TCRAP_Public/071114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

         Wednesday, November 14, 2007, Vol. 10, No. 226

                            Headlines

A U S T R A L I A

CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
CONVERGENCY PTY: Commences Liquidation Proceedings
CURZON STREET: Members to Receive Wind-Up Report on Nov. 20
FORTESCUE METALS: Moody's Lowers Rating of Finance Unit to B1
HARRY BOURCHIER: Members to Hear Wind-Up Report on Nov. 19

ILLINGA FASHION: Members Resolve to Commence Wind-Up Proceedings
IRLMOND PTY: Liquidator to Give Wind-up Report on Nov. 26
LIGHTHOUSE (AUSTRALIA): Members Agree on Voluntary Liquidation
MEGA BRANDS: S&P Places B+ Corp. & Bank Loan Ratings on WatchNeg
MULLANDULLAWA PTY: Members to Hold Final Meeting on Nov. 19

NEURAGENIX PTY: Will Declare Dividend on Nov. 29
OPP2 PTY: Members Agree to Start Voluntary Wind-Up Proceedings
PEABODY ENERGY: Earns US$32.3 Million for Qtr. Ended Sept. 30
PINNACLE INTERIORS: Declares Dividend for Priority Creditors


C H I N A   &   H O N G  K O N G

APEX MIGHT: Court to Hear Wind-Up Petition on January 2  
ASIA FOCUS: Members Appoint Liquidators
BEARCOLE LIMITED: Creditors' Proofs of Debt Due on November 23
BEAR COMPANY: Creditors' Proofs of Debt Due on November 23  
BENQ CORP: Eyes Business Expansion in the Philippines

CHINA SOUTHERN AIRLINES: To Join SkyTeam Alliance
CHINA SPORTS: Court to Hear Wind-Up Petition on December 5  
COSMOS BANK: Incurs TWD9-Bil. Net Loss for 2007 9-Month Period
HI-TECH: James Wardell, Jackson IP Appointed as Liquidators
KUEN KEE: Court to Hear Wind-Up Petition on December 19  

SCS LIMITED: Court to Hear Wind-Up Petition on December 12  
SILICONWARE PRECISION: Third Qtr. Net Income Increases to TWD5BB
SILICONWARE PRECISION: Expects More Sales in Fourth Quarter 2007
SILICONWARE PRECISION: Divests Sigurd Microelectronics Shares
TACHAN SECURITIES: To Sell Tichung Branch to Ta Chong Securities

TIN LOK: Court to Hear Wind-Up Petition on December 5  
TUNG HING: Members Agree to Liquidate Business


I N D I A

BALLY TECH: Fitch Affirms Issuer Default Rating at B-
BALLY TECH: Teams Up with Teradata To Provide Business Services
ITI LTD: Tejbir Singh Replaces Pritam Singh as Director-Mktng
JIK INDUSTRIES: Earns INR308 Mln. in Quarter Ended Sept. 30


I N D O N E S I A

ADES WATERS: Discloses Restructuring Plan, To Lay Off Workers
ADES WATERS: To Offer 440.2 Million Shares at IDR1,000 Each
GARUDA INDONESIA: Fuel Charged Up 30% Amid Oil Price Increase
GARUDA : Partners with Virgin Blue for Interline Agreement
MATAHARI PUTRA: Moody's Affirms B1 Corporate Family Rating


J A P A N

CABLE & WIRELESS: Restores Services in Cayman Islands
DELPHI CORP: Creditors Say Disclosure Statement is Inadequate
DELPHI CORP: Senior Noteholders Balk at Disclosure Statement
FORD MOTOR: Reaches Tentative Labor Agreement with UAW
FORD MOTOR: S&P Expects to Affirm B Rating Due to Narrower Loss

FORD MOTOR: Local Unions Favor Labor Pact, Initial Results Show
ICONIX BRAND: Enters Into Five Global License Agreements
J-CORE: S&P Affirms Rating on Class E Trust Certificate at BB+
JVC CORP: Moody's Affirms Baa3 Debt Rating with Negative Outlook
KOBE STEEL: Posts Net Income of JPY4.5 Billion for H1 of FY2007

NOVA CORP: G.communication to Hire 1,760 Nova Employees
SOFTBANK CORP: Ties Up with Disney on Mobile Phones Service
* Fitch Publishes Rating Criteria For FILP Bond Issuers
* Japan Sees 8.06% More Corporate Bankruptcies in October


K O R E A

DAEWOO ELECTRONICS: Lays Off About 1,500 Workers
SEQUA CORP: Wants to Redeem 2008 Unsecured Notes by December 21
SEQUA CORPORATION: Earns US$18.1MM in Third Qtr. Ended Sept. 30
SEQUA CORP Moody's Rates Proposed Sr. Debt Facility at B1
UAL CORP: Issues 600,000+ Shares to Eligible Claimholders


M A L A Y S I A

BOUSTEAD HEAVY: ECM Keeps 'Buy' Call on Hopes of More Orders
TIME DOTCOM: DiGi Discloses Plans for Broadband Deal


N E W  Z E A L A N D

AUSTRALIAN LAND: Court to Hear Wind-Up Petition on Jan. 31
BATHHOUSE RESTAURANT: Creditors' Proofs of Debt Due on Nov. 16
CLEAR CHANNEL: Earns US$279.7 Mln in 3rd Quarter Ended Sept. 30
CLEAR CHANNEL: Providence Mulls Rescinding US$1.2-Billion Deal
COSTA'S RESTAURANT: Creditors' Proofs of Debt Due on November 16

FIDELITYGENETIC LIMITED: Taps Official Assignee as Liquidator
HARLOMA LIMITED: Taps Official Assignee as Liquidator
N J G HOLDINGS: Appoints Official Assignee as Liquidator
NORTHLAND AUTOMOTIVE: Creditors' Proofs of Debt Due on Nov. 30
PROSCENIUM PRODUCTIONS: Appoints Official Assignee as Liquidator

SOLUTION DYNAMICS: Net Deficit Down 7% to NZ$568,000 in FY2008
TRUSTPOWER LTD: Earns NZ$63.1 Mil. in Six Months Ended Sept. 30
VTL GROUP: Trading Suspended on Failure to File Annual Results
WEIGHT WATCHERS: Reports US$49.5 Million Net Income in 3rd Qtr.


P H I L I P P I N E S

CHIQUITA BRANDS: Posts US$28-Mln Net Loss in Qtr. Ended Sept. 30
METRO PACIFIC: Turns Around with Nine-Month Profit of PHP235.6MM
NAT'L POWER: Reduced Generation Charges in Oct. Cue Lower Rates
PSI TECHS: Announces Financial Results for Third Quarter 2007
SAN MIGUEL: S&P Affirms 'BB' Rating After Aussie Dairy Unit Sale

WELLEX INDUSTRIES: 3rd Quarter Net Loss Rises 269% to PHP33-Mil.
ZEUS HOLDINGS: 3rd Quarter 2007 Net Loss Climbs 2% to PHP23,879


S I N G A P O R E

FOO TEE: Court to Hear Wind-Up Petition on Nov. 23
HAPPY MANUFACTURING: Members to Hold Final Meeting on Dec. 6
LINDETEVES: Sept. 30 Balance Sheet Upside-Down by SGD78 Million
SPECTRUM BRANDS: Posts US$333 Million Net Loss in Fourth Quarter
SCOTTISH RE: S&P Revises Outlook from Developing to Negative


T H A I L A N D

NFC FERTILIZER: Court to Hear Rehabilitation Petition on Dec. 17
SRITHAI FOOD: Faces SET Delisting on Undermanned Audit Committee
TMB BANK: ING to Buy 30% Stake for EUR460-Mil. Recapitalisation


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
-------------------------------------------------------------
United Auto Workers union employees at a Chrysler LLC testing
facility on Metropolitan Parkway in Michigan will be reassigned
following the closure of the site, under the recently ratified
labor contract between the carmaker and the union, Terry Oparka
of C&G News reports.

According to Chrysler spokesman Dave Elshoff, the Sterling
Heights Vehicle Test Center, which employs twenty employees and
is listed as an industrial warehouse, is for sale for
US$7 million, C&G News relates.

Mr. Elshoff added that other Michigan facilities designated to
be shuttered are located in Windsor, in Detroit on Mound and and
Van Dyke, and in Plymouth.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Chrysler disclosed that it would make volume-related reductions
at several of its North American assembly and powertrain plants,
and eliminate four products from its line-up.

Shifts will be eliminated at five North American assembly plants
which, combined with other volume-related manufacturing actions,
will lead to a reduction of 8,500-10,000 additional hourly jobs
through 2008.

Additional actions include reductions of salaried employment by
1,000 and supplemental (contract) employment by 37%.  The
Company also plans to eliminate hourly and salaried overtime and
reduce purchased services due to reduction in volume.

The volume-related actions are in addition to 13,000 jobs
eliminated by the three-year Recovery and Transformation Plan
announced in February.  The objectives of the RTP remain the
same.

"We have to move now to adjust the way our company looks and
acts to reflect a smaller market," Tom LaSorda, vice chairman
and president of the Chrysler Group, said.  "That means a cost
base that is right-sized and an appropriate level of plant
utilization."

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital  
Management LP, 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.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
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.


CONVERGENCY PTY: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on September 24, 2007, the members
of Convergency Pty Ltd agreed to voluntarily liquidate the
company's business.

Colin McIntosh Nicol and Johan Vorster were appointed as
liquidators.

The Liquidators can be reached at:

          Colin McIntosh Nicol
          Johan Vorster
          McGrathNicol
          IBM Centre, Level 8
          60 City Road
          Southbank, Victoria 3006
          Australia
          Telephone:+61 3 9038 3100
          Web site: http://www.mcgrathnicol.com

                      About Convergency Pty

Convergency Pty Ltd is involved with electrical work.  The
company is located at Melbourne, in Victoria, Australia.


CURZON STREET: Members to Receive Wind-Up Report on Nov. 20
-----------------------------------------------------------
The members of Curzon Street Pty Ltd will hold their general
meeting on November 20, 2007, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The Troubled Company Reporter-Asia Pacific previously reported
that the members of the company agreed on December 22, 2006, to
wind up the company's operations.

The company's liquidator is:

          M. A. Hatherly
          NorthCorp Accountants, Chartered Accountants
          Suites 1-3 Bourne House
          10-12 Short Street
          Port Macquarie, New South Wales 2444
          Australia

                       About Curzon Street

Curzon Street Pty Ltd, which is also trading as Port Macquarie
Tiles, is a dealer of lumber and other building materials.


FORTESCUE METALS: Moody's Lowers Rating of Finance Unit to B1
-------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
rating of the senior secured debt of FMG Finance Pty. Ltd., the
financing arm of the Fortescue Metals Group.  The outlook for
the rating is stable.  This completes the rating review for
possible downgrade.

"The rating downgrade reflects increased uncertainty surrounding
the revised target completion date for Fortescue's iron ore
project", says David Howell, a Moody's VP/Senior Analyst.

"The project was originally due for completion in February 2008,
but that timetable was extended to May 15, 2008 due to a series
of events, including cyclones and the inability of FMG to
acquire accommodation units for staff at the site," says Dr.
Howell.

"The B1 rating incorporates continuing challenges associated
with completing the project by the revised date.  "Past
independent engineer reports have expressed concerns regarding
the ability of the project to meet the first iron ore on ship
(FOOS) date of 15 May", says Dr. Howell.

"At the same time, Fortescue is still targeting that date, and
Moody's draws some comfort that the AU$500 million equity
raising secured by the parent in July is available to complete
the project's construction," says Dr. Howell.

On the other hand, balanced against these delay scenarios is the
fact that each element of the project is at least 65 % complete,
with the port the most advanced at 80%, the mine at 74%, and the
rail the slowest at 65%.

Moody's notes that completion of the project by mid-May within
the revised cost estimates could lead to a positive reassessment
of the rating.  On the other hand, the rating could be pressured
if there is a material cost over-run and/or material delay in
project completion date beyond May 2008.

Fortescue Metals Group, based in Perth, is constructing an iron
ore mine, rail and port in Western Australia's Pilbara region.
When completed, the project will produce between 45 and 55
million tons or iron ore per annum for export, mainly to China.

                    About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the   
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                         *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.


HARRY BOURCHIER: Members to Hear Wind-Up Report on Nov. 19
----------------------------------------------------------
Harry Bourchier Pty Ltd, which is liquidation, will hold a final
meeting for its members on November 19, 2007, at 11:00 a.m.

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

The Liquidator can be reached at:

          P. J. Cramer
          Green Taylor Partners
          Chartered Accountants
          43-45 Pynsent Street
          Horsham, Victoria 3400
          Australia

                      About Harry Bourchier

Harry Bourchier Pty Ltd, which is also trading as Burrongong
Property, is a distributor of wheat.  The company is located at
Corowa, in New South Wales, Australia.


ILLINGA FASHION: Members Resolve to Commence Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on September 27, 2007,
the members of Illinga Fashion Group Pty Ltd resolved to
voluntarily liquidate the company's business.

Nicholas Martin was appointed as liquidator.

The Liquidator can be reached at:

          Nicholas Martin
          PPB Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne, Victoria 3000
          Australia

                      About Illinga Fashion

Illinga Fashion Group Pty Ltd, which is also trading as Illinga
Fashion Group, is a distributor of men's and boys' clothing.  
The company is located at South Yarra, in Victoria, Australia.


IRLMOND PTY: Liquidator to Give Wind-up Report on Nov. 26
---------------------------------------------------------
Irlmond Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on November 26, 2007, at
10:00 a.m.

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

The Liquidator can be reached at:

          G. M. Rambaldi
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne
          Australia

                        About Irlmond Pty

Irlmond Pty Ltd, which is also trading as Essendon Mitsubishi,
is a dealer of new and used cars.  The company is located at
Moonee Ponds, in Victoria, Australia.


LIGHTHOUSE (AUSTRALIA): Members Agree on Voluntary Liquidation
--------------------------------------------------------------
During a general meeting held on September 28, 2007, the members
of Lighthouse (Australia) Limited resolved to voluntarily
liquidate the company's business.

Scott Turner was appointed as liquidator.

The Liquidator can be reached at:

          Scott Turner
          GPO Box 4366
          Sydney, New South Wales 2000
          Australia

                  About Lighthouse (Australia)

Located at Milsons Point, in New South Wales, Australia,  
Lighthouse (Australia) Limited is an investor relation company.


MEGA BRANDS: S&P Places B+ Corp. & Bank Loan Ratings on WatchNeg
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
corporate credit and bank loan ratings on Montreal-based MEGA
Brands Inc. on CreditWatch with negative implications.  The '3'
recovery rating on the bank loan is unchanged.

The CreditWatch placement reflects S&P's concerns that revenues,
earnings, and credit protection measures at MEGA Brands did not
meet S&P's expectations for the third quarter ended
Sept. 30, 2007, and could remain weaker than expected in the
medium term due to challenges the company faces," said S&P's
credit analyst Lori Harris.

Revenues in third-quarter 2007 declined 9% compared with the
same quarter the previous year because of lower Magnetix product
sales and production delays in Asia.  Reported gross profit
(excluding the CAD20 million noncash inventory revaluation
charge) dropped 38% for the quarter compared with the same
period the previous year due to the reasons cited above as well
as manufacturing inefficiencies and the sale of excess inventory
at a lower gross margin.

For the past two years, the company has been involved in
litigation related to its Magnetix product, which resulted in
product recalls, product replacement, and product liability
settlement expenses.  The charges related to the litigation have
negatively affected the company's debt levels and credit ratios
in a material way.  MEGA Brands has chosen to be self-insured
for Magnetix products manufactured before May 1, 2006, and for
incidents occurring after Dec. 1, 2006, because it viewed the
cost of insurance as prohibitive.  Management's decision to be
self-insured raises uncertainty surrounding the company's
potential exposure to liability claims and MEGA Brands' ability
to financially support these claims without excessively
jeopardizing the business' financial strength.

In addition, the company is involved in litigation with the
former shareholders of Rose Art Industries Inc., concerning
contingent payments related to MEGA Brands' acquisition of the
business in 2005.  An additional US$51 million in accrued
consideration has yet to be paid because MEGA Brands is
disputing the claim.

Key credit measures have weakened considerably in the past
couple of years, including debt to EBITDA of more than 5.0 for
the 12 months ended Sept. 30, 2007.  MEGA Brands was in
compliance with its financial covenants and liquidity remained
adequate for the ratings at Sept. 30, 2007.

S&P will resolve the CreditWatch listing in the very near term
after reviewing Mega Brands' operating, strategic, and financial
plans.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a  
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


MULLANDULLAWA PTY: Members to Hold Final Meeting on Nov. 19
-----------------------------------------------------------
A final meeting will be held for the members of Mullandullawa
Pty Ltd on November 19, 2007, at 10:30 a.m.

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

The company's operations have been placed under voluntary
liquidation on November 13, 2006.

The Liquidator can be reached at:

          B. J. Marchesi
          Bent & Cougle Pty Ltd
          Chartered Accountants
          Level 5, 332 St Kilda Road
          Melbourne, Victoria 300
          Australia

                     About Mullandullawa Pty

Located at South Yarra, in Victoria, Australia, Mullandullawa
Pty Ltd is an investor relation company.


NEURAGENIX PTY: Will Declare Dividend on Nov. 29
------------------------------------------------
Neuragenix Pty Ltd, which is in liquidation, will declare
dividend on November 29, 2007.

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

The company's liquidator is:

          Rod Slattery
          c/o PPB Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne, Victoria 3000
          Australia

                      About Neuragenix Pty

Neuragenix Pty Ltd provides custom computer programming
services.  The company is located at Melbourne, in Victoria,
Australia.


OPP2 PTY: Members Agree to Start Voluntary Wind-Up Proceedings
--------------------------------------------------------------
During a general meeting held on October 3, 2007, the members of
OPP2 Pty Ltd agreed to voluntarily wind up the company's
operations.

Christopher James Fawcett was appointed as liquidator.

                      About Opp2 Pty

Opp2 Pty Ltd is a distributor of farm and garden machineries and
equipments.  The company is located at Dandenong, in Victoria,
Australia.


PEABODY ENERGY: Earns US$32.3 Million for Qtr. Ended Sept. 30
-------------------------------------------------------------
Peabody Energy has reported third quarter 2007 earnings of
US$0.12 per share on net income of US$32.3 million, compared
with US$0.53 per share and US$142.0 million in the same period a
year ago.  EBITDA for the quarter and nine months was
US$210.9 million and US$785.1 million, respectively.  Year-to-
date pro forma EBITDA from continuing operations increased 8%
over the prior year.

During the quarter, Peabody made significant progress in
reshaping the earnings base by increasing production capacity in
Australia, concluding cost and productivity initiatives in the
Powder River Basin, expanding global coal trading operations and
spinning off Patriot Coal Corporation.

"Peabody has outstanding leverage to rising international
markets, we have captured higher prices for Powder River Basin
and Midwestern coal, expanded global coal trading operations,
and stabilized operating costs," said Peabody Chairman and Chief
Executive Officer Gregory H. Boyce.  "The strategies we put in
place will create meaningful additional value from our reshaped
asset base, leading marketing practices and global expansion."

Third quarter and year-to-date revenues grew to US$1.49 billion
and US$4.18 billion, respectively, on higher volumes in all
regions and improved pricing in the United States.  Peabody
achieved record volumes of 68.5 million tons for the quarter and
191.9 million tons through nine months, with higher shipments
from nearly all United States operating regions and a near-
tripling of Australian volumes.  Third quarter revenues per ton
grew 12 percent in the U.S., led by a 29 percent rise in premium
Powder River Basin sales realizations.

EBITDA for the quarter was US$210.9 million, as improved
contributions from U.S. mining operations were offset by
approximately US$95 million in impacts related to: lower
realized prices for metallurgical coal settled for the current
year; Australian demurrage and coal chain issues; and changes in
exchange rates.  These results compare with EBITDA of
US$270.7 million in the prior year.

"Our operations had a solid performance this quarter, with
production running at higher levels in all regions and U.S.
margins per ton expanding 24 percent from the prior year," said
Chief Financial Officer and Executive Vice President of
Corporate Development Richard A. Navarre.  "Our new and expanded
operations in Australia are benefiting from strong market
fundamentals and higher price realizations, putting us on pace
to deliver growing contributions in 2008 and beyond."

Peabody completed the tax-free spin-off of Patriot Coal on
Oct. 31, issuing a dividend of the Eastern U.S. subsidiary to
shareholders on a ratio of one share of Patriot Coal (NYSE: PCX)
for every 10 shares of Peabody.  Patriot is now an independent
company.  Its historical results for the nine months are
included in Peabody's results, except where noted otherwise, but
will be reflected in Peabody's year-end financial statements as
a discontinued operation. On a pro forma basis, Peabody's
revenues and EBITDA from continuing operations increased 12 and
8 percent, respectively, through nine months.

