TCRAP_Public/071121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

         Wednesday, November 21, 2007, Vol. 10, No. 231

                            Headlines

A U S T R A L I A

AEARO TECHNOLOGIES: 3M Deal Prompts Moody's to Review Ratings
AINSWORTH GAME: Rights Issue to Raise AU$27.3 Million
AUDIO TEAM: Appoints Christopher J. Palmer as Liquidator
AUSTOFT INDUSTRIES: Commences Wind-Up Proceedings
CASE CREDIT: Placed Under Voluntary Liquidation

COLES GROUP: Records Best First-Quarter Profit in Five Years
FOOT LOCKER: Paying US$0.125 Per Share Qtrly Dividend on Feb. 1
FORTESCUE: Continues to Seek Access to Rivals' Rail Network
FORTESCUE METALS: Iron Ore Project Cost Increases to AU$2.7 Mil.
LAFAYETTE MINING: Rapu-Rapu Residents Seek to Shut Down Project

MOORES CORPORATION: Creditors to Hear Wind-Up Report on Nov. 23
NOUBUILD DESIGN: Members Agree to Wind Up Business
PATERSON & ZAPLIN: Members & Creditors to Meet on Nov. 22
ROSELANDS DRAPER: Liquidator to Give Wind-Up Report on Nov. 23
SYDNEY INVESTMENT: Ex-Directors to Pay AU$4.8 Mil. in Damages

THE SYDNEY MARKETS: To Declare Dividend on December 4
TRIMAS CORP: Operating Profit Up 6.1% to US$27.3MM in Third Qtr.
URS CORP: Closes Washington Group Acquisition for US$3.1 Billion
WALSH FAMILY: Members and Creditors Receive Wind-Up Report
WEATHERDON STRUK: Members to Hold Final Meeting on Nov. 30


C H I N A   &   H O N G  K O N G

ADDWAY LIMITED: Creditors' Proofs of Debt Due on December 31
BROWN SHOE: Names Joe Caro as Sr. VP & Chief Information Officer
BLOUNT INT'L: Reports US$22.6MM Third Quarter Operating Income
CAMAFORCE LIMITED: Commences Liquidation Proceedings
CHIEFAST LIMITED: Creditors' Proofs of Debt Due on December 31

CONCORD SECURITIES: Earns TWD751.05MM for First Nine Months
CONCORD SECURITIES: Sales Hit TWD238 Million in October 2007
DANA CORP: Ad Hoc Asbestos Panel Balks at Proposed Settlement
ESPCO LIMITED: Creditors' Proofs of Debt Due on December 31
GRAND RANK: Creditors to Receive Wind-up Report on November 26

GREEN SEQUOIA: Proofs of Debt Due on December 31
GROGRAM LIMITED: Appoints New Liquidator
GROSVENOR STAR: Commences Liquidation Proceedings
JIH SUN: Earns TWD1.15 Billion for First Nine Months of 2007
JIH SUN: October 2007 Sales Up 77.19% Year-on-Year

JIH SUN: To Manage TWD16-Billion Government Pension Fund
LEAN GIAP: Creditors to Meet on December 17
MBF PROPERTIES: Appoints Ha Man Hit as Liquidator
NORMAN INSURANCE: Creditors' Proofs of Debt Due on December 7
OVADIA: Appoints Chan Kin Hang as Liquidator

Q.U.E. INVESTMENT: Liquidators Quit Post
QUANTA COMPUTER: Mass Production of US$100 Laptops Begins
QUANTA COMPUTER: Sets up Three New Holding Companies  
QUANTA COMPUTER: Denies O2 Partnership Rumors
RALLY HOLDINGS: Commences Liquidation Proceedings

TAIWAN BUSINESS: Earns TWD992.06 Mil. for First Nine Months
TAIWAN BUSINESS: October 2007 Sales Rise 16.02% Year-On-Year
TAIWAN INT'L: Earns TWD1.78 Billion for First Nine Months
TAIWAN INTERNATIONAL: October 2007 Sales Hit TWD1.83 Billion
* Fitch Publishes Report on Taiwan Life Sector Product Trends


I N D I A

AES CORP: Moody's Adjusts LGD Point Estimate
BALLARPUR INDUSTRIES: Profit at INR690MM in Qtr. Ended Sept. 30
BALLY TECH: Inks Casino Management System Pact With Pechanga
BANK OF BARODA: To Form Insurance JV w/ Andhra Bank & U.K. Firm
BHARTI AIRTEL: Fitch Affirms BB+ Long-Term Foreign Currency IDR

DECCAN AVIATION: Books INR2.5-Bil. Loss in Qtr. Ended Sept. 30
DUNLOP INDIA: Loss Widens to INR39 Mil. in Qtr. Ended Sept. 30
GMAC LLC: Hull Succeeds Khattri as Financial Services Unit's CFO
IMAX CORP: Signs Four-Picture Contract with Dreamworks Animation
MYLAN INC: Prices Offerings of Common & Preferred Stocks


I N D O N E S I A

ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution
ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007
ARMSTRONG WORLD: Nitram Files September 2007 Operating Report
CILINDRA PERKASA: Sets 11.5% Annual Coupon for IDR500 5-Yr Bond
FOSTER WHEELER: Subsidiary Reaches Accord with NTR Acquisition

FOSTER WHEELER: Unit Wins Contract from LUKOIL Energy
PARKER DRILLING: Awards 3 Land-Rig Contracts to Subsidiaries
TELKOMSEL: Sees More Than 24% Increase in 2007 Revenue


J A P A N

ASHIKAGA BANK: Targeted for JPY310-Billion Buyout
FLOWSERVE CORP: To Pay US$0.15 Per Share Dividend on Jan. 8
FORD MOTOR: Johnson Controls Inks MOU to Buy Saline ACH Plant
FORD MOTOR: UAW Employees Ratify Healthcare MOU & National CBA
JAPAN AIRLINES: S&P Affirms B+ Corporate Credit Rating

NIS GROUP: R&I Places Rating on Monitor Direction Uncertain
RAMBUS INC: Posts US$2.7-Mil. Net Loss in 2nd Qtr. Ended June 30
SENSATA TECH: Incurs US$86.7 Mln Net Loss in Third Quarter 2007


K O R E A

ARROW ELECTRONICS: North American Biz To Deploy Seagate Products
CLOROX COMPANY: Acquiring Burt's Bees for US$925 Million
DUNLINE RUBBER: Surging Canadian Dollar Cues Closure & Lay Offs
PIXELPLUS CO: Completes Sale of 37.5% Stake in Pixelplus Tech.
REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant

REMY WORLDWIDE: U.S. Trustee Balks at Schedules Filing Extension
REMY WORLDWIDE: Wants to Sell Knopf Business for US$18.5 Million
* South Korea's Bankruptcies Jumped to Two-Year High in Oct.


M A L A Y S I A

AVAYA INC: Moody's Assigns Ba3 Rating on US$3.8-Billion Loan
PROTON HOLDINGS: Alliance Talks with Volkswagen and GM Collapse
TANCO HOLDINGS: Court Extends Restraining Order to Jan. 26
TENGGARA OIL: Subject to CIMB Bank's Wind-Up Petition
* Parliament Records 158,042 Bankruptcy Cases Since 2005


N E W  Z E A L A N D

CATWALK PRODUCTIONS: Court Enters Wind-Up Order
KIWI INCOME: Half-Year Profit Up 80% in Six Months to Sept. 30
MEDICTRONIX NEW ZEALAND: Subject to CIR's Wind-Up Petition
MEYER INVESTMENTS: Appoints Colin Gordon Powell as Liquidator
PACIFIC EDGE: Introduces Share Purchase Plan

PAINT SMART: Subject to CIR's Wind-Up Petition
RAH MANAGEMENT: Commences Liquidation Proceedings
SOMETHING DIFFERENT: Creditors' Proofs of Debt Due on Nov. 30
SUPER CITY: Creditors' Proofs of Debt Due on Nov. 30
TIGER PROMOTIONS: Court Set to Hear Wind-Up Petition on Jan. 31


P H I L I P P I N E S

ASIA AMALGAMATED: Nine-Month Net Loss Dips 5.55% to PHP856,639
LEPANTO CONSOLIDATED: Board Approves Stock Option Grants
LEPANTO CONSOLIDATED: Board Approves Appointment of 2 Officers
MARIWASA MFG: 3rd Quarter Profit Climbs to PHP638.596 Million
MIRANT CORP: To Return US$4.6BB in Excess Cash to Stockholders

MIRANT CORP: Buyback Program Cues S&P to Hold 'B+' Rating
PHILCOMSAT HOLDINGS: New Board Members Set to Take Control
PRIME ORION: First Fiscal Quarter Loss Dips 40% to PHP207-Mil.
SBARRO INC: Posts US$35.1-Mil. Combined Net Loss for Third Qtr.
SERVICEMASTER CO: Names Steve Martin as Chief Financial Officer

STENIEL MFG: Unit Files for Rehabilitation Before Cavite Court
UNIWIDE HOLDINGS: 3rd Quarter Net Loss Dips 4.49% to PHP35 Mil.


S I N G A P O R E

AVAGO TECH: To Redeem US200MM of Senior Rate Notes on Dec. 18
POLYONE CORP: Buys GLS Corp. as Part of Specialization Strategy
REFCO LLC: Chapter 7 Trustee Files September 2007 Monthly Report
STATS CHIPPAC: Plans to Delist Shares from Nasdaq
STATS CHIPPAC: To Expand  Flip Chip Offering in China


S R I  L A N K A

SRI LANKA TELECOM: Fitch Affirms Ratings at 'BB-'


T H A I L A N D

FEDERAL MOGUL: District Court Affirms Chapter 11 Plan
FORD MOTOR: Thai Unit Cuts Prices For Focus to Reflect New Taxes
LIVE INC: Board Approves Sale of Shareholdings in Channel (V)
LIVE INC: Board Approves New Joint Venture
TRUE MOVE: TOT Files Case to Collect THB4-Bil. Access Charges

STERIGENICS INT'L: S&P Affirms & Removes Ratings from Neg. Watch
WYNCOAST IND'L: SET Sees Possible Insider Deal in Wongsawat Sale


* Bond Risk Declines in Asia-Pacific, Credit-Default Swaps Show

     - - - - - - - -

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

AEARO TECHNOLOGIES: 3M Deal Prompts Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service has placed Aearo technologies Inc.
ratings, including the B2 corporate family rating, under review
for possible upgrade.  This rating action results from the
recent announcement that 3M Company is acquiring Aearo for
US$1.2 billion.

3M is a much stronger company with healthier credit metrics.  
Moody's anticipates that change of control language within
Aearo's credit agreements will require the repayment of Aearo's
credit facilities.  Upon repayment of its credit facilities, all
of Aearo's rating will be withdrawn.

Ratings under review for possible upgrade:

   * Corporate family rating at B2;

   * Probability of default at B2;

   * US$535 million first lien credit facilities at B1 (LGD3,
     34%); and,

   * US$200 million second lien term loan at Caa1 (LGD5, 86%).

Headquartered in Indianapolis, Indiana, Aearo Technologies,
Incorporated -- http://www.aearo.com/-- makes and sells
personal protection equipment in more than 70 countries,
including Australia, China, Brazil, France, Germany, Mexico, and
Singapore, among others, under brand names such as AOSafety, E-
A-R, Peltor, and SafeWaze.  Products include earplugs, goggles,
face shields, respirators, hard hats, safety clothing, first-aid
kits, and communication.  Safety products account for about
three-quarters of the company's sales.  Aearo also sells safety
prescription eyewear and makes energy-absorbing foams that
control noise, vibration, and shock.


AINSWORTH GAME: Rights Issue to Raise AU$27.3 Million
-----------------------------------------------------
Ainsworth Game Technology Limited announced its intention to
undertake a fully underwritten two for five renounceable rights
issue to ordinary shareholders and a fully underwritten two for
five renounceable rights issue to convertible noteholders, each
at a price of AU$0.32 cents per new share.  These issues will
raise approximately AU$27.3 million.

Shareholders and noteholders will be given the opportunity to
take up additional shares in the event that either of the offers
are not fully subscribed.

Mr. LH Ainsworth, AGI's major shareholder, has agreed to support
the rights issue to ordinary shareholders by taking up his full
entitlement to new shares and underwriting the balance of the
issue to ordinary shareholders.  Details of Mr. LH Ainsworth's
support for the rights issue to ordinary shareholders are set
below:

   Mr. LH Ainsworth has committed up to AU$23.78 million towards  
   the rights issue to ordinary shareholders.  This commitment
   will be satisfied by Mr LH Ainsworth as follows:

      a) taking up his full entitlement (AU$12.63 million) under
         the rights issue to ordinary shareholders and providing
         the subscription monies in consideration for reducing
         the debt owing to Associated World Investments Pty.
         Limited, a company controlled by Mr. LH Ainsworth; and
   
      b) underwriting the balance of the rights issue to
         ordinary shareholders for no fee.  This commitment has
         a maximum value of AU$11.15 million (after taking into
         account AU$1.0 million which has been agreed to be
         subscribed by an entity controlled by a member of Mr.
         LH Ainsworth's family).  If Mr. Ainsworth is called
         upon to meet his underwriting commitment, it will be
         provided by first subscribing for the shortfall with
         AU$2.5 million in cash.  Any additional commitment will
         then be provided by Mr. LH Ainsworth in consideration
         of reduction in debt owing to AWI up to a further  
         AU$8.65 million.

   Any subscription under the rights issue to ordinary
   shareholders by shareholders other than Mr. Ainsworth will
   reduce by an equivalent amount Mr. Ainsworth's underwriting
   commitment.  In such an event the cash proceeds received will
   not be used to repay any debt due or interest obligations
   owing to AWI by AGI, but will be used to increase the cash
   proceeds available for working capital purposes.  Only if Mr.
   Ainsworth is required to meet a shortfall in the right issue
   to ordinary shareholders in excess of AU$2.5 million will
   there be a further reduction of the debt to AWI.  AWI is
   currently owed AU$33.07 million, excluding interest accrued
   of approximately AU$7.68 million, as a result of loans
   advanced over several years to AGI.  If Mr. Ainsworth is
   required to fully meet his commitment under the rights issue
   to ordinary shareholders of AU$23.78 million, then the debt
   due (excluding interest accrued) by AGI to AWI will be
   reduced to AU$11.78 million (a reduction of AU$21.28
   million).

Entities controlled by members of Mr. LH Ainsworth's family have
agreed to fully underwrite the rights issue to convertible
noteholders.

All cash proceeds received from the issues (which will be at
least AU$5.7 million (after costs) will be used to fund the
Company's working capital and provide funds for further business
growth and expansion within the Americas.  The balance of the
funds raised from the issue will be utilized to reduce the debt
levels owing to Associated World Investments Pty. Ltd., an
entity controlled by Mr. LH Ainsworth.  

The offer will be available to all holders of ordinary shares
and convertible notes on the record date who have a registered
address in Australia or New Zealand.

Key dates in relation to the rights issue are expected to be as
follows:

   Nov. 29, 2007 -- Record date to determine entitlement to
                    new shares

   Nov. 30, 2007 -- Despatch of prospectus

   Dec. 07, 2007 -- Last day of rights trading on the
                    Australian Securities Exchange (ASX)

   Dec. 14, 2007 -- Last day for acceptance and payment in
                    full

   Dec. 21, 2007 -- Allotment and issue of new shares

   Dec. 24, 2007 -- First day of trading new shares on ASX on
                    normal T+3 settlement basis.

In accordance with Section 734(5)(a) of the Corporations Act
2001, the Company advises that the new shares to be offered by
the Company under the rights issue are in a class of shares
already quoted on the ASX.  The Company expects to lodge a
prospectus in relation to the rights issue this week.  Any
person wishing to exercise their rights to apply for shares will
need to complete the entitlement and acceptance forms which will
accompany the prospectus.

Ainsworth Game Technology Limited designs, develops and sells
gaming machines and other related equipment and services. The
Company's products are ambassador gaming machine and celebrity
gaming machine. AGT has products in casinos across Australia.
AGT operates in Russia, Austria, France and Germany. Its wholly
owned subsidiaries are AGT Pty Ltd, Ainsworth Game Technology
Inc (USA), Ainsworth Game Technology (UK) Ltd, Ainsworth
International GmbH, Ainsworth Game Technology (NZ) Limited and
AGT Service Pty Ltd.

The Troubled Company Reporter - Asia Pacific, on November 20,
2007, listed Ainsworth Game's bond with a 8.000% coupon and a
December 31, 2009 maturity date as distressed and a trading
price at AU$0.77.


AUDIO TEAM: Appoints Christopher J. Palmer as Liquidator
--------------------------------------------------------
On October 11, 2007, the members of Audio Team Sound Post
Production Pty Limited passed a resolution voluntarily
liquidating the company's business.

Christopher J. Palmer was named as liquidator.

The Liquidator can be reached at:

          Christopher J. Palmer
          O'Brien Palmer
          Level 4, 23-25 Hunter Street
          Sydney, New South Wales 2000
          Australia

                        About Audio Team

Audio Team Sound Post Production Pty Limited provides services
allied to motion pictures.  The company is located at  
Annandale, in New South Wales, Australia.


