rating, indicating
expectations of substantial (70%-90%) recovery of principal in
the event of payment default.  The US$195 million second-lien
credit facility is assigned a 'CCC+' rating and '6' recovery
rating, indication expectations of negligible (0%-10%) recovery.  
The proceeds from the credit facilities were used to partially
finance the acquisition of the company by the Carlyle Group.  
See the recovery report, "ARINC Inc.'s US$770 Million Bank
Financing," to be published on RatingsDirect immediately
following release of this article, for the full recovery
analysis.
     
Annapolis, Maryland-based ARINC (B/Stable/--) is a leading
provider of engineering services to the U.S. military and other
government agencies (59% of 2006 revenues), mission-critical
communications and IT services to the global aviation industry
(24%), and communications and information systems for airports
and surface transportation systems (17%).
     
The corporate credit rating on ARINC is 'B' and the outlook is
stable.  "The rating reflects its weak credit protection
measures as a result of very high debt leverage following the
acquisition by Carlyle, which more than offset the company's
leading position in niche markets and adequate profitability and
liquidity," said Standard & Poor's credit analyst Christopher
DeNicolo.  


Ratings List

ARINC Inc.
Corporate Credit Rating               B/Stable/--

Ratings Assigned
US$575 Mil. 1st-Lien Credit Facility  B+
   Recovery Rating                     2
US$195 Mil. 2nd-Lien Credit Facility  CCC+
   Recovery Rating                     6

Annapolis, Maryland-based, ARINC Inc. -- http//www.arinc.com/ --
provides communications and IT services to the global aviation
industry and the U.S. military and other government agencies.

The company has locations in Germany, Spain, China, Japan,
Taiwan, Thailand and Singapore, among others.


READER’S DIGEST: Appoints Kerry D. Hatch as President of QSP
------------------------------------------------------------
The Reader's Digest Association, Inc., on November 7, 2007,  
named Kerry D. Hatch as the President of QSP, Inc., the
company's schools and youth fundraising division.  The
appointment was effective on November 12, 2007.  Miss Hatch will
report to Michael S. Geltzeiler, President, School & Educational
Services.

"We are delighted to attract an executive with the consumer
marketing know-how and proven track record of Kerry Hatch to
lead QSP," said Mr. Geltzeiler.  "Kerry is a strategic general
manager with a history of business development and financial
success at American Express and other leading corporations.
Kerry's business acumen coupled with the best and largest sales
force in fundraising, positions QSP well for continued success
and long-term growth."

Recently Miss Hatch served as the President of St. Regis and The
Luxury Collection for Starwood Hotels, where she oversaw the
selection, design and construction of new luxury properties.
Before that, she was the President and CEO of Goodtimes
Entertainment, a direct marketing and entertainment business
owned by Quadrangle Group Partners.

Miss. Hatch served for 22 years with American Express,
ultimately as President of The Small Business Network, from 2000
to 2004.  In that role, she was responsible for a US$2 billion
diverse financial services business that sold credit cards,
lines of credit, term loans and equipment leases to U.S. small
business owners.  Her earlier executive assignments with
American Express included senior leadership positions in
marketing, Strategy, and Business Development.  She has been
recognized with numerous honors including: New York Women's
Agenda "Star" Award; B2B Magazines Top 10 "Marketer of the Year"
Award; Women in Business "Advocate of the Year" by the US Small
Business Administration in New York; and the Calvert "Corporate
Citizen Award".

Miss Hatch lives in Rye, N.Y., and holds a BA in Economics from
the University of Colorado and an MBA from the Columbia Graduate
School of Business.  She succeeds James Northrop, who left QSP
last month.

QSP has helped schools across the U.S. and Canada raise more
than US$3 billion over the last 41 years.  As the educational
fundraising division of Reader's Digest Association, QSP also
creates and supports various programs that teach children
important life lessons about goal setting, planning teamwork,
and the value of community service.

                     About Reader's Digest

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher   
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  Annual revenues approximate US$2.4 billion.

The company has offices in Australia, Hong Kong, Malaysia,
Taiwan, Philippines and Singapore.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on  
February 21, 2007, that Moody's Investors Service placed The  
Reader's Digest Association, Inc.'s Ba1 Corporate Family Rating  
and Ba2 senior unsecured note rating on review for possible  
downgrade.  The review is prompted by increasing debt to fund  
acquisitions and return of capital to shareholders,  
deterioration in cash generation, and Moody's concern regarding  
the company's weakened liquidity position.