"The successful spin-off of Patriot completes a key business
strategy that had been evaluated, engineered and executed for
more than a year, with multiple benefits for Peabody," said Mr.
Boyce.  "With this one act, Peabody has improved our operating
and geologic risk; enhanced our management and capital focus on
large, long-lived surface mines; reduced our legacy liabilities,
and further honed our asset base toward the highest-growth,
highest-margin markets in the United States and around the
world."

Net income was US$32.3 million, or US$0.12 per share, compared
with year-ago levels of US$142.0 million and US$0.53 per share.
Results include higher depreciation, depletion and amortization
and increased interest expense following last year's Australia
acquisition.

                  Safety and Reclamation

Peabody continues to be recognized for its industry-leading
practices in the areas of safety and reclamation, receiving
numerous awards during the quarter.  The company's Farmersburg
Mine received the prestigious Sentinels of Safety award for the
nation's safest large coal mine and the Lee Ranch Mine was
recognized as the Safe Operator of the Year by the New Mexico
State Mine Inspector's office.  In the areas of sustainability
and stewardship, the company was recognized for its ongoing
initiatives with five awards from the U.S. Department of the
Interior, including the Silver and Bronze Good Neighbor awards.

                      Global Markets

"The world's fastest-growing economies are relying on coal, and
global coal production is straining to keep pace with rising
demand," said Mr. Boyce.  "Near term, record seaborne coal
demand is benefiting Peabody's Australian and Venezuelan coal
sales and enabling exports from our Illinois Basin operations.
This combines with growing U.S. coal demand and reduced supply
to also favorably impact U.S. Powder River Basin and Colorado
markets.  Longer term, the world is experiencing a major
buildout of new generating plants and steel mills that will
drive coal growth even higher."

                  International Markets

Global supply-demand fundamentals continue to tighten, and
thermal coal prices in all seaborne markets have risen to new
records.

Published prices for Newcastle, Australia coal recently reached
US$80 per tonne, which is nearly US$35 per ton, or 74 percent,
higher than a year ago when Peabody completed its major
Australia acquisition.

Spot prices for metallurgical coal from Australia have also
reached new records, just as negotiations for the upcoming
fiscal year are beginning.

Peabody has 11 to 13 million tons of Australian coal production
available for pricing in 2008, more than half of which is
metallurgical coal.  Peabody has 17 to 20 million tons of
Australian coal unpriced for 2009, approximately half of which
is metallurgical coal.

Australia rail and port congestion improved in the quarter but
remain above expectations. Persistent congestion has led port
operators to reduce fourth quarter throughput allocations for
all shippers.  Vessel queues have declined by more than 35% at
Dalrymple Bay, to approximately 34 vessels.  Vessel queues have
been cut nearly in half at Newcastle, and now stand at
approximately 38 vessels.

As expected, China remains a net importer for 2007 despite high
freight rates and record import coal prices.  The Indian
government is considering raising coal imports due to growing
shortages of thermal coal, with one-third of generators below
the seven-day level for stockpiles.  India's current
metallurgical coal import position of 25 million tonnes per year
is expected to double by 2012.  Russia is expected to reduce
metallurgical coal exports near term and retain more thermal
coal for domestic generation over the long term.

The benchmark API 2 financial market for delivered coal into
Europe has soared to US$125 per tonne in recent weeks, implying
prices of US$75 per tonne or more at the ports in South America,
the U.S. Gulf of Mexico or South Africa.  Peabody expects to
sell nearly 30 million tons of coal in the seaborne markets in
2007, excluding exports from Patriot Coal, and this is expected
to increase in future years.

Coal's long-term demand profile continues to improve, as the
world's fastest-growing economies continue to develop coal-
fueled electricity generating plants.  More than 157,000 MW of
coal-fueled generation is under construction around the world,
representing 550 million tons of annual coal use.

                   U.S. Domestic Markets

In the United States, strong late summer and fall electricity
generation led to a much greater decline in third quarter
stockpiles than the prior year.  The U.S. Energy Information
Administration now projects year-end 2007 coal inventories of
approximately 140 million tons, which is 10 million tons lower
than 2006. U.S. exports of both steam and metallurgical coal
have increased in 2007 while imports have tapered off.  Peabody
believes that U.S. coal exports will further expand in the
fourth quarter of 2007 and through 2008, while imports are
expected to decline.  This could further tighten U.S. markets
significantly and result in a tripling of U.S. net exports over
a two-year period, from 13 million tons in 2006 to 35 to 40
million tons in 2008.

Reference Powder River Basin and Central Appalachian coal
products have seen published prices for 2009 delivery improve 68
and 40 percent, respectively, over prompt-delivery prices at the
beginning of 2007.

During the quarter, Peabody priced 17 million tons of U.S.
production for 2008 deliveries.  Through nine months, the
company has committed to 66 million tons of premium Powder River
Basin coal for delivery in future years at prices 45 percent
above realized 2006 levels.

Taking into account the Patriot Coal spin-off, Peabody has 15 to
20 million tons of planned U.S. production remaining unpriced
for 2008 and 80 to 90 million tons unpriced for 2009.

Longer term, a large number of clean, new coal-fueled generating
plants are advancing in the United States, while some others are
deferred or cancelled.  In the largest new coal-fueled plant
buildout in the past several decades, 45 units are new, under
construction or in late-stage development in 21 states.  This
represents 23,900 MW of capacity and approximately 100 million
tons of annual coal use.  Eleven of these units have begun
construction in 2007.  Development of clean coal-fueled
generation is essential to limit electricity shortages and price
increases.  Recent data demonstrates that power prices are
rising at record pace, and the North American Electric
Reliability Council recently warned that electricity demand
continues to grow faster than expected supply.

                      Project Updates

Peabody made significant progress toward reshaping its global
earnings base and operating portfolio to target high-growth
markets and ongoing productivity improvements.

               Major International Projects

* Ramping up of new mines in Australia allowed Peabody to
  increase Australia sales by 24 percent from the second quarter
  of 2007, and nearly triple prior-year sales.  The company has
  recently started operations at the high-quality thermal export
  North Wambo Underground Mine.

* Peabody is the second-largest shareholder in the Newcastle
  Coal Infrastructure Group (NCIG), which is in the early stages
  of development for a dedicated port facility.  The port would
  provide Peabody with additional dedicated throughput of more
  than 5 million tons per year in the first phase over existing
  Newcastle entitlements.  Final determination to proceed with
  construction is expected to occur in the first half of 2008.

                    Major U.S. Projects

* A new in-pit conveyor system, equipment redeployment and other
  upgrades at Powder River Basin operations lowered energy costs
  and improved throughput.  Construction continues on a new coal
  blending and loadout facility at North Antelope Rochelle to
  optimize quality premiums and improve storage capacity.

* Preliminary site development for the El Segundo Mine in New
  Mexico was completed in the third quarter, and construction
  for the coal handling structures began in October.  El Segundo
  remains on track to begin production in the second half of
  2008 to serve long-term contracts with Southwestern U.S. power
  generators.

* The Prairie State Energy Campus equity partners have completed
  financial closing and given Bechtel Power Corporation notice
  to proceed to full-scale construction for the planned 1,600 MW
  supercritical power plant.  The project is fully subscribed by
  equity partners.  Peabody will retain a 5 percent ownership
  position in the plant, the first unit of which is expected to
  begin generation in 2011.

* Peabody and ConocoPhillips have selected Kentucky as the state
  to pursue development of a major commercial-scale coal-to-gas
  facility.  The companies are conducting a feasibility study
  for a mine-mouth gasification project using ConocoPhillips
  proprietary E-GAS(TM) technology.  The facility would annually
  produce 50 to 70 billion cubic feet of pipeline-quality
  natural gas, representing more than 1.5 trillion cubic feet of
  gas over a 30-year project life.

                          Outlook

Peabody is maintaining full-year 2007 targets, excluding
discontinued operations related to the Patriot Coal spin-off.
Year 2007 produced volumes from continuing operations are
targeted to be 215 to 220 million tons with sales of 235 to 245
million tons.  Full-year EBITDA from continuing operations is
now targeted to be US$900 million to US$1,000 million with
earnings per share of US$1.50 to US$1.75.

Peabody's end-of-year results will report Patriot Coal as a
discontinued operation.  Peabody's full-year targets from
continuing operations exclude results related to Patriot Coal,
and a one-time after-tax charge related to the spin-off that is
currently estimated to be approximately US$150 million.

                    About Peabody Energy

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.

                       *     *     *

As reported in the Troubled Company Reporter on Mar. 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  Moody's placed the instrument on review for
downgrade.


PINNACLE INTERIORS: Declares Dividend for Priority Creditors
------------------------------------------------------------
Pinnacle Interiors Pty Ltd, which is in liquidation, declared
dividend for its priority creditors on October 31, 2007.

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

The company's liquidator is:

          Kenneth J. Stout
          Grosvenor Chambers
          Level 3, 1 Collins Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9665 0455
          Facsimile:(03) 9665 0427

                    About Pinnacle Interiors

Pinnacle Interiors Pty Ltd, which is also trading as Ward &
Sons, is involved with carpentry work.  The company is located
at Oakleigh South, in Victoria, Australia.


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

APEX MIGHT: Court to Hear Wind-Up Petition on January 2  
-------------------------------------------------------
The High Court of Hong Kong will hear a petition to have Apex
Might Enterprises Limited's operations wound up on January 2,
2007, at 9:30 a.m.

The petition was filed on October 15, 2007, by the incorporated
owners of Bright View Court.

The petitioners' solicitor can be reached at:

          Raymund T.L. Tse&Co.
          Units C & D, 21st Floor
          World Tower Trust
          50 Stanley Street, Central Hong Kong


ASIA FOCUS: Members Appoint Liquidators
---------------------------------------
The members of Asia Focus International Holdings Limited, on
October 12, 2007, appointed Lai Kar Yan and Derek E. Haughey as
the company's liquidators.

The Liquidators can be reached at:

          Messrs. Lai Kar Yan
          Derek E. Haughey
          Deloitte Touche Tomatsu
          35th Floor One Pacific Place
          88 Queensway, Hong Kong


BEARCOLE LIMITED: Creditors' Proofs of Debt Due on November 23
--------------------------------------------------------------
The creditors of Bearcole Limited, which is in liquidation, are
required to file proofs of debt by November 23, 2007, in order
to be included in the company's dividend and distribution.

The company's liquidator is:

          Stephen Briscoe
          7th Floor,
          Allied Kajima Building
          138 Gloucester Road, Hong Kong


BEAR COMPANY: Creditors' Proofs of Debt Due on November 23  
---------------------------------------------------------
The creditors of Bear Company (Hong Kong) Limited, which is in
liquidation, are required to file proofs of debt by November 23,
2007, in order to be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Briscoe
          7th Floor,
          Allied Kajima Building
          138 Gloucester Road, Hong Kong


BENQ CORP: Eyes Business Expansion in the Philippines
-----------------------------------------------------
BenQ Corp. plans to expand its business in the Philippines,
hoping to carve out a niche market first in LCD projectors and
monitors, the Philippine Daily Inquirer reports.

According to Lawrence Casiraya of the Inquirer, BenQ introduced
in a media gathering last week its manager for the Philippines,
Steve Lin, who assumed his post in June.

In an interview with the paper, Mr. Lin said that the company
has been focused on growing its LCD projector and monitor
business since entering the market two years ago.  "Based on
market figures, we're now the No. 4 vendor in LCD projectors,"
Mr. Lin said, behind other vendors like InFocus and Toshiba.

"This has also been our company's thrust in the region.  We're
trailing Epson right now in the LCD monitor market in Asia
Pacific," Mr. Lin added.

The report recounts that BenQ had earlier introduced laptops and
digital cameras which, according to Mr. Lin, will be officially
distributed sometime in 2008.

At present, the Inquirer notes, BenQ has two local distributors
and plans to appoint more to carry other products.  Moreover,
Mr. Lin said that once revenues hit more than PHP1 million a
month, probably by the second quarter in 2008, the company will
set up a local office.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

In June 2007 the company announced that it will change its name
to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CHINA SOUTHERN AIRLINES: To Join SkyTeam Alliance
-------------------------------------------------
China Southern Airlines Company Limited (SHSE: 600029: SEHK:
1055) will join SkyTeam Alliance on November 15, 2007,
TradingMarkets.com relates.

According to the report, SkyTeam is one of the three
international aviation alliances.

TradingMarkets recounts that China Southern signed a letter of
intent regarding a membership with SkyTeam in 2004 and, on
June 28, 2006, signed a Global Airline Alliance Adherence
Agreement with SkyTeam, in preparation for the entry.  The
airline signed agreements with members of the alliance by the
end of October 2007.

SkyTeam has 10 members, including Air France, Delta Air Lines
and Korean Air, with total fleet of over 2,000 aircrafts, the
report explains.  Around 15,000 flights are launched per day to
728 destinations in 149 countries and territories.

The report says that after joining in the aviation alliance,
China Southern Airlines can share codes with other members and
expand its route network with low cost and higher passenger load
factor.  China Southern will carry out a series of activities in
favor of passengers on the day of its entry into the alliance.


Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of   
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.

The Troubled Company Reporter-Asia Pacific reported in April
2006 that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


CHINA SPORTS: Court to Hear Wind-Up Petition on December 5  
----------------------------------------------------------
The High Court of Hong Kong will hear on December 5, 2007, at
9:30 a.m. a petition seeking to have China Sports and
Entertainment Limited's operations wound up.

The petition was filed by Fung Hing Lun William on September 24,
2007.


COSMOS BANK: Incurs TWD9-Bil. Net Loss for 2007 9-Month Period
--------------------------------------------------------------
Cosmos Bank Taiwan reported a net loss TWD8.98 billion for the
first nine months of 2007, 62.67% higher than the
TWD5.52-billion net loss reported for the first nine months of
2006.

The loss marks another one of the bank's consecutive losses
after mounting bad debts, which pushed it into the red starting
in the first quarter of 2006.

The bank's net interest income totaled TWD6.22 billion for the
nine months ended Sept. 30, 2007.

Headquartered in Taipei, Taiwan, Cosmos Bank, Taiwan --
http://www.cosmosbank.com.tw/-- provides financial services for  
individuals and small and medium-sized enterprises in Taiwan.

The Troubled Company Reporter-Asia Pacific reported on Sept. 4,
2007, that Cosmos Bank inked a memorandum of understanding with
SAC Private Capital Group LLC and General Electric Co., wherein
SAC Capital and GE will pay a combined US$900 million for a
majority stake in the bank.  The report adds that Susan Chang,
spokesperson of the Financial Supervisory Commission, said that
Cosmos will sell the stake at TWD2.00 (US$0.06) per share,
representing a 63% discount from its August 31-close trading
price of TWD5.47.


HI-TECH: James Wardell, Jackson IP Appointed as Liquidators
-----------------------------------------------------------
The members of Hi-Tech Wealth Group Limited, on August 9, 2007,
appointed James Wardell and Jackson IP as the company's
liquidators.

The Liquidators can be reached at:

          James Wardell
          Jackson IP
          Horwarth Corporate Advisory Services Limited
          1601-1602 6th Floor
          Causeway Bay, Hong Kong


KUEN KEE: Court to Hear Wind-Up Petition on December 19  
-------------------------------------------------------
The High Court of Hong Kong will hear on December 19, 2007, at
9:30 a.m. a petition to have Kuen Kee Kwok Wing Stevedore
Limited's operations wound up.

The petition was filed on October 10, 2007, by the Director of
Legal Aid of the Legal Aid Department, Steve F. Wong.  


SCS LIMITED: Court to Hear Wind-Up Petition on December 12  
----------------------------------------------------------
The High-Court of Hong Kong will hear on December 12, 2007, at
9:30 a.m., a petition to have SCS (Asia Pacific) Limited's
operations wound up.

The petition was filed by Ng Pok Chung on September 28, 2007.


SILICONWARE PRECISION: Third Qtr. Net Income Increases to TWD5BB
----------------------------------------------------------------
Siliconware Precision Industries Co., Ltd., announced that its
sales revenues for the third quarter 2007 was TWD17,909 million,
representing 17.6% sequential growth quarter-on-quarter and
22.6% growth compared to the same period of year 2006.

SPIL reported a net income of TWD5,057 million in 3Q 2007,
compared with a net income of TWD3,830 million in 2Q 2007 and a
net income of TWD3,136 million in 3Q 2006.

SPIL reported its sales revenues for the nine-month period ended
Sept 30, 2007, were TWD46,893 million, up 12.5% compared to the
same period of year 2006.

For the nine-month period ended Sept 30, 2007, net income was
TWD12,720 million, compared with a net income of TWD9,452
million for the same period of year 2006.

Diluted earnings per ordinary share for the nine-month period
ended Sept 30, 2007 was TWD4.20, or diluted earnings per ADS of
US$0.64.

Unconsolidated 3Q 2007 Financial Results

-- Net revenue was TWD17,909 million, in which TWD16,329 million
   was from assembly business and TWD1,580 million was from
   testing business.

-- Cost of goods sold was TWD12,225 million, and gross profit
   was TWD5,684 million, representing a gross margin of 31.7%.

-- Operating expenses were TWD795 million, including selling
   expenses of TWD208 million, administrative expenses of
   TWD271 million, and R & D expenses of TWD316 million.

-- Operating profit was TWD4,889 million, representing an
   operating margin of 27.3%.

-- Net income was TWD5,057 million.

-- Diluted earnings per ordinary share for this quarter was
   TWD1.66, or diluted earnings per ADS of US$0.25.  Total
   weighted average outstanding ordinary shares-diluted for 3Q
   2007 were 3,039 million shares.

Capital Expenditure

-- Capital expenditure in 3Q 2007 totaled TWD4,122 million, in
   which TWD3,269 million were spent on assembly equipment, and
   TWD853 million were spent on testing equipment.

-- The depreciation expenses in 3Q 2007 were TWD1,881 million,
   in which TWD1,275 million were from assembly business and
   TWD606 million were from testing business.

Assembly Operation

-- Substrate products revenues accounted for 49% of total
   revenues, remaining flat from previous quarter; wafer bumping
   and FCBGA accounted for 11%, remaining flat from previous
   quarter; lead frame products revenues accounted for 29%,
   remaining flat from previous quarter.

   Testing service  generated 9% of total revenues in 3Q 2007.


Siliconware Precision Industries Ltd. -- at
http://www.spil.com.tw-- is a leading provider of comprehensive  
semiconductor assembly and test services.

The company's long-term foreign and local issuer credit carries
Standard and Poors' BB+ rating since Dec. 5, 2006.


SILICONWARE PRECISION: Expects More Sales in Fourth Quarter 2007
----------------------------------------------------------------
Siliconware Precision Industries Co. Ltd. expects its fourth-
quarter sales to grow 2%-5% from the previous quarter after it
reported a 61% rise in third-quarter profits, Reuters reports.

Siliconware Precision also expects its operating profit margin
to be at 25%-27% in the fourth quarter, Reuters relates, citing
Siliconware Chairman Bough Lin.

Mr. Lin said that the company expected average selling prices to
drop slightly in the fourth quarter from the third, and that it
would cut its capex to TWD10 billion next year from this year's
TWD10.4 billion, the report says.


Siliconware Precision Industries Ltd. -- at
http://www.spil.com.tw-- is a leading provider of comprehensive  
semiconductor assembly and test services.

The company's long-term foreign and local issuer credit carries
Standard and Poors' BB+ rating since Dec. 5, 2006.


SILICONWARE PRECISION: Divests Sigurd Microelectronics Shares
-------------------------------------------------------------
Siliconware Precision Industries Co. Ltd will sell 13,505,000
shares of Sigurd Microelectronics Corporation, at a price of
TWD22.49 per share, Reuters Key Developments reports.

No further details were provided by the report.

Siliconware Precision Industries Ltd. -- http://www.spil.com.tw
-- is a leading provider of comprehensive semiconductor assembly
and test services.

The company's long-term foreign and local issuer credit carries
Standard and Poors' BB+ rating since Dec. 5, 2006.


TACHAN SECURITIES: To Sell Tichung Branch to Ta Chong Securities
----------------------------------------------------------------
Tachan Securities Co. Ltd. will sell its Taichung branch to Ta
Chong Securities Co Ltd., Reuters Key Developments reports.

No further detail regarding the sale was provided.


Tachan Securities Co., Ltd. -- http://www.tachan.com.tw/-- is a  
Taiwan-based company engaged in the security brokerage and self-
proprietary business.

The Troubled Company Reporter-Asia Pacific reported on May 22,
2007, that Fitch Ratings affirmed its long-term issuer default
rating for Tachan Securities Co. Ltd. at BB, and its short-term
foreign currency rating at B.


TIN LOK: Court to Hear Wind-Up Petition on December 5  
-----------------------------------------------------
The High-Court of Hong Kong will hear on December 5, 2007, at
9:30 a.m., a petition to have Tin Lok Transportation (HK)
Limited's operation wound up.