AUSTOFT INDUSTRIES: Commences Wind-Up Proceedings
-------------------------------------------------
During a meeting held on October 4, 2007, the members of Austoft
Industries Limited agreed to voluntarily liquidate the company's
business.

Alan Hayes was appointed as liquidator.

The Liquidator can be reached at:

          Alan Hayes
          SimsPartners
          Level 5, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9256 7700

                     About Austoft Industries

Austoft Industries Limited is a distributor of farm machineries
and equipments.  The company is located at St Marys, in New
South Wales, Australia.


CASE CREDIT: Placed Under Voluntary Liquidation
-----------------------------------------------
The members of Case Credit Australia Investments Pty Limited  
met on October 4, 2007, and agreed to voluntarily wind up the
company's operations.

Alan Hayes and Scott Pascoe were appointed as liquidators.

The Liquidators can be reached at:

          Alan Hayes
          Scott Pascoe
          SimsPartners
          Level 5, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9256 7700

                      About Case Credit

Case Credit Australia Investments Pty Ltd provides business
services.  The company is located at St Marys, in New South
Wales, Australia.


COLES GROUP: Records Best First-Quarter Profit in Five Years
------------------------------------------------------------
Coles Group Ltd.'s outgoing chief executive, John Fletcher, said
that Coles had improved its performance in the first quarter of
the current year, Vanda Carson writes for The Sydney Morning
Herald.

Ms. Carson quotes Mr. Fletcher as saying that the first quarter
was "arguably the best start to the financial year in the last
five years, with the whole group comfortably over its profit
budget."

Yet, Mr. Fletcher, relates SMH, had to cut down his AU$1.7
billion profit forecast for the 2007-2008 financial year by 10%.  

All of the company's brands, according to Mr. Fletcher were
"substantially ahead" of last year's pre-tax earning and the
group laggard, Kmart, was continuing its turnaround, notes SMH.

Wesfarmers, which will be taking over Coles on November 23, is
considering offloading Kmart, but will make a final decision
until next year.

Coles' Target and Officeworks brands had shown "further strong
growth again this year," expresses Mr. Fletcher.  ACNielsen
figures showed Coles Express supermarkets were increasing at
twice the rate of rival convenience stores and 12 more stores
were set to open by the end of this month, conveys SMH.

Ms. Carson adds that the company's 1st Choice liquor super-
stores also expanded with six more outlets to open before
Christmas.

Meanwhile, the company announced yesterday that about half of
its 327,000 shareholders had chosen to take part in the mix-and-
match facility, converting their shares in the now-delisted
company into stock in Wesfarmers, rather than taking cash,
says SMH.

SMH further notes that shareholders will receive either AU$2.96
a share or AU$9.61 a share in cash, and the remainder in stock,
depending on their choice.  The other half -- who did not make
their intentions clear -- will receive AU$4 a share as well as
0.14215 Wesfarmers shares and 0.14215 Wesfarmers price-protected
shares for each Coles share owned.  The price-protected shares
guarantee an extra entitlement if the shares are trading below
AU$45 in four years' time.

All shareholders, explains Ms. Carson, will receive the
protected shares irrespective of whether they elected to receive
cash or scrip.

The report states that, Coles shareholders are likely to end up
owning about 44% of the enlarged Wesfarmers.

                     About Coles Group

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

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


FOOT LOCKER: Paying US$0.125 Per Share Qtrly Dividend on Feb. 1
---------------------------------------------------------------
Foot Locker, Inc. Board of Directors has declared a quarterly
cash dividend on the Company's common stock of US$0.125 per
share, which will be payable on Feb. 1, 2008 to shareholders of
record on Jan. 18, 2008.

Foot Locker plans to report its third quarter 2007 financial
results on Tuesday, Nov. 20, 2007.

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic  
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, Europe, Australia,
and New Zealand as of Feb. 3, 2007.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 11, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit and senior unsecured ratings on New York
City-based Foot Locker Inc. to 'BB' from 'BB+'.  S&P has removed
the ratings from CreditWatch, where they were placed with
negative implications on Aug. 18, 2006.  S&P said the outlook is
negative.


FORTESCUE: Continues to Seek Access to Rivals' Rail Network
-----------------------------------------------------------
Fortescue Metals Group Ltd. filed an application with the
National Competition Council seeking to declare Rio Tinto
Limited's Hamersley Iron Rail Network and the BHP Billiton's
Goldsworthy Rail Network open to third parties.

The Hamersley Iron Rail Network, and particularly the mainline
running from Dampier to Tom Price, passes close to Fortescue's
Solomon deposit.  Fortescue announced a project area covering
one third of the Solomon deposit, which has a JORC inferred
resource of more than 1 billion tonnes.  Fortescue expects
further resource increases from Solomon to be announced before
Christmas.

The applications to declare these Rail Networks were lodged
today by The Pilbara Infrastructure Pty. Ltd., a wholly owned
subsidiary of Fortescue, to enable it to offer a haulage service
to third party customers, including Fortescue.

Fortescue Chief Executive Officer Andrew Forrest said "Fortescue
is seeking to open the tremendous synergies available in the
Pilbara to all Australian mining companies as originally
foreshadowed by the iron ore industry's founding fathers.

"Their intention of an open access Pilbara was for national
benefit and it was never their intent that it would become the
domain of only two companies now intent on becoming one.  As BHP
Billiton's Managing Director, Marius Kloppers correctly
identified this week after announcing the proposed BHP/Rio
merger, these synergies run into the billions of dollars
annually.

"There are a number of stranded iron ore deposits and while the
newly identified Solomon deposits has its own infrastructure
solutions, like other deposits, these may not be optimal.  The
Hamersley rail network and the Goldsworthy rail line may assist
to generate other efficiencies."

Mr. Forrest said a lack of competition already exists in the
Pilbara in the provision of infrastructure services, rail
haulage services and the supply of iron ore.  The proposed
merger will only exacerbate these issues in the Pilbara to the
detriment of Western Australia and the country more broadly.  If
and when BHP Billiton makes a formal offer for Rio and proceeds
to seek merger clearance from the ACCC, we will ensure that the  
potential anticompetitive effects of this merger are clearly
understood by the ACCC and are rigorously and fully assessed
over time.

Indeed, Fortescue wrote to Graeme Samuel of the ACCC and
notified him that Fortescue wishes to provide information and
evidence to the ACCC under Section 50 of the Trade Practices Act
about the anticompetitive effects of the proposed merger at that
appropriate time.  

The Trade Practices Act allows the ACCC to review and
potentially revoke an Authorization if there has been a change
of circumstances -- clearly the merger is just that.  Any such
review by the ACCC will allow these joint arrangements to be
publicly assessed from which Fortescue, and no doubt many
others, will fully participate.

"The Trade Practices Act was designed specifically for this
situation -- to legislate for strategic services to be available
for third party use, where it is in the public interest," Mr.
Forrest said.

                    About Fortescue Metals

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

                         *     *     *

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


FORTESCUE METALS: Iron Ore Project Cost Increases to AU$2.7 Mil.
----------------------------------------------------------------
Fortescue Metals Group Ltd. said that the schedule remains
unchanged for the First Ore On Ship Project in mid May 2008 with
overall project completion at 72% measured by value of work.

The Project Final Forecast Cost has been increased by
AU$100 million to AU$2,671.5 million which includes an
unallocated contingency of AU$40 million.  The increase has been
determined following a further review of the rail works program
and is in part covering additional new costs designed to ensure
the integrity of the rail schedule.

Port works are 80% complete with the installation of conveyor
bridge over the BHPB rail, one of the ore wagon unloader cells
set in place, the iron ore stacker & reclaimer delivered and
both under assembly and the decking over the first loading wharf
platform.

Mine site works are 70% complete with crushing & screening
plants well advanced, the power station and administration block
completed and work commencing on the train loader.

Rail works are 64% complete with installation of the bridge over
the BHPB line, delivery of the first shipment of ore wagons and
the entire 15 GE locomotives.

                 Infrastructure/Construction

For the fourth consecutive month there were no lost time injury
events.  There was one restricted work case incident and one
medical treatment case.  Across all areas there was extensive
focus on cyclone safety planning work in preparation for the
commencement of the cyclone season from November 1.

Overall project completion was at 72% as at the end of October
with the value of work completed during the month of 7.1%.  
First ore on ship remains scheduled for mid May 2008.  The rail
track laying program still remains on the critical path due to
slower completion of final track formation and slower results
from the SUM automated track laying machine.  Recently however,
there have been a number of initiatives implemented to remedy
these two areas with additional earthwork resources applied
along the mid section of the rail route, and two manual track
laying teams engaged at the northern and southern end of the
line.  To provide context to the capacity of a manual team, the
automated machine has a target of 1.8kms per day and a
manual team is capable of laying up to 1km a day.

The formation work for the first 80km section is nearing
completion with the contractor originally due to demobilize in
November, however under the new initiatives this contractor is
to be retained for additional work on the next section of the
line.

To cover the costs of these initiatives as well as covering some
short falls identified in a recent audit of the final rail
accommodation costs, the ballast supply contract and certain
earthworks contracts, an additional AU$100m has been added to
the final forecast project cost "FFC".  The FFC now stands at
AU$2.671.5 billion within which an unallocated contingency of
A$40m exists.  The funds have been drawn from existing cost
overrun reserves that were raised in the initial project
debt package.  The balance of this undrawn reserve pool now
stands at approximately US$100 million.

This level of reserve together with unallocated contingency is
considered by Fortescue as sufficient to see the project through
to completion given its status of 71% complete.  Fortescue also
has at hand some AU$300m from the proceeds of the July 2007
equity raising that could be directed toward the project should
unforeseen events occur prior to completion.

Port Construction

The port works continue to progress well and the site is
assessed as being 80% complete.  A major milestone during the
period was the erection of the conveyor bridge across the BHPB
rail line and the Finucane Island access road.  The unit had
been delivered to site in September and then was lifted into
place as one complete unit during October.

Another important milestone during October was the decking of
the first ship loading berth.  As previously reported the piling
work had been completed in September in readiness for the
installation of the pre fabricated decks that had been shipped
from Perth.  Over 2 days the decks covering a length of 350
meters were fixed into place to complete the entire hard stand
area of the ship loader.

Other events during October were:

1) the delivery of the ThyssenKrupp designed ore reclaimer that
   was manufactured in China and is now being assembled on site,

2) the continuing assembly of the stacker that was delivered to
   site in September,

3) the installation of the first rotating ore wagon unloader
   cell with the second cell to be fixed during November.

Rail Construction

Reasonable progress was made during the month with work
completed of 7.6% of the total value of work required.  The
overall program is assessed as 64% complete at month's end.  As
previously reported, the critical path item is track laying
which in turn has been delayed due to the slower delivery of
sufficient quantities of finished continuous earthworks
formation.

Initiatives are being implemented to speed up the program with
one of those being the retention of Brierty Contracting, once
they have completed their original designated section of the
rail line being the first 80kms from the port heading south.
Brierty was due to complete during November however the company
is now going to be redeployed along the second section of the
rail line to assist BGC.  Fortescue is also deploying some of
its heavy duty overburden removal equipment to the rail line to
further assist the external contractors.  This machinery is
available for use following the completion of the overburden
removal at the first mining bench at Cloudbreak.  The
application of additional resources is expected to accelerate
the completion of further formation work to ensure that the
earthworks program stays well ahead of the SUM automated track
laying machine.

Several milestones were reached during the month being:

1) the installation of the BHPB rail overpass that was lifted
   into place as a single steel girder section measuring 39
   meters long, 7 meters wide and weighing 160 tonnes -- the
   fact that this was completed within 45 minutes was an
   extraordinary operational achievement by the rail team;

2) the delivery of the first 58 ore Wagons from China with the
   balance of the total 820 order to be progressively delivered
   over the next few months; and

3) the arrival of all 15 GE locomotives that were manufactured
   in the US and shipped to Port Hedland.  The locomotives have
   now been delivered to the marshalling yard and will be
   subjected to commissioning trials.

Mine Construction

Mine construction is assessed at 70% complete and in some areas
the construction program is being finalized and a hand-over made
to the operating team.

Work on the site power station has been completed and the 15
power units installed are able to supply up to 30 megawatt
capacity.  All overhead power poles from the power plant to the
sub stations servicing the ore preparation facility have been
installed and the cabling is c.60% completed.

The crushing and screening plants continue to progress well with
structural steel at the crushing plant now 99% complete and 70%
complete at the screening house -- in total some 5,500 tonnes of
structural and construction steel has now been erected across
both sites with 6,848 tonnes required in total (nb. the total
requirement has been varied upwards from that shown in the
September report).  The crushing units have now been delivered
to site and are being progressively lifted into position.  The
permanent water storage tanks are near completion and the main
administration block was completed during October and is being
handed over to operations.

Mine Planning

The mining team achieved an important milestone during October
being the overburden removal of some 750,000 bank cubic meters
of waste in preparation for the commencement of mining that was
scheduled for early November.  The overburden was removed
through the traditional methods of drill and blast with the
waste removed to the side of the first mining bench
known as Hayman pit.  As at the end of October some 390,000
tonnes of ore had been stockpiled which has largely been
generated from the surface miner commissioning work.

The commissioning of the third Wirtgen surface miner continued
during October and it is expected that this will be completed by
early November as per schedule for commencement of commercial
scale mining. The plan for the mining team is to have a
stockpile of some 1.5 million tonnes of ore in readiness for the
commissioning of the crushing and screening units scheduled for
early 2008.

The progressive delivery of Fortescue's mobile mining fleet
continues with the current inventory on site being 6 Terex 190
tonne overburden haul trucks; 5 O&K shovels and back hoes; 15
CAT 100 tonne haul trucks, 3 D11 CAT dozers, 3 D10 CAT dozers, 2
water trucks, 2 graders and 3 service trucks.

The safety statistics for the mine operations are reported
separately to the construction program.  In October there were 3
restricted work injuries and 1 first aid treatment event.  There
were no lost time injuries which is consistent with the results
of the construction program.

                         Schedule

The scheduled FOOS date remains at mid May 2008.  There is no
adjustment required to the schedule this month.

                            Cost

The Forecast Cost at Completion "FFC" for the Project (excluding
mining fleet) is AU$2,671.5 million which is an increase of
AU$100m from the last report.  This figure includes an
unallocated contingency of AU$40 million noting that all of the
previous month's AU$59 million unallocated contingency has been
now allocated across various items within the rail program.  The
additional AU$100 million capex inclusion to the FFC budget has
been sourced from existing reserves that had been raised as part
of the overall project funding program in August 2006.  The
balance of this undrawn cost overrun reserve now stands at
approximately US$100 million.

The initial mining capital budget for mining capital
expenditures required to end of June 2008 remains at
AU$305 million.

                     Material Delays

There are no material delays to the project this month.  The
scheduled FOOS date remains at mid May 2008.

                  Contracts and Approvals

The total value of commitments made during the month was AU$88.9
million.

                         Disputes

There were no new material disputes during the period.  It
should be noted that Fortescue was successful in its appeal to
the Supreme Court in relation to the previously advised BGC
contractual dispute.  As reported BGC were awarded a court order
to take possession of AU$12 million that was being disputed by
Fortescue in connection with the severance payment following the
termination of the rail works Alliance Contract in May 2007.   
Fortescue won the appeal in October 2007 which meant that BGC
had to return the funds to be held in trust pending a full
determination, either by agreement or court determination, of
the correct amount to which BGC might be entitled.

                    About Fortescue Metals

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

                         *     *     *

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


LAFAYETTE MINING: Rapu-Rapu Residents Seek to Shut Down Project
---------------------------------------------------------------
The residents of Rapu-Rapu, Albay are now pursuing a petition
seeking payment of damages and the ultimate shutdown of the
Lafayette Mining Philippines Inc.'s mining project in the area.

The petition arises from the recently reported fishkill in the
area, in which Lafayette was blamed for.  In their petition, the
residents claim of a massive fishkill in the seas of Barangays
Pagcolbon, Malobago, Sta. Barbara, Carogcog and Poblacion.
Because of this fishkill, the petition says, three children
namely Sarah Jane dela Cruz, Lorilyn dela Cruz and Saint Jane
Balbino were rushed to the hospital for severe diarrhea due to
food poisoning. These children allegedly ate poisoned seashell
from the seas of Brgy. Poblacion.

The petition also claims that the residents have lost their
livelihood because of the fishkill allegedly caused by
Lafayette's Rapu-Rapu project. They also denied the company's
earlier declarations that they have brought livelihood and
progress to the residents of Rapu-Rapu, saying that the company
hired outside personnel rather than those living in the area.

In conjunction with their request to shut down the operations of
Lafayette, the residents also clamor for the abolishment of the
Philippine Mining Act of 1995 claiming that it is anti-
Philippines and beneficial only to foreigners.

The Department of Environment and Natural Resources had earlier
cleared the firm of the accusations stating that the fishkill
was isolated in an area 10 kilometers from the company's Rapu-
Rapu mining project.

