TCRAP_Public/071115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 15, 2007, Vol. 10, No. 227

                            Headlines

A U S T R A L I A

ARROW ENERGY: To Jointly Acquires Queensland Pipeline Business
AVONCORE PTY: Members Agree on Voluntary Liquidation
COLES GROUP: Wesfarmers Won't Sell Kmart
COLOMBAS PTY: Liquidator to Give Wind-Up Report on November 16
EXACT METAL: Members Agree to Commence Liquidation Proceedings

FORTESCUE METALS: Optimistic About Shipping Iron Ore on Mid-May
HUTCHINSON INTERSTATE: Liquidator Presents Wind-Up Report
J M A CONCRETING: Supreme Court Issues Wind-Up Order
ONE.TEL: Liquidator Asks for Extension of Investigation
OPFS PTY: Members to Receive Wind-Up Report on November 20

OXFORD YACHTS: To Declare First Dividend on November 26
STEELCOM ENGINEERING: Liquidator Presents Wind-Up Report
TRAWAY PTY: Members and Creditors Receive Wind-Up Report
ZINIFEX LTD: Says Revenue Will Fall Due to Strong AU Dollar


C H I N A   &   H O N G  K O N G

BASIC & MORE: Commences Liquidation Proceedings
CHINA GLASS: Moody's Affirms B1 Ratings After Resumed Land Use
CHUNG SHING: Sept. 30 Balance Sheet Upside-Down by TWD3.09 Bil.
CHUNG SHING: Incurs TWD15.76-Million Loss Due to Typhoon Krosa
CHUNG SHING: September Sales Total TWD86.26 Million

CIS TECH: Sept. 30 Balance Sheet Upside-Down by TWD730 Million
CIS TECH: Court Sells Company Assets for TWD534.74 Million
CIS TECH: Continues Bleak Sales Record for Aug. 2007
CMC MAGNETICS: Incurs TWD140-Mil. Net Loss for Jan.-Sept. Period
CMC MAGNETICS: Increases Investment in Subsidiary

CMC MAGNETICS: Obtains Level A Laboratory Certification
CMC MAGNETICS: October Sales Hit TWD2.14 Billion
EXTRASURE INSURANCE: Liquidators Quit Post
FIAT SPA: CEO Marchionne Confirms Talks with Daimler
FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output

FOREVER EARNING: Creditors' Proofs of Debt Due on November 26
FORTUNE RANK: Creditors' Proofs of Debt Due on December 15
HISENSE KELON: Expects 300% Rise in Net Profit for FY2007
HUATONGTIANXIANG GROUP: Incurs CNY45-Mln Net Loss in 3rd Quarter
INT'L PAPER: Reports US$217MM Net Earnings in Third Quarter 2007

JP PROPERTIES: Members to Receive Wind-up Report on December 10
MALOWIN COMPANY: Creditors' Proofs of Debt Due on December 10
MUTUAL SHINE: Court to Hear Wind-Up Petition on November 28  
PLENTY POWER: Members Appoint Leung Kwok On as Liquidator
POLYMER GROUP: S&P Affirms Corporate Credit Rating at BB-

TIMBER INDUSTRIAL: Creditors' Proofs of Debt Due on November 23


I N D I A

BALLY TECH: Licenses Certicom for Next-Generation Casino Systems
CABLE & WIRELESS: Working w/ Innovative on Data Security Service
HAYES LEMMERZ: Selling Automotive Brake to Brembo for US$58 Mil.
ICICI BANK: Sees Retail Credit & SME Segments Growth in FY2008
IFCI LTD: Creditors Not Okay With Proposed OCD Conversion


I N D O N E S I A

BANK CENTRAL: Shareholders to Meet on November 28
EXCELCOMINDO PRATAMA: Installs US$10-Million Cable Network
FREEPORT-MCMORAN: Unit Pays Indonesia Gov't US$434 Mil. in Q3
PT INCO: Shareholders to Meet on Dec. 17 to Consider Stock Split
SUMBER SEGARA: Fitch Assigns Currency Issuer Default Rating at B

TELKOM INDONESIA: To Pay Interim Dividend of IDR48.45 Each


J A P A N

GAP INC: October Net Sales Down 1% at US$1.23 Billion
MITSUBISHI MOTORS: AU Unit to Decide on 380 Model's Next Step
NOVA CORP: SAMJ Chief Involved in School's JPY6.4BB Fundraising
* Japan's Consumer Lenders Return to Profit on Fewer Provisions


K O R E A

CHOROKBAEM MEDIA: Gains US$3.26 Million in TV-Series Export Deal
MAGNA INT'L: Third Quarter Operating Income Up to US$267 Million
MILACRON INC: Posts US$4.5-Mln Net Loss in Third Quarter of 2007
* Moody's Sees Stable Outlook for Korean Non-Life Insurers


M A L A Y S I A

SOLUTIA INC: Judge Beatty Approves US$25 Million Backstop Deal
SYARIKAT KAYU: Bursa Malaysia to Delist Firm on Nov. 22
THERMADYNE HOLDINGS: Earns US$1 Million in Qtr. Ended Sept. 30
TIME DOTCOM: DiGi to Buy Broadband Spectrum for MYR649 Million


N E W  Z E A L A N D

114 DOMINION: Taps Heath and Lamacraft as Liquidators
AIR NEW ZEALAND: Hikes Economy Fares on Rising Oil Prices
COMPUTER WORX: Court Sets Wind-Up Petition Hearing for Nov. 19
EDGEWATER ADVENTURES: Faces Cardrona Ski's Wind-Up Petition
EXPRESS CLEAN: Accepting Creditors' Proofs of Debt Until Oct. 19

FLETCHER BUILDING: Expects NZ$450-460 Million Annual Net Profit
HOME CLEAN: Court to Hear Wind-Up Petition Today
HOMEWORKZ LTD: Shareholders Agree on Voluntary Liquidation
IRON MOUNTAIN: High Debt Leverage Prompts S&P to Revise Outlook
KING PANELBEATERS: Creditors' Proofs of Debt Due on Nov. 22

LEONARDS LTD: Fixes Jan. 18 as Last Day to File Proofs of Debt
MAINLINE PAINTERS: Subject to CIR's Wind-Up Petition
TECC (AUCKLAND WEST): Creditors' Proofs of Debt Due November 22


P H I L I P P I N E S

ATOK BIG WEDGE: 3rd Quarter Net Loss Dips 18% to PHP1.251 Mil.
CENTRAL AZUCARERA: Posts PHP105.62-Mil. Net Loss for Sept. 30
FORUM PACIFIC: 3rd Quarter Net Loss Slips 90.38% to PHP412,626
IPVG CORP: PSE Lifts Trading Suspension on Shares
LEPANTO CONSOLIDATED: 3rd Quarter Net Loss Widens to PHP88 Mln.

MANILA MINING: Incurs 86% Less Net Loss for 3rd Qtr to PHP3.2MM
MIRANT CORP: Fitch Removes Ratings from Negative Watch
RIZAL COMM'L: Converts 465 Preferred Shares to 167 Common Shares
RIZAL COMM'L: Nine-Month Profit Climbs 154% to PHP2.54 Billion
* Monetary Board May Ease Policy Given Benign Inflation Outlook

* BOP Surplus Likely Hits US$7 Billion by End-October, BSP Says


S I N G A P O R E

ARINC INC: Moody's Assigns B3 Corporate Family Rating
FREESCALE SEMICONDUCTOR: Signs Joint Lab Deal with Zhuzhou CSR
ISV INVESTMENT: Receiving Proofs of Debt Until Nov. 21
HLG ENTERPRISE: Sept. 30 Balance Sheet Upside-Down by US$7.8MM
X-RITE INC: Incurs US$2.8-Mln Net Loss in Quarter Ended Sept. 29


T H A I L A N D

ITV PCL: Incurs THB105.22-Bil. Net Loss in Third Quarter 2007
TOTAL ACCESS: May Cancel Access Charge Deals with TOT PCL

     - - - - - - - -

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

ARROW ENERGY: To Jointly Acquires Queensland Pipeline Business
--------------------------------------------------------------
Arrow Energy NL, in conjunction with AGL Energy Limited, will
acquire the merchant gas and pipeline businesses of the
Queensland Power Trading Corporation from the Queensland
Government.  The business will be acquired in a 50/50 joint
venture with AGL for a total purchase price of AU$268 million
plus transaction costs of approximately AU$12 million (total
cost to Arrow of AU$140 million).

Arrow's Chief Executive Officer, Nick Davies said, "For a number
of years Arrow has been pursuing a high growth strategy both in
Queensland and internationally, focused on the acquisition and
development of world class coal seam gas projects and has built
a quality portfolio of assets with significant gas reserves.  
Recent initiatives have been directed at leveraging off this
solid foundation and targeting high margin value add
opportunities and this acquisition provides an immediate
exposure for Arrow to all components of the energy value chain
from gas production through to electricity sales.  The Enertrade
business acquisition is a natural addition to our existing
Moranbah coal seam gas project that was acquired through our
merger last year with CH4 Gas Limited.  Enertrade is currently
our major customer for gas produced at Moranbah and the
acquisition provides immediate upside value creation for the
Moranbah Gas Project Joint Venture (50% AGL) as well as
significant growth opportunities for our north Queensland
project portfolio."

"This deal effectively creates a mid-size integrated energy
company for us in the high growth energy market of the Gladstone
to Townsville corridor and further enhances the business
alignment of AGL and Arrow.  It will form the largest integrated
gas project of its type in Australia."

Mr. Davies added, "The acquisition will give Arrow immediate
exposure to the wholesale electricity generation market at a
time of historically high electricity pool prices."

"The acquisition of the North Queensland Gas Pipeline (NQGP)
which runs from Moranbah to Townsville is important to ensure
the joint venture can unlock maximum value from integration of
Enertrade's business, and will provide considerable value
upside, operational flexibility and cost savings to the joint
venture."

"The Central Queensland Gas Pipeline (CQGP) development
opportunity acquired will provide a strategic link for gas
supply between the North Bowen Basin and Gladstone and
interconnection of the NQGP to the existing state gas
transmission network.  This pipeline infrastructure when built
will facilitate the supply of gas to Gladstone from Arrow's
Bowen Basin project portfolio to underpin the proposed Gladstone
LNG export facility."

Under the terms of the agreement reached with AGL, Arrow will
manage the gas processing and compression facilities acquired
together with continuing the operation of the upstream Moranbah
Gas Project on behalf of the joint venture and AGL will manage
the merchant gas business for the joint venture and manage
dispatch of the output of electricity generated at the Yabulu
Power Station.  The existing operational team responsible for
the NQGP pipeline will transfer across to and be managed by the
joint venture.

Arrow will fund its approximately AU$140 million share of the
acquisition through existing cash reserves, debt facilities
being finalized and an equity raising.  The company, with its
advisers is evaluating various equity capital raising options.
The transaction is expected to be completed by November 30,2007.

The businesses being acquired had combined EBIT of AU$56m in the
year ended June 30, 2007 and will boost Arrow's revenues
considerably and will be immediately earnings per share
accretive to Arrow.

               Strategic Rationale-Summary

   * Provides substantial value benefits from integration with
     the JV's existing upstream gas position in the Moranbah Gas
     Project (MGP);

   * Provides ability to streamline and unlock maximum value
     from pipeline transportation arrangements and allows
     operational flexibility and cost savings to be realized by
     the joint venture's upstream gas business;

   * Delivers a material integrated wholesale gas and
     electricity portfolio in Queensland;

   * Well understood business/assets enables smooth and timely
     integration;

   * Strengthens relationship and alignment of the Arrow/AGL
     joint venture in the Bowen Basin;

   * Secures the rights for Arrow and AGL to develop the Central
     Queensland Gas Pipeline; and

   * Acquisition will be earnings per share accretive from day
     one.

                      About Arrow Energy

Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an
Australian company engaged in the undertaking of gas exploration
and development activities.  The Company is focused on coal seam
gas exploration and production in the Surat, Clarence-Moreton
and Ipswich Basins in southeast Queensland and northern New
South Wales and the Styx Basin and Nagoorin Graben in coastal
central Queensland.  Arrow Energy NL has been carrying out
exploration/appraisal drilling (over 50 wells) and has proven a
large CSG resource. The Company's projects include Kogan North,
Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale
and Boyne River.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
column on November 13, 2007, listed Arrow Energy's bond, with a
10.000% coupon and a March 31, 2008 maturity date, as trading at
2.83% on the AU dollar.


AVONCORE PTY: Members Agree on Voluntary Liquidation
----------------------------------------------------
The members of Avoncore Pty Ltd met on September 28, 2007, and
resolved to voluntarily wind up the company's operations.

Nick Combis and Peter Dinoris were appointed as liquidators.

The Liquidators can be reached at:

          Nick Combis
          Peter Dinoris
          Vincents Chartered Accountants
          Level 27, 239 George Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3854 4555
          Facsimile:(07) 3236 2452

                       About Avoncore Pty

Avoncore Pty Ltd provides business services.  The company is
located at Brisbane, in Queensland, Australia.


COLES GROUP: Wesfarmers Won't Sell Kmart
----------------------------------------
Wesfarmers Ltd. said that it is not likely to sell the Kmart
discount chain it acquired in its AU$19-billion takeover of
Coles Group Ltd., relates The Associated Press.

AP quotes Wesfarmers Chief Executive Officer Richard Goyder as
saying in a CNBC television program, "I think it's highly
unlikely.  We've got a strong bias to retaining the business."

Wesfarmers, which will take control of Coles on November 23,
will also own the discount chain Target, Coles supermarkets
stationery supplier Officeworks.  It already owns the home
improvement chain Bunnings, reports AP.

The Troubled Company Reporter-Asia Pacific reported on July 17,
2007, that rival Woolworths Ltd. expressed its interest to buy
Coles brands' Officeworks, Kmart or Target.

However, according to a subsequent report by the TCR-AP on
October 19, 2007, the Australian Competition and Consumer
Commission opposed any attempt by Woolworths to acquire Kmart
and Officeworks from Coles, explaining that if Woolworths were
to acquire Kmart, there would be a reduction in "competitive
tension in the relevant markets."
  
                     About Coles Group

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

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


COLOMBAS PTY: Liquidator to Give Wind-Up Report on November 16
--------------------------------------------------------------
Colombas Pty Ltd, which is in liquidation, will hold a meeting
for its members and creditors on November 16, 2007, at 10:30
a.m. and 11:00 a.m., respectively.

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

The Liquidator can be reached at:

          Peter Gountzos
          CJL Partners
          Level 3, 180 Flinders Lane
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9639 4779
          Facsimile:(03) 9639 4773

                      About Colombas Pty

Located at Williamstown, in Victoria, Australia, Colombas Pty
Ltd is an investor relation company.


EXACT METAL: Members Agree to Commence Liquidation Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on September 27, 2007,
the members of Exact Metal Fabrications Pty Ltd agreed to
voluntarily wind up the company's operations.

Brent Morgan of Rodgers Reidy was appointed as liquidator.

The Liquidator can be reached at:

          Brent Morgan
          Rodgers Reidy Chartered Accountants
          Level 10, 200 Queen Street
          Melbourne, Victoria 3000
          Australia

                        About Exact Metal

Exact Metal Fabrications Pty Ltd is a distributor of fabricated
structural metal.  The company is located at Dandenong, in
Victoria, Australia.


FORTESCUE METALS: Optimistic About Shipping Iron Ore on Mid-May
---------------------------------------------------------------
Fortescue Metals Group Ltd. claims that it is still on track for
a mid-May shipment of its first load of iron ore, Kevin
Andrusiak writes for The Australian.

Fortescue Chief Operating officer Graeme Rowley expressed that
the worst-case scenario for the company will be a delay of two
weeks, depending if the region will be hit by bad weather again
during the cyclone season.

During its annual meeting, Fortescue reiterated to its
shareholders that they they were still on track for the mid-May
deadline, states The Australian.

Mr. Rowley, according to the report, said extra resources such
as extra accommodation and labor costs from the increased
activity in the railway construction had been thrown at the
project.  However, Mr. Rowley admits, these could be easily
covered.

"There is no reason for us to expect that it would be any
different from mid-May at this stage.  We have more than
sufficient contingency funds in the parent company to handle the
cost of the  project.  I would hope to see an increase in
finished track-laying over the next month," Mr. Rowley is quoted
by The Australian.

The Troubled Company Reporter-Asia Pacific reported on Nov. 14,
2007, that Moody's Investors Service has downgraded Fortescue's
finance unit, FMG Finance Pty. Ltd.'s rating of its senior
secured debt to B1 from Ba3 reflecting the "increased
uncertainty surrounding the revised target completion date for
Fortescue's iron ore project."

                    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.


HUTCHINSON INTERSTATE: Liquidator Presents Wind-Up Report
---------------------------------------------------------
The members and creditors of Hutchinson Interstate Pty Ltd met
on November 9, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          R. A. Sutcliffe
          Ground Floor
          192-198 High Street
          Northcote, Victoria 3070
          Australia
          Telephone:(03) 9482 6277

                  About Hutchinson Interstate

Hutchinson Interstate Pty Ltd is involved in the trucking
business, except local.  The company is located at Cobden, in
Victoria, Australia.


J M A CONCRETING: Supreme Court Issues Wind-Up Order
----------------------------------------------------
On October 3, 2007, the Supreme Court of Victoria entered an
order directing the wind-up of J M A Concreting Pty Ltd's
operations.

Gregory Stuart Andrews was appointed as liquidator.

The Liquidator can be reached at:

          Gregory Stuart Andrews
          G.S. Andrews & Associates
          Certified Practising Accountants
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                     About J M A Concreting

J M A Concreting Pty Ltd is a distributor of durable goods.  The
company is located at Taylors Lakes, in Victoria, Australia.


ONE.TEL: Liquidator Asks for Extension of Investigation
-------------------------------------------------------
One.Tel Ltd.'s special-purpose liquidator, Paul Weston, wants to
have his powers extended and is gearing up to sue various
parties, which could include PBL and News Limited, The
Australian reports.

The article says that Mr. Weston's lawyers told Judge Reg
Barrett of the New South Wales Supreme Court that they wanted
the court to be closed and for lawyers of the mooted defendants
and the public to be barred from hearing evidence relating to
the case.

