TCRAP_Public/071116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, November 16, 2007, Vol. 10, No. 228

                            Headlines

A U S T R A L I A

AKOONA PTY: Declares First Dividend for Creditors
CARDNO LTD: Raises AU$42 Million in Placement of Ordinary Shares
CFM PRODUCTIONS: Members & Creditors to Meet Today
CHRYSLER LLC: To Donate US$150,000 to NextEnergy's Fuel Testings
CONSTELLATION BRANDS: Buys Fortune Brands' Wine Biz for US$885MM

CONSTELLATION BRANDS: Fitch Affirms Post-Fortune Buyout Ratings
COOLINE PACIFIC: To Declare Dividend on November 30
FIRST AUSTRALIANS: Members and Creditors to Meet on Nov. 16
FIT FOR BUSINESS: Mendoza Berger Raises Going Concern Doubt
JETROCK PTY: Members and Creditors Agree to Wind Up Firm

L & C TAMLIN: Members to Hold Meeting on November 30
NIGHTSWAN PTY: Final Meeting Slated for Today
OPEN TEXT: S&P Affirms BB- Corp. Credit Rating w/ Stable Outlook
SEANET PTY: Placed Under Voluntary Liquidation
TOSCALA PTY: Members to Receive Wind-Up Report on Nov. 21

XTREME INFORMATION: Liquidator Gives Wind-Up Report
ZINIFEX LTD: Appoints Andrew Michelmore as CEO and Managing Dir.
* ASIC Disqualifies Six Directors for Roles in Failed Firms


C H I N A   &   H O N G  K O N G

ALERIS INT'L: Reports US$3.5 Million Net Income in Third Quarter
CITIC SOUTH: Proofs of Debt Due on December 7
DANA CORP: Wants to Settle Asbestos Claims for US$2 Million
EXPRESS FOOD: Proofs of Claim Bar Date Fixed on Dec. 15
FORTUNE REALTY: Members and Creditors to Meet on December 11

GREAT YIELD: Proofs of Claim Deadline is February 15
HAINAN AIRLINES: Takes Delivery of First A330 Order
PACCO TECH: June 30 Balance Sheet Upside-Down by TWD335 Million
PACCO TECH: October Sales Up 190.34% Year-on-Year
PETROLEOS DE VENEZUELA: Hires 5,000 Ex-Private Firm Employees

PETROLEOS DE VENEZUELA: Will Use Cameron's Subsea Equipment
PLENTY POWER: Fixes Proofs of Debt Bar Date for December 10
PROTOP TECH: June 30 Balance Sheet Shows TWD604-Mil. Insolvency
PROTOP TECH: October 2007 Sales Falls 99.89%
RITEK CORP: Posts TWD78.4-Mil. Profit in First Nine Months

RITEK CORP: Sales Hit TWD16 Billion in October 2007
RITEK: Partners with Toshiba to Launch HD DVD Disks in Japan
SING TSU: Proofs of Debt Due on November 29
SUNNY SPREAD: Liquidator Quits Post


I N D I A

GENERAL MOTORS: To Make Labor Payments to Delphi Through 2015
GENERAL MOTORS: Signs 2007 UAW-GM National Labor Contract
GLOBAL BROADCAST: Loss Widens to INR267MM in Qtr. Ended Sept. 30
GLOBAL BROADCAST: Completes Viacom Joint Venture
HINDUSTAN COPPER: Net Income Down 45% in Qtr. Ended Sept. 30

HMT LTD: Books INR32.4-Mil. Net Loss in Qtr. Ended Sept. 30
QUEBECOR WORLD: Moody's Junks New US$400 Mln Sr. Unsecured Notes
QUEBECOR WORLD: S&P Rates US$400 Mil. Proposed Notes at B
SUN MICROSYSTEMS: Enters into Definitive Pact Acquiring Vaau


I N D O N E S I A

BANK MANDIRI: Unit to Deploy Entrust's Security Software Package
BANK MANDIRI: Extends IDR604 Billion Loan to Petrokimia Gresik
BERAU COAL: Plans to Increase 2008 Coal Output
GEOKINETICS INC: Posts US$1.5 Million Net Loss in Third Quarter


J A P A N

DELPHI CORP: Wants to Enter Into US$6.8 Billion Exit Financing
FIDELITY NATIONAL: Completes US$5.3B Buy of Ceridian Corporation
FORD MOTOR: Defers Volvo Sale; Intends to Improve Performance
FORD MOTOR: Anticipates Jaguar & Land Rover Sale Talks in 2008
FORD MOTOR: Primary Stakeholder in Auto Fuel Cell Cooperation

NIS GROUP: JCR Continues Credit Monitor on Senior Debt Rating
NISSIN SERVICER: Continues Credit Monitor On Senior Debt Rating
YAMATO LIFE: R&I Upgrades Claims Paying Ability to BB-op
* Japan's Language School Revenue Down in Sept. Record


K O R E A

DURA AUTOMOTIVE: Asks Firm to Detail Purchase of Clients' Bonds
HANAROTELECOM: Names SK Telecom as Preferred Bidder
HANAROTELECOM: Moody's Reviews Ba2 Ratings for Possible Upgrade
LG TELECOM: Partners With Yahoo Korea to Develop New Service
NOVELIS INC: Reports US$13-Mln Net Income in 2007 Second Quarter


N E W  Z E A L A N D

AMAZON PUBLICATIONS: Faces Image Centre's Wind-Up Petition
BAD IDEA: Faces South Pacific's Wind-Up Petition
CARTLEDGE WOOL: Taps Michael Gerard Schimanski as Liquidator
FLAVELL DECORATORS: Wind-Up Petition Hearing Set for Dec. 6
K&G JOE CONTRACTORS: Subject to CIR's Wind-Up Petition

MARGRAN NEW ZEALAND: Wind-Up Petition Hearing Set for Feb. 8
NGATA CONTRACTORS: Court to Hear Wind-Up Petition on Dec. 13
ROMANO'S (2005): Fixes Jan. 16, 2008, as Last Day to File Claims
UNDERGROUND CONSTRUCTION: Taps Shephard & Dunphy as Liquidators
WELLINGTON EGG: Fixes November 30 as Last Day to File Claims


P H I L I P P I N E S

GLOBE TELECOM: Fitch Affirms Ratings on Declaration of Dividends
JG SUMMIT: 3rd Quarter Net Income Slides 8.08% to PHP1.688 Bil.
METROPOLITAN BANK: 3rd Quarter Profit Falls 5.56% to PHP1.7 Bil.
PRYCE CORP: Turns Around with 3rd Quarter Profit of PHP131 Mil.
RIZAL COMM'L: BSP OKs Election of Director, Sr. Vice Presidents


S I N G A P O R E

BTE HOLDINGS: Requires Creditors to File Claims by Dec. 7
FREESCALE SEMICONDUCTOR: Fitch Puts Issuer Default Rating at B+
KIM HUAT: Court to Hear Wind-Up Petition on Nov. 23
LAZARD LTD: Bruce Bilger to Lead Global Energy


T H A I L A N D

ABICO HOLDINGS: Requests Exemption from Submitting 3Q Financials
ITV PCL: High Court Affirms Jeerapat's Appointment as Arbitrator
TOTAL ACCESS: AIS to Seek Settlement of Charges Dispute v. TOT
TRUE MOVE: AIS to Request TOT to Settle Access Charge Dispute


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

AKOONA PTY: Declares First Dividend for Creditors
-------------------------------------------------
Akoona Pty Ltd, which is in liquidation, declared its first
dividend on November 9, 2007.

Creditors who were not able to file their proofs of debt by the
November 8 due date were excluded from the company's dividend
distribution.

The company's liquidator is:

          Peter Geroff
          c/o Ferrier Hodgson (Queensland)
          Level 7, 145 Eagle Street
          Brisbane, Queensland 4000
          Australia

                        About Akoona Pty

Located at Brisbane, in Queensland, Australia, Akoona Pty Ltd is
an investor relation company.


CARDNO LTD: Raises AU$42 Million in Placement of Ordinary Shares
----------------------------------------------------------------
Cardno Limited announced the successful placement of ordinary
shares to raise AU$42 million.

The placement to institutions and sophisticated investors was
undertaken by way of a bookbuild and will result in the issue of
6 million shares at AU$7.00 per share.  This increases total
shares on issue to 64.214 million.  The AU$7.00 price represents
a discount of 7.6% to the 5-day VWAP prior to the placement.  
The shares are expected to be allotted and listed on the
Australian Stock Exchange on November 21, 2007.

Andrew Buckley, Managing Director, commented that the raising
was heavily oversubscribed, and that he was pleased to welcome a
number of new institutions as shareholders in Cardno.  Mr.
Buckley also noted that the placement was strongly supported by
existing shareholders.

The placement was arranged and managed by ABN AMRO Morgans.

                   Share Purchase Plan

Cardno has also decided to offer shareholders the opportunity to
purchase additional shares by undertaking a Share Purchase Plan.

The record date to determine the right to participate in the SPP
is November 23, 2007.

The SPP will be an offer to eligible shareholders to purchase up
to 714 shares at a maximum price of AU$7.00 per share.  Cardno
currently has around 4,300 shareholders.

Shareholders with registered addresses in Australia or New
Zealand will be entitled to subscribe for up to the maximum
value of AU$5,000 per shareholder (the maximum permitted).

                   Application of Funds

The proceeds of the placement and the Share Purchase Plan will
be used to strengthen Cardno's capacity and flexibility to
pursue its acquisition and growth strategy and to reduce
debt.

                     About Cardno Ltd.

Headquartered in Queensland, Australia, Cardno Limited --
http://www.cardno.com.au/-- is an integrated professional  
services provider in the physical and social infrastructure
sectors.  The Company's services include civil engineering
consultancy, management and environmental services, as well as
project management of international development assistance
programs.  Its physical infrastructure capabilities include
building and property; coastal, ocean and marine; environment
and water; urban development; transport, and water and
wastewater management.  Its social infrastructure services
include solutions in education, governance, healthcare,
environmental and natural resource management, and post-conflict
restoration.  During the fiscal year ended June 30, 2006, it
acquired EOP Holdings Pty Ltd, Agrisystems Limited, Barton
Enterprises Pty Ltd and its subsidiaries.  In April 2006, the
Company acquired the professional services firm, Forbes Rigby,
and in September 2006, it acquired Stanwill Consulting
Engineers.

The Troubled Company Reporter-Asia Pacific's November 13, 2007
Distressed Bonds column listed Cardno Limited's bond with a
9.000% coupon, a June 30, 2008 maturity date, and a trading
price of AU$7.50.


CFM PRODUCTIONS: Members & Creditors to Meet Today
--------------------------------------------------
A final meeting will be held for the members and creditors of
CFM Productions Pty Ltd today, November 16, 2007, at 2:30 p.m.

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

The Liquidator can be reached at:

          D. Mclay
          PO Box 1595
          Booragoon, Western Australia 6954
          Australia
          Telephone:(08) 9330 4658
          Facsimile:(08) 9330 9028

                    About CFM Productions

Cfm Productions Pty Ltd is involved with motion picture and
video production.  The company is located at West Perth, in
Western Australia, Australia.


CHRYSLER LLC: To Donate US$150,000 to NextEnergy's Fuel Testings
----------------------------------------------------------------
The Chrysler Foundation has announced plans to donate US$150,000
to NextEnergy, Inc., in support of the organization's
alternative fuel testing program.  NextEnergy, based in Detroit,
was founded to encourage alternative energy technologies that
positively contribute to economic competitiveness, energy
security, and the environment.
    
"This grant is an extension of Chrysler's commitment to being a
good neighbour in all the places where we build and sell our
vehicles," said Chrysler LLC's Senior Vice President -- External
Affairs and Public Policy, Frank Fountain.  "It's a priority for
Chrysler to increase the use of alternative fuels by investing
in research into biodiesel technology and helping to develop
industry standards for biodiesel fuel."
    
The alternative fuel-testing platform allows fuels to be tested
for their stability and efficiency before trying them out in
vehicles or other power generators.  The fuel-testing platform
can also be used to advance the development of hydrogen and
natural gas as alternative fuels.
    
"Chrysler's commitment to creating new fuelling options has
helped move automotive applications for alternative energies to
a new level," said NextEnergy's Chief Executive Officer, Jim
Croce.  "With The Chrysler Foundation's grant, we have been able
to complete a testing platform that helps check out the
viability of new bio and synthetic fuels as they progress from
concept to use in vehicles and power generators."
    
Chrysler LLC is also a partner in two additional projects now
underway at NextEnergy, the National Biodiesel Energy Lab and a
biofuels infrastructure program through the U.S. Department of
Labor & Economic Growth.
    
The National Biodiesel Energy Lab is developing standards for
biodiesel use in vehicles.  A national standard is necessary to
allow OEM's to warranty their vehicles for use with B5 to B20
fuels.  The lab is also working to develop the next generation
of biodiesel fuels and involves research along the fuel's whole
life, from agricultural seed research all the way to vehicle
testing in the field.
    
The Department of Labor & Economic Growth project is an
initiative to expand biofuel infrastructure throughout the
country.  As a partner with NextEnergy, Chrysler is providing
cost-sharing support to assist in expanding the number of
biofuel pumps throughout Michigan.

                          NextEnergy
    
NextEnergy -- visit http://www.nextenergy.org-- is a non-profit  
corporation, located in Detroit's TechTown, and was founded to
enable the commercialization of energy technologies that
positively contribute to economic competitiveness, energy
security, and the environment.

                    The Chrysler Foundation
    
Now in its 54th year, The Chrysler Foundation is the primary
source of charitable grants made by Chrysler. The Foundation
annually supports hundreds of charitable organizations with an
emphasis on community growth and enrichment, education, arts and
culture, public policy, youth development and disaster relief
programs throughout the United States and, increasingly, the
world.  The Foundation's Good Neighbour, Good Citizen(R)
programs make a positive, lasting investment in local
communities where our employees, customers and neighbours live.

                     About Chrysler LLC

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

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  S&P
said the outlook is negative.


CONSTELLATION BRANDS: Buys Fortune Brands' Wine Biz for US$885MM
----------------------------------------------------------------
Constellation Brands Inc. and Fortune Brands Inc. have entered
into an agreement under which Constellation will acquire
Fortune's United States wine business for US$885 million,
subject to post-closing adjustments.  The transaction is
expected to close by Dec. 31, 2007.
    
The business to be acquired includes some of California's most
highly regarded wineries.  The portfolio represents
approximately 2.6 million cases.  Brands being acquired include
Clos du Bois, a super-premium wine, Geyser Peak and Wild Horse,
a top luxury wine brand.  More than 1,500 acres of vineyards in
Napa, Sonoma and Carneros, California, are included in the
purchase, in addition to five California wineries.
    
"This portfolio is an excellent fit and furthers our strategy of
exceeding consumer expectations and expanding our presence in
the growing high-end segments of the wine market," said
Constellation Brands' president and chief executive officer, Rob
Sands.  "We are delighted about the prospect of adding these
wineries and brands to our existing portfolio, which will
enhance our growing position in the U.S. premium wine business.  
As an example, Clos du Bois, a two million case brand, has a
history of strong consumer brand equity, growth and
profitability.  We also look forward to working with the people
who have been responsible for the tremendous success of these
wines."
    
The company estimates that on a comparable basis this
acquisition will be slightly accretive to diluted earnings per
share for fiscal 2009 and modestly dilutive for fiscal 2008,
assuming the transaction closes by Dec. 31, 2007.  A plan for
the integration of this acquisition into Constellation will be
finalized after the close of the transaction, and the company
will determine the best way to effectively assimilate the brands
and facilities.  The transaction will be financed with debt and
is subject to customary and routine regulatory approvals and
other closing conditions.

                  About Fortune Brands, Inc.

Headquartered in Deerfield, Illinois, Fortune Brands, Inc.
-- http://www.fortunebrands.com-- (NYSE: FO), through its  
subsidiaries, engages in the manufacture, production, and sale
of home and hardware products, spirits and wine, and golf
products.

                  About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an  
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Chile, Australia and
New Zealand.  The company has more than 250 brands in its
portfolio, sales in approximately 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.


CONSTELLATION BRANDS: Fitch Affirms Post-Fortune Buyout Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Constellation Brands
Inc. following the company's announcement that it had entered
into a definitive agreement to acquire Fortune Brands, Inc.'s  
United States wine business for US$885 million.

Fitch has affirmed the following ratings:

   -- Issuer Default Rating 'BB-';
   -- Bank credit facility 'BB-';
   -- Senior unsecured notes to 'BB-';
   -- Senior subordinated notes 'B+'.

The Rating Outlook is Negative.

Fitch's ratings apply to Constellation Brands' US$3.9 billion
credit facilities, US$1.9 billion of senior unsecured debt, and
US$250 million of senior subordinated notes.

The affirmation reflects the addition of market leading premium
and super premium wines to Constellation's already solid
position in the U. S. market and around the world.  The company
maintains leading market shares in most of the major wine
markets around the globe and a diversified alcoholic beverage
portfolio and has an excellent track record of integrating
acquisitions.  The company has restructured acquired operations
to enhance productivity and has sold non-essential assets, which
has provided some proceeds to reduce debt.  Of concern is
Constellation's willingness to operate at higher leverage levels
and its appetite for acquisitions.  Over the intermediate term,
it is likely that the company will continue to make acquisitions
that may result in financial and operational stress.

The company's debt levels are expected to be meaningfully higher
at the end of fiscal 2008 (ending Feb. 29, 2008).  Leverage has
grown as a result of successive debt financed acquisitions and
stock repurchases, including an accelerated share repurchase
transaction in May 2007.  As a result, interest expense has
increased and coverage measures have weakened considerably over
the past couple of years.  As of Aug. 31, 2007, pro forma for
the acquisition of Fortune Brands' wine business, debt/EBITDA
would be approaching 6.0 times, while EBITDA/interest would be
slightly above 2.5.  Nonetheless, the strong fit of Fortune's
wine brands, the high growth rates for the super-premium
category and some reduction in debt in the near term are
expected to improve these numbers in the short-term.  Ongoing
difficulties in United Kingdom and Australian operations and a
reduction in U.S. distributor inventory levels, which have
affected cash flow, are also expected to abate in calendar 2008.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an  
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Chile, Australia and
New Zealand.  The company has more than 250 brands in its
portfolio, sales in approximately 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.


COOLINE PACIFIC: To Declare Dividend on November 30
---------------------------------------------------
Cooline Pacific Pty Ltd will declare dividend on November 30,
2007.

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

The company's deed administrator is:

          Morgan Lane
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                     About Cooline Pacific

Cooline Pacific Pty Ltd is a distributor of electrical
appliances, television and radio sets.  The company is located
at Rocklea, in Queensland, Australia.


FIRST AUSTRALIANS: Members and Creditors to Meet on Nov. 16
-----------------------------------------------------------
The members and creditors of First Australians Business Ltd will
have their final meeting on November 16, 2007, at 9:00 a.m., to
hear the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Bradley Hellen
          Ann Fordyce
          Pilot Partners Chartered Accountants
          Level 5, 175 Eagle Street
          Brisbane, Queensland 4000
          Australia

                    About First Australians

First Australians Business Ltd provides business services.  The
company is located at Mulgrave, in Victoria, Australia.


FIT FOR BUSINESS: Mendoza Berger Raises Going Concern Doubt
-----------------------------------------------------------
Fit For Business International, Inc., booked a net income of
AU$658,556 for the financial year ended June 30, 2007, a
turnaround from the AU$1,302,467 net loss recored for the year
ended June 30, 2006.

The group reported AU$12,079 in revenues for the current year,
up from the AU$9,622 a year ago.  Cost of sales dipped to a
total of AU$3,323 as compared to last year's AU$6,381.  Gross
profit for the fiscal year amounted to AU$8,756.  The group also
recorded a AU$1,209,949 other income.

As of June 30, 2007, the company's balance sheet showed strained
liquidity, with AU$5,124 in total current assets available to
pay AU$1,654,113 in total current liabilities coming due within
the next 12 months.

The company's balance sheet as of end-June 2007 also showed
total assets of AU$1,208,787 and total liabilities of
AU$1,961,002, resulting in total shareholders' deficit of
AU$752,215.

                     Going Concern Doubt

After auditing the company's financial statements for the year
ended June 30, 2007, Mendoza Berger & Company, LLP, expressed
substantial doubt on the comany's ability to continue as a going
concern, citing the company's recurring operating losses and
accumulated deficit.