Another TCR-AP report said that Standard & Poor's Ratings
Services placed its ratings, including the 'BB' corporate credit
and 'BB-' senior unsecured debt ratings, on Reader's Digest
Association Inc. on CreditWatch with negative implications.


SOON LAI: Creditors' Meeting Set for November 23
------------------------------------------------
Soon Lai Seng Teck Construction Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on Nov. 23,
2007, at 10:00 a.m., 1 Raffles Place, #20-02 OUB Centre, in
Singapore.

At the meeting, the creditors will be asked to:

   -- receive an update on the conduct of the administration
      from the liquidator;

   -- consider the appointment of a Committee of Inspection
      pursuant to Section 277 of the Companies Act (Cap.50); and

   -- consider other matters that may be brought up at the    
      meeting.

The company's liquidator is:

          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


SOTHEBY'S: Experts Link Low Art Sale Proceeds on Credit Crisis
--------------------------------------------------------------
Results of Sotheby's art sale last week fell 25% below the
auction company's US$355 million estimate as works by several
major artists were left unsold,  The Wall Street Journal
reports.

According to WSJ, experts linked the poor sale on the current
housing market crisis which could cause slowdown in the art
market.

Headquartered in New York City, Sotheby's is one of the
two largest auction houses in the world.  The company has
operations in Singapore.  Total revenues for the fiscal year
ended Dec. 31, 2006 were nearly US$665 million.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Moody's Investors Service upgraded Sotheby's corporate family
rating to Ba2 from Ba3; probability of default rating to Ba2
from Ba3; and senior unsecured notes rating to Ba3 (LGD5-84%)
from B2 (LGD6- 90%).  The outlook is stable.


SWECO ASIA: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on November 1, 2007,
the members of Sweco Asia Pte Ltd agreed to voluntarily
liquidate 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


UNITED TEST: Names New Personnel Upon Completion of Scheme
----------------------------------------------------------
United Test and Assembly Center Ltd's board of directors has
stepped down, following Affinity and TPG's successful
acquisition of the company for SGD$2.2 billion, which received
shareholders’ approval at a court meeting held on October 5,
2007.  UTAC's board of directors now comprises of Lai Tak Seng,
Justin Tong-Yi Chang, James Fung Hwee Ling and Ashish Jaiprakash
Shastry.

“We believe that the resources, experience and expertise which
TPG and Affinity brings with them to the deal will stand UTAC in
good stead to continue fuelling its dedication and focus on
strategic growth and expansion.  I am confident that with TPG
and Affinity's vision, assurances of continuity for UTAC in all
business developments and operations, together with the Group’s
strong management team, UTAC will be in strong hands,” commented
outgoing UTAC Group Chairman Charles Chen.

Other members who have stepped down from the the company's board
of directors are:

   * Tsai Chung-Che;

   * Lee Kheng Nam;

   * Lee Joon Chung

   * Dr. Chang Chun-Yen;

   * Chen Cheng-Lien

   * Chew Lo-Hou

   * Dr. Klaus C. Wiemer

   * Lim Hock San;

   * S. Chandra Das

   * Shaw Shung-Ho

   * Dr. Tan Ng Chee; and

   * Tay Koon Chuan as an alternate director to Chew Lo-Hou.

“On behalf of the management and staff of UTAC, I wish to extend
my deepest appreciation and thank Mr. Chen and his Board for
their tremendous contributions and guidance.  Their wisdom and
support will be missed by all at UTAC,” said JC Lee, Group CEO
and President, who has also stepped down from the Board.

The Scheme of Arrangement under Section 210 of the Companies
Act, Chapter 50 of Singapore, pursuant to which UTAC was
acquired by a consortium vehicle of private equity firms,
Affinity Equity Partners and TPG Capital LLP, became effective
and binding on Oct. 23, 2007.  Trading of UTAC shares has ceased
on Oct. 17, 2007 and was delisted on October 30, 2007.

                           About UTAC

United Test and Assembly Center Ltd, based in Singapore and
listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.  The company has manufacturing facilities
in Singapore, China (Shanghai), Taiwan and Thailand, and a
global sales network in Singapore, Thailand, Taiwan, the US,
Italy, Korea and Japan.

                           *     *     *

As reported by the Troubled Company Reporter � Asia Pacific on
October 30, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on UTAC to 'B+' from 'BB-'.  The outlook
is stable.