Chiu Tzs Ho filed the petition on September 24, 2007.


TUNG HING: Members Agree to Liquidate Business
----------------------------------------------
At an extraordinary general meeting held on October 23, 2007,
the members of Tung Hing Instruments Company Limited resolved to
voluntarily liquidate the company's business.

The members appointed Chung Kit Ling Elaine as liquidator.

The Liquidator can be reached at:

           Chung Kit Ling Elaine
           3201-02, 32nd Floor, Alexandra House
           16-20 Chater Road, Central Hon Kong


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

BALLY TECH: Fitch Affirms Issuer Default Rating at B-
-----------------------------------------------------
Fitch Ratings has upgraded Bally Technologies' secured bank debt
rating and affirmed Bally's Issuer Default Rating as:

-- Secured bank credit facility upgraded to 'B/RR3' from
   'B-/RR4';

-- Issuer Default Rating affirmed at 'B-'.

The secured credit facility comprises a term loan with US$308
million outstanding and a US$75 million revolver, which was
undrawn as of June 30, 2007.

Fitch has revised the Rating Outlook on Bally Technologies to
Stable from Negative.

The Rating Outlook revision reflects Bally's significant
progress in terms of its operating performance and its financial
restatements.  If those trends were to continue over the next
couple quarters, Fitch anticipates that additional positive
rating actions could occur.

The rating actions are based on Bally's significantly improved
product pipeline and solid acceptance of the Alpha platform over
the past two years, which is generating meaningful improvement
in its financial performance.  On Nov. 1, Bally announced its
fiscal 4Q'07 and fiscal year 2007 (period ending June 30)
results and reiterated its expectations for fiscal year 2008,
which were initially given on Aug. 21, 2007.  Driven by the
improved product platform, Bally generated 26% revenue growth to
US$682 million in fiscal year 2007 and expects 21-22% growth in
fiscal year 2008 to more than US$830 million.

Reported adjusted EBITDA increased to US$138.5 million in fiscal
year 2007 from US$49.6 million in fiscal year 2006.  Bally's
leverage ratio according to its credit facility as of
June 30, 2007, was 2.17 versus a maximum allowable of 3.75,
which declines to 3.50 as of Sept. 30, 2007.  Bally's credit
profile has improved dramatically fueled by the improving
operating profile.  As of June 30, 2007, Bally had roughly US$37
million in debt maturities through fiscal year 2009,
unrestricted cash balances of US$40.8 million (up from US$12.4
million as of Dec 31, 2007), an untapped US$75 million credit
revolver, and a somewhat flexible capex budget.

Tempering the financial improvement is the fact that Bally has
been under investigation by the Securities and Exchange
Commission since 2005 and has been untimely with its SEC
filings.  In its most recent audited financial statements Bally
continues to note material weaknesses in internal controls over
financial reporting, with revenue recognition and inventory
valuation among the most significant items.  While these items
continue to be concerns that weigh on Bally's credit ratings,
Fitch notes that Bally has made significant strides over the
past 12 months with its restatements and becoming current on its
filings.  Bally has been restating its financial results and
filed its fiscal 4Q07 10Q and fiscal 2007 10K on Nov. 2, 2007,
and has now filed three 10Ks and six 10Qs within the last 12
months.  However, Bally expects to miss the Nov. 9, 2007
deadline to file its fiscal 1Q08 10Q.

An additional concern centers around how Bally will fare when
the industry enters a new technology-driven upturn in the next
12-24 months with the onset of server-based gaming, which could
benefit Bally as well as the other major players including IGT,
WMS, and Aristocrat.

While competition has increased since the peak of the last
cycle, IGT is likely to remain the dominant player, in Fitch's
view, because it has the most financial resources, the broadest
product pipeline, and the largest sales/marketing team.  Fitch
believes Bally's improved financial position and operational
turnaround should help it to compete in the next cycle, but
maintenance of Bally's recent market share gains could become
more challenging.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario.  Bally's Recovery
Ratings reflect Fitch's expectation that the enterprise value of
the company, and hence recovery rates for its creditors, will be
maximized in a restructuring scenario (going concern), rather
than a liquidation given Bally's limited tangible asset base.
An 'RR3' recovery rating reflects Fitch's belief that 51-70%
recovery, including the assumption of a fully drawn revolver, is
possible under a distress scenario.

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


BALLY TECH: Teams Up with Teradata To Provide Business Services
---------------------------------------------------------------
Bally Technologies Inc. and Teradata Corporation will work
together to provide solutions based on the new Bally Business
Intelligence solution integrated with the Teradata(R) Warehouse.

With Bally's expertise in casino systems and slot networks,
along with Teradata's enterprise data warehouse leadership,
mutual customers will benefit from optimized slot operations,
better analysis and management of customer relationships and
more robust marketing strategies.  They will also gain new
insight into the overall profitability of the business.  Some
mutual customers include Harrah's Entertainment, Mohegan Tribal
Gaming Authority, Silverton Casino and Spotlight 29 Casino.

Bally Technologies needed a technology partner that could
provide deeper customer understanding to leverage its enterprise
data visualization.  In addition, Bally needed to enhance
reporting capabilities and performance analytics on a platform
that could support their growing user requirements for more
sophisticated analytics.

Enterprise Data Warehouses produced by Teradata analyze business
operations to drive smarter, faster decisions by providing a
complete view of the business and the agility to create a
sustainable competitive advantage.  Teradata provides
integrated, optimized and extensible technology for a single
application-neutral repository of a company's current and
historical data, forming the framework of the business
intelligence architecture.

Bally Technologies chose to partner with Teradata to better
serve its customers by providing them information in a
centralized environment.  This data can then be analyzed and
presented to the business users as a series of static- or
active-data visualizations that show how the business is
performing.  These visualizations allow decision-makers to make
accurate business assessments and adjustments to positively
affect customer entertainment experiences and operational
results.

"The Bally BI strategy is to bring our customers the best
technology solutions, and Teradata brings to our portfolio a
world-class pedigree in data warehousing and CRM applications,"
said Bruce Rowe, senior vice president of strategy and business
development for Bally Technologies.

"Both Bally Technology and Teradata recognize the importance of
leveraging detailed data to drive customer understanding,
satisfaction and a process of continuous business improvement.
The Teradata and Bally Business Intelligence Solution provides
the power of advanced visual space analytics to the casino
management team, enabling them to operationalize their data
warehouse," said Dave Porter, director of hospitality and gaming
for Teradata.

Teradata and Bally Technologies will be exhibiting and
demonstrating the integrated solution at the Global Gaming Expo
show in Las Vegas from Nov. 13 through Nov. 15 in booth numbers
522 and 524 respectively.

                       About Teradata

Teradata Corporation (NYSE:TDC) -- http://www.teradata.com/
-- is the world's largest company solely focused on raising
intelligence through data warehousing and enterprise analytics.
Teradata is in more than 60 countries.

                  About Bally Technologies

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services has raised its
corporate credit and senior secured debt ratings on Bally
Technologies Inc. to 'B+' from 'B-'.  Concurrently, S&P revised
the CreditWatch implications to positive from developing.


ITI LTD: Tejbir Singh Replaces Pritam Singh as Director-Mktng
-------------------------------------------------------------
ITI Ltd's Pritam Singh is relieved from his Director- Marketing
post effective Oct. 31, 2007, on the superannuation of his term.

To replace him, the government of India appointed Tejbir Singh ,
who assumed office on Nov. 1, 2007.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products. It also provides value-
added services, such as shared hub very-small aperture terminal
services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 23, 2007, Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the above said bond issue.

The TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to ITI's INR550 million
'J-1' Series long-term bonds.

ITI has incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


JIK INDUSTRIES: Earns INR308 Mln. in Quarter Ended Sept. 30
-----------------------------------------------------------
JIK Industries Ltd turned around in the quarter ended Sept. 30,
2007, with a net profit of INR307.75 million after incurring
consecutive quarterly losses since the January to March quarter.
In July-Sept. 2006, the company also booked a loss of
INR18.06 million.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 4, the company has completed a one-time settlement and
exited from Corporate Debt Restructuring.  Pursuant to the CDR
package, the company is entitled to a debt waiver and reduction
of loan interest rate to 9%.

Compared to the same period in 2006, the company's interest
charges in the three months ending Sept. 30, 2007, went down 94%
to INR780,000.  Total income jumped to INR1.14 million from
INR70,000.  Operating expenses, however, more than doubled from
INR2.08 million to INR4.47 million, bringing the latest
quarter's operating loss to INR3.33 million.

Despite the operating loss, the bottom line turned positive with
the extraordinary items of INR313.59 million.

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

            http://ResearchArchives.com/t/s?2546

Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade
non-lead crystalware segment and is the only organized player in
the country.  JIK's products also include crystal glassware such
as, glass tumblers, bowls, stemware, showpieces, and vases,
manufactured at Balkum, Thane, Maharashtra.  The company
collapsed following accidents at its chemical waste recycling
plant and at its crystal-making unit.  The company, which had
diversified interests -- crystal making, money changing and
chemical waste recycling -- was forced to exit the money
changing business after its net worth was eroded, and pursuant
to the Reserve Bank of India stipulations.

                      *     *     *

This concludes the TCR-AP's coverage of JIK Industries until
facts and circumstances, if any, emerge that demonstrate
financial or operational strain or difficulty at a level
sufficient to warrant renewed coverage.


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

ADES WATERS: Discloses Restructuring Plan, To Lay Off Workers
-------------------------------------------------------------
PT AdeS Waters Indonesia Tbk plans to lay off employees and
close facilities and sales offices pursuant to a restructuring
plan, Reuters Investing Keys reports.

According to the report, the company has has been suffering
losses for the past few years due to increasing cost of
production.  On Oct. 29, 2007, the company disclose a
restructuring plan that proposes to:

   -- close three production facilities in Pandeglang, Sengon
      and Benda;

   -- shut down six sales offices in Bandung, Sunter, Lenteng
      Agung, Karawang, Bogor and Rungkut; and

   -- lay off about 1,050 workers.

Reuters Keys adds that Ades Waters will shift the distribution
of water product produced in the three facilities to third-party
distributors.

Headquartered in Jakarta, Indonesia, PT Ades Waters Indonesia
Tbk is a water bottling and distribution company.

Ades Waters' balance sheet as of November 9, 2007, showed total
assets of US$21.35 million and total liabilities of
US$30.28 million, resulting to a shareholder's deficit of
US$8.93 billion.


ADES WATERS: To Offer 440.2 Million Shares at IDR1,000 Each
-----------------------------------------------------------
PT AdeS Waters Indonesia Tbk will offer 440,280,000 shares at
the price of IDR1,000 each, Reuters Investing Keys reports.

According to the report, the shares will be sold through a
rights issue in the ratio of 294 new shares to 100 existing
shares to raise a total amount of IDR440,280,000,000.

The subscription and payment period, the report says, will be
from December 7 to 13, 2007, for shareholders of record on
December 5, 2007.

Headquartered in Jakarta, Indonesia, PT Ades Waters Indonesia
Tbk is a water bottling and distribution company.

Ades Waters' balance sheet as of November 9, 2007, showed total
assets of US$21.35 million and total liabilities of
US$30.28 million, resulting to a shareholder's deficit of
US$8.93 billion.


GARUDA INDONESIA: Fuel Charged Up 30% Amid Oil Price Increase
-------------------------------------------------------------
PT Garuda Indonesia increased fuel surcharge by up to 30% due to
the rise of global oil prices, People Daily Online reports.

Purnomo Yusgiantoro, minister of energy and mineral resources,
told China Economic that the average Indonesian crude oil price
already hit US$72/barrel, far above the projected US$60/barrel
in the state budget.  

People Daily says that the surcharge will increase to IDR100,000
per passenger on domestic flights from the current IDR70,000,
and to between US$70 and US$80 dollars from previously US$60 on
international flights.

Garuda President Director Emirsyah Satar, People Online relates,
said the imposing of fare hikes took effect on Nov. 1.  The
increase was inevitable because fuel accounted for some 50% of
total costs in the industry, he added.

China Economic notes Mr. Yusgiantoro as saying that the
government allocates subsidies for transport fuel products but
allows market pricing for high-octane fuel products, fuel for
industrial uses and for export sales.

                     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.


GARUDA : Partners with Virgin Blue for Interline Agreement
----------------------------------------------------------
PT Garuda Indonesia partnered with  Virgin Blue for interline
agreement, BTN News reports.

This new arrangement between the two companies, the report
relates, will make the flight for  Australian travelers to
Indonesia easier by utilizing a range of through-fares to Bali.

The interline agreement, which will start November 24, will let
passengers travel from any destination on the Virgin Blue
Australian network to connect with Garuda Indonesia flights
departing Darwin, Perth, Sydney and Melbourne to Denpasar and
Jakarta and return, the report notes.

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.


MATAHARI PUTRA: Moody's Affirms B1 Corporate Family Rating
----------------------------------------------------------
PT Moody's Indonesia has assigned an A1.id national scale rating
to PT Matahari Putra Prima Tbk.  At the same time, Moody's
Investor Service has affirmed Matahari's B1 corporate family
rating, and the B1 senior unsecured rating on its guaranteed
US$150 million bonds due 2009.  The outlook for the ratings is
stable.

"The B1/A1.id ratings recognize the company's leading position
and long operating track record in the department store segment
in Indonesia," says Renee Lam, a Moody's Vice President, adding,
"The favorable economic and industry outlook partially mitigates
the potential threat from competition arising from low entry
barriers.

"The ratings also incorporate the execution risks associated
with Matahari's plan to expand its store network," says Lam,
also Moody's lead analyst for the company.  "Furthermore, the
operating history of its hypermarket business is short, and the
company has yet to establish a stable track record for its
multi-format hyper- and super-market businesses."

Matahari's debt service ratios are in line with its similarly-
rated global retail peers.  Adjusted debt/EBITDA is expected to
stay around 5-5.5x and adjusted operating cash flow/total debt
at 10-15% for the medium term.  Nonetheless, its free cash flow
metrics are thin for the rating category, given its aggressive
capex program to expand its store network, though Moody's notes
the highly discretionary nature of Matahari's capex.

The stable outlook reflects Moody's expectation that Matahari
will successfully execute its expansion plan and strengthen its
market share.  It also captures the favourable outlook for
Indonesia's economy and retail market in the near-to-medium
term.

The ratings may be upgraded if adjusted debt/EBITDA falls below
4.5-5x and adjusted EBIT/interest strengthens beyond 3x on a
sustained basis.  Such outcomes could be a result of 1) an
improvement in operating margins as a result of higher operating
efficiency and better cost controls; and/or 2) positive free
cash flow generation with the surplus being applied for de-
leveraging.  For any upgrade, the company also needs to
demonstrate stable and profitable track records for its multi-
format hyper- and super-market businesses.

The ratings may undergo a downgrade if adjusted debt/EBITDA
rises above 5.5-6x, while adjusted EBIT/interest weakens below
1.25x on a sustained basis.  Such an outcome could be a result
of

   1) a weakening of profit margins due to rising competition or
      inadequate cost controls;

   2) further debt-funded expansions beyond its original plan;
      and/or

   3) material depreciations in the Rupiah which increase the
      company's debt-servicing obligations.

Matahari is one of the largest retailers in Indonesia with
multiple retail formats.  It operates department stores,
hypermarkets, supermarkets and family entertainment outlets in
over fifty cities in Indonesia.  The Lippo group controls over
60% of Matahari's equity interest.


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

CABLE & WIRELESS: Restores Services in Cayman Islands
-----------------------------------------------------
Cable & Wireless has restored landline and ADSL Services to
clients in the Cayman Islands, Cayman Net News reports.

Cayman Net relates that a contractor carrying out road work on
Nov. 6, 2007, accidentally cut Cable & Wireless' fiber cable
system, resulting to the loss of landline and ADSL services to
customers east of the Lions Center and in some areas of George
Town.  Cayman Brac subscribers lost landline service, with
mobile, data and international services unaffected.

According to Cayman Net, Cable & Wireless immediately responded
and many subscribers were reconnected within an hour.  "A
temporary fix" was made to guarantee that "clients were
reconnected and all services were fully restored within three
hours of the outage."  Traffic had to be diverted through Old
Prospect Road to accommodate the work along Shamrock Road.
Repair and restoration work was completed by Wednesday last
week.

Cable & Wireless (Cayman Islands) Network Services Vice
President Albert Anderson told Cayman Net, "All contractors are
encouraged to contact Cable & Wireless before they dig so we can
point out and mark where our cables are located.  This will
ensure that we do not have a reoccurrence of this type of
incident."

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet  
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, Japan, the Cayman Islands and the Middle East.

                       *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                         Projected
                       Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


DELPHI CORP: Creditors Say Disclosure Statement is Inadequate
-------------------------------------------------------------
The Official Committee of Unsecured Creditors asks the  U.S.
Bankruptcy Court for the Southern District of New York to deny
approval of the Disclosure Statement explaining Delphi
Corporation and its debtor-affiliates' Joint Chapter 11 Plan of
Reorganization.

As reported in the Troubled Company Reporter earlier this week,
the Court agreed to continue until Nov. 29 the hearing to
consider the adequacy of the Disclosure Statement at the request
of the Debtors and the Official Committee of Equity Security
Holders.

The Committee argues that the Disclosure Statement fails to
provide adequate information concerning matters that are
important to the Debtors' creditors in their evaluation of
whether to vote for or against the Plan.

The Plan, as currently drafted, ceases the accrual of
postpetition interest to General Unsecured Claims other than
TOPrS Claims on Dec. 31, 2007, even though it will not have been
confirmed by that date, Robert J. Rosenberg, Esq., at Latham &
Watkins LLP, in New York, points out.

The EPCA Amendment, Mr. Rosenberg notes, requires the Debtors to
issue additional  Direct Subscription Shares to the Appaloosa
Plan Investors without the  Investors' payment of any additional
consideration.  The issuance of the additional shares will
materially reduce the conversion price of the preferred shares
and dilute the value of the common stock to be distributed to
holders of General Unsecured Claims, he contends.

The Creditors Committee and the Debtors are continuing to
discuss potential resolutions, Mr. Rosenberg relates.  He
informs the Court that absent acceptable resolution, the
Creditors Committee will not support the Plan.

                       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).


DELPHI CORP: Senior Noteholders Balk at Disclosure Statement
------------------------------------------------------------
Eight holders of Senior Notes in Delphi Corp. asks the United
States Bankruptcy Court for the Southern District of New York to
disapprove the Disclosure Statement explaining the Debtors'
Joint Chapter 11 Plan of Reorganization.

The eight Senior Noteholders are:

   * Caspian Capital Advisors, LLC,
   * Castlerigg Master Investments Ltd.,
   * Davidson Kempner Capital Management LLC,
   * Elliott Associates, L.P.,
   * Gradient Partners, L.P.,
   * Sailfish Capital Partners, LLC,
   * Whitebox Advisors, LLC, and
   * Wilmington Trust Company, as indenture trustee.

As reported in the Troubled Company Reporter earlier this week,
the Court agreed to continue until Nov. 29 the hearing to
consider the adequacy of the Disclosure Statement at the request
of the Debtors and the Official Committee of Equity Security
Holders.

The Senior Noteholders contend that the Court should not approve
the Disclosure Statement and allow the Debtors to solicit
acceptances of the Plan because the Plan contains a patently
nonconfirmable classification scheme

The Senior Noteholders, among other things, complain that the
Plan:

    -- groups dissimilar claims in the same class in violation
       of Section 1122(a) of the Bankruptcy Code; and

    -- provides different treatment to claims classified
       together within a single class in violation of Section
       1123(a)(4) of the Bankruptcy Code.

Class 1C of the Plan contains the claims of the Senior
Noteholders and holders of the subordinated TOPrS Claims, Allan
S. Brilliant, Esq., at Goodwin Procter LLP, in New York, notes,
on behalf of Caspian, et al.  Mr. Brilliant points out that
TOPrS claimholders, although classified in the same class with
the Senior Noteholders and other General Unsecured Creditors, do
not receive the same distribution as the other Claims in Class
1C.

The Plan is also unconfirmable because it does not enforce the
subordination agreement between the Senior Notes and TOPrS
Claims thereby violating Section 510(a) of the Bankruptcy Code,
Mr. Brilliant asserts.

The Disclosure Statement, Mr. Brilliant contends, does not
contain adequate information on many critical issues as required
by Section 1125(a) of the Bankruptcy Code regarding a number of
topics, including:

   (a) the value of the distributions that will be made to
       creditors;

   (b) the valuation of the New Common Stock;

   (c) the likelihood of the Debtors obtaining exit financing
       and the consequences if the Debtors do not obtain exit
       financing before the hearing to consider confirmation of
       the Plan or the Effective Date of the Plan;

   (d) the factors required for the Debtors' substantive
       consolidation and the effect it has on various creditor
       groups;

   (e) the costs, benefits and effects of the settlement of the
       GM Claim;

   (f) the releases provided to non-Debtor parties under the
       Plan; and

   (g) the impact, on the recoveries paid to General Unsecured
       Creditors, of the Debtors' attempts to provide a recovery
       to otherwise subordinated creditors under the MDL
       Settlements.