Fit For Business International, Inc. (FFBI)--
http://www.fitforbusiness.com.au-- is a development-stage  
company.  The Company provides products and services for
corporate wellness programs, which address business
productivity, stress and absenteeism issues; living well
programs directed primarily, but not exclusively, to individuals
over 45 years of age, and nutritional supplements manufactured
and supplied by Herbalife Ltd. (Herbalife).  It has derived
revenues principally from the sale of services related to
wellness programs, and the sale of nutritional products,
literature and training materials.  The Company has also entered
into a license agreement for Australia and New Zealand, which
entitles the licensee to provide a distribution network for the
Company, use its logo and software, and market and promote its
products and services.


JETROCK PTY: Members and Creditors Agree to Wind Up Firm
--------------------------------------------------------
The members and creditors of Jetrock Pty Ltd met on Nov. 14,
2007, and agreed to voluntarily liquidate the company's
business.

Simon Read was appointed as liquidator.

The Liquidator can be reached at:

          Simon Read
          McGrathNicol
          Level 1, 5 Mill Street
          Perth, Western Australia 6000
          Australia
          Telephone:+61 8 6363 7600
          Web site: http://www.mcgrathnicol.com

                        About Jetrock Pty

Jetrock Pty Ltd is a distributor of durable goods.  The company
is located at Halls Head, in Western Australia, Australia.


L & C TAMLIN: Members to Hold Meeting on November 30
----------------------------------------------------
A final meeting will be held for the members of L & C Tamlin Pty
Ltd on November 30, 2007, at 10:00 a.m.

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

The company's liquidator is:

          William John Martin
          Morley Commercial Centre, Suite 15
          222 Walter Road
          Morley, Western Australia 6062
          Australia

                        About L & C Tamlin

L & C Tamlin Pty Ltd provides business services.  The company is
located at Kalgoorlie, in Western Australia, Australia.


NIGHTSWAN PTY: Final Meeting Slated for Today
---------------------------------------------
The members and creditors of Nightswan Pty Ltd will hold their  
final meeting today, November 16, 2007, at 3:00 p.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervyn J. Kitay
          WHK Horwath
          Level 6, 256 St Georges Terrace
          Perth, Western Australia 6000
          Australia

                       About Nightswan Pty

Located at Duncraig, in Western Australia, Australia, Nightswan
Pty Ltd is an investor relation company.


OPEN TEXT: S&P Affirms BB- Corp. Credit Rating w/ Stable Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Open Text Corp. to stable from negative.  At the same time, S&P
affirmed the ratings, including the 'BB-' long-term corporate
credit rating, on the company.  At Sept. 30, 2007, Open Text had
US$341 million of debt outstanding.
     
"The outlook revision reflects the combination of a largely
successful integration of Hummingbird Ltd. (acquired Oct. 2,
2006), improved outlook for growth in software license revenues,
and a substantial improvement in adjusted debt leverage and
corresponding credit measures from reducing debt in recent
quarters," said S&P's credit analyst Madhav Hari.  "The pace of
any upward ratings revision, however, remains constrained by the
company's financial policy, in particular, its acquisitive
growth strategy and need to continue improving the scale and
scope of its product offerings given a rapidly consolidating
enterprise software industry," Mr. Hari added.
     
The ratings on Open Text are also constrained by the highly
competitive and consolidating technology marketplace in which it
operates, characterized by larger, more-integrated providers,
and an aggressive financial policy that includes an acquisitive
growth strategy.  These factors are partially offset by the
company's sizable market position within a niche segment of the
broader software industry, its solid scale given a large
installed source of customers, good customer and geographic
diversity, a large base of recurring revenues, and a history of
generating healthy free operating cash flow.
     
The stable outlook reflects a healthy demand for Enterprise
Content Management software, improved scale, traction with key
channel partners such as SAP, and the successful launch of the
integrated DMX portfolio, which should help generate low  
double-digit revenue growth.  Nevertheless, debt leverage and
corresponding credit measures might not improve significantly
from current levels as the company uses discretionary cash flow
to fund acquisitions or share buybacks.  S&P could revise the
outlook to positive or raise the ratings on better-than-expected
revenue growth and sustainable credit metrics, which in part
could be determined by the company adopting a conservative
financial policy.  Should Open Text's operating performance
weaken materially, or if it loses significant market share,
resulting in a deterioration of profitability and credit
metrics, S&P could downgrade the company or revise the outlook
to negative.

Enterprise Content Management software and support services --
an estimated US$2.25 billion addressable market -- help large
businesses capture, store, and manage unstructured corporate
data.  In the medium term, the ECM market's key revenue drivers
are e-mail archiving and records management.   Although the ECM
software market has higher growth potential (at low double  
digits) than the overall software and IT sector, growth could
remain volatile as evidenced in recent years.

Headquartered in Waterloo, Ontario, Open Text Corp. (NASDAQ:
OTEX, TSX: OTC) -- http://www.opentext.com/-- provides  
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  It has
field offices in Australia, Japan, Mexico and Singapore.


SEANET PTY: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on August 3, 2007, the members of
Seanet Pty Ltd resolved to voluntarily liquidate the company's
business.

Angela Ann Gaffney was appointed as liquidator.

The Liquidator can be reached at:

          Angela Ann Gaffney
          c/o RSM Bird Cameron
          4th Floor, 8 St George's Terrace
          Perth, Western Australia 6000
          Australia

                        About Seanet Pty

Seanet Pty Ltd operates groceries stores.  The company is
located at Hillarys, in Western Australia, Australia.


TOSCALA PTY: Members to Receive Wind-Up Report on Nov. 21
---------------------------------------------------------
The members of Toscala Pty Ltd will hold a meeting on Nov. 21,
2007, at 3:00 p.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mervyn J. Kitay
          WHK Horwath
          Level 6, 256 St Georges Terrace
          Perth, Western Australia 6000
          Australia

                       About Toscala Pty

Toscala Pty Ltd, which is also trading as Cadsul, provides
engineering services.  The company is located at Victoria Park,
in Western Australia, Australia.


XTREME INFORMATION: Liquidator Gives Wind-Up Report
---------------------------------------------------
Xtreme Information Technologies Pty Ltd held a final meeting for
its members and creditors on November 8, 2007.

At the meeting, Kim David Holbrook, the company's liquidator,
gave a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          Kim David Holbrook
          Holbrook & Associates
          Level 2, 19 Pier Street
          GPO Box M925
          Perth, Western Australia 6001
          Australia

                    About Xtreme Information

Xtreme Information Technologies Pty Ltd operates computer and
software stores.  The company is located at Myaree, in Western
Australia, Australia.


ZINIFEX LTD: Appoints Andrew Michelmore as CEO and Managing Dir.
----------------------------------------------------------------
Zinifex Ltd. appointed Andrew Michelmore as its chief executive
officer and managing director.  Mr. Michelmore commences
immediately with the implementation of the board's growth
strategy and the familiarization of the company and its people.  
He will assume full-time operational responsibility from
February 1, 2008.

Mr. Michelmore will join Zinifex after two years as CEO of
Russian energy and aluminum company EN+ Group.  Prior to that he
was CEO of leading Australian resources company WMC Resources
Limited for more than two years, during which time the company's
market capitalization almost doubled.  In his 12-year career at
WMC Resources Limited Andrew was responsible for significant
improvement in operational reliability across all divisions of
the Company.

"The Board believes Andrew's vast experience in the global
resources business makes him the ideal person to carry forward
Zinifex's strategy to grow our mining business," Zinifex's
Chairman, Peter Mansell commented.

"Andrew is an outstanding resources executive and CEO with an
international reputation.  Whilst Andrew assumes fulltime
operational duties from February 1, he will be involved
immediately in all strategic matters and will be taking time to
familiarize himself with our business."

In accepting the role, Mr. Michelmore said, "Zinifex has
excellent mining assets.  It has a strong position in the zinc
market, which along with all resources is experiencing a once in
a generation period of exceptional growth.

"I'm excited about the opportunities to continue to build
Zinifex into a mining company of international standing.  I am
united with the Board that, in implementing Zinifex's growth
strategy, we will continue to increase shareholder value."

Since listing in 2004 Zinifex has delivered excellent returns to
its shareholders and recently it completed a transformation from
an integrated mining and smelting business to a focused mining
company.  The sale of the smelting business provides Zinifex
with a substantial pool of funds which can be applied to grow
the mining business.

Summary of the key terms and conditions of the appointment of
Andrew Michelmore as Chief Executive Officer of Zinifex Limited

                            Role

Chief Executive Officer and Managing Director
Commencement Date and Term

Immediately, with full-time operational duties from February 1,
2008.  Ongoing, subject to 12 months notice by either party.  
Zinifex may terminate without notice in the event of serious
misconduct.

                      Remuneration Package

Base salary: AU$1.9 million with annual reviews commencing
July 1, 2009.

Short term incentive: An annual opportunity of up to a maximum
of 100% of base salary subject to achieving agreed targets in
accordance with Zinifex's short term incentive plan.

Long term incentive: An annual opportunity to receive an
allocation of zero priced Zinifex shares up to a maximum value
of 160% of base salary with a 3-year vesting period and subject
to Zinifex achieving total shareholder return ranking targets as
outlined under Zinifex's long term incentive plan.

Other: In consideration for a 6 month restraint of trade, AU$1
million of Zinifex shares will be allocated in 3 parcels vesting
equally on each of the first 3 anniversaries of commencement of
employment.

Payments on termination: In the event the CEO's employment is
terminated without cause (including in circumstances where a
fundamental change occurs resulting in the CEO terminating the
employment), lump sum separation payment equivalent to one
year's base salary plus STI and LTI vesting (at the Board's
discretion) and accrued statutory entitlements.

                      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.


* ASIC Disqualifies Six Directors for Roles in Failed Firms
-----------------------------------------------------------
Australian Securities & Investments Commission has disqualified
six directors in October from managing corporations following
their involvement in failed companies.

1. Dominique Field

ASIC has disqualified payment systems developer, Dominique
Field, of Baulkham Hills, New South Wales, from managing
corporations for the maximum period of five years.

Ms. Field's disqualification follows an ASIC investigation into
her role in six failed companies, Think Global Systems Pty.
Ltd., Cabepay Pty. Ltd., Mobepay Pty. Ltd., Think Systems Pty.
Ltd., Australian Corporate Traders Pty. Ltd. and Nationwide
Cards Pty. Ltd.

ASIC's investigation found that Ms. Field failed to ensure that
the companies maintained proper books and records, failed to
assist the liquidators, and allowed an undischarged bankrupt to
be involved in the management of a number of the companies.

ASIC also found that Ms. Field used her position as a director
of Nationwide Cards Pty. Ltd. to obtain an advantage for herself
by transferring assets of Nationwide Cards Pty. Ltd. to another
company of which she was a director.

2. Suzanne Evelyn Cameron

ASIC has disqualified property developer, Suzanne Evelyn
Cameron, of Cremorne, New South Wales, from managing
corporations for the maximum period of five years.

Ms. Cameron's disqualification follows an ASIC investigation
into her role in seven failed companies, Berry Street
Investments Pty. Ltd., PDE Investments No. 3 Pty. Ltd., PDE
Investments No. 5 Pty. Ltd., PDE Investments No. 9 Pty. Ltd.,
Property Development Enterprises No. 3 Pty. Ltd., Manly
Apartment Leasing Pty. Ltd. and Manly Waterfront Developments
Pty. Ltd.

ASIC's investigation found all companies failed owing
substantial amounts to the Australian Taxation Office and that
Ms. Cameron failed to assist the liquidators of each company and
failed to ensure that all companies maintained proper books and
records.  ASIC also found that Ms. Cameron allowed Berry Street
Investments Pty. Ltd. to lodge with the ATO false Business
Activity Statements resulting in the payment GST refunds to
which it was not entitled.

3. Christopher Owen Ruck

ASIC has disqualified fitness centre operator, Mr. Christopher
Owen Ruck, of Kalgoorlie, Western Australia, from managing
corporations for four years.

The disqualification of Mr. Ruck follows an ASIC investigation
into his role in the failed companies ACN 097 400 738 Pty. Ltd.
(formerly Inspired Life Pty. Ltd.) and Osborne Park Gym Pty.
Ltd.

ASIC's investigation found that the companies failed owing
statutory debts to the ATO and significant amounts to unsecured
creditors.  In relation to Inspired Life Pty. Ltd., Mr. Ruck
failed to lodge Business Activity Statements and income tax
returns since the company commenced trading and allowed the
company to trade while insolvent.

ASIC also found that Mr. Ruck breached his duties as a director
of Inspired Life Pty. Ltd. in that, following the sale of the
business, he allowed certain creditors to be paid where he had
provided a personal guarantee but failed to ensure other
creditors, including the ATO, were paid.

4. Andrew Careri

ASIC has disqualified builder, Andrew Careri, of Varsity Lakes,
Queensland, from managing corporations for four years.

Mr. Careri's disqualification follows an ASIC investigation into
his role in two failed companies, Deluxe Homes (VIC) Pty. Ltd.
and Lianna Homes Pty. Ltd.

ASIC's investigation found that Mr. Careri failed to ensure that
both companies maintained proper books and records and that he
allowed Deluxe Homes (VIC) Pty. Ltd. to trade while insolvent.

5. Niel William English

ASIC has disqualified earthmoving contractor, Niel William
English, of Riverstone, New South Wales, from managing
corporations for three years.

Mr. English's disqualification follows an ASIC investigation
into his role in two failed companies, Rocks Civil Contracting
Pty. Ltd. and Rocks Excavations and Plant Hire Pty. Ltd.

ASIC's investigation found that Mr. English allowed funds
intended for Rocks Civil Contracting Pty. Ltd. to be diverted to
another person after the liquidator had been appointed.  Mr.
English's control over the company's funds had been suspended
upon the appointment of the liquidator and this diversion of
funds was to the detriment of the company and its creditors.  
ASIC also found that Mr. English allowed Rocks Excavations and
Plant Hire Pty. Ltd. to trade while they were insolvent.

6. Garry Helmut Zaska

ASIC has disqualified property developer, Garry Helmut Zaska, of
Dora Creek, New South Wales, from managing corporations for
three years.

Mr. Zaska's disqualification follows an ASIC investigation into
his role in two failed companies, Pridecorp Pty. Ltd. and LS
Zaska & Sons Pty. Ltd.

ASIC's investigation found that both companies failed owing
substantial amounts to the ATO and that Mr. Zaska failed to
ensure that both companies maintained proper books and records.  
ASIC also found that Mr. Zaska failed to provide a report as to
affairs to the liquidator of Pridecorp Pty. Ltd.

The above disqualified persons have the right to appeal to the
Administrative Appeals Tribunal for a review of ASIC's decision.

               Assetless Administration Fund

These latest disqualifications bring the total to 25 for the
07/08 financial year and reflect the agency's commitment to
addressing phoenix activity and removing directors who fail to
fulfill their responsibilities to creditors.

Phoenix activity is typically associated with directors who
transfer the assets of an indebted company into a new company of
which they are also directors.  The director then places the
initial company into administration or liquidation with no
assets to pay creditors, meanwhile continuing the business using
the new company structure.

ASIC's ability to tackle phoenix activity was enhanced by the
introduction of the Assetless Administration Fund in October
2005 which allows ASIC to fund preliminary investigations by
liquidators into the failure of companies with few or no assets.

"The Assetless Administration Fund has enabled liquidators to be
funded to properly investigate the affairs of assetless
companies and then report to ASIC.  Such reports have in turn
lead to ASIC taking action to disqualify directors who fail to
act in the best interests of their companies and whose actions
are considered detrimental to the employees and creditors of
those companies," said ASIC's Executive Director of Consumer
Protection, Greg Tanzer.


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

ALERIS INT'L: Reports US$3.5 Million Net Income in Third Quarter
----------------------------------------------------------------
Aleris International, Inc., has reported results for the third
quarter ended Sept. 30, 2007.

                          Summary

    -- Revenues for third quarter 2007 were US$1.7 billion,
       compared with US$1.4 billion in third quarter 2006, a 19%
       increase, driven primarily by the 2006 acquisition of the
       downstream aluminum business of Corus Group plc (Corus
       Aluminum) and the 2007 acquisitions of Wabash Alloys
       L.L.C. and EKCO Products.

    -- EBITDA, excluding special items, for third quarter 2007
       was US$127.5 million compared with US$123.0 million for
       the comparable period last year.

    -- The company generated free cash flow of US$102.4 million
       in the third quarter 2007 compared with US$87.1 million
       in the comparable period of 2006 and US$277.5 million in
       the first nine months of 2007 compared with
       US$163.6 million in the prior year-to-date period.

    -- Progress continued on the company's strategic growth
       initiatives as the acquisitions of Wabash Alloys and
       Alumox Holding AS were completed in September 2007.

    -- Productivity and synergy savings of US$32.0 million were
       achieved in the third quarter 2007 and total
       US$88 million year-to-date.

    -- Year-to-date, revenues were US$4.9 billion compared with
       US$3.3 billion last year, while EBITDA, excluding special
       items, increased 15% to US$349.8 million from
       US$304.1 million.

    -- Pro forma EBITDA, excluding special items, and including
       the acquisitions of Wabash Alloys and EKCO Products as if
       they had occurred on Oct. 1, 2006 and synergies as
       permitted by the company's Term Loan Agreement, for the
       last 12 months (Pro Forma Adjusted EBITDA) was
       US$527.8 million.  Net debt was US$2.8 billion at quarter
       end.  Net debt to Pro Forma Adjusted EBITDA, was 5.2.
       Pro Forma Adjusted EBITDA does not include approximately
       US$19.0 million of expected synergies as the Term Loan
       Agreement limits expected synergies to US$40.0 million.

    -- European industrial activity remains strong while demand
       from the North American building & construction and
       transportation end-uses is expected to remain soft for
       the rest of 2007.

            Third Quarter 2007 Operating Results
    
Aleris reported third quarter 2007 revenues of US$1.7 billion,
segment income of US$54.3 million, and net income of
US$3.5 million.  These results include losses from special items
consisting of US$21.6 million of unrealized losses on derivative
financial instruments, US$14.2 million for the impact of
recording previously acquired assets at fair value,
US$2.3 million of restructuring and other charges,
US$2.3 million of sponsor management fees, and US$1.1 million of
stock-based compensation expense.
    
During the third quarter of 2007, Aleris also recorded the
preliminary results of an independent appraisal of the tangible
and intangible long-lived assets required as a result of TPG's
acquisition of Aleris in December 2006.  Based on those
preliminary results, the company recorded amortization expense
of approximately US$28.2 million in the third quarter of 2007
within selling, general and administrative expense.
Additionally, third quarter 2007 income taxes included a
US$31.6 million one-time benefit resulting from a decrease in
the German statutory rate for corporate income and trade taxes.
    
For the third quarter of 2006, Aleris reported revenues of
US$1.4 billion, segment income of US$76.8 million, and a net
loss of US$24.2 million.  These results included a
US$53.7 million loss on the early extinguishment of debt,
US$30.9 million for the impact of recording previously acquired
assets at fair value, US$24.3 million of unrealized losses on
derivative financial instruments, US$2.6 million of
restructuring and other charges, and US$2.6 million of stock-
based compensation expense partially offset by US$9.8 million of
gains on derivative financial instruments used to hedge a
portion of the purchase price paid for Corus Aluminum.
    
EBITDA, excluding special items, totaled US$127.5 million in the
third quarter of 2007 compared with US$123.0 million in the same
period last year.  Results were driven primarily by the acquired
operations of Corus Aluminum, which were included in the
consolidated results for only two months of the 2006 third
quarter, and ongoing company-wide productivity initiatives,
partially offset by lower sales volumes in the company's North
American rolled products and zinc businesses.
    
Free cash flow for the third quarter of 2007 was
US$102.4 million compared to US$87.1 million in the third
quarter of 2006 as a result of the company's continuous focus on
working capital management.
    
Commenting on Aleris's third quarter results, Steven J.
Demetriou, Chairman and Chief Executive Officer, said, "We are
pleased with the performance of the controllable elements of our
business, driven by the step- change productivity improvements
across all areas of the Company.  This was essential in
partially offsetting the significant volume reductions in our
North American rolled products and zinc businesses, primarily
associated with the construction and transportation end-uses.
    
"Our various integration activities are yielding strong results.  
We are on track to achieve the US$65 million of acquisition
synergies associated with the Corus Aluminum acquisition, which
is more than double the original estimate.  Also, since
completing the Wabash acquisition two months ago, we have begun
executing several initiatives, including plant closures and back
office integration. Estimated annual synergies from the Wabash
acquisition are expected to be US$30 million over 12 to 18
months.  In addition, we are achieving significant company-wide
productivity benefits associated with Six Sigma, Rapid
Transformation, metal recovery, and energy efficiency programs."