                   About Lafayette Mining

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the  
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

The TCR-AP's "Large Companies with Insolvent Balance Sheets"
column on Nov. 16, 2007, reflected Lafayette Mining Limited as
having a US$190.86-million equity deficit, on total assets of
US$105.24 million.


MOORES CORPORATION: Creditors to Hear Wind-Up Report on Nov. 23
---------------------------------------------------------------
Moores Corporation Australia Pty Ltd will hold a meeting for its
creditors on November 23, 2007, at 10:00 a.m.

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

The company commenced liquidation on July 25, 2005.

The Liquidator can be reached at:

          John Melluish
          Ferrier Hodgson
          GPO Box 4114
          Sydney, New South Wales 2001
          Australia

                    About Moores Corporation

Moores Corporation Australia Pty Ltd is a distributor of breads,
cakes, and related products.  The company is located at  
Leichhardt, in New South Wales, Australia.


NOUBUILD DESIGN: Members Agree to Wind Up Business
--------------------------------------------------
During a general meeting held on October 22, 2007, the members
of Noubuild Design & Construction Pty Ltd agreed to voluntarily
liquidate the company's business.

Randall Joubert and Riad Tayeh were appointed as liquidators.

The Liquidators can be reached at:

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

                     About Noubuild Design

Noubuild Design & Construction Pty Ltd operates nonclassifiable
establishments.  The company is located at Croydon Park, in New
South Wales, Australia.


PATERSON & ZAPLIN: Members & Creditors to Meet on Nov. 22
---------------------------------------------------------
The members and creditors of Paterson & Zaplin Plastics Pty
Ltd., which is in liquidation, will meet on November 22, 2007,
at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. R. Nicholls
          Nicholls & Co
          Suite 6, 459 Peel Street
          Tamworth, New South Wales 2340
          Australia

                     About Paterson & Zaplin

Paterson & Zaplin Plastics Pty Ltd is a distributor of plastics
materials and basic forms and shapes.  The company is located at
Goonellabah, in New South Wales, Australia.


ROSELANDS DRAPER: Liquidator to Give Wind-Up Report on Nov. 23
--------------------------------------------------------------
Roselands Draper Avenue Kindy Pty Limited will hold a meeting
for its members on November 23, 2007, at 12:00 noon.

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

The company commenced wind-up proceedings on January 23, 2007.

The Liquidator can be reached at:

          Atle Crowe-Maxwell
          PKF Chartered Accountants
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia

                     About Roselands Draper

Roselands Draper Avenue Kindy Pty Limited provides child day
care services.  The company is located at Roselands, in New
South Wales, Australia.


SYDNEY INVESTMENT: Ex-Directors to Pay AU$4.8 Mil. in Damages
-------------------------------------------------------------
The Australian Securities & Investments Commission has taken
legal action against directors of the collapsed Sydney
Investment House Equities, reports Susannah Moran of The
Australian.

Ms. Moran relates that ASIC is seeking to upgrade the charges
against Edwin Goulding and Stephen Geagea by letting them pay an
aggregate of AU$4.8 million in damages to 67 investors who were
affected by the company's downfall.

However, lawyers for Mr. Goulding and Mr. Geagea have protested
at the case being made more complex at such a late stage of
proceedings.

According to the report, Judge John Hamilton is asking for an
affidavit from the prosecution before the matter returns to the
Supreme Court of New South Wales in December 2007.

There are allegations that some AU$4.5 million was embezzled
from the company by the former directors, adds Ms. Moran.

Sydney Investment House Group has seven companies, which were
placed in liquidation on December 6, 2006.  The seven companies
under SIHG are:

   1. Sydney Investment House Equities Pty. Ltd.;
   2. Sydney Investment House Capital Limited;
   3. Sydney Investment House Pty. Ltd.;
   4. Sydney Investment House (Beaconsfield) Pty. Ltd.;
   5. Melbourne Investment House Pty. Ltd.;
   6. Melbourne Investment House (Hawthorn) Pty. Ltd.; and
   7. Sydney Investment House (Newcastle) Pty. Ltd.

SIH Capital is an unlisted public company that raised over
AU$8.4 million from the public through the issue of redeemable
preference shares between November 2004 and June 2005.  The
funds raised from the public were lent to other companies within
the Sydney Investment House Group that were controlled by
Mr. Goulding.  Many of the investors in SIH Capital were
previously investors in SIH Equities and had their investments
rolled over into SIH Capital.

ASIC alleges that Mr. Goulding, Mr. Geagea and the companies
within the Sydney Investment House Group had been involved in a
number of contraventions of the Corporations Act and ASIC Act,
including that SIH Equities operated an unregistered managed
investment scheme and that Mr. Goulding and Mr. Geagea were
involved in making false and misleading statements to investors.  
It is alleged these false and misleading statements were made to
investors to encourage them to invest with SIH Capital.


THE SYDNEY MARKETS: To Declare Dividend on December 4
-----------------------------------------------------
The Sydney Markets Industries Club Ltd., which is in
liquidation, will declare dividend on December 4, 2007.

Creditors who were not able to file their proofs of debt by the
November 13 due date will be excluded from the company's  
dividend distribution.

The company's deed administrator is:

          John Vouris
          Lawler Partners
          GPO Box 5446
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 8346 6000

                     About The Sydney Markets

The Sydney Markets Industries Club Ltd is involved with civic
and social associations.  The company is located at Sydney
Markets, in New South Wales, Australia.


TRIMAS CORP: Operating Profit Up 6.1% to US$27.3MM in Third Qtr.
----------------------------------------------------------------
TriMas Corporation has announced financial results for the
quarter ended Sept. 30, 2007.  Sales and earnings performance
for the quarter ended Sept. 30, 2007 represented a third quarter
record for the company.

                  Third Quarter Highlights

          -- Sales for the third quarter were up 7.2% to
             US$262.2 million, as compared to US$244.6 million
             in the third quarter of 2006.

          -- Operating profit improved 6.1% to US$27.3 million,
             as compared to US$25.7 million in the third quarter
             of 2006.

          -- Adjusted EBITDA from continuing operations for
             third quarter 2007 increased 8.4% to US$37.1
             million, as compared to US$34.2 million in the
             third quarter of 2006.

          -- Income from continuing operations increased to
             US$6.6 million, or US$0.20 per share on a fully-
             diluted basis, as compared to a loss from
             continuing operations of US$2.3 million, or US$0.11
             per share on a fully-diluted basis in third quarter
             2006.  The results from third quarter 2006 included
             a non-cash, after-tax charge of US$5.4 million, or
             US$0.26 per share, related to the company's
             successful refinancing of its bank debt.

"The third quarter of 2007 represents the eighth consecutive
quarter of improved year-over-year operating performance," said
Grant Beard, TriMas' President and Chief Executive Officer.
"With 7.2% sales growth for the quarter, we are seeing the
positive results of our growth strategies and our business model
as a diversified industrial company.  Industrial Specialties
continued its strong performance as sales and operating profit
increased 22.3% and 19.8%, respectively, compared to the year
ago period as this segment benefited from product expansion and
market share gains.  We are also pleased with the quarterly
performance of our RV & Trailer Products and Recreational
Accessories business segments which increased both sales and
operating profit against a back drop of weak end markets."

Mr. Beard continued, "While we are feeling the impact of the
recent challenges facing some of the end markets of our
Packaging Systems and Energy Products business segments, we
still firmly believe in the long-term growth prospects for these
segments.  We will continue to drive organic growth through new
product development and international expansion initiatives,
while continuing to focus on improving our operational
efficiency."

               Third Quarter Segment Results

Packaging Systems

Sales decreased 3.1% primarily due to reduced sales of the core
industrial closure products resulting from lower end market
demand in portions of the industrial chemical, paint and
construction markets.  Overall, this product group's margins
exceed the margins of the tapes, laminates and consumer
dispensing products, which experienced relatively flat sales in
the quarter.  Operating profit declined due to the decrease in
sales levels, increases in steel and resin costs not able to be
recovered from customers and additional labor, overhead and
selling costs associated with new product growth initiatives.
The company is focused on developing specialty product
applications for growing end markets and expanding
geographically to generate long-term growth, while recovering
increases in raw material costs in the near-term.

Energy Products

Sales increased 4.8% due to continued strong growth of specialty
gasket sales to the refinery and petrochemical industries.  The
increase in gasket sales was partially offset by a decline in
the sales of compressor engines and repair parts resulting from
the lower levels of natural gas drilling activity in Western
Canada.  Operating profit declined primarily due to the change
in product sales mix, specifically volume declines in the engine
and repair parts business.  While the timing of the recovery of
the natural gas market in Canada remains uncertain, the company
plans to continue to launch new products to complement its
engine business, while expanding its gasket business
internationally.

Industrial Specialties

Sales increased 22.3% due to continued strong market demand and
product expansion in the company's aerospace fastener,
industrial cylinder, defense and precision cutting tool
businesses.  The segment also benefited from the August 2007
acquisition of a medical device manufacturer.  Operating profit
increased in line with revenue growth.  The company plans to
leverage its successful growth strategies by continuing to
develop specialty products for growing end markets and expand
international sales efforts.

RV & Trailer Products

Sales increased 6.0% primarily due to new product sales in the
electrical products business, partially offset by weak end
market demand in the trailer products business. Operating profit
improved due to the increased sales of electrical products and
margin improvement in the company's Australian business.  The
company's focus is to continue to leverage strong brand
positions for increased market share, cross-sell the product
portfolio into all channels and expand internationally, while
continuing to proactively manage costs and operational
efficiency.

Recreational Accessories

Sales increased 7.4% due to the introduction of new programs and
market share gains, despite a weak end market.  Operating profit
continued to improve as a result of full run-rate savings from
sourcing initiatives and productivity improvements implemented
throughout 2006.  The company plans to continue to increase
market share in the United States and Canada and pursue new
market opportunities in select international markets.

                      Financial Position

TriMas ended the quarter with total debt of US$624.5 million and
funding under receivables securitization of US$44.3 million for
a total of US$668.8 million.  Total debt and receivables
securitization decreased by US$85.4 million when compared to the
year ago period, due primarily to the retirement of US$100
million face value of senior subordinated notes with proceeds
from the company's Initial Public Offering in the second quarter
of 2007.  TriMas ended the quarter with cash of US$4.2 million
and US$112.5 million of availability under its existing
revolving credit and receivables securitization facilities.

                        Acquisitions

On Aug. 1, 2007, TriMas acquired DEW Technologies, Inc., a
manufacturer of specialty; high-precision spinal and trauma
implant products serving the orthopedic device industry. The
addition of DEW Technologies provides the company access to new
markets and broadens its product portfolio into the medical
industry, a market with significant growth opportunities.  DEW
Technologies operates as part of the Industrial Specialties
business segment.  On July 12, 2007, the company also acquired
the "Fifth Gear" product line from Quest Technologies LLC to
complement the Recreational Accessories segment's product
portfolio, targeting the recreational vehicle market.

                  Manufacturing Consolidation

As previously announced on Oct. 4, 2007, TriMas plans to close
its Huntsville, Ontario, Canada plant that manufactures trailer
hitches and related accessories for the automobile and light-
duty truck aftermarket.  The Huntsville plant operations,
included in the Recreational Accessories business segment, will
be phased out by December 2007 and consolidated into the
company's Goshen, Indiana facility.  This action, which was
enabled by significant productivity gains at the Goshen
facility, is expected to result in annual pre-tax savings of
approximately US$2 to US$3 million.  TriMas will record an
estimated pre-tax charge of approximately US$11 million, of
which US$10 million will be recognized in the fourth quarter of
2007, when management approved this action.  The remaining
amount will be recognized in 2008.  Approximately US$4 million
of the fourth quarter 2007 charge will represent non- cash
charges related to accelerated depreciation on property and
equipment.

                           Outlook

In its Aug. 2, 2007 second quarter earnings release, TriMas
provided full year 2007 Adjusted EBITDA from continuing
operations guidance of US$148 million to US$156 million,
compared to US$138 million in Adjusted EBITDA from continuing
operations earned in 2006.  This range excludes approximately
US$14 million of costs and expenses related to the use of IPO
proceeds and the estimated fourth quarter charges associated
with the Huntsville plant closure.

As a result of weakness in certain end markets, most notably the
paint and construction industries, and continued low levels of
natural gas drilling activity in Western Canada, the company now
expects to be at the low-end of the previously disclosed
Adjusted EBITDA from continuing operations range of US$148
million to US$156 million.

                         About Trimas

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation
(NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified  
growth company of high-end, specialty niche businesses
manufacturing a variety of products for commercial, industrial
and consumer markets worldwide.  TriMas Corporation is organized
into five strategic business groups: Packaging Systems, Energy
Products, Industrial Specialties, RV & Trailer Products, and
Recreational Accessories.  TriMas Corporation has nearly 5,000
employees at 80 different facilities in 10 countries.  The
company has manufacturing facilities in Indiana, Mexico,
England, Germany, and China.  The company has operations in
Australia and Italy.


                        *     *     *

As reported on May 28, 2007, Standard & Poor's Ratings Services
raised its ratings on Bloomfield Hills, Michigan-based TriMas
Corp., including its corporate credit rating, which goes to 'B+'
from 'B'.

At the same time, all ratings were removed from CreditWatch,
where they were placed with positive implications on
Aug. 4, 2006, following the company's announcement that it had
filed a registration statement for an IPO.  S&P said the outlook
is stable.


URS CORP: Closes Washington Group Acquisition for US$3.1 Billion
----------------------------------------------------------------
URS Corporation has completed its acquisition of Washington
Group International Inc. for a total purchase price of
approximately US$3.1 billion.  The closing of the acquisition
follows approvals by URS and Washington Group stockholders at
each company's special meeting of stockholders held earlier.

"This transaction has important benefits for the stockholders
and customers of both companies," said Martin M. Koffel,
Chairman and Chief Executive Officer of URS.  "With the addition
of Washington Group's complementary engineering and construction
services, URS becomes one of the few fully-integrated
engineering, construction and technical services firms capable
of serving every phase of a project -- from initial planning,
engineering and construction of a project, to operations and
maintenance.  The combined company also has enhanced scale and
expertise to meet the increasing demand for comprehensive
solutions on large, complex global assignments.  We are looking
forward to capturing the tremendous potential of the combined
company."

Mr. Koffel continued, "We also are delighted to welcome
Washington Group's 25,000 employees to URS.  We believe the
combined company is unrivaled in terms of its professional
talent and the opportunities we are able to offer our employees
as part of a larger, more dynamic company."

The acquisition further diversifies and broadens URS' market
exposure, allowing the Company to offer a broad range of
engineering and construction services to clients in the
transportation, facilities, environmental, water/wastewater,
industrial infrastructure and process, homeland security,
installations and logistics, and defense systems markets.  In
addition, the combined company will be a major contractor to the
federal government.

Under the terms of the merger agreement, Washington Group
stockholders are receiving US$43.80 in cash and 0.900 shares of
URS common stock for each share of Washington Group stock.  In
lieu of receiving the mix of cash and URS common stock,
Washington Group stockholders may elect to receive all stock or
all cash.  The number of shares to be paid in lieu of cash in an
all-stock election and the amount of cash to be paid in lieu of
URS common stock in an all-cash election will be based on the
volume weighted average trading price of URS common stock during
the five trading day period ended Nov. 14, 2007 of US$57.0184.
All-cash and all-stock elections are subject to proration.

Based on the five trading day volume weighted average price of
URS common stock of US$57.0184, Washington Group stockholders
can elect to receive US$95.11656 in cash (subject to proration),
1.6681731 shares of URS common stock (subject to proration), or
US$43.80 in cash and 0.900 shares of URS common stock.  The
deadline for Washington Group stockholders to elect whether to
receive a cash consideration, stock consideration or a
combination thereof, subject to proration, will be 5:00 p.m. ET
on Nov. 20, 2007.

URS stockholders are retaining the shares they held prior to the
transaction.

In connection with the completion of the transaction, Washington
Group's shares have ceased to trade on the NYSE as of the close
of trading last Friday.  Washington Group will operate as the
Washington Division of URS. Steven Hanks, former Chief Executive
Officer of Washington Group, has been named President of the
Washington Division and appointed to the URS Corporation Board
of Directors.

                  About URS Corporation

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

                       *     *     *

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

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


WALSH FAMILY: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Walsh Family Holdings Pty Limited
met on November 13, 2007, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on July 6, 2006.

The company's liquidator is:

          Christopher J. Palmer
          Level 4, 23-25 Hunter Street
          Sydney, New South Wales 2000
          Australia

                       About Walsh Family

Walsh Family Holdings Pty Limited is a distributor of conveyors
and conveying equipments.  The company is located at  
Leichhardt, in New South Wales, Australia.


WEATHERDON STRUK: Members to Hold Final Meeting on Nov. 30
----------------------------------------------------------
Weatherdon Struk Pty Limited will hold a final meeting for its
members on November 30, 2007, at 10:00 a.m.

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

The company commenced liquidation proceedings on September 22,
2006.