However, lawyers of PBL and former One.Tel director James Packer
contested that they had the right to know what Mr. Weston was
planning, states The Australian.  

Mr. Weston, according to The Australian, was appointed by the
court to investigate whether there was any legal action that
could be taken in relation to a One.Tel board decision not to
continue with a planned AU$132-million rights issue on May 17,
2001.  In line with this, Mr. Weston has until November 28 to
decide whether or not to sue a number of parties.

Meanwhile, One.Tel founder Jodee Rich was successful in getting
another six months in which to consider suing parties over the
failure of the company, including PBL and News Ltd., which
publishes The Australian.

Mr. Rich, adds The Australian, is only likely to pursue his
court action if Mr. Weston firstly instigates legal proceedings.  
Mr. Rich's barrister, David Williams SC told Justic Barrett that
the extension of the time was needed as a decision in a separate
civil proceeding -- brought by the corporate regulator against
Mr. Rich -- had not yet been delivered.

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the
Australian telecommunications industry, most of which are
currently under external administration by court appointed
liquidators.

One.tel is currently in liquidation due to financial problems.  
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the
company was insolvent as of March 2001.  Accordingly, the
administrator terminated approximately 3,000 employees in June
that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.

The Liquidators can be reached at:

         Steve Sherman
         Peter Walker
         Joint Liquidators
         Ferrier Hodgson
         Level 17
         2 Market Street
         Sydney, NSW
         Australia 2000


OPFS PTY: Members to Receive Wind-Up Report on November 20
----------------------------------------------------------
The members of OPFS Pty Ltd will meet on November 20, 2007, at
10:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on April 4, 2007.

The company's liquidator is:

          D. R. Vasudevan
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne, Victoria 3000
          Australia

                          About OPFS Pty

OPFS Pty Ltd provides services to insurance agents and brokers.    
The company is located at Brighton, in Victoria, Australia.


OXFORD YACHTS: To Declare First Dividend on November 26
-------------------------------------------------------
Oxford Yachts Pty Ltd, which is in liquidation, will declare its
first dividend on November 26, 2007.

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

The company's liquidator is:

          W. J. Fletcher
          Bentleys MRI Chartered Accountants
          GPO Box 740
          Brisbane, Queensland 4001
          Australia

                       About Oxford Yachts

Oxford Yachts Pty Ltd, which is also trading as Southern
Hemispheare Shipyard, is a distributor of fabricated structural
metal.  The company is located at Morningside, in Queensland,
Australia.


STEELCOM ENGINEERING: Liquidator Presents Wind-Up Report
--------------------------------------------------------
The members and creditors of Steelcom Engineering Pty Ltd, which
is in liquidation, met on November 14, 2007, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Craig Crosbie
          PPB
          Level 10, 90 Collins Street
          Melbourne, Victoria 3000
          Australia

                   About Steelcom Engineering

Steelcom Engineering Pty Ltd is engaged in the welding repair
business.  The company is located at Sunshine North, in
Victoria, Australia.


TRAWAY PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
Traway Pty Ltd, which is formerly trading as Hughes Moulding,
held a meeting for its members and creditors on Nov. 8, 2007.

At the meeting, K. E. Barnet, the company's liquidator,
presented a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          K. E. Barnet
          Bentleys MRI Chartered Accountants
          GPO Box 740
          Brisbane, Queensland 4001
          Australia

                        About Traway Pty

Traway Pty Ltd is a distributor of durable goods.  The company
is located at Coopers Plains, in Queensland, Australia.


ZINIFEX LTD: Says Revenue Will Fall Due to Strong AU Dollar
-----------------------------------------------------------
Zinifex Ltd. said revenue will fall this year because of
declining prices and a stronger Australian dollar, Jesse
Riseborough, of Bloomberg News, reports.

Zinifex's acting chief executive officer, Tony Barnes, explains
that the price of zinc, which is used to galvanize steel,
may decline because of extra supply from new mines and
expansions.

Mr. Barnes is quoted by Bloomberg as saying, "Lower zinc
prices and higher Australian dollar, U.S. dollar exchange
rates will lower revenue.  Cost pressures persist, a similar
rate of increase to fiscal year 2007 is expected."

Bloomberg adds that Zinifex is seeking to buy new mines or
rivals after selling most of its majority stake in smelting
unit Nyrstar NV last month.

                      About Zinifex

Zinifex Limited, one of the world's largest integrated
zinc and lead companies -- http://www.zinifex.com/-- is    
headquartered in Melbourne, Australia.  The company owns and
operates two mines and four smelters.  The mines and two of the
smelters are located in Australia and supply the growing
industrial markets of the Asian-Pacific region, including China.  
The company also has a zinc smelter in the Netherlands and the
United States.  The company sells a range of zinc metal, lead
metal, and associated alloys in 20 countries.  More than 80% of
the company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  

Zinc is used for steel galvanizing and die-casting and lead for
lead acid batteries used mainly in cars and other vehicles.

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately
CDN$360 million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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

BASIC & MORE: Commences Liquidation Proceedings
-----------------------------------------------
Basic and More Manufacturing Limited commenced liquidation
proceedings on November 5, 2007.

The company's liquidators are:

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


CHINA GLASS: Moody's Affirms B1 Ratings After Resumed Land Use
--------------------------------------------------------------
Moody's has changed the outlook to negative on the B1 corporate
family and senior unsecured ratings of China Glass Holdings Ltd.
This rating action follows the company's announcement that the
local authority in Weihai, China, is to resume the land use
rights in relation to certain production lines of China Glass'
subsidiary, Weihai Blue Star Glass Co Ltd, with compensation of
CNY360 million.  At the same time, Moody's has affirmed the B1
ratings.

"The negative outlook reflects the uncertainties with regard to
how quickly China Glass can recover its upfront relocation
expenditure, the magnitude of the uncompensated revenue loss due
to production disruptions and re-ramping of the relocated
production lines, and potential delay in the plant relocation,"
says Renee Lam, a Moody's Vice President/Senior Analyst.

"Given the materiality of the amount involved and in light of
the earnings of the company -- 1H07 operating profit was
CNY36.9 million -- unforeseen developments to any of the above
factors could potentially materially affect the company's
profits and cash flow," adds Lam.

The B1 ratings are underpinned by:

   1) the company's leading position in glass manufacturing in
      China;

   2) a diversified product range; and

   3) an experienced management team.

At the same time, the ratings also reflect the company's:

   1) highly cyclical profit and cash flow profile reflecting
      industry volatilities;

   2) exposure to a highly fragmented and competitive market;

   3) focus on the low-to-mid end segment (exacerbating  
      cyclicality in its financial performance); and

   4) small scale on a global basis.

The rating is unlikely to be upgraded in the short-to-medium
term given the negative outlook.  The negative outlook will be
stabilized when there is an observable track record of a timely
recovery of relocation expenditure, smooth relocation process,
manageable revenue and cash flow of those losses that are not
compensated by the relocation budget, and continued ability to
achieve its projected results.

The company may be downgraded if higher-than-expected revenue
losses or expenses are incurred by China Glass as a result of
the plant removals, or if there is material delay in relocation
cost recovery from the local government, resulting in a weakened
liquidity profile.  Furthermore, continued industry glass prices
disruptions such that the company continues to exhibit high
volatility in earnings and cash flow, or acquisitions that are
largely debt-funded, would also be negative for the rating.
Moody's would consider debt to EBITDA persistently above 4-4.5x
as indicative of a possible downgrade.

China Glass Holdings Ltd, publicly listed in Hong Kong, is the
second largest flat glass manufacturer in China in terms of
capacity, with 14 production lines across the country.  The flat
glass it produces is largely for use in the construction
industry.


CHUNG SHING: Sept. 30 Balance Sheet Upside-Down by TWD3.09 Bil.
---------------------------------------------------------------
Chung Shing Textile Co. Ltd. recorded a net loss of
TWD378.20 million for the nine months ended Sept. 30, 2007,
almost paring by half the TWD714.70-million net loss recorded
for the nine months ended Sept. 30, 2006.

The company had net sales of TWD2.71 billion for the period in
review.  Cost of goods sold and other operating expenses
amounted to TWD2.91 billion, giving the company an operating
loss of TWD207.60 million.

The company also paid TWD222.40 million in interest expenses for
the first nine months of 2007.

As of Sept. 30, 2007, the company had a shareholders' equity
deficit of TWD3.09 billion, on total assets of TWD10.37 billion
and total liabilities of TWD13.46 billion.


Taiwan-based Chung Shing Textile Co. Ltd. --
http://www.chung-shing.com.tw/-- is engaged in the manufacture  
and sale of various fibers, textiles and garments.  The
Company's products include knitting cotton apparels and knitting
synthetic fiber apparels, cotton yarns, synthetic fiber cloth,
plain woven cloth, polyester yarns, nylon filament yarns,
polyester staple fibers, textured yarns, polyester chips and
others.


CHUNG SHING: Incurs TWD15.76-Million Loss Due to Typhoon Krosa
--------------------------------------------------------------
Chung Shing Textile Co. Ltd. estimates a loss of
TWD15.76 million as a result of typhoon Krosa, Reuters Key
Developments reports.

Reuters, however, did not provide further details.

Taiwan-based Chung Shing Textile Co. Ltd. --
http://www.chung-shing.com.tw/-- is engaged in the manufacture  
and sale of various fibers, textiles and garments.  The
Company's products include knitting cotton apparels and knitting
synthetic fiber apparels, cotton yarns, synthetic fiber cloth,
plain woven cloth, polyester yarns, nylon filament yarns,
polyester staple fibers, textured yarns, polyester chips and
others.

As of Sept. 30, 2007, the company had a shareholders' equity
deficit of TWD3.09 billion, on total assets of TWD10.37 billion
and total liabilities of TWD13.46 billion.

The company has also incurred annual net losses TWD1.82 billion,
TWD988.70 million, TWD1.69 billion, TWD2.90 billion and
TWD1.13 billion from fiscal years ending Dec. 31, 2002, to 2006.


CHUNG SHING: September Sales Total TWD86.26 Million
---------------------------------------------------
Chung Shing Textile Co. Ltd.'s sales in September 2007 fell
88.06% year-on-year to TWD86.26 million from TWD722.69 million,
according to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD2.81 billion, 68.52%
less than the previous year's TWD8.93 billion.

The company's August 2007 sales also fell 90.70% year-on-year to
TWD111.44 million from TWD1.20 million a year earlier.


Taiwan-based Chung Shing Textile Co. Ltd. --
http://www.chung-shing.com.tw/-- is engaged in the manufacture  
and sale of various fibers, textiles and garments.  The
Company's products include knitting cotton apparels and knitting
synthetic fiber apparels, cotton yarns, synthetic fiber cloth,
plain woven cloth, polyester yarns, nylon filament yarns,
polyester staple fibers, textured yarns, polyester chips and
others.

As of Sept. 30, 2007, the company had a shareholders' equity
deficit of TWD3.09 billion, on total assets of TWD10.37 billion
and total liabilities of TWD13.46 billion.

The company has also incurred annual net losses TWD1.82 billion,
TWD988.70 million, TWD1.69 billion, TWD2.90 billion and
TWD1.13 billion from fiscal years ending Dec. 31, 2002, to 2006.


CIS TECH: Sept. 30 Balance Sheet Upside-Down by TWD730 Million
--------------------------------------------------------------
CIS Technology Inc. reported a net loss of TWD80.10 million for
the nine months ended Sept. 30, 2007, almost halving the
TWD164.8-million net loss reported for the nine months ended
Sept. 30, 2006.

The company had net sales of TWD0.10 million for the period in
review, while costs of goods sold and other operating expenses
amounted to TWD0.90 million and TWD18.50 million, respectively,
resulting in an operating loss of TWD19.30 million.

The company also paid TWD37.30 million in interest expenses.

As of Sept. 30, 2007, the company had total assets of
TWD1.03 billion and total liabilities of TWD1.76 billion,
resulting in a capital deficiency of TWD730.40 million.


Hsi Chih, Taiwan-based CIS Technology Inc. --
http://www.cis.com.tw/-- is principally engaged in the  
manufacture of computer peripheral products, as well as video
and audio products. The company's major products include crystal
display televisions and crystal computer monitors.


CIS TECH: Court Sells Company Assets for TWD534.74 Million
----------------------------------------------------------
Taiwan Taoyuan District Court has sold CIS Technology Inc.'s
land and building, with an area of 61,090 square meters, for
TWD534,741,000 in an auction, Reuters Key Development reports.

Reuters did not provide further details regarding the asset
sale.


Hsi Chih, Taiwan-based CIS Technology Inc. --
http://www.cis.com.tw/-- is principally engaged in the  
manufacture of computer peripheral products, as well as video
and audio products. The company's major products include crystal
display televisions and crystal computer monitors.

As of Sept. 30, 2007, the company had total assets of
TWD1.03 billion and total liabilities of TWD1.76 billion,
resulting in a capital deficiency of TWD730.40 million.

The company has also incurred annual net losses of
TWD307.9 million, TWD80.6 million, TWD630.2 million,
TWD445.2 million for the years ended Dec. 31, 2003, through
2006, respectively.


CIS TECH: Continues Bleak Sales Record for Aug. 2007
----------------------------------------------------
CIS Technology Inc. reported no sales for August 2007, according
to data obtained from Bloomberg.

The company virtually had no sales activity since the start of
the year, with only TWD97,000 in sales recorded for June 2007.

The company had sales of TWD30.46 million in the January to
August 2006 period.


Hsi Chih, Taiwan-based CIS Technology Inc. --
http://www.cis.com.tw/-- is principally engaged in the  
manufacture of computer peripheral products, as well as video
and audio products. The company's major products include crystal
display televisions and crystal computer monitors.

As of Sept. 30, 2007, the company had total assets of
TWD1.03 billion and total liabilities of TWD1.76 billion,
resulting in a capital deficiency of TWD730.40 million.

The company has also incurred annual net losses of
TWD307.9 million, TWD80.6 million, TWD630.2 million,
TWD445.2 million for the years ended Dec. 31, 2003, through
2006, respectively.


CMC MAGNETICS: Incurs TWD140-Mil. Net Loss for Jan.-Sept. Period
----------------------------------------------------------------
CMC Magnetics Corporation reported a net loss of
TWD140.0 million for the first nine months of 2007, a
disappointing turn from the TWD447.4-million net profit recorded
for the previous corresponding period.

The company also recorded a net profit of TWD146.9 million for
the half-year period ended June 30, 2007.

For the first nine months of the year, the company had sales of
TWD18.4 billion, which translated to an operating income of
TWD475.9 million after operating expenses of TWD17.9 billion
were deducted.

As of Sept. 30, 2007, the company had total assets of
TWD79.4 billion and total liabilities of TWD25.7 billion,
resulting in total equity of TWD53.7 billion.

Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and   
sale of media storage devices and opto-electrical products.  The
Company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and
rest of Asia.

The Troubled Company Reporter-Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


CMC MAGNETICS: Increases Investment in Subsidiary
-------------------------------------------------
CMC Magnetics Corporation will increase an investment of
US$54,110,000 by acquiring 10,822 shares in its subsidiary, EMC
Investment Holding Ltd., Reuters Key Developments reports.

In addition, EMC Investment Holding will invest THB1,831,000 in
Jet-Thai Hi-Tech Co., Ltd., as well as an additional US$510,000
in a Nantong-based materials technology company, which is
engaged in manufacturing and developing of alloy materials and
vacuum sputtering target materials, Reuters adds.

Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and   
sale of media storage devices and opto-electrical products.  The
Company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and
rest of Asia.

The Troubled Company Reporter-Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


CMC MAGNETICS: Obtains Level A Laboratory Certification
-------------------------------------------------------
Optical disc makers CMC Magnetics and Ritek Corp. recently
obtained level A laboratory certification for 4x Blu-ray Disc
(BD)-R SL discs, the Digitimes.Com reports.

Digitimes relates that CMC and Ritek are keeping apace with each
other in terms of their progress in R&D for blue-laser optical
discs, with each having so far secured level A laboratory
certification for 2x HD DVD-R SL, 1x HD DVD-RW SL, 2x BD-RE SL
and 4x BD-R SL, according to industry sources in Taiwan.

The report explains that CMC will focus on markets in North
America, Europe and Japan for its 4x BD-R SL discs for the time
being, and whether or not it expands its production capacity of
BD discs will hinge on global market conditions.  Ritek is
already poised to start volume production of HD DVD and BD
discs, the company indicated.


Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and   
sale of media storage devices and opto-electrical products.  The
Company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and
rest of Asia.

The Troubled Company Reporter-Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


CMC MAGNETICS: October Sales Hit TWD2.14 Billion
------------------------------------------------
CMC Magnetics Corporation's sales in October 2007 fell 15.29%
year-on-year to TWD2.14 billion from the TWD2.52 billion
recorded for October 2006, according to data obtained from
Bloomberg News.

The company's year-to-date sales amounted to TWD20.56 billion,
12.86% less than the TWD23.59 billion recorded a year ago.
The company's September 2007 sales totaled TWD2.21 billion, also
an 11.97% drop year-on-year.

Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and   
sale of media storage devices and opto-electrical products.  The
Company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and
rest of Asia.

The Troubled Company Reporter-Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


EXTRASURE INSURANCE: Liquidators Quit Post
------------------------------------------
Ying Hing Chui and Chung Miu Yin, Diana have stepped down as
Extrasure Insurance Services (international) Limited's
liquidators on November 5, 2007.   

The former liquidators can be reached at:

          Ying Hing Chui
          Chung Miu Yin, Diana
          Level 28, Three Pacific Place
          1 Queen's Road East
          Hong Kong


FIAT SPA: CEO Marchionne Confirms Talks with Daimler
----------------------------------------------------
Fiat S.p.A. CEO Sergio Marchionne confirmed that the company is
in talks with Daimler AG following speculations that Daimler
could seek a partner to work on the next generation of Mercedes-
Benz A-Class and B-Class compact cars, Gianni Montani writes for
Reuters.

"We're not just talking with Daimler about engines, we're
talking about everything," Mr. Marchionne was quoted by Reuters
as saying.

According to the report, Fiat disclosed in October 2007, that it
was in contact with automakers, particularly Mercedes-Benz,
about a possible alliance.  