            Year-to-date 2007 Operating Results
    
Aleris reported revenues of US$4.9 billion, segment income of
US$140.0 million, and a net loss of US$14.7 million in the first
nine months of 2007.  The results were significantly impacted by
unfavorable special items including US$100.4 million for the
impact of recording previously acquired assets at fair value,
US$11.2 million of restructuring and other charges,
US$6.9 million of sponsor management fees, and US$2.9 million of
stock-based compensation expense, partially offset by unrealized
gains of US$26.0 million on derivative financial instruments.  
In addition, the 2007 results include amortization expense of
US$34.8 million, an increase of US$32.9 million over the
comparable period of 2006.
    
In the first nine months of 2006, Aleris reported revenues of
US$3.3 billion, segment income of US$254.2 million, and net
income of US$59.4 million.  The 2006 results included a
US$53.7 million loss on the early extinguishment of debt,
US$32.5 million for the impact of recording previously acquired
assets at fair value, US$7.1 million for unrealized losses on
derivative financial instruments, US$7.1 million of stock-based
compensation expense, and US$2.3 million of restructuring and
other charges, partially offset by US$9.8 million of gains on
derivative financial instruments used to hedge a portion of the
purchase price paid to acquire Corus Aluminum.
    
EBITDA, excluding special items, of US$349.8 million for the
first nine months of 2007 represents a 15% increase compared
with US$304.1 million for the first nine months of 2006.  The
increase was primarily driven by the Corus Aluminum acquisition
and company-wide productivity and synergy initiatives, partially
offset by lower sales volumes at the North American rolled
products and zinc businesses.  Free cash flow for the first nine
months of 2007 was US$277.5 million compared with
US$163.6 million for the first nine months of 2006 and benefited
from the company's focus on reducing working capital.

             Global Rolled and Extruded Products

Global Rolled and Extruded Products shipments totaled 596
million pounds in the third quarter of 2007.  This compares with
shipments of 505 million pounds for the third quarter of 2006,
with the increase driven by the Corus Aluminum and EKCO Products
acquisitions.  Excluding these acquisitions, shipments were down
approximately 9% compared with the 2006 third quarter, due to
continued weakness in North America.  Shipments for the former
Corus Aluminum were 319 million pounds for the third quarter of
2007 compared with shipments of 216 million pounds in August and
September of 2006 and continued to benefit from strong economic
growth in aerospace and automotive applications.  The former
EKCO Products business, acquired during the second quarter,
contributed a net 15 million pounds to the total shipments in
the third quarter.
    
Global Rolled and Extruded Products segment income was
US$41.7 million in the third quarter of 2007, compared with
segment income of US$40.4 million in the prior-year period.  
Excluding the impact of US$13.3 million of purchase accounting
adjustments which are recorded at the segment level, segment
income in the third quarter of 2007 was US$55.0 million,
compared with US$71.3 million in the prior-year third quarter,
after adjusting for US$30.9 million of purchase accounting
adjustments in 2006.  The Corus Aluminum acquisition and
productivity initiatives improved segment income, but were more
than offset by reduced volumes in the U.S. and approximately
US$16.4 million of incremental amortization expense associated
with the preliminary adjustments to record acquired intangible
assets.
    
Material margins, on a pro forma basis including the Corus
Aluminum and EKCO Products acquisitions, of US$0.64 per pound in
the third quarter of 2007 increased from US$0.61 per pound in
the third quarter of 2006 due to more favourable metal price
lag.  Cash conversion costs of US$0.40 per pound increased from
US$0.39 per pound in the third quarter of 2006 as underlying
productivity improvements were more than offset by the
unfavorable impact of the stronger euro and lower volumes.
    
Global Rolled and Extruded Products shipments totaled 1.7
billion pounds in the first nine months of 2007 compared with
1.1 billion pounds in the first nine months of 2006.  The
increase was primarily driven by the Corus Aluminum acquisition,
which contributed 967 million pounds in 2007 and 216 million
pounds in 2006.  Excluding the Corus Aluminum and EKCO Products
acquisitions, shipments decreased 15% in the first nine months
of 2007 compared with the first nine months of 2006.
    
The segment's income was US$80.0 million and US$135.2 million in
the first nine months of 2007 and 2006, respectively.  However,
year-to-date 2007 and 2006 segment income includes
US$85.4 million and US$32.5 million of unfavorable purchase
accounting adjustments, respectively.  After adjusting for
purchase accounting, year-to-date segment income for 2007 would
be US$165.4 million compared with segment income of
US$167.7 million in the first nine months of 2006.  The decrease
reflects the lower volumes in North America as well as
US$21.7 million of incremental amortization expense associated
with the preliminary adjustments to record acquired intangible
assets, partially offset by the incremental segment income
generated by the acquired operations of Corus Aluminum and
benefits from productivity improvements.
    
Year-to-date pro forma material margins improved to
US$0.64 per pound in 2007 from US$0.62 per pound in 2006, while
cash conversion costs increased by US$0.02 per pound in 2007 to
US$0.39 per pound as the stronger euro and reduced volumes more
than offset productivity improvements.

                      Global Recycling
    
Global Recycling shipments of 821 million pounds in the third
quarter of 2007 were up 6% compared with the 776 million pounds
shipped in the year- earlier quarter.  The increase was driven
by the acquired operations of Wabash Alloys, which contributed
42 million pounds since their acquisition. Excluding the
acquired operations of Wabash Alloys, shipments in the third
quarter of 2007 were consistent with those of the prior year
quarter as increased European demand was offset by reduced
demand in the North American specification alloy business.  
Segment income was US$9.0 million in the third quarter of 2007
compared with US$22.2 million in the third quarter of 2006.  The
decrease in segment income was driven by lower scrap spreads in
North America and US$6.9 million of incremental amortization
expense associated with the preliminary adjustments to record
acquired intangible assets, partially offset by volume
increases, primarily in Europe, and productivity improvements
overall.  The acquired operations of Wabash Alloys incurred a
segment loss of US$0.6 million, including US$1.4 million of
purchase accounting adjustments related to acquired inventories.
    
For the first nine months of 2007, shipments increased to 2.4
billion pounds from 2.3 billion pounds in 2006, primarily driven
by a 65 million pound increase in Europe and the acquisition of
Wabash Alloys.  Segment income for the first nine months of 2007
was US$49.9 million compared with US$69.8 million for the year-
earlier period. Excluding purchase accounting adjustments of
US$3.8 million, segment income of US$53.7 million was US$16.1
million less than the prior year's first nine months, driven by
less favourable scrap spreads in the specification alloy
business and US$6.9 million of incremental amortization expense.

                        Global Zinc
    
Global Zinc reported third quarter 2007 volume of 87 million
pounds, a decrease of 12% from 99 million pounds in the third
quarter of 2006.  Segment income of US$3.6 million for the third
quarter of 2007 compared with US$14.2 million of segment income
for the third quarter of 2006.  The decrease in segment income
from the prior-year period was due to lower volume caused by
lower demand by tire and rubber customers, lower margins from
trading activities, higher material costs and approximately
US$4.0 million of incremental amortization expense.
    
Year-to-date shipments for the segment totalled 264 million
pounds in 2007 compared with 315 million pounds in 2006.  Year-
to-date segment income of US$10.1 million in 2007 compared with
US$49.2 million in the prior-year period.  The decrease in
segment income was driven primarily by a purchase accounting
adjustment of US$11.2 million, lower volume, less favourable
scrap spreads, an unfavourable metal price lag resulting from
the first quarter 2007 liquidation of inventory acquired at
historically high fourth quarter 2006 prices, and US$4.0 million
of incremental amortization expense.

                     Corporate Expense
    
Corporate expense primarily includes corporate general and
administrative expense (G&A), other income/expense, certain
realized gains and losses on derivative financial instruments
resulting from the centralization of the risk management
functions, and interest expense.  In addition, in order to
simplify the understanding of ongoing segment operations,
corporate expense includes all restructuring and other charges
as well as non-cash adjustments associated with mark-to-market
accounting for derivative financial instruments.  In the third
quarter of 2007, Aleris' results included US$21.6 million of
unrealized losses on derivative financial instruments,
US$2.3 million of sponsor management fees, US$2.3 million of
restructuring and other charges, and US$1.1 million of charges
for non-cash stock-based compensation.
    
Corporate G&A increased to US$20.5 million in the third quarter
of 2007 from US$18.9 million in the same period of 2006 as the
addition of sponsor management fees and increased operating
costs at the company's European headquarters were only partially
offset by lower incentive and stock-based compensation expense.  
Year-to-date Corporate G&A increased by US$5.5 million for the
same reasons.
    
Interest expense for the third quarter of 2007 increased to
US$58.3 million from US$26.6 million in the third quarter of
2006 due to higher borrowings associated with the refinancing to
fund the acquisition of Corus Aluminum in August 2006, the
refinancing to fund TPG's acquisition of Aleris in December
2006, and the additional indebtedness incurred to fund the
acquisition of Wabash Alloys in September 2007.  For the first
nine months of 2007, interest expense increased to
US$168.8 million from US$54.3 million in the same period of
2006.
    
For the nine months ended Sept. 30, 2007, the company's
effective tax (benefit) rate was (78.4)% compared with 36.8% in
the comparable period of 2006.  The 2007 effective rate
benefited from the new tax rules in Germany and the financing
structure in Europe.  Cash taxes are expected to total
approximately US$25.0 million for 2007.
    
Capital expenditures were US$43.3 million for the third quarter
of 2007, compared with US$27.7 million for the previous year's
third quarter.  Year-to- date capital expenditures were
US$135.5 million compared with US$53.5 million in the first nine
months of 2006.  The increase is primarily attributable to the
Corus Aluminum acquisition which accounted for US$98.3 million
of capital expenditures in the first nine months of 2007.

                         About Aleris

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled  
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico, China
and Wales, and employs approximately 4,200 employees.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent US$105 million 9% senior notes
due 2014, which are an add-on to the company's existing US$600
million 9% senior notes due 2014.


CITIC SOUTH: Proofs of Debt Due on December 7
---------------------------------------------
The creditors of Citic South China (Group) Hong Kong Co. Limited
are required to file their proofs of debt by December 7, 2007,
to be included in the company's dividend and distribution.

The company commenced liquidation proceedings on October 29,
2007.

The Liquidators can be reached at:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          8th Floor, Gloucester Tower
          The Landmark
          15 Queen's Road
          Cantral, Hong Kong


DANA CORP: Wants to Settle Asbestos Claims for US$2 Million
-----------------------------------------------------------
Dana Corp. and its debtor-affiliates ask permission from the
U.S. Bankruptcy Court for the Southern District of New York to
enter into settlement agreements with the Asbestos Personal
Injury Claimants.

                     Asbestos Litigation

The Debtors have been named as defendants in a number of
lawsuits related to the Debtors' sale of certain automotive
gaskets containing asbestos in an encapsulated form and the
alleged exposure of people to asbestos as a consequence of
contact with these gaskets, Corinne Ball, Esq., at Jones Day, in
New York, tells the Court.  According to the available data as
of June 30, 2007, there were approximately 150,000 pending
asbestos-related personal injury claims against the Debtors,
Ms. Ball elaborates.

Ms. Ball points out that Dana has demonstrated in various
proceedings that their gaskets could be and were used without
releasing hazardous volumes of asbestos fibers.  The Debtors
have also defended Asbestos Personal Injury Claims successfully
on the ground that exposure to chrysotile asbestos, the type of
fiber incorporated into the gaskets, is generally insufficient
to cause mesothelioma, an asbestos-related illness, Ms. Ball
continues.

According to Ms. Ball, the magnitude of asbestos litigation has
declined since the wave of asbestos-related bankruptcies in
2000-2003, hence, the Debtors anticipate that, for the
foreseeable future, both the number of claims that the amount
that the Debtors will spend to defend and resolve cases will
generally remain at low levels.

                     Settlement Agreement

The Debtors have continued to entertain and negotiate potential
settlements withs several counsel for the Asbestos Personal
Injury Claimants.  As a result of these negotiations, Ms. Ball
asserts, the Debtors have determined that it is in the best
interests of the their estates to enter into the settlement
agreements.

Under the settlement agreements, the Debtors are:

   (a) resolving certain Asbestos Personal Injury Claims that
       had been filed as lawsuits through March 2, 2006; and

   (b) providing a mechanism for addressing future cases that
       may be brought by the Tort Attorneys.  

The settlement agreements, among other things, require the
Asbestos Personal Injury Claimants to provide medical
documentation of their illnesses, and evidence of their exposure
to asbestos-containing products manufactures, sold, or
distributed by Dana, according to Ms. Ball.  She adds that the
claimants must also submit release to qualify for payment of
their asbestos personal injury claims.

Ms. Ball tells the Court that the Debtors' estimate on account
of the settlements would be approximately US$2,000,000.  The
Debtors say that payments will be partially reimbursed by their
insurers.

"Dana believes that the amounts to be paid to the Asbestos
Personal Injury Claimants under the Settlement Agreements are
reasonable and wholly consistent with, or better than, the terms
and conditions among the range of settlements reached by Dana
prior to the [P]etition [D]ate for similar claims of individuals
represented by Tort Attorneys and other attorneys," Ms. Ball
says.

Ms. Ball asserts that the Debtors' entry into the Settlement
Agreements would result to the dismissal of 7,500 Asbestos
Personal Injury Claims filed against the Debtors.  With respect
to the claimants who decline the terms contained in the
settlement agreements, the Tort Attorneys have agreed not to
schedule cases for trial against the Debtors, and agreed not to
any oppose any motions filed on the Debtors' behalf for the
period of two years.

The resolutions reached in the Settlement Agreements represent a
reasonable and expedient way for Dana to resolve approximately
7,500 Asbestos Personal Injury Claims without the need to
continue active litigation of these claims in state court and
incur the related expenses, Ms. Ball relates.  She notes that in
the five years prior to the Petition Date, Dana has spent
approximately $15,300,000 for asbestos defense and indemnity,
net of insurance recoveries.  If the Asbestos Personal Injury
Claimants' claims are not resolved consensually, Dana, she says,
will continue to incur the cost of defense, and expend other
resources in connection with, the active litigation of these
claims.

The Debtors have obtained the Court's permission to file the
Settlement agreements under seal.

                   About Dana Corporation

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


EXPRESS FOOD: Proofs of Claim Bar Date Fixed on Dec. 15
-------------------------------------------------------
The creditors of Express Food & Beverages Limited are required
to file proofs of debt against the company by December 15, 2007,
to be included in the company's dividend and distribution.

The company commenced liquidation proceedings on October 29,
2007.

The Liquidators can be reached at:

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


FORTUNE REALTY: Members and Creditors to Meet on December 11
------------------------------------------------------------
The members and creditors of Fortune Realty Company Limited will
hold their final meeting on December 11, 2007, at 2:30 p.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at Room 1639, 16th Floor, One Grand
Tower, 639 Nathan Road, in Kowloon, Hong Kong.


GREAT YIELD: Proofs of Claim Deadline is February 15
----------------------------------------------------
The creditors of Great Yield Technologies Limited are required
to file proofs of debt by February 15, 2007, to be included in
the company's dividend and distribution.

The company commenced liquidation proceedings on October 29,
2007.

The company's liquidator is:

          Fong Fu Yin Albert
          Premier Services Hong Kong Limited
          Room 618, Hollywood Plaza
          610 Nathan Road
          Mongkok, Hong Kong


HAINAN AIRLINES: Takes Delivery of First A330 Order
---------------------------------------------------
Hainan Airlines has taken delivery of its first A330 on lease
from CIT Aerospace.  The aircraft, a A330-200, powered by Rolls
Royce Trent 700 engines was handed over to the HNA Chairman, Mr.
CHEN Feng in a ceremony held in Toulouse.  The aircraft will
seat 222 passengers in a two-class configuration.
The Student Operated Press

The HNA Group, the fourth largest aviation group in China,
comprises Hainan Airlines, Xinhua Airlines, Changan Airlines,
Shanxi Airlines and is now setting up its Grand China Air.  The
group currently operates 12 A319s and has 98 Airbus aircraft on
order.

“Today is a remarkable day in the continuous, fast and healthy
development of our airline and marks an important step for our
future success.  This new aircraft in service will allow us to
expand services to major business and leisure destinations
across China and to offer new routes, benefiting from the
aircraft's unique operational costs savings while providing our
passengers with an optimal travel comfort” said Mr. CHEN Feng,
Chairman of HNA Group.

“We are delighted that Airbus is a part of HNA Group's rapid
growth and are proud of their choice for the A330-200 to further
extend their success.  This reflects again the advantages that
the A330 offers in terms of route efficiency and passenger
comfort in addition to the commonality with the A320 Family
aircraft already in service within the group. All of us at
Airbus wish Hainan Airlines and HNA Group a very bright future,”
said Fabrice Bregier, Airbus Chief Operating Officer.

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 31, 2005.


PACCO TECH: June 30 Balance Sheet Upside-Down by TWD335 Million
---------------------------------------------------------------
Pacco Tech Co. Ltd. reported a net loss of TWD3.8 million for
the half-year period ending June 30, 2007.

As of June 30, 2007, the company had total assets of
TWD282.3 million and total liabilities of TWD617.5 million,
resulting in a capital deficiency of TWD335.2 million.

The company also reported a net loss of TWD7.6 million for the
nine months to Sept. 30, 2007, significantly lower than the net
loss of TWD31.1 million reported for the nine months ending
Sept. 30, 2006.


Pacco Tech Co. Ltd. -- http://www.paccogroup.com/-- is a  
Taiwan-based company engaged in the manufacture and sale of
electronic products, as well as construction business.


PACCO TECH: October Sales Up 190.34% Year-on-Year
-------------------------------------------------
Pacco Tech Co. Ltd.'s sales in October 2007 rose 190.34% to
TWD1,623,000, Bloomberg News reports.

Sales in Oct. 2006 totaled TWD559,000.

The company's year-to-date sales amounted to TWD3.40 million, a
97.46% decline year-on-year.

Pacco Tech's sales in September 2007 also rose 651.85% year-on-
year to TWD1,624,000, while it fell 99.97% to TWD2,000 in
August.


Pacco Tech Co. Ltd. -- http://www.paccogroup.com/-- is a  
Taiwan-based company engaged in the manufacture and sale of
electronic products, as well as construction business.

The company has annual net losses of TWD12.0 million,
TWD265.3 million, TWD147.7 million, TWD391.6 million,
TWD100.0 million for the years ending Dec. 31, 2002, through
2006.

As of June 30, 2007, the company had total assets of
TWD282.3 million and total liabilities of TWD617.5 million,
resulting in a capital deficiency of TWD335.2 million.


PETROLEOS DE VENEZUELA: Hires 5,000 Ex-Private Firm Employees
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA has
employed about 5,000 workers laid off by private companies
private firms Petroleos de Venezuela absorbed, Business News
Americas reports.

According to BNamericas, the workers are assigned in these
state-run joint ventures:

          -- Petrocedeno,
          -- Petroanzoategui,
          -- Petropiar, and
          -- Petromongas.

The joint venture workforce represent over 60% of the former
private company workers.  Some are still studying Petroleos de
Venezuela's salary proposals, while others already rejected the
offers, BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Will Use Cameron's Subsea Equipment
-----------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said
in a statement that it has awarded US oil services company
Cameron a contract to provide subsea equipment to be used in the
Mariscal Sucre offshore natural gas project.

Business News Americas relates that once the Neptune Discoverer
well rig vessel starts work on the blocks, the subsea valves
known as Christmas trees will be deployed.

According to Petroleos de Venezuela's statement, investment in
Cameron's contract will total US$187 million, of which almost
44% will be allocated to social projects and taxes.  The
contract includes training for local workers.

BNamericas notes that Petroleos de Venezuela will discuss with
Cameronthe possible creation of a joint venture firm that would
allow Venezuela to develop technology.

Under the Mariscal Sucre offshore gas project plan, four non-
associated natural gas blocks off the Gulf of Paria in eastern
Venezuela will be developed.  Petroleos de Venezuela wants to
eventually produce some 1.2 billion cubic feet per day of
natural gas from the area, BNamericas states.

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

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


PLENTY POWER: Fixes Proofs of Debt Bar Date for December 10
-----------------------------------------------------------
The creditors of Plenty Power Company Limited are required to
file their proofs of debt by December 10, 2007, to be included
in the company's dividend and distribution.

The company's liquidator is:

          Leung Kwok On
          Room 402, 4th Floor Highgrade Building
          117 Chatman Road, TST
          Kowloon, Hong Kong


PROTOP TECH: June 30 Balance Sheet Shows TWD604-Mil. Insolvency
---------------------------------------------------------------
Protop Technology Co. Ltd. reported a net loss of
TWD58.60 million for the half-year ending June 30, 2007, an
improvement against the TWD1.54-billion net loss for the half-
year ending June 30, 2006.

It is, however, a disappointment compared to the net profit of
TWD41.80 million recorded for the first quarter of 2007.