The TCR-AP also reported on October 22, 2007, that Moody's
Investors Service downgraded the corporate family rating of UTAC
to B1 from Ba3 and withdrawn the Ba3 senior unsecured rating of
its US$190m convertible bonds.  These bonds will be cancelled
upon conclusion of the takeover of UTAC.  At the same time,
Moody's has assigned a provisional (P)Ba3 senior secured
rating to UTAC's new parent, Global A&T Electronics Ltd's
(Global A&T), proposed US$625m term loan facility and US$150m
revolving facility.  The ratings outlook is stable.


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

FEDERAL-MOGUL: Court Confirms Fourth Amended Reorganization Plan
----------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware confirmed the Fourth Amended Joint
Plan of Reorganization of Federal-Mogul Corporation and its
debtor affiliates, as modified, on Nov. 8, 2007.

As part of the ruling, the Court approved the Plan B Settlement
between Cooper Industries, Ltd., and Federal-Mogul.  The
Bankruptcy Court noted that its ruling does not preclude
further deliberations and supplementing the order with approval
of Plan A.

Judge Fitzgerald found that the Fourth Amended Plan, as
modified, satisfies the 13 requirements for confirmation under
Section 1129(a) of the Bankruptcy Code:

   * In accordance with Section 1129(a)(1), the Plan complies
     with all applicable provisions of the Bankruptcy Code.

   * In accordance with Section 1129(a)(2), the Debtors and the
     rest of the Plan Proponents have complied with all
     applicable provisions of the Bankruptcy Code.

   * As required under Section 1129(a)(3), the Plan Proponents
     proposed the Plan in "good faith," within the meaning of
     Section 1125(e), and is not by any means forbidden by law.

     Judge Fitzgerald noted that the Plan:

        -- has been proposed with the legitimate purpose of
           reorganizing the Debtors' affairs and maximizing the
           returns available to creditors and holders of equity
           interests; and

        -- achieves a global resolution of Asbestos Personal
           Injury Claims through the assumption of those claims
           by the Asbestos Personal Injury Trust.

   * No payment for services or costs and expenses of
     professionals in connection with the bankruptcy cases and
     the Plan has been or will be made by the Debtors other
     than payments that have been authorized by the Court in
     compliance with Section 1129(a)(4).

   * Pursuant to Section 1129(a)(5), the Debtors have disclosed
     all necessary information regarding the Reorganized
     Debtors' directors and officers, including those that may
     constitute insiders and the nature of compensation for
     those insiders.

   * The Debtors' current businesses do not involve the
     establishment of rates over which any regulatory  
     commission has or will have jurisdiction after
     Confirmation, as set forth under Section 1129(a)(6).

   * In accordance with Section 1129(a)(7), each holder of an
     impaired claim or equity interest that has not accepted
     the Plan will receive or retain property valued at not
     less than the amount that holder would receive or retain
     if the Debtors were liquidated under Chapter 7 of the
     Bankruptcy Code.

   * All Classes of Claims and Equity Interests that voted on
     the Plan have either accepted the Plan or are unimpaired   
     as required under Section 1129(a)(8).

   * The Plan also meets the requirements regarding the payment
     of Administrative Claims and Priority Claims as set forth
     in Section 1129(a)(9).

     The Plan provides that each holder of an allowed
     Administrative Claim will receive cash equal to the    
     allowed claim amount except to the extent that the holder
     agrees to a different treatment, Judge Fitzgerald notes.

   * At least one Class of Claims or Equity Interests that is
     impaired under the Plan has voted to accept the Plan in
     compliance with Section 1129(a)(10).

   * As demonstrated by the Debtors' financial projections and
     other evidence in record, confirmation of the Plan is not
     likely to be followed by the liquidation, or the need for
     further financial reorganization of the Debtors and the
     Reorganized Debtors in accordance with Section
     1129(a)(11).

   * As provided under Section 1129(a)(12), all fees payable
     pursuant to Section 1930 of the Judiciary and Judicial
     Procedure Code will be paid on or before the Effective
     Date.

   * Pursuant to Section 1129(a)(13), the Plan provides that
     the payment of all retiree benefits under retiree benefit
     plans to which Section 1114 is applicable will be
     continued absent the termination of the retiree benefit
     plans.