In June 2007, Fiat signed a EUR2.4 billion agreement with
Daimler to supply truck engines as part of a strategic
agreement.

                         About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial    
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,  
Bulgaria, China, Czech Republic, Denmark, France, Germany,  
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,  
Netherlands, Poland, Portugal, Romania, Russia, Singapore,  
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised  
its long-term corporate credit rating on Italian industrial  
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,  
Standard & Poor's affirmed its 'B' short-term rating on Fiat.   
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output
----------------------------------------------------------------
The Turk Traktor plant, a 50-50 joint venture between Case New
Holland of the Fiat Group and the Koc Group, reached the goal of
500,000 tractors manufactured on Nov. 9, 2007.

Zafer Caglayan, the Turkish Minister of Industry,  Mustafa Koc
and Buelent Bulgurlu, the chairman and the CEO of Koc Group and
Sergio Marchionne, CEO of Fiat, attended the ceremony during
which, the tractor was presented to the Ministry of Agriculture.

The Turk Traktor factory in Ankara employs around 1,200 people.  
The plant manufactures approximately 20,000 tractors, engines,
transmissions, and axles each year.  More than a third of the
output is exported through Case New Holland’s global network.
Case New Holland leads the Turkish tractor market with a share
of over one third.  Its share of the combines market exceeds two
thirds and it holds approximately 50% of the cotton harvester
market.

The industrial cooperation between Fiat and the Koc Group in the
agricultural Sector dates back to 1963; originally set up as a
technical cooperation, it became a shareholder cooperation
starting from 1967.

In addition to the Turk Traktor joint venture, Fiat and the Koc
Group collaborate in other industrial and commercial initiatives
aimed at the manufacturing and sale of automobiles and
components.

The joint venture has an in-house R&D center and a sales network
made up by 130 dealers and 400 customer assistance centers.
All products manufactured by the joint venture are already
compliant with the new emission (Tier II), noise and safety
limits that will become effective in Turkey on Jan. 1, 2008.

"The Koc Group is a key industrial partner for Fiat and it has
made a major contribution to the development of the Fiat Group
presence in Turkey.  We are very proud to have contributed to
the growth of Turkey's industry and the modernization of its
agriculture," Sergio Marchionne CEO of Fiat Group and Chairman
of Case New Holland, said.

Case New Holland – http://www.cnh.com/-- is a world leader in  
the agricultural and construction equipment businesses.  
Supported by about 11,500 dealers in 160 countries, CNH brings
together the knowledge and heritage of its Case and New Holland
brand families with the strength and resources of its worldwide
commercial, industrial, product support and finance
organizations. CNH Global N.V., whose stock is listed at the New
York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary
of Fiat S.p.A. (FIA.MI).

                       About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial    
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,  
Bulgaria, China, Czech Republic, Denmark, France, Germany,  
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,  
Netherlands, Poland, Portugal, Romania, Russia, Singapore,  
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised  
its long-term corporate credit rating on Italian industrial  
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,  
Standard & Poor's affirmed its 'B' short-term rating on Fiat.   
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FOREVER EARNING: Creditors' Proofs of Debt Due on November 26
-------------------------------------------------------------
The creditors of Forever Earning Investments Limited, which is
in liquidation, are required to file proofs of debt by Nov. 26,
2007, in order to be included in the company's dividend and
distribution.

The company commenced liquidation proceedings on October 31,
2007.

The company's liquidator is:

          Ngan lin Chun Ester
          1902 Mass Mutual Tower
          38 Gloucester Road
          Wanchai, Hong Kong


FORTUNE RANK: Creditors' Proofs of Debt Due on December 15
----------------------------------------------------------
The creditors of Fortune Rank Limited, which is in liquidation,
are required to file proofs of debt by December 15, 2007, in
order to be included in the company's dividend and distribution.

The company commenced liquidation proceedings on November 2,
2007.

The Members, on November 6, 2007, appointed Chow Sheung Bing and
Keung Sai Tung as the company's liquidators.

The Liquidators can be reached at:

          Chow Sheung Bing
          Keung Sai Tung
          7th Floor San Toi Building
          139 Connaught Road
          Central Hong Kong


HISENSE KELON: Expects 300% Rise in Net Profit for FY2007
---------------------------------------------------------
Hisense Kelon Electrical Holdings Company Limited expects its
net profit for the year ended Dec. 31, 2007, to increase by
approximately 300% as compared to the MYR24,120,753.48 net
profit recorded for FY2006.

The Company says that it had disposed of some of its idle assets
and saw continuous improvement in its operations and management,
thus it expects to realize an annual profit for this year.

For the quarter ended Sept. 31, 2007, the company booked a net
profit of MYR5,086,024.56.


Headquartered in Foshan, Guangdong Province, China, and formerly
Guangdong Kelon Electrical Holdings Co., Ltd., Hisense Kelon
Electrical Hldngs Co., Ltd. --
http://en.kelon.com:8080/indexhome.jsp-- is principally engaged   
in the manufacture and distribution of refrigerators, freezers,
air conditioners and other small household electrical
appliances.

As reported in the Troubled Company Reporter-Asia Pacific's
“Large Companies with Insolvent Balance Sheets” column on
Nov. 9, 2007, Hisense Kelon has total assets of
US$596.71 million and total shareholders' equity deficit of
US$94.69 million.


HUATONGTIANXIANG GROUP: Incurs CNY45-Mln Net Loss in 3rd Quarter
----------------------------------------------------------------
HuaTongTianXiang Group Co., Ltd. (SSE:600225) recorded a net
loss of CNY44.79 million for the third quarter of 2007, which
figure is a 68.56% increase  from the net loss figure recorded
for the same period in 2006.

For first nine months of the fiscal year, the company incurred a
CNY57.72-million net loss.

As of September 30, 2007, the company recorded total assets of
CNY436.56 million, a rise of 9.67% from the total assets
recorded for the same period of 2006.

Headquartered in Tianjin, the People's Republic of China,
HuaTongTianXiang Group Co., Ltd., is principally engaged in
breeding, agriculture, trading and real estate businesses.
During the year ended December 31, 2006, the Company obtained
approximately 52%, 31% and 13% of its total revenue from its
agricultural products, breeding and trading businesses,
respectively.  In 2006, approximately 52% and 48% of the
Company's total revenue were from southwestern China and eastern
China respectively.

The Troubled Company Reporter-Asia Pacific's “Large Companies
with Insolvent Balance Sheets” column on Nov. 9, 2007, listed
HuaTongTianXiang, with total assets of US$52.77 million and
total shareholders' equity deficit of US$42.02 million.

HuaTongTianXiang Group announced on Oct. 24, 2007, that its
29,207,000 shares have been frozen by Shanghai No.1 Intermediate
People's Court.  The freeze period is from October 22, 2007, to
April 21, 2008.


INT'L PAPER: Reports US$217MM Net Earnings in Third Quarter 2007
----------------------------------------------------------------
International Paper has reported preliminary third-quarter 2007
net earnings of US$217 million (US$0.51 per share) compared with
net earnings of US$190 million (US$0.44 per share) in the 2007
second quarter and US$224 million (US$0.46 per share) in the
third quarter of 2006.  Amounts in all periods include special
items, most notably a gain of US$185 million (US$0.38 per share)
in the third quarter of 2006 from sales of U.S. forestlands
included in the transformation plan.

Earnings from continuing operations and before special items in
the third quarter of 2007 were US$243 million (US$0.57 per
share), compared with US$223 million (US$0.52 per share) in the
second quarter and US$216 million (US$0.45 per share) in the
third quarter of 2006.

Quarterly net sales were US$5.5 billion, up slightly from
US$5.3 billion in the second quarter and US$5.4 billion in the
third quarter of 2006.

Industry segment operating profits rose to US$610 million for
the 2007 third quarter versus US$572 million in the prior
quarter and US$686 million in the third quarter of 2006.  The
quarter-to-quarter increase reflects fewer planned maintenance
outages as well as improved price realizations in North America,
Europe and Brazil, offset somewhat by higher input costs.

"We had a solid third quarter," said International Paper
Chairman and Chief Executive Officer John Faraci.  "We continue
to improve paper and packaging business earnings and expand
margins, and we continue to improve earnings capacity from non-
U.S. operations.  Volumes were flat quarter-to- quarter, but we
saw overall price improvement, which more than offset some
increases in raw material and distribution costs."

Commenting on the fourth quarter of 2007, Mr. Faraci said, "We
expect slightly higher earnings from continuing operations.
Volumes will slow seasonally in most segments.  We expect modest
overall improvement in pricing with the realization of
previously announced price increases.  Costs for wood, energy
and transportation will continue to increase, and other costs
will remain high."

                   Segment Information

Third-quarter 2007 segment operating profits and business trends
compared with the previous quarter are as:

-- Operating profits for Printing Papers reached US$307 million,
   up from second-quarter operating profits of US$249 million,
   propelled by a 45 percent increase in United States uncoated
   papers, largely because of continuing price improvement and
   lower planned maintenance spending, as well as volume, price
   and mix improvements in Brazilian papers.  Pulp earnings were
   about flat, and European papers profits declined slightly,
   largely resulting from increased planned maintenance
   spending.

-- Industrial Packaging operating profits were US$115 million,
   down from US$139 million in the prior quarter.  The Pensacola
   linerboard machine start-up and one-time restructuring costs
   contributed to the decline, along with seasonal slowdown in
   European container, lower U.S. box volumes and higher
   converting costs.  Results were favorably impacted by fewer
   planned maintenance outages in the quarter.

-- Consumer Packaging operating profits were about flat at US$49
   million compared with US$48 million in the second quarter.
   The U.S. coated paperboard business experienced strong
   volumes, price and operations, and reduced planned
   maintenance spending, somewhat offset by higher input costs.
   Foodservice business profits declined slightly from
   seasonally strong second-quarter performance, and Shorewood
   Packaging results were flat.

-- The company's distribution business, xpedx, again reported
   strong quarterly sales and earnings, with operating profits
   of US$40 million, a 4 percent increase from prior-quarter
   results of US$38 million and a 16 percent increase year over
   year.  Volumes and margins increased, in part because of the
   addition of Central Lewmar to xpedx near the end of the
   quarter.

-- Forest Products operating profits were US$99 million, even
   with second-quarter operating profits of US$98 million.
   While land sales are difficult to forecast within a quarter,
   the company expects full-year 2007 earnings from land sales
   of approximately US$450 million.  The company's objective in
   selling its remaining 390,000 acres of forestland is to
   obtain maximum value for shareowners.

Net corporate expense totaled US$188 million for the quarter,
compared with US$179 million in the second quarter and US$221
million in the 2006 third quarter.  The increase compared with
the 2007-second quarter reflects small increases in various
expense categories.  The decrease from the 2006 third quarter
primarily reflects benefits from lower pension expenses.

                    Effective Tax Rate

The effective tax rate from continuing operations and before
special items for the third quarter of 2007 was 29 percent, even
with the second quarter, and up slightly from 28 percent in the
third quarter of 2006.

                 Effects of Special Items

Special items in the third quarter of 2007 included
restructuring and other charges totaling US$42 million before
taxes (US$26 million after taxes), including US$37 million of
pre-tax charges (US$23 million after taxes) related to the
closure of the company's Terre Haute, Indiana, mill.
Additionally, net pre- tax gains of US$8 million (US$6 million
after taxes) were recorded, principally to reduce estimated
transaction costs accrued in connection with the transformation
plan forestland sales in 2006, and a US$3 million increase to
the income tax provision was recorded related to the settlement
of a prior-year tax audit.

Special items in the second quarter of 2007 consisted of a
US$26 million pre-tax charge (US$16 million after taxes) for
organizational restructuring programs associated with the
company's transformation plan, including US$17 million
(US$11 million after taxes) of accelerated depreciation expense
for long-lived assets being removed from service, and a pre-tax
gain of US$1 million (a loss of US$7 million after taxes) for
adjustments to estimated losses on sales of businesses
previously sold.

Special items in the third quarter of 2006 included
restructuring and other charges totaling US$92 million before
taxes (US$56 million after taxes), including costs associated
with the company's transformation plan and charges for
adjustments to legal reserves; pre-tax credits of US$304 million
(US$185 million after taxes) from sales of U.S. forestlands; and
net pre-tax gains on sales and impairments of businesses
totaling US$74 million (US$44 million after taxes), including a
US$110 million pre-tax gain (US$68 million after taxes) related
to a previous forestland sale in Maine and a US$38 million pre-
tax charge (US$23 million after taxes) upon the completion of
the sale of the company's U.S. coated and supercalendered papers
business.

                   Discontinued Operations

The company completed the sale of the remainder of its beverage
packaging business in the third quarter of 2007.

Discontinued operations for the second quarter of 2007 included
pre-tax charges of US$6 million (US$4 million after taxes) and
US$5 million (US$3 million after taxes) relating to adjustments
to estimated losses on the sales of its wood products and
beverage packaging businesses, respectively.

Discontinued operations for the third quarter of 2006 included a
pre-tax credit of US$101 million (US$80 million after taxes) for
the gain on the sale of the Brazilian coated papers business,
pre-tax losses of US$115 million and US$165 million (US$82
million and US$165 million after taxes) to adjust the carrying
values of the beverage packaging and wood products businesses to
their estimated fair values, a net US$12 million pre-tax gain
(US$3 million after taxes) related to other smaller items, and
the operating results of these businesses and the kraft papers
business for the quarter.

                 About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest  
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers around the globe.  It also operates in China.
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                       *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  Moody's
assigned a stable outlook on the rating.


JP PROPERTIES: Members to Receive Wind-up Report on December 10
---------------------------------------------------------------
The members of JP Properties Limited will hold their general
meeting on December 10, 2007, at 1:00 a.m., at the 31st Floor,
Gloucester Tower, The Landmark, 11 Pedder Street, in Central,
Hong Kong.

During the meeting, the liquidators, Lai Tak Shing Jonathan and         
Chan Yuen Bik Jane, will give a report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on July 12, 2007.

The liquidators can be reached at:

         Lai Tak Shing Jonathan
         Chan Yuen Bik Jane
         Gloucester Tower, 31st Floor
         The Landmark
         11 Pedder Street, Central
         Hong Kong


MALOWIN COMPANY: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Malowin Company Limited, which is in
liquidation, are required to file proofs of debt by December 10,
2007, in order to be included in the company's dividend and
distribution.

The company's liquidators are:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Level 28, Three Pacific Place
          1 Queen Road East, Hong Kong


MUTUAL SHINE: Court to Hear Wind-Up Petition on November 28  
-----------------------------------------------------------
The High-Court of Hong Kong will hear on November 28, 2007, at
9:30 a.m., a petition to have Mutual Shine Limited's operation
wound up.

Chan Wing Leung William filed the petition on September 17,
2007.


PLENTY POWER: Members Appoint Leung Kwok On as Liquidator
---------------------------------------------------------
The members of Plenty Power Company Limited Wise Linkage  
Limited agreed on November 6, 2007, to appoint Leung Kwok On as
the company's liquidator.

Creditors are required to file proofs of debt by December 10,
2007, to be included in the company's dividend and distribution.

The Liquidator can be reached at:

          Leung Kwok On
          Room 402, 4th Floor Highgrade Building
          117 Chatham Road,TST, Kln


POLYMER GROUP: S&P Affirms Corporate Credit Rating at BB-
---------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
Polymer Group Inc., including its 'BB-' corporate credit rating.
The outlook is negative.

"If Polymer Group completes its proposed public offering of
common stock, including US$92 million of net proceeds to the
company, and it uses the proceeds to reduce debt, S&P will
revise the outlook to stable," said S&P's credit analyst Cynthia
Werneth.

The ratings on Polymer Group reflect the company's weak business
position and aggressive financial profile.  Although it has a
narrow product focus, Polymer Group is one of the top producers
of nonwoven and oriented polyolefin products.  The company has
leading positions in niche markets, good geographic sales and
manufacturing diversity, favorable long-term growth prospects in
certain end markets, and opportunities to increase sales and
earnings following several recently-completed capacity
expansions.

Polymer Group recently announced plans to sell 5,455,000 shares
of common stock, consisting of 3,636,000 shares to be sold by
the company and 1,819,000 shares to be sold by the selling
shareholders, primarily MatlinPatterson Global Advisors LLC.
Net proceeds to the company should be about US$92 million.  If
the transaction is consummated, MatlinPatterson would still own
roughly 50% of Polymer Group.  The company will use all the net
proceeds that it receives to repay outstanding debt under its
first-lien term loan.  This will reduce total debt (which S&P
adjusts to include capitalized operating leases as well as
modest off-balance-sheet receivables financing and
postretirement obligations) to about US$400 million, US$310
million of which consists of a first-lien term loan maturing in
2012.

Pro forma for the transaction, funds from operations to adjusted
total debt would strengthen to about 18% from about 15% at
Sept. 30, 2007.  This key ratio is still somewhat below S&P's
expectation of 20% at the current rating.  However, S&P believes
that incremental volume from recent capacity expansions should
lift earnings and cash flow to the appropriate level in 2008,
even if debt does not drop much further.  Total adjusted debt to
EBITDA would decline after the transaction, but remain
aggressive at 3.3.  Although S&P believes that operating cash
flow will strengthen during the next one to two years, S&P does
not expect significant additional debt reduction.

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


TIMBER INDUSTRIAL: Creditors' Proofs of Debt Due on November 23
---------------------------------------------------------------
The creditors of Timberland Industrial 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 Liquidators can be reached at:

          Roderick John Sutton
          Kevin Edward Flynn
          14th Floor Honk Kong Club Building
          3A Carter Road, Hong Kong


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

BALLY TECH: Licenses Certicom for Next-Generation Casino Systems
----------------------------------------------------------------
Bally Technologies, Inc. has licensed Certicom Corp.'s Game
Guardian Server Based Gaming(TM) (SBG) security platform to
protect its next-generation casino systems.  Specifically, Bally
Technologies will use Certicom's Game Guardian SBG Certificate
Authority Server and Game Guardian SBG Client to enable secure,
authenticated connections between applications, gaming machines
and backend servers.
    