The company posted sales of TWD141.40 million for the half-year
in review, while costs of goods sold and other operating
expenses amounted to TWD75.40 million and TWD197.7 million,
respectively, giving the company an operating loss of
TWD131.7 million.

The company also had a TWD42.20 million interest expense.

As of June 30, 2007, the company had total assets of
TWD1.05 billion and total liabilities of TWD1.66 billion,
resulting in a capital deficiency of TWD603.55 million.


Taiwan-based Protop Technology Co. Ltd. --
http://www.protop.com.tw/-- is engaged in the manufacture and  
distribution of home video electronics and portable video
electronics. Its products are applied to consumer electronics.
The company distributes its products in the domestic market and
to overseas markets, including the rest of Asia, the Americas
and Europe.


PROTOP TECH: October 2007 Sales Falls 99.89%
--------------------------------------------
Protop Technology Co. Ltd.'s sales in October 2007 fell 99.89%
to TWD17,000 from TWD15,135,000 a year before, according to data
obtained from Bloomberg News.

Year-to-date sales totaled TWD141.56 million, a 90.40% drop from
the January-October 2006 sales of TWD1.47 billion.

Sales in September 2007 and August 2007 also fell 99.96% year-
on-year to TWD17,000 and 99.99% year-on-year to TWD17,000,
respectively.


Taiwan-based Protop Technology Co. Ltd. --
http://www.protop.com.tw/-- is engaged in the manufacture and  
distribution of home video electronics and portable video
electronics. Its products are applied to consumer electronics.
The company distributes its products in the domestic market and
to overseas markets, including the rest of Asia, the Americas
and Europe.

As of June 30, 2007, the company had total assets of
TWD1.05 billion and total liabilities of TWD1.66 billion,
resulting in a capital deficiency of TWD603.55 million.


RITEK CORP: Posts TWD78.4-Mil. Profit in First Nine Months
----------------------------------------------------------
Ritek Corp. posted a net income of TWD78.4 million for the first
nine months of 2007, a turnaround against the TWD2.99-billion
net loss it posted for the first nine months of 2006.

The company boasted net sales of TWD15.02 billion, which
translated to an operating income of TWD639.10 million, as cost
of goods sold and other operating expenses amounted to
TWD13.28 billion and TWD1.10 billion, respectively.

As of Sept. 30, 2007, the company had total assets of
TWD59.51 billion and total liabilities of TWD19.71 billion,
resulting in total shareholders' equity of TWD39.80 billion.


Headquartered in Hsinchu County, Taiwan, Ritek Corporation --
http://www.ritek.com/-- is engaged in the manufacture,  
processing and sale of optical products. The company's major
products include electronic storage media products, such as
flash memory cards; information technology products;
optoelectronic components, such as indium tin oxide conductive
glasses, as well as optical discs and their peripherals. The
company distributes its products in the domestic market and to
overseas markets, including the rest of Asia, the Americas and
Europe.

Ritek Corp. incurred net losses of TWD12.27 billion,
TWD2.35 billion, and TWD6.67 billion for the years ended
Dec. 31, 2004, through 2006.


RITEK CORP: Sales Hit TWD16 Billion in October 2007
---------------------------------------------------
Ritek Corp.'s sales in October 2007 fell 41.56% to
TWD1.30 billion from TWD2.23 billion in October 2006, according
to data obtained from Bloomberg News.

The company's year-to-date sales amounted to TWD16.37 billion,
down 19.69% from the TWD20.33 billion sales posted for the
January-October 2006 period.

The company's sales in September and August 2007 were
TWD1.55 billion and TWD1.62 billion, respectively.


Headquartered in Hsinchu County, Taiwan, Ritek Corporation --
http://www.ritek.com/-- is engaged in the manufacture,  
processing and sale of optical products. The company's major
products include electronic storage media products, such as
flash memory cards; information technology products;
optoelectronic components, such as indium tin oxide conductive
glasses, as well as optical discs and their peripherals. The
company distributes its products in the domestic market and to
overseas markets, including the rest of Asia, the Americas and
Europe.

Ritek Corp. incurred net losses of TWD12.27 billion,
TWD2.35 billion, and TWD6.67 billion for the years ended
Dec. 31, 2004, through 2006.


RITEK: Partners with Toshiba to Launch HD DVD Disks in Japan
------------------------------------------------------------
Ritek Corp. will launch HD DVD-R and HD DVD-RW discs under its
own brand Ridata, while Toshiba will launch its new HD DVD
recorder in a joint sales promotion in the Japan market, Ritek
says in a press release.

Headquartered in Hsinchu County, Taiwan, Ritek Corporation --
http://www.ritek.com/-- is engaged in the manufacture,  
processing and sale of optical products. The company's major
products include electronic storage media products, such as
flash memory cards; information technology products;
optoelectronic components, such as indium tin oxide conductive
glasses, as well as optical discs and their peripherals. The
company distributes its products in the domestic market and to
overseas markets, including the rest of Asia, the Americas and
Europe.

Ritek Corp. incurred net losses of TWD12.27 billion,
TWD2.35 billion, and TWD6.67 billion for the years ended
Dec. 31, 2004, through 2006.


SING TSU: Proofs of Debt Due on November 29
-------------------------------------------
The creditors of Sing Tsu Fang (H.K.) Company Limited are
required to their file proofs of debt by November 29, 2007, to
be included in the company's dividend and distribution.

The Liquidator can be reached at:

          Lui Sui Wor
          Room 1303, Kowloon Building,
          555 Nathan Road
          MOngkok, Kowloon


SUNNY SPREAD: Liquidator Quits Post
-------------------------------------
On October 31, 2007, Chui Ming Chung Joe stepped down as
liquidator for Sunny Spread Development Limited.   


The former liquidator can be reached at:

          Chui Ming Chung Joe
          Room 1228, 12th Floor
          One Great Tower
          639 Nathan Road
          Kowloon, Hong Kong


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

GENERAL MOTORS: To Make Labor Payments to Delphi Through 2015
-------------------------------------------------------------
General Motors Corp. said in its third quarter 2007 financial
report filed with the U.S. Securities and Exchange Commission
that it expects to make its annual payments to Delphi Corp. for
labor costs through 2015, and said the payments could extend for
up to five more years.

Michigan-based General Motors said it will pay US$300,000,000 to
US$400,000,000 a year for labor costs, as part of the
settlements reached with Delphi and its labor union United
Automobile, Aerospace & Agricultural Implement Workers of
America.  Pursuant to the settlements, which was
contemporaneously filed with Delphi's Joint Plan of
Reorganization on September 6, 2007 before the U.S. Bankruptcy
Court for the Southern District of New York, General Motors
agreed to reimburse a certain portion of Delphi's U.S. hourly
labor costs incurred to produce systems, components, and parts
for GM from October 1, 2006 through September 14, 2015.

General Motors and the bankrupt auto-parts supplier also agreed
to resolve all outstanding issues and claims against each other.
Delphi agreed to withdraw a prior request to terminate its
supply agreements with GM.  Delphi, GM's former parts-making
unit, also agreed to issue a US$1,500,000,000 note in favor of
GM, in exchange for its assumption of Delphi's pension
obligations, and pay US$2,700,000,000 cash to GM on the
effective date of the Plan.

Due to difficulties in obtaining commitment for a proposed
US$7,100,000,000 exit financing contemplated in the Plan,
Delphi, however, has reduced the amount of cash to available for
use as "currency" to be paid to creditors and interest holders.  
GM has consented to an amendment, providing that GM would
receive US$1,500,000,000 in a combination of at least
US$750,000,000 in cash and a second lien note for the remaining
amount and US$1,200,000,000 in junior convertible preferred
stock of Delphi, instead of US$2,700,000,000 in cash.

Delphi is scheduled to seek the Bankruptcy Court's approval of
the disclosure statement explaining the terms of the Plan at a
November 29, 2007 hearing, which has already delayed for almost
two months.  Delphi has to obtain approval of the disclosure
statement before it could begin soliciting votes from creditors
and equity holders on the Plan.  Delphi expects to emerge from
bankruptcy in the first quarter of 2008.

                       About Delphi Corp.

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

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

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

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.  (Delphi Bankruptcy News, Issue No.
96; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.

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


GENERAL MOTORS: Signs 2007 UAW-GM National Labor Contract
---------------------------------------------------------
General Motors Chairman and CEO Rick Wagoner, United Auto
Workers President Ron Gettelfinger and their respective senior
leadership teams, signed the 2007 UAW-GM national labor contract
at a special ceremony held Monday at the UAW-GM Center for Human
Resources in Detroit, Michigan.  The new contract is effective
for the next four years.

As reported in the Troubled Company Reporter on Oct. 11, 2007,
GM confirmed that its UAW-represented employees have ratified
the GM-UAW 2007 national labor agreement.

The Troubled Company Reporter disclosed that GM and the UAW
reached a tentative agreement on Sept. 26, 2007, after more than
two months of bargaining.  The new four-year agreement covers
approximately 74,000 hourly employees located in more than 80
U.S. facilities.

                      About General Motors

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

                     *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.  Moody's ratings of GMAC LLC (Ba2 senior
unsecured/Negative outlook) and of Residential Capital LLC (Ba3
senior unsecured/Negative outlook) are unaffected by the action.


GLOBAL BROADCAST: Loss Widens to INR267MM in Qtr. Ended Sept. 30
----------------------------------------------------------------
Global Broadcast News Limited booked a net loss of
INR63.6 million on revenues of INR267.86 million in the second
quarter ended Sept. 30, 2007.

The bottom line for the latest quarter under review is the worst
for GBN since the Jan.-March 2007 period when it was already
required to publish its results after it listed in the stock
exchange in February.  The company booked a net loss of
INR35.05 million in the three months ended June 30, 2007, and a
profit of INR27.84 in the quarter ended March 31, 2007.

For the current quarter under review, the company incurred
operating expenditures aggregating INR287.99 million, bringing
the company an operating loss of INR20.13 million.  GBN booked
interest charges of INR27.51 million, depreciation of
INR13.91 million and INR2.05 million in taxes.

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

               http://ResearchArchives.com/t/s?2568

Headquartered in New Delhi, Global Broadcast News Limited --
http://www.ibnlive.com/-- owns and operates a 24-hour English  
language news and current affairs channel called CNN-IBN. CNN-
IBN was launched in December 2005.  The Company has an agreement
with CNN for an exclusive, limited, non-transferable right to
use and reproduce, inter alia, the CNN name and principal logo.  
It also has news services agreement with Turner for production
and broadcasting services.  It is also part of the TV 18 group,
which owns and operates some business channels and Internet
portals.

The Troubled Company Reporter-Asia Pacific reported on Sept. 28,
2007, that Global Broadcast has a stockholder's equity deficit
of US$30.6 million.


GLOBAL BROADCAST: Completes Viacom Joint Venture
------------------------------------------------
Global Broadcast News Ltd has completed the formalities on the  
joint venture with Viacom in India.

                     Transaction Structure

As approved by Foreign Investment Promotion Board, BK Holding
Mauritius Ltd, a wholly owned TV18 subsidiary, is currently
infusing US$50.50 million into Viacom18.  Additionally, Global
Broadcast News, has acquired warrants, convertible into equity
shares of Viacom 18 upon the infusion of US$40 million over the
next three years.

Since GBN is intended to be Network18's equity shareholder in
Viacom18, it has entered into an Option agreement valid for a
period of 12 months, pursuant to which GBN would have the option
to acquire the entire shareholding of BK Holding Mauritius from
TVI8's subsidiary.

Upon GBN exercising its option to convert the above warrants and
on exercising its right under the option agreement, GBN's
shareholding (including indirect holding) in Viacom 18 would
aggregate to 50%.

In that regard, Viacom and Network18 (through its group company
Global Broadcast News, GBN) on Nov. 7, 2007, disclosed the
completion of formalities leading to the formation of their
50:50 joint venture in India -- Viacom 18 Media Pvt Ltd.  The
companies announced their plans for the joint venture in May
2007.  Viacom18 will include television, film and digital media
content across numerous brands as well as consumer products to
build India's leading multi-platform entertainment powerhouse.
Viacom18 will be managed by a six-member Board with equal
representation by Viacom and Network18.

Viacom18 will launch a new Hindi-language general entertainment
channel in India early next year.  The service will consist of
original, locally produced programming, acquisitions and content
from MTV Networks.  The joint venture will operate the
successful local networks, MTV, VH1 and Nickelodeon India, of
MTV Networks, a unit of Viacom.  In the future, Viacom18 will
also launch a suite of niche channels from the MTV Networks
portfolio, as well as new brands.  Digital media content across
all the television brands will be developed and distributed to
Indian consumers.  The joint venture will also syndicate MTVN
programming and newly produced content.

Studio18, the Motion Pictures division of Network18, is also an
integral part of Viacom18 and it will continue to produce,
acquire and distribute Hindi-language films.

Robert Bakish, President MTV Networks International and Chairman
of the Board of Viacom18 Media Pvt Ltd, commented, "This joint
venture reinforces our long-term commitment to the Indian
market.  We look forward to expanding our presence in India with
our new partners and are dedicated to providing local audiences
with high quality entertainment that is reflective of their
culture and the world around them across every screen and for
every demographic."

Commenting on the partnership, Raghav Bahl, Managing Director -
Network18, said, "This is a momentous day that marks the foray
of Network18 into the multi-platform entertainment space in
India.  Viacom's inherent creativity and Network18's operational
excellence make a potent combination that places Viacom18 in an
enviable position in the Indian entertainment space, to
entertain India's burgeoning film and television audiences."

                           About GBN

Headquartered in New Delhi, Global Broadcast News Limited --
http://www.ibnlive.com/-- owns and operates a 24-hour English  
language news and current affairs channel called CNN-IBN. CNN-
IBN was launched in December 2005.  The Company has an agreement
with CNN for an exclusive, limited, non-transferable right to
use and reproduce, inter alia, the CNN name and principal logo.  
It also has news services agreement with Turner for production
and broadcasting services.  It is also part of the TV 18 group,
which owns and operates some business channels and Internet
portals.

The Troubled Company Reporter-Asia Pacific reported on Sept. 28,
2007, that Global Broadcast has a stockholder's equity deficit
of US$30.6 million.


HINDUSTAN COPPER: Net Income Down 45% in Qtr. Ended Sept. 30
------------------------------------------------------------
Hindustan Copper Ltd's net profit went down 45% to
INR518.9 million in the three months ended Sept. 30, 2007, from
the INR936.74 million earned in the same period in 2006.  

Net income slid even with increased revenues because expenses
incurred for operations soared more than the growth in earnings.  
Total revenues jumped 32% to INR4.04 billion while operating
expenses zoomed by 69% to INR3.38 billion, bringing the company
an operating profit of INR664.24 million in the July-Sept. 2007
quarter (INR1.06 billion in July-Sept. 2006).

The copper manufacturer also booked interest charges of
INR79.14 million, depreciation of INR49.76 million and
INR16.44 million in taxes.

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

              http://ResearchArchives.com/t/s?2566

Based in Kolkata, India, Hindustan Copper Limited --  
http://www.hindustancopper.com/-- is an undertaking of the    
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


HMT LTD: Books INR32.4-Mil. Net Loss in Qtr. Ended Sept. 30
-----------------------------------------------------------
HMT Ltd incurred a net loss of INR32.4 million in the second
quarter ended Sept. 30, 2007, compared to the INR880.9-million
profit earned in the same period in 2006.

The change from positive to negative bottom line was mainly
brought about by the absence of extraordinary item that the
company booked in the July-Sept. 2006, representing gain on sale
of land.  

Operating revenues declined by 8% to INR680.5 million while
expenditures went down by 5% to INR713.5 million, brining the
company an operating loss of INR33 million.

The company earned interest revenues of INR16.6 million while
incurring depreciation charges of INR9 million and taxes of
INR600,000.

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

             http://ResearchArchives.com/t/s?2560

HMT Limited -- http://www.hmtindia.com/-- is a public sector
engineering conglomerate.  The company retains the Tractor's
Business, which develops tractors ranging from 25 horsepower to
75 horsepower.  It has an installed capacity of 18,000 tractors
for manufacturing and assembly operations.  The company has
three tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

Credit Analysis and Research Limited downgraded HMT's long-term
bond issue of INR310 crore to CARE BB(SO) on Feb. 18, 2005.
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


QUEBECOR WORLD: Moody's Junks New US$400 Mln Sr. Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service rated Quebecor World Inc.'s new
US$400 million senior unsecured note issue Caa1.

At the same time, ratings for approximately US$1.6 billion of
existing senior unsecured notes for QWI and its wholly-owned
subsidiary companies, Quebecor World Capital Corporation and
Quebecor World Capital ULC, were downgraded to Caa1 from B3.  In
addition, QWI's corporate family rating was affirmed at B3, the
ratings outlook for all instruments was revised to stable from
negative, and QWI's speculative grade liquidity rating was
upgraded to SGL-3 from SGL-4.  The actions reflect the combined
impact of two significant ongoing transactions, the first of
which is partial divestiture of QWI's European operations.  This
will remove a cash flow drag and management distraction while
converting the operation into a small amount of cash and a semi-
liquid residual investment.  

Secondly, a CDN$250 million common share issue together with
proceeds from the new senior unsecured note issue and a
concurrent US$100 million convertible debenture facilitates
redemption of QWI's Series 5 Preferred Shares (CDN$175 million),
and a reduction of what would otherwise be outstanding under a
new, 2-year, US$375 million (partially) secured and guaranteed
revolving credit facility.  The resulting improvement in
liquidity and modest improvement in ongoing cash generation
combine to cause the favorable ratings outlook revision and SGL
rating upgrade.  However, with it being confirmed that QWI's
bank credit facility will permanently benefit from a package of
security and upstream subsidiary guarantees not shared with its
senior unsecured notes, the bank credit facility's preferential
access to realization proceeds triggers the notes' ratings to be
downgraded by one notch to Caa1.  The new notes are rated at the
same Caa1 level as the company's existing notes.

The rating action assumes that the proposed transactions close
as expected and that the related documentation conforms to what
has been provided to Moody's thus far. Accordingly, the ratings
are subject to adjustment should the transactions not close, or
should they close on a basis different than that presented to
Moody's.

Assignment:

   * Issuer: Quebecor World, Inc.

   -- Senior Unsecured Regular Bond/Debenture, Assigned Caa1
     (LGD4, 60)

Downgrades:

   * Issuer: Quebecor World, Inc.

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa1 (LGD4, 60) from B3 (LGD4, 55)

   * Issuer: Quebecor World Capital Corporation

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa1 (LGD4, 60) from B3 (LGD4, 55)

   * Issuer: Quebecor World Capital ULC

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa1 (LGD4, 60) from B3 (LGD4, 55)

Upgrades:

   * Issuer: Quebecor World, Inc.

   -- Speculative Grade Liquidity Rating, Upgraded to SGL-3 from
      SGL-4

Outlook Actions:

   * Issuer: Quebecor World Capital Corporation

   -- Outlook, Changed To Stable From Negative

   * Issuer: Quebecor World Capital ULC

   -- Outlook, Changed To Stable From Negative

   * Issuer: Quebecor World, Inc.

   -- Outlook, Changed To Stable From Negative

On Nov. 12, 2007, QWI announced the above-noted financing
transactions.  On Nov. 7, 2007, QWI announced that it had
entered into a definitive agreement to combine its European
operations with those of RSDB NV's Roto Smeets, a Netherlands-
based commercial printing company.  With QWI retaining a 29.9%
minority interest in the combined entity, Moody's views the
transaction as being modestly positive by way of a problem
operation being effectively divested, but with very little cash
being returned, there is no immediate, significant financial
benefit.  Accordingly, Moody's continues to be very cautious in
evaluating QWI's longer term prospects.  In the interim, QWI's
CFR remains B3, albeit Moody's sees the company as being weakly
positioned at the B3 rating level.

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


QUEBECOR WORLD: S&P Rates US$400 Mil. Proposed Notes at B
---------------------------------------------------------
Standard & Poor's Ratings Services has kept its ratings on
Montreal-based printing company Quebecor World Inc. on
CreditWatch with negative implications following the company's
announcement of its refinancing plan.  On Aug. 9, 2007, S&P
placed the ratings on CreditWatch with negative implications; on
Aug. 28, 2007, S&P subsequently lowered the ratings and kept
them on CreditWatch with negative implications because of
Quebecor World's weak operating performance, reduced financial
flexibility, and the possibility that the company would not be
in compliance with its covenants for certain senior unsecured
notes.  The ratings will remain on CreditWatch until S&P is
comfortable that the company has addressed its near-term
liquidity issues.
     