The Plan also complies with other provisions of the Bankruptcy
Code, including Section 1122 and 1123:

   -- Consistent with Section 1122, the Plan classifies claims
      and equity interests into a class containing only
      substantially similar claims or equity interests;

   -- In accordance with Section 1123(a)(1), the Plan properly
      classifies all claims and equity interests that require
      classification;

   -- The Plan identifies and describes each class of claims or
      equity interests that are not impaired in compliance with
      Section 1123(a)(2);

   -- As required under Section 1123(a)(3), the Plan identifies
      and describes the classes of claims or interests that are
      impaired.

   -- The treatment of each claim or equity interest within a
      Class, in accordance with Section 1123(a)(4), is the same
      as the treatment of the other claims or equity interests
      in that Class unless the holder of a claim or equity
      interest agrees to a less favorable treatment under the
      Plan.

   -- As set forth under Section 1123(a)(5), the Plan provides
      adequate means for its implementation, including:

         * the continued corporate existence of the Debtors and
           the vesting of the Debtors' assets in the
           Reorganized Debtors;

         * the cancellation of the existing notes, other debt
           securities, indentures, and Federal-Mogul Corp.  
           common stock and the surrender of existing  
           securities and instruments;

         * the issuance of Reorganized Federal-Mogul common
           stock, warrants, and junior secured PIK notes;

         * detailed provisions for making Plan distributions;

         * the implementation of various settlements under the
           Plan; and

         * the creation of the Asbestos PI Trust, the
           assumption of all Asbestos PI Claims by the Trust,
           and the discharge of the Debtors' obligations and
           liabilities on account of the Asbestos PI Claims.

   -- Pursuant to Section 1123(a)(6), the Reorganized Debtors'
      charters, bylaws or similar constituent documents contain
      provisions prohibiting the issuance of nonvoting equity
      securities and provide for the appropriate distribution
      of voting power among all classes of equity securities
      authorized for issuance;

   -- The Reorganized Debtors' charters, bylaws and similar
      constituent documents regarding the manner of selection
      of the Reorganized Debtors' officers and directors are
      consistent with the interests of creditors and equity
      security holders and with public policy as required under
      Section 1123(a)(7);

   -- As permitted by Section 1123(b)(1), the Plan provides for
      the impairment of certain Classes of Claims and Equity
      Interests, while leaving other Classes unimpaired;

   -- The Plan provides for the assumption or rejection of the
      Debtors' executory contracts and unexpired leases that
      have not yet been assumed, assigned, or rejected in
      compliance with Section 1123(b)(2);

   -- Pursuant to Section 1123(b)(3), the Plan provides that
      with certain exceptions, the Reorganized Debtors will
      retain and have the exclusive right to enforce, sue,
      settle, or compromise all claims, proceedings, and causes   
      of action arising under the Bankruptcy Code that are
      commenced prior to the closing of the Chapter 11 cases;

   -- The Plan, as required under Section 1123(b)(5), modifies
      or leaves unaffected, the rights of holders of each Class
      of Claims and Equity Interests;

   -- In accordance with Section 1123(b)(6), the Plan includes
      other provisions that comply with applicable provisions
      of the Bankruptcy Code, including provisions governing
      the treatment of claims and equity interests, the
      disposition of contracts and unexpired leases, the
      implementation of the Plan, and the injunctions, releases
      and discharges to be effected by the Plan;

   -- The Plan further provides for the satisfaction of cure
      amounts in connection with each executory contract and
      unexpired lease to be assumed consistent with Section
      1123(d).

   -- The purpose of the Plan is not the avoidance of taxes or
      requirements under the Securities Act of 1933.  Thus, the
      Plan complies with the provisions of Section 1129(d).

In addition, the Bankruptcy Court held that the Plan comports
with Section 524(g) regarding the issuance of an injunction to
enjoin entities from taking legal action to recover payment in
respect of Asbestos PI Claims against the Reorganized Debtors.

The issuance of the Injunction is necessary to preserve and
promote the settlements contemplated by and provided for in the
plan, Judge Fitzgerald said.

All objections to the Plan have been consensually resolved or
were otherwise voluntarily withdrawn.

                   Insurer Settlements Approved

As reported in the Troubled Company Reporter on Nov. 7, 2007, to
recall, certain insurance carriers strongly opposed the Plan
to the extent of its liability coverage of the Debtors' asbestos
claims.  In an effort to resolve the remaining confirmation
objections, the Debtors entered into separate settlement
agreements with those insurers.