The Game Guardian SBG platform will be integrated into Bally
Technologies rapidly growing line of server-based gaming
solutions, allowing the company to perform security operations
and complex authentication demands in only a fraction of the
time of other commonly-used security schemes.  With Game
Guardian, Bally Technologies can easily submit software upgrades
to existing casinos without the undue burden of new hardware or
entirely new infrastructure to deploy.
    
Certicom's Game Guardian platform ensures the strongest level of
security through leading-edge cryptography, including Elliptic
Curve Cryptography.  In 2005, the NSA recommended ECC as the
public-key crypto-system to protect classified and unclassified
government communications.  Known as Suite B, these
recommendations are part of an initiative to upgrade the
security infrastructure of government communications to meet
present and future security needs.  ECC is used in a growing
number of sectors ranging from networking, consumer electronics,
wireless devices and semiconductors to government and financial
services.
    
Server based gaming is the next wave of casino technology that
is gaining tremendous interest, offering users a much more
dynamic and interactive gaming experience.  Because it is
centrally managed through a single console, casino owners can
use a main computer to instantly control and connect all the
machines on a casino floor, while tailoring each one to a
player's preference.  It offers players a way to play the games
they want at any location without having to switch machines. It
also saves casino owners money on personnel and staffing costs.
    
"Bally Technologies prides itself on being a leading innovator
in the next generation of gaming systems.  As the gaming
industry migrates toward networked-based systems and GSA-
protocol standards, network security becomes an ever-increasing
concern," said Bally Technologies' Vice President of Advanced
Product Development, Robert Crowder.  "We are pleased to partner
with Certicom, utilizing Game Guardian security algorithms to
protect the sensitive data moving through casino-floor networks
and gaming machines."
    
Certicom's Game Guardian SBG Certificate Authority Server is a
turnkey product that provides sub-root certificate authority
services for Bally Technologies' entire casino operator network.  
The Certificate Authority Server issues digital certificates
used to create digital signatures and public-private key pairs.  
It guarantees that the individual granted the unique certificate
is who he or she claims to be, so that users and relying parties
can trust the information in Certicom's certificates.  The Game
Guardian Certificate Authority Server is a highly customized and
high performance Gaming Certificate Authority 'end-to-end'
security solution, which also follows the rigorous security
standards set out by the Gaming Regulatory Agencies worldwide.
    
"We are pleased that Bally Technologies has selected our Game
Guardian security platform as it rolls out its next generation
casino gaming systems," said Certicom President and Chief
Executive Officer Bernard W. Crotty.  "The capabilities in our
Game Guardian platform will enable a complete new gaming
experience and our secure protocols allow casinos everywhere to
take advantage of all the benefits associated with server-based
gaming, for instance, increased efficiency to changing games on
the fly for customers.  Game Guardian has the potential to
become the gold standard of security in the gaming industry."

                        About Certicom
    
Certicom -- http://www.certicom.com-- protects the value of  
content, applications and devices with government-approved
security. Adopted by the National Security Agency (NSA) for
government communications, Elliptic Curve Cryptography (ECC)
provides the most security per bit of any known public-key
scheme.  As the global leader in ECC, Certicom security
offerings are currently licensed to more than 300 customers
including General Dynamics, Motorola, Oracle, Research In Motion
and Unisys. Founded in 1985, Certicom's corporate offices are in
Mississauga, Ontario, Canada with worldwide sales and marketing
headquarters in Reston, Virginia and offices in the U.S.,
Canada, Europe and China.

                  About Bally Technologies Inc.

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.


CABLE & WIRELESS: Working w/ Innovative on Data Security Service
----------------------------------------------------------------
Jamaican news daily The Jamaica Gleaner reports that Cable &
Wireless' Jamaican unit has entered into a partnership with US
information technology company Innovative Corporate Solutions
for OFFSite, its off-site data security service to businesses.

Business News Americas relates that Cable & Wireless Jamaica is
already offering off-site data security, hosting the information
of corporations at its J$65-million data center, which was
constructed in 2006.

According to The Gleaner, the partnership is due to high demand
in the local market from large firms seeking to ensure business
continuity and protect sensitive client and proprietary
information off base.

Innovative Corporate Chief Operations Officer Christopher
Reckord told The Gleaner that the company agreed to invest some
J$3.5 million to offer clients software programming and
technical support that transports data to a secure site in Cable
& Wireless' data center.

The Gleaner notes that Cable & Wireless will market the service
at "a one-time hookup fee" of up to US$270 and a monthly
subscription fee, payable to Innovative Corporate.

The service will be initially aimed at small and medium-sized
enterprises, The Gleaner says, citing Mr. Reckord.  Eventually
the service will be offered to a wider market like schools and
households.

"There is no data on the size of the market for data protection
services, nor the existing demand," The Jamaica Computer Society
told BNamericas.  

Internet penetration reached 40%, "seemingly to indicate that
there is scope for businesses offering products like OFFSite,"
BNamericas says, states, citing The Jamaica Computer head Nigel
Henry.

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, 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%


HAYES LEMMERZ: Selling Automotive Brake to Brembo for US$58 Mil.
----------------------------------------------------------------
Hayes Lemmerz International Inc. is selling Hayes Lemmerz'
Automotive Brake Components division to Brembo North America
Inc. for approximately $58 million, debt-free.
    
Hayes Lemmerz' Automotive Brake Components division includes
production facilities in Homer, Michigan and Apodaca, Mexico
that manufacture brake rotors and drums for the North American
passenger car and light truck markets.  The division employs
approximately 250 people, including 64 technical associates. The
division's 2006 sales were approximately $120 million.
    
Under the agreement, Brembo North America Inc., a subsidiary of
Brembo S.p.A., has acquired all of the stock of two Hayes
Lemmerz subsidiary companies that own the brake manufacturing
operations in Homer and Apodaca and certain assets used in
connection with the division's sales, marketing and engineering
group located in Hayes Lemmerz' headquarters in Northville,
Michigan.
    
"We have built a strong business with a solid reputation for
quality products, delivery and performance," Daniel Sandberg,
president of Hayes Lemmerz' Automotive Components Group, said.
"Combining this business with an international, technically
dynamic brake company like Brembo will better position the
combined company to grow and compete in the global market.  Our
brake teams in Homer, Apodaca and Northville look forward to
leveraging our shared commitment to superior customer service,
product innovation and technology."
    
"I am very pleased with the acquisition of this well-managed and
successful business," Brembo chairman, Alberto Bombassei,
commented.
    
"This is another important step for Brembo in the NAFTA region,
where we already have a strong presence with 2006 sales of
approximately US$140 million,” Mr. Bombassei said.  “Our
purchase of Hayes Lemmerz' rotor business will greatly improve
Brembo's leadership position in the North American brake rotor
market.  We continue to believe that North America, as a mature
and sophisticated market, is one of the most important in the
world, which fits well with Brembo's strategic position.  This
transaction will provide Brembo with a solid manufacturing base
to supply all the North American operations of all of our
customers."

                     About Brembo S.p.A.

Brembo North America Inc. is a subsidiary of Italy-based Brembo
S.p.A. (Italian Stock Exchange: BRE) which is an innovator of
disc braking system technology for vehicles.  It supplies high
performance braking systems to the manufacturers of cars,
commercial vehicles and motorbikes around the world.  Brembo is
also into the racing sector.  The company currently operates in
12 countries, with 23 production and business sites and a pool
of over 4,700 associates, 9% of whom are engineers and product
specialists working in R&D and technical areas.  Brembo is the
owner of the Brembo, AP Racing and Marchesini brands.  The
company operates in this region with a manufacturing plant in
Puebla, Mexico, and business sites in Costa Mesa, CA and
Charlotte, NC.

               About Hayes Lemmerz International

Based in Northville, Michigan, Hayes Lemmerz International Inc.
(Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- is a
supplier of automotive and commercial highway wheels, brakes and
powertrain components.  The company has 30 facilities and
approximately 8,500 employees worldwide.  The company has
operations in India, Brazil and Germany, among others.

                        *     *     *

As reported on Sept. 26, 2007, Fitch Ratings placed Hayes-
Lemmerz International Inc.'s issuer default rating at 'B' with a
negative rating watch.


ICICI BANK: Sees Retail Credit & SME Segments Growth in FY2008
--------------------------------------------------------------
ICICI Bank Ltd anticipates 20% growth in its retail credit
portfolio and 55-60% in its SME segment in FY2008, the Press
Trust of India reports citing V. Vaidyanathan, the bank's
executive director.

The Business Standard noted that the expected growth in retail
loans for the current fiscal year is way down the around 40% in
the previous two years.

ICICI's retail lending fell back in the first six months of this
fiscal year after consecutive increases in interest rates
prescribed by the Reserve Bank of India, PTI relates.

The ICICI director, however, is hopeful and sees considerable
growth soon.  “Our customer base is expected to grow
significantly in the coming months,” PTI quotes Mr. Vaidyanathan
as saying.   “Our cluster banking model has been very
successful, as it is a real customer-centric model.”

According to the news agency, the bank has an SME portfolio of
almost US$4 billion and has more than one million SME clients.

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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


IFCI LTD: Creditors Not Okay With Proposed OCD Conversion
---------------------------------------------------------
IFCI Ltd's creditor banks and insurance companies have rejected
a plan to convert part of its dues into equity, the Hindustan
Times said yesterday.  

As previously reported by the Troubled Company Reporter-Asia
Pacific, IFCI's board of directors, on Oct. 15, 2007, proposed
the conversion of part of the company's 0% Optionally
Convertible Debentures into equity.  Creditor banks and
insurance firms hold a combined INR1,479 crore in debentures
that they provided to the company in 2002.

According to various media reports, the banks wanted all of the
zero-coupon OCDs they hold to be converted to equity.  The banks
were unanimous in asking for a 100% convertibility, the Business
Standard observes.

For the potential strategic partners who will be bidding for 26%
of IFCI, the conversion of the entire debt means they will have
to pay more for their stake, Jayati Ghose writes for The
Telegraph.  IFCI is currently in the process of choosing the  
investor to whom it will divest a 26% stake.

The insurance companies, however, demanded that a conversion
formula be used so that they will retain their holding after the
induction of the strategic investor.  

HT, citing “highly placed sources,” said Life Insurance Corp.,
which holds INR300 crore of the interest-free debentures, told
IFCI that it wanted to maintain its present 8.4% stake in the
company after the induction.  Insurance companies are optimistic
that a turnaround will happen and hence did not want their
stakes to be diluted, BS quoted an unnamed official of one of
the lenders as saying.

With the snags in the conversion, The Telegraph believes the
sale of the strategic stake in IFCI will be delayed until the
first quarter of the next fiscal.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


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

BANK CENTRAL: Shareholders to Meet on November 28
-------------------------------------------------
PT Bank Central Asia Tbk's shareholder's will meet on Nov. 28 to
agree on the company's  proposed a 2-for-1 share split and the
appointment of new vice president director, Thomson Financial
reports.

According to the report, Jahja Setiaatmadja, BCA finance
director, hopes the share split will allow more domestic
investors to have Bank Central's shares.  The bank's shares
gained 38% this year, the report notes.

Moreover, Mr. Setiaatmadja told the news agency that the
shareholders will also appoint a new vice-president director to
replace Aswin Wirjadi, who has resigned.

                       Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business   
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 2,
2006, that Fitch Ratings has affirmed all the ratings of Bank
Central Asia as follows:

   * Long-term foreign currency Issuer Default rating: BB-
   * Short-term foreign currency rating: B
   * Individual: C/D and
   * Support: 4.


EXCELCOMINDO PRATAMA: Installs US$10-Million Cable Network
----------------------------------------------------------
PT Exelcomindo Pratama installed a US$10-million submarine fiber
optic cable network linking Batam with Johor, The Jakarta Post
reports.

This company move, the report notes, aims to enhance services to
individual and corporate customers for Internet traffic and data
loading purposes.  President Director Hasnul Suhaimi told the
news agency that the Batam Rengit Cable System would maximize
the firm's performance at still competitive prices.

XL Network director Dian Siswarini said that the BRCS linked up
with the network of Telekom Malaysia, XL's main shareholder, so
that it now forms part of an international Internet network.

                       About Excelcomidndo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications   
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service has upgraded Excelcomindo
Finance Company B.V.'s foreign currency senior unsecured bond
rating to Ba2 from Ba3.  The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.

At the same time, Moody's has affirmed the Ba2 local currency
corporate family rating of XL with a positive outlook.

On Oct. 03, 2007, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit rating on Indonesia's cellular
operator, Excelcomindo Pratama, on CreditWatch with negative
implications following the disclosure that its parent, Telekom
Malaysia Bhd.  (foreign currency A-/Watch Neg/--; local currency
A/Watch Neg/--), intends to separate its cellular and
international operations from its fixed-line business.  At the
same time, Standard & Poor's 'BB-' rating on Excelcomindo's
outstanding senior unsecured notes has been placed on
CreditWatch with negative implications.

On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo
Pratama Tbk's Long- term Foreign Currency and Local Currency
Issuer Default Ratings at 'BB-'.  The Outlook remains Stable.  
At the same time, Fitch has affirmed the 'BB-' rating on its
senior unsecured notes programme.


FREEPORT-MCMORAN: Unit Pays Indonesia Gov't US$434 Mil. in Q3
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc.'s unit, PT Freeport
Indonesia paid the Indonesian government a total of
US$434 million in the third quarter this year, various reports
says.

The total amount paid, The Jakarta Post notes, includes
US$333 million in corporate income tax, employee income tax,
local taxes and other taxes; US$49 million in royalties; and
US$52 million in dividends.

In nine months to September this year, the company reportedly
paid a total of US$1.4 billion, which comprises US$1 billion
dollars in corporate income tax, employee income tax, regional
taxes and other taxes; US$141 million in royalties; and
US$216 million in dividends.

The obligations paid until September are higher than the amount
paid in the same period last year, which stood at
US$1.1 billion, The Post says.

PT Freeport Indonesia also claimed that from 1992 to the end of
September this year, the company had paid a total of
US$6.5 billion in taxes and other obligations to the government,
Xinhua News adds.

                     About Freeport-McMoRan

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,   
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2007, Fitch Ratings upgraded these ratings of Freeport-
McMoRan Copper & Gold Inc.

FCX

   -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
   -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
   -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
   -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

In addition, Fitch affirmed these ratings on FCX:

   -- Issuer Default Rating at 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver at 'BBB-';

   -- Convertible Preferred Stock at 'B+'.

Fitch also assigned a rating of 'BB+' to FCX's new US$2.45-
billion five-year term loan A.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s corporate family rating to Ba2 from
Ba3.

On March 27, 2007, Standard & Poor's Ratings Services assigned
its 'B' preferred stock rating to the proposed US$2.5 billion
US6.75% mandatory convertible preferred stock offering of
Freeport-McMoRan Copper & Gold Inc.


PT INCO: Shareholders to Meet on Dec. 17 to Consider Stock Split
----------------------------------------------------------------
PT International Nickel Indonesia Tbk will hold an Extraordinary
General Meeting of Shareholders on December 17, 2007 to consider
a stock split.  

The company is proposing a stock split with a ratio of 1:10
representing a change in the nominal value of the shares of the
company from IDR250 per share to IDR25 per share.

The notice of the Shareholders' meeting will be published at the
latest by November 30, 2007.  The Company has submitted the
proposed EGMS agenda to the Chairman of the Capital Market and
Financial Institution Supervisory Board.

                 About  PT International Nickel

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer    
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi. Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *    *    *

As of October 29, 2007, the company currently holds Standard and
Poor's long-term foreign and local issuer credit ratings both at
BB- rating.

As of As of October 29, 2007, the company currently holds Fitch
Rating's BB LT Issuer Default rating and Foreign Currency LT
Derb Rating at BB.


SUMBER SEGARA: Fitch Assigns Currency Issuer Default Rating at B
----------------------------------------------------------------
Fitch has assigned Long-term foreign currency and local currency
Issuer Default Ratings of 'B' to Indonesia-based PT Sumber
Segara Primadaya, which is an Independent Power Producer.  In
addition, Fitch has also assigned a National Long-term rating of
'BBB' to S2P.  The Outlooks on the IDRs and the National Long-
term rating are Positive.  

The agency has also assigned an expected rating of 'B' and
expected Recovery Rating of 'RR4' to the proposed senior
unsecured notes due 2012 to be issued by S2P Power B.V. and
guaranteed by S2P.  The ratings were assigned based on an
indicative issue size and tenor communicated to the agency by
S2P; any material deviations from these may result in a negative
rating action.  The final ratings are contingent upon receipt of
final documents conforming to information already received.

The ratings are supported by a robust 30-year take-or-pay Power
Purchase Power Agreement contract between S2P and Perusahaan
Listrik Negara, the state-owned electricity company which has a
monopoly of electricity transmission and distribution in
Indonesia.  "The PPA should provide S2P with stable cash flows
as PLN will purchase all electricity generated by coal-fired
power plants operated by S2P at a relatively fixed rate," notes
Ivan Sumampouw, Associate Director in Fitch's Asia-Pacific
energy and utilities team.  "The PPA provides S2P significant
protection against the risks of increasing coal prices and
foreign exchange movements, as these costs can be largely passed
on to PLN," added Mr. Sumampouw.  S2P has long term coal supply
agreements with leading coal supply producers in Indonesia,
reducing the risks of coal supply disruption.  The coal supply
agreements will mature in 2009, with options from S2P to extend
the contracts for another five years.

S2P operates a 2x300 MW coal-fired power plant in Cilacap, South
Java that connects to PLN's Java-Bali transmission grid.  The
Cilacap power plant is the only large-scale power plant in South
Java that connects to the grid, and consequently has a very
important role in meeting the shortfall of electricity supply in
South Java.  PLN expects Indonesia's electricity demand to grow
at a compounded annual growth rate of about 9% in 2007-2010.

Fitch expects similar growth levels beyond 2010, and for the
supply-demand balance to remain very tight; only three new power
plants are expected to be operational in South Java in 2012
onwards.  Thus, in the medium term, there is minimal risk that
PLN will source electricity from competing plants.