At the same time, S&P assigned its 'B' debt rating to Quebecor
World's proposed US$400 million senior unsecured notes due 2014.  
The 'B' debt rating will be placed on CreditWatch with negative
implications.
     
"The CreditWatch update follows Quebecor World's announcement of
a proposed refinancing plan," said S&P's credit analyst Lori
Harris.  This plan includes a new CAD250 million public equity
offering; a new US$400 million senior unsecured notes offering;
a new US$100 million senior unsecured convertible debentures
offering; and an amendment of the company's credit facilities,
including the reduction in the revolving credit facility to
US$375 million from US$750 million, the extension of the
maturity date by one year to January 2010, and changes to the
covenants.
     
"The successful completion of these transactions will improve
the company's financial flexibility and liquidity position,
which have been weak," Ms. Harris added.  Proceeds from the
proposed refinancing will be applied to the balance outstanding
on the revolving credit facility, to redeem the series 5
preferred shares for about CAD175 million, and for general
corporate purposes.
     
On Nov. 7, 2007, the company announced that it had signed a
definitive share purchase agreement with Dutch printer RSDB NV
(Roto Smeets) to sell Quebecor World's European operations to
RSDB.  The proposed new company, Roto Smeets Quebecor (RSQ),
which will be the leading player in the European printing
industry, will be owned 70.1% by RSDB and 29.9% by Quebecor
World.  The purchase price for Quebecor World's European
business will be EUR240 million (equal to about US$350 million),
to be paid to Quebecor World in cash, RSQ shares, and an eight-
year note receivable.  S&P expects the transaction to close
shortly upon regulatory and shareholder approvals.
     
Reported revenues and adjusted EBITDA were down 7% and 19%,
respectively, for the nine months ended Sept. 30, 2007, compared
with the same period in 2006.  The weak performance is due to
price pressures, volume declines, and operating inefficiencies.  
The company's recent completion of a significant equipment
retooling program should positively affect profitability and
cash flow in 2008.  However, S&P believes management will remain
challenged in its efforts to turn around the business because of
very difficult printing industry fundamentals, including ongoing
pricing pressures and volume declines, electronic substitution,
cyclicality, and significant competition.
     
The ratings will remain on CreditWatch with negative
implications until the successful completion of the equity
offering, senior unsecured notes offering, senior unsecured
convertible debentures offering, and closing of the sale of
Quebecor World's European business to RSDB under the existing
terms and conditions.

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


SUN MICROSYSTEMS: Enters into Definitive Pact Acquiring Vaau
------------------------------------------------------------
Sun Microsystems Inc. has entered into a definitive agreement
with Vaau Inc. pursuant to which Sun will acquire Vaau, a
premier provider of Enterprise Role Management and identity
compliance solutions.

As regulatory requirements continue to tighten, enterprises must
find new ways to reduce auditing costs.  By leveraging ERM,
organizations can reduce these costs by discovering, defining,
and managing user access with a common vocabulary that links
business and IT.  Vaau's RBACxTM solution combined with the
provisioning and identity auditing capabilities of Sun's
identity management portfolio powered by the Solaris(TM) 10
Operating System will enable organizations to streamline the
provisioning process and significantly reduce the cost of
auditing.

“This announcement further underscores Sun's leadership in the
high growth identity audit and compliance categories, adding
both a market-leading solution and proven implementation
services to our portfolio,” said Jim McHugh, vice president of
Marketing, Software Infrastructure, Sun Microsystems.  “As a
leader in enterprise role management and identity certification,
Vaau provides an integrated set of capabilities to automate and
enforce internal security controls that will further enhance
Sun's ability to provide comprehensive solutions to our
customers across the full spectrum of governance, risk and
compliance.”

Recognized as a global leader in identity management, Sun
manages billions of user identities worldwide for the world's
largest companies spanning a variety of industries.

The definitive agreement to acquire Vaau Inc. is subject to
customary closing conditions and is expected to be completed
during Sun's fiscal third quarter 2008, which begins on
Dec. 31, 2007.  The terms of the deal were not disclosed as the
transaction is immaterial to Sun's earnings per share.

                       About Vaau Inc.

Headquartered in Torrance, California, Vaau Inc. --
http://www.vaau.com/-- is a premier provider of enterprise role  
management and identity compliance solutions for global Fortune
500 companies.  Vaau's award-winning solutions and methodology
enable organizations to proactively enforce internal security
control policies and automate critical identity management
processes.  Through strategic relationships with identity
management vendors such as Computer Associates, Hewlett-Packard,
IBM, Novell, Oracle, and Sun Microsystems, Vaau offers a unique,
integrated user-management solution that includes role
engineering, role management, and identity compliance.  Vaau's
flagship solution, RBACxTM, allows enterprises to manage the
lifecycle of identities from role definition to the ongoing and
continuous process of auditing and certifying users'
accessibility rights to company resources and information.

                   About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network  
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                        *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


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

BANK CENTRAL: Outstanding Credit Up 28.2% in Year Ending Sept 30
----------------------------------------------------------------
PT Bank Central Asia Tbk's outstanding credit increased 28.2% to  
IDR68.8 trillion in the year ending September 30 2007, Asia
Pulse reports.

According to the report, the increase in loans marked a 50% rise
in consumer credits to IDR12.7 trillion.  Bank President DE
Setijoso told the news agency that consumer credits offered by
the bank consisted mainly of housing and motor vehicle credits
contributed considerably to the increase in its outstanding
credit.  Demand for consumer credits was strong on low interest
rates offered by the bank, the bank president said.

The bank's corporate credits, the report relates, also rose
substantially by 32% to IDR26.3 trillion, while  commercial and
small and medium enterprise sector increased 17% to IDR29.9
trillion.

Despite the surge in credits, the bank succeeded in maintaining
low non performing rate of 1.1% gross and 0.2% net, Asia Pulse
notes.

                      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.


BANK MANDIRI: Unit to Deploy Entrust's Security Software Package
----------------------------------------------------------------
PT Bank Mandiri's Hong Kong unit chose Entrust Inc. to address
their security challenges.  The bank will deploy the Entrust
IdentityGuard versatile authentication platform and the Entrust
Entelligence Group Share network folder encryption solution,
which are key components of a layered security model.

"The sensitive information of our customers, as well as our own
intellectual property, is one of our most valuable assets," said
PT Bank Mandiri MIS manager Richard Yiu.  "Understanding the
need to protect these identities and information, the Hong Kong
branch of Bank Mandiri sought easy-to-use solutions that would
help authenticate users and encrypt vital files, folders or
networks.  Entrust offered a complete package that could be
implemented seamlessly within our existing environment.

Bank Mandiri elected to deploy Entrust IdentityGuard to secure
remote access to corporate resources.  To help protect the loss
or misuse of sensitive corporate data, Bank Mandiri will
leverage the Entrust Entelligence Group Share network folder
encryption solution, which is based on patented client-server
architecture.  The easy-to-use solution enables enterprises to
implement transparent and automatic network folder encryption
that can provide streamlined audit capabilities, centralized
management and can be deployed in a variety of different
environments.

"Organizations require easy-to-use solutions that can help them
secure sensitive information or intellectual property, as well
as facilitate online transactions in a safe, secure manner,"
said Entrust Chairman, President and Chief Executive Officer
Bill Conner.  "Leveraging the capabilities of several solutions
as part of a layered security model helps promote efficiency and
cost-effectiveness, and also instills an invaluable peace of
mind for consumers and organizations alike."

With more than 9.2 million licenses in use today, Entrust
IdentityGuard is an open versatile authentication platform that
enables organizations to layer security -- according to access
requirements or the risk of a given transaction -- across
diverse users and applications.  The platform's authentication
options include username and password, IP-geolocation,
machine/device, questions and answers, out-of-band one-time
passcode, grid cards and a range of one-time-password tokens.

Entrust IdentityGuard can help organizations minimize
operational challenges such as burdens to help desks and
infrastructure maintenance.  It includes a complete Web-based
administration capability for user and policy management,
enabling organizations to easily distribute administrative tasks
to the right individuals, all based on role.

To promote efficiency and interoperability, Entrust Entelligence
Group Share can extend outside the enterprise to allow the
transfer and collaboration of information and sensitive data
with partners, suppliers and select third parties, as needed.  
By granting specific parties access, Entrust Entelligence Group
Share allows the collaboration of vital business assets without
comprising security.

                      About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is   
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on  Oct 19,
2007, that Moody's Investors Service has raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

-- The foreign currency senior/subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook

The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


BANK MANDIRI: Extends IDR604 Billion Loan to Petrokimia Gresik
--------------------------------------------------------------
PT Bank Mandiri agreed to extend IDR604 billion in loans to PT
Petrokimia Gresik to finance the construction of four new plants
to raise production capacity, Antara News reports.

Bank Mandiri President Director Agus Martowardoyo told the news
agency that the loans represented 70% of the total funds needed
to build the four new plants, while the rest would be provided
by Petrokimia.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is   
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on  Oct 19,
2007, that Moody's Investors Service has raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

   -- The foreign currency senior/subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook

The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


BERAU COAL: Plans to Increase 2008 Coal Output
----------------------------------------------
PT Berau Coal plans to increase coal output by 16% next year as
it pushes exploit coal resources in the Kelai area of Kalimantan
on Borneo island, Reuters reports, citing Firm President Bob
Kamandanu.

Mr. Kamandanu told the agency that the the exploration, which
will take up to two years, will start next month.  The company
hopes that they will get about 100-180 million tonnes mineable
coals.

The report points out that the company aims to produce 14.5
million tonnes next year, up from an estimated 12.5 million
tonnes this year.

Headquartered in East Kaliman, PT Berau Coal --
http://www.beraucoal.co.id/-- is Indonesia's fifth largest    
producer and exporter of thermal coal.  It operates three active
mines at a single site in East Kalimantan.  It has estimated
resources of 654.2 million tons with probable reserves estimated
at 61.6mt and proven mineable reserves of 127.6mt.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 27, 2006, that Standard & Poor's Ratings Services assigned
its 'B' corporate credit rating to PT Berau Coal (Berau), a coal
mining company in Indonesia.  The outlook is stable.  At the
same time, Standard & Poor's assigned its 'B' rating to the
US$325 million guaranteed senior secured notes issued by Berau's
wholly owned subsidiary, Empire Capital Resources Pte. Ltd.  The
notes are unconditionally and irrevocably guaranteed by Berau.

On Dec. 15, 2006, Moody's Investors Service assigned a final B1
corporate family rating to PT Berau Coal.  At the same time
Moody's assigned a final B1 rating to the US$325 million bonds
issued by Empire Capital Resources Pte Limited and guaranteed by
Berau.  This follows the completion of a US$325 million bond
issuance, consisting of US$100 million five-year amortizing
senior secured floating rate notes and US$225 million five-year
bullet senior secured fixed rate bonds.  The rating outlook is
stable.

The TCR-AP reported on Dec. 14, 2006, that Fitch Ratings
assigned a final rating of 'B+' with a Recovery Rating of 'RR4'
to the US$325 million senior unsecured notes due 2011 issued by
Empire Capital Resources Pte. Ltd. and guaranteed by PT Berau
Coal (rated 'B+'/Stable).


GEOKINETICS INC: Posts US$1.5 Million Net Loss in Third Quarter
---------------------------------------------------------------
Geokinetics Inc. has announced its financial results of
operations for the third quarter and first nine months of 2007.

                  Highlights include:

     -- Increased revenue by 78% and 104% for the three and nine
        months ending Sept. 30, 2007, respectively.

     -- EBITDA before one-time, non-recurring charges of US$3.2
        million was US$12.4 million for the quarter ended
        Sept. 30, 2007, up from EBITDA before one-time, non-
        recurring charges of US$1.4 million (acquisition costs)
        of US$4.0 million for the quarter ended Sept. 30, 2006.

     -- Net income before one-time, non-recurring charges for
        the third quarter was US$1.7 million, compared to a net
        loss before one-time, non-recurring charges of US$0.5
        million in the same quarter last year.

     -- Prepared and outfitted new crew to support a new ocean
        bottom cable (OBC) offshore project in Australia, which
        commenced in October, increasing crew capacity to 23.

     -- Invested US$43 million in the third quarter of 2007 to
        increase channel count for improved efficiency in the
        United States and provide the new Sercel SeaRay OBC
        system for the new crew in Australia, all part of the
        company's US$101 million capital expenditure plan for
        2007.

     -- Increased backlog to US$381 million at Sept. 30, 2007,
        from US$321 million at the end of the second quarter and
        US$232 million at Sept. 30, 2006

                      Three Months Results
    
In the third quarter ended Sept. 30, 2007, revenue increased 78%
to US$89.6 million compared to US$50.4 million for the third
quarter of 2006.  Revenue growth was primarily the result of the
Grant Geophysical, Inc. acquisition and greater demand driving
improvements in pricing and contract terms.  The company had a
net loss to common stockholders of US$1.5 million, or US$(0.15)
per diluted common share, in the third quarter of 2007, compared
to a net loss of US$1.9 million, or US$(0.36) per diluted common
share, for the same quarter in 2006.  The third quarter loss in
2007 was primarily due to US$3.2 million in one-time, non-
recurring charges with respect to severance related to the
departure of senior executives, including the company's
President and Chief Executive Officer and the restructuring of
the company's data processing business segment.  The third
quarter loss in 2006 was primarily due to US$1.4 million of
costs incurred to acquire Grant.  Before these one-time, non-
recurring charges, EBITDA increased to US$12.4 million for the
third quarter of 2007, compared to US$4.0 million in the third
quarter of 2006.  Share and per share amounts are reflective of
the company's one for ten reverse stock split which occurred in
November 2006.

                       Nine-Month Results
    
Revenue for the nine months ended Sept. 30, 2007 increased 104%
to US$272.1 million compared to US$133.3 million for the nine
months ended Sept. 30, 2006.  For the nine months ended
Sept. 30, 2007, the company had a net loss to common
stockholders of US$11.8 million, or US$1.50 per fully diluted
common share, compared to net income to common stockholders of
US$2.0 million, or US$0.34 per diluted common share, during the
nine months ended Sept. 30, 2006.  The net loss in 2007 was
primarily due to one-time, non-recurring charges of US$6.9
million in the second quarter related to the redemption of the
company's Floating Rate Notes, the previously noted US$3.2
million of non-recurring charges in the third quarter, the
impact of severe weather conditions, and an international job
which was terminated after being declared force majeure by the
customer.  Before one-time, non-recurring charges, EBITDA was
US$32.0 million in the nine months ended Sept. 30, 2007,
compared to US$14.6 million for the same period in 2006, an
increase of 119%.  Share and per share amounts are reflective of
the company's one for ten reverse stock split which occurred in
November 2006.

                        Backlog Increases
    
The company's backlog at the end of the third quarter reached a
new quarterly high of US$381 million, up from US$321 million at
June 30, 2007, and US$232 million at the end of the third
quarter of 2006.  Although clients may cancel service contracts
on short notice, the company's order book represents revenue
visibility from customer commitments through 2007 and well into
2008. Approximately US$209 million of the backlog is related to
international business (excluding Canada), with the remaining
US$172 million in North America.  Of the North American backlog,
approximately US$159 million represents work for the company's
crews in the United States.

                      Operations Overview
    
During the third quarter, crew activity and utilization
increased over the previous quarter.  In the United States,
eight to nine crews were actively working in Central Texas,
Oklahoma and Montana as well as the Texas/Louisiana Gulf Coast
region.  Outside of the United States, nine to ten crews were
actively working in six countries (with one to two in Canada).  
Two of the company's Egyptian crews were combined and continued
operations in that country.  A new crew was prepared to support
a new OBC project in Australia and was subsequently fielded in
October bringing the company's total crew capacity to 23.  In
addition, equipment and crews are being prepared and mobilized
for newly awarded contracts in Argentina and Angola.
    
In the third quarter, the company invested US$43 million to
increase revenue-generating capacity with new and upgraded
equipment.  In the United States, the company upgraded its
channels to improve efficiency and five new vibrator trucks were
added to the company's existing fleet.  Overseas, the new OBC
crew for Australia was equipped and prepared for deployment.  
The company has previously reflected one station of multi-
component recording equipment as a single channel as these
systems were not always used in a multi-component fashion.  As
the company continues to invest in multi-component equipment and
this technology becomes more and more prevalent, going forward
the company will discuss total acquisition stations and total
acquisition channels (all components) of both single-component
recording equipment and multi-component recording equipment. As
of Sept. 30, 2007, the company had approximately 79,400 stations
of single-component and 6,900 stations of multi-component
recording equipment, equating to a total channel count of
100,800.  To reconcile this to the company's previously reported
number of 82,000 channels, under its old methodology, this would
equate to approximately 86,300 channels.
    
To further its integration efforts, effective Oct. 31, 2007, the
company changed the legal names of its data processing
subsidiary Geophysical Development Corporation to Geokinetics
Processing, Inc. and the legal names of its data acquisition
subsidiaries Quantum Geophysical, Inc., Grant Geophysical, Inc.
and Grant Geophysical (Int'l) Inc. to Geokinetics USA, Inc.,
Geokinetics International Holdings, Inc. and Geokinetics
International, Inc., respectively.  In November 2006, the
subsidiary Trace Energy Services, Ltd. was renamed Geokinetics
Exploration, Inc.
    
As of Nov. 5, 2007, the company consolidated its data
processing, data acquisition and corporate offices in Houston
into one building, reducing future overhead expenses and
increasing efficiencies.

                         Management Comment
    
Geokinetics President and Chief Executive Officer, Richard Miles
said:  "We are pleased to report solid third quarter results and
the addition of our twenty-third crew in Australia, which we
have subsequently deployed to work on a new OBC project,
expanding our offshore capabilities into deeper water
environments.  Typically, our third quarter revenues and profits
increase from a traditional seasonal low in the second quarter
and this year has been no exception.  We expect the pace of
revenue and profit growth over the next two quarters to depend,
in large part, on how quickly crews can be mobilized on new
projects in Angola, Argentina and Australia.  We have also
reorganized our processing and interpretation segment to better
serve the needs of our clients and improve profitability.  Our
backlog remains strong and I am excited about our revenue
visibility into next year.  The increase in our order book is a
testament to the increasing demand for our innovative solutions,
which help our customers maximize the returns from their complex
E&P projects.  Robust customer demand is driving our capital
investment decisions for adding increased revenue generating
capacity.  Just last quarter, we increased our capital
investment plan to US$101 million up from US$82 million.  As we
expand our global footprint, our team is focused on integrating
our worldwide operations for improved efficiency, profitability
and shareholder value."
    
                      About Geokinetics Inc.

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

                        *     *     *

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

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


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

DELPHI CORP: Wants to Enter Into US$6.8 Billion Exit Financing
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's permission to
enter into engagement and fee letters in connection with exit
financing arrangements to be organized by JPMorgan Securities
Inc., JPMorgan Chase Bank, N.A., and Citigroup Global Markets
Inc.

Exit financing is a necessary and integral component of the
Debtors' strategy for emergence from Chapter 11, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, relates.

The Debtors, Mr. Butler says, need to enter into exit financing
arrangements to:

   (a) satisfy certain claims arising in connection with the
       existing DIP financing;

   (b) make other payments required under the proposed Joint
       Plan of Reorganization; and

   (c) fund the Debtors' post-reorganization operations.

To ensure that exit financing arrangements are in place upon
their emergence from Chapter 11, the Debtors have obtained an
engagement letter from JPMorgan and Citigroup.  JPMorgan and
Citigroup have agreed to assemble a syndicate of lenders to
provide the Debtors with exit financing arrangements, Mr. Butler
tells the Court.

The Exit Financing Arrangements consists primarily of these
facilities:

   (a) a US$1,600,000,000 senior secured first lien asset-based
       revolving credit facility;

   (b) a US$3,700,000,000 senior secured first-lien term
       facility; and

   (c) a US$1,500,000,000 senior secured second-lien term
       facility, of which up to US$750,000,000 will be in the
       form of a note issued to General Motors Corp. in
       connection with the distributions contemplated under the
       Plan.

The Debtors, Mr. Butler relates, will negotiate and enter into
definitive credit documents with respect to the Exit Financing
Arrangements as soon as practicable.  The Exit Lenders'
obligation to fund the Exit Financing Arrangements under the
definitive documents will be contingent upon, among other
things, confirmation of the Plan, he clarifies.

As consideration for their commitments and agreements, the
Debtors propose to pay JPMorgan and Citigroup certain
nonrefundable fees and reimburse certain expenses pursuant to a
fee letter.

The Debtors have also agreed to indemnify JPMorgan and Citigroup
in certain circumstances and subject to certain conditions.