Accordingly, the Bankruptcy Court also approved the Asbestos
Bodily Injury Coverage in Place Agreement among Felt Products
Manufacturing Co., Federal-Mogul Corp., and certain insurers, as
well as the Debtors' settlements with five insurer parties:

   * OneBeacon America Insurance;

   * Seaton Insurance Company;

   * Stonewall Insurance Company;

   * TIG Insurance Company;

   * The ACE USA Companies comprised of Century Indemnity
     Company, Pacific Employers Insurance Company, Central
     National Insurance Company of Omaha, U.S. Fire Insurance
     Company, Insurance Company of North America, St. Paul
     Mercury Insurance Company, and ACE property and Casualty
     Insurance Company; and

   * The Travelers Indemnity Company and Travelers Casualty and
     Surety Company.

Judge Fitzgerald clarified that the Insurer Settlements do not
negatively impact the rights of non-party insurance companies.

Moreover, the Bankruptcy Court approved the Stipulation on the
Asbestos Assignment and Preemption Issues between the Debtors
and certain signatory insurers.  In accordance with the
Stipulation, the Signatory Insurers withdrew their objections to
the assignment of policy rights to the Asbestos PI Trust.  To
the extent not already listed, the Signatory Insurers have been
included in the list of Settling Asbestos Insurance Companies.

Pursuant to a Court-approved stipulation with the Debtors,
Certain Underwriters at Lloyd's, London, and Certain London
Market Companies reserve their right to appeal the order
approving the Stipulation.  The Underwriters agree that they
will not seek a reconsideration or review of the Plan
Confirmation Order with respect to the Stipulation.

                  Non-Material Plan Modifications

As previously reported, the Plan Proponents delivered to the
Bankruptcy Court on Nov. 5, 2007, a further modified Fourth
Amended Plan to clarify certain provisions of the Asbestos
Bodily Injury Coverage in Place Agreement among Felt Products
Manufacturing Co., Federal-Mogul Corp., and certain signatory
insurers.

Among other things, the Plan Proponents restated the Fourth
Amended Plan to provide that the requirement of the Trustees of
the Asbestos PI Trust to obtain the consent of the Trust
Advisory Committee and the Future Claimants Representative in
carrying out certain of their duties is subject to the
provisions of the CIP Agreement with respect to the Fel-Pro
Subfund, the Vellumoid Subfund, Fel-Pro Claims, Vellumoid Claims
or Federal-Mogul Asbestos Claims.

Robert L. Katz, Esq., senior vice president and general counsel
to Federal-Mogul Corp., elaborates that the U.S. Asbestos Trust
is required to provide Columbia Casualty Company, Continental
Casualty Company, and The Continental Insurance Company with
information related to any lawsuit involving a Fel-Pro Claim or
a Vellumoid Claim contemporaneously with the provision of that
information to the lead insurer.  The Asbestos PI Trust will not
withdraw that tender to either CNA or the Lead Insurer without
withdrawal as to the other, Mr. Katz relates.

The handling of Fel-Pro or Vellumoid Claims in accordance with
the CIP Agreement, Mr. Katz says, will be without prejudice to:

   -- CNA's right to participate in the defense and resolution
      of the Fel-Pro or Vellumoid Claims; and

   -- the Trust's rights to:

      * pursue coverage from CNA for the Fel-Pro or Vellumoid
        Claims; and

      * seek contribution or reimbursement from CNA in its
        capacity as successor to the Debtors' rights or as
        assignee of the contribution rights of the CIP
        Insurers.

Judge Fitzgerald finds that all of the Plan Modifications
proposed by Debtors at several instances do not materially and
adversely affect or change the treatment of any claim or equity
interest in  any Debtor.

A full-text copy of the Nov. 5 Modified Federal-Mogul Fourth
Amended Plan is available for free at:

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

                      Federal-Mogul's Statement

Federal-Mogul Corp. is seeking the affirmation by the U.S.
District Court, the Honorable Joseph H. Rodriguez presiding,
which must also take place for the company to emerge from
bankruptcy.

Federal-Mogul voluntarily filed in 2001 for Chapter 11 in
the U.S. and Administration in the U.K. in order to separate its
asbestos liabilities from its true operating potential.  These
restructuring proceedings provided the company the opportunity
to emerge from bankruptcy as a leading global automotive
supplier.

Chairman, president and chief executive officer Jose Maria
Alapont said emergence from Chapter 11 will be instrumental in
the company's drive to generate growth in key markets, and
develop innovative technologies at competitive cost, creating
value for its global customers.