The Senior Noteholders therefore ask the Court to disapprove the
Disclosure Statement.

Wilmington Trust also asks the Court to direct the Debtors to
reclassify the Senior Notes and the TOPrS Claims in different
classes.

The Disclosure Statement must clearly and concisely inform the
holders of the Senior Debt of the actual value of their recovery
under the Plan, Edward M. Fox, Esq., at Kirkpatrick & Lockhart
Preston Gates Ellis LLP, in New York, maintains, on Wilmington
Trust's behalf.  "Valuation euphemisms such as 'negotiated plan
value' or 'deemed value' are not acceptable.  Rather, the
Debtors must indicate the value of recoveries on a fully diluted
basis based on the range of value estimated by the Debtors
investment banker and financial advisor, Rothschild [Inc.], with
particular emphasis on its mid-point valuation," Mr. Fox
asserts.  The Debtors should also explain why substantive
consolidation of their assets and liabilities is necessary and
appropriate while consolidation of the 42 Debtors is not, he
adds.

                       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).


FORD MOTOR: Reaches Tentative Labor Agreement with UAW
------------------------------------------------------
Ford Motor Co. and the United Auto Workers union have reached a
tentative agreement on a four-year national labor contract
covering approximately 54,000 represented employees in the
United States.

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

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

Mr. Laymond added  "Though we will not discuss the specifics of
the tentative agreement until after it becomes final, we believe
it is fair to our employees and retirees, and paves the way for
Ford to increase its competitiveness in the United States".

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

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

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

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


FORD MOTOR: S&P Expects to Affirm B Rating Due to Narrower Loss
---------------------------------------------------------------
Standard & Poor's Ratings Services'  'B' long-term corporate
credit rating on Ford Motor Co. and Ford Motor Credit Co.
remains on CreditWatch with positive implications following
Ford's report of a narrower third-quarter loss compared to that
of a year ago.  S&P currently expects to resolve the CreditWatch
around mid-November.  The most likely outcome is an affirmation
of the 'B' rating, with an outlook to be determined.

The ratings were placed on CreditWatch Sept. 26, 2007, based on
S&P's belief that Ford would achieve a deal similar to the
tentative new labor contract General Motors Corp. (GM;
B/Stable/B-3) reached with its main labor union, the United Auto
Workers (UAW), which addresses onerous retiree health care
obligations that S&P views as debt-like in nature.  As expected,
Ford and the UAW subsequently reached their own four-year
agreement, and the UAW membership will vote on that contract
soon.  S&P views the new contract as favorable to Ford compared
with past agreements, and S&P believes the contract will support
the company's turnaround plan in North America.  Still, S&P
remains concerned about the economic outlook for 2008, even as
the company is making progress on its turnaround plan.  Much of
the labor contract's health care savings will not begin to
accrue to Ford until 2010, and this is a key factor in S&P's
review.

Ford's third-quarter earnings demonstrated improvement over 2006
earnings, although Ford Motor Credit Co.'s profit declined.
Ford's consolidated third-quarter loss from continuing
operations, excluding special items, was US$24 million, compared
with a loss of US$850 million in 2006.  The pretax automotive
loss in the third-quarter was US$362 million, a sharp
improvement from the pretax loss of US$1.9 billion during the
quarter in 2006, driven by higher net pricing, lower costs, and
improved volume and mix.  These factors more than offset higher
interest expense and unfavorable foreign exchange rates.  In the
key North American operation, Ford reported a pretax loss of
US$1 billion compared with a loss of US$2.1 billion in 2006.
The same factors accounted for the decline in the loss.

For now, Ford remains in a net cash position at the parent, with
automotive cash (including cash, equivalents, loaned securities,
and short-term VEBA assets) of US$35.6 billion at Sept. 30,
2007, an increase of  US$1.7 billion from year-end 2006 due to
asset sales that more than offset ongoing cash use from
operations.

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.


FORD MOTOR: Local Unions Favor Labor Pact, Initial Results Show
---------------------------------------------------------------
Initial results from United Auto Workers union locals in
Illinois, and Michigan, who voted on Friday, and locals from
Kentucky and Missouri who voted Sunday, revealed a vast support
for a new four-year labor contract between Ford Motor Company
and the UAW, various papers report naming local union presidents
as sources.

Papers say that 75% of 900 UAW members of Local 588, a Chicago
stamping plant in Illinois, voted yes to the new labor
agreement.  Meanwhile, 82% of the 1,200 union members of Local
898, Ford's Rawsonville plant in Ypsilanti Township, in
Michigan, voted for the new labor deal.

UAW Local 862 President Rocky Comito told The Courier-Journal
that 80% production workers and 75% of skilled trade workers of
the Louisville Assembly Plant in Kentucky supported the new
labor deal.

Results at UAW Local 249, a plant in Claycomo, Missouri that
manufactures the Escape, Mercury Mariner and Mazda Tribute SUVs,
showed great support for the contract at a 69%-31% margin, the
Kansas City Business Journal relates.

Sarah A. Webster of the Detroit Free Press disclosed an
overwhelming 91% reception for the new labor agreement from
members of an axle plant in Sterling Heights, Michigan.  Ms.
Webster added that Emanuela Henderson, the recording secretary
with UAW Local 900 in Wayne, Michigan, told the paper that "a
minimum of 90%" of its workers voted in favor of the contract.  
The local represents more than 5,000 workers at Michigan Truck
Plant and Wayne Stamping and Assembly.

Voting results from Local 600 in Dearborn, Michigan, and Local
2000 in Ohio are not yet available.

As reported in the Troubled Company Reporter on Nov. 6, 2007,
Ford and the UAW reached a tentative agreement on a four-year
national labor contract covering approximately 54,000
represented employees in the United States.  The UAW Ford
National Council -- made up of delegates from more than 55 Ford
facilities across the nation -- voted to unanimously recommend
ratification of the union's 2007 tentative agreement with Ford.

According to AP, Ford's shares dropped 3.3% closing at $8.20 on
Friday, the same day union leaders say workers in Michigan and
Illinois approved a new contract.

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.


ICONIX BRAND: Enters Into Five Global License Agreements
--------------------------------------------------------
Iconix Brand Group, Inc. has entered into four separate license
agreements for its London Fog(R), Rampage(R), Op(R), Joe
Boxer(R) and Danskin(R) brands and is expanding its license
agreement for Mossimo(R) in Australia.

The company has entered into an agreement with New Foundations,
a Beijing, China-based real estate development and retail
company granting them a master license for London Fog for all of
Mainland China.  New Foundations will hold an exclusive multi-
year license agreement to manufacture and distribute London Fog
apparel, accessories and lifestyle products in China and plans
to open a network of over 100 London Fog stores and shop-in-
shops across China including a handful of larger flagship stores
in Beijing and Shanghai over the next five years.  Iconix will
work with New Foundations to develop the marketing strategy for
the China market.

The second agreement is with Mint Apparel for a long-term master
license agreement for Op apparel, accessories and lifestyle
products in Europe.  Mint Apparel will distribute the brand
through specialty stores, surf shops and department stores in
Europe.

The company has also entered into an exclusive long-term license
with The Style Company to open stand alone retail stores for
Rampage, Op and Joe Boxer in the Middle East.  The Style Company
plans on rolling out a total of 35 retail stores over the next
five years across the region including fourteen Op, fourteen Joe
Boxer and seven Rampage shops.

Additionally, the company has entered into a license agreement
with Grupo Zipora to manufacture and distribute Danskin in
Mexico.  Danskin will be distributed in Mexico through a dual
brand strategy similar to the brand structure in the U.S., with
Danskin product distributed to specialty stores and department
stores and Danskin Now distributed exclusively through WalMart
Mexico.

Lastly, the company has also expanded the Mossimo Australia
license with Port Melbourne-based Pacific Brands Limited.
Pacific Brands plans to open ten free-standing Mossimo stores
throughout Australia in the next few years.

Neil Cole, Chairman and Chief Executive Officer of Iconix,
stated, "Iconix is committed to exporting our portfolio of
brands around the world and these new agreements represent an
exciting step forward in this initiative.  Each of our new
licensees will be dedicating significant resources to expanding
the Iconix's stable of brands worldwide and we look forward to
working with each one of them.  China is the fastest growing
market in the world and we are excited to announce our first
license agreement in that market with such a powerful partner as
New Foundations.  New Foundations' position in the Chinese Real
Estate market will enable them to quickly develop a retail
network for our brand across China."

                        About Iconix

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

                       *     *     *

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

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


J-CORE: S&P Affirms Rating on Class E Trust Certificate at BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
tranches of J-CORE FL1 Trust Certificate's JPY16.6 billion trust
certificates, issued December 2006.  The rating on class B
was raised to 'AA+' from 'AA', and the rating on class C was
raised to 'AA-' from 'A'.  At the same time, Standard & Poor's
affirmed its ratings on the remaining tranches, classes A, D, E,
and X, due April 2012.

According to the most recent reports obtained from the servicer
and trust bank, a portion of the trust certificates principal
was redeemed following the sale in June 2007 of one of the four
underlying properties backing the trust certificates, and the
subsequent prepayment of non-recourse loans corresponding to
about 18% of the trust certificates' initial issuance amount.

Moreover, one other underlying property backing a non-recourse
loan corresponding to about 31% of the trust certificates'
initial issuance amount was sold in September 2007, leading to
the prepayment of the non-recourse loan and the redemption of an
equivalent amount of trust certificates.  Accordingly, a
cumulative sum of about 49% of the principal on the trust
certificates has been redeemed.

The upgrades reflect a decrease in the LTV ratio of the trust
certificates and an increase in the subordination rate (and
therefore credit support) for the notes, given that the
transaction features a modified pro-rata redemption structure
under which the amount initially established for each class
corresponding to the loans is used to redeem principal on the
trust certificates.  The upgrades also reflect the generally
satisfactory performance of the remaining loans and underlying
properties.

This is a multi-borrower CMBS transaction.  The trust
certificates are ultimately secured by three loans extended to
Tokkin trustees that each own one specified bond backed by real
estate trust beneficial interests, and by one additional non-
recourse loan backed by Tokkin beneficial interests and real
estate trust beneficial interests.  Deutsche Securities Inc.,
Tokyo branch, serves as the arranger of this transaction, and
ORIX Asset Management & Loan Services Corp. is the servicer.

Ratings Raised:

JPY16.6 billion floating-rate trust certificates due April 2012

Class  To   From  Initial Amount  Current Amount     Coupon

  B    AA+   AA    JPY2.0 bil.    JPY1.21200 bil. Floating Rate
  C    AA-   A     JPY1.6 bil.    JPY0.8656 bil.  Floating Rate

Ratings Affirmed:

Class  Rating  Initial Amount   Current Amount    Coupon Type

  A     AAA     JPY11.8 bil.    JPY5.15070 bil.   Floating Rate
  D     BBB+    JPY1.0 bil.     JPY0.96400 bil.   Floating Rate
  E     BB+     JPY0.2 bil.     JPY0.2 bil.       Floating Rate
  X     AAA     JPY16.6 bil.    JPY8.3923 bil.    N/A


JVC CORP: Moody's Affirms Baa3 Debt Rating with Negative Outlook
----------------------------------------------------------------
Moody's Investors Service has confirmed the Baa3 long-term debt
rating and the Prime-3 short-term rating of Victor Company of
Japan, Limited.  The ratings outlook is negative.

The rating confirmation is based on Moody's expectation that JVC
will be able to recover its overall profitability through the
restructuring measures set in its JVC Action Plan 2007 and
maintain reasonable financial flexibility.  This concludes the
review for downgrade initiated on July 25, 2007.

The negative outlook reflects Moody's concern that JVC may take
longer than expected to strengthen its competitiveness and
stabilize profitability, which will result in the company's
credit remaining susceptible to market developments.

On July 24 2007, JVC announced capital and business alliance
with Kenwood Corporation (Kenwood, unrated) as well as its JVC
Action Plan 2007, which includes additional business
restructuring and headcount reductions.  JVC recorded an
operating loss of JPY5.7 billion for FYE2007/03, but plans to
restore operating profitability to JPY8 billion in FYE2008/03.

Moody's views that JVC should be able to restore its overall
profitability because (1) it is strengthening its portfolio by
restructuring unprofitable businesses such as ILA and recording
media businesses; (2) it is improving its cost structure by
reducing fixed costs, including a headcount cut about 1,400; and
(3) it is expected to maintain the profitability of its
camcorder (its largest revenue contributor) and car electronics
divisions, which may be positively affected due to the alliance
with Kenwood.

However, the company is exposed to the highly competitive
digital consumer electric market, where competition is
intensifying among the major players -- and newcomers -- and
product prices continue to decline.  Moody's is concerned that
the cut-throat competition will continue in this market and may
counter the positive impacts of restructuring.  Therefore,
Moody's believes that there is some uncertainty as to whether
JVC can indeed strengthen and stabilize profitability in a
timely manner.

In August 2007 JVC allocated JPY35 billion in new stock to
Kenwood and its major shareholder, Sparks Group (unrated), which
supported JVC's financial position and liquidity.  The company's
debt to capitalization ratio as of September 2007 was about 52%
after the company recorded JPY42 billion net loss for the first
half of FY2007, mainly because of the restructuring charges.  
Moody's believes that JVC can maintain its current financial
position and liquidity while keeping up necessary capital
expenditure.  JVC's Baa3 ratings reflect strong support from its
major lenders.

The new share allocation decreased the ownership of Matsushita
Electric Industrial Co., Ltd. (MEI, Aa2) to about 37% from 52%,
reflecting a change in JVC's strategic importance to MEI.  
However, Moody's also believes JVC's credit stability will
benefit if MEI retains the rest of its shares and remains the
largest shareholder of JVC.

Victor Company of Japan, Limited, headquartered in Kanagawa,
Japan, is a leading manufacturer of consumer electronics
products.

                       About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

The Troubled Company Reporter-Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006.  This is its fourth consecutive annual loss.


KOBE STEEL: Posts Net Income of JPY4.5 Billion for H1 of FY2007
---------------------------------------------------------------
Kobe Steel, Ltd., announced its financial results for the
first half of fiscal 2007, ended September 30, 2007.

Japan's economy gradually expanded in the first half of fiscal
2007.  With high corporate earnings and generally favorable
business sentiment, private-sector capital investment continued
to increase and household incomes continued to gradually rise,
leading to firm personal spending.  The overseas economy,
centered on Asia and in particular China, expanded worldwide.

Under these conditions, Kobe Steel's consolidated net sales
in the first six months of fiscal 2007 rose JPY135.7 billion, in
comparison to the same period last year, to JPY1,034.6 billion,
owing to strong demand mainly in the Iron and Steel segment and
the Construction Machinery segment.  However, operating income
was JPY95.7 billion, a decrease of JPY3.1 billion in comparison
to the same period last year.  In addition to high ocean freight
rates and high prices for some metals, depreciation rose due to
a change in the depreciation method brought about by tax
reforms.  Ordinary income went down JPY11.4 billion to
JPY75.9 billion, and net income decreased JPY4.5 billion to
JPY47.0 billion.

                Results by Business Segment

Iron & Steel

Domestic demand for steel products from the automotive,
shipbuilding and other manufacturing industries remained strong
in the period under review.  Exports continued to be firm on the
back of expanding world demand. Under these conditions, Kobe
Steel achieved higher shipments of steel products by striving to
meet active demand centered on upper-end steel products for
manufacturing industries.  

Sales prices also rose in comparison to the same period last
year due to higher sales prices for specialty steels.  Demand
was also active for steel castings and forgings for the
shipbuilding industries and titanium products for the aircraft
market.  As a result, sales for these products went up over the
same period last year.

For welding consumables, sales increased in comparison to the
same period last year.  Demand remained firm from the domestic
shipbuilding, automotive and construction industries.  Overseas
demand continued to be firm from shipbuilders and for energy
-related projects.

As a result, segment sales increased 11.7% over the same period
last year to JPY443.6 million.  However, the higher cost of
ocean freight for steel raw materials, higher prices for some
metals, and the change in the depreciation method led to a
decrease of JPY5.3 billion in operating income to JPY40.1
billion.

Wholesale Power Supply

Segment sales of JPY34.1 billion were similar to the same period
last year.  Operating income went down JPY1.1 billion to JPY8.1
billion due to the concentration of maintenance work in the
half-year period.  The Shinko Kobe Power Station has an
electricity generation capacity of 1.4 million kilowatts.

Aluminum & Copper

Shipments of rolled aluminum products increased over the same
period last year.  The sales volume of aluminum plate used in
the production of liquid crystal manufacturing equipment went
down as this material continued to be in an adjustment phase.  
However, shipments were strong for aluminum can stock for
beverage containers due to the hot summer and the introduction
of new soft drinks.  In addition, demand for aluminum automotive
panel material and bumper material, as well as for air
conditioning fin stock, continued to be firm.

The sales volume of copper rolled products went down in
comparison to the same period last year.  Although demand
remained firm for copper sheet and strip used in electronic
applications, domestic demand for copper tube used in air
conditioners went down.

Aluminum castings and forgings saw lower sales in comparison to
the same period last year, as the adjustment phase continued for
liquid crystal manufacturing equipment.

Under these conditions, overall sales volume increased over the
same period last year and high ingot prices pushed up sales
prices.  As a result, segment sales increased 21.0% over the
same period last year to JPY232.8 billion.  
However, operating income fell JPY4.0 billion to JPY14.0 billion
as high ingot prices, which contributed to higher profits in the
first half of fiscal 2006, had less of an effect on inventory
valuation in the period under review.

Machinery

Domestic orders decreased 14.8%, in comparison to the same
period last year, to JPY74.6 billion.  Due to strong private-
sector capital investment, orders continued to be firm for
compressors, rolling mills and other products.  However, in the
environmental business, Kobe Steel received fewer orders for
large waste treatment projects in  comparison to the same period
last year.

Overseas orders grew 44.3% to JPY127.7 billion.  Capital
investments were active in the oil refining, petrochemical and
energy fields in the Middle East, Asia and North America.  Thus,
demand continued to remain high for compressors, plastics
processing machinery and chemical reactors (pressure vessels).  
Kobe Steel also received an order for a large pellet plant.

As a result, total orders increased 14.9% to JPY202.3 billion,
and the backlog of orders was JPY391.9 billion.

Owing to strong orders, Machinery segment sales rose 11.4%, in
comparison to the same period last year, to JPY133.0 billion.  
Operating income increased JPY7.0 billion to JPY12.5 billion.

Construction Machinery

The domestic market for hydraulic excavators remained brisk.  
Although public works projects continued on a downward trend,
private-sector capital investment was firm and reduced
inventories brought about by higher exports of used machines to
China and other overseas markets supported new demand for
excavators.  The overseas market as a whole, centered on China,
was also strong.  The exception was the U.S. market where demand
fell due to lower housing starts.  In the crane business, demand
also continued to be robust, mainly in the Middle East and
Southeast Asia.  Due to these factors, segment sales increased
31.3%, in comparison to the same period last year, to JPY174.8
billion.  Operating income increased JPY6.1 billion to JPY13.0
billion.

Real Estate

Segment sales went down 5.5% from the same period last year to
JPY17.8 billion as fewer condominiums were handed over.  
Operating income decreased JPY0.8 billion to JPY1.9 billion.

Electronic Materials & Other Businesses

Due to inventory adjustments of liquid crystal displays and
competition from alternative materials, shipments of target
material for thin-film wiring went down.  As a result, segment
sales declined 9.1%, in comparison to the same period last year,
to JPY27.7 billion.  Operating income decreased JPY4.6 billion
to JPY3.6 billion.

         Outlook for Fiscal 2007 (ending March 2008)

Japan's economy in the second half of the fiscal year is
forecast to continue expanding gradually.  Domestic demand in
the private sector is expected to continue increasing, and the
overseas economy as a whole is anticipated to expand.  However,
some domestic industries have cautious outlooks for future
business conditions.  Other factors including the exchange rate
and trends in the U.S. Economy are of concern.  Due to these
conditions in Japan and overseas, the outlook is not entirely
optimistic.  On this background, Kobe Steel's outlook for its
business segments in fiscal 2007 is as follows:

Iron & Steel

Steel demand, both in Japan and overseas, is forecast to
continue being firm for upper-end steel products.  Demand is
also expected to be brisk for steel castings and forgings,
titanium products and welding consumables.  As a result, second-
half Iron & Steel segment sales are forecast to be higher than
in the first half of fiscal 2007.  However, as domestic
inventories of steel products remain slightly higher than the
appropriate level and there is concern that supply pressure will
increase due to higher steel production in China, a cautious
outlook will continue to be required.