The company's liquidator is:

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

                     About Weatherdon Struk

Weatherdon Struk Pty Limited operates offices and clinics of
chiropractors.  The company is located at Willoughby, in New
South Wales, Australia.


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

ADDWAY LIMITED: Creditors' Proofs of Debt Due on December 31
------------------------------------------------------------
The creditors of Addway Limited, which is in liquidation, are
required to file proofs of debt by December 31, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

          Andrew C.C. MA
          Felix K.L. Lee
          19th Floor, Seaview Commercial Building
          21-24 Connaught Road
          West, Hongkong


BROWN SHOE: Names Joe Caro as Sr. VP & Chief Information Officer
----------------------------------------------------------------
Brown Shoe Company, Inc. has appointed Joe Caro as Senior Vice
President and Chief Information Officer, effective immediately.
In this newly created role, he is responsible for aligning Brown
Shoe's technology strategy with the company's growth plans and
managing a team of technology specialists worldwide.  Mr. Caro
will also play a key role in managing and enhancing technology
for Brown Shoe.

"Our IT infrastructure is critical to serving our customers,
operating efficiently and implementing our plans for growth,"
said Brown Shoe Chief Talent Officer Doug Koch.  "Joe's talent
and experience will add value to our existing framework and
strengthen our platform as we build for the future."

Mr. Caro has a broad range of technology experience and a
successful track record in leveraging technology for business
growth.  He comes to Brown Shoe from CitiGroup, where he served
as Senior Vice President and Chief Technology Officer for the
CitiFinancial International division.  In that role, he was
responsible for developing and managing technology for the
international consumer lending business.  Prior to that, he held
positions with MasterCard (Vice President, Internet Technology
Solutions), Edward Jones (Director, Banking and Online Brokerage
Technology) and Accenture.

Mr. Caro earned a Bachelor of Business Administration degree
from Marshall University and an MBA from Indiana University. He
also serves on the College of Directors for Visitation Academy
in St. Louis.

                      About Brown Shoe

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc.
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear  
company with global operations including Brazil, Italy, China,
Hong Kong, and Taiwan.  The company operates the 900+ store
Famous Footwear chain, which sells brand name shoes for the
family.  It also operates 300+ specialty retail stores in the
U.S. and Canada under the Naturalizer, FX LaSalle and Via Spiga
names, and Shoes.com, the company's e-commerce subsidiary.
Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults,
and Barbie and Disney character footwear for children.

                       *     *     *

As reported in the Troubled Company Reporter on Apr. 3, 2007,
Moody's Investors Service changed the outlook of Brown Shoe
Company, Inc., to positive from stable and affirmed its Ba3
corporate family rating on the company.  Ratings that were
affirmed also include the company's Probability-of-default
rating at Ba3; US$150 Million guaranteed senior unsecured notes
due 2012 at B1, LGD5, 72%; and Speculative Grade Liquidity
Rating at SGL-2.


BLOUNT INT'L: Reports US$22.6MM Third Quarter Operating Income
--------------------------------------------------------------
Blount International, Inc. has announced financial results for
the third quarter ended Sept. 30, 2007.

Sales for the company for the third quarter increased to
US$166.9 million or 1.7% from last year's third quarter.  Sales
for the company's Outdoor Products segment increased by 9.5%
from last year's third quarter to more than offset a 14.7%
decline in the Industrial and Power Equipment Segment.

Operating income was US$22.6 million in this year's third
quarter compared to US$18.7 million last year.  Last year's
third quarter operating income included non-recurring charges of
US$4.8 million related to the redesign of the company's
retirement plans and the closure of a manufacturing facility.
Income from continuing operations in this year's third quarter
was US$9.4 million (US$0.20 per diluted share), compared to
US$10.1 million (US$0.21 per diluted share) in the comparable
period last year.  This year's income from continuing operations
includes income tax expense of US$5.7 million compared to an
income tax benefit of US$0.6 million last year, when the company
recognized the impact of certain tax planning strategies.

Blount International Chairperson and Chief Executive Officer
James S. Osterman stated, "Third quarter sales for our Outdoor
Products segment increased solidly from last year as we
experienced strong growth in key international markets.  This
top line growth resulted in a slight improvement to segment
contribution despite continued margin pressure caused by a
further strengthening of the Canadian and Brazilian currencies.
We ended the third quarter with a good order backlog in the
Outdoor Products segment and expect to continue to experience
year over year sales growth through the fourth quarter."

Mr. Osterman added, "Yesterday, we announced the sale of the
company's Forestry Division.  Proceeds from this sale were
utilized to reduce outstanding debt and related financial
leverage.  This sale will significantly reduce the company's
exposure to the cyclicality of North American timber markets in
the future and allow for consistent investment for the growth of
our Outdoor Products segment."

                      Segment Results

The Outdoor Products segment reported third quarter sales of
US$122.1 million, a 9.5% increase from US$111.5 million in last
year's third quarter.  International sales increased by 14% from
the third quarter of last year.  Segment contribution to
operating income increased to US$23.7 million from
US$23.5 million in last year's third quarter.  Segment
contribution was adversely impacted by approximately
US$0.6 million from the movement in foreign currency exchange
rates as compared to last year's third quarter.  Segment backlog
was US$67.6 million at the end of the third quarter compared to
US$64.8 million in last year's third quarter and US$71.8 million
at the end of this year's second quarter.

The Industrial and Power Equipment segment's third quarter sales
were US$45.0 million, compared to US$52.7 million last year, a
14.7% decline.  Segment contribution to operating income was
US$2.8 million compared to US$3.9 million in last year's third
quarter.  Demand for North American timber-harvesting equipment
continued to be weak in the third quarter of this year, and was
the primary reason for the decline in segment sales and
profitability.  Included in segment results for the nine month
period ended Sept. 30, were US$99.8 million in sales and
US$3.8 million in contribution to operating income from the
company's Forestry Division.

                     Financial Outlook

Beginning with the fourth quarter, the company will be
classifying the historical results of the Forestry Division as a
discontinued operation.  Accordingly, Blount is revising its
full-year financial outlook to include only outlook for
continuing operations.  Full year sales are estimated to be
between US$510 million and US$515 million and operating income
is estimated to be between US$78 million and US$80 million.
Additionally, the company estimates that it will record net
income of between US$10 million and US$12 million (US$0.21 and
US$0.25 per diluted share) from the gain on the sale of the
Forestry Division.  For the year, the company's effective income
tax rate for continuing operations is anticipated to be between
34% and 36%.

Additionally, the company announced that it sold its Forestry
Division on Nov. 5, 2007, and will use the proceeds from the
sale to reduce debt in the fourth quarter.

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, Blount International closed the sale of its
Forestry Division to Caterpillar Forest Products Inc., a wholly
owned subsidiary of Caterpillar Inc.  Blount International
received consideration of US$77.3 million for the sale.
Proceeds received upon completion of the transaction are subject
to certain post-closing adjustments and will be utilized to
reduce debt and pay applicable taxes and transaction fees.

The company will recognize a gain on the sale from this
transaction in the fourth quarter of this year.


Blount International Inc. (NYSE: BLT) -- http://www.blount.com/
-- is a diversified international company operating in two
principal business segments: Outdoor Products and Industrial and
Power Equipment.

Blount manufactures its products in the United States, Canada,
China, and Brazil, and sells them in more than 100 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 1, 2007, Blount International Inc.'s balance sheet at
March 31, 2007, showed US$447.6 million in total assets and
US$545.9 million in total liabilities, resulting in a US$98.4
million total stockholders' deficit.


CAMAFORCE LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
Camaforce Limited commenced liquidation proceedings on
November 7, 2007.

The company's liquidators are:

          Ying Hing Chui
          Chung Miu Yin, Diana
          28th Floor, Three Place
          1 Queen's Road
          East, Hongkong


CHIEFAST LIMITED: Creditors' Proofs of Debt Due on December 31
--------------------------------------------------------------
The creditors of Chiefast Limited, which is in liquidation, are
required to file their proofs of debt by December 31, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

          Andrew C.C. MA
          Felix K.L. Lee
          19th Floor, Seaview Commercial Building
          21-24 Connaught Road
          West, Hongkong


CONCORD SECURITIES: Earns TWD751.05MM for First Nine Months
-----------------------------------------------------------
Concord Securities Co., Ltd., reported a net income of
TWD751.05 million for the nine months ended Sept. 30, 2007.

The company reported revenues of TWD2.18 billion for the period
in review, while interest income amounted to TWD489.64 million.  
Total expenses plus provisions on loan loss amounted to
TWD1.25 billion.

Headquartered in Taipei, Taiwan, Concord Securities Co., Ltd. --
http://www.6016.com.tw/-- is engaged in the brokerage,  
underwriting and proprietary trading of securities, as well as
futures proprietary trading business.

Fitch Ratings placed its BB rating on the company's foreign
currency long-term debt and long-term issuer default on Dec. 1,
2004.


CONCORD SECURITIES: Sales Hit TWD238 Million in October 2007
------------------------------------------------------------
Concord Securities Co., Ltd.'s sales in October 2007 rose
108.26% year-on-year to TWD237.60 million from
TWD114.09 million, according to data obtained from Bloomberg
News.

The rise in October sales follows the 89.62% rise in sales in
September 2007 to TWD282.14 million from TWD148.79 million.

The company's year-to-date sales totaled TWD2.41 billion.

Headquartered in Taipei, Taiwan, Concord Securities Co., Ltd. --
http://www.6016.com.tw/-- is engaged in the brokerage,  
underwriting and proprietary trading of securities, as well as
futures proprietary trading business.

Fitch Ratings placed its BB rating on the company's foreign
currency long-term debt and long-term issuer default on Dec. 1,
2004.


DANA CORP: Ad Hoc Asbestos Panel Balks at Proposed Settlement
-------------------------------------------------------------
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.

                  Ad Hoc Committee Objects

The Ad Hoc Committee of Asbestos Personal Injury Claimants
disputes Dana Corp. and its debtor-affiliates' request to
approve Settlement Agreements with the Asbestos Personal Injury
claimants.

Douglas T. Tabachnik, Esq., at Law Offices of Douglas T.
Tabachnik, in Freehold, New Jersey, tells the U.S. Bankruptcy
Court for the Southern District of New York that the Ad
Hoc Committee has not been provided with actual copies of the
Settlement Agreements.  Rather, he adds, the committee has only
been provided with the Debtors' description of some of the terms
of the agreements, hence, the committee cannot evaluate the
agreements.

The Settlement Agreements provide potentially different, more
favorable treatment for the asbestos personal injury claims that
are being settled pre-confirmation than the treatment afforded
other asbestos personal injury claims, although those claims are
classified in the same class, Mr. Tabachnik asserts.

As previously reported, Dana's third amended joint Plan of
Reorganization and the Court-approved Disclosure Statement
provide that Class 3 - Asbestos Personal Injury Claims will be
reinstated on the Plan's effective date.

"The treatment provided by the Settlement Agreements could be
considered to discriminate against the holders of asbestos
personal injury claims who have not settled with the Debtors
pre-confirmation," Mr. Tabachnik says.

Furthermore, according to Mr. Tabachnik, all of the members of
the Ad Hoc Committee either have lawsuits pending against the
Debtors or have settled their claims against the Debtors prior
to the petition date.  The Debtors have not paid the settlement
amount to any of the members of the committee with whom claims
were settled, Mr. Tabachik elaborates.  Thus, he asserts that
the Debtors should clarify how the unfunded settlements will be
treated under the Debtors Third Amended Joint Plan, and what
recourse claimants with unfunded settlements have if the
settlements are not paid.

Accordingly, the Ad Hoc Committee asks the Court to deny the
Debtors' request to enter into Settlement Agreements.  In the
alternative, the Ad Hoc Committee asks the Court to continue the
hearing on the Settlement Motion until the committee has been
provided with and has acquired the opportunity to review the
Settlement Agreements.

                   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).  


ESPCO LIMITED: Creditors' Proofs of Debt Due on December 31
-----------------------------------------------------------
The creditors of Espco Limited, which is in liquidation, are
required to file their proofs of debt by December 31, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

          Andrew C.C. MA
          Felix K.L. Lee
          19th Floor, Seaview Commercial Building
          21-24 Connaught Road
          West, Hongkong


GRAND RANK: Creditors to Receive Wind-up Report on November 26
--------------------------------------------------------------
The creditors of Grand Rank Limited, which is in liquidation,
will have their final meeting on November 26, 2007, at
10:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at Room 602, 447 Lockhart Road, in Hong
Kong.


GREEN SEQUOIA: Proofs of Debt Due on December 31
------------------------------------------------
The creditors of Green Sequoia Limited, which is in liquidation,
are required to file proofs of debt by December 31, 2007, to be
included in the company's dividend distribution.

The company's Liquidators are:

          Andrew C.C. MA
          Felix K.L. Lee
          19th Floor, Seaview Commercial Building
          21-24 Connaught Road
          West, Hongkong


GROGRAM LIMITED: Appoints New Liquidator
-----------------------------------------
The members of Grogram Limited, which is in liquidation,
appointed Ha Man Hit, Marcus, as the company's liquidator on
November 12, 2007.

The Liquidator can be reached at:

          Ha Man Hit, Marcus
          Room 2302, 99 Hennessy Road
          Wan Chai, Hong Kong


GROSVENOR STAR: Commences Liquidation Proceedings
-------------------------------------------------
Grosvenor Star Holdings Limited commenced liquidation
proceedings on November 2, 2007.

The company's liquidator is:

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


JIH SUN: Earns TWD1.15 Billion for First Nine Months of 2007
------------------------------------------------------------
Jih Sun Financial Holding Co. Ltd. posted a net income of
TWD1.15 billion for the nine-month period ended Sept. 30, 2007.

The company experienced a net loss of TWD12.70 billion for the
full-year ended Dec. 31, 2006.  It started reporting a profit  
in the first-half of 2007, with a TWD330.4-million net income.

Taiwan-based Jih Sun Financial Holding Co. Ltd. --
http://www.jsun.com/main.asp-- is a financial holding company  
providing services in Taiwan, as well as overseas markets. As of
December 31, 2006, the company had three wholly owned
subsidiaries: Jih Sun International Commercial Bank, Jih Sun
International Insurance Agency Co., Ltd, and Jin Sun Securities
Co., Ltd.

The Troubled Company Reporter-Asia Pacific reported on Oct. 18,
2007, that Fitch Ratings affirmed the ratings of Jih Sun Group,
namely Jih Sun Financial Holding Co., Ltd and its subsidiaries,
Jih Sun International Bank and Jih Sun Securities Corp., Ltd, as
follows:

Jih Sun Financial Holding:

   -- Long-term foreign currency issuer default rating at BB+,
   -- Short-term foreign currency IDR at B,

Jih Sun International Bank:

   -- long-term foreign currency IDR at BB+,
   -- short-term foreign currency IDR at B,

Jih Sun Financial Holding also posted net losses of
TWD455.40 million, TWD1.12 billion, TWD4.39 billion, and
TWD12.70 billion for the years ended Dec. 31, 2003, until 2006.


JIH SUN: October 2007 Sales Up 77.19% Year-on-Year
--------------------------------------------------
Jih Sun Financial Holding Co. Ltd. said sales in October 2007
rose 77.19% year-on-year to TWD135.21 million from
TWD76.31 million, Bloomberg News reports, citing a statement
filed with the Taiwan Stock Exchange.

Year-to-date figures amounted to TWD1.41 billion.

Taiwan-based Jih Sun Financial Holding Co. Ltd. --
http://www.jsun.com/main.asp-- is a financial holding company  
providing services in Taiwan, as well as overseas markets. As of
December 31, 2006, the company had three wholly owned
subsidiaries: Jih Sun International Commercial Bank, Jih Sun
International Insurance Agency Co., Ltd, and Jin Sun Securities
Co., Ltd.

The Troubled Company Reporter-Asia Pacific reported on Oct. 18,
2007, that Fitch Ratings affirmed the ratings of Jih Sun Group,
namely Jih Sun Financial Holding Co., Ltd and its subsidiaries,
Jih Sun International Bank and Jih Sun Securities Corp., Ltd, as
follows:

Jih Sun Financial Holding:

   -- Long-term foreign currency issuer default rating at BB+,
   -- Short-term foreign currency IDR at B,

Jih Sun International Bank:

   -- long-term foreign currency IDR at BB+,
   -- short-term foreign currency IDR at B,

Jih Sun Financial Holding also posted net losses of
TWD455.40 million, TWD1.12 billion, TWD4.39 billion, and
TWD12.70 billion for the years ended Dec. 31, 2003, until 2006.


JIH SUN: To Manage TWD16-Billion Government Pension Fund
--------------------------------------------------------
Jih Sun Financial Holding Co. Ltd. -- along with Prudential
Financial Securities Investment Trust, National Investment
Trust, and Capital Securities Co. -- will run the Taiwanese
Government's pension fund, Bloomberg News reports.

The four companies will each manage TWD4 billion of the
TWD16 billion fund over three years, Bloomberg News relates,
citing the fund committee's statement.

Bloomberg adds that in addition to the pension fund, the
government will add investments from the labor pension and labor
insurance funds.