Mr. Butler notes that the payment of certain fees or expenses
may be required prior to the Debtors' emergence from Chapter 11.  
No amount, however, will be payable upon entry of the proposed
order granting the Debtors' request, he assures the Court.  
Moreover, no fees will be payable prior to JPMorgan and
Citigroup having completed syndication and the Debtors having
agreed to the terms of definitive documents.  In the event the
transactions contemplated in the Engagement Letter are not
completed, the Debtors will not be obligated to reimburse the
JPMorgan and Citigroup for expenses in excess of US$500,000, Mr.
Butler adds.

The Debtors' entry into the Exit Financing Arrangements,
Mr. Butler points out, is a condition to the effectiveness of
the Plan.  The Debtors, he avers, have conducted an expansive
and thorough investigation of available exit financing
alternatives and have eventually determined that the offer
presented by JPMorgan and Citigroup is the best one.

                 Redacted Engagement Letter

The Debtors subsequently obtained the Court's permission to file
the Engagement Letter in redacted form and the Fee Letter under
seal.

A redacted version of the Engagement Letter among the Debtors,
JPMorgan and Citigroup is available for free at:

              http://ResearchArchives.com/t/s?2533

Judge Drain directs the Debtors to serve unredacted copies of
the Engagement Letter and Fee Letter solely on (i) the U.S.
Trustee; (ii) counsel to the Statutory Committees; and (iii)
other parties as deemed appropriate by the Court.

The Engagement and Fee Letters contain highly sensitive and
confidential terms in connection with the relationship among the
Debtors, JPMorgan, and Citigroup, including terms related to
pricing, fees, and prepayment premium, if any, Mr. Butler
explains.  He points out that because the Engagement Letter
provides for a "best efforts" standard for JPMorgan and
Citigroup rather than a firm commitment to provide the Exit
Financing Arrangements on particular terms, full public
disclosure of the Engagement Letter could prejudice the Debtors'
ability to negotiate its terms with potential members of the
Syndicate Lenders that JPMorgan and Citigroup will endeavor to
assemble.

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FIDELITY NATIONAL: Completes US$5.3B Buy of Ceridian Corporation
----------------------------------------------------------------
Fidelity National Financial, Inc., aka FNF, has announced, with
its partner Thomas H. Lee Partners, the completion of the
acquisition of Ceridian Corporation for approximately
US$5.3 billion.  FNF contributed approximately US$525 million of
the total US$1.6 billion equity funding for the acquisition,
resulting in a 33% ownership stake for FNF in Ceridian.  The
majority of FNF's equity contribution was funded through a
borrowing under its existing bank credit facility.
    
Ceridian is a leading information services company in the human
resource, retail and transportation markets.  It is one of the
top human resources outsourcing companies in the United States,
Canada and the United Kingdom, offering a broad range of human
resource services including payroll processing, tax filing,
benefits administration, work-life and employee advisory
programs, and other human resource related services.  These
human resource solutions range from transaction based services
to Human Resource Outsourcing in which Ceridian takes over
responsibility for the customer's human resource management
processes.  Ceridian is also a major payment processor and
issuer of credit cards, debit cards and stored value cards,
primarily for the transportation and retail industries in the
United States, through its Comdata subsidiary.  Comdata's
service offerings include BusinessLink, a combination debit and
credit card designed to provide businesses with control over
payments to and expenditures made by their employees, along with
the reporting they need to track the performance of their
operations.  Comdata also offers retailers cash cards that are
used for gifts, merchandise returns, promotions and loyalty
programs through its Stored Value Solutions unit.
    
"We are very excited about the acquisition of Ceridian," said
FNF Chairman and Chief Executive Officer William P. Foley, II.  
"Ceridian provides FNF with a company that has leading market
positions in large, growing markets, long- term customer
relationships, recurring revenue, strong cash flow and a
significant margin expansion opportunity.  We look forward to
the opportunity it provides for us to continue to create
significant long-term value for FNF shareholders."
    
Fidelity National Financial, Inc. -- http://www.fnf.com--  
(NYSE: FNF), is a provider of title insurance, specialty
insurance and claims management services.  FNF is one of the
nation's largest title insurance companies through its title
insurance underwriters - Fidelity National Title, Chicago Title,
Ticor Title, Security Union Title and Alamo Title - that issue
approximately 28 percent of all title insurance policies in the
United States.  FNF also provides flood insurance, personal
lines insurance and home warranty insurance through its
specialty insurance business.  FNF also is a leading provider of
outsourced claims management services to large corporate and
public sector entities through its minority-owned subsidiary,
Sedgwick CMS.

                   About Fidelity National

Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--  
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals.  FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten.  Nearly 50% of all US residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Standard & Poor's Ratings Services has placed its
ratings, including the 'BB' corporate credit rating, on Fidelity
National Information Services Inc. on CreditWatch with negative
implications.

Moody's Investors Service has placed Fidelity National
Information Services' ratings on review for possible downgrade:

-- USUS$1.6 billion First Lien Senior Secured Term Loan B Ba1

-- USUS$2.1 billion First Lien Senior Secured Term Loan A Ba1

-- USUS$900 million First Lien Senior Revolving Credit
     Facility Ba1

-- USUS$200 million 4.75% (Certegy) notes due September 2008
    Ba1

-- Corporate Family Rating Ba1.


FORD MOTOR: Defers Volvo Sale; Intends to Improve Performance
-------------------------------------------------------------
Ford Motor Company has been conducting a strategic review of
Swedish unit Volvo, a Premier Automotive Group brand, and has
developed a plan.  The first priority of the plan is to improve
financial performance at Volvo.  The plan also includes:

   * enhancing Volvo’s position as a global producer of premium
     vehicles;

   * establishing appropriate business arrangements between
     Volvo and Ford-brand operations to allow Volvo to operate
     on a more stand-alone basis in the absence of the PAG
     structure; and,

   * continuing to achieve synergies between Ford-brand
     operations and Volvo in areas such as product development
     and purchasing.

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

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

As reported in the Troubled Company Reporter on July 17, 2007,
citing the Wall Street Journal, Ford was mulling over the sale
of its Volvo unit in an effort to boost U.S. operations.

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

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

                          *     *     *

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


FORD MOTOR: Anticipates Jaguar & Land Rover Sale Talks in 2008
--------------------------------------------------------------
Ford Motor Company continues to explore in greater detail the
potential sale of its Premier Automotive Group brands, Jaguar
and Land Rover, with interested parties and anticipates these
discussions will culminate in an agreement no later than early
next year.

As reported in the Troubled Company Reporter on June 13, 2007,
the company employed help from investment banks including
Goldman Sachs, HSBC and Morgan Stanley to explore the sale of
its Jaguar and Land Rover brands.

The partnership of private equity firm Apollo Management LP and  
Indian automaker Mahindra & Mahindra Ltd. is considering the
acquisition of Ford's Jaguar and Land Rover units, the Sunday
Times said without naming sources.  John Hutton, the U.K.
secretary of state for business and enterprise will assess the
bidders' offering pitch.

The Financial Times previously reported that Terra Firma Capital
Partners Limited joined the bid for Ford's Jaguar and Land Rover
brands as Guy Hands, Terra's head, requested for Ford's sale
documents and started to accomplish due diligence for the bid.  
Citing Reuters, the TCR further names the four suitors as
Ripplewood Holdings LLC, Tata Motors Limited, TPG Capital L.P.
also known as Texas Pacific Group, and One Equity Partners, but
these firms are yet to complete the due diligence.

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

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

                         *     *     *

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


FORD MOTOR: Primary Stakeholder in Auto Fuel Cell Cooperation
-------------------------------------------------------------
Ford Motor Company and Daimler AG are forming a new, privately-
held company that will focus on automotive fuel cell technology
and allow the two automakers to further expand their global
leading position in fuel cell technology.  With a share of
50.1%, Daimler AG will be the majority stakeholder in the new
company, Automotive Fuel Cell Cooperation.  Ford Motor Company
will hold a 30% stake and Ballard Power Systems the remaining
stake of 19.9% in AFCC.

"We have identified the future fields of activity and key
technologies for zero-emission mobility and we are investing
specifically in expanding our competencies in these fields," Dr.
Thomas Weber, member of the Board of Management of Daimler AG
with responsibility for Group Research as well as for
Development within Mercedes-Benz Cars, said.  "Our majority
stake and partnership with Ford in Automotive Fuel Cell
Cooperation is a logical step in this direction."

"The fuel cell remains one of the most viable solutions to
develop a sustainable, zero-emissions vehicle," Dr. Gerhard
Schmidt, Ford vice president for Research and Advanced
Engineering, said.  "The creation of the Automotive Fuel Cell
Cooperation is an investment in our future.  Fuel cells are the
technology of the future and we are happy to be working with a
great partner like Daimler to advance this technology.  Through
this partnership, we will work even harder to make fuel cell
technology even more reliable and affordable for the future."

The creation of AFCC will allow Daimler and Ford to concentrate
on automotive fuel cell technology while Ballard will emphasize
their future efforts on the marketing of non-automotive fuel
cell applications.

"Automotive Fuel Cell Cooperation will orient its activities
even more intensively to the specific requirements we make on
fuel cell stacks," Prof. Dr. Herbert Kohler, Vice President with
responsibility for Advanced Vehicle and Powertrain Engineering
and Chief Environmental Officer of the Daimler Group, said.  
"With the newly founded company, we strengthen our leading
position in the field of fuel cell technology and go full steam
ahead in our preparations for the series production of fuel cell
cars."

Automotive Fuel Cell Cooperation will be managed by Daimler and
Ford with their collective 80.1% stake in the new company, while
Ballard will hold the remaining stake of 19.9%.  In return,
Daimler AG and Ford will retransfer their total stake in
Ballard.  The new company will employ approximately 150 people.

                  Fuel Cells at Daimler AG

A pioneer in fuel cell technology, Daimler introduced the
world’s first fuel cell vehicle in 1994.  Today, the company has
more than 100 fuel cell vehicles on the road accumulating more
than 3.7 million kilometers (2.3 million miles) in everyday
operation with customers to date.

          Fuel Cells Part of a Broader Effort at Ford

Ford currently has a fleet of 30 hydrogen-powered Focus fuel
cell vehicles on the road as part of a worldwide, seven-city
program to conduct real world testing of fuel cell technology.  
The 30-car fleet has accumulated more than 965,000 kilometers
(600,000 miles) since its inception in 2005.

Ford also is conducting tests with the world’s first plug-in
hybrid electric vehicle, the Ford Edge with HySeries Drive.  The
Ford Edge with HySeries Drive uses a series electric drivetrain
with an onboard hydrogen fuel cell generator to give the vehicle
a range of 225 miles with zero emissions.

Ford currently offers gasoline-electric hybrids including the
Escape Hybrid and Mercury Mariner Hybrid.  The company will
begin production of hybrid versions of the Ford Fusion and
Mercury Milan in 2008.

                      About Daimler AG

Stuttgart, Germany-based, Daimler AG –- http://www.daimler.com/
-- supplies premium passenger cars as well as the world‘s
largest manufacturer of commercial vehicles.  With its strong
brands and its comprehensive portfolio of automobiles from
compact cars to heavy-duty engine trucks, Daimler, with 271,486
employees, is active in nearly all countries in the world.

                      About Ford Motor

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

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

                        *     *     *

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


NIS GROUP: JCR Continues Credit Monitor on Senior Debt Rating
-------------------------------------------------------------
Japan Credit Rating Agency has decided to continue placing
rating on senior debts and shelf registration (with JPY100
billion maximum amount and effective from two years from
December 2, 2005) of NIS Group under Credit Monitor as
BB/Negative and preliminary BB/Negative, respectively, while
downgrading its rating on CP program of the issuer from J-
3/Negative to NJ, removing it from Credit Monitor.  JCR also
continues placing rating on senior debts of Nissin Servicer
under Credit Monitor as BB/Negative.

JCR placed ratings on both senior debts and CP program of NIS
Group under Credit Monitor, because needs to keep an eye on
future liquidity on hand and relationships with the lenders are
increasing and because there is fear of drop in its financial
stability.  Risk that the strict lending posture of banks will
continue into the future has increased.  JCR downgraded its
rating on CP program of NIS Group by one notch to NJ.  At the
same time, JCR decided to continue placing rating on senior
debts of the Company under Credit Monitor with the still
Negative direction to it.  JCR will continue to watch carefully
NIS Group's handling for ensuring liquidity and stabilizing
financial footing and lending posture of financial institutions
as well.  As for Nissin Servicer, which has strong unity with
NIS Group in terms of human affairs, business and fundraising,
JCR also continues placing rating on senior debts under Credit
Monitor with Negative direction.

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


NISSIN SERVICER: Continues Credit Monitor On Senior Debt Rating
---------------------------------------------------------------
Japan Credit Rating Agency has decided to continue placing
rating on senior debts and shelf registration (with JPY100
billion maximum amount and effective from two years from
December 2, 2005) of NIS Group under Credit Monitor as
BB/Negative and preliminary BB/Negative, respectively, while
downgrading its rating on CP program of the issuer from
J-3/Negative to NJ, removing it from Credit Monitor.  JCR also
continues placing rating on senior debts of Nissin Servicer
under Credit Monitor as BB/Negative.

JCR placed ratings on both senior debts and CP program of NIS
Group under Credit Monitor, because needs to keep an eye on
future liquidity on hand and relationships with the lenders are
increasing and because there is fear of drop in its financial
stability.  Risk that the strict lending posture of banks will
continue into the future has increased.  JCR downgraded its
rating on CP program of NIS Group by one notch to NJ.  At the
same time, JCR decided to continue placing rating on senior
debts of the Company under Credit Monitor with the still
Negative direction to it.  JCR will continue to watch carefully
NIS Group's handling for ensuring liquidity and stabilizing
financial footing and lending posture of financial institutions
as well.  As for Nissin Servicer, which has strong unity with
NIS Group in terms of human affairs, business and fundraising,
JCR also continues placing rating on senior debts under Credit
Monitor with Negative direction.

Nissin Servicer Co., Ltd. is a Japan-based company headquartered
in Tokyo -- http://www.nissin-servicer.co.jp-- principally  
engaged in the credit management and credit collection
businesses.  The Company, along with its 20 subsidiaries and 9
associated companies, is also engaged in the investment
business, the real estate-related business, as well as the
management of corporation reconstruction funds.


YAMATO LIFE: R&I Upgrades Claims Paying Ability to BB-op
--------------------------------------------------------
Rating and Investment Information, Inc., has upgraded the
insurance claims paying ability of Yamato Life Insurance Co. to
BB-op from B+op.

Yamato Life Insurance Co., whose predecessor is a mutual
company, Yamato Mutual Life Insurance Co., was formed through a
merger in April 2002 with Azami Life Insurance Co., a company
created to take over the insurance contracts of failed Taisho
Life Insurance Co.  Total asset is small at about JPY300
billion, and independent companies including Leopalace 21 Corp.
with customer base and investment funds are its major
shareholders.

Yamato Life has significantly reduced real estate-related
investments and loans, which had been a concern, and its risk
resilience has been improved than before.  The surrender and
lapse ratio has dropped and the decline in the number of sales
staff has been prevented.  Its operational base has been
solidified.

Based on these factors, R&I has upgraded the Insurance Claims
Paying Ability for Yamato Life from B+op to BB-op.

However, Yamato Life remains substantively unable to offset the
negative spread burden with other gains and its fundamental
profitability is still inferior to other companies. The company
has pursued, under its central management strategy, to set up a
new market with shareholding companies, though achievement is
limited. R&I considers the company shall enhance capacity of the
existing sales force channels and improve its profitability.

An Insurance Claims Paying Ability is an opinion regarding the
insurer's overall capacity to pay its insurance obligations.  It
is not an opinion on the degree of capacity for payment of
individual insurance claims.

'op' ratings are mainly determined on the basis of publicly
disclosed information and therefore differ from ratings assigned
at the request of the relevant company, for which on-site
surveys have been conducted and extra data has been examined.  
The symbol 'op' is affixed to the rating to show the difference
between the two types of rating.


* Japan's Language School Revenue Down in Sept. Record
------------------------------------------------------
The Ministry of Economy, Trade and Industry said that revenue
for foreign language schools operating in Japan logged its
biggest-ever year-on-year drop of 43.3% to JPY7.3 million,
relates Jiji Press.

Jiji Press states that since the ministry started compiling the
statistics in January 2000, the September 2007 revenue results
have been the largest by far.  The second largest fall of 37.7%
was marked in February this year, when the ministry raided Nova
Corp. to search for evidence of its alleged illegal business
transactions.

The plunge, according to the report, is mainly attributed to a
fall in revenue at leading foreign language school operator
Nova, which filed for bankruptcy protection the following month.

The ministry, adds Jiji Press, reported the tuition incomes at
foreign language schools in September dropped 46.6%, while the
number of students attending such schools dropped 14.8%.

The Troubled Company Reporter-Asia Pacific reported on Oct. 29,
2007, that Nova Corp. filed for bankruptcy protection from its
creditors with a JPY43.9 billion debt.


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

DURA AUTOMOTIVE: Asks Firm to Detail Purchase of Clients' Bonds
---------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates asked
the U.S. Bankruptcy Court for the District of Delaware to bar
Ballard Spahr Andrews & Ingersoll, LLP, and 14 parties that it
represents from further participating in the Chapter 11 cases,
unless the law firm details under what circumstances its clients
bought senior subordinated notes of Dura Operating Corporation
due May 2009.

DURA's Joint Plan of Reorganization, which will be presented to
Court for confirmation on Dec. 6, 2007, provides that holders of
subordinated notes aggregating US$560,700,000, which include   
Ballard Spahr's clients, will not receive any recovery on their
claims.  Holders of US$418,700,000 in senior notes, however,
will receive 55% recovery on their claims and will have the
option to purchase shares of reorganized DURA in a rights
offering, backstopped by Pacificor, LLC.

Ballard Spahr, on behalf of the 9% Subordinated Noteholders, has
filed a number of pleadings in DURA's bankruptcy cases.  Among
other objections, Ballard Spahr opposed the Debtors' backstop
agreement with Pacificor, and subsequently filed a notice that
it intends to appeal the order approving the Backstop Deal.

Ballard Spahr also commenced an adversary proceeding on behalf
of Thomas and Pattian Kurak, two of the 14 Subordinated
Noteholders, seeking a declaration that subordinated noteholders
are entitled to participate in the US$140,000,000 to
US$160,000,000 rights offering, and receive distributions under
the Plan, pursuant to the terms of subordinated notes
indentures.  The Debtors noted that the firm, in its summary
judgment briefing, purports to champion the cause not only of
the named plaintiffs, but also of "similarly situated
noteholders."

On Aug. 30, 2007, Ballard Spahr filed a verified statement,
disclosing that it represented Certain 9% Subordinated
Noteholders, specifically 14 entities holding senior notes with
the aggregate face amount of US$95,887,000 -- Tom Kurak, Pattiam
Kurak, James W. Korth & Company, Jason Alan Pieper, Charles T.
Kurak, Jeffrey R. Werner, Jeff Comfort, Donald L. Welker,
Jeffrey Scott Einstein, Daniel Scott Hennum, Curtis H. Werner,
Richard John Thielen, Carl E. Kruger, and Tamara A. Kurak.

DURA insisted that Ballard Spahr amend its verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure,
to, among other things, explain the nature of the group of the
Certain 9% Subordinated Noteholders.

"Without the type of disclosure mandated by Rule 2019, neither
the Court, the Debtors nor any other party-in-interest can
understand whether Ballard Spahr purports to represent merely a
single disgruntled creditor who seemingly acquired its 9%
Subordinated Notes for speculative purposes in the weeks and
months following the Petition Date or a group of disgruntled
creditors engaging in such speculation," said Daniel J.
DeFranceschi, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware.

As a result, neither the Court, the Debtors, nor any other
party-in-interest can properly evaluate the credibility of
arguments propounded by Ballard Spahr, Mr. DeFranceschi said.

DURA asked the Court to (i) prohibit Ballard Spahr from
intervening or otherwise being heard further in the Chapter 11
cases, and (ii) invalidate any pleading filed by firm in the
Kurak Adversary Proceeding, the Appeals, or the Plan
confirmation process, until the firm amended its Rule 2019
statement to include these information:

  (i) the acquisition date and face amount of each individual
      claim purchased;

(ii) the date and amount of any sale of Subordinated Notes;

(iii) the amount of each Certain 9% Subordinated Noteholder
      paid for such claim; and

(iv) the fee arrangement between the Certain 9% Subordinated     
      Noteholders and the firm.

In light of the Court's approval of DURA's request to compel
Ballard Spahr to provide the requested information, the law firm
on November 7, filed a verified statement, disclosing, among
other things, that it represents 13 noteholders and the amounts
paid by each party for the notes:

                     Transaction    Face Value        Total
Party                 Date/s        of Bonds      Amount Paid
-----                 ------        --------      -----------
Tom & Pattiam Kurak  12/11/06 to   US$81,550,000  US$4,409,150
15001 Sunfish Lake      6/29/07   
Boulievard NW
Ramsey, Minn.
          