Wholesale Power Supply

The Shinko Kobe Power Station intends to run its facilities
under stable operation. As the electricity unit price will go up
due to higher coal prices, second-half segment sales are
expected to be higher than in the first half.

Aluminum & Copper

Second-half shipments of aluminum rolled products are forecast
to go down from the first half, as demand for aluminum can stock
for beverages will slacken in the off-season.

In copper rolled products, second-half shipments of copper sheet
for electronic applications are anticipated to rise due to
increased production capacity.  However, demand for copper tube
for air conditioners will go down because of the off-season.  On
the whole, second-half copper shipments are expected to be
similar to the first half.  As a result, segment sales in the
second half are forecast to decline in comparison to the first
half.

Machinery

Demand is anticipated to remain firm for compressors used in the
oil refining, petrochemical and energy fields; plastics
processing machinery; and chemical reactors (pressure vessels).  
Owing to a concentration of environment-related sales in the
second half, second-half sales are anticipated to be higher than
the first half.

Construction Machinery

The domestic market is forecast to remain strong due to firm
private-sector investment.  As demand in China will enter a
slack period, second-half segment sales are anticipated to be
lower than the first half.

Real Estate

As completions and hand-overs of condominiums are anticipated to
increase, second-half sales are expected to be higher than
first-half sales.

Electronic Materials & Other Businesses

Inventory adjustments of liquid crystal displays and competition
from alternative materials will continue.  As revenue from the
materials testing and analysis business is forecast to be
concentrated in the second half, second-half sales are expected
to be higher than the first half.

Overall Forecast

Second-half sales are forecast to be higher than first-half
sales.  Iron & Steel segment sales are anticipated to be higher
on the back of firm demand.  In the Machinery segment, sales
will be concentrated in the second half of the fiscal year.  
Thus, second-half sales will be higher than first-half sales.  
However, profits will be lower than the first half due to high
ocean freight rates, high prices for some metals, and high
prices for purchased parts.  As a result, consolidated sales at
Kobe Steel are anticipated to reach JPY2,150.0 billion, with
operating income JPY195.0 billion.  Ordinary income is expected
to be JPY150.0 billion, and net income is projected at JPY90.0
billion.

Total current assets is JPY91.5 billion available to pay total
current liabilities of JPY1.03 trillion.

Total assets of JPY2.3 trillion versus total liabilities of
JPY1.7 trillion, resulting in total shareholders' equity or
total shareholders' equity deficit of JPY5.4 billion.  

                       About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,  
Limited -- http://www.kobelco.co.jp/english/corp/index.html--    
is one of Japan's leading steel makers, as well as the top  
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.

Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.

As the Troubled Company Reporter-Asia Pacific reported on
May 31, 2006, Fitch Ratings upgraded the long-term foreign
and local currency Issuer Default Ratings of Japanese steel-
maker Kobe Steel to BB+ from BB.  At the same time, the agency
affirmed Kobelco's short-term IDR at B.  The outlook on the
ratings is positive.


NOVA CORP: G.communication to Hire 1,760 Nova Employees
-------------------------------------------------------
Nova Corp.'s chosen sponsor, G.communication Co., said it has
decided to employ all 1,760 former instructors and other
staff of the Osaka-based school, Kyodo News reports.

According to the report, of the total number of Nova employees,
1,548 are foreign teachers and 212 are Japanese staff.

G.communication, which conducted briefings about its employment
policy last weekend, said that it is ready to hire nearly 700
other Nova workers who have been interviewed by them but have
not yet decided on whether to pursue their application, Kyodo
relates.

Kyodo adds that the hired employees will receive the same
or higher salaries and will be subject to different terms
of employment as compared to Nova.

The article conveys that the 1,760 Nova employees were
among the 3,500 workers interviewed by G.communication
during its employment policy briefing over the weekend.

On November 13, 2007, the Troubled Company Reporter-Asia
Pacific reported that G.communication is set to open a Nova
school in Nagoya as early as this week located near
G.communication's head office.

The TCR-AP further noted that G.communication aims to run
schools elsewhere including Tokyo, Osaka, Sendai, and Fukuoka.

Meanwhile, The Yomiuri Shimbun reported that International
Language Service school has opened up empty classrooms for
Nova teachers and students.

ILS instructor Ramona Coulson Watanabe expressed to the
Yomiuri Shimbun that she is concerned about the welfare of
foreign teachers left in the lurch by Nova's demise and
added that ILS has produced 3,000 flyers to spread the word
about the lessons and has already received inquiries from
potential students.

Aside from G.communication and ILS, the National Union of
General Workers Tokyo South will begin, this week, "lessons
for food" project in which it will put teachers in contact
with students for lessons in exchange for money for food
and transport, conveys Yomiuri Shimbun.

Zenken All Corp., a business that offers English
conversation classes for children, also came up with a plan
to recruit about 100 Nova teachers.

                     About Nova Corp.

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

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

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


SOFTBANK CORP: Ties Up with Disney on Mobile Phones Service
-----------------------------------------------------------
Telecommunications firm Softbank Corp., in partnership with
Walt Disney Co., will launch mobile phone services in Japan next
spring, Kyodo News reports.

Softbank and Disney will cooperate in developing handsets
and content for the wireless data communications services.  
Disney, according to the report, will accept subscriptions
through Softbanks' nationwide sales network.

Softbank's mobile phone unit business, Softbank Mobile,
said it plans to lease its mobile communications network to
Disney as part of its efforts to expand profit base.

Walt Disney Japan's president, Paul Candland, said that by
combining quality services of Softbank and entertainment
content by Disney, his company will be able to offer
groundbreaking mobile phone services, states Kyodo News.

According to the report, the Japan unit of Walt Disney has
already submitted an application to the Internal Affairs
and communications Ministry to become a so-called mobile
virtual network operator, which provides mobile service
without owning network infrastructure.

Kyodo added that Disney will be the first mobile virtual
network operator in Japan to offer both voice and data
communications services.  Existing MVNOs offer only
wireless data communications services.

Disney is expected to offer content involving Disney characters
and distribute cartoons to its subscribers, relates Kyodo News.

                        About Softbank

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

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

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

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

                          *     *     *

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

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


* Fitch Publishes Rating Criteria For FILP Bond Issuers
-------------------------------------------------------
Fitch Ratings has published "Ratings for Japanese FILP 'Zaito'
Agency Bond Issuers" -- a rating criteria for Japanese FILP
(Fiscal Investment and Loan Program) or 'Zaito' agency bond
issuers.

The Japanese Ministry of Finance (MOF) currently runs FILP which
provides finance for 32 government sector entities (FILP
agencies) to carry out government sponsored projects.  Despite
its short history, the FILP agency bond market, which started in
2001, is now one of the core public sector bond markets in
Japan.

Under Fitch's criteria, FILP agencies can be assessed as
"dependent" agencies with either "very strong", "strong" or
"moderate" government support.  Under the "top down" approach
applicable for "dependent" agencies, Fitch will notch down from
the sovereign credit, taking the degree of dependency into
account.  The notching gap for these dependent agencies will be
within 0-3 notches from the sovereign credit.  The FILP agency
bonds are not guaranteed by the government.

The restructuring of government agencies continues through
integration, abolishment and privatization.  Should the
government decide and announce its intention to privatize a FILP
agency, Fitch will forecast how the FILP agency will perform in
the new regulatory environment.  The market will expect its debt
obligation on bonds issued without guarantee to be taken over by
the new entity after privatization.  Fitch will widen the
notching distance from the sovereign or shift its rating
approach from "top down" to "bottom up" gradually as the process
of privatization proceeds.

The 'bottom up' approach will be based on a standalone credit
analysis with a possible notching up or down, as the case may
be, reflecting government support or disadvantages.  However,
Fitch anticipates the government to provide necessary support
prior to full privatization, since it is an ultimate policy
objective.  After full privatization, the rating level will
depend on the standalone rating, with the limited possibility of
additional credit enhancement from implicit support or certain
disadvantages caused by government intervention.

The criteria report "Ratings for Japanese FILP - 'Zaito' Agency
Bond Issuers" is available on the agency's website
www.fitchratings.com.


* Japan Sees 8.06% More Corporate Bankruptcies in October
---------------------------------------------------------
The number of Japanese corporate bankruptcies in October 2007
rose 8.06% from a year earlier to 1,260 cases, the Troubled
Company Reporter-Asia Pacific learns through data obtained from
Bloomberg.

The figure is a 20.34% increase from the figure recorded for
September 2007.  This was also the seventh month of year-on-year
gains in total cases.

The level of debt, however, fell 25.21% year-on-year to
JPY461.26 billion.

The TCR-AP learns that out of the 1,260 bankruptcy cases, 30.95%
were filed by construction firms, while another 41.03% were
filed by companies in the manufacturing, wholesale and retail
sectors.

Meanwhile, the 225 firms belonging to the others and services
sector brought together the highest debt level at
JPY172.05 billion, while those belonging to the construction
sectors raked in JPY81.28 billion.

The number of cases and the level of debt in billions of
Japanese Yen for each industry are as follows:

     Industry              No. of Cases    Level of Debt
     --------              ------------    -------------
     Primary industry           11              3.34
     Construction              390             81.28
     Manufacturing             166             44.11
     Wholesale                 179             48.32
     Retail                    172             18.75
     Finance, insurance          4             32.05
     Real estate agents         38             41.15
     Transportation             47              9.37
     Communication              28             10.85
     Others and Services       225            172.05
     Total                   1,260            461.26


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

DAEWOO ELECTRONICS: Lays Off About 1,500 Workers
------------------------------------------------
Daewoo Electronics Corporation laid off approximately 1,500 of
its 4,000 workers, after a quiet restructuring in October,
Chosun News reports.

According to Chosun News, the company gave a each worker
termination pay of KRW17 million adding that the restructuring
was done quickly, in just two months, without dispute or
conflict.

Restructuring began after last year's talks for the selling of
the company to foreigners was broken off in May, the report
recounts.  Workers who kept their jobs gave up their bonuses to
help pay severance to those laid off, management returned 30% of
their annual salaries in the form of deferred pay, and  the
company closed down its poorly performing units and sold off bad
assets, which cleared up KRW300 billion of potential problematic
elements.

The report relates that Daewoo maintained its 44 overseas
offices and branches in Europe, North America, Russia and other
nations.  It left its two overseas research centers in Europe
and North America untouched, the report adds.  

As reported by the Troubled Company Reporter-Asia Pacific on
May 29, 2006, Daewoo Group, Daewoo Electronics parent firm,
filed for bankruptcy with the Seoul Central District Court on  
May 25, 2006.  Daewoo Group collapsed after the 1997 Asian
financial crisis with a debt of around US$80 billion as of July
1999, which individually went bankrupt and were separated from
the group in 1999, had been up for sale, the report adds.

                    About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer   
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


SEQUA CORP: Wants to Redeem 2008 Unsecured Notes by December 21
---------------------------------------------------------------
Early last month, Sequa Corporation notified The Bank of New
York, as successor Trustee under the Indenture dated July 29,
1999 between the Company and Harris Trust Company of New York,
that the company had elected to exercise its option to
conditionally redeem all of its outstanding 8-7/8% Senior
Unsecured Notes due 2008 and 9% Senior Unsecured Notes due 2009.

The redemption price of the securities will be the greater of
(a) 100% of the outstanding principal amount thereof and (b) the
sum of the present values of the remaining scheduled payments of
interest and principal discounted to the date of the Redemption
on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the treasury rate in effect on the
second business day prior to the redemption date plus 50 basis
points.  Holders of redeemed Securities will also receive
accrued and unpaid interest thereon up to but not including the
Redemption Date.

The anticipated redemption date is Nov. 21, 2007, and in no
event will the redemption date be later than Dec. 21, 2007.

The redemption is conditional on the consummation of the merger  
of Blue Jay Merger Corporation with and into the Company, with
the Company continuing as the surviving corporation and a wholly
owned subsidiary of Blue Jay Acquisition Corporation in
accordance with the terms of the Merger Agreement dated as of
July 8, 2007, among the company, Merger Co and Parent.

To date and prior to any redemption, $199,140,000 in aggregate
principal amount of the 2008 Notes were outstanding, and
$498,000,000 in aggregate principal amount of the 2009 Notes
were outstanding.

                     About Sequa Corporation

Headquartered in New York, Sequa Corp. -- http://www.sequa.com/    
-- is a diversified industrial company.  The company
manufactures and repairs jet engine components, performs metal
coating, and produces automotive airbag inflators, chemical
detergent additives, auxiliary printing press equipment,
emissions control systems, men's formal wear, and automotive
cigarette lighters and power outlets.  Its subsidiary Warwick
International maintains a headquarters in the United Kingdom and
chemical distribution companies in Spain, France, Italy,
Portugal, and South Africa as well as offices in China, Japan
and Korea.

As reported by the Troubled Company Reporter-Asia Pacific on   
July 18, 2007, Standard & Poor's Ratings Services placed its
ratings, including the 'BB-' corporate credit rating, on Sequa
Corp. on CreditWatch with negative implications.  About US$700
million of debt is affected.


SEQUA CORPORATION: Earns US$18.1MM in Third Qtr. Ended Sept. 30
---------------------------------------------------------------
Sequa Corporation generated sales of US$572,086,000 for the
three months ended Sept. 30, 2007, as compared with sales of
USUS$554,377,000 for the same quarter a year ago.  The company
had a net income of US$18,113,000 during the third quarter of
2007 and a net income of US$14,695,000 during the third quarter
of 2006.

For the nine months ended Sept. 30, 2007, the company generated
sale of US$1,660,046,000, as compared with sales of
US$1,636,473,000 for the nine months ended Sept. 30, 2006.  Net
income for the nine months ended Sept. 30, 2007, was
US$44,258,000, as compared with net income of US$42,149,000 for
the nine months ended Sept. 30, 2006.

As of Sept. 30, 2007, the company's balance sheet showed total
assets of US$2,145,610,000, total liabilities of US$786,043,390,
resulting in total stockholders' equity of US$788,189,000.

Sequa's consolidated balance sheet includes accruals relating to
current and prior restructuring programs of US$557,000 at Sept.
30, 2007 and US$2,207,000 at Dec. 31, 2006.

The consolidated financial statements of Sequa Corporation
include the accounts of all majority-owned subsidiaries except
for a 52.6% owned component manufacturing operation.  The 52.6%
ownership interest in BELAC does not equate to a controlling
interest primarily due to a super majority vote requirement (at
least 75% approval) on certain key operational decisions.  In
addition, BELAC has been determined not to be a Variable
Interest Entity and therefore its financial statements are not
required to be consolidated.

                      Debts and Obligations

On Oct. 18, 2007, Sequa notified The Bank of New York, as
successor trustee under the Indenture dated July 29, 1999, that
Sequa had elected to exercise its option to conditionally redeem  
all of its outstanding 8 7/8% Senior Unsecured Notes due 2008
and 9% Senior Unsecured Notes due 2009.  The redemption price
will be the greater of (a) 100% of the outstanding principal
amount thereof and (b) the sum of the present values of the
remaining scheduled payments of interest and principal
discounted to the date of the redemption on a semi-annual basis
at the treasury rate in effect on the second business day prior
to the redemption date plus 50 basis points.  Holders of the
redeemed Notes will also receive accrued and unpaid interest
thereon up to but not including the redemption date.  The
anticipated redemption date is Nov. 21, 2007, and in no event
will the redemption date be later than Dec. 21, 2007.  The
redemption is conditional on the consummation of the merger.

The senior unsecured notes at 8-7/8% mature in April 2008 and,
accordingly, the aggregate principal amount of US$199,140,000 is
classified on the balance sheet at Sept. 30, 2007, in current
maturities of long-term debt.

On Aug. 27, 2007, Sequa entered into a Loan Agreement with Bank
of America, N.A under which Bank of America agreed to provide a
US$25,000,000 revolving line of credit to Sequa to be used for
general working capital purposes.  Interest on the line of
credit is payable at an annual rate of LIBOR plus 75 basis
points and will adjust periodically.  The line of credit will
terminate upon the earlier of Aug. 26, 2008 or a Change of
Control.  As of Sept. 30, 2007, no amounts were outstanding
under the line of credit facility.

At Sept. 30, 2007, Sequa was contingently liable for
US$35,032,000 of outstanding letters of credit and US$1,121,000
of surety bonds not reflected in the accompanying Consolidated
Financial Statements.  In addition, Sequa has guaranteed a bank
line of credit for its MJB International Limited joint venture
in an amount up to US$9,688,000.  Sequa has also guaranteed 50%
of the capitalized lease payments and 50% of the overdraft
facility for its Turbine Surface Technology Limited joint
venture in an amount not to exceed 10,250,000 British pounds.  
At Sept. 30, 2007, US$2,205,000 was outstanding under MJB's bank
line of credit and 5,759,000 British pounds were outstanding
related to the TSTL guarantees.  Sequa is not aware of any
existing conditions that would cause risk of loss relative to
outstanding letters of credit, surety bonds or bank guarantees.

                       Merger with Blue Jay

Sequa had entered an agreement and plan of merger, dated as of
July 8, 2007, with Blue Jay Acquisition Corporation, a Delaware
corporation, and Blue Jay Merger Corporation, a Delaware
corporation and a wholly owned subsidiary of parent company Blue
Jay Acquisition.  Parent and Merger Co are entities directly and
indirectly owned by Carlyle Partners V, L.P. and its affiliates.  

The merger agreement contemplates that Merger Co will be merged
with and into Sequa, with Sequa continuing as the surviving
corporation and a wholly owned subsidiary of Parent.  The merger
agreement further contemplates that at the effective time of the
Merger, each outstanding share of Class A Common Stock and of
Class B Common Stock of Sequa, other than shares owned directly
or indirectly by Sequa, Parent and Merger Co and by any
stockholders who properly exercise appraisal rights under
Delaware law, will be cancelled and converted into the right to
receive US$175.00 in cash, without interest.

On Sept. 17, 2007, Sequa's shareholders approved the Merger.

Sequa and parent each have certain termination rights under the
Merger Agreement.  Under certain circumstances, Sequa will be
obligated to pay Parent either:

   (1) a termination fee in the amount of US$60,570,000 Breakup
      
   (2) a termination fee in the amount of US$30,285,000 plus the
       lesser of (x) US$10,000,000 and (y) Parent’s expenses or

   (3) Parent's expenses.  

Under certain other circumstances, Parent will be obligated to
pay Sequa a termination fee in the amount of US$60,570,000.

                     About Sequa Corporation

Headquartered in New York, Sequa Corp. -- http://www.sequa.com/    
-- is a diversified industrial company.  The company
manufactures and repairs jet engine components, performs metal
coating, and produces automotive airbag inflators, chemical
detergent additives, auxiliary printing press equipment,
emissions control systems, men's formal wear, and automotive
cigarette lighters and power outlets.  Its subsidiary Warwick
International maintains a headquarters in the United Kingdom and
chemical distribution companies in Spain, France, Italy,
Portugal, and South Africa as well as offices in China, Japan
and Korea.

As reported by the Troubled Company Reporter-Asia Pacific on   
July 18, 2007, Standard & Poor's Ratings Services placed its
ratings, including the 'BB-' corporate credit rating, on Sequa
Corp. on CreditWatch with negative implications.  About US$700
million of debt is affected.


SEQUA CORP Moody's Rates Proposed Sr. Debt Facility at B1
---------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Blue Jay
Merger Corporation's proposed senior secured credit facilities,
consisting of a revolving credit facility due 2013 and a term
loan facility due 2014, and a Caa2 rating to the company's
proposed senior unsecured notes due 2015.  Blue Jay Merger
Corporation will be merged into Sequa Corporation on the close
of the proposed acquisition.  The Corporate Family Rating was
assigned at B3 with a stable outlook.

Approximately US$2 billion of debt securities are rated.

The purpose of the proposed debt offerings is to partially
finance the US$2.8 billion acquisition of Sequa by private
equity sponsor, Carlyle Group.  Upon the consummation of the
merger Sequa will be the surviving corporation and will assume
all of Blue Jay Merger's obligations.  Sequa's existing 8-7/8%
and 9% notes are subject to redemption requirements under their
current indentures, and it is anticipated that they will be
redeemed in their entirety upon close of the acquisition
financing transactions. Moody's intends to withdraw all of
Sequa's pre LBO ratings, including its B1 Corporate Family
Rating and B2 senior notes ratings when the acquisition
financing is completed.

Sequa's B3 Corporate Family Rating reflects high leverage and
weak interest coverage pro forma the Carlyle LBO.  Near term
negative free cash flow resulting from continued investment
across business lines is also a constraint on the rating.  
Despite improving fundamentals, particularly in the company's
aerospace segment, high debt levels resulting from the
transaction are expected to keep credit metrics weak over the
near term.