Taiwan-based Jih Sun Financial Holding Co. Ltd. --
http://www.jsun.com/main.asp-- is a financial holding company  
providing services in Taiwan, as well as overseas markets. As of
December 31, 2006, the company had three wholly owned
subsidiaries: Jih Sun International Commercial Bank, Jih Sun
International Insurance Agency Co., Ltd, and Jin Sun Securities
Co., Ltd.

The Troubled Company Reporter-Asia Pacific reported on Oct. 18,
2007, that Fitch Ratings affirmed the ratings of Jih Sun Group,
namely Jih Sun Financial Holding Co., Ltd and its subsidiaries,
Jih Sun International Bank and Jih Sun Securities Corp., Ltd, as
follows:

Jih Sun Financial Holding:

   -- Long-term foreign currency issuer default rating at BB+,
   -- Short-term foreign currency IDR at B,

Jih Sun International Bank:

   -- long-term foreign currency IDR at BB+,
   -- short-term foreign currency IDR at B,

Jih Sun Financial Holding also posted net losses of
TWD455.40 million, TWD1.12 billion, TWD4.39 billion, and
TWD12.70 billion for the years ended Dec. 31, 2003, until 2006.


LEAN GIAP: Creditors to Meet on December 17
--------------------------------------------
The members of Lian Giap Trading (HK) Limited will have their
final meeting on December 17, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Allied Kajima Building, in
Gloucester Road, Hong Kong.

The company commenced liquidation proceedings on July 27, 2007.

The company's liquidators are:

         Wong Poh Weng
         Wong Tak Man, Stephen
         Allied Kajima Building, 7th Floor
         138 Gloucester Road
         Hong Kong


MBF PROPERTIES: Appoints Ha Man Hit as Liquidator
-------------------------------------------------
The members of MBF Propertied Holdings (HK) Limited, on Nov. 12,
2007, appointed Ha Man Hit, Marcus, as the company's liquidator.

The Liquidator can be reached at:

          Ha Man Hit, Marcus
          Room 2302, 99 Hennessy Road
          Wan Chai, Hong Kong


NORMAN INSURANCE: Creditors' Proofs of Debt Due on December 7
-------------------------------------------------------------
The creditors of Norman (Hong Kong) Insurance Company Limited
are required to file their proofs of debt by December 7, 2007,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 29, 2006.

The company's liquidators are:

          Ying Hing Chui
          Chung Min Yin
          28th Floor, Three Place
          1 Queen's Road
          East, Hongkong


OVADIA: Appoints Chan Kin Hang as Liquidator
-------------------------------------------
The members of Ovadia Diamonds China Limited, which is in
liquidation, appointed Chan King Hang, Danvil, as the company's
liquidator on November 8, 2007.

The Liquidator can be reached at:

          Chan King Hang Danvil
          Room 2301, 23 Floor
          Ginza Square, 565-567 Nathan Road
          Yaumatei, Kowloon
          Hong Kong


Q.U.E. INVESTMENT: Liquidators Quit Post
----------------------------------------
On November 12, 2007, Chan Mi Har and Betty Yuen Yeung stepped
down as liquidators for Mattel China Properties Limited.

The company is undergoing a voluntary wind-up, which commenced
on Feb. 22, 2007.

The former liquidators can be reached at:

         Chan Mi Har
         Betty Yuen Yeung
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


QUANTA COMPUTER: Mass Production of US$100 Laptops Begins
---------------------------------------------------------
Quanta Computer Inc. has begun mass production of the so-called
100-dollar laptop computer, aimed at allowing children in
developing countries go online, Earth Times reports.

"We take orders from our client, the One Laptop Per Child
foundation, and the computers go where OLPC wants them to go,"
said Huang Chia-you from Quanta's Education Computer Unit.

Qaunta Education Computer Unit's Huang Chia-you explains that
the company takes orders from the One Laptop Per Child
Foundation, and that OLPC will handle the logistics thereafter,
the report says.  Mr. Huang refused to discuss details of the
mass production but said it started in the company's plant in
Changshu in Jiangsu province on China's east coast, the report
adds.

Media reports stated that the start of production was on Nov. 6,
2007.

Earth Times adds that Quanta has not disclosed the production
volume, but news reports said Quanta has doubled its
manufacturing capability to cope with orders for the computers.


Headquartered in Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the  
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.


QUANTA COMPUTER: Sets up Three New Holding Companies  
----------------------------------------------------
Quanta Computer Inc.'s board of directors has set up three new
holding companies on Oct. 30, 2007, to comply with the change in
Chinese regulations, the company said in its Web site.

The three holding companies, which will all be under the
investment industry are:

   1. Quanta Development (Hong Kong) Ltd. -- (100% of
      shareholdings);

   2. Tech Chain (Hong Kong) Ltd. -- (45% of shareholdings); and

   3. Exmore Services Holding (Hong Kong) Ltd. -- (95% of
      shareholdings).

Headquartered in Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the  
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.


QUANTA COMPUTER: Denies O2 Partnership Rumors
---------------------------------------------
Quanta Computer Inc. has denied rumors regarding its business
relationship with O2 Asia.

In its Web site, Quanta said that while the company and O2 Asia
have been working closely, there has not been any suspended
business partnerships between the two.  Quanta also dispels
rumors of huge penalties paid by the company arising from such
suspensions.

Quanta says that it will seek legal remedies.

Headquartered in Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the  
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.


RALLY HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
Rally Holdings Limited commenced liquidation proceedings on
November 16, 2007.

The company's liquidator is:

          Yang Che Wing
          21st Floor, Fee Tat Commercial Center
          No. 613 Natahan Road
          Kowloon, Hong Kong


TAIWAN BUSINESS: Earns TWD992.06 Mil. for First Nine Months
-----------------------------------------------------------
Taiwan Business Bank posted a net income of TWD992.06 million
for the nine months ended Sept. 30, 2007.

The bank reported interest income of TWD22.51 billion for the
period in review, while interest expense amounted to
TWD13.13 billion giving the bank a net interest income of
TWD9.38 billion.

Taipei, Taiwan-based Taiwan Business Bank --
http://www.tbb.com.tw/-- provides corporate financial services  
personal financial services.   The bank's domestic branch
network covers the whole island of Taiwan. In additon there are
three overseas units,including Los Angeles Branch in US, Hong
Kong Branch in Hong Kong and Sydney Branch in Australia.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings on Jan. 22, 2007, affirmed the bank's long-term issuer
default rating at BB+,  and short-term rating at B.


TAIWAN BUSINESS: October 2007 Sales Rise 16.02% Year-On-Year
------------------------------------------------------------
Taiwan Business Bank said sales in October 2007 rose 16.02%
year-on-year to TWD1.28 billion from TWD1.11 billion, Bloomberg
News reports.

The bank's year-to-date sales amounted to TWD10.51 billion, also
rising 16.84% year-on-year, Bloomberg adds.

The bank's September 2007's sales rose 47.62% year-on-year to
TWD1.33 billion from TWD898.01 million, Bloomberg says.

Taipei, Taiwan-based Taiwan Business Bank --
http://www.tbb.com.tw/-- provides corporate financial services  
personal financial services.   The bank's domestic branch
network covers the whole island of Taiwan. In additon there are
three overseas units,including Los Angeles Branch in US, Hong
Kong Branch in Hong Kong and Sydney Branch in Australia.

The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings, on Jan. 22, 2007, affirmed the bank's long-term issuer
default rating at BB+,  and short-term rating at B.


TAIWAN INT'L: Earns TWD1.78 Billion for First Nine Months
---------------------------------------------------------
Taiwan International Securities Corporation reported a net
income of TWD1.78 billion for the first nine months of 2007.

The company reported net revenues of TWD3.94 billion, including
interest income of TWD952.97 million and trading account profits
of TWD1.55 billion.

Taiwan-based Taiwan International Securities Corporation --
http://www.tisc.com.tw/-- is engaged in the businesses of  
brokerage, underwriting, bond trading, as well as the research,
design and issuing of financial products.

On April 20, 2005, Fitch Ratings assigned a BB long-term issuer
default rating and B short-term issuer default rating.  


TAIWAN INTERNATIONAL: October 2007 Sales Hit TWD1.83 Billion
------------------------------------------------------------
Taiwan International Securities Corporation's sales in October
2007 rose 148.31% year-on-year to TWD1.83 billion from
TWD737.49 million, according to data obtained from Bloomberg.

The company's year-to-date sales totaled TWD8.19 billion.

The upward trend in October follows the 47.71% year-on-year rise
in Sept. 2007 to TWD957.65 million.  August 2007 sales fell
9.82% year-on-year to TWD892.94 million.

Taiwan-based Taiwan International Securities Corporation --
http://www.tisc.com.tw/-- is engaged in the businesses of  
brokerage, underwriting, bond trading, as well as the research,
design and issuing of financial products.

On April 20, 2005, Fitch Ratings assigned a BB long-term issuer
default rating and B short-term issuer default rating.  


* Fitch Publishes Report on Taiwan Life Sector Product Trends
-------------------------------------------------------------
Fitch Ratings published a special report on the Taiwanese life
insurance sector, entitled "Taiwan Life Sector: Trends in
Products and Investments."  In the report, Fitch highlights the
trends in the sector's product offerings and investment
strategy, as well as their impact on the sector's credit
profile.

In Fitch's opinion, the sector's long-term growth prospects
remain good, while its short-term business outlook will be
driven by cyclical factors, such as interest rates and equity
prices.  The agency also believes that Taiwan's aging
population, increased need for wealth management and tax
incentives will continue to stimulate the demand for life
insurance.

Fitch notes that the Taiwanese market has gradually moved away
from traditional products to interest-sensitive and investment-
linked products, which are commonly seen in Western markets.  
The popularity of the mid-margin variable universal life product
is expected to be beneficial to the sector's intrinsic
profitability, while lowering the pressure to pursue yield
enhancement.

The agency views the gradual increase in long-term Taiwanese
dollar bond yields in 2007 favorably, and expects the rise in
interest rates, should it be sustained, to be positive for the
companies' economic balance sheets.  Due to the high cost of
guarantees on policies issued in the past, the Taiwanese life
companies' economic capital is highly sensitive to changes in
interest rate assumptions.

On a more cautious note, Fitch comments that the sector's
foreign currency exposure creates a long-term asset-liability
mismatch, which requires a more sophisticated risk management
framework to properly manage.  The sector's overseas assets
account for more than 30% of its total investments.  As they
seek to contain their hedging costs to below 200bp, only a part
of the companies' foreign currency positions can be directly
hedged through currency swaps.

Fitch believes that the larger companies in the market are
securely capitalized, as measured by risk-based capital
formulas.  The top-tier players generally maintain a regulatory
risk-based capital ratio of more than 250%, compared with the
minimum requirement of 200%.  In addition, life insurance
policyholders' recovery prospects in the event of a liquidation
are further strengthened by their priority status over other
creditors.

The full report is available at http://www.fitchresearch.com/  


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

AES CORP: Moody's Adjusts LGD Point Estimate
--------------------------------------------
The AES Corporation (AES: B1 Corporate Family Rating) has
completed its previously announced offer to purchase up to
US$1.24 billion of outstanding senior notes.  While no ratings
changed as a result, the LGD point estimate on its senior
secured credit facilities were revised to LGD 1, 2%, from LGD 1,
3%, its second priority secured notes to LGD 3, 38% from LGD 3,
41% and its senior unsecured notes to LGD 4, 53% from LGD 4,
57%.

AES Corp. -- http://www.aes.com/-- is a global power company.      
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

                           *   *   *

As reported in the Troubled Company Reporter on Oct. 12, 2007,
Moody's Investors Service affirmed The AES Corporation's
Corporate Family Rating at B1 and the senior unsecured rating
assigned to its new senior unsecured notes offering at B1
following its upsizing to US$2 billion from US$500 million.

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


BALLARPUR INDUSTRIES: Profit at INR690MM in Qtr. Ended Sept. 30
---------------------------------------------------------------
Ballarpur Industries Ltd reported a net profit of
INR690.2 million in the three months ended Sept. 30, 2007, an
improvement compared to the INR582.6 million earned in the same
period in 2006.

Total income for the latest quarter under review increased 16%
to INR6.13 billion from the INR5.3 billion earned in the July-
Sept. 2006 period.  Along with the higher revenues came the
rising expenses.  Operating expenditures went up by 16% to
INR4.61 billion, leaving the company with an operating profit of
INR1.52 billion.

For the quarter ended Sept. 30, 2007, the company also booked
interest charges of INR230.8 million, depreciation of
INR407.9 million and INR190.9 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?2591

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of May 15, 2007, the company
still carry those ratings.


BALLY TECH: Inks Casino Management System Pact With Pechanga
------------------------------------------------------------
Bally Technologies Inc. has signed a sweeping contract with the
award-winning Pechanga Resort & Casino to provide a complete
slot accounting and casino management system solution, advanced
bonusing technology and more than 3,600 iVIEW interactive
player-communication displays for all of Pechanga's gaming
machines.

The contract is the company's most comprehensive systems
agreement ever and also includes the Bally Business
Intelligence/Data Visualization solution and the first sale of
the server-based Bally Live Rewards Casino Challenge(TM)
tournament technology.

Pechanga will utilize Bally Slot Management Systems (TM)/Casino
Management Systems (TM) technologies and Bally eTICKET(TM)
cashless functionality.  Pechanga also selected Bally Power
Bonusing(TM) products, including Bally Power Winners(TM), a
configurable random progressive jackpot technology that rewards
players using their player's club cards, and Bally Power
Promotions(TM), which gives players the ability to convert their
club points into downloadable slot machine credits.

Pechanga also plans to re-wire its casino floor with advanced
Ethernet capabilities that will boost the performance of the
Bally products even further and prepare the property for the
introduction of server gaming and advanced network floor
functionality.

The high-speed floor will allow for the launch of the player-
centric Casino Challenge tournaments presented on the iVIEW
displays, giving Pechanga the ability to conduct floor-wide slot
tournaments designed to increase time on device while rewarding
key players and building excitement
on the casino floor.

"We are constantly looking at ways to enhance the Pechanga
experience for our guests," said Pechanga Development
Corporation President, Amy Minniear.  "After a careful
competitive review, we found that Bally's product lineup would
help us make immediate enhancements for our players
while laying the foundation for a wide variety of technologies
that will benefit our operation in the future."

"We are extremely pleased to add Pechanga to our growing list of
Systems customers, especially those in Southern California,"
said Bally Technologies Chief Executive Officer, Richard
Haddrill.  "As one of the most successful casino operations in
the country, Pechanga is the perfect showcase for our product
lineup.  The Bally iVIEW display in particular will help the
forward-thinking team at Pechanga to offer their customers a new
playing and service experience."

                          About Pechanga

Pechanga Resort & Casino, owned and operated by the Pechanga
Band of Luiseno Mission Indians, is located just off I-15 in the
popular wine-growing region of Temecula, Southwest California.
The resort's central location and easy freeway access make it a
popular gaming destination for those driving from Los Angeles,
Orange County and San Diego.

                  About Bally Technologies Inc.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Fitch Ratings has upgraded Bally Technologies'
secured bank debt rating and affirmed Bally's Issuer Default
Rating as:

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

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

Fitch has revised the rating outlook to stable from negative.

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


BANK OF BARODA: To Form Insurance JV w/ Andhra Bank & U.K. Firm
---------------------------------------------------------------
Bank of Baroda has signed a Memorandum of Understanding with
Andhra Bank and United Kingdom-based Legal & General Group plc,
to form a joint venture for life insurance business.

In a filing with the Bombay Stock Exchange, Bank of Baroda
disclosed that equity participation pursuant to the MoU, which
was signed on Nov. 16, will be:

        Bank of Baroda              44%
        Andhra Bank                 30%
        Legal and General plc, UK   26%

The initial paid-up capital for the life insurance venture is
reportedly INR2 billion.

According to The Hindu daily, the joint venture would mainly
focus on the rural and semi-urban market because only 20% of the
people in India were insured.

The partners would initiate various steps to operationalize the
JV in due course, the BSE filing says.  Among the steps to be
taken would be the filing of application for a license with the
Insurance Regulatory and Development Authority.

                       About Andhra Bank

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

                  About Legal & General Group

U.K.-based Legal & General Group Plc is a holding company of a
group of insurance, investment management and financial services
companies. The Company has three business segments-- Life and
Pensions, Investment Management and General Insurance.

                     About Bank of Baroda

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                       *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.  Fitch said the outlook on all
ratings is stable.


BHARTI AIRTEL: Fitch Affirms BB+ Long-Term Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency issuer default rating at
'BB+'.  The Outlook on the rating is Stable.

Bharti's rating reflects its entrenched position in the Indian
telecommunications sector, with integrated operations spanning
cellular, wireline, consumer broadband and enterprise services.
Its profile is becoming increasingly diversified, with plans to
launch new services such as direct-to-home satellite services
and IPTV (Internet Protocol Television) services by end-FY08.  
In addition, it expects to launch mobile services in Sri-Lanka
by Q1-FY09, which also marks its first venture into an overseas
market.