James W. Korth &     10/10/06 to      1,253,000         64,763
Company                 8/09/07   
2701 South Bayshore
Dvie, Suite 305
Miami, Florida

Jason Alan Pieper     1/09/07 to      1,477,000        114,053
11860 Irish Avenue      6/19/07
N. Gran, Minn.

Charles T. Kurak     12/15/06 to      1,000,000         59,963
13 - 77th Ave., NE      4/11/07
Minneapolis, Minn.

Jeffrey R. Werner     4/10/07 to        980,000         54,281
15385 Armstrong         5/16/07
Boulevard
Ramsey, Minn.

Jeff Comfort          3/26/07 to        798,000         55,829
415 Hidden Oaks Ct.     6/13/07
Mahtomedi, Minn.

Donald L. Welker       5/24/07          420,000         50,740
9587 168th Ave.
Becker, Minn.
                        
Jeffrey Scott Einstein 1/19/07          150,000         10,995
12062 93rd Pl.N.
Maple Grove, Minn.     

Daniel Scot Hennum     6/22/07          130,000         19,500
10209 Jackson St., NE
Blaine, Minn.

Curtis H. Werner       5/02/07          102,000          8,033
Elk River, Minn.

Richard John Thielen   1/10/07          100,000          6,125
260 Rice Creek Terrace
Fridley, Minn.   

Carl E. Kruger         5/08/07           35,000          2,888
14963 Sunfish Lake
Boulevard
Ramsey, Minn.

Tamara A. Kurak        2/13/07           30,000          2,100
1070 Grandview Ct.                                     
#17 Columbia Heights,                       
Minn.
                                    -----------     ----------   
   Aggregate Face Amount of Bonds
     and Total Amount Paid        US$88,025,000   US$4,858,418   
                                  =============   ============

Tamara Kurak sold notes in the face amount of US$10,000 in June
2007, leaving her with notes in the face amount of US$20,000,
and the aggregate amount of notes held by the 9% Noteholders to
US$88,015,000.

                   About DURA Automotive

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

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

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

The Debtors' exclusive plan-filing period expired on
Sept. 30, 2007.  On Aug. 22, 2007, the Debtors' filed their Plan
of Reorganization and the Disclosure Statement explaining that
Plan was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Nov. 26, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000


HANAROTELECOM: Names SK Telecom as Preferred Bidder
---------------------------------------------------
hanaracom Inc. named SK Telecom as the preferred bidder for a
controlling stake in the company, various reports say, citing  
bid adviser Goldman Sachs.

According to Antara News, SK Telecom Co. confirmed on Nov. 14
that it has submitted its official proposal to take over a
controlling stake of hanarotelecom Inc.

As reported by the Troubled Company Reporter-Asia Pacific on  
Nov. 12, 2007,  SK Telecom considered to buy a major stake in
hanarotelecom, ending widespread speculation about its interest
in the broadband provider.  hanarotelecom executives said the
news agency that local strategic investors were in the race for
the company, the TCR-AP noted.

According to the TCR-AP, American International Group and
Newbridge Capital is looking to sell a 40% stake in
hanarotelecom.  The consortium bought the shares for
US$500 million in 2003, the report said.

Reuters says SK Telecom is set to take a US$1.1 billion
controlling stake in hanarotelecom.  SK Telecom's bid price for
38.9% of Hanarotelecom wasn't disclosed, though local media have
speculated it may have offered to buy the stake at KRW12,500 a
share, The Herald says.  

Macquarie Group Ltd. was the main loser, The Herald relates.  It
had bid through its private equity  fund based in Seoul and in
conjunction with South Korea's National Pension Service and
several other financial investors.

SK Telecom spokeswoman Mina Ryu said, given "due diligence,
final negotiations, a board meeting and the government's review,
we expect the deal to be completed in about three months from
now.", The Herald notes.

                   About Hanarotelecom

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

                          *     *     *

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

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


HANAROTELECOM: Moody's Reviews Ba2 Ratings for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed hanarotelecom's  Ba2
corporate family rating and senior unsecured bond rating on
review for possible upgrade.

The review has been prompted by the announcement that SK Telecom
Co. Ltd -- itself rated A2/positive -- is the preferred bidder
for an approximate 39% stake in the company to be acquired from
the AIG/Newbridge led consortium.  This may lead to the
potential for ratings uplift derived from SK Telecom given its
involvement as a strategic investor.

"Given SK Telecom's dominance of the cellular sector, Moody's
views this acquisition as a long-term strategic play which will
facilitate the bundling of products across fixed and wireless
media and allow Hanaro to compete more effectively against KT
Corporation," says Laura Acres, a Moody's Vice President.

"Furthermore, SK Telecom's strong track record of performance
and conservative financial profile should provide support to
Hanaro's credit metrics as well as create ongoing synergies
between the two companies," adds Acres, also Moody's lead
analyst for the company.

The review will focus on evalutaintg the strategic importance of
Hanaro to SK Telecom and the potential rating uplift as well as
the ability of the two companies to integrate successfully and
any regulatory issues that may arise as a result of the
acquisition.  However, any review process will be conditional on
the acquisition obtaining any necessary regulatory and
shareholder approvals.

Listed on the Korea Composite Stock Price Index, Hanaro is South
Korea's second largest fixed-line telecommunications operator.
It has a market share of approximately 25.3% for broadband and
8.45%, or 2.0 million subscribers, for telephony based services.
In addition, Hanaro offers a wide range of services including
multimedia data, internet data centre services and, more
recently has launched hanaTV, an on-demand TV service. Hanaro
also provides leased or dedicated lines and IDC services to
corporate clients.


LG TELECOM: Partners With Yahoo Korea to Develop New Service
------------------------------------------------------------
LG Telecom Ltd. has partnered with Yahoo to develop a new
service that provides Yahoo's Internet search window on its
mobile phones, Korean Times reports.

Cho Jin-seo of Korean Times wrote that the company signed a
memorandum of understanding with Yahoo Korea to make  the mobile
Internet easier and faster to use.

The firms said that they plan to adopt the technology on new
handsets to be sold from the second half of next year, the
report adds.

                         About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and   
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'

On March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  The outlook on the
rating is stable.


NOVELIS INC: Reports US$13-Mln Net Income in 2007 Second Quarter
----------------------------------------------------------------
Novelis Inc., a subsidiary of Hindalco Industries Limited, has
reported its financial results for the second quarter of fiscal
year 2008, which ended on Sept. 30, 2007.  (Novelis changed its
fiscal year end from December 31 to March 31 following its
acquisition by Hindalco on May 15, 2007)
    
Total rolled products shipments in the quarter increased to 747
kilotonnes -- kt --- compared with 737 kt in the corresponding
period of 2006.  Novelis incurred a pre-tax loss of US$23
million on sales of US$2,821 million, compared with the prior-
year period when it incurred a pre-tax loss of US$154 million on
sales of US$2,494 million.
    
The US$131 million increase in pre-tax earnings reflects
significant underlying operational improvement despite difficult
market conditions in North America and Asia. This increase is
due to a number of positive business factors, including:

    -- The company's exposure to customer contracts with metal
       price ceilings was reduced by US$44 million, net of
       hedges, compared with the prior-year period.

    -- Product mix improvements, price increases, and volume
       increases primarily in Europe and South America,
       benefited net sales by approximately US$22 million
       compared with the prior-year period.

    -- The company realized a US$29 million improvement in metal
       price lag over the prior-year period, largely as a result
       of better risk management.  Metal price lag negatively
       impacted pre-tax earnings by US$4 million in the quarter
       ended Sept. 30, 2007, compared with US$33 million in the
       prior-year period.

    -- Corporate selling, general and administrative (SG&A)
       expenses were reduced by US$17 million, driven by
       streamlining of corporate staff and unusual items related
       to financial reporting requirements and executive changes
       in the prior year.

    -- The company reversed US$21 million of reserves (US$15
       million net of tax) relating to previously disputed
       applications of social contribution tax credits as a
       result of a favorable Superior Court ruling in Brazil.

    -- Improved operational performance was partially offset by
       higher input and operational costs in the current quarter
       compared with the prior year period.
    
In addition to these items, pre-tax earnings during the quarter
ended Sept. 30, 2007, were impacted by certain income and
expense items associated with fair value adjustments recorded at
the date of acquisition.  The net pre-tax impact of these items
was a benefit of US$29 million primarily driven by the
amortization of accruals related to unfavorable contracts
partially offset by higher depreciation and amortization.
    
Novelis President and Chief Operating Officer, Martha Brooks
said, "During the second quarter, further improvements in
Novelis' business operations enabled us to achieve an increase
in pre-tax results despite soft conditions in the North American
marketplace.  While the effect of these improvements was
partially offset by increased input and operating costs, our
financial performance also benefited from stronger risk
management capabilities, and in particular, our ability to
manage our metal price volatility in a more effective manner.
    
Ms. Brooks added, "Market conditions in North America and Asia
were challenging, primarily related to the transportation and
housing sectors in North America and strong competition from
Chinese manufacturers in Asia; however, we continued to see very
strong demand for our products in South America and Europe.  
Demand for the aluminum beverage can, a market in which we have
a strong global position, is growing strongly on three
continents."
    
For the three months ended Sept. 30, 2007, Novelis reported net
income of US$13 million, compared with the corresponding period
of 2006 when it incurred a net loss of US$102 million. Included
in net income of US$13 million for the second quarter of fiscal
year 2008 is US$36 million of income tax benefit.  Significant
tax items in the quarter included:

    -- US$27 million of tax expense related to exchange
       translation and re-measurement items;

    -- US$19 million of tax expense on valuation allowance
       increases primarily related to tax losses in certain
       jurisdictions where the company believes, based on
       current facts and circumstances, it will not be able to
       utilize those losses; and

    -- US$74 million of tax benefit associated with a reduction
       in tax rates in Germany.
    
Cash taxes paid during the second quarter of fiscal year 2008
were US$18 million.

                         Six Months
    
For the six months ended Sept. 30, 2007, total rolled products
shipments increased to 1,504 kt from 1,490 kt for the
corresponding period of 2006.  For the six-month period, the
company incurred a combined pre-tax loss of US$134 million on
combined net sales of US$5,649 million, an improvement of US$34
million compared with a pre-tax loss of US$168 million on net
sales of US$5,058 million for the same period of 2006.
    
The combined pre-tax loss for the first six months of fiscal
2008 includes a number of non-recurring expenses related to the
acquisition by Hindalco.  These include US$45 million of stock
compensation expense triggered by the sale of Novelis and US$32
million for sale transaction costs, among other items, as the
company previously disclosed in its financial results for the
first quarter of fiscal year 2008.  Excluding the transaction
expenses, pre-tax improvement was US$111 million compared with
the corresponding period of 2006.
    
For the six months ended Sept. 30, 2007, Novelis incurred a net
loss of US$138 million, including US$4 million of income tax
expense.  This compares with the corresponding period of 2006
when it incurred a net loss of US$96 million.  Significant tax
items in the first six months of fiscal year 2008 included:

    -- US$80 million of exchange translation and re-measurement
       expense;

    -- US$53 million of valuation allowance increases primarily
       related to tax losses in certain jurisdictions where the
       company believes, based on current facts and
       circumstances, it will not be able to utilize those
       losses; and

    -- US$69 million of tax benefit associated with enacted tax
       rate changes (primarily in Germany).
    
Cash taxes paid during the first six months of fiscal year 2008
were US$39 million.
    
For further information regarding Novelis' second quarter and
year-to-date results, please review the company's Quarterly
Report on Form 10-Q as filed with United States Securities and
Exchange Commission on Nov. 9, 2007.

                         About Novelis

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum  
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.  
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.  
Novelis also has operations in Germany, Switzerland and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Fitch Ratings has affirmed the Issuer Default
Rating for Novelis, Inc. and Novelis, Corp. at 'B' and assigned
a Negative Rating Outlook.  The company's previous senior
secured bank debt ratings have been withdrawn.  Ratings for the
new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1';
  -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1'.


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

AMAZON PUBLICATIONS: Faces Image Centre's Wind-Up Petition
----------------------------------------------------------
A petition to have Amazon Publications Ltd.'s operations wound
up will be heard before the High Court of Auckland on Feb. 21,
2008, at 10:45 a.m.

Image Centre Limited filed the petition on September 3, 2007.

Image Centre's solicitor is:

          L. LIM
          15 Edsel Street, Henderson
          Auckland
          New Zealand


BAD IDEA: Faces South Pacific's Wind-Up Petition
------------------------------------------------
A petition to have Bad Idea Ltd.'s operations wound up will be
heard before the High Court of Auckland on November 29, 2007, at
10:00 a.m.

South Pacific Tyres N.Z. Limited filed the petition on July 27,
2007.

South Pacific's solicitor is:

          Dianne S. Lester
          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          PO Box 213, Wellington
          New Zealand
          Telephone:(04) 470 5972


CARTLEDGE WOOL: Taps Michael Gerard Schimanski as Liquidator
------------------------------------------------------------
The shareholders of Cartledge Wool Exports Ltd. met on Aug. 13,
2007, and resolved to voluntarily liquidate the company's
business.

Michael Gerard Schimanski was appointed as liquidator.

The Liquidator can be reached at:

          Michael Gerard Schimanski
          119 Blenheim Road
          PO Box 8621, Christchurch
          New Zealand
          Telephone:(03) 343 4448
          Facsimile:(03) 348 2262


FLAVELL DECORATORS: Wind-Up Petition Hearing Set for Dec. 6
-----------------------------------------------------------
The High Court of Auckland will hear on Dec 6, 2007, at 10:45
a.m., a petition to have Flavell Decorators Ltd.'s operations
wound up.

The petition was filed by Accident Compensation Corporation on
August 24, 2007.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald’s Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City


K&G JOE CONTRACTORS: Subject to CIR's Wind-Up Petition
------------------------------------------------------
The Commissioner of Inland Revenue on September 27, 2007, filed
a petition to have K&G Joe Contractors Ltd.'s operations wound
up.

The petition was heard before the High Court of Napier on
Nov. 15, 2007.

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


MARGRAN NEW ZEALAND: Wind-Up Petition Hearing Set for Feb. 8
------------------------------------------------------------
On October 3, 2007, FISA S.R.L. filed a petition to have Margran
New Zealand Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 8, 2008, at 10:45 a.m.

The Petitioner's solicitor is:

          Mark Andrew Edward Sullivan
          3rd Floor, 9 Princes Street
          Auckland
          New Zealand


NGATA CONTRACTORS: Court to Hear Wind-Up Petition on Dec. 13
------------------------------------------------------------
The High Court of Auckland will hear on December 13, 2007, a
petition to have Ngata Contractors Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition on
Aug. 16, 2007.

The CIR's solicitor is:

          Julia Beech
          c/o 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


ROMANO'S (2005): Fixes Jan. 16, 2008, as Last Day to File Claims
----------------------------------------------------------------
The creditors of Romano's (2005) Ltd. are required to file their
proofs of debt by January 16, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          David Murray Blanchett
          c/o PricewaterhouseCoopers
          corner of Bryce and Anglesea Streets
          PO Box 191, Hamilton
          New Zealand
          Telephone:(07) 838 3838
          Facsimile:(07) 839 4178


UNDERGROUND CONSTRUCTION: Taps Shephard & Dunphy as Liquidators
---------------------------------------------------------------
On October 18, 2007, the shareholders of Underground
Construction Ltd. appointed Iain Bruce Shephard and Christine
Margaret Dunphy as the company's liquidators.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


WELLINGTON EGG: Fixes November 30 as Last Day to File Claims
------------------------------------------------------------
On October 30, 2007, the shareholders of Wellington Egg Company
Ltd. appointed Mark David Stevens as the company's liquidator.

Creditors are required to file their proofs of debt by Nov. 30,
2007, to be included in the company's dividend distribution.

The Liquidator can be reached at:

          Mark David Stevens
          11 Sovereign Point, Khandallah
          Wellington
          New Zealand
          Telephone:(021) 0225 5335
          Facsimile:(04) 473 5456


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

GLOBE TELECOM: Fitch Affirms Ratings on Declaration of Dividends
----------------------------------------------------------------
Fitch Ratings has affirmed Globe Telecom's issuer and instrument
ratings following the company's declaration of a special
dividend at PHP50 per common share, equivalent to PHP6.6 billion
and payable on December 17, 2007.

The affirmed ratings include Globe's Long-term local currency
Issuer Default Rating (IDR) at 'BBB-' (BBB minus), its Long-term
foreign currency IDR at 'BB+' and National Long-term rating at
'AAA(phl)'.  The Outlook on the ratings remains Stable. Also,
Globe's senior unsecured debt instruments have been affirmed at
'BB+'.

Globe's special dividend of PHP6.6bn is in addition to PHP8.7bn
in common dividends paid during 9M07, which equates to a total
shareholder payout at 130% of FY06 net income.  "The special
dividend can be accommodated within Globe's local currency
rating of 'BBB-' (BBB minus), with net adjusted leverage for
FY07 expected to remain below the maximum threshold of 1.3x set
by the agency," said Priya Gupta, director in Fitch's Asia-
Pacific telecommunications, media and technology team.

Globe's net adjusted debt at 30 September 2007 amounted to
PHP43.8 billion, implying net adjusted leverage of 1.0x.  Fitch
notes that the impact of the special payout on net debt levels
at FYE07 will be partly compensated by lower cash capital
expenditure (cash-capex) than the agency had earlier
anticipated.  The company's guidance on committed capex for FY07
was recently revised downwards to US$300 million from US$350
million-US$400 million earlier.

Fitch views Globe's liquidity position as satisfactory.  As at
September 2007, the company held liquid reserves of PHP7.1
billion and held-to-maturity investments of PHP4.5 billion (the
latter maturing in less than a year), against principal
maturities of PHP6.5 billion coming up in Q407/FY08, and special
dividends of PHP6.6 billion payable in December 2007.  In
addition, Globe had short-term uncommitted and undrawn credit
facilities of PHP4,600 million and US$39 million.  Its liquidity
profile is further enhanced by its strong access to banks and
capital markets.

Globe Telecom has an entrenched second-ranking position in the
Philippines telecommunications space, with integrated and
diversified operations spanning cellular, fixed-line and
broadband services.  Globe's local currency rating of 'BBB-'
(BBB minus)/Stable (which exceeds the sovereign local currency
rating by one notch) ignores foreign currency transfer and
convertibility risk, and is more reflective of its stand-alone
credit profile.  In terms of its foreign currency IDR, Globe
remains constrained by the country ceiling of the Republic of
the Philippines, which is currently at 'BB+'.  The National
rating of 'AAA(phl)' is indicative of Globe's relative credit
strength among all Philippine companies.


JG SUMMIT: 3rd Quarter Net Income Slides 8.08% to PHP1.688 Bil.
---------------------------------------------------------------
JG Summit Holdings Inc. reported a net income of
PHP1.688 billion for the third quarter of 2007, an 8.08%
decrease from the PHP1.837-billion net income reported for the
same period last year.

For the July-September 2007 period, the company posted revenues
of PHP20.373 billion while incurring expenses of
PHP18.212 billion, resulting in a PHP2.16-billion income before
a PHP469.454-million income tax.

The company's net income for the nine months ended September 30,
2007, went up 9.97% year-on-year to PHP6.497 billion from a year
ago's PHP5.908 billion.

For the ninth-month period, the company reported a PHP61.944-
billion revenue and expenses of PHP53.474 billion, resulting in
a PHP8.469 billion income before income tax of PHP1.646 billion.

As of September 30, 2007, the company had PHP225.021 billion in
total assets and PHP129.662 billion in total liabilities,
resulting in an equity of PHP95.358 billion.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/JGS_17Q_Sep2007.pdf

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.

At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


METROPOLITAN BANK: 3rd Quarter Profit Falls 5.56% to PHP1.7 Bil.
----------------------------------------------------------------
The Metropolitan Bank & Trust Co.'s consolidated income
statements show that the company's net income for the third
quarter of 2007 decreased 5.56% from last year's
PHP1.856 billion to PHP1.752 billion.

For the quarter ended September 30, 2007, the bank earned a net
interest income of PHP5.374 billion on an interest income of
PH9.539 billion and interest expenses of PHP4.164 billion.  
Other income for the quarter is at PHP3.314 billion and other
expenses are at PHP5.606 billion.  The bank also made a
PHP869.193 million provision for impairment and credit losses.

The bank's nine-month period net profit, on the other hand, grew
19.97% to PHP5.8 billion from a year ago's PHP4.834 billion.  