The ratings are however constrained by Cilacap power plant's
limited operating history. The power plant commenced its full
commercial operations in September 2006 and has since operated
at relatively low operating rates.  In the first six months of
2007, Cilacap power plant had average Availability Factor of
only 62.5% (2006: 64.5%).  This was a result of various
technical issues including interruptions in coal supply and
sedimentation in the power plant's water intake caused by the
tsunami.  While Fitch believes some of these technical problems
are one-off in nature, the power plant's operating performance
is still unproven.

The Positive Outlook for the ratings reflects Fitch's
expectation that the Cilacap power plant will improve its
operating performance as some of the technical issues described
above have been largely resolved.  The agency also expects that
S2P will start deleveraging from 2008; at end-H107, S2P's net
debt/EBITDA leverage ratio was 6.5x.  Fitch does not anticipate
that S2P will require additional debt in the future.  If S2P
demonstrates the sustained ability to meet operating and
financial performance targets, net debt/EBITDA could fall below
4.0x in 2008 and the ratings may be upgraded.  On the contrary,
a negative rating action could be triggered by changes in
electricity regulation that adversely affect S2P, a prolonged
disruption of coal supply, or lower-than-expected operational
performance rates, i.e. if AFa falls below 80% and Net
Dependable Capacity (NDC) falls below 562 MW on a sustained
basis.

S2P is jointly owned by PT Sumberenergi Sakti Sakti Prima (SSP)
and PT Pembangkitan Jawa Bali (PJB) with shares of 51% and 49%,
respectively. SSP is a private energy company, having interests
in a number of power plants outside Java. PJB is wholly owned by
PLN and engages in electricity generation in Java and Bali. At
end-H107, S2P had total revenue of IDR728bn and EBITDA of
IDR308bn.

                About PT Sumber Segara Primadaya

Headquartered in Jakarta, Indonesia, PT Sumber Segara Primadaya
-- http://www.sumbersegaraprimadaya.com/-- is an independent  
power producer.


TELKOM INDONESIA: To Pay Interim Dividend of IDR48.45 Each
----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk will pay an interim dividend of
IDR48.45 per share after posting strong nine-month earnings,
Thomson Financial reports.

The dividend, the report notes, will be paid on December 18 to
shareholders on record as of December 4.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 2, 2007, Telkom's third quarter net profit dipped 6.2% to
IDR3.19 trillion from last year's IDR3.4 trillion, which
decrease could be attributed to lower revenue at its mobile
phone business and foreign exchange losses.

The company net profit in  the first nine months increased to
IDR9.82 trillion from IDR9.22 trillion a year ago, Thomson
Financial adds.

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

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

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


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

GAP INC: October Net Sales Down 1% at US$1.23 Billion
-----------------------------------------------------
Gap Inc. reported net sales of $1.23 billion for the four-week
period ended Nov. 3, 2007, which represents a 1% decrease
compared with net sales of $1.24 billion for the four-week
period ended Oct. 28, 2006.  Due to the 53rd week in fiscal year
2006, October 2007 comparable store sales are compared to the
four-week period ended Nov. 4, 2006.  On this basis, the
company’s comparable store sales for October 2007 decreased 8%
compared with a 7% decrease in October 2006.

Comparable store sales by division for October 2007 were:

   * Gap North America: negative 7% versus negative 4% last
     year;

   * Banana Republic North America: negative 2% versus positive
     2% last year;

   * Old Navy North America: negative 11% versus negative 11%
     last year; and

   * International: negative 6% versus negative 8% last year.

“While comparable store sales were down in October, merchandise
margins were significantly above last year,” Sabrina Simmons,
executive vice president of Gap Inc. finance, said.  “The
results reflect our stated strategy of managing inventory
tightly to support margin improvements.”

            Third Quarter Sales and Earnings Guidance

For the thirteen weeks ended Nov. 3, 2007, total company net
sales were $3.85 billion, which is flat as compared to net sales
of $3.85 billion for the thirteen weeks ended Oct. 28, 2006.  
Due to the 53rd week in fiscal year 2006, third quarter
comparable store sales are compared to the thirteen weeks ended
Nov. 4, 2006.  On this basis, the company’s third quarter
comparable store sales decreased 5% compared with a decrease of
5% in the third quarter of the prior year.

Comparable store sales by division for the third quarter were:

   * Gap North America: negative 6% versus negative 7% last
     year;

   * Banana Republic North America: positive 1% versus positive
     3% last year;

   * Old Navy North America: negative 8% versus negative 7%
     last year; and

   * International: negative 4% versus negative 6% last year.

For the third quarter of fiscal year 2007, Gap Inc. expects
diluted earnings per share to be $0.28 to $0.30, as the company
continues to make progress on its strategies of driving earnings
with healthy margins and controlling expenses.  Third quarter
earnings are benefiting from the absence of last year’s
incremental marketing expense.  The expected third quarter
earnings per share also includes about $0.01 of benefit relating
to a reduction of interest accruals resulting from tax audits
and other tax resolutions completed during the quarter.

The company reiterated that it expects the year-over-year
percent change in inventory per square foot to be down in the
mid-single digits at the end of the third quarter.

                         November Sales

The company will report November sales on Dec. 6, 2007.

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an        
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                            *   *   *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


MITSUBISHI MOTORS: AU Unit to Decide on 380 Model's Next Step
-------------------------------------------------------------
Mitsubishi Motors Corporation's Australian unit says that the
future of its Mitsubishi 380 should be decided by the end of the
year, writes Neil McDonald for Cars Guide.

The article states that Mitsubishi Motors Australia chief Rob
McEniry has just been in Japan for an extensive series of
meetings, including planning work on the 380, and expects to
have the car's future clarified by the head office soon.

Cars Guide quotes Mr. McEniry as saying, "As I said last year,
at the end of 2007 Mitsubishi would be going through its normal
model cycle and mid-term planning phase and that's when we'd
look at replacement or potentials for the 380, and that's
exactly where we are."

Mitsubishi, adds Mr. McDonald, has several option for the future
including a replacement for the 380 based on the Concept-ZT, and
possibly a smaller car, but details are yet to be assessed.

The automaker hopes to sell more than 10,000 380s this year,
relates Cars Guide.

According to the report, Mitsubishi plans to fit stability
control to the 380 sedan by mid next year.  

                  About Mitsubishi Motors

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

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

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

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


NOVA CORP: SAMJ Chief Involved in School's JPY6.4BB Fundraising
---------------------------------------------------------------
The chief of a scandal-tainted Tokyo-based investment consultant
firm played a part in a JPY6.4-billion fundraising program
unveiled by language school Nova Corp. two weeks before it filed
for bankruptcy, sources close to the matter revealed to Kyodo
News.

Kyodo writes that the consultant firm, Sovereign Asset
Management Japan, was searched by the Securities and Exchange
Surveillance Commission earlier this month on suspicion of
artificially driving up the stock prices of some listed
companies.

Earlier, it came to light that a group of speculators led by
financier Hareo Nishida were involved in Nova's fund-raising
plan.

According to Kyodo's sources, the investment consultation firm
and its chief, Mr. Nishida, might have been collaborating to
cash in on the issuance of equity warrants by then Nova
President Nozomu Sahashi to two British Virgin Islands-based
investment funds effectively controlled by the chief of
Sovereign Asset Management.

The warrants, if fully exercised, would have handed over 200
million new Nova shares to the two funds paying a total of
JPY70 billion to Nova on Oct. 24, Kyodo relates.  However, the
fund-raising plan backfired midway because the Nova board
dismissed Mr. Sahashi from its president position on Oct. 25.

On October 26, Nova sought court protection from creditors with
the Osaka District Court under the Corporate Rehabilitation Law.

Kyodo recounts that the two investment funds came under scrutiny
in 2005 when they acquired equity warrants issued by financially
troubled companies listed on Jasdaq marekt and Tokyo Stock
Exchange's Second Section.

On November 1, the Osaka District Public Prosecutor's Office
indicted Mr. Nishida on charges of manipulating the stock price
of a construction company, states Kyodo.

                     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.


* Japan's Consumer Lenders Return to Profit on Fewer Provisions
----------------------------------------------------------------
Japan's largest consumer lenders returned to profit in the
second quarter after cutting provisions for bad loans, Mariko
Yasu and Komaki Ito write for Bloomberg News.

According to the report, Promise Co., Acom Co. and Takefuji
Corp. recorded a combined net income of JPY28.2 billion in the
three months ended Sept. 30, compared with a combined loss of
JPY606 billion a year earlier.  Their combined revenue dropped
13% to JPY251 billion.

Consumer lenders, which specializes in granting quick credit,
are struggling to extend revenue due to bad loans and interest
refunds surging last year as the government cracked down on
excessive interest charges in the US$170 billion consumer loan
industry, relate Mr. Yasu and Mr. Ito.

"Japanese consumer lenders continue to face problems of
interest refunds and weakening profitability.  They
haven't been able to draw a growth strategy to change the
difficult situation they face," Reiko Toritani, senior director
at Fitch Ratings in Tokyo, shared his opinion with Bloomberg.

                  Revenue-coping Mechanisms

Among the measures considered to regain revenue among consumer
lenders are acquisitions and exits.

Acom President Shigeyoshi Kinoshita said he is considering
acquisitions as an option to cope with declining revenue and
less business, states Bloomberg.

Promise, conveys Bloomberg, is eyeing more takeover
opportunities to boost earnings while General Electric Co., the
world's largest provider of private-label credit cards, said it
may sell its Japanese consumer-credit unit, Lake.

Credia Co. filed for bankruptcy protection on Sept. 14, saying
it had a hard time raising capital and repaying debt.

Reportedly, Japanese lawmakers took aim last year at consumer
lenders after aggressive marketing created a cycle of debt, with
borrowers obtaining loans from one firm to repay another.  A law
passed last December will cap the maximum interest rate at 20%,
down from 29%.  Firms were also required to set aside more
reserves against claims for interest refunds.

                         Rate Cuts

The report adds that Promise said it will cut its interest rate
charges to new customers to as much as 17.8% from as much as
25.55% starting December 19.  Rival Acom has already lowered
their rates on new loans after Japan passed legislation last
year that will cut their maximum charges.


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

CHOROKBAEM MEDIA: Gains US$3.26 Million in TV-Series Export Deal
----------------------------------------------------------------
Chorokbaem Media Co Ltd. gained US$3.26 million after signing a
deal to export the TV series "The Lobbylist" with  Japan's  
Unisia Co., Korean. Net reports.

Under the agreement, the report relates, Chorokbaem Media will
give Unisia the right to televise, sell DVDs and VHS copies of
the drama in Japan.  The company expects to bring in an
additional US$3.26 million in royalties for videogram rights,
the report notes.

The report adds that the company is also in negotiations to
export the series in China, Taiwan and throughout Southeast
Asia, with plans to promote sales to America.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007.


MAGNA INT'L: Third Quarter Operating Income Up to US$267 Million
----------------------------------------------------------------
Magna International Inc. has reported financial results for the
third quarter and nine months ended Sept. 30, 2007.

             Three Months Ended Sept. 30, 2007

Lear Corp. posted sales of US$6.1 billion for the third quarter
ended Sept. 30, 2007, an increase of 12% over the third quarter
of 2006.  This higher sales level was achieved as a result of
increases in the North American, European and Rest of World
production sales offset in part by reductions in complete
vehicle assembly sales and tooling, engineering and other sales.

During the third quarter of 2007, the North American and
European average dollar content per vehicle increased 14% and
22%, respectively, over the third quarter of 2006.  In addition,
North American vehicle production increased 3% while European
vehicle production increased 5%, each compared to the third
quarter of 2006.

Complete vehicle assembly sales decreased 16% to US$859 million
for the third quarter of 2007 compared to US$1.017 billion for
the third quarter of 2006, while complete vehicle assembly
volumes declined 25% compared to the third quarter of 2006.

The operating income was US$267 million for the third quarter
ended Sept. 30, 2007 compared to US$155 million for the third
quarter ended Sept. 30, 2006, and the company earned net income
for the third quarter of 2007 of US$155 million compared to
US$94 million for the third quarter of 2006.

Diluted earnings per share were US$1.38 for the third quarter
ended Sept. 30, 2007 compared to US$0.86 for the third quarter
ended Sept. 30, 2006.

During the third quarter ended Sept. 30, 2007, Lear generated
cash from operations before changes in non-cash operating assets
and liabilities of US$300 million, and invested US$83 million in
non-cash operating assets and liabilities.  Total investment
activities for the third quarter of 2007 were US$319 million,
including US$174 million in fixed asset additions and a US$145
million increase in investments and other assets.

             Nine Months Ended Sept. 30, 2007

Lear Corp. posted sales of US$19.2 billion for the nine months
ended Sept. 30, 2007, an increase of 8% over the nine months
ended Sept. 30, 2006.  This higher sales level was achieved as a
result of increases in the North American, European and Rest of
World production sales offset in part by reductions in complete
vehicle assembly sales and tooling, engineering and other sales.

During the nine months ended Sept. 30, 2007, North American and
European average dollar content per vehicle increased 10% and
18%, respectively, each over the comparable nine-month period in
2006.  During the nine months ended Sept. 30, 2007, North
American vehicle production declined 2% while European vehicle
production increased 4%, each in comparison to the nine months
ended Sept. 30, 2006.

Complete vehicle assembly sales decreased 3% to US$3.027 billion
for the nine months ended Sept. 30, 2007, compared to US$3.132
billion for the nine months ended Sept. 30, 2006, while complete
vehicle assembly volumes declined 14% compared to the first nine
months of 2006.

The operating income was US$949 million for the nine months
ended Sept. 30, 2007 compared to US$750 million for the nine
months ended Sept. 30, 2006, and the company earned net income
of US$635 million for the first nine months of 2007 compared to
US$499 million for the first nine months of 2006.

Diluted earnings per share were US$5.69 for the nine months
ended Sept. 30, 2007, compared to US$4.52 for the nine months
ended Sept. 30, 2006.

During the nine months ended Sept. 30, 2007, Lear generated cash
from operations before changes in non-cash operating assets and
liabilities of US$1.258 billion, and invested US$494 million in
non-cash operating assets and liabilities.  Total investment
activities for the first nine months of 2007 were US$657
million, including US$436 million in fixed asset additions,
US$46 million to purchase subsidiaries, and a US$175 million
increase in investments and other assets.

                       2007 Outlook

For the full year 2007, Lear Corp. expects consolidated sales to
be between US$25.0 billion and US$26.3 billion, based on full
year 2007 light vehicle production volumes of approximately 15.1
million units in North America and approximately 15.8 million
units in Europe.  Full year 2007 average dollar content per
vehicle is expected to be between US$845 and US$875 in North
America and between US$410 and US$435 in Europe.  The company
expects full year 2007 complete vehicle assembly sales to be
between US$3.8 billion and US$4.1 billion.

In addition, Lear expects that full year 2007 spending for fixed
assets will be in the range of US$775 million to US$825 million.

In the 2007 outlook the company have assumed no significant
acquisitions or divestitures, and no significant labour
disruptions in the principal markets.  In addition, Lear have
assumed that foreign exchange rates for the most common
currencies in which the company conduct business relative to the
United States dollar reporting currency will approximate current
rates.

                          Other Matters

Subject to approval by the Toronto Stock Exchange and the New
York Stock Exchange, the Board of Directors has approved the
purchase for cancellation and/or for purposes of the long-term
retention (restricted stock) and restricted stock unit programs,
up to 9,500,000 of Class A Subordinate Voting Shares,
representing approximately 9.8% of the public float of Class A
Subordinate Voting Shares, pursuant to a normal course issuer
bid.  The normal course issuer bid is expected to commence on or
about Nov. 12, 2007 and will terminate one year later.  All
purchases of Class A Subordinate Voting Shares will be made at
the market price at the time of purchase in accordance with the
rules and policies of the TSX and the NYSE, including Rule 10b-
18 under the U.S. Securities Exchange Act of 1934.

Lear Corp. Board of Directors has declared a quarterly dividend
of U.S. US$0.36 per share with respect to its outstanding Class
A Subordinate Voting Shares and Class B Shares for the quarter
ended Sept. 30, 2007.  The dividend is payable on Dec. 14, 2007,
to shareholders of record on Nov. 30, 2007.

                   About Magna International

Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a  
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
The company's capabilities include the design, engineering,
testing and manufacture of automotive interior systems; seating
systems; closure systems; metal body and chassis systems; vision
systems; electronic systems; exterior systems; powertrain
systems; roof systems; well as complete vehicle engineering and
assembly.  The company has approximately 83,000 employees in 229
manufacturing operations and 62 product development and
engineering centers in 23 countries including Brazil, China,
Czech Republic, France, Germany, Korea, among others.

                         *     *     *

The Troubled Company Reporter on Sept. 24, 2007, reported that
Magna International Inc.'s plan of arrangement and agreements
relating to the strategic investment in Magna by Open Joint
Stock Company Russian Machines became effective on
Sept. 20, 2007.

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Magna International Inc. will restructure its
operations through plant closings and consolidations in order to
remain profitable, Tony Van Alphen at the Toronto Star reports.


MILACRON INC: Posts US$4.5-Mln Net Loss in Third Quarter of 2007
----------------------------------------------------------------
Milacron Inc. incurred a net loss for the quarter ended Sept. 30
of US$4.5 million on sales of US$204 million, compared to a net
loss in the third quarter of 2006 of US$7.2 million on sales of
US$209 million.  Restructuring costs and other non-recurring
costs totaled US$1.7 million in the quarter, compared to
US$2.9 million in the year-ago quarter.

Manufacturing margins in the third quarter improved to 19.7%
from 18.7% a year ago, primarily as a result of continued cost-
reduction and sourcing initiatives.

New orders of US$203 million were up slightly from
US$201 million in the third quarter of 2006 due to currency
translation effects.

Cash on hand at the end of the quarter exceeded US$37 million,
and Milacron had approximately US$42 million available for
borrowing under its asset-based revolving credit facility.  The
company’s liquidity (cash plus borrowing availability) rose to
US$79 million from US$65 million at the beginning of the quarter
and US$72 million at the end of the third quarter last year.

"Our efforts to expand our presence in faster-growing, emerging
markets continue to pay dividends," said Ronald D. Brown,
chairman, president and chief executive officer.  "Our orders
from these markets are up 20% year to date.  Our greatest
current challenge, however, is the injection molding machine
market in North America, which is down 17% year to date from
2006. This also negatively impacts our mold technologies
business.  As a result, we are stepping up our restructuring
efforts to reduce our cost structure in this market."