As at September 2007, the company had a leading pan-national
market share of 23.4% in cellular services; the mainstay of its
consolidated profile, accounting for around 71% of consolidated
revenues and around 76% of consolidated EBITDA in H108.  
Bharti's cellular customer base has registered impressive growth
through FY07 and H108, with net additions totaling 17.6 million
and 11.7m respectively in each of these periods.  With per-
capita cellular penetration still low at around 18% by end-H108,
robust industry growth is expected to sustain over the medium
term.

However, while India's mobile industry is one of Asia's fastest
growing markets, it is also fragmented and intensely
competitive, with 11 operators across 23 mobile circles and at
least six competing operators in each circle.  Moreover, in
recent months, the government has announced policy measures that
could potentially redefine the competitive landscape and further
intensify wireless competition.  Noteworthy developments include
the tightening of spectrum allocation criteria, in-principle
approval for the use of alternate wireless technologies under
existing UASL (Unified Access Service Provider) licenses and the
targeted implementation of mobile number portability by end-
2008.

The government also recently announced broad guidelines for an
auction of 3G spectrum, stating that both new and foreign
players may be allowed to bid for a total of between three to
six licenses.  In Fitch's view, regulatory and policy risk has
risen sharply in recent months, which could result in industry
operators, and particularly GSM players, facing greater
operating challenges going forward.

Bharti's rating takes into account the strengthening of its
consolidated financial profile during FY07, underpinned by
impressive earnings growth and a sharp improvement in
profitability measures.  Bharti delivered revenue growth of 58%
in FY07, while improved scale efficiencies drove a strong
increase in consolidated EBITDAR margins to 42.7% from 37.5% in
the prior period.  Strong growth in operating profits led net
adjusted leverage (defined as Total Adjusted Debt net of cash by
Operating EBITDAR) to decline further, to 0.9x at FYE07 from
1.3x the previous year.  However with heavy investment
requirements ahead, Fitch anticipates that Bharti will remain
significantly free cash flow negative over the next year or so,
and accordingly leverage metrics could come under some pressure
over this period.  For FY08, Bharti has indicated a capex target
of USD3.5 billion, with 70% allocated to domestic mobile and the
balance 30% allocated to its fixed-line, direct-to-home, IPTV
and Sri Lanka rollouts.

The Rating Outlook is Stable, reflecting the expectation that
Bharti is well-positioned to navigate evolving industry
challenges whilst maintaining a sound financial profile.
Notwithstanding heightened regulatory risk and intense
competition, the company is expected to remain a major
beneficiary of ongoing robust mobile growth. Going forward,
sustainable positive free cash flow generation and effective
management of competitive pressures (evidenced by margin-
stability) would exert upward pressure on the rating.  However
negative pressure would arise should net adjusted leverage
exceed 2.0x, which could be triggered by substantial debt-funded
investments or acquisitions or a sharp deterioration in the
operating environment.


DECCAN AVIATION: Books INR2.5-Bil. Loss in Qtr. Ended Sept. 30
--------------------------------------------------------------
Deccan Aviation Ltd's net loss zoomed to INR2.53 billion in the
three months ended Sept. 30, 2007, from the INR429.4-million net
loss incurred in the corresponding period in 2006.

The rapid ascent in the company's loss could be attributed to
the slide in revenues while operating expenses soared.  For the
July-Sept. 2007 quarter, the aviation company posted total
revenues of INR4.67 billion, down 13% from last year's
INR5.36 billion.  Operating expenditures, however, jumped by 22%
to INR6.80 billion, giving the company an operating loss of
INR2.15 billion.  Operating expenses include aircraft fuel
expenses of INR2.84 billion and aircraft lease rentals of
INR1.14 billion.

The company also booked interest and finance charges aggregating
INR241.30 million and INR132.2 million in depreciation expenses.

The company points out that during the previous financial year,
its treatment of certain deferred expenses were subject to
qualifications by the statutory auditors, which qualification
continues for the current financial year.  As a result, the loss
for the current quarter is overstated by INR22.70 million.

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?258a

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in    
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 2, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


DUNLOP INDIA: Loss Widens to INR39 Mil. in Qtr. Ended Sept. 30
--------------------------------------------------------------
Dunlop India Ltd's net loss widened to INR39.1 million in the
three months ended Sept. 30, 2007, from the INR21-million loss
incurred in the same period in 2006.

Total income for the latest quarter under review aggregated to
INR10.1 million, a 53% decrease from the INR21.6 million earned
in the July-Sept. 2006 quarter.  Expenditures from operations
totaled INR30.9 million, giving the company an operating loss of
INR20.8 million.

The company also incurred interest charges of INR15.4 million
and booked depreciation expenses of INR2.3 million.  Taxes for
the quarter amounted to 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?258f

For the six months ended Sept. 30, 2007, the company booked a
net loss of INR62 million on revenues of INR19.5 million.  
Expenditures for the six-month period operating expenses
aggregated INR46.2 million while interest charges totaled
INR29.8 million.

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

               http://ResearchArchives.com/t/s?2590

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.

As reported in the TCR-AP's "Large Companies with Insolvent
Balance Sheets" column on Nov. 16, 2007, the company registered
an equity deficit of US$65.30 million.


GMAC LLC: Hull Succeeds Khattri as Financial Services Unit's CFO
----------------------------------------------------------------
GMAC Financial Services, a subsidiary of GMAC LLC, disclosed
Sanjiv Khattri, chief financial officer, will be named to a new
position as executive vice president of Corporate Development
and Strategy, effective Dec. 3.  He will continue to report to
GMAC Chief Executive Officer Eric Feldstein.  In this new
position, Mr. Khattri will have responsibility for strategic
planning and business development as well as continuing as chief
financial officer of GMAC Residential Capital, LLC.  He will
remain a member of the GMAC Executive Committee and the ResCap
Board of Directors.

Succeeding Mr. Khattri as GMAC chief financial officer is Robert
Hull, who joins GMAC from Bank of America.  Mr. Hull, 43, will
report to GMAC Chief Operating Officer Al de Molina.

Mr. Hull was chief financial officer of Bank of America's global
wealth and investment management and principal investing
divisions.  He joined Bank of America in 2001 as the senior vice
president for strategy and financial planning and following that
position was named chief financial officer of the card services
division.  Prior to joining Bank of America, Mr. Hull served as
chief financial officer of Investorforce Holdings, Inc., Marvel
Enterprises, Inc., and Wise Foods Holdings, Inc. Hull has a
bachelor's degree from the University of Virginia and a master's
degree in business administration from Harvard Business School.

"I am pleased to welcome to GMAC Rob Hull as our new chief
financial officer.  He has outstanding credentials and a broad
base of experience to draw upon in leading the Finance
organization," Mr. Feldstein said.  "Additionally, I am pleased
to have Sanjiv lead major GMAC strategic initiatives and
business development opportunities as well as the ResCap finance
organization."

                           About GMAC

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, residential mortgage financing, and auto
extended warranty and insurance products.  GMAC reported a
consolidated nine-month net loss of US$1.6 billion.  GMAC LLC
has a subsidiary in India called GMAC Financial Services India
Limited.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 16, 2007,
Fitch Ratings has placed GMAC LLC and its related subsidiaries
'BB+' long-term Issuer Default Ratings on Rating Watch Negative.  
This action reflects the ongoing pressures in the company's
residential mortgage subsidiary, Residential Capital LLC
(ResCap, IDR 'BB+' by Fitch with Rating Watch Negative).


IMAX CORP: Signs Four-Picture Contract with Dreamworks Animation
----------------------------------------------------------------
IMAX Corporation and DreamWorks Animation SKG, Inc. has
announced an agreement to release the studio's first three 3D
motion pictures worldwide in IMAX(R) 3D.  The IMAX 3D releases
will include Monsters vs. Aliens in March 2009, How to Train
Your Dragon in November 2009 and Shrek Goes Forth in May 2010.
A fourth DreamWorks Animation title, Kung Fu Panda, will be
released in IMAX's 2D format in June 2008.  The IMAX 3D titles
are expected to be among the first presented with IMAX's digital
3D projection system, which is scheduled to be launched
beginning June 2008.  This is IMAX's first multiple 3D picture
deal with a Hollywood studio.  The 3D titles also will be
simultaneously released to conventional digital 3D theatres.
Paramount Pictures will be the exclusive distributor of the
pictures.

"3D cinema has an opportunity to revolutionize the way people
experience movies," said DreamWorks Animation's Chief Executive
Officer, Jeffrey Katzenberg.  "We believe the immersive quality
of IMAX will provide our audiences with a unique way to
experience our films and we are delighted to include IMAX as a
key part of our 3D strategy."

"DreamWorks Animation envisions 3D as the future of CGI
animation, and we are excited to help them implement their
approach to delivering outstanding content in the years ahead,"
said IMAX Co-Chairpersons and Co-CEOs Richard L. Gelfond and
Bradley J. Wechsler.  "Further, we are so pleased that the
timing of the roll-out of our digital projection technology can
take advantage of DreamWorks Animation's 3D content that will
look, sound and feel amazing when it is presented in IMAX."

"DreamWorks Animation's creative spirit is well suited for IMAX
3D and we are delighted to be collaborating with their talented
team to bring moviegoers a premium 3D cinematic experience,"
added IMAX Filmed Entertainment Chairperson and President, Greg
Foster.  "DreamWorks Animation consistently produces and markets
films that appeal to adults and kids alike and these films will
certainly play an important role in maintaining a well-rounded
IMAX film slate over the next several years."

All four films will be digitally re-mastered into the
unparalleled image and sound quality of The IMAX Experience(R)
with IMAX DMR(R) (Digital Re-mastering) technology.

                  About DreamWorks Animation

DreamWorks Animation SKG (NYSE-DWA) --
http://www.dreamworksanimation.com-- is devoted to producing  
high-quality family entertainment through the use of computer-
generated (CG) animation.  Utilizing world-class creative talent
and state-of-the-art technological capabilities, the company is
committed to making two computer-animated feature films a year
that appeal to a broad movie-going audience.  The company has
theatrically released a total of fifteen animated feature films,
including Antz, Shrek, Shrek 2, Shark Tale, Madagascar, Wallace
& Gromit: The Curse of the Were-Rabbit, Over the Hedge, Flushed
Away, Shrek the Third and Bee Movie.

                     About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX; TSX:IMX) -- http://www.imax.com/-- is an  
entertainment technology company, with emphasis on film and
digital imaging technologies including 3D, post-production and
digital projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.

                       *     *     *

At June 30, 2007, the company's balance sheet showed total
assets of US$220.2 million and total liabilities of US$284
million, resulting in a total shareholders' deficit of US$63.8
million.


MYLAN INC: Prices Offerings of Common & Preferred Stocks
--------------------------------------------------------
Mylan Inc. has priced its concurrent public offerings of
1.86 million shares of 6.50% mandatory convertible preferred
stock at US$1,000 per share and 53.5 million shares of common
stock at US$14 per share pursuant to a shelf registration
statement previously filed with the Securities and Exchange
Commission.

The underwriters have options to purchase approximately 279,000
additional shares of preferred stock and approximately 8.025
million shares of common stock, in each case to cover over-
allotments, if any.  These offerings are separate public
offerings by means of separate prospectus supplements and the
closing of each offering is not contingent on the other.

The preferred stock will pay, when declared by the Board of
Directors, dividends at a rate of 6.50% percent per annum on the
liquidation preference of US$1,000 per share, payable quarterly
in arrears in cash, shares of Mylan common stock or a
combination thereof at Mylan's election.  The first dividend
date will be Feb. 15, 2008.

Each share of preferred stock will automatically convert on
Nov. 15, 2010, into between approximately 58.5480 shares and
71.4286 shares of MYL common stock.  The conversion rate will be
subject to anti-dilution adjustments in certain circumstances.
Holders may elect to convert at any time at the minimum
conversion rate of 58.5480 shares of common stock for each share
of preferred stock.  The preferred stock has been approved for
listing on the New York Stock Exchange, subject to issuance.
The ticker symbol for this security will be MYLPrA.

The offerings will generate net proceeds of approximately US$2.5
billion after underwriters discounts and expenses, without
giving effect to the exercise of the over-allotment options.
The closing date for the transactions is expected to be
Nov. 19, 2007.  Mylan intends to use the net proceeds of the
offerings to prepay a portion of the bridge loans that were
borrowed to finance in part its acquisition of Merck KGaA's
generics business.

The joint book-running managers for the preferred stock and
common stock offerings are Merrill Lynch & Co. and Goldman,
Sachs & Co. Merrill Lynch & Co. is acting as sole global
coordinator for all financings for Mylan.  Co-managers for the
common stock offering are Citi, JPMorgan, Cowen & Co.  Co-
managers for the preferred stock offering are Citi, JPMorgan,
Cowen & Co., Banc of America Securities LLC and Mitsubishi UFJ
Securities.

Copies of the prospectuses related to the offerings may obtained
from Merrill Lynch & Co., 4 World Financial Center, New York, NY
10080, Attention: Prospectus Department or from Goldman, Sachs &
Co., 85 Broad Street, New York, NY 10004, Attention: Prospectus
Department, fax: 212-902-9316 or email at prospectus-
ny@ny.email.gs.com.

                          About Mylan

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical  
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories
Limited of India.

                          *     *     *

Moody's Investor Services placed Mylan Laboratories Inc.'s
probability of default and long-term corporate family ratings at
"Ba1" in May 2007.


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

ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution
---------------------------------------------------------------
Armstrong Holdings, Inc., the former parent company of Armstrong
World Industries, Inc., disclosed its timetable for dissolution
including distribution of net assets to shareholders.

The last day of trading in ACKH common stock and the record date
for shareholders entitled to receive a final distribution of the
company's net assets will be on Dec. 5, 2007.  The company's
stock transfer books will close and no further trading or
transfers will be recognized after settlement of trades made
through that date.

On Dec. 12, 2007, the distribution agent, American Stock
Transfer & Trust Company, will begin the distribution of assets
to shareholders.  Following this distribution, Armstrong
Holdings, Inc. will file Articles of Dissolution with the
Commonwealth of Pennsylvania and will cease to exist.

The company's net assets for distribution total approximately
$28 million, which will be divided pro-rata per share among the
holders of the 40,551,975 outstanding shares of ACKH common
stock.  This amounts to a distribution of approximately $0.69
per share.  Shareholders should consult their tax advisor on the
tax implications of this distribution.

Shareholders who hold ACKH stock in brokerage accounts will
receive the distribution in their accounts and their ACKH
holdings will be cancelled after the distribution.

Direct shareholders do not need to return their stock
certificates to receive a distribution.  Those certificates will
become void and have no value.  When they receive their
distribution checks, direct shareholders should cancel or
destroy those Armstrong Holdings stock certificates.

Direct shareholders with questions concerning their accounts
should contact American Stock Transfer & Trust Company at (800)
937-5449.

Armstrong Holdings, Inc. previously was the parent holding
company of Armstrong World Industries, Inc. until Oct. 2, 2006.  
On that date, AWI emerged from Chapter 11 bankruptcy.  Under
AWI's Plan of Reorganization, the company's ownership in AWI was
cancelled.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and   
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                            *     *     *

Standard & Poor's Ratings Service affirmed the 'BB' corporate
credit and senior secured ratings for Armstrong World Industries
Inc. on March 2007.