Sequa's Corporate Family Rating benefits from a diverse revenue
base across industries and geography, which provides stability
through individual industry cycles.  However, the credit
profiles of a number of key customers in Sequa's two largest
segments, commercial aerospace (legacy airlines in particular)
and automotive (especially Delphi which is seeking to emerge
from bankruptcy protection) remain of concern.  While the
airline industry is experiencing a modest recovery, the auto
business continues to experience on-going economic difficulties.

The stable ratings outlook reflects Moody's expectations that
the company will continue to grow its revenue base while
maintaining or modestly improving margins from current levels.  
The company is also expected to begin to generate modest amounts
of positive free cash flow as its investment phase winds down
over the near term, which should be applied to modest debt
reduction.

Ratings or their outlook may be adjusted upward if operating
results continue to improve such that these metrics are
achieved:

Leverage: Debt/EBITDA of less than 6.0 times;

Interest Coverage: EBIT/Interest of greater than 1.5 times;

Cash Flow: RCF/Debt greater than 8% with sustained positive free
cash flow.

Downward ratings pressure may also occur if free cash flow were
to continue to remain negative such that the company's liquidity
profile would be impaired, if the company were to increase debt
materially for any reason, or if operating results were to
deteriorate resulting in these metrics:

Leverage: Debt/EBITDA of greater than 8.0 times;

Interest Coverage: EBIT/Interest remaining less than 1.0 time;

Cash Flow: RCF/Debt less than 5% with continued negative free
cash flow.

Assignments:

Issuer: Blue Jay Merger Corporation

   -- Probability of Default Rating, Assigned B3

   -- Corporate Family Rating, Assigned B3

   -- Senior Secured Revolving Credit Facility due 2013,
Assigned
      B1 (LGD3-30)

   -- Senior Secured Bank Term Loan due 2014, Assigned B1 (LGD3-
      30)

   -- Senior Unsecured Notes due 2015, Assigned Caa2 (LGD5-83)

   -- Senior Unsecured Discount Notes due 2015, Assigned Caa2
      (LGD5-83)

                  About Sequa Corporation

Headquartered in New York, Sequa Corp. -- http://www.sequa.com/    
-- is a diversified industrial company.  The company
manufactures and repairs jet engine components, performs metal
coating, and produces automotive airbag inflators, chemical
detergent additives, auxiliary printing press equipment,
emissions control systems, men's formal wear, and automotive
cigarette lighters and power outlets.  Its subsidiary Warwick
International maintains a headquarters in the United Kingdom and
chemical distribution companies in Spain, France, Italy,
Portugal, and South Africa as well as offices in China, Japan
and Korea.


UAL CORP: Issues 600,000+ Shares to Eligible Claimholders
---------------------------------------------------------
UAL Corporation, the holding company whose primary subsidiary is
United Airlines, commenced distribution of an additional 608,000
shares of UAUA common stock to holders of allowed general
unsecured claims against the company and certain of its
subsidiaries pursuant to the terms of the Plan of Reorganization
under which the company and its subsidiaries emerged from
Chapter 11 protection on February 1, 2006.  This marks the 5th
broad-based distribution of equity by the company.

Upon the completion of the current distribution, the company
will have distributed a total of 112.2 million shares to holders
of allowed and deemed general unsecured claims, out of a total
expected distribution of 115 million shares under the Plan to
holders of the claims.  With this, the company will have
116,916,281 shares outstanding as of November 8, 2007.

As part of the current distribution, United employees will be
issued, either directly or have monetized on their behalf,
approximately 197,000 shares of new UAUA common stock.  Since
February 2, 2006, and including the current distribution,
employees will have been issued, directly and indirectly, a
total of 35.7 million shares of new UAUA common stock.  In
connection with the reorganization, employees also received
$726 million in notes proceeds which were distributed in August
2006. Including both the notes and the stock distribution, and
based on the closing price of UAUA common stock on November 7,
2007, securities worth more than $2.0 billion have been
distributed to employees pursuant to the company's Plan of
Reorganization.

As of today, holders of approximately 45,000 allowed general
unsecured claims aggregating to approximately $29.2 billion in
claim value have received common shares of the company to
partially satisfy those claims.

The company currently estimates its total unsecured claim
exposure, including those that have been partially satisfied, to
be between $29.3 billion and $29.6 billion.  The company
currently holds approximately 2.8 million shares of UAUA common
stock in reserve to satisfy the remaining disputed unsecured
claims.  Distributions of this stock will take place on a
periodic basis as remaining claims disputes are resolved.

To the extent that any disputed claims become disallowed claims,
the shares of the UAUA common stock reserved for issuance to the
holders of the disputed claims will be distributed pro rata to
holders of allowed general unsecured claims.

                         About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

At Dec. 31, 2006, the company's balance sheet showed total
assets of US$25,369,000,000 and total liabilities of
US$23,221,000,000.

                          *     *     *

As reported in the Troubled Company Reporter on May 3, 2007,
Fitch Ratings has affirmed the Issuer Default Ratings of UAL
Corp. and its principal operating subsidiary United Airlines
Inc. at B-.


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

BOUSTEAD HEAVY: ECM Keeps 'Buy' Call on Hopes of More Orders
------------------------------------------------------------
ECM Libra Avenue Investment Bank said that it is keeping its
'buy' call on Boustead Heavy Industries Corp Bhd because it
expects the company to get more shipbuilding contracts, Thomson
Financial reports.

ECM notes that Boustead Heavy will deliver its third patrol
vessel to the Royal Malaysian Navy, while a fourth is scheduled
for delivery early in December and two more will be delivered by
2009, the report says.

Moreover, Boustead Heavy will be busy for the next 10 years with
another 21 patrol vessels worth MYR20 billion in the pipeline,
Thomson Financial further cites ECM as stating.

“We anticipate Boustead Heavy Industries Corp to secure more
contracts to build more vessels, be it commercial or naval
vessels,” the report quotes ECM.

According to the report, Boustead Heavy's management has
indicated that the value of the company's order book will reach
MYR1 billion by 2008, which means more contracts are likely be
secured in the near future.

The brokerage forecasts that Boustead Heavy will book a net
profit of MYR133 million in 2008 and MYR178 million in 2009,
Thomson Financial relates.  In addition, ECM is keeping its
target price of MYR9.00 per share for Boustead Heavy stock to
reflect the company's strong third-quarter results and promising
outlook.

Last month, the report recounts, Boustead Heavy disclosed a gain
of MYR393 million, booking a net profit of MYR436.03 million, a
turnaround from a loss of MYR48.06 million a year earlier.


Kuala Lumpur-based, Boustead Heavy Industries Corp Bhd's, f.k.a.
PSC Industries Berhad, principal activities are shipbuilding and
ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Troubled Company Reporter-Asia Pacific's “Large Companies
with Insolvent Balance Sheets” column as of Nov. 9, 2007, listed  
Boustead Heavy Industries as having US$57.34 million in total
assets and US$152.51 million in total shareholders' equity
deficit.


TIME DOTCOM: DiGi Discloses Plans for Broadband Deal
----------------------------------------------------
Malaysia's smallest mobile phone firm, DiGi, plans to enter into
a deal with broadband telecommunications firm TIME dotCom Bhd,
Reuters reports.

A statement by DiGi says that it intends to make a material
announcement in relation to a corporate exercise involving TIME
dotCom.

Reuters recounts that shares in DiGi and TIME dotCom were halted
from trade earlier on Nov. 12, pending an announcement from
DiGi.  Both companies provided no details, but there had been
market speculation that DiGi might launch a takeover of TIME
dotCom.

DiGi, Reuters relates, has been widely rumored to be interested
in buying TIME dotCom to gain access to its 3G broadband-
wireless license.  State-controlled TIME dotCom won one of two
3G licenses auctioned by the government in 2006, while DiGi
failed to secure the same license.  DiGi also failed in another
spectrum auction in March to secure a license to run WIMAX
services.


Malaysia-based TIME dotCom Berhad is an investment holding
company.  The company through its subsidiaries, provides voice,
data, video, image communication, and payphone services.  TIME
also provides and markets Internet services to consumers
including World Wide Web, organization and aggregation of
content, on-line call center, online services, on-net
advertising, and virtual data storage.

TIME dotCom incurred net losses of MYR177.78 million,
MYR238.90 million, and MYR833.24 million for the years ended
Dec. 31, 2006, 2005, and 2004, respectively.


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

AUSTRALIAN LAND: Court to Hear Wind-Up Petition on Jan. 31
----------------------------------------------------------
The High Court of Auckland will hear on January 31, 2008, a
petition to have Australian Land Development Ltd.'s operations
wound up.

The petition was filed by Strategic Nominees Limited on
September 11, 2007.

Strategic Nominees' solicitor is:

          Murray John Tingey
          Bell Gully
          Vero Centre, Level 22
          48 Shortland Street
          Auckland
          New Zealand


BATHHOUSE RESTAURANT: Creditors' Proofs of Debt Due on Nov. 16
--------------------------------------------------------------
The Bathhouse Restaurant & Bar (PN) Ltd. is requiring its
creditors to file their proofs of debt by November 16, 2007, in
order to be included in the company's dividend distribution.

The company went into liquidation on October 12, 2007.

The company's liquidator is:

          Roderick Thomas McKenzie
          c/o McKenzie & Partners Limited
          Level 1, 484 Main Street
          PO Box 12014, Palmerston North
          New Zealand
          Telephone:(06) 354 9639
          Facsimile:(06) 356 2028


CLEAR CHANNEL: Earns US$279.7 Mln in 3rd Quarter Ended Sept. 30
---------------------------------------------------------------
Clear Channel Communications Inc. reported Thursday results for
its third quarter ended Sept. 30, 2007.

Clear Channel's net income increased 51% to US$279.7 million in
the third quarter of 2007 as compared to US$185.9 million in the
third quarter of 2006.

The company reported revenues of US$1.7 billion in the third
quarter of 2007, an increase of 5% from the US$1.6 billion
reported for the third quarter of 2006.  Included in the
company's revenue is a US$32.4 million increase due to movements
in foreign exchange; excluding the effects of these movements in
foreign exchange, revenue growth would have been 3%.

Clear Channel's operating expenses increased 6% to US$1.1
billion during the third quarter of 2007 compared to 2006.  
Included in the company's 2007 expenses is a US$27.0 million
increase due to
movements in foreign exchange; excluding the effects of these
movements in foreign exchange, growth in expenses would have
been 3%.

Clear Channel's income before discontinued operations increased
51% to US$256.3 million, as compared to US$169.8 million for the
same period in 2006.

The company's OIBDAN was US$583.5 million in the third quarter
of 2007, a 4% increase from 2006.  The company defines OIBDAN as
net income adjusted to exclude non-cash compensation expense,
income or loss from discontinued operations, minority interest
expense, net of tax, income tax benefit or expense, other income
or expense - net, equity in earnings of nonconsolidated
affiliates, interest expense, gain or loss on disposition of
assets - net, and  depreciation and amortization.

Mark P. Mays, chief executive officer of Clear Channel
Communications, commented, "Our third quarter revenue and OIBDAN
growth was fueled by another exceptional performance from our
outdoor advertising business, which continues to post consistent
growth on a global basis.  Once again, our radio management team
delivered results that outperformed the rest of the industry.
Going forward, we remain committed to strengthening the value
proposition we deliver to our audiences and advertisers as
we continue to prudently invest in our brands, our content and
our multi-channel distribution.

                      Merger Transaction

The company's shareholders approved the adoption of the merger
agreement, as amended, with a group led by Thomas H. Lee
Partners L.P. and Bain Capital Partners LLC on Sept. 25, 2007.  
Under the terms of the merger agreement, as amended, the
company's shareholders will receive US$39.20 in cash for each
share they own plus additional per share consideration, if any,
if the closing of the merger occurs after Dec. 31, 2007.  As an
alternative to receiving the US$39.20 per share cash
consideration, the company's unaffiliated shareholders were
offered the opportunity on a purely voluntary basis to exchange
some or all of their shares of Clear Channel common stock on a
one-for-one basis for shares of Class A common stock in the new
company formed by the private equity group to acquire the
company (subject to aggregate and individual caps), plus the
additional per share consideration, if any.

Holders of shares of the company’s common stock (including
shares issuable upon conversion of outstanding options) in
excess of the aggregate cap provided in the merger agreement, as
amended, elected to receive the stock consideration.  As a
result, unaffiliated shareholders of the company will own an
aggregate of 30,612,245 shares of CC Media Holdings Inc. Class A
common stock upon consummation of the merger.  

The consummation of the merger is subject to antitrust
clearances, FCC approval and other customary closing conditions.

               Liquidity and Financial Position

For the nine months ended Sept. 30, 2007, cash flow provided by
operating activities was US$984.7 million, cash flow used by
investing activities was US$261.3 million, cash flow used by
financing activities was US$872.7 million, and net cash provided
by discontinued operations was US$157.4 million for a net
increase in cash of US$8.1 million.

As of Nov. 7, 2007, the company had approximately US$1.3 billion
available on its bank credit facility.

                    About Clear Channel

Clear Channel Communications Inc. --
http://www.clearchannel.com/-- (NYSE: CCU) is a global media  
and entertainment company specializing in "gone-from-home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  Based in San Antonio,
Texas, the company's businesses include radio, television and
outdoor displays.  Outside U.S., the company operates in 11
countries -- Norway, Denmark, the United Kingdom, Singapore,
China, the Czech Republic, Switzerland, the Netherlands,
Australia, Mexico and New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Fitch Ratings said it expects to downgrade Clear Channel
Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'.  
The rating outlook is expected to be stable.  Existing ratings
remain on rating watch negative pending the closing of the
merger transaction and review of final documentation.


CLEAR CHANNEL: Providence Mulls Rescinding US$1.2-Billion Deal
--------------------------------------------------------------
Clear Channel Communications Inc.'s merger agreement with
Thomas H. Lee Partners LP and Bain Capital Partners LLC
faces another complication after Providence Equity Partners
Inc. considered backing out from a US$1.2 billion deal to
acquire 56 of Clear Channel's television stations, The Wall
Street Journal reports.

The merger agreement, entered into in November 2006 by
Clear Channel and the private equity group, was approved
by Clear Channel shareholders on Sept. 25, 2007.  The
transaction has yet to close pending regulatory approval.

According to WSJ, the Providence deal, although not related
to the buyout, is expected to slow down the pace of the
merger process in the event Providence walks away.

A person familiar with the transaction told WSJ that
Providence has reservations about the transaction because of
its view of the long-term prospects of Clear Channel's local
TV stations.

Providence, WSJ's source adds, may try to renegotiate the
purchase price, and should the deal fails, it would have to
pay a US$45 million break-up fee.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media  
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Fitch Ratings said it expects to downgrade Clear
Channel Communications Inc.'s Issuer Default Rating to 'B' from
'BB-'.  The rating outlook is expected to be stable.  Existing
ratings remain on rating watch negative pending the closing of
the merger transaction and review of final documentation.


COSTA'S RESTAURANT: Creditors' Proofs of Debt Due on November 16
----------------------------------------------------------------
Costa's Restaurant Ltd.'s creditors are required to file their
proofs of debt by Nov. 16, 2007, in order to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 12,
2007.

The company's liquidator is:

          Roderick Thomas McKenzie
          McKenzie & Partners Limited
          484 Main Street, Level 1
          PO Box 12014, Palmerston North
          New Zealand
          Telephone:(06) 354 9639
          Facsimile:(06) 356 2028


FIDELITYGENETIC LIMITED: Taps Official Assignee as Liquidator
-------------------------------------------------------------
The official assignee of Fidelitygenetic Limited was appointed
as the company's liquidator on October 18, 2007.

The Liquidator can be reached at:

          official assignee
          Insolvency and Trustee Service
          Private Bag 4714, Christchurch
          New Zealand
          Telephone:0508 467 658
          Web site: http://www.insolvency.govt.nz


HARLOMA LIMITED: Taps Official Assignee as Liquidator
-----------------------------------------------------
The official assignee of Harloma Limited was appointed as the
company's liquidator on October 18, 2007.

The Liquidator can be reached at:

          official assignee
          Insolvency and Trustee Service
          Private Bag 4714, Christchurch
          New Zealand
          Telephone:0508 467 658
          Web site: http://www.insolvency.govt.nz


N J G HOLDINGS: Appoints Official Assignee as Liquidator
--------------------------------------------------------
The official assignee of N J G Holdings Limited was appointed as
the company's liquidator on October 18, 2007.

The Liquidator can be reached at:

          official assignee
          Insolvency and Trustee Service
          Private Bag 4714, Christchurch
          New Zealand
          Telephone:0508 467 658
          Web site: http://www.insolvency.govt.nz


NORTHLAND AUTOMOTIVE: Creditors' Proofs of Debt Due on Nov. 30
--------------------------------------------------------------
On October 11, 2007, the shareholders of Northland Automotive
Ltd. appointed John Trevor Whittfield and Peri Micaela Finnigan
as the company's liquidators.

Creditors who can file their proofs of debt by November 30,
2007, will be included in the company's dividend distribution.

The Liquidators can be reached at:

          Trevor Whittfield
          Peri Micaela Finnigan
          c/o McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


PROSCENIUM PRODUCTIONS: Appoints Official Assignee as Liquidator
----------------------------------------------------------------
The official assignee of Proscenium Productions Ltd. was
appointed as the company's liquidator on October 16, 2007.

The Liquidator can be reached at:

          official assignee
          Insolvency and Trustee Service
          Private Bag 4714, Christchurch
          New Zealand
          Telephone:0508 467 658
          Web site: http://www.insolvency.govt.nz


SOLUTION DYNAMICS: Net Deficit Down 7% to NZ$568,000 in FY2008
--------------------------------------------------------------
Solution Dynamics Ltd has reported a smaller full-year net loss
as the Board and management continued to position the company
for long term, sustainable and profitable growth.

The Albany-based company ended the year to June 30 in a sounder
position, reducing its deficit by 7% to NZ$568,000 and was in a
much healthier position to lift performance in the new financial
year with the completion of the upgrade of the production
platform, restructuring of the key sales function and greater
cost efficiencies.

"The 2006-07 year was one of consolidation and investment with
the result in line with market guidance at the half year,"
Chairman Maurice Kidd said in releasing the company's
preliminary unaudited results.  "There is still a long way to go
before the company achieves a satisfactory financial return but
there are already tangible results from the restructuring of the
sales team and a focus on expanding the total offering to better
service existing customers and win new customers from a wider
range of sectors."

The back to basics strategy and the focus on the core customer
communications business saw the company increasing high margin
revenue streams by 10.0%, buoyed by 13.6% growth in mail house
revenues, which contributed towards 7.8% growth in gross margin,
Mr. Kidd said.

The traction from higher margin services and acquisition of new
customers achieved in the final quarter did not translate to
full year earnings.  EBITDA ended down 29.6% at NZ$373,000 as a
consequence of restructuring costs, historically slower sales in
the second half and the transition away from the low margin
print segment.

Improved efficiencies were also beginning to have a positive
impact with NZ$350,000 eliminated in sales costs through
restructuring, rationalising excess capacity on the laser
technology platform and investing in colour imaging and a new,
faster mail inserter which not only delivers better process
integrity but has broader customer appeal.

Solution Dynamics has formed a number of strategic working
alliances with Australian Post subsidiaries, e Letter solutions
and PrintSoft, as well as Computershare subsidiary, Customer
Communication Services, and QM Technologies in a bid to generate
greater volume business on both sides of the Tasman and in
targeted international markets in Europe and the USA.

"We are currently well placed to further extend our Australasian
and international market reach through these alliances that
broaden our offering to include innovative desktop mail
services, cross-border mail processing and distribution and
enhancement of our proprietary Dejar archival and retrieval
product," Mr. Kidd said.

Improvements have also been made in processes to optimise the
functionality and efficiency of the new equipment and the
company intends to move towards ISO 9000 accreditation in the
2008 year.

Mr. Kidd said the outlook for the 2008 year was encouraging with
the business in a much stronger position.

"The priority is to continue to reinvest in the business to
ensure it has the appropriate resources, skills and service
offering and support to be profitable on a year-round basis but
no dividend payments are likely in the foreseeable future," he
said

                      About Solution Dynamics

Headquartered in Albany, New Zealand, Solution Dynamics Ltd. --
http://www.solutiondynamics.com/-- through its subsidiaries,   
offers a range of solutions encompassing data management,
electronic digital printing, document distribution, Web
presentment and archiving, fulfillment, traditional print
services, scanning, data entry, and document management.

During the fiscal year ended June 30, 2006, the Company
deregistered its subsidiaries companies, including Comit Group
Limited, Complete Data Services Limited, Complete Print
Solutions Limited and Dejar Holdings Limited, Efactor
Investments Limited and Advantage Payment Services Limited.

The company reported consecutive net deficits of NZ$610,000 and
NZ$735,000 for the years ended June 30, 2006, and 2005,
respectively.