"We thank our employees, customers and stakeholders for
their continued support," said Mr. Alapont.  "The Federal-Mogul
team has been relentless in its dedication to service
excellence, and remains focused on our successful operating
performance and the implementation of our sustainable global
profitable growth strategy."

                      About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The confirmation hearing started on
June 18, 2007.  (Federal-Mogul Bankruptcy News, Issue No. 152;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


* BOND PRICING: For the Week 12 November to 16 November 2007
------------------------------------------------------------




Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.75
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Antares Energy Limited        10.000%  10/31/13     AUD     1.76
Arrow Energy NL               10.000%  03/31/08     AUD     2.83
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     9.50
Becton Property Group          9.500%  06/30/10     AUD     1.11
Bounty Industries Limited     10.000%  06/30/10     AUD     0.11
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.90
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.85
Cardno Ltd                     9.000%  06/30/08     AUD     7.50
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.81
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     5.05
FGL Finance                    6.250%  03/17/10     AUD     7.92
First Australian              10.000%  10/31/09     AUD     0.72
Fletcher Building Ltd          8.600%  03/15/08     NZD    11.00
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.15
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.00
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.45
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.08
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.50
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     9.25
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.06
LongReach Group Limited       10.000%  10/31/08     AUD     0.20
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Minerals Corp.                 9.000%  03/31/08     AUD     0.95
Minerals Corp.                10.500%  09/30/08     AUD     1.00
Nylex Limited                 10.000%  12/08/09     AUD     2.20
Primelife Corporation         10.000%  01/31/08     AUD     1.02
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.15
Salomon SB Aust                4.250%  02/01/19     USD     7.69
Silver Chef Limited           10.000%  08/31/08     AUD     1.00
Speirs Group Ltd.             10.000%  06/30/49     NZD    65.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.00
TrustPower Ltd                 8.500%  09/15/12     NZD     9.00
TrustPower Ltd                 8.500%  03/15/14     NZD     9.50


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     68.49
Yunnan Yuntianhu Co., Ltd.     1.200%  01/29/13    CNY     74.52


JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.61
Nara Prefecture                1.520%  10/31/14     JPY     9.61
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    66.72

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    47.40
Korea Dev. Bank                7.450%  10/31/21     KRW    47.37
Korea Dev. Bank                7.400%  11/02/21     KRW    47.35
Korea Dev. Bank                7.310%  11/08/21     KRW    47.31
Korea Dev. Bank                8.450%  12/15/26     KRW    70.34


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.16
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.20
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.25
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.20
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     1.01
EG Industries Berhad           5.000%  06/16/10     MYR     0.58
Equine Capital                 3.000%  08/26/08     MYR     2.00
Greatpac Holdings              2.000%  12/11/08     MYR     0.22
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.51
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Berhad                   8.000%  04/19/09     MYR     0.71
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.33
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.60
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.57
Kumpulan Jetson                5.000%  11/27/12     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.53
Media Prima Bhd                2.000%  07/18/08     MYR     1.79
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.53
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.52
Pelikan International          3.000%  04/08/10     MYR     1.52
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.78
Ramunia Holdings               1.000%  12/20/07     MYR     0.88
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.23
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.65
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.50
Southern Steel                 5.500%  07/31/08     MYR     1.61
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.97
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.72
Wah Seong Corp.                3.000%  05/21/12     MYR     6.50
WCT Land Bhd                   3.000%  08/02/09     MYR     3.36
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.81
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.06


SRI LANKA
---------

Sri Lanka Govt                7.000%  10/15/11     LKR     74.04
Sri Lanka Govt                6.850%  04/15/12     LKR     71.35
Sri Lanka Govt                6.850%  10/15/12     LKR     69.31
Sri Lanka Govt                8.500%  01/15/13     LKR     73.69
Sri Lanka Govt                8.500%  07/15/13     LKR     72.68
Sri Lanka Govt                7.500%  08/01/13     LKR     68.55
Sri Lanka Govt                7.500%  11/01/13     LKR     67.80
Sri Lanka Govt                8.500%  02/01/18     LKR     68.43
Sri Lanka Govt                8.500%  07/15/18     LKR     67.10
Sri Lanka Govt                7.500%  08/15/18     LKR     61.80
Sri Lanka Govt                7.000%  10/01/23     LKR     53.63



                            *********


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 ***