Moody's Investors Service assigned, in October 2006, a Ba2
rating on Armstrong World Industries, Inc.'s new credit facility
and a Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007
-------------------------------------------------------------
                Desseaux Corp. of North America
                    Unaudited Balance Sheet
                   As of September 30, 2007

                            ASSETS

Current Assets                                             US$0
Plant, Property and Equipment, Net                            0
Other Assets:
   Investment in Subsidiary                           3,885,354
   Due from Parent Corporation                              840
                                                ---------------
Total Assets                                       US$3,886,194

                     LIABILITIES & EQUITY

Liabilities Not Subject to Compromise:
   Due to Parent Corporation                          US$66,805
   Payable to Nitram Liquidators - Postpetition           7,835
                                                ---------------
Total Liabilities Not Subject to Compromise              74,640

Liabilities Subject to Compromise:
   Accrued Expenses                                     247,768
   Payable to Subsidiary                                944,860
   Notes Payable                                      2,964,500
                                                ---------------
Total Liabilities Subject to Compromise               4,157,128

Shareholder's Equity:
   Common Stock                                           1,000
   Paid-in Capital                                    2,499,000
   Retained Deficit                                  (2,845,574)
                                                ---------------
Total Shareholder's Equity                             (345,574)
                                                ---------------
Total Liabilities and Owners' Equity               US$3,886,194


                 Desseaux Corp. of North America
                Unaudited Statements of Operations
                  Month Ended September 30, 2007

Ordinary Income/Expense                                    US$0
                                                ---------------
Total Income/Expense                                          0
                                                ---------------
Federal Income Taxes                                          0
State Taxes                                                   0
                                                ---------------
Net Income (Loss)                                         (US$0)


Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and  
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

Nitram Liquidators Inc. and Desseaux Corporation of North
America delivered to the Court a Joint Chapter 11 Plan of
Liquidation and an accompanying Disclosure Statement on Sept.
20, 2007.  The Court has set Oct. 16, 2007, as the last day for
filing objections to the Nitram/Desseaux's disclosure statement.  
A hearing to consider confirmation of the Plan is set for Nov.
2, 2007.  (Armstrong Bankruptcy News, Issue No. 116; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


ARMSTRONG WORLD: Nitram Files September 2007 Operating Report
-------------------------------------------------------------
                    Nitram Liquidators, Inc.
                    Unaudited Balance Sheet
                    As of September 30, 2007

                             ASSETS

Current Assets:
   Cash                                               US$12,368
   Accounts Receivable                                  559,035
   Reserve for Uncollectible Accounts                  (559,035)
                                                ---------------
Other Current Assets:
   Deferred Tax                                               -
   Due from Parent Corporation                          952,694
   Note Receivable from Southwest Recreation          6,334,948
   Reserve for Receivable                            (6,334,948)
                                                ---------------
Total Current Assets                                    965,119
                                                ---------------
Plant, Property and Equipment, Net                            0
Other Assets                                                  0
                                                ---------------
Total Assets                                         US$965,061

                      LIABILITIES & EQUITY

Liabilities Not Subject to Compromise:
   Due to Parent Corporation                         US$104,012
   Accounts Payable Postpetition                            481
                                                ---------------
Total Liabilities Not Subject to Compromise             104,493


Liabilities Subject to Compromise:
   Accounts Payable                                     208,148
   Warranty Reserves                                    569,998
   Due to Affiliates                                  8,443,772
                                                ---------------
Total Liabilities Subject to Compromise               9,221,918


Shareholder's Equity:
   Common Stock                                           1,000
   Cumulative Dividends (Preferred)                   2,964,500
   Dividends                                           (284,098)
   Paid-in Capital                                    3,459,000
   Retained Deficit                                 (14,501,751)
                                                ---------------
Total Equity                                         (8,361,349)
                                                ---------------
Total Liabilities and Owners' Equity                 US$965,061


                      Nitram Liquidators, Inc.
                Unaudited Statements of Operations
                    Month Ended August 31, 2007

Income                                                     US$0
                                                ---------------
Total Operating Expenses                                      0

Operating Income (Loss)                                       0
                                                ---------------
Other Income (Expense)
   Bank Fees                                                (57)
                                                ---------------
Total Other Income                                          (57)
                                                ---------------
Income (Loss) Before Capital-related Expenses            (US$57)


Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and  
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

Nitram Liquidators Inc. and Desseaux Corporation of North
America delivered to the Court a Joint Chapter 11 Plan of
Liquidation and an accompanying Disclosure Statement on Sept.
20, 2007.  The Court has set Oct. 16, 2007, as the last day for
filing objections to the Nitram/Desseaux's disclosure statement.  
A hearing to consider confirmation of the Plan is set for Nov.
2, 2007.  (Armstrong Bankruptcy News, Issue No. 116; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


CILINDRA PERKASA: Sets 11.5% Annual Coupon for IDR500 5-Yr Bond
---------------------------------------------------------------
PT Ciliandra Perkasa has set an annual coupon of 11.5% on
IDR500 billion worth of five-year bonds that it will issue,
Thomson Financial reports.

According to the report, the bonds will be sold between Nov. 20
and Nov.22, followed by a listing on the Surabaya Stock Exchange
on Nov 28.

The company told the news agency that 70% of the proceeds from
the bond sale will be used to develop 45,000 hectares of new oil
palm plantations operated by its subsidiaries -- PT Surya Dumai
Agrindo, PT Dharma Bhakti Utama and PT Andalan Mitrasawit
Sejati.  The rest will be used to repay debts of its subsidiary
PT Meridan Sejatisurya Plantation, the report says.

PT Indopremier Securities reportedly will underwrite the bond
issue.

                     PT Ciliandra Perkasa

PT Ciliandra Perkasa -- http://www.ciliandraperkasa.co.id/-- is  
a private Indonesian upstream palm oil plantation
companyoperating in Sumatra.  It has 13 oil palm plantations
totalling 76,830 planted hectares, and 6 palm oil crushing mills
with a total capacity of 2.07 million tonnes of fresh fruit
brunches.

The Troubled Company Reporter-Asia Pacific reported on Aug. 29,
2007, that Moody's Investors Service affirmed the B2 corporate
family rating of PT Ciliandra Perkasa.  At the same time,
Moody's affirmed the B2 rating of the US$160 million 5-year
secured bonds issued by Ciliandra Perkasa Finance Co Pte
Ltd and guaranteed by PT Ciliandra Perkasa.  The outlook for the
ratings remains stable.

On Aug 28, 2007, Fitch affirmed PT Ciliandra Perkasa's foreign
currency and local currency Issuer Default Ratings at 'B+' and
revised the Outlook for the IDRs to Positive from Stable.  At
the same time, Fitch affirmed the rating of 'B+' and recovery
rating of 'RR4' on the USD160 million senior notes due 2011
issued by Ciliandra Perkasa Finance Company Pte. Ltd. and
guaranteed by Ciliandra and its subsidiaries.


FOSTER WHEELER: Subsidiary Reaches Accord with NTR Acquisition
--------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary Foster Wheeler USA Corporation,
part of its Global Engineering and Construction Group, has
signed an agreement with NTR Acquisition Co. to perform initial
engineering work on planned projects at Kern Oil & Refining Co.,
pending the closing of NTR's acquisition of Kern.  Kern's
refinery is located in Bakersfield, California.

The terms of the agreement were not disclosed and bookings will
be made as work packages are released by NTR.  Foster Wheeler
expects that the first work will not be released by NTR until
after the acquisition closes.  NTR anticipates the acquisition
of Kern closing in in the first quarter of 2008.

"Foster Wheeler is pleased to have been selected by NTR's
experienced management team to commence engineering projects for
the Kern facility," said Troy Roder, president and chief
executive officer of Foster Wheeler USA Corporation.  "NTR's
management has successfully executed such projects with Foster
Wheeler in the past and we look forward to collaborating with
NTR in this important undertaking within the company's growth
strategy in heavy crude oil refining."

"Our agreement with Foster Wheeler is a significant first
initiative in the future transformation of Kern's facility into
a world-class heavy crude oil refinery," said Mario E.
Rodriguez, chief executive officer of NTR.  "Our acquisition of
Kern effectively launches the platform for NTR's growth strategy
and we are prepared to quickly implement our plans for
additional investment in Kern's operations."

NTR Acquisition Co. is a special purpose acquisition company
focused on the petroleum refining and marketing industry.

On Nov. 5, 2007, NTR had signed agreements to acquire Kern, a
privately held independent petroleum refining and marketing
company, from Casey Co., Kern's sole shareholder.  As part of
the acquisition, NTR expects to make strategic capital
investments in Kern's refinery operations to expand its
conversion capacity and to improve its product yield.  Foster
Wheeler's work will initially concentrate on engineering
assessments in advance of specific projects, which are expected
to include the addition of a transmix splitter, isomerization
unit, hydrocracker and delayed coker to the refinery. The
acquisition, which was unanimously approved by NTR's board of
directors, is subject to NTR shareholder approval, applicable
regulatory approvals and other customary closing conditions.

                     About NTR Acquisition

NTR is a special purpose acquisition company organized under the
laws of the State of Delaware on June 2, 2006.  NTR was formed
to acquire, through a merger, capital stock exchange, asset
acquisition or other similar business combination, one or more
businesses or assets in the energy industry, with a particular
focus on businesses or assets involved in the refining,
distribution and marketing of petroleum products in North
America.

                         About Kern Oil

Kern Oil & Refining Co. is an independent petroleum refining and
marketing company with its refinery facility located in
Bakersfield, California.  The company's primary products include
California-approved diesel fuel and gasoline, atmospheric gas
oil, fuel oil and aliphatic solvents, which are marketed mainly
in California and its neighboring states.  Kern processes
primarily San Joaquin Valley and Kern County, California, crude
oils.  Kern qualifies for state and federal "small refiner"
status.  Kern employs about 110 people and is committed to
providing a safe working environment for its employees while
working diligently to provide cleaner fuels.

                     About Foster Wheeler

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--  
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


FOSTER WHEELER: Unit Wins Contract from LUKOIL Energy
-----------------------------------------------------
Foster Wheeler Ltd.'s subsidiary of its Global Power Group has
been awarded a contract for a 70 MWe (gross megawatt electric)
circulating fluidized-bed steam generator by LUKOIL Energy & Gas
Romania s.r.l., a subsidiary of LUKOIL OAO.  The new combined
heat and power plant will be located in LUKOIL's oil refinery in
Ploiesti, Romania.

Foster Wheeler has received a full notice to proceed on this
contract.  The terms of the contract, which were not disclosed,
will be included in the company's fourth-quarter 2007 bookings.

Foster Wheeler will design and supply the CFB steam generator
and auxiliary equipment for the boiler island.  The plant will
be designed to burn petcoke and up to 20% heavy fuel oil.
Commercial operation is scheduled for early in 2010.

"We are very pleased to be given this opportunity by LUKOIL, one
of Russia's largest vertically integrated oil companies," said
James E. Stone, president and chief executive officer of Foster
Wheeler Power Group Europe.  "The award is further evidence that
the fuel flexibility of CFBs appeals to clients globally across
a full spectrum of power generation needs in a wide variety of
utility and industrial applications."

                      About Foster Wheeler

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--  
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


PARKER DRILLING: Awards 3 Land-Rig Contracts to Subsidiaries
------------------------------------------------------------
Parker Drilling Company award new contracts for three land rigs
to subsidiaries operating in Mexico and Kazakhstan.

In Mexico, Parker has signed a two-year contract with an option
for an additional year with GPA Energy S.A. de C.V., utilizing
Rig 122 for work in northern Mexico.  The rig is expected to
mobilize and begin operations in the fourth quarter.

In Kazakhstan, Parker was awarded a two-rig, one-year contract
with options by Maersk Oil Kazakhstan for land drilling services
utilizing Rig 247, which is completing refurbishments, and Rig
269, the first of Parker's new high-efficiency 2,000 horsepower
land rigs.  The rigs will begin mobilizing to location during
the first quarter of 2008.  Parker is also constructing a second
rig of this class in the U.S. with an anticipated completion
date during the second quarter of 2008.

          New Land Rig Class Performance Features

David C. Mannon, Parker Drilling's president and chief operating
officer, said, "Today's rigs are being pushed harder than ever
to drill deeper, more complex wells in increasingly remote,
frontier locations.  Not only must a drilling contractor provide
a rig achieving an ever-higher standard of performance and
efficiency, customers expect safety and reduced environmental
impact to be paramount in the rig's design.

"We listened to our customers, and answered the challenge with a
versatile, state-of-the-art, fast-moving rig with a smaller
location footprint that is also one of the most powerful
hydraulically raised land rigs in the industry."

Parker's new class of high-efficiency rigs incorporates some of
the most advanced features available in the global land rig
market, including:


  -- A hydraulic cylinder system used to raise both the mast
     and the substructure to the vertical, without the use of  
     the engines and drawworks, decreasing rig-up cost, time,
     and emissions;

  -- A "plug and play" adaptability, allowing the operator to
     quickly and easily customize the rig's individual  
     equipment to the specifics of the drilling program;

  -- A reduced number of transport loads, resulting in increased
     mobility and faster rig-up;

  -- Enhanced safety features, including swing-up structures
     requiring fewer crew members for rig-up and allowing crews
     to work near ground level during rig-up;

  -- A fully automated drilling system featuring fuel-efficient
     AC technology and variable frequency drive, substantially
     automating the drilling process and enhancing power
     delivery;

  -- A 1 million pound hookload mast and a 2,800 horsepower
     drawworks;

  -- Sufficient rig floor clear height for managed pressure
     operations;

  -- A new mud system design, allowing easy cleaning, efficient
     mud processing in variable conditions, and flexible
     equipment additions for specific well programs.

Mannon concluded, "Parker has an extensive track record of
delivering the right rigs for our clients, and the newest
additions to our fleet are no exception.  Our newest class of
land rigs is equipped to power a safer, more efficient
operation, true to our strategic vision of providing a fleet of
technologically advanced rigs preferred by our customers in all
market conditions."

                     About Parker Drilling

Headquartered in Houston, Texas, Parker Drilling Company --
http://www.parkerdrilling.com/-- provides contract drilling and  
drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

The Troubled Company Reporter-Asia Pacific reported on Oct. 8,
2007, that Standard & Poor's Ratings Services raised its
corporate credit rating on oil and gas contract driller Parker
Drilling Co. to 'B+' from 'B'.  At the same time, S&P raised
the issue ratings on Parker's senior and convertible notes to
'B+' from 'B-'.  These consist of its US$125 million 2.125%
convertible notes due 2012, and US$225 million 9.625% senior
notes due 2013.

On Oct. 12, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors, the rating agency confirmed
its B2 Corporate Family Rating for Parker Drilling Company, as
well as it B2 rating on the company's 9.625% Senior Unsecured
Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


TELKOMSEL: Sees More Than 24% Increase in 2007 Revenue
------------------------------------------------------
PT Telekomunikasi Selular Indonesia expects its 2007 revenue to
increase more than 24% but sees lower margins because of higher
costs and competition, Reuters News reports.

The company, the report recounts, booked IDR29 trillion in
revenue last year.  Its earnings before interest, tax,
depreciation and amortization, grew by 34.6% to IDR20.7 trillion
last year, giving an EBITDA margin of 71%, the report relates.

However, the report continues, Telkomsel expects its EBITDA
margin to decline by two percentage points this year with
challenges like price war and higher operating and maintenance
expenses.

As of September, Telkomsel had 44.5 million customers, up 37%
from a year ago, pushing its revenue up by 34% year-on-year to
IDR28.1 trillion rupiah, the report adds.

                        About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/  
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

ASHIKAGA BANK: Targeted for JPY310-Billion Buyout
-------------------------------------------------
An alliance of 21 financial institutions will submit a bid to
acquire Ashikaga Bank, Ltd., for JPY310 billion, reports Kyodo
News.

According to Kyodo's sources, the group will be led by eight
regional bank shouldering JPY75 million and another
JPY75 million to JPY80 million to be paid by Nikko Citigroup
Ltd., a brokerage that has cooperative ties with the eight.

The eight lenders are:

   1. The Bank of Yokohama,
   2. Toho Bank,
   3. Gunma Bank,
   4. Joyo Bank,
   5. Chiba Bank,
   6. Yamanashi Chuo Bank,
   7. Hachijuni Bank, and
   8. Shizuoka Bank.

The report adds that aside from the alliance, another Japanese
consortium, led by Nomura Securities Co., is vying to buy the
failed bank and are scheduled to submit their acquisition plans
to the Financial Services Agency by Thursday.

The FSA is expected to decide on a buyer next spring, adds Kyodo
News.

Ashikaga Bank, notes Kyodo News, was put under state control in
2003 while languishing under the weight of bad loans.

The Ashikaga Bank, Ltd. -- http://www.ashikagabank.co.jp/-- is   
a regional bank operating mainly in Tochigi prefecture in the
Northern Kanto area.  The bank handles banking, loans,
mortgages, foreign exchanges and investment trust through its
106 branches and 68 representative offices.  It also operates a
debt collection business, a real estate survey service, a system
programming and development business and a credit card business
through its 13 consolidated subsidiaries.

                        *     *     *

Up to this date, Standard & Poor's Rating Service still holds
the BB+ rating for Ashikaga Bank's long-term foreign issuer
credit and long-term local issuer credit with a positive
outlook which was rated on December 10, 2004.


FLOWSERVE CORP: To Pay US$0.15 Per Share Dividend on Jan. 8
-----------------------------------------------------------
Flowserve Corp.'s Board of Directors has authorized the payment
of a quarterly cash dividend of 15 cents per share on the
company's outstanding shares of common stock.  The dividend is
payable on Jan. 9, 2008, to shareholders of record as of the
close of business on Dec. 26, 2007.

While Flowserve currently intends to pay regular quarterly
dividends for the foreseeable future, any future dividends will
be reviewed individually and declared by the Board at its
discretion, dependent on the Board's assessment of the company's
financial condition and business outlook at the applicable time.

                      About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control  
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala,Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


FORD MOTOR: Johnson Controls Inks MOU to Buy Saline ACH Plant
-------------------------------------------------------------
Johnson Controls Inc. signed a non-binding memorandum of
understanding with Ford Motor Company to acquire the Saline,
Michigan Automotive Components Holdings plant.

Closure of the transaction is contingent upon the completion of
a competitive labor agreement with the unionized employees at
the plant as well as resolution of other issues needed to ensure
the long term competitiveness of the operation.

The Saline ACH plant manufactures interior components such as
door panels, floor consoles, instrument panels, and cockpit
systems for a variety of Ford Motor Company vehicles.