TRUSTPOWER LTD: Earns NZ$63.1 Mil. in Six Months Ended Sept. 30
---------------------------------------------------------------
TrustPower Ltd's unaudited after tax surplus for the six months
to Sept. 30, 2007, was NZ$63.1 million, compared with
NZ$58.9 million (restated for NZIFRS adjustments) for the same
period last year.  The result for the period includes a
reduction in tax expense of NZ$7.4 million attributable to a
lower deferred tax liability arising from the change in the
corporate tax rate from 33% to 30% effective from April 1, 2008.  
Earnings before Interest, Tax, Depreciation, Amortization, and
adjustments for financial instruments were NZ$116.2 million
versus NZ$114.2 million for the prior period.

The first half year trading environment was characterised by
weak hydro inflows but also lower than average electricity spot
prices.  This was in contrast to the favorable trading
conditions experienced by the Company during the first half of
the previous year when there were very good hydro inflows as
well as above average wholesale spot prices for a prolonged
period.

TrustPower's own generation assets produced 1106 GWh for the
half versus 1082 GWh in the prior period.  While wind production
was higher than the previous half, boosted by the commissioning
of the 93MW expansion of the Tararua Wind Farm, hydro generation
was well down on long term average.  TrustPower's hydro
generation storage catchments have improved during October
which, together with purchase contracts the Company has in
place, leaves it well positioned to meet customer demand over
the remainder of this financial year.

Customer numbers have increased slightly to around 220,000.
Total electricity sold to customers in the first half totaled
2,361 GWh compared with 2,414 GWh sold in the prior period.

The Company's balance sheet remains strong.  The ratio of debt
to debt plus equity was 30% as at 30 September 2007 up slightly
from 28% at the same time the previous year.

Construction on the 5 MW Waipori hydro enhancement continues but
progress has been slower than schedule due to adverse weather
conditions.  Completion is now expected by February 2008.

Provisional resource consent has been received for the 72 MW
Wairau hydro generation scheme in Marlborough.  However, a
further process is required to determine the specific conditions
of the consent, which are expected to be advised by first
quarter 2008.  Once conditions have been finalised, subject to
appeal, the Company will assess project economics and the next
steps to be taken in the development process.

A resource consent hearing for up to 46 MW of hydro generation
at Arnold, on the West Coast, is scheduled to commence on
November 5, 2007.

The resource consent decision for the 200 MW Lake Mahinerangi
wind project in Otago has been released, the Company is
currently working through the appeal process.

A resource consent application for up to 240 MW of wind
generation at Kaiwera Downs in Southland is expected to be
lodged in November.

TrustPower continues to actively assess other wind and hydro
generation opportunities particularly in the North Island.

The Government released the framework for a New Zealand
Emissions Trading Scheme in September.  The NZETS will
progressively involve all major sectors of the economy and the
six greenhouse gases specified in the Kyoto Protocol with the
electricity industry incorporated from 2010.  The NZETS will be
linked to international trading markets to support liquidity.

TrustPower welcomes the level of certainty provided by these
policy announcements.

The Government has followed up the introduction of the NZETS
with the recent release of its New Zealand Energy Strategy to
2050.

The key proposals in the NES are that:

   -- The Government has set a target of 90% of electricity
      generated from renewable sources by 2025 (currently around
      70% of New Zealand's electricity is sourced from renewable
      energy).

   -- The Government is considering regulatory options under the
      Electricity Act to support the Government's objectives for
      limiting new base load fossil fuel generation over the
      next ten years.

   -- The Government is developing a National Policy Statement
      under the Resource Management Act for renewable energy
      that could be in place in 2008 to support more efficient
      processing of resource consent applications.

   -- The Electricity Commission and Transpower are developing
      planning processes and guidelines to better co-ordinate
      transmission and renewable energy investment.

While overall the Company views the NES and NZETS as positive
for the value of its existing assets and its New Zealand based
generation development prospects, it is disappointing that the
Government has not acknowledged in the NES that the existing
High Voltage Direct Current cost allocation methodology is a
significant economic impediment to progressing South Island
based renewable generation projects.

TrustPower finds this somewhat surprising given the ambitious
target that the Government has set for itself for 90% renewable
sourced electricity generation by 2025 and that, in the
Company's view, South Island renewable projects must to be
progressed to support the achievement of this target.  
TrustPower believes that HVDC cost allocation needs to be
resolved as a matter of priority within the policy development
and legislation that will be necessary to support the NES.

Civil construction on the 88 MW Snowtown wind project in South
Australia is nearing completion and the project schedule remains
on target.

The Australian Government has recently reported that it plans to
announce a long-term emissions reduction goal in 2008.  It has
also announced the likely introduction of an emissions trading
scheme based on a "cap and trade" model beginning 2011.  In the
lead up to the Australian Federal Elections, both the Government
and the Opposition Labour Party have pledged to substantially
lift renewable energy targets by 2020 which should be supportive
for further renewable generation investment following enactment
of legislation.

During October, TrustPower was recognised internationally as one
of two country level winners for Australia and New Zealand in a
Top Companies for Leaders 2007 Survey conducted by Hewitt
Associates, the RBL Group and Fortune Magazine.  Attracting and
retaining key talent and demonstrating strong accountability for
leadership behaviours at all levels of the organisation has been
a significant contributor to this result.

Taking the trading results into account, the Directors have
declared an interim dividend of 15 cents per share (13 cents per
share last year).  The dividend will be payable on 14 December
to all Shareholders on the register at Nov. 30, 2007.  This
dividend will be fully imputed and a supplementary dividend will
be paid to non-resident Shareholders.

The result for the first half to Sept. 30, 2007, was
satisfactory given the lower than average level of hydro
generation produced and lower spot electricity prices.  At this
stage the Directors are confident that the business fundamentals
are sound, which augurs well for a satisfactory annual result.

                   About Trustpower Limited

Tauranga, New Zealand-based Trustpower Limited --
http://www.trustpower.co.nz/-- is engaged in the electricity  
retail business.  The company supplies power to households and
businesses throughout New Zealand.  It owns and operates 34
power stations, and produces electricity from renewable sources.  
The company's power stations produce electricity for 260,000
Kiwi households.  Trustpower Limited's wholly owned subsidiaries
include Cobb Power Limited, which is engaged in asset holding;
Tararua Wind Power Limited, which is engaged in asset holding;
TrustPower Australia Holdings Pty Ltd and subsidiaries, which
are engaged in generation development, and TrustPower Metering
Limited, which is engaged in asset holding. During the fiscal
year ended March 31, 2006, the company commenced construction of
the third stage of the Tararua Wind Farm.

The Troubled Company Reporter-Asia Pacific, on Nov. 13, 2007,
listed TrustPower Ltd.'s bonds as distressed:

          Coupon      Maturity        Price
          ------      --------       -------
          8.300%      12/15/08       NZ$9.00
          8.500%      09/15/12       NZ$9.00
          8.500%      03/15/14       NZ$9.50


VTL GROUP: Trading Suspended on Failure to File Annual Results
--------------------------------------------------------------
The New Zealand Stock Exchange has suspended the trading of VTL
Group's securities after the franchisor failed to submit within
the required period its financial results for the year ended
Aug. 31, 2007.

According to the stock exchange, VTL Group did not provide its
annual financial results that were due on Oct. 30, 2007, hence
the suspension, which took effect on Nov. 6, 2007.

The Troubled Company Reporter-Asia Pacific on Aug. 21, 2007,
reported of a prior trading suspension of the company's shares.
The company's insolvency was the cause of the prior suspension,
which was later lifted on October 19.

VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe.  VTL Group's
franchise model is supported by a complete management system
including its leading-edge proprietary technology and financing.
The company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.

VTL Group Limited has declared itself insolvent in a regulatory
filing with the New Zealand Stock Exchange.  Its wholly owned
subsidiary, Nathans Finance NZ Ltd went into receivership in
August 2007.


WEIGHT WATCHERS: Reports US$49.5 Million Net Income in 3rd Qtr.
---------------------------------------------------------------
Weight Watchers International, Inc. has announced results for
the third quarter ended Sept. 29, 2007.

                   Third Quarter 2007 Results

For the third quarter of 2007, net revenues increased 18.5% or
US$52.7 million to US$337.5 million, up from US$284.8 million in
the third quarter of 2006.  Fully diluted earnings per share
were up 19.2% in the third quarter of 2007 to US$0.62 versus
US$0.52 in the prior year period.

Net income in the third quarter of 2007 was US$49.5 million
versus US$50.6 million in the third quarter of 2006.  During the
first quarter of 2007, the company increased its debt level to
finance its self-tender and repurchase of 19.1 million shares.
As a result, interest expense in the third quarter of 2007 was
US$28.3 million, up from US$13.2 million in the third quarter of
2006, while fully diluted shares of the company in the third
quarter of 2007 decreased to 79.6 million shares from 98.0
million shares in the third quarter of 2006.

                 First Nine Months 2007 Results

For the first nine months of 2007, net revenues increased 18.5%
or US$175.2 million to US$1,123.1 million, up from US$947.9
million in the first nine months of 2006.  Fully diluted
earnings per share were US$1.98 in the first nine months of 2007
versus US$1.66 in the prior year period.  Excluding non-
recurring expense associated with the early extinguishment of
debt of US$0.02 per share from the first nine months of 2007 and
US$0.01 per share from the first nine months of 2006, fully
diluted earnings per share were up 19.8% to US$2.00 as compared
to US$1.67 in the prior year period.

During the first nine months of 2007, net income was
US$161.4 million versus US$165.5 million in the first nine
months of 2006.  As previously explained, the company increased
its debt level during the first quarter of 2007.  As a result,
interest expense in the first nine months of 2007 was
US$82.6 million, up from US$35.9 million in the first nine
months of 2006, while fully diluted shares of the company
decreased.

Commenting on the company's results, David Kirchhoff, President
and Chief Executive Officer, said, "We are pleased with the
solid financial results in the third quarter of 2007, which were
primarily the result of the continuing positive impact of our
Monthly Pass commitment plan in North America and the strong
performance of our Weight Watchers Online internet product.
This year, we have put in place the building blocks which will
allow us to benefit from more effective marketing and new
program innovations in 2008."

The company narrowed its full year 2007 earnings guidance range
to between US$2.43 and US$2.48 per fully diluted share, which
excludes US$0.02 per share of non-recurring expense associated
with the early extinguishment of debt in the first quarter of
2007.

               About Weight Watchers International

Headquartered in New York City, Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides weight management services, with a presence in 30
countries around the world, including Brazil, the Netherlands,
and New Zealand.  The company serves its customers through
Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Weight Watchers International Inc.'s consolidated
balance sheet at June 30, 2007, showed US$1.04 billion in total
assets and US$2.04 billion in total liabilities, resulting in a
US$991,266 total stockholders' deficit.

In August 2001, Moody's Investor Services placed Weight Watchers
International Inc.'s long-term corporate family and bank loan
debt ratings at "Ba1".  These ratings hold to this date.


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

CHIQUITA BRANDS: Posts US$28-Mln Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operating results for the third quarter 2007.  Third quarter net
sales increased 3% to US$1.1 billion, and the company reported a
net loss of US$28 million, including a charge of US$4 million
related to a previously announced downsizing in Chile.  The
company reported a net loss of US$96 million, including a
noncash charge of US$43 million in the year-ago period.

"As we had anticipated, our third quarter, excluding charges,
showed a modest improvement in year-over-year operating
results," said Fernando Aguirre, chairman and chief executive
officer.  "While we continue to face rising industry costs and
other market challenges, we expect to deliver further year-over-
year progress in operating results in the fourth quarter and in
the year ahead.  The banana-pricing environment in Europe
stabilized earlier in the year and improved in the third
quarter, particularly in the aftermath of industry supply
disruptions caused by Hurricane Dean.  In addition, our value-
added salads business showed significant year-on-year recovery
in the third quarter, which we expect to continue in the fourth
quarter and in 2008."

Mr. Aguirre added, "Last week, we announced a business
restructuring designed to improve our profitability by
consolidating operations and simplifying our overhead structure
to enhance efficiency, stimulate innovation and further focus on
customers and consumers.  In addition to new, sustainable cost
reductions of approximately US$60-80 million beginning in 2008,
the changes will result in fewer layers of management, faster
decisions and better accountability.  Also, we will drive
greater integration and efficiency across business units and
geographies, resulting in one face to customers, one global
supply chain from seed to shelf, and one global innovation
program with targeted priorities and better execution.  Taken
together, I am confident these actions will strengthen our long-
term market position and enhance our ability to achieve
sustainable, profitable growth."

                   Business Restructuring

On Oct. 29, 2007, Chiquita outlined a restructuring plan and
management changes designed to accelerate its previously
announced strategy to become the global leader in healthy, fresh
foods.  This business restructuring is designed to improve the
company's profitability by consolidating operations and
simplifying its overhead structure to improve efficiency,
stimulate innovation and further enhance focus on customers and
consumers.

As a result of these changes, the company expects to generate
new, sustainable cost reductions of approximately US$60-80
million annually, beginning in 2008, after a one-time charge of
approximately US$25 million in the fourth quarter 2007 related
to severance costs and certain asset write-downs.  Realized
savings will improve profitability, and resulting additional
cash flow will be used primarily to reduce debt, consistent with
the company's target to achieve a debt-to-capital ratio of 40%.

                      About Chiquita

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                       *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) USUS$250
million 7.5% senior unsecured notes due 2014 at Caa2 (LGD5,
89%); and (iv) USUS$225 million 8.875% senior unsecured notes
due 2015 at Caa2 (LGD5, 89%).  Moody's changed the rating
outlook for Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about USUS$1.3 billion as of March 31, 2007.


METRO PACIFIC: Turns Around with Nine-Month Profit of PHP235.6MM
----------------------------------------------------------------
Metro Pacific Investments Corp. has made a turnaround to profit
during the first nine months of 2007, thanks to the strong
performance of its real estate development and water
distribution businesses, the Philippine Daily Inquirer reports.

The company has booked a net profit of PHP235.6 million for the
January-September 2007 period, turning around from the
PHP590.9-million net loss recorded in the same period last year,
the Inquirer says.

According to the article, the net profit includes
PHP93.2 million in non-recurring income.  Revenues for the
period grew 500% to PHP8.4 billion this year from last year's
PHP1.4 billion, the report adds.

Based in Makati City, Philippines, Metro Pacific Investments
Corp. -- http://www.mpic.com.ph/-- serves as a holding company  
for Metro Pacific Corp., 96.6% of which it bought in 2006
through a tender offer to purchase majority of MPC's shares.

Metro Pacific Corporation -- http://www.metropacific.com/-- is   
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

Metro Pacific Investments Corp. reported a loss of
PHP689.5 million for the year ended Dec. 31, 2006, compared with
the PHP209.151-million net income for 2005.  The company had
also reported a net loss of PHP285.357 million in 2004.  


NAT'L POWER: Reduced Generation Charges in Oct. Cue Lower Rates
---------------------------------------------------------------
The National Power Corp. would lower its power rates by December
because of reduced generation charges in October, the state-
owned firm told the Manila Standard on Monday.

Power rates went down by PHP0.25 in October, NAPOCOR said.  This
will be passed on to consumers by next month, it added.

The Standard cites data from the power generator's electricity
tariff division as showing that NAPOCOR was able to reduce its
rate by PHP1.5867 per kilowatt hour in Luzon for this year.  The
firm was able to reduce its rates in the Luzon grid five times
over an eight-month period, the data said, beginning with a
PHP0.043 per kilowatt hour reduction in March, PHP0.081/kwh in
May, PHP0.47/kwh in July and PHP0.074/kwh in September.  

Data also said that NAPOCOR was able to trim its rate by PHP0.57
per kwh this year for its Visayas grid, while rates in Mindanao
were lowered by a total of PHP0.34/kwh this year, the report
notes.

The strong financial performance of the company has enabled it
to adjust its rates lower, the Standard cites NAPOCOR's
president, Cyril del Callar, as saying.  Mr. Callar then urged
its costumers to pass on the benefits of lower rates to its end
users, especially ordinary households and small industries.


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

                          *     *     *

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

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

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


PSI TECHS: Announces Financial Results for Third Quarter 2007
-------------------------------------------------------------
PSi Technologies Holdings, Inc., (NASDAQ: PSIT), a leading
independent provider of assembly and test services for the power
semiconductor market, has announced financial results for the
third quarter ended September 30, 2007.

            Third Quarter Financial Results

The third quarter revenue totaled US$22.5 million, relatively
unchanged compared to US$22.7 million in the previous quarter,
and a decline of 6.4% compared to the same quarter in 2006.

The company continues to experience the softness in the power
semiconductors market as a result of inventory adjustments. In
particular, the third quarter volume of the package used in
appliances has significantly dropped compared to the previous
quarter.

The top five customers for the third quarter of 2007(in
alphabetical order) were Infineon Technologies, NXP
Semiconductors, ON Semiconductors, Power Integrations, and ST
Microelectronics.  The products assembled and tested for these
customers are used in various end user applications, such as,
automotive systems, consumer electronics, communications
equipment, industrial applications, home appliances and PC
motherboards.  As in the prior quarter, PSi continues to focus
on developing strategic partnerships with new customers,
particularly for its new package family of Power QFN.

The cost of sales improved from US$18.8 million in the second
quarter of 2007 to US$18.2 million in the third quarter, largely
due to the cost reduction programs covering raw materials usage
and efficiency in manpower management leading to productivity
gains.  Furthermore, the company realized the benefit of its
efforts to move its product portfolio towards higher
contribution packages.  As a result, gross profit increased by
42.1% from US$800,000 in the second quarter to US$1.2 million in
the third quarter of 2007.

Net other expenses for the third quarter improved to US$900,000  
from US$1.3 million during the previous quarter.  This reduction
in net other expenses is attributable to lower foreign exchange
losses resulting from the slowdown on the rate of appreciation
of the Philippine currency against the U.S. dollar in the third
quarter as compared to previous quarter and lower interest and
bank charges, partly offset by additional legal fees resulting
from the closure of China operations.

Overall, the improvement in gross profit by 42.1% and reduction
of net other expenses by 29% for the third quarter resulted to
an improvement in net loss by 20.9% and a 18.6% increase in
EBITDA, compared to the second quarter of 2007.

                Year To Date Financial Results

Sales revenue for the first nine months of 2007 was
US$69.9 million, representing an increase of 8.0% over sales
revenue of US$64.7 million for the same period last year.  2006
results exclude sales revenue of US$2.2 million generated by the
now-closed China operations.

Through the first nine months of 2007, the continued
appreciation of the Philippine currency against the U.S. dollar
and the increase in copper prices in the first nine months of
2007 as against the same period of 2006 has negatively affected
gross profit and EBITDA.  Comparing the same periods of 2007 and
2006, the Philippine peso, on the average, has appreciated by
9%.  The copper prices have increased by an average of 30%, from
US$5.3/kg to US$6.89/kg, for the first nine months of 2006 and
2007, respectively.  The impact of these external factors was
partly reduced through management focus on, and execution of,
cost reduction initiatives and productivity improvement programs
across the two assembly and test sites.  Moreover, the company
was able to obtain agreements with its major customers that
enabled the company to pass through increased copper prices to
customers beginning in the latter part of third quarter 2007.

With the appreciation of the Philippine peso and the increase in
copper prices offset by the cost initiatives, productivity
programs and the copper price pass-through, gross profit for the
first nine months of 2007 was US$3.3 million, down from
US$4.1 million in the same period of 2006.  Similarly, EBITDA
was down from US$8.3 million to US$6.4 million, for the first
nine months of 2006 and 2007, respectively.

                  Balance Sheet Highlights

Third quarter 2007 ending cash balance improved by 80%, from
US$3.3 million in December 2006 to US$5.9 million in September
2007.  The net increase in cash can be largely attributed to
improved collections and a prepayment from a customer, offset by
reduction in liabilities and acquisition of machineries.

New acquisitions in property, plant and equipment totaled
US$1.9 million for the first nine months of 2007.  These
expenditures are mostly related to the purchase of machineries
and equipment to improve capacity and support ramp up for new
products.

Total current liabilities decreased by US$5.5 million, from
US$37.8 million in December 2006 to US$32.3 million in September
2007, mainly due to payment of trade and capital liabilities.   
The prepayment from a customer, US$1.3 million as of September
2007, effectively booked the production line for current and
future loadings

Noncurrent liabilities account includes the carrying amount of
US$5.9 million Exchangeable Notes issued in July 2003 and June
2005, net of discount representing the embedded conversion
feature of the Note.

                       Business Outlook

Arthur J. Young, Jr., Chairman and CEO said, "During the third
quarter we had to contend with rapidly-changing business demand
that affected the semiconductor value chain.  A couple of PSi
customers had dramatic net reductions in volume, which affected
our own loading requirements.  To avert further negative
financial impact, we were able to move our assembly and test
lines to higher-contribution margin packages and execute on our
cost and productivity initiatives. We anticipate that our
particular market will strengthen and will be back to single
digit growth in the fourth quarter of 2007.  We see the
Philippine peso further appreciating in the fourth quarter of
2007, the effect of which we will continue to address."