For the January-September 2007 period, the bank earned a net
interest income of PHP12.435 billion on interest income of
PHP28.354 billion and PHP15.919 billion in interest expenses.  
The bank's other income is recorded to be at PHP11.619 billion
while other expenses is at PHP16.792 billion.  The bank also has
a provision of PHP3.148 billion for impairment and credit
losses.

As of September 30, 2007, the bank had total assets of
PHP673.84 billion and total liabilities of PHP601.304 billion,
resulting in a total equity of PHP68.73 billion.

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/MBT_17Q_Sep2007.pdf


Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the    
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

As reported on Nov. 6, 2006, that Moody's Investors Service
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook;

   * Short-term rating 'B'; and

   * Support rating '3.

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

  
PRYCE CORP: Turns Around with 3rd Quarter Profit of PHP131 Mil.
---------------------------------------------------------------
Pryce Corp.'s consolidated income statements showed a net income
of PHP131.531 million for the quarter ended September 30, 2007,
a turn-around from the PHP8.459-million net loss recorded for
the same period in 2006.

For the July-September 2007 period, the company reported a gross
income of PHP75.099 million, comprised of PHP378.679 million in
revenues minus PHP303.58 million in costs and expenses.  The
company also reported operating expenses of PHP81.439 million,
income from operations of PHP6.34 million, and
PHP137.531 million of other income.

The company also booked a net income of PHP168.868 million for
the nine-month period ending September 30, 2007, a turnaround
from the PHP41.842-million net loss incurred during the same
period in 2006.

For the nine-month period, the company reported a gross income
of PHP231.967 million, operating expenses of PHP241.096 million,
loss of PHP9.129 million from operations, and PHP177.997 million
in other income.

As of September 30, 2007, the company had PHP4.691 billion in
total assets and PHP2.769 billion in total liabilities,
resulting in a stockholders' equity of PHP1.921 billion.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PPC_17Q_Sep2007.pdf

                       About Pryce Corp.

Makati City-based Pryce Corporation --
http://www.prycegardens.com/-- formerly Pryce Properties  
Corporation, was incorporated as a property holding and real
estate development company.  The company's real estate
undertakings include the development of memorial parks,
residential and commercial properties and hotel operations.  In
1997, LPG and industrial gases became the dominant business.  
Thus, the company changed its name to Pryce Corp. and its
primary purpose from that of a property company to a
manufacturing company.

Pryce, thru its subsidiary Pryce Gases, Inc., manufactures and
distributes oxygen and acetylene in the Visayas and Mindanao and
trades in other gases such as argon, carbon dioxide and
nitrogen.

Pryce Corporation reported a net loss of PHP231.5 million for
the year 2006 -- its third consecutive annual loss.  In 2005,
the company posted a PH51.1 million net loss.  Pryce reported a
PHP170.2 million net loss for 2004.


RIZAL COMM'L: BSP OKs Election of Director, Sr. Vice Presidents
---------------------------------------------------------------
The Monetary Board of the Bangko Sentral ng Pilipinas has
confirmed the election of an independent director and three
senior vice presidents of the Rizal Commercial Banking Corp.

In a resolution dated October 30, 2007, the Monetary Board
confirmed the election of these individuals:

    * Antonio L. Alindongan Jr.  -- Independent Director
    * Michael O. de Jesus        -- Senior Vice President
    * Reynaldo P. Orsolino       -- Senior Vice President
    * Rafael Andres R. Reyes     -- Senior Vice President

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.


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

BTE HOLDINGS: Requires Creditors to File Claims by Dec. 7
---------------------------------------------------------
The creditors of BTE Holdings Pte Ltd are required to file their
proofs of debt by December 7, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


FREESCALE SEMICONDUCTOR: Fitch Puts Issuer Default Rating at B+
---------------------------------------------------------------
Fitch initiated coverage of Freescale Semiconductor Inc. by
establishing these ratings:

   -- Issuer default rating of 'B+';

   -- Bank revolving senior secured credit facility of
     'BB+/RR1';

   -- Senior secured term loan of 'BB+/RR1';

   -- Senior unsecured notes of 'B/RR5';

   -- Senior subordinated notes of 'CCC+/RR6'.

The Rating Outlook is Stable.  Fitch's actions affect about
US$10 billion of debt.

Rating concerns center on:

  -- Fitch's belief that Freescale will be challenged to
     meaningfully improve profitability over the next few
     years due to weaker than originally anticipated customer
     and end market demand over the near-term, pressured
     average selling prices across key end markets, and  
     maturing end market growth rates (including handsets).
     
     Fitch remains cautious regarding Freescale's higher than
     company-wide margin networking segment due to anticipated
     pressured wireless infrastructure spending for 2008.  In
     addition, the wireless and mobile solutions group      
     segment continues to suffer from the competitive weakness
     of Motorola Inc. ('BBB+'/F2/Negative Outlook) and
     substantially lower than company-wide profitability
     levels;

  -- Freescale's relatively weak credit protection measures,
     with Fitch-estimated leverage of 6.6x (2.4x secured
     debt/EBITDA), interest coverage of 2x, and free cash
     flow/total debt of 2.2%; Fitch expects credit metrics
     will remain near current levels over the intermediate
     term, due to minimal debt amortization requirements and
     Fitch's expectations for only modest profitability
     expansion;

  -- Freescale's significant but necessary ongoing R&D
     expenditures required to win new design references,
     diversify its WSMG segment, and strengthen the
     intellectual property portfolio.  Despite solid foundry
     relationships and R&D partnerships, Freescale's ongoing
     investment requirements will remain substantial,
     approximating 25%-30% of total sales for capital spending
     and R&D (consistent with semiconductor industry); and

  -- Greater than originally contemplated volatility in WMSG,
     given continued concentration to Motorola (26% of total
     company sales for the quarter ended Sep. 28, 2007), which
     has lost 8% of share in the global handset market over
     the last year (to approximately 14% in the 3rd quarter of
     2007).  Although Freescale is likely to attract
     additional wireless customers in WMSG, Fitch does not
     anticipate meaningful positive earnings contribution from
     such an event over the near-term.

The Outlook and ratings are supported by Freescale's:

  -- Leading market positions in comparatively stable
     automotive electronics and standard products markets, as
     well as higher-margin networking markets;

  -- Continued solid position as key supplier to Motorola,
     which despite current operational challenges and market
     share losses Fitch believes will remain a leader in the
     global handset industry given its significant scale,
     leading market positions (#1 in North America), and
     strong brand name;

  -- Relatively diversified end market, product, and customer
     (outside Motorola) portfolios, particularly in the
     Transportation and Standard Products Group segment; and

  -- Significant unit scale, ensuring supply continuity with
     foundries and, thereby, supporting the company's asset
     light strategy and more stable free cash flow.

Fitch may downgrade Freescale if:

  -- Credit protection measures deteriorate due to erosion in
     the company's profitability or free cash flow;

  -- Management does not execute on its restructuring efforts,
     including successful site consolidation, asset sales, and
     meaningful improvement in the company's cash conversion
     cycle.

Conversely, Fitch may consider positive rating actions if
Freescale:

  -- Improves its operating margin profile and free cash flow
     characteristics via successful expansion of higher-margin
     products along with a successful design win at another
     significant wireless handset manufacturer;

  -- Utilizes proceeds from potential asset sales or
     divestitures to materially reduce debt.

The senior secured debt facility is secured by Freescale's
equity ownership in all material wholly-owned subsidiaries
(limited, in the case of foreign subsidiaries, to 65% of the
voting stock of such subsidiaries) and substantially all present
and future tangible and intangible assets of Freescale. In
addition, the bank facility carries a limitation on senior
secured debt of 4.0x EBITDA through 2008, and declines to 3.75x
through 2010, and 3.5x thereafter.  There are also limitations
on dividends, sale of assets and other customary covenants.

Adequate financial flexibility and liquidity as of
Sep. 28, 2007, supported by about US$772 million of cash and
cash equivalents, about US$370 million of which is located in
the U.S., and an undrawn US$750 million revolving bank credit
facility expiring Dec. 1, 2012; Fitch anticipates annual free
cash flow will be US$100-200 million annually over the next few
years, modestly supporting liquidity.

Additionally, the company is currently pursuing the sale of
certain assets, which could be utilized for modest debt
reduction, which the current ratings and outlook incorporate.
With no borrowings outstanding under the revolving bank credit
facility, Freescale's only debt amortization until 2013 is 1%
per annum under the term loan facility, or approximately US$35
million per year.

At Sep. 28, 2007, total debt was about US$9.5 billion and
consisted primarily of:

     i) US$3.5 billion of senior secured term loan expiring
        Dec. 1, 2013;

    ii) US$500 million of floating rate senior notes due 2014;

   iii) US$1.5 billion of 9.125% PIK-election senior notes due
        2014;

    iv) US$2.35 billion of 8.875% senior notes due 2014;

     v) US$1.6 billion of 10.125% senior subordinated notes due
        2016; and

    vi) US$59 million of other debt, including capital leases.

The Recovery Ratings for Freescale reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Freescale, and hence
recovery rates for its creditors, will be maximized in a
restructuring scenario (as a going concern) rather than a
liquidation scenario.  In deriving a distressed enterprise
value, Fitch applies a 35% discount to Freescale's operating
EBITDA of about US$1.4 billion for the latest 12 months ended
Sep. 28, 2007.

The discount is equivalent to Fitch's estimate of maintenance
capital spending, rent expense, and total interest expense for
Freescale, assuming the company exercises its option to pay in
kind interest expense on the above referenced US$1.5 billion
PIK-election senior notes.  Fitch then applies a 6 times
distressed EBITDA multiple, which considers that a stress event
would likely result in a contraction to Freescale's current
multiple.

As is standard with Fitch's recovery analysis, the revolver is
assumed to be fully drawn and cash balances fully depleted to
reflect a stress event.  The 'RR1' for Freescale's secured bank
facility and term loan reflects Fitch's belief that 91%-100%
recovery is likely.  The 'RR5' for Freescale's senior notes
reflects Fitch's belief that 11%-30% recovery is realistic.  The
'RR6' for Freescale's senior subordinated debt reflects Fitch's
belief that 0%-10% recovery is realistic.

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.


KIM HUAT: Court to Hear Wind-Up Petition on Nov. 23
---------------------------------------------------
The High Court of Singapore will hear on November 23, 2007, at
10:00 a.m., a petition to have Kim Huat Refrigeration and
Electrical Pte Ltd's operations wound up.

The petition was filed by Johnson Controls (S) Pte Ltd on
November 2, 2007.

Johnson Controls' solicitors are:

          Sim Mong Teck & Partners
          7500A Beach Road
          #09-301/302 The Plaza
          Singapore 199591


LAZARD LTD: Bruce Bilger to Lead Global Energy
----------------------------------------------
Lazard Ltd. disclosed that Bruce Bilger will join the firm's
Financial Advisory business as Chairperson and Head of Global
Energy, and will co-head its Southwest Investment Banking
region, effective Jan. 1, 2008.  Based in Houston, Mr. Bilger is
currently with Vinson & Elkins L.L.P., one of the world's
leading energy and M&A law firms, as the Head of its Energy
Practice Group, a global 400-plus-attorney practice.  He also is
Co-Head of the law firm's Business and International Section, a
180-plus-attorney corporate and transactions practice.

"Power and energy are core global sectors at Lazard," said Bruce
Wasserstein, Chairman and Chief Executive Officer of Lazard.
"As we continue to bolster our industry teams around the world,
we are delighted that Bruce is joining us to help reinforce our
strong position in power and energy."

"Bruce is renowned for his in-depth knowledge of the energy
industry and is widely recognized for providing high-value
strategic legal advice in corporate matters as well as mergers
and acquisitions," said Kenneth Jacobs, CEO of Lazard North
America.  "The combination of these skills and his significant
financial background, positions him to be highly qualified as an
advisor on transactions for Lazard clients."

"I am fortunate to have had the opportunity to work with many of
the best attorneys in the world at Vinson & Elkins over the past
three decades, and having had the platform there to build a
practice focused on the energy business," said Mr. Bilger.
"Having worked on a number of transactions involving Lazard
bankers over the years, I am excited to have this new
opportunity to work alongside them, and to provide advice on a
financial platform with the world's premier independent
investment bank.  I especially look forward to working closely
with senior Lazard Managing Directors George Bilicic in
strengthening the energy expertise in the firm's global Power &
Energy sector and Harry Pinson in Houston to help drive Lazard's
Southwest Investment Banking business."

By joining Lazard, Mr. Bilger will conclude a very successful
career with Vinson & Elkins, where he helped build its energy
team. In 2006, Vinson & Elkins' energy practice lawyers handled
over 2,000 matters with a collective value of more than US$187
billion.  Mr. Bilger's practice consisted primarily of domestic
and international business transactions, including mergers and
acquisitions, international infrastructure development projects,
project finance, and other corporate transactions, particularly
in the energy industry.

"Bruce and I started at the firm together and have been close
friends and colleagues for 30 years," said Joe Dilg, Managing
Partner of Vinson & Elkins.  "He will be sorely missed but has
left a legacy of many talented energy specialists at Vinson &
Elkins.  We congratulate Bruce and wish him every success in
this next stage of his illustrious career."

During his tenure at Vinson & Elkins, Mr. Bilger has led the
teams handling many of the firm's most significant energy
industry transactions, including Duke Energy's US$8 billion
cross-border acquisition of Canada's Westcoast Energy,
Enterprise Products Partners' US$13 billion merger with El
Paso's master limited partnership GulfTerra, and the recently
completed US$45 billion acquisition of TXU by Kohlberg Kravis
Roberts, TPG and other investors.  He is active in the Greater
Houston Partnership and other civic and charitable organizations
in the Houston community. Mr. Bilger received combined MBA and
JD degrees from the University of Virginia and a BA from
Dartmouth College.

                      About Lazard Ltd.

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

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


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

ABICO HOLDINGS: Requests Exemption from Submitting 3Q Financials
----------------------------------------------------------------
Abico Holdings PCL is requesting the Stock Exchange of Thailand
to exempt it from submitting its financial statements for the
third quarter of 2007.

In a disclosure with the SET, the company said it should be
exempted from the requirement because it is undergoing business
restructuring under the Bankruptcy Law, and its shares are
currently suspended from trading in the SET.  The company said
it will prepare its annual financial statements for 2007
instead.


Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading
palm oil, real estate development and raw milk producer and
distributor.

On Apr. 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as its own rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.

The Troubled Company Reporter-Asia Pacific reported on Mar. 5,
2007, that the Stock Exchange of Thailand placed "SP" or
suspension sign on Abico Holdings' securities for the company's
failure to timely submit its financial statements for the annual
period ended Dec. 31, 2006.


ITV PCL: High Court Affirms Jeerapat's Appointment as Arbitrator
----------------------------------------------------------------
The High Administrative Court affirmed on Wednesday the Central
Administrative Court's order appointing Vitch Jeerapat as
arbitrator for the conflict between ITV PCL and the Office of
the Permanent Secretary of the Prime Minister's Office over the
cancelled concession agreement between the parties.

The concession agreement was revoked by the PMO on March 7,
2007.

The dispute involves the THB20-billion unpaid concession fee and
corresponding interest at 15% per annum, including the
THB97,760-million penalty arising from the alteration of
television programming, that the company owes the PMO.

The dispute will now proceed in accordance with the arbitration
procedures.


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.

                      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.

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.


TOTAL ACCESS: AIS to Seek Settlement of Charges Dispute v. TOT
--------------------------------------------------------------
Advanced Info Service will officially request TOT PCL to legally
settle its disputes with Total Access Communications PCL and
True Move PCL over access charges, the Bangkok Post reports.

TOT's damages will only grow as long as the issue remains
unresolved, AIS said.

AIS said its interconnection charges to the two operators will
reach THB3 billion by the end of this year, AIS president
Wichien Mektrakarn said.  The company said it had not been able
to send interconnection bills to True and DTAC, with whom it
signed interconnection fees in February this year, because of
concerns that TOT will pursue legal action alleging a bypass of
the state telecom's network to set up direct links with the two
operators' networks.

TOT and DTAC, Mr. Wichien said, had been able to send
interconnection bills to AIS.

AIS had expected to collect more than THB2 billion in
interconnection fees from the two firms, the company official
said.  However, he added, net gains jumped THB400 million in
certain amounts, making it possible for the total fees to reach
THB3 billion by December 31.

DTAC and True Move refused to pay access charges to TOT after
the National Telecommunications Commission introduced
interconnection charges last year, the Post recounts.

Mr. Wichien said it will send a note to TOT to explain why its
subsidiary Digital Phone ceased payments of access charges five
months ago, hoping to pressure TOT to find a legal solution to
the dispute.  


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.


TRUE MOVE: AIS to Request TOT to Settle Access Charge Dispute
-------------------------------------------------------------
Advanced Info Service will officially request TOT PCL to legally
settle its disputes with Total Access Communications PCL and
True Move PCL over access charges, the Bangkok Post reports.

TOT's damages will only grow as long as the issue remains
unresolved, AIS said.

AIS said its interconnection charges to the two operators will
reach THB3 billion by the end of this year, AIS president
Wichien Mektrakarn said.  The company said it had not been able
to send interconnection bills to True and DTAC, with whom it
signed interconnection fees in February this year, because of
concerns that TOT will pursue legal action alleging a bypass of
the state telecom's network to set up direct links with the two
operators' networks.

TOT and DTAC, Mr. Wichien said, had been able to send
interconnection bills to AIS.

AIS had expected to collect more than THB2 billion in
interconnection fees from the two firms, the company official
said.  However, he added, net gains jumped THB400 million in
certain amounts, making it possible for the total fees to reach
THB3 billion by December 31.

DTAC and True Move refused to pay access charges to TOT after
the National Telecommunications Commission introduced
interconnection charges last year, the Post recounts.

Mr. Wichien said it will send a note to TOT to explain why its
subsidiary Digital Phone ceased payments of access charges five
months ago, hoping to pressure TOT to find a legal solution to
the dispute.  

                       About True Move

True Move, a subsidiary of True Corporation Plc, Thailand's only
fully integrated communications solutions provider, convergence
solutions leader, and premier lifestyle enabler, offers
innovative and high quality wireless communications services on
its nationwide 1800MHz network to 8.1 million subscribers
(March, 2007) throughout Thailand.  TrueMove's vision is to
create a pioneering wireless hi-speed lifestyle where people can
communicate as well as access knowledge, information, and
entertainment whenever, wherever, and however they wish.  The
company delivers superior coverage, quality, and best value
services, leveraging its relationshps with True Corporation and
the CP Group.  TrueMove offers unique integrated products and
services to the Thai market.  For more information please visit
http://www.truemove.com/or http://www.truecorp.co.th/

The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Moody's Investors Service affirmed its B1 bond rating
for True Move Company Limited with a stable outlook.  The issue
of the US$225 million, seven-year senior, unsecured bond has
been completed and the rating is removed from provisional
status.

The TCR-AP reported on July 26, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' long-term corporate credit
rating on True Move.  The outlook is negative.


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


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

AUSTRALIA

Advance Healthcare Group Ltd      AHG      13.59      -12.43
Austar United Communications
   Limited                        AUN     411.16      -43.72
Emperor Mines Limited             EMP     138.99      -50.63
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF     105.24     -190.86
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07
ViaGOLD Capital Limited           VIA      15.49       -3.11


CHINA AND HONG KONG

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


INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Ashima Ltd.                     NASHM     104.15      -35.01
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -150.72
Dunlop India Ltd                 DNLP      52.75      -65.30
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     316.41     -175.33
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Phil Corporation                NPPII      33.35       -8.24
Rollataners Ltd                   RLT      20.68       -3.88
RPG Cables Ltdd                  NRPG      51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Rama Multi Tech Ltd.      NSRMT      79.66       -7.83
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     657.28      -73.89
UB Engineeering                   UBE      47.78       -2.77


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

Boustead Heavy Industries  
   Corp. Bhd                     BHIC      57.34     -152.51
Chin Foh Berhad                  CFOH      53.19      -13.88
FED Furniture                    FFHB      38.27       -5.11
Lityan Holdings Berhad            LIT      18.84      -23.22
Megan Media Holdings Berhad      MMHB      47.76     -232.89
MP Technology Resources Berhad    MPT      16.89      -16.29
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     181.15     -125.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.76      -85.36
TAP Resources Bhd                 TAP      13.05       -1.33
Techventure Bhd                  TECH      36.31       -6.21
Tenggara Oil Bhd                 TENG      12.87       -0.34
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.               AT      61.14      -16.74
Benguet Corp.                      BC      55.45      -44.94
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49      -64.98
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      18.68      -10.86
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

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


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Universal Starch PCL              USC      91.56      -41.24





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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.
   
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