                         Segment Results

Machinery Technologies-North America (machinery and related
parts and services for injection molding, blow molding and
extrusion supplied from North America, India and China) Sales in
the quarter fell to US$93 million from US$106 million in the
same period last year, as the ongoing consolidation of U.S.
automotive molders curtailed demand from that sector and
contributed to the glut of used equipment, depressing the market
for new injection molding machines in North America.  Sales of
injection machines in India remained at record-high levels, and
extrusion equipment sales continued to show solid increases.  
Blow molding machinery sales were down in the quarter but were
running slightly ahead of last year on a year-to-date basis.  
Cost-containment measures helped minimize the impact of the
overall volume drop, as segment earnings declined to US$3.8
million from US$6.0 million in the year-ago quarter.  New orders
in the quarter were US$91 million, off from US$106 million last
year.

Machinery Technologies-Europe (machinery and related parts and
services for injection molding and blow molding supplied from
Europe) Demand for injection molding machines continued to show
growth in Western Europe, and, as a result, segment sales rose
to US$46 million from US$40 million in 2006.  Blow molding
machine shipments were up slightly. Favorable currency
translation effects accounted for about half of the segment
sales gain. New orders were also US$46 million compared to US$31
million in the year-ago quarter, as currency accounted for about
one-fifth of the increase.  Higher volume and restructuring
benefits aided the segment in posting a small operating profit
of US$0.9 million compared to an operating loss of US$0.7
million in the year-ago quarter.

Mold Technologies (mold bases and related parts and services, as
well as maintenance, repair and operating supplies for injection
molding worldwide) Softness in the injection molding-related
markets in North America, particularly in the automotive sector,
led to a slight sales decline in the third quarter to US$37
million from US$38 million a year ago.  In Europe, our mold
technologies sales were essentially flat in local currencies.  
During the quarter this segment accelerated its restructuring
activities as it incurred a small loss of US$0.4 million
compared to breaking even in the year-ago quarter.

Industrial Fluids (water-based and oil-based coolants,
lubricants and cleaners for metalcutting and metalforming
operations worldwide) Sales of US$31 million were up from US$29
million in the third quarter of 2006, with currency translation
effects accounting for most of the increase.  With better
pricing and improved operating efficiency, segment earnings
jumped to US$3.5 million from US$1.9 million a year ago.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a global manufacturer  
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.
Milacron's annual revenues approximated USUS$805 million over
the last 12 months.

The company has an office in South Korea, and joint ventures in
China and India.  In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 2, 2007,
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Milacron Inc., to developing from
negative.  At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'CCC+' corporate credit
rating.


* Moody's Sees Stable Outlook for Korean Non-Life Insurers
----------------------------------------------------------
Moody's Investors Service maintains a stable outlook on the
Korean non-life insurance industry, reflecting its view that,
over the next 12-18 months, the number of rating actions is
likely to be moderate.

Moreover, such rating actions will probably be driven more by
the particular characteristics of individual firms rather than
sector-wide conditions, Moody's says in a new Industry Outlook
report.

"Specifically, the stable outlook reflects the stability evident
in market dynamics for non-life insurers; good growth prospects;
relatively low catastrophe exposures; and low use of financial
leverage," says Sally Yim, a Moody's Analyst and the report's
author.

The just-released study covers a wide range of topics, including
the non-life sector's credit fundamentals, market concentration,
alliances and ventures with other foreign institutions, asset
quality, profitability as well as financial flexibility.

"At the same time, the industry's positive factors are balanced
out by relatively risky investment portfolios and intense
competition, especially in motor insurance, which exerts
negative pressures on profitability," says Yim.

"Looking ahead, growth opportunities are adequate in the Korean
market, especially with long-term insurance, because of changing
demographics and strong export volumes," says Yim.  "Long-term
insurance is also likely to play a larger role due to the weak
profitability experienced by most insurers in the motor line."

Due to the gradual change in product focus, insurers are putting
more weight on higher-risk, longer-duration assets to match the
asset-liability gaps evident in long-term insurance.  Prudent
risk management of both underwriting and investments is crucial
to capital stability and earnings growth.

The report further examines how forthcoming regulatory changes
could alter industry fundamentals.  For example, further de-
regulation of bancassurance, the relaxation of barriers between
financial services firms, and adoption of a risk-based capital
regime present opportunities and challenges, especially for
smaller players with less bargaining and pricing power.

The Korean non-life sector is highly concentrated with the top 5
insurers accounting for over 75% of the overall market. The five
are Samsung Marine & Fire Insurance, Hyundai Marine & Fire
Insurance, Dongbu Insurance, LIG Insurance and Meritz Fire &
Marine Insurance.

These firms exhibit competitive advantages - because of their
scale - and their market positions should stay steady. As the
issue of economies of scale is such an important competitive
factor, Moody's expects more M&A activities by banks, foreign
insurers and among smaller insurers over the next 12-18 months.


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

SOLUTIA INC: Judge Beatty Approves US$25 Million Backstop Deal
--------------------------------------------------------------
The Honorable Prudence Beatty of the U.S. Bankruptcy Court for
the Southern District of New York has approved Solutia Inc. and
its debtor-affiliates' agreement with a handful of unsecured
creditors who will provide US$250 million into the company in
exchange for backstop rights and the chance to directly purchase
discounted new stock.

Solutia signed the agreement last month with UBS Securities LLC,
Merrill Lynch & Co. Inc., a General Motors Corp. pension fund,
and hedge funds Highland Capital Management, Longacre Fund
Management and Southpaw Asset Management.  Under the
arrangement, the backstop investors will pay approximately
US$175,000,000 to be put toward retiree pensions and
US$75,000,000 that will cover other legacy liabilities.  The
investors will buy any stock that other unsecured creditors,
noteholders and existing stockholders do not buy in the new
offering, in which the stock will sell for US$13.33 per share,
discounted from the US$20 expected value.

Solutia said it will get the US$250 million even if the offering
is under-subscribed.

In a four-page order, Judge Beatty authorized Solutia to take
any and all actions necessary or appropriate in connection with
the contemplated transactions, including the payment of the
backstop fee, the transaction expenses and the litigation
expenses to the Investors, without further filing with or Court
order.

Judge Beatty determined that the Backstop Fee, the Transaction
Expenses and the Litigation Expenses, if and when payable, are
accorded the status of administrative expense claims pursuant to
Section 503(b)(1) of the Bankruptcy Code.

With the approval of the Backstop Commitment Agreement, Solutia
said that it is on its way towards Chapter 11 exit.

Judge Beatty has set a confirmation hearing for Nov. 29, 2007,
to approve Solutia's Amended Plan of Reorganization.  The
company expects to emerge from bankruptcy by the end of the
year.

                    About Solutia Inc.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  A hearing to
consider confirmation of the Debtors' Reorganization Plan is
scheduled for Nov. 29, 2007.


SYARIKAT KAYU: Bursa Malaysia to Delist Firm on Nov. 22
-------------------------------------------------------
Syarikat Kayu Wangi Bhd will be de-listed from the official list
of Bursa Malaysia Securities Bhd on Nov. 22 for not having
adequate level of financial condition to warrant continued
listing, The Edge Daily reports.

According to The Edge, the delisting will push through unless
the company files an appeal regarding the Bursa's ruling by
Nov. 19.

Syarikat Kayu, in a statement on Nov. 13, said that it intends
to submit an appeal to Bursa Securities within the given
timeframe.

Upon the delisting of the company, it is still able to continue
its operations and businesses and proceed with its corporate
restructuring and its shareholders rewarded by the company's
performance.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.

Syarikat Kayu is currently in the process of preparing the
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.



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

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

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

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

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

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

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

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

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

                  Other Income & Expense Items

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

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

                        Operating EBITDA

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

             Divestitures & Discontinued Operations

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

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

                            Outlook

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

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

                  Working Capital & Liquidity

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

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

                    About Thermadyne Holdings

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

                          *     *     *

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


TIME DOTCOM: DiGi to Buy Broadband Spectrum for MYR649 Million
--------------------------------------------------------------
DiGi.Com Bhd will be buying TIME dotCom's 3G license, various
reports say.

According to Telegeography.com, DiGi confirmed that it has
sealed a deal with TIME dotCom, ending two years of speculation.
DiGi has proposed to pay nearly MYR700 million in cash and
shares for TIME dotCom's 3G spectrum, The Star Online says.

Telegeography specifies that under the plan, DiGi will issue
27.5 million new shares, valued at MYR649 million
(US$194.6 million), as payment for the 3G spectrum.  The new
shares, Reuters explains, would represent 3.5% of DiGi's
enlarged paid-up capital.

DiGi, the smallest of Malaysia's three mobile phone companies,
will buy TIME dotCom's broadband spectrum in order to plug a
strategic gap and allow DiGi's parent, Norwegian telecom group
Telenor ASA, to trim its stake to meet foreign ownership rules,
Reuters relates.

Telenor is required by the government to reduce its 61% stake in
DiGi to 49% by the end of December in order to comply with a cap
on foreigners owning more than 50% of Malaysian telecoms,
Telegeography points out.

According to The Star, Telenor has also invited TIME dotCom to
take part in the placement of DiGi shares for the equity stake
sell-down.  This would be carried out via a book-building
process, the report cites TIME as saying in a statement to Bursa
Malaysia.

Reuters says that DiGi will also issue a guarantee to the
Malaysian industry regulator to replace TIME dotCom's
MYR50 million guarantee for the 3G spectrum.  Plus, the alliance
would allow DiGi to explore sharing towers with TIME dotCom for
its WIMAX wireless broadband service.

In a statement, DiGi said that taking over the spectrum would
give it greater growth potential and boost its long-term
competitiveness, Reuters notes.  DiGi is the only one of three
Malaysian mobile operators without a 3G spectrum.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2007, 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.

Under the proposed alliance, The Star states, DiGi also wants to
review its international and domestic fibre leases and contracts
with TIME dotCom so that its usage of the services totals
between MYR10 million and MYR15 million annually for a three-
year period, The Star conveys.

Telegeography writes that the exact shareholding post-
acquisition has not yet been defined.  The report says analysts
predict that the most likely scenario will be a share-swap
arrangement between TIME dotCom's subsidiary, TT dotcom, which
holds the 3G license, and not with TIME dotCom directly as the
latter has extensive fibre-optic infrastructure deemed “national
interest” assets and would be highly sensitive if acquired by
foreign investors such as Telenor.


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

114 DOMINION: Taps Heath and Lamacraft as Liquidators
-----------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were named as
liquidators of 114 Dominion Rd Ltd. on October 17, 2007.

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

The Liquidators can be reached at:

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


AIR NEW ZEALAND: Hikes Economy Fares on Rising Oil Prices
---------------------------------------------------------
With rising fuel prices, Air New Zealand has hiked its
international economy fares, media reports say.

According to Roeland van der Bergh of The Dominion Post, the New
Zealand carrier will now be charging NZ$50 more on one-way long
haul flights and NZ$10 more on trans-Tasman tickets.
The airline made the move quietly as it didn't announce the
increase, The Post notes.

Fuel comprises from 20-50% of an airline's costs and with every
US$1 hike in oil prices, another US$11 million is added to
running costs, the Australian Associated Press notes.  However,
AAP added, ANZ also blames rise in airport charges and labor
costs for the fare hike.

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

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

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


COMPUTER WORX: Court Sets Wind-Up Petition Hearing for Nov. 19
--------------------------------------------------------------
A petition to have Computer Worx NZ Ltd.'s operations wound up
will be heard before the High Court of Whangarei on November 19,
2007, at 10:00 a.m.

Sulaiman Patel and Sarifa Banu Patel filed the petition on
October 10, 2007.

The Petitioners' solicitor is:

          Darrell Hart
          Legal House, Hammonds
          11 Hokianga Road
          PO Box 16, Dargaville
          New Zealand


EDGEWATER ADVENTURES: Faces Cardrona Ski's Wind-Up Petition
-----------------------------------------------------------
A petition to have Edgewater Adventures Lake Wanaka Ltd.'s
operations wound up will be heard before the High Court of
Dunedin on November 15, 2007, at 10:00 a.m.

Cardrona Ski Resort Limited filed the petition on Sept. 25,
2007.

Cardrona Ski's solicitor is:

          Frazer Burnett Barton
          c/o Anderson Lloyd
          Otago House, Level 10
          corner of Moray Place and Princes Street
          Dunedin
          New Zealand


EXPRESS CLEAN: Accepting Creditors' Proofs of Debt Until Oct. 19
----------------------------------------------------------------
Express Clean Ltd., which is in liquidation, requires its
creditors to file their proofs of debt by October 19, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

          Stephen Kim Bennett
          Timothy John Hoyle
          Steve Bennett Associates
          PO Box 627, Whangarei
          New Zealand
          Telephone:(09) 438 2312
          Facsimile:(09) 438 2912
          e-mail: info@sba.net.nz


FLETCHER BUILDING: Expects NZ$450-460 Million Annual Net Profit
---------------------------------------------------------------
Fletcher Building Ltd's net earnings after tax and before
unusual items this year will be in a range of NZ$450 to NZ$460
million, Chairman Rod Deane said in a shareholders meeting held
on Tuesday.  Mr. Deane based the figures on the “consensus of
most analysts forecasts.”

As previously reported by the Troubled Company Reporter-Asia
Pacific, Fletcher Building recorded a net profit after tax and
minority interests for the year ended June 30, 2007, of
NZ$484 million, which included a NZ$70-million one-off tax
benefit.

Even with anticipated decline in new housing consents, the
Chairman sees another strong year because of, among others,
construction backlog, which at New Zealand is estimated to be
over NZ$1 billion.  Mr. Deane also noted that net earnings for
the first four months this year are ahead of those at the same
stage last year, both with and without the inclusion of recently
acquired Formica Corp.

Mr. Deane admits the weakness of the United States market and
the flat demand in Australia.  According to Bloomberg News,
Australia and the U.S. are the company's second and third-
biggest markets after New Zealand.  The markets Formica serves
in Europe and Asia, however, are in good health, the Chairman
pointed out.

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                        *     *     *

The Troubled Company Reporter-Asia Pacific, on Nov. 13, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08         NZ$10.00
           7.800%          03/15/09          NZ$9.15
           7.550%          03/15/11          NZ$9.00


HOME CLEAN: Court to Hear Wind-Up Petition Today
------------------------------------------------
On July 30, 2007, the Commissioner of Inland Revenue filed a
petition to have Home Clean Services Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland
today, November 15, 2007, at 10:45 a.m.

The CIR's solicitor is:
  
          Adam R. A. Pell
          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland
          New Zealand
          Telephone:(09) 985 7214
          Facsimile:(09) 985 9473


HOMEWORKZ LTD: Shareholders Agree on Voluntary Liquidation
----------------------------------------------------------
On October 19, 2007, the shareholders of Homeworkz Ltd. resolved
to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Christopher Robert Ross Horton
          John Albert Price
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 366 3700
          Facsimile:(09) 366 7276


IRON MOUNTAIN: High Debt Leverage Prompts S&P to Revise Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its rating
outlook on records management and storage service provider Iron
Mountain Inc. to negative from stable.
      
"The outlook revision is based on the company's high debt
leverage with no imminent prospect of decline, and its
contemplation of returning capital to shareholders," explained
S&P's credit analyst Andy Liu.
     
S&P also affirmed the 'BB-' corporate credit rating on Iron
Mountain.
     
At the same time, S&P affirmed the bank loan and recovery
ratings on Iron Mountain's senior secured financing.  The
company has added US$110 million to its US$300 million senior
secured term loan due 2014 and US$190 million to its US$600
million senior secured revolving credit facility due 2012.  The
company's expanded facilities, which now total US$1.2 billion,
are rated 'BB+', two notches higher than the corporate credit
rating.  The recovery rating remains '1', indicating
expectations of very high (90% to 100%) recovery in the event of
a payment default.
     
The increase in lease-adjusted total debt to EBITDA is due to a
series of debt-financed acquisitions; the transactions caused
the outstanding debt balance to increase to US$3.1 billion at
Sept. 30, 2007, from about US$2.7 billion at the end of 2007.
Recent acquisitions included Archives One Inc. and RMS Inc.  
Also, Iron Mountain has stepped up its acquisitions of digital
services companies, which tend to have little or no EBITDA.  The
possibility of return of capital to shareholders elevates
financial risk given significant investment needed to support
organic growth.  The action will either increase the company's
dependence on debt to finance acquisitions or diminish any
discretionary cash flow that the company may generate.
     
The ratings reflect Iron Mountain's high debt leverage, history
of debt-financed acquisitions, aggressive financial policies,
and the capital intensity of the records storage business.  
These factors are partially offset by Iron Mountain's leading
position as the world's largest records management company and
fairly stable growth from existing and new customer accounts.

Based in Boston, Massachusetts, Iron Mountain Incorporated
(NYSE:IRM) - http://www.ironmountain.com/-- is an international  
provider of information storage and protection related services.  
The company offers comprehensive records management and data
protection solutions, along with the expertise to address
complex information challenges such as rising storage costs,
litigation, regulatory compliance and disaster recovery.  
Founded in 1951, Iron Mountain has more than 90,000 corporate
clients throughout North America, Europe, Latin America, and
Asia Pacific.  

Iron Mountain entered the Asia Pacific region for the first time
in December of 2005 through the acquisition of the Australian
and New Zealand operations of Pickfords Records Management.   In
May 2006, Iron Mountain entered India when it formed a joint
venture with Mody Access.   And in June 2006, Iron Mountain
expanded its presence in Australia and New Zealand with the
acquisition of Melbourne-based DigiGuard.


KING PANELBEATERS: Creditors' Proofs of Debt Due on Nov. 22
-----------------------------------------------------------
The creditors of King Panelbeaters Limited, which is in
liquidation, are required to file their proofs of debt by
November 22, 2007, in order to be included in the company's
dividend distribution.

The company's liquidators are:

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


LEONARDS LTD: Fixes Jan. 18 as Last Day to File Proofs of Debt
--------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were named
liquidators of Leonards Ltd. on October 18, 2007.