Gordon J. Stevenson, EVP and COO remarked, "During 2007 we have
made significant strides forward with respect to embedding
continuous improvement activities in both of our manufacturing
sites and have sustained our cost reduction drive considered
essential towards combating the appreciating peso and increased
copper prices.  Our “Quality First” strategy continues to yield
breakthrough performance with numerous key customers viewing PSi
as a preferred supplier and either now starting to shift their
demand to PSi or increasing the current load to our Philippine
manufacturing facilities.  While opportunities remain, these
factors combined are assisting greatly the overall PSi financial
performance and are enabling us to lay a much more competitive
foundation in preparation for an improved stronger semiconductor
market."

                    About Psi Technologies

PSi Technologies-http://www.psitechnologies.com/-isan    
independent semiconductor assembly and test service provider to
the power semiconductor market.  The company provides
comprehensive package design, assembly and test services for
power semiconductors used in telecommunications and networking
systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.

                      Going Concern Doubt

SyCip Gorres & Velayo Co. raised substantial doubt about PSi
Technologies Holdings Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended Dec. 31, 2006, due to recurring losses from
operations and negative net working capital position.

The company incurred net losses of US$11.6 million for the year
2006, us$19.7 million for 2005 and US$14.6 million for 2004.  
The company's deficit amounted to US$61.7 million as of Dec. 31,
2006, and US$50.1 million as of Dec. 31, 2005.  The company also
reported successive annual illiquidity, as its negative working
capital amounted to US$13.4 million as of Dec. 31, 2006, and
US$13.0 million as of Dec. 31, 2005.


SAN MIGUEL: S&P Affirms 'BB' Rating After Aussie Dairy Unit Sale
----------------------------------------------------------------
Standard & Poor's Ratings Services said on Monday that it
affirmed its 'BB' long-term foreign currency corporate credit
rating on San Miguel Corp.  The outlook remains negative.

The affirmation comes after San Miguel announced the sale of its
Australian dairy and juice subsidiary National Foods Ltd. to the
Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch Neg/--), for
AU$2.8 billion (see media release titled "Ratings On Kirin
Holdings Remain On CreditWatch Negative," published on Nov. 9,
2007, on RatingsDirect).

San Miguel, a Philippines-based food, beverage and packaging
company, also announced the sale of its premium Tasmanian brewer
J. Boag & Son, to Lion Nathan Ltd. (BBB-/Stable/--), an
Australian alcoholic beverage company, for a total of AU$325
million (see media release titled "Lion Nathan 'BBB-' Rating
Affirmed On J Boag & Son Acquisition; Outlook Revised To
Stable," published Nov. 9, 2007, on RatingsDirect).

"These transactions are expected to generate about AU$2.3
billion in cash to San Miguel's treasury by around the end of
the year, significantly improving its liquidity," said Standard
& Poor's credit analyst Manuel Guerena.  "The company's coming
IPO plan to float a portion of its equity in its beer business
is also expected to significantly boost liquidity in the short
term."

However, the company is expected to eventually invest these
proceeds, with alternatives ranging from paying off debts,
increasing its dividend payout, and/or investing in emerging
opportunities, such as the ones the company has expressed
interest in, specifically power generation and transmission
businesses.

The negative outlook is expected to remain until after a
detailed review of San Miguel's business strategy, including its
venture into businesses where it has little experience and its
exposure to Philippines' power sector, which has higher risks
than San Miguel's traditional business portfolio.  The rating
could be lowered if its business profile weakens, or if it
becomes less diversified; the announced transactions weaken the
fundamental basis on which the company was rated higher than the
foreign currency sovereign credit rating on Philippines (foreign
currency BB-/Stable/B, local currency BB+/Stable/B).


WELLEX INDUSTRIES: 3rd Quarter Net Loss Rises 269% to PHP33-Mil.
----------------------------------------------------------------
Wellex Industries Inc. has reported a PHP33.678-million net loss
for the quarter ended September 30, 2007, 269% higher than the
PHP9.114-million net loss reported for the same period in 2006.

According to a filing with the Philippine Stock Exchange, the
company recorded revenues of PHP4.463 million and cost of
services of PHP22.073 million.  The company also reported other
operating income of PHP285,270, and operating expenses of
PHP11.444 million.  

The company's nine-month period loss also increased 15% from
PHP29.799 million last year to PHP34.294 million this year.  The
company reported a PHP12.012 million loss from operations and
operating expenses of PHP16.178 million for the January-
September 2007 period.

As of September 30, 2007, the company has PHP2.074 billion in
assets and PHP644.668 million in liabilities, resulting in a
total equity of PHP1.38 billion.

The company's third quarter and nine-month financial statements
can be downloaded free of charge at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/WIN_17Q_Sep2007.pdf


Makati City-based Wellex Industries, Inc., was originally
incorporated as Republic Resources and Development Corporation,
whose primary purpose was to engage in the business of mining
and oil exploration.  But due to financial distress, the firm's
business operations have been suspended.  The company's present
activity is focused on reorganizing its operations in
preparation for its new business.

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development.  Mining, however, will continue to be
one of the company's secondary purposes.  In 1997, it
subsequently transformed to a holding company for manufacturing
concerns with the entry of the Wellex Group.  The company has
since then been able to initiate projects which have been true
to its vision.  In November 1999, WIN formalized the entry of
Plastic City Industrial Corporation (PCIC) into the group.  PCIC
is the Philippines' first fully integrated manufacturer of
plastic products used in a number of industries.

                    Going Concern Doubt

After auditing the company's financials for the year ended
December 31, 2006, Joycelyn J. Villaflores at Diaz Murillo
Dalupan and Co. raised significant doubt on the company's
ability to continue as a going concern.

The auditor cited these factors:

   * The company's deficit of PHP1.856 billion for 2006 and
     PHP1.369 bilion for 2005

   * The company's successive losses of PHP118.82 million for
     2006 and PHP61.52 million net loss for 2005.


ZEUS HOLDINGS: 3rd Quarter 2007 Net Loss Climbs 2% to PHP23,879
---------------------------------------------------------------
Zeus Holdings Inc. incurred a net loss of PHP23,879 for the
quarter ended September 30, 2007, an increase of 2% from the
PHP23,395 net loss reported for the same period in 2006.

The company's net loss for the quarter reflects its operating
expenses, comprised mainly of PHP21,000 in professional fees.  
Photocopying and reproduction expenses for the quarter is at
PHP2,600 and transportation expenses are reported at PHP279.  
The company did not report revenues for the period.

The company's expenses soared 10% for the nine-month period
ending September 30, 2007, hitting PHP321,761 from the
PHP293,224 reported for the same period in 2006.  The company
also did not report any revenues for the period, and the
operating expenses reflected its net loss for the January-
September 2007 period.

As of September 30, 2007, the company has PHP229,295 in assets
and PHP1.834 million in liabilities, resulting in a capital
deficiency of PHP1.604 million.

The company's 3rd quarter and nine-month financial statements
can be downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/ZHI_17Q_Sep2007.pdf


Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business.  After 15 years, the company
diversified into other businesses and closed its garment
operations.  It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company.  Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.

The company has not declared any cash dividend for the last two
fiscal years.

                          *     *     *

After reviewing Zeus Holdings Inc.'s 2006 annual financials,
Mailene Sigue-Bisnar at Punongbayan & Araullo, the company's
independent auditors, raised a significant doubt on the
company's ability to continue as a going concern, citing that:

   * the company incurred net losses of PHP498,490; PHP554,657;
     and PHP421,293 for the years 2006, 2005 and 2004,
     respectively;

   * the company has a capital deficiency of PHP1.28 million,
     PHP0.78 million and PHP1.75 million as of Dec. 31, 2006,
     2005 and 2004 respectively.


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

FOO TEE: Court to Hear Wind-Up Petition on Nov. 23
--------------------------------------------------
On October 31, 2007, Foo Tee Keng filed a petition to have
Brandz Group Ltd.'s operations wound up.

The petition will be heard before the High Court of Singapore on
November 23, 2007, at 10:00 a.m.

Foo Tee Keng's solicitors are:

          UniLegal LLC
          24 Raffles Place
          #19-06 Clifford Centre
          Singapore 048621


HAPPY MANUFACTURING: Members to Hold Final Meeting on Dec. 6
------------------------------------------------------------
The members of Happy Manufacturing Co Pte Ltd will have their
final meeting on December 6, 2007, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at 25 International Business Park #04-
22/26, in German Center, Singapore 609916.


LINDETEVES: Sept. 30 Balance Sheet Upside-Down by SGD78 Million
---------------------------------------------------------------
Lindeteves-Jacoberg Limited reported a net loss of SGD882
thousand for the half-year period ended September 30, 2007, a
21.7% improvement against the SGD12.67 million net loss incurred
for the half-year period ended September 30, 2006.

The company's total sales for the six-month period totaled to
SGD78.5 million compared with SGD61.69 million total sales in
the six-month period of 2006.

As of September 30, 2007, the company's balance sheet showed
total assets of SGD294.68 million and total liabilities of
SGD372.57 million, resulting in a shareholders' equity deficit
of SGD77.88 million.

                   About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited -- http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

As of June 30, 2007, the group's balance sheet showed
SGD306 million of total assets and SGD387 million of total
liabilities, resulting in a shareholders' equity deficit of
SGD81 million.


SPECTRUM BRANDS: Posts US$333 Million Net Loss in Fourth Quarter
----------------------------------------------------------------
Spectrum Brands Inc. disclosed Thursday results of its fourth
quarter ended Sept. 30, 2007.

The company reported a fourth quarter net loss of US$333 million
on net sales of US$548.2 million for the quarter ended
Sept. 30, 2007.  This compares with a net loss of US$439.4
million on net sales of US$486.3 million in the same period in
2006.

Included in the net loss for the fourth quarter included certain
items which management believes are not indicative of the
company's on-going normalized operations.  These items include:

   -- a loss from discontinued operations, net of tax, of
      US$178.8 million related to the company's Home & Garden
      business, which is being held for sale, including a
      US$168.5 million non-cash charge related to the fair value
      of this asset;

   -- net tax adjustments of US$126.7 million which include a
      non-cash charge of US$211.3 million (of which US$54.2
      million is included in the loss from discontinued
      operations) reflecting an increase in the valuation
      allowance against certain net deferred tax assets; and
      other tax benefit adjustments of US$30.4 million which
      principally relate to the revaluation of certain foreign
      deferred tax credits resulting from statutory tax rate
      changes;

   -- pretax restructuring and related charges of US$36.6
      million, associated with company-wide cost reduction
      initiatives;

   -- a non-cash impairment charge of US$24.4 million primarily     
      related to the company's Varta brand.

   -- other items netting to a pretax benefit of US$1.9 million.

Spectrum Brands' sales for the quarter were US$548.2 million, an
increase of 13%, largely attributable to sales volume increases
and the impact of favorable foreign exchange rates.  Segment
profit increased 54% to US$76.4 million for the quarter due
primarily to increased sales and the impact of the company's
cost restructuring initiatives.  On a constant currency basis,
sales increased 8% and segment profit increased 48%.  Adjusted
EBITDA, including EBITDA from Home & Garden, was US$92 million
as compared with US$58 million in the prior year.

Chief executive officer Kent Hussey stated, "We are pleased with
the overall improvement in sales, EBITDA and segment
profitability during the quarter.  We are particularly pleased
that the improvement represented both sales and profitability
growth in each of our business segments, including our Home &
Garden business.  Our fourth quarter performance improvement was
driven by a combination of sales volume growth and the benefits
from the restructuring actions we took over the last two years
to better control our costs.  We believe this positive momentum
demonstrates that we are taking the appropriate steps to deliver
sustainable operating profitability improvement and create long-
term shareholder value.  We believe these positive trends
will continue in fiscal year 2008."

Gross profit and gross margin for the quarter were US$198.6
million and 36.2%, respectively, versus US$168.0 million and
34.5% for the same period last year.  Restructuring and related
charges of US$14.6 million were included in the current
quarter's cost of goods sold; cost of goods sold in the
comparable period last year included US$18.0 million in similar
charges.  Excluding these restructuring and related charges,
gross margin improved as the positive impact of volume increases
and manufacturing cost efficiencies offset increased raw
material costs.

Spectrum generated fourth quarter operating income of US$7.2
million versus an operating loss of US$415.3 million last year.  
The current quarter included US$22.0 million in restructuring
and related charges within operating expenses; last year's
operating expenses included US$3.1 million.  Fiscal year 2006
results also included a US$433.0 million non-cash charge related
to the value of certain trade names and goodwill.  Absent these
amounts, operating income increased largely due to increased
sales and lower costs as a result of the restructuring
initiatives implemented across the organization.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a consumer products   
company and a supplier of batteries, portable lighting, lawn and
garden products, household insect control, shaving and grooming
products, personal care products and specialty pet supplies.
Spectrum Brands' products are available in more than one million
stores in 120 countries around the world.  The company has
manufacturing and distribution facilities in China, Australia
and New Zealand, and sales offices in Melbourne, Shanghai, and
Singapore.  The company's European headquarters is located in
Sulzbach, Germany.  The company has approximately 8,400
employees worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's
new four-year, US$225 million senior secured asset-backed loan
facility priced at LIBOR +225 basis points.  Fitch also affirmed
these ratings: 'CCC' Issuer Default Rating, 'B/RR1' rating on
the company's US$1 billion term loan B, 'B/RR1' rating on the
company's EUR350 million term loan, 'CCC-/RR5' rating on the
company's US$700 million 7.4% senior subordinated notes, 'CCC-
/RR5' rating of the company's US$2.9 million 8.5% senior
subordinated notes, and 'CCC-/RR5' rating on the company's
US$347 million 11.25% variable rate toggle senior subordinated
notes.  The Rating Outlook is Negative.


SCOTTISH RE: S&P Revises Outlook from Developing to Negative
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Scottish Re Group Ltd. and its operating companies to negative
from developing.

S&P also affirmed its ratings on Scottish Re, Scottish Re's
operating companies, and dependent unwrapped securitized deals
related to Scottish Re.

In addition, S&P affirmed its ratings on securitizations that
are wrapped or independent of the credit quality of Scottish Re.

"We revised the outlook to reflect the adverse developments
announced yesterday in Scottish Re's third-quarter 2007 earnings
release," said S&P's credit analyst Robert A. Hafner.  "These
developments increase uncertainty, forestall prospects for
ratings improvement, and heighten pressures that could lead to a
downgrade."  Scottish Re's very high exposure to subprime
(US$1.9 billion) and Alt-A (US$1.1 billion) mortgage securities
and persistent market value decline hurt the quality of its
capitalization.  Although these securities are heavily skewed to
very highly rated tranches, on a percentage basis, this is one
of the highest concentrations among rated firms.

The ratings reflect Scottish Re's strong number-three position
in United States life reinsurance in-force market; the capital
infusion by MassMutual Capital Partners LLC and Cerberus Capital
Management L.P. in the second quarter of 2007, which helped
improve the stability of liquidity and capital; and the positive
effect of consolidation in the life reinsurance sector.

The company has begun to address the issues of weak enterprise
risk management as it improves its inadequate operational
processes, which led to earnings surprises over the past several
quarters. Corporate governance will benefit from a renewed focus
from a new board of seasoned executives under a new structure,
which should provide a strong oversight role.  The open
executive management positions appear close to being filled,
which will enhance leadership.

Scottish Re is also demonstrating modest progress in operating
fundamentals and reported positive pretax operating income
(US$1.6 million) for the third-quarter for the first time in
several periods.  Scottish Re also won three new treaties--one
each in the United Kingdom, Asia, and North America--and it did
not report any treaty recaptures.  In September 2007, Scottish
Re closed the Clearwater Re Triple-X financing transaction that
eliminates the potential for a collateral call from previous
financing.

S&P will likely lower the ratings if earnings volatility remains
high, the subprime and Alt-A market value declines gain
permanence and replacement capital is not secured, revenue
growth is poor, or management is unable to refocus the company
on consistent, profitable growth.  S&P could revise the outlook
back to stable if financial management continues to improve but
sales and earnings are stagnant.  The outlook could be revised
to positive if the depressed subprime and Alt-A valuations prove
temporary and operational issues are resolved such that earnings
volatility decreases, new sales grow, and the new management
team is able to provide leadership to the company and thereby
recover from the events of the past several quarters.

                   About Scottish Re Group

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

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.


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

NFC FERTILIZER: Court to Hear Rehabilitation Petition on Dec. 17
----------------------------------------------------------------
The Central Bankruptcy Court will hear on December 17, 2007, SC
Management Co. Ltd's petition seeking for the business
rehabilitation of NFC Fertilizer PCL.

SC Management filed the petition on November 6, 2007, as
creditor of the company.  In its petition, SC Management is
proposing to appoint NFC Fertilizer as the planner for its own
business rehabilitation.

                     About NFC Fertilizer

Headquartered in Bangkok, NFC Fertilizer Public Company Limited
-- http://www.nfc.co.th-- produces chemical fertilizer
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name.  Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers.  The
company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.

The company is currently listed under the "Non-Performing Group"
sector of the Stock exchange of Thailand.

                       Going Concern Doubt

After auditing the company's financial statements for the first
half and second quarter of 2007, Methee Ratanasrimetha at M.R. &
Associates Co. Ltd. raised substantial doubt on the company's
ability to continue as a going concern.

Mr. Methee said that the company acknowledged that it is not
worth to further invest in chemical fertilizer production by
using current equipment and machinery as it will generates even
further loss.  The Company is in the process of finding new
business and has continued importing and distributing chemical
fertilizer and chemical products.  The Company, therefore, has
not considered to stop its chemical fertilizer production.  The
auditor then said that the company's ability to continue as a
going concern depends on the resolution of these matters.


SRITHAI FOOD: Faces SET Delisting on Undermanned Audit Committee
----------------------------------------------------------------
The Stock Exchange of Thailand has announced that it may delist
Srithai Food & Beverage PCL because the company has not
appointed a sufficient number of audit committee members by the
November 12, 2007 deadline fixed by the SET.

SRI was previously exempted from the SET requirement because it
was undergoing business reorganization.  However, the Central
Bankruptcy Court has canceled the company's rehabilitation on
February 12 this year.  

Sri Thai Food and Beverage Public Company Limited, a poultry
processor, engaged in breeding and raising, as well as sale of
chickens in Thailand and internationally.  The company, through
Sri Thai Food Products Co., Ltd., also processed and distributed
chicken.

Sri Thai had reported a net loss of THB134,339,000 for the year
ended December 31, 2006, compared with the THB189,608,000 net
loss in 2005.


TMB BANK: ING to Buy 30% Stake for EUR460-Mil. Recapitalisation
---------------------------------------------------------------
ING Group NV has agreed to pay EUR460 million or US$673 million
in exchange for a 30% strategic stake in Thailand's TMB Bank PCL
by participating in a US$1.2-billion recapitalization of the
troubled bank, Finance Asia reports.

According to the report, ING will acquire the stake by
participating in the previously announced recapitalization
together with other existing shareholders of TMB.  With ING
paying a price of THB1.60 per share for its shareholdings, the
total recapitalization amount will increase to THB37.623 billion
or US$1.2 billion.  The original recapitalization amount had
been set for THB35 billion, the report recounts.

In a statement to the press, ING said that it is not worried
about the acquisition despite the fact that TMB is raising
capital to make up for shrinking earnings and loan growth.  
According to ING's head of retail banking for the Asia-Pacific,
Philippine Damas, ING sees "quite a bit of potential" in TMB
Bank.  Mr. Damas said ING is confident in improving TMB's
situation given its "capacity in managing [a non-performing loan
book]."

According to Eli Leenars, ING's director of global retail baking
activities, the partnership will leverage ING's expertise in
retail banking and TMB's superior distribution platform.  This
will enhance the quality of service and breadth of financial
products offered to TMB's customers, she added.

ING will receive about 13.1 billion TMB shares of the 25 billion
shares that will be issued as part of the re-capitalisation
exercise, Finance Asia explains.  This will give the Dutch bank
a 25.1% stake in TMB. Finance Asia adds that ING will also
acquire a further 4.9% of the company in the form of non-voting
shares, giving it a combined 30% shareholding.

                        About TMB Bank

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
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    Audio Conference Recording
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Beard Audio Conferences
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    Audio Conference Recording
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Beard Audio Conferences
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    Validation and Risk Assessment
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Beard Audio Conferences
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    under the New Code
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Beard Audio Conferences
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Beard Audio Conferences
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  Fundamentals of Corporate Bankruptcy and Restructuring
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Beard Audio Conferences
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Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
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Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
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Beard Audio Conferences
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    Audio Conference Recording
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Beard Audio Conferences
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    Audio Conference Recording
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Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
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Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

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

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
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Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
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        Web site: http://www.beardaudioconferences.com/




                            *********


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 ***