Creditors are required to file their proofs of debt by Jan. 18,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          Level 8, 188 Quay Street
          Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


MAINLINE PAINTERS: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On September 3, 2007, the Commissioner of Inland Revenue filed a
petition to have Mainline Painters 2002 Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on  
January 31, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Julia Beech
          Inland Revenue Department
          Legal and Technical Services
          Ground Floor Reception
          518 Colombo Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0809
          Facsimile:(03) 977 9853


TECC (AUCKLAND WEST): Creditors' Proofs of Debt Due November 22
---------------------------------------------------------------
Henry David Levin and David Stuart Vance were appointed
liquidators of TECC (Auckland West) Ltd. on October 18, 2007.

Messrs. Levin and Vance are accepting creditors' proofs of debt
until November 22, 2007.

The Liquidators can be reached at:

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


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

ATOK BIG WEDGE: 3rd Quarter Net Loss Dips 18% to PHP1.251 Mil.
--------------------------------------------------------------
Atok Big Wedge Co. Inc.'s consolidated income statement has
showed a net loss of PHP1.252 million for the quarter ended
September 30, 2007, 18% lower than the PHP1.528-million net loss
for the third quarter of 2006.

The company has earned PHP8,332 in revenues against cost and
expenses of PHP1.261 million for the quarter.  Revenues were
143% higher than a year ago's PHP3,424 while expenses were 18%
lower than last year's PHP1.531 million.

The company's nine-month net loss climbed 12% to
PHP3.971 million from the PHP3.542 million for the first nine
months of 2006.  The company's revenues for the period were at
PHP162,484, a sharp decline from last year's PHP2.433 million in
revenues.  Expenses also declined to PHP162,484 this year from
last year's PHP2.433 million.

As of September 30, 2007, the company has PHP34.483 million in
assets and PHP15.794 million in liabilities, resulting in total
equity of PHP19.049 million.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/ABB_17Q_Sep2007.pdf


Headquartered in Quezon City, Philippines, Atok Big Wedge Co.
Inc. was established and registered with the Securities and
Exchange Commission on Sept 4, 1931 primarily as a mining
company. After decades of mining, the company devolves into a
Holding Company with business in general investment, mining
related activities were spun off to its 100% wholly own
subsidiary, company Atok Gold Mining Co., Inc.

The company is exploring business ventures.

                    Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Wilberto Sison at Tulio, Evangelista,
Lim & Co. raised significant doubt on the company's ability to
continue as a going concern due to the stoppage of its mining
operations.

The company also registered continued annual net losses:
PHP3.54 million in 2006; PHP3.51 million in 2005;
PHP3.73 million in 2004, and PHP4.67 million in 2003.


CENTRAL AZUCARERA: Posts PHP105.62-Mil. Net Loss for Sept. 30
-------------------------------------------------------------
The Central Azucarera de Tarlac's net loss for the quarter ended
September 30, 2007, rose 0.22% to PHP105.845 million from the
PHP105.615-million net loss reported for the same period last
year.

For the July-September 2007 quarter, the company recorded
PHP2.87 million in revenues against a PHP79.912-million cost of
goods sold and services resulting in a gross loss of PHP77.042
million for the period.  The company incurred PHP11.148 million
in interest and other charges and operating expenses of
PHP17.655 million.

As of September 30, 2007, the company had PHP1.622 billion in
total assets and PHP1.811 billion in total liabilities,
resulting in a PHP189.111 million capital deficiency.

The company's balance sheets as of end-September 2007 also
showed strained liquidity as its current liabilities of
PHP1.398 billion exceeded its current assets of
PHP1.193 billion.

The company's financial statements for the quarter ended
September 30, 2007, can be downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/CAT_17Q_Sep2007.pdf


Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.

                    Going Concern Doubt

After auditing the company's annual financial statements for the
year ended June 30, 2007, the company's auditor at Sycip Gorres
Velayo & Co. raised substantial doubt on the company's ability
to continue as a going concern.  The company's ability to
continue operating within the normal course of business depends   
on the successful implementation of its planned initiatives to
increase revenue and reduce costs, the finalization of the
ongoing settlement with creditor banks and the settlement of
intercompany accounts with related parties, the auditors state.

The Central Azucarera de Tarlac has incurred a net loss of
PHP175.89 million for the year ended June 30, 2007, its third
following a PHP87.48-million loss in 2006 and a PHP548.98-
million loss in 2005.

As of June 30, 2007, the company had PHP1.65 billion in total
assets and PHP1.73 billion in total liabilities, resulting in a
capital deficiency of PHP83.27 million.


FORUM PACIFIC: 3rd Quarter Net Loss Slips 90.38% to PHP412,626
--------------------------------------------------------------
Forum Pacific Inc.'s net loss for the third quarter fell 90.38%
from last year's PHP4.29 million to this year's PHP412,626, the
company's consolidated income statements show.

For the July-September 2007 period, the company earned revenues
of PHP3.424 million and other income of PHP4.467 million,
resulting in a gross income of PHP7.892 million.  The company
incurred costs and expenses of PHP8.305 million, resulting in an
operational loss of PHP412,616, reflecting the net loss for the
quarter.

The company's PHP8.527-million net loss for the nine-month
period ended September 30, 2007, reflects a 33.99% decline from
last year's PHP12.918-million net loss.  

The company's gross income for the January-September 2007 period
is at PHP16.149 million, comprised of PHP8.421 million in
revenues and PHP7.727 million in other income.  The company also
recorded costs and expenses of PHP24.676 million over the nine-
month period, resulting in an operational loss of
PHP8.527 million.

As of September 30, 2007, the company had total assets of
PHP924.404 million and total liabilities of PHP490.918 million,
resulting in a total equity of PHP433.485 million.

The company's 2007 third quarter and nine-month period financial
statements can be downloaded free of charge at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/FPI_17Q_Sep2007.pdf

                      About Forum Pacific

Headquartered in Makati City, Philippines, Forum Pacific, Inc.,
formerly known as Air Philippines International Corporation, was
registered to engage in investing, purchasing and acquiring
assets of any kind and description with the secondary purpose of
engaging in the exploration, development and production of
petroleum and related products, as well as other mineral and
chemical substances.  It is presently a holding company, owning
shares of stocks of an exploration company, a thrift bank and
other companies.  

Forum Pacific Inc. reported a net loss of PHP37.17 million for
the year ended December 31, 2006, an 88.3% decrease from the
PHP318.92-million net loss it reported for fiscal year 2005.


IPVG CORP: PSE Lifts Trading Suspension on Shares
-------------------------------------------------
The Philippine Stock Exchange has lifted the voluntary
suspension imposed on the trading of IPVG Corp.'s securities
effective yesterday, at 9:00 a.m.

The company had requested for voluntary suspension pending the
completion of its presentation during its Investors' Briefing
held on Tuesday.  After the completion of the briefing, the
company then requested the PSE to lift the suspension.

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

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

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


LEPANTO CONSOLIDATED: 3rd Quarter Net Loss Widens to PHP88 Mln.
---------------------------------------------------------------
Lepanto Consolidated Mining Co.'s consolidated income statements
for the third quarter of 2007 showed a 345.54% rise in net loss
to PHP88.07 million from the PHP19.767-million net loss recorded
for the quarter ended September 30, 2006.

For the three-month period ended September 30, 2007, the company
earned PHP409.233 million in revenues while incurring
PHP485.224 million in costs and expenses, resulting in an income
from operations of PHP75.991 million.  The company's net finance
costs totaled PHP10.032 million for the quarter, minus a
PHP153-share in operating results of associates.  This resulted
in a PHP85.87-million loss before an income tax provision of
PHP2.2 million.

The company's loss for the nine-month period ended September 30,
2007, rose 304.56% from last year's PHP48.097 million to
PHP194.579 million this year.  

The company's income statements for the January-September 2007
showed revenues of PHP1.316 billion, costs and expenses of
PHP1.223 billion, PHP21.328 million in finance costs and a
PHP185.159 million income before an income tax provision of
PHP9.42 million.

The company's balance sheets at end-September 2007 showed
strained liquidity as current liabilities of PHP1.67 billion
exceeded current assets of PHP883.132 million.

As of September 30, 2007, the company had PHP8.39 billion in
total assets and PHP3.399 billion in total liabilities,
resulting in a total equity of PHP4.99 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/LC_17Q_Sep2007.pdf

                  About Lepanto Consolidated

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

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


MANILA MINING: Incurs 86% Less Net Loss for 3rd Qtr to PHP3.2MM
---------------------------------------------------------------
Manila Mining Corp.'s net loss for the third quarter of 2007
declined 86.41% to PHP3.219 million from the PHP23.689-million
net loss for the third quarter of 2006.

For the July-September 2007 period, the company earned revenues
of PH98,940 and incurred cost and expenses of PHP3.317 million.

The company's nine-month loss declined 84.11%, hitting
PHP10.981 million, from the PHP69.088-million net loss for the
nine-month period ending September 30, 2007.

The company's balance sheets as of end-September 2007 showed
strained liquidity with PHP532.446 million in total current
liabilities exceeding PHP408.608 million in total current
assets.

As of September 30, 2007, the company's balance sheets showed  
PHP1.947 billion in total assets and PHP456.611 million in total
liabilities, resulting in a net stockholders' equity of
PHP957.963 million.  

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/MA_17Q_Sep2007.pdf


                     About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
company is an affiliate of Lepanto Consolidated Mining Company.  
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

The company has reported a three-year consecutive net loss of
PHP112.7 million, PHP147.4 million and PHP126.9 million for the
year ended December 31, 2006, 2005 and 2004, respectively.


MIRANT CORP: Fitch Removes Ratings from Negative Watch
------------------------------------------------------
Fitch Ratings has removed Mirant Corp. and subsidiaries from
Rating Watch Negative and assigned a Stable Rating Outlook
following the company's announcement that it has concluded its
strategic review process.  No sale of MIR, its subsidiaries or
its assets is expected.  The Rating Watch Negative reflected
Fitch's concern about the company's strategic and financial
direction.  Specifically, Fitch was concerned that any third
party acquisition of MIR would be financed by additional debt at
MIR and its subsidiaries.  Approximately US$3.1 billion of debt
is affected.

The company's plan to return US$4.6 billion to shareholders,
including a US$2 billion share repurchase program, does not
result in any incremental debt or reduction in operating cash
flow.  The company has US$6.3 billion of cash and equivalents on
hand to fund the share repurchases.  Remaining cash of
US$1.7 billion, approximately US$700 million available under an
US$800 million credit facility due 2012, and Fitch's estimate of
2008 operating cash flow in the range of US$800 million to
US$1 billion, are sufficient to meet estimated 2008 obligations.

For 2008 MIR plans capital spending of US$900 million (of which
US$650 million is for environmental controls on the coal
plants), and has other mandatory payments Fitch estimates at
US$450 million, including interest expense, lease payments, and
debt sweep.  Fitch notes that MIR's baseload coal plants are
approximately 80% hedged for 2008, providing a base level of
cash flow certainty, while the gas and oil intermediate and
peaking plants provide incremental cash flows from expanding
heat rates and capacity prices.  Total adjusted debt is
US$4.1 billion, including US$1 billion of imputed debt for
operating leases.

The ratings of Mirant and its subsidiaries, Rating Outlook
Stable, are listed below:

Mirant Corp.
  -- Issuer Default Rating 'B+'.

Mirant Americas Generation, LLC
  -- Issuer Default Rating 'B+';
  -- Senior unsecured notes 'B/RR5'.

Mirant North America, LLC
  -- Issuer Default Rating 'B+';
  -- Senior secured bank debt 'BB/RR1';
  -- Senior unsecured notes 'BB-/RR1'.

Mirant Mid-Atlantic LLC
  -- Issuer Default Rating 'B+';
  -- Pass-through certificates 'BB+/RR1'.

MIR, through its subsidiaries, is engaged in the generation and
sale of electricity in U.S. wholesale power markets.


RIZAL COMM'L: Converts 465 Preferred Shares to 167 Common Shares
----------------------------------------------------------------
A&A Securities Inc. has canceled its 465 preferred shares in the
Rizal Commercial Banking Corp. and converted them to 167 common
shares in the bank.

According to a disclosure with the Philippine Stock Exchange,
the shares were converted and issued on November 12 at a rate of
1 common share for every 2.7736 preferred share.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/     
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a final rating of 'B-' to
Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for RCBC's foreign currency
Not-Prime short-term deposit rating and bank financial strength
rating of E+ remains stable, the TCR-AP said.

The TCR-AP also reported on October 24, 2006, that Standard &
Poor's Ratings Services assigned its 'CCC' rating to
Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B)
US$100 million non-cumulative step-up callable perpetual capital
securities.


RIZAL COMM'L: Nine-Month Profit Climbs 154% to PHP2.54 Billion
--------------------------------------------------------------
The Rizal Commercial Banking Corp.'s nine-month profit for 2007
went up 154% to PHP2.54 billion from the PHP1.001 billion net
profit reported for the same period in 2006.

For the January-September 2007 period, the bank recorded
interest income of PHP11.481 billion, interest expense of
PHP4.933 billion, operating income of PHP3.613 billion,
operating expenses of PHP5.945 billion and tax expenses of
PHP483.228 million.

The bank's third quarter profit for 2007 also went up 24% year-
on-year to PHP721.81 million, from the PHP584.354 million in the
third quarter of 2006.  For the quarter ended September 30,
2007, the company posted interest income of PHP3.745 billion and
operating income of PHP841.534 million while incurring interest
expenses of PHP1.637 billion and other expenses of
PHP1.948 billion.  The company's tax expenses for the quarter
was at PHP132.915 million.

As of September 30, 2007, the bank had total assets of
PHP226.588 billion and total liabilities of PHP198.573 billion
resulting in capital funds of PHP28.015 billion.   

The bank's third-quarter and nine-month financial statements can
be downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/RCB_17Q_Sep2007.pdf

                     About Rizal Commercial

Rizal Commercial Banking Corporation -- http://www.rcbc.com/     
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a final rating of 'B-' to
Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for RCBC's foreign currency
Not-Prime short-term deposit rating and bank financial strength
rating of E+ remains stable, the TCR-AP said.

The TCR-AP also reported on October 24, 2006, that Standard &
Poor's Ratings Services assigned its 'CCC' rating to
Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B)
US$100 million non-cumulative step-up callable perpetual capital
securities.


* Monetary Board May Ease Policy Given Benign Inflation Outlook
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas may ease policy settings given
BSP Governor Amando M. Tetangco Jr.'s statement that the
Philippines' inflation outlook is benign, the Philippine Star
reports.

The BSP will have a policy meeting today, the article says.

Mr. Tetangco had earlier said that with oil prices coming closer
to US$100 per barrel, the Philippines' inflation outlook remains
the same.  

The BSP official did not give hints to the press on what the
Monetary Fund was likely to decide in its policy meeting , but
admitted that low interest rates would encourage businesses to
take advantage of the opportunities to expand.  "Although banks
have access to other sources of funds, low interest rates will
still create a demand for loans and eventually we will see an
increase in bank lending," Mr. Tetangco said.

                          *     *     *

On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.  
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


* BOP Surplus Likely Hits US$7 Billion by End-October, BSP Says
---------------------------------------------------------------
The Philippines' balance of payments surplus may have reached
the US$7-billion mark as of October 31 considering the favorable
foreign investment climate and stronger overseas Filipino
remittances, the Bangko Sentral ng Pilipinas told the Philippine
Daily Inquirer.

The country's nine-month BOP surplus had already reached
US$6.7 billion, the Inquirer recounts.  The nine-month surplus
was higher than the BSP's full-year target of US$6.3 billion.

However, BSP deputy governor Diwa Guinigundo told reports on
Tuesday that the BSP is still reviewing its external payments
forecasts for 2007 and 2008, the Inquirer relates.  The actual
BOP report will be released later this week, the report adds.

                          *     *     *

On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.  
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


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

ARINC INC: Moody's Assigns B3 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Arinc
Incorporated's proposed first lien credit facilities, consisting
of a revolving credit facility due 2013, a synthetic letter of
credit facility due 2014, and a term loan facility due 2014, as
well as a Caa2 rating to the company's proposed second lien term
loan due 2015.  The Corporate Family Rating was assigned at B3
with a stable outlook.

The proceeds from the debt offerings were used to partially
finance the acquisition of Arinc by private equity sponsor,
Carlyle Group.  Arinc's previous senior secured credit
facilities were repaid and terminated in their entirety upon
close of the acquisition financing transactions.  As such,
Moody's will withdraw all of Arinc's pre LBO ratings, including
its Ba3 Corporate Family Rating and senior secured credit
facilities' ratings.

Arinc's B3 Corporate Family Rating post the LBO reflects high
leverage and weak interest coverage pro forma the new capital
structure.  As a result of its high debt burden, Arinc's credit
metrics are expected to remain in the single B-range for the
foreseeable future.  The company's operating margins, while
stable, are low relative to other aerospace and defense service
providers.  Moody's expects margins to improve as the company
begins to leverage its leading market shares in core commercial
segments and attempts to reduce the amount of government
contract work passed-through to subcontractors, but recognizes
that these efforts pose significant challenges in their
implementation.

Arinc's annual revenues of nearly US$1 billion benefit from the
stability provided by a diversified customer base, long-term
contracts with government agencies and commercial airlines, and
dominant market shares in air-to-ground commercial aviation
communications.  The essentiality of the company's services to
the transportation system also suggests some degree of revenue
stability over time.  However, a significant portion of recent
revenue growth is attributable to increased pass-through revenue
and expansion in airport information systems, which has yet to
yield favorable margins due to the high cost of gaining market
share.  The company is expected to generate modest free cash
flow over the near term, which should be used to repay a small
portion of debt, but the majority of this depends on the
company's ability to realize cost savings from proposed work
force reductions and benefits from restructuring initiatives.

The stable outlook reflects Moody's expectation that Arinc will
reduce leverage at a modest pace over the near to medium term
through a combination of operating margin improvement and modest
debt repayment from free cash flows.

Approximately US$770 Million of Debt Securities Rated.

Significant debt repayment or substantial margin improvement
resulting in metrics at these levels would be supportive of
upward movement in the ratings or outlook:

-- Leverage: debt/EBITDA below 6.0 times;

-- Interest coverage: EBIT/interest in excess of 1.5 times;

-- Cash flow: RCF/debt exceeding 7% with sustained positive
   FCF.

Failure to improve operating margins resulting in metrics at
these levels, or deterioration of liquidity due to prolonged
negative free cash flow and heavy reliance on revolver drawings
could put downward pressure on Arinc's ratings or outlook:

-- Operating margins: remaining less than 5%;

-- Leverage: debt/EBITDA remaining above 7.0 times;

-- Interest coverage: EBIT/interest remaining below 1.0 time;

-- Cash flow: RCF/debt less than 5%, or prolonged negative
   free cash flow.

Assignments:

-- Issuer: Arinc Incorporated (New)

-- Probability of Default Rating, Assigned B3

-- Corporate Family Rating, Assigned B3

-- Senior Secured Revolving Credit Facility, Assigned B2
   (LGD3-37)

-- Senior Secured Synthetic Letter of Credit Facility,
   Assigned B2 (LGD3-37)

-- Senior Secured Term Loan Facility, Assigned B2 (LGD3-37)

-- Senior Secured Second Lien Term Loan Facility, Assigned
   Caa2 (LGD5-87)

                        About ARINC

Annapolis, Maryland-based ARINC is a leading provider of
mission-critical communications and IT services to the global
aviation industry (40%-45% of revenues) and engineering services
to the U.S. military and other government agencies (55%-60%).
ARINC networks carry more than half of all air-ground messages
in the world between commercial aircraft and airline operations
centers.  Other commercial transportation products include
airport check-in and boarding systems, flight display and
information systems, commuter rail control and information
systems, and mobile private digital networks and ground
communications systems.  ARINC is granted the exclusive right by
the FCC to manage and license the radio frequencies used by the
airlines.  This function has been transferred to a separate
legal entity that will continue to be owned by the U.S.
airlines.

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


FREESCALE SEMICONDUCTOR: Signs Joint Lab Deal with Zhuzhou CSR
--------------------------------------------------------------
Freescale Semiconductor and Zhuzhou CSR Times Electric Co. Ltd.
have established a joint laboratory for microelectronics
applications.  The Freescale-Times Electric Joint Lab is located
in the technical center of Zhuzhou CSR Times Electric in the
People's Republic of China.

According to the agreement, the two companies have jointly
invested in the lab facility, equipment, development boards and
tools.  Software and hardware engineers from both companies plan
to team up for product development, evaluation and support, in
addition to training and market development activities.  Not
only does this cooperation mark a major milestone in which
China's rail transportation industry is importing advanced
technologies from other countries, but it also will help
accelerate the development of local technology innovation and
applications.

Freescale's authorized distributor, China Electronic Appliance
Shenzhen Co., Ltd., has played a pivotal role in organizing this
cooperative venture.  China Electronic is also a strategic
alliance partner of Times Electric, and the Freescale-Times
Electric Joint Lab is an ideal structure to leverage the
strengths of all three companies and serve as a solid foundation
for continued collaboration.

"Asia is a growth engine for Freescale, and China is a critical
component of our strategic initiatives," said Kai Wang, Ph.D.,
Freescale's vice president and general manager of the Asia-
Pacific region.  "By combining Freescale's advanced technologies
and design talents with Times Electric's experience in rail
electrical system application and research, this is clearly a
win-win for technology innovation and market development for
China's rail transportation industry."

The joint lab is expected to encompass six core technologies,
including power conversion, control and diagnosis, safety
monitoring, information and communication, power electronics,
and test and control.  Joint development efforts are expected to
focus on the following application systems: AC drive systems,
train control and diagnostics, railway safe driving carriers,
locomotive and passenger information, passenger train electrics
and information, and electric and control systems for
engineering mechanics.

"The establishment of this Joint Lab represents an important
step for China's track transport industry to bring in foreign
advanced technology," said Ding Rong-Jun, president of Zhuzhou
CSR Times Electric.  "This cooperation will cement Times
Electric's dominant position as the leading railway and track
transport supplier, and accelerate industry developments in
China."

                       About Zhuzhou CSR

Zhuzhou CSR Times Electric Co., Ltd is a leading integrator and
supplier of carrier electric systems for the track transport
industry in China.  Its primary focus is research and
development for electric drive technology and industry and civil
converter technology.  It develops and produces the electric
control units of electric locomotives, diesel locomotives,
subway and light rail locomotives, buses, large road maintenance
machines, as well as power and electronic devices, sensors, and
vacuum toilets, which all are widely used in the railway and
urban rail transport industry.

Its carrier electric system is exported to Kazakhstan,
Uzbekistan and Turkmenistan, and its electric parts are exported
to North America and Europe.  On Dec. 20, 2006, the company was
successively listed in Hong Kong with stock code 3898.HK, and
the raised funds amounted to HK$ 2.2 billion.  The company is
the first Chinese enterprise that has successively listed in a
region other than mainland China in the nation's track transport
industry. It also has raised the most funds in the foreign
capital market of any enterprise in Hunan Province.

                About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries,
including Australia, China, Hong Kong, India, Japan, Korea,
Malaysia, Taiwan and Singapore.  Revenues for the 12
months ended March 31, 2007 were US$6.2 billion.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Standard & Poor's Ratings Services has placed
its 'BB-' corporate credit rating and other ratings on Freescale
Semiconductor Inc. on CreditWatch with negative implications.

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has placed the ratings
of Freescale Semiconductor, Inc. under review for possible
downgrade:

  -- Corporate Family Rating (New), Ba3

  -- Probability of Default Rating, Ba3

  -- US$750 Million Senior Secured Revolving Credit Facility
     due 2012, Baa3 (LGD-2, 16%)

  -- US$3.50 Billion Senior Secured Term Loan B Facility due
     2013, Baa3 (LGD-2, 16%)

  -- US$2.85 Billion Senior Unsecured Notes due 2014, B1
     (LGD-4, 63%)

  -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014,
     B1 (LGD-4, 63%)

  -- US$1.60 Billion Senior Subordinated Unsecured Notes due
     2016, B2 (LGD-6, 91%)


ISV INVESTMENT: Receiving Proofs of Debt Until Nov. 21
------------------------------------------------------
ISV Investment Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Nov. 21,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


HLG ENTERPRISE: Sept. 30 Balance Sheet Upside-Down by US$7.8MM
--------------------------------------------------------------
HLG Enterprise Limited disclosed with the Singapore Stock
Exchange its unaudited financial results for the third quarter
ended September 30, 2007.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$179.14 million in total assets and US$186.91 million
in total liabilities, resulting in a shareholders' equity
deficit of US$7.8 million.

The company reported a US$1.58-million net loss for the third
quarter ended September 30, 2007, compared with the
SGD9.35-million net profit in the third quarter of 2006.

Results for the three months ended September 30, 2007

   * Excluding the revenue from Tristar Inn, the Group
     registered a turnover of US$8.7 million for 3Q 2007, almost
     similar to that achieved in 3Q 2006.  Though the
     hospitality related segment had increased its turnover from
     US$8.0 million to US$8.5 million, the increase was offset
     by the decline in revenue from the property development
     segment.  There was no sale of apartment at Cameron
     Highlands for 3Q 2007 versus the sale of US$0.4 million for
     3Q 2006.

     As a result, the Group’s profit before other gains,
     unallocated cost, finance expense and income tax expense
     for 3Q 2007 was US$1.2 million, representing a slight
     increase of US$0.2 million over 3Q 2006, excluding Tristar
     inn.

     The other gains for 3Q 2007 mainly comprised interest
     income and the write back of trade and other payables
     totaling US$0.6 million.  A lower interest cost of US$1.9
     million was reported for 3Q 2007 as compared to the
     corresponding period last year due to the partial
     repayment of US$18 million in principal amount of Bonds,
     which resulted in savings of US$0.3 million.  Due to the
     revaluation of net foreign currency monetary assets arising
     from the weakening of the US Dollar and Malaysian Ringgit
     against the Singapore Dollar, there was also a substantial
     unrealized exchange loss of US$1.1 million for 3Q 2007.
     Hence, the Group reported an after-tax loss of US$1.6
     million for 3Q 2007 as compared to a profit of US$0.01
     million for 3Q 2006 for continuing operations.

Results for the nine months ended September 30, 2007 or YTD 3Q
2007

   * The Group reported an after-tax net profit of US$6.8
     million for YTD 3Q 2007 as compared to US$3.2 million for
     YTD 3Q 2006 for continuing operations.  Net profit
     attributable to shareholders for YTD 3Q 2007 amounted to
     US$6.8 million as compared to US$12.0 million for same
     corresponding period of last year.

     The Group’s turnover for YTD 3Q 2007 was US$25.2 million, a
     decrease of US$0.4 million as compared to the same period
     of last year.  This was mainly due to the disposal of
     Tristar Inn Singapore, the sale of which was completed in
     March 2007.  For the purpose of a meaningful comparison,
     which excludes the revenue from Tristar Inn, the Group’s
     hospitality related revenue from for YTD 3Q 2007 had
     improved by 5.5% as compared to YTD 3Q 2006.  The sale of
     the two remaining shop units at Tristar Complex in
     Singapore contributed about US$0.9 million to the revenue
     of the property development segment.  No apartments were
     sold at Cameron Highlands for YTD 3Q 2007 as compared to
     sales of US$1.1 million for YTD 3Q 2006.  The overall
     revenue for property development related segment declined
     from US$1.3 million in YTD 3Q 2006 to US$1.1 million in YTD
     3Q 2007.

     For YTD 3Q 2007, the Group’s profit before other gains,
     unallocated cost, finance expense and income tax expense
     was US$2.7 million, approximately US$1.1 million higher
     than YTD 3Q 2006.  Despite a higher depreciation of
     approximately US$0.4 million arising from the renovations
     in Hotel Equatorial Shanghai and Hotel Equatorial Qingdao,
     the hospitality related segment posted an increase in
     profit of US$0.8 million excluding the decline of US$0.3
     million in the result of Tristar Inn.  This increase was
     mainly attributed to the improvement in the business of
     Changning Equatorial Serviced Apartments and Hotel
     Equatorial Cameron, as well as the reduction of certain
     overheads in Singapore relating to the China operations.
     The property development segment increased its profit by
     about US$0.2 million mainly from the disposal of the Shop
     Units.

     Other gains for YTD 3Q 2007 comprised gains amounting to
     US$5.1 million from the disposal of the Group’s equity
     interest in LKN (PNG) Ltd and the novation of intercompany
     debt, which is fully provided for by the Company’s wholly-
     owned subsidiary, LKN Construction Pte. Ltd., from LKN
     (PNG) Ltd to a third party.  A profit of US$4.5 million
     from the disposal of Tristar Inn, a tax rebate of US$0.8
     million arising from the approval of dividend reinvestment
     in China from dividend received from HES and interest
     income of about US$1.2 million also contributed to other
     gains.

     The Group incurred an interest expense of US$6.2 million
     for YTD 3Q 2007 as compared to US$3.9 million for YTD 3Q
     2006.  The increase was due to the accrual of higher
     interest cost arising from the zero coupon unsecured non-
     convertible bonds issued in July 2006 and due in 2009.  The
     Group’s net profit has also taken into account the
     unrealized exchange gain of US$0.8 million, approximately
     US$1.5 million in relation to professional fees and income
     tax expense of US$1.0 million.  The unrealized exchange
     gain was mainly due to the revaluation of net foreign
     currency monetary assets arising from the appreciation of
     Renminbi against the US Dollar.

                       About HLG Enterprise

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
Subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

As of June 30, 2007, the group's consolidated balance sheet
showed total assets of US$170 million and total liabilities of
US$176 million, resulting in a shareholders' equity deficit of
US$6 million.

Moreover, the company's balance sheet as of June 30, 2007,
reflected US$119 million of total assets and total liabilities
of US$149 million, leaving a shareholders' equity deficit of
US$30 million.


X-RITE INC: Incurs US$2.8-Mln Net Loss in Quarter Ended Sept. 29
----------------------------------------------------------------
X-Rite Incorporated has posted a net loss of US$2.8 million for
the third quarter ended Sept. 29, 2007, compared to a net loss
of US$28.2 million for the same quarter of 2006.

Net sales from continuing operations totaled US$55.6 million, an
8.6 percent increase over third quarter of 2006.

Adjusted operating income, which excludes acquisition and
restructuring expenses, was US$4.9 million, and reflects a gross
margin of 55.6 percent for the third quarter of 2007 versus
US$3.6 million and a gross margin of 60.4 percent for the same
period in 2006.

"Overall sales in our core markets are in line with
expectations, and the integration of the sales, engineering and
general & administrative functions is on track," stated Thomas
J. Vacchiano, Jr., Chief Executive Officer of X-Rite.  "Our
revenue performance in the third quarter was consistent with our
targets as we continue to successfully integrate our product
lines, develop exciting new products and expand our customer
base."

"Our gross margins were below expectations by approximately 5.0
percent in the third quarter," stated Mary E. Chowning, Chief
Financial Officer.  "Approximately 2.6 percent of the gross
margin decline in the third quarter was related to issues we
encountered as we converted our core operating system and
conformed operating practices in Europe.  This conversion will
allow us to standardize operating policies and practices in the
operations area and move product production from Europe to the
U.S. more efficiently.  Additionally, weak performance in our
color services business and unfavorable product mix impacted our
gross margins by approximately 2.8 percent.  However, these
items are not expected to impact gross margins significantly in
the longer term."

                            Outlook

During fiscal year 2007, the company expects to realize cost
synergies related to the Amazys integration of US$14 million to
US$16 million.  This includes the US$13.3 million of synergies
achieved in the first nine months of 2007.  Anticipated
cumulative synergies since the closing of the transaction are
expected to range from US$20 million to US$22 million by the end
of 2007.

"Backlog and order levels at the end of the third quarter remain
strong and we continue to believe that we are well positioned to
capitalize on future growth opportunities," stated Vacchiano.  
"We are particularly enthusiastic about the Pantone acquisition
and our ability to leverage their brand, market position and
products to drive our top line going forward.  We remain
committed to our fiscal 2007 guidance of 4 to 6 percent revenue
growth on a combined pro forma basis and expect our full year
results, excluding Pantone, to be at or slightly above the high
end of the range."

                       Pantone Transaction

On Aug. 23, 2007, the company announced that it had entered into
a definitive agreement to purchase Pantone, Inc. for US$180
million in cash.  The transaction and refinancing of the
Company’s current debt was financed through new borrowings.  The
Pantone acquisition was completed on Oct. 24, 2007, and thus did
not affect third quarter performance.

                           About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color    
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite serves
customers worldwide from its offices in China, Japan, Mexico,
Singapore, Germany, Switzerland, Italy, Russia, among others.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on  
Oct. 3, 2007, Moody's Investors Service has confirmed X-Rite,  
Inc.'s B1 corporate family rating, affirmed the speculative  
grade liquidity rating of SGL-1 and revised the outlook to  
negative in view of the additional leverage and integration risk  
associated with the company's recently announced acquisition of  
Pantone, Inc.


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

ITV PCL: Incurs THB105.22-Bil. Net Loss in Third Quarter 2007
-------------------------------------------------------------
ITV PCL has posted a net loss of THB105.229 billion in the third
quarter of 2007, a reversal from the THB88.754-million net
income it reported for the same period in 2006.

For the three-month period ending September 30, 2007, the group
posted revenues of THB17.775 million and expenses of
THB119.390 million, resulting in a THB101.615-million loss
before interest and tax.  The group also posted interest
expenses of THB3.614 million for the third quarter.

The company and its subsidiaries also posted a THB2.607 billion
consolidated net loss for the nine-month period ending
September 30, 2007, a turn-around from the THB364.402 million
net profit reported for the same period in 2006.  

The group's nine-month revenue was at THB342.538 million, while
expenses were at THB2.936 billion, resulting in a
THB2.594-million loss before interest and tax.  The group also
recorded THB13.516 million in interest expenses.

As of September 30, 2007, the group's consolidated balance sheet
showed THB1.395 billion in total assets and THB3.449 billion in
total liabilities, resulting in a THB2.053-billion equity
deficit.  The group's balance sheets also showed strained
liquidity as its current liabilities of THB3.304 billion
exceeded its current assets of THB1.383 billion, resulting in a
working capital deficit of THB1.921 million.

                      Going Concern Doubt

After reviewing the group's third-quarter and nine-month
financials, Prasan Chupanich at PricewaterhouseCooper ABAS Ltd.
raised doubt on the company's ability to continue as a going
concern.  Mr. Prasan cited the company's equity and working
capital deficits, as well as its inability to pay the
THB2.210 billion-concession fee from its revoked UHF Radio-
Television Broadcasting Agreement with the Office of the
Permanent Secretary of the Office of the Prime Minister.

Aside from the unpaid concession fee, Mr. Prasan said, the
company also owes interest at 15% per annum including the
penalty arising from the alteration of television programming of
THB97.760 billion.  The company is also in the process of
preparing development plans to resolve the cause of delisting
and a plan to undertake new business and rehabilitation for the
Stock Exchange of Thailand after the Company seeks and obtains
approval from the Company's shareholders.

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

http://www.set.or.th/dat/news/200711/07039809.zip


Headquartered in Bangkok, Thailand, ITV Public Company Limited
-- http://www.itv.co.th/-- is a media company that operates a
television broadcast station under an ultra-high-frequency
system.  ITV provides news and entertainment to the public
through television and the Internet via its 52 network stations
throughout the country.


TOTAL ACCESS: May Cancel Access Charge Deals with TOT PCL
---------------------------------------------------------
Total Access Communications PCL might cancel its two access
charge agreements with TOT PCL and withdraw its offers to accrue
the interconnection charges payable to TOT in light of TOT's
refusal of the offers and its refusal to enter into an
interconnection agreement.

According to a disclosure with the Stock Exchange of Thailand,
the company served TOT a notice dated November 8, 2007 informing
it of DTAC's decision to cancel the offers.  The company
confirmed in the notice that it would not accrue payment for
interconnection charges, and would only accrue the charges if
the parties enter into an interconnection agreement.

Total Access Communications, DTAC -- http://www.dtac.co.th/--    
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Apr. 3,
2006, that Moody's Investors Service has upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concluded the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.




                            *********


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 ***