"Through this agreement Johnson Controls would be able to
provide further support to Ford Motor Company.  This acquisition
would also complement Johnson Controls' global growth plans for
our interiors business by expanding our global interiors
manufacturing capacity," said Jeff Williams, group vice
president and general manager of North America for the
Automotive Experience of Johnson Controls.  "Our goals are to
swiftly bring this operation to profitability, diversify its
customer base, achieve synergies from the added volume and
increase our share of the interiors market."

"Automotive Components Holdings is focused on the fundamentals
of manufacturing and delivering significant improvements in
quality, delivery and cost at its operations," said Al Ver, CEO
and COO of Automotive Components Holdings and Ford Motor Company
vice president.  "We are pleased to partner with Johnson
Controls on a transition for our interiors business that is
based on a sustainable business case."

                       2007 Plant Plans

Under Ford's 2007 Hourly Labor Agreement with UAW regarding
plant plans, the company's recovery plan assumed 16 North
American plant  closures.  The closure of ten plants have been
announced: St. Louis Assembly, Atlanta Assembly, Wixom Assembly,
Windsor Casting, Norfolk Assembly, and Maumee Stamping.

These plants are scheduled to be idle or closed:

  - Essex Engine - Scheduled to idle in 2007;
  - Batavia Transmission - Scheduled to close in 2008;
  - Twin Cities Assembly - Scheduled to close in 2009;
  - Cleveland Casting - Scheduled to close in 2010.

The plan also included sale or closure of all ACH facilities.

                     About Johnson Controls

Milwaukee, Wisconsin-based Johnson Controls Inc. (NYSE: JCI)--
http://www.johnsoncontrols.com/-- is a global supplier of  
heating, ventilation, and air-conditioning (HVAC) mechanical
equipment and services.  The company operates in three primary
businesses: building efficiency, automotive experience, and
power solutions.  The building efficiency business is engaged in
designing, producing, marketing and installing HVAC equipment
and building control systems that monitor, automate and
integrate building operating equipment and conditions.
Automotive experience provides seating, instrument panel,
overhead, floor console and door systems to more than 35 million
vehicles annually.  The company's power solutions business
services both automotive original equipment manufacturers, and
the general vehicle battery aftermarket.  On Dec. 9, 2005, the
company acquired York International Corporation.  In June 2006,
the company acquired Berg Inc.  Johnson Controls has about
140,000 employees.

                       About Ford Motor

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

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

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 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
Ford's report of a narrower third-quarter loss compared to that
of a year ago.  S&P currently expect to resolve the CreditWatch
around mid-November.  The most likely outcome is an affirmation
of the 'B' rating, with an outlook to be determined.


FORD MOTOR: UAW Employees Ratify Healthcare MOU & National CBA
--------------------------------------------------------------
International Union, United Automobile, Aerospace and
Agricultural Workers of America said Wednesday that a memorandum
of understanding -- post-retirement medical care and a new
national collective bargaining agreement governing the wages,
hours and terms and conditions of employment for UAW-represented
employees had been ratified by the UAW membership employed at
Ford Motor Company.

The MOU is subject to a number of conditions.

On Nov. 3, 2007, Ford and the UAW entered inked the MOU and the
national agreement.

The MOU is subject to the occurrence of several uncertain events
in pending litigation, including class certification,
settlement, and court approval.

On Nov. 9, 2007, the UAW and certain Ford retirees filed suit
against Ford in the United States District Court for the Eastern
District of Michigan challenging Ford's announced intention to
unilaterally alter retiree health benefits and asserting that
they have vested rights to the benefits.  UAW v. Ford, Civil
Action No. 2:07-cv-14845 (E.D. Mich.) (Borman, J.) ("Hardwick
II").

The parties to the MOU intend to negotiate and, if possible, to
enter into a detailed settlement agreement and other related
agreements to effect the transactions contemplated by the MOU.

The final settlement agreement documentation will require
negotiation with, and the approval of counsel retained by, the
individual named plaintiffs in Hardwick II and in earlier
related litigation, UAW v. Ford, Civil Action No. 05-74730
(E.D. Mich.) (Borman, J.) (approving 2006 settlement), aff'd,
497 F.3d 615 (6th Cir. 2007) ("Hardwick I").

If a settlement is reached in Hardwick II, it would then be
submitted to the United States District Court for the Eastern
District of Michigan for approval as an amendment to the class
settlement approved by the Court in Hardwick I.

Certain provisions of the MOU will be carried out after the
later of (i) the date the District Court issues an order
approving the MOU and the Final Settlement Agreement
Documentation and (ii) the date on which Ford has successfully
completed its discussions with the Securities and Exchange
Commission regarding accounting treatment with respect to the
New VEBA.

All remaining provisions of the MOU and the Final Settlement
Agreement Documentation will be carried out on the later of the
date when all appeals from the District Court's order have been
exhausted and Jan. 1, 2010.

               New Retiree Health Care Plan

The MOU provides that as of the Implementation Date, Ford's
obligations for providing UAW retirees in the "Covered Group"
with post-retirement medical benefits, including hospital,
surgical, medical, prescription drug, vision, dental, and
hearing aid, as well as the cost of administering the benefits
and US$76.20 of the Medicare Part B premium, will be terminated.

A new retiree health care plan will be established and
maintained by either an independent committee or a joint labor-
management committee and will be funded by a newly established
Voluntary Employee Beneficiary Association trust, which will be
responsible for payment of all the Retiree Medical Benefits.

The "Covered Group" is comprised of:

  (a) all members of the class defined in the 2006 Settlement
      Agreement;

  (b) all future retirees as such term is defined in the 2006
      Settlement Agreement who are retired as of the date the
      2007 UAW-Ford National Agreement becomes effective;

  (c) all currently active UAW-represented employees of Ford
      with seniority as of the CBA Effective Date who retire
      with eligibility for post-retirement medical coverage;

  (d) all UAW retirees from any other closed or divested Ford-
      UAW business units as of the date of the MOU to the
      extent Ford is responsible for their retiree medical
      coverage;

  (e) upon retirement after the date of the MOU, all active
      UAW-represented employees of any other closed or divested
      Ford-UAW business if Ford would have responsibility for
      their retiree medical coverage; and

  (f) spouses, surviving spouses, and dependents of the current
      or former Ford-UAW employees who are eligible for Ford-
      provided retiree medical coverage.

Prior to the Implementation Date, Ford will continue to provide
Retiree Medical Benefits to UAW retirees and their eligible
spouses, surviving spouses and dependents on the basis set forth
in the 2006 Settlement Agreement.

Also prior to the Implementation Date, Ford will take certain
actions on (i) Jan. 1, 2008, (ii) April 1, 2008, and (iii)
shortly after the Effective Date to execute the terms of the
MOU.

The New Plan and the New VEBA, when approved and implemented,
will supersede the terms set forth in the 2006 Settlement
Agreement, and assume responsibility as of the Implementation
Date for all Retiree Medical Benefits for the Covered Group for
which Ford was previously responsible.

                      New VEBA Trust

The New VEBA will be established effective on the Implementation
Date.  The New VEBA will be qualified under Section 501(c)(9) of
the Internal Revenue Code, as amended, and comply as applicable
with the Labor-Management Relations Act of 1947.  Funding for
the New VEBA will begin within 10 days after the Implementation
Date, and will come from a number of sources:

A. Existing Internal VEBA

Effective Jan. 1, 2008, all assets in the Ford-UAW Benefits
Trust will be invested by Ford in a manner consistent with the
long-term nature of the health care liabilities and, subject to
the termination of the MOU, Ford will not disburse any assets
from the Internal VEBA until the Implementation Date.  On the
Implementation Date, Ford will then transfer the assets in the
Internal VEBA or an amount equal to the balance in that account
to the New VEBA.

B. Existing External VEBA

The assets and liabilities of the DC VEBA established for
mitigation purposes under the 2006 Settlement Agreement will be
transferred to the New VEBA after the transfer of assets of the
Internal VEBA.  In the meantime, Ford will make the remaining
US$35 million and US$43 million contributions under the 2006
Settlement Agreement in 2008 and 2009, respectively, and a US$33
million contribution within five days of the Effective Date to
satisfy a contribution obligation based on an increase in value
of Ford common stock under the 2006 Settlement Agreement, to the
External VEBA.

C. Temporary Asset Account-Cash

On Jan. 1, 2008, Ford or a wholly-owned subsidiary of Ford will
establish a temporary asset account and Ford will deposit or
contribute a contingent cash payment equal to the difference
between US$6.473 billion and the value of the Internal VEBA on
Jan. 1, 2008, plus interest on the amount of the contingent cash
payment at the rate of 9% for the period from Jan. 1, 2008, to
the date of deposit.

Ford will transfer the assets in the TAA related to these
deposits or an amount equal to the balance in the TAA related to
these deposits to the New VEBA after the transfer of the assets
and liabilities of the External VEBA.

D. Temporary Asset Account- Convertible Note and
  Second Lien Term Note

On Jan. 1, 2008, Ford will issue into the TAA an unsecured,
convertible note and a second lien term note.  The unsecured
convertible note will have a principal amount of US$3.334
billion, bear interest at 5.75% per annum payable semiannually
and mature on Jan. 1, 2013.  The second lien term note will have
the principal amount of US$3 billion, bear interest at 9.50% per
annum payable semiannually and mature on Jan. 1, 2018.

E. Base Amount Contributions

On April 1, 2008, Ford will make an initial contribution of
US$52.3 million to the TAA.  Thereafter, for each of the
fourteen succeeding years, Ford will contribute to the New VEBA
by April 1 of each year US$52.3 million.  At any time, Ford may
pre-fund all future annual Base Amount Contributions by paying
the applicable buyout amount provided in Appendix A of the MOU.
Ford will transfer the assets in the TAA related to the initial
US$52.3 million deposit and additional Base Amount Contributions
deposited in the TAA or an amount equal to the balance in the
TAA related to the deposit and Base Amount Contributions to the
New VEBA in conjunction with the transfer to the New VEBA
described above in subsection C, "Temporary Asset Account-Cash".

In the MOU, the UAW and Ford acknowledged that Ford's
obligations are fixed and capped and that Ford is not
responsible for, and does not provide a guarantee of the asset
returns of the funds in the TAA or the New VEBA.  If the assets
of the New VEBA are not sufficient to fully fund the obligations
of the New Plan, the committee responsible for the management
and operation of the New VEBA and New Plan may reduce benefits
to plan participants.

                    Health Care Reform

The MOU provides that Ford will publicly support federal
policies to improve the quality and affordability of health
care, and will work cooperatively with the UAW toward that goal.
Ford and the UAW have agreed to form a National Institute for
Health Care Reform to be effective on or after the Effective
Date, which would conduct research and analyze the current
medical delivery system in the United States, develop targeted
and broad-based reform proposals to improve the quality,
affordability, and accountability of the system and educate the
public, policymakers and others about how these reforms could
address the deficiencies of the current system.  Subject to the
participation of other U.S. vehicle manufacturers and their
financial support on a pro rata basis, Ford agreed to make five
annual US$1.0 million contributions for this purpose.

                   Future Contributions

The MOU provides that the UAW and the Covered Group may not
negotiate to increase any of Ford's funding obligations under
the MOU.   In addition, the UAW agreed that it will not seek to
obligate Ford to (1) provide additional contributions to the New
VEBA, (2) make any other payments related to providing retiree
medical benefits to the Covered Group, and (3) provide retiree
medical benefits through any other means to the Covered Group.
Employees may in the future contribute earnings that they
received from wages, profit sharing, COLA or signing bonuses, to
the extent that the UAW may propose.

                   Accounting Treatment

The MOU, the Final Settlement Agreement Documentation, and the
Effective Date are contingent on Ford securing satisfactory
accounting treatment for its obligations to the Covered Group
for retiree medical benefits.  Ford intends to discuss the
accounting for the obligations and for the New VEBA with the
Staff of the SEC.  If the parties cannot restructure the
arrangement on terms that Ford reasonably believes will provide
the accounting, the MOU will terminate.

                   Conditions Precedent

The MOU is subject, in its entirety, to:

  -- obtaining a class certification order that is acceptable
     to Ford, the UAW and class counsel;

  -- obtaining District Court approval in a form acceptable in
     form and substance to Ford, the UAW and class counsel;

  -- amendment of the 2006 Settlement Agreement pursuant to the
     MOU on terms acceptable in form and substance to Ford, the
     UAW and class counsel;

  -- Ford's completion of discussions with the Staff of the SEC
     regarding accounting treatment with respect to the New
     VEBA and the Retiree Medical Benefits for the Covered
     Group as set forth in the MOU, on a basis reasonably
     satisfactory to Ford;

  -- if applicable, a determination by Ford that the New VEBA
     satisfies the requirements of Section 302(c)(5) of the
     LMRA; and

  -- the occurrence of the Effective Date.

                       Termination

The MOU will terminate if: (i) the Implementation Date has not
occurred by Dec. 31, 2011 and Ford and the UAW do not agree to
an extension of time to reach the Implementation Date; or (ii)
the conditions precedent set forth in the MOU are not met by
Dec. 31, 2011, and Ford and the UAW do not agree to an extension
of time to meet the conditions precedent.

                    About Ford Motor

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 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
Ford's report of a narrower third-quarter loss compared to that
of a year ago.  S&P currently expect to resolve the CreditWatch
around mid-November.  The most likely outcome is an affirmation
of the 'B' rating, with an outlook to be determined.


JAPAN AIRLINES: S&P Affirms B+ Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit ratings on Japan Airlines Corp. and the
company's 100% subsidiary, Japan Airlines International Co.
Ltd., and removed them from CreditWatch, where they were placed
with negative implications on May 25, 2007.  

The 'B+' senior unsecured debt ratings on both companies were
also affirmed.  The rating actions reflect the diminished
likelihood of a material change in financial institutions'
credit stance toward JAL, at least over the short term, given
JAL's steady business performance since the beginning of the
current fiscal year, and a smaller concern about the short-term
liquidity. The outlook is negative.

JAL has revised its operating profit forecast to JPY48 billion
from JPY35 billion for the entirety of fiscal 2007 (ending
March 31, 2008), on the back of strong demand for international
flights and steady progress in its efforts to secure passengers
who pay higher prices per person and thus improve operational
efficiency.  JAL's competitiveness has been gradually recovering
from past operational troubles, and the company's efforts to
reduce personnel costs by JPY50 billion during the current
fiscal year is in progressing as  planned.  The company
announced that short-term financing needs are mostly
secured thanks to improved business performance and progress in
asset sales, and consequently, Standard & Poor's sees a lower
possibility of material change in financial institutions' credit
stance toward JAL over the short term.

The negative outlook reflects uncertainties over the continued
steady recovery of profits next fiscal year and thereafter,
given high fuel prices, which exceed the US$75 level assumed in
the current management plan, and expected fiercer competition in
the domestic passenger business against its competing airliners
and bullet trains.  Standard & Poor's will focus on the degree
of certainty of JAL's business recovery in the next fiscal year
and continued support from major financial institutions.

We would consider an upward revision of the ratings or outlook
if JAL successfully recovers profitability through accelerating
and deepening structural reform to enhance competitiveness and
efficiency while maintaining safe operations.  Continued
cooperation from financial institutions is also important.  If
JAL announces a capital injection plan, we would examine the
size and foreseeable effects in relation to JAL's resilience
toward possible losses generated by terrorism and epidemic
diseases, and future needs for funds.  The ratings could be
lowered if the structural reforms do not progress as planned,
lowering expectation for the recovery of profitability and
improvements to JAL's financial profile.

                      About Japan Airlines

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


NIS GROUP: R&I Places Rating on Monitor Direction Uncertain
-----------------------------------------------------------
Rating and Investment Information, Inc., has  downgraded the
rating monitor of NIS Group Co., Ltd. with a view to
downgrading.

NIS Group Co., Ltd. has announced on November 15 that it has
resolved to discuss in depth the final agreement for accepting
strategic investment from one of the global private equity
investment funds.  NIS will raise approximately JPY20 billion by
issuing new shares in third party allotment to the investment
fund, convertible bonds with warrant and share warrants.  
Furthermore, a holding company of Nissin Leasing (China) Co.,
Ltd., the consolidated subsidiary of NIS Group in China, also
plans to conduct a capital increase through third party
allotment to the investment fund for approximately JPY10
billion.

R&I has downgraded NIS Group's Issuer Rating and Issue Ratings
to BB on October 25 and is maintaining them on the Rating
Monitor with a view to downgrading, reflecting destabilized
funding base due to the deterioration in the operational
environment surrounding the small and medium sized consumer
finance companies and business finance companies (CP rating was
downgraded to B and removed from Rating Monitor).  Reinforcement
of financial base and restructuring of funding bases are
requisite for the improvement of creditworthiness.

The rating will not be changed with the announcement made,
however, if R&I can confirm NIS Group manages to strengthen
financial base by concluding the agreement with the investment
fund, this would somewhat stave off the declining
creditworthiness.  R&I will remain the rating on the Rating
Monitor but with direction uncertain, changed from "the view to
downgrading".  After confirming the content as well as the
feasibility of the agreement, R&I will reflect such factors in
the rating.


RAMBUS INC: Posts US$2.7-Mil. Net Loss in 2nd Qtr. Ended June 30
----------------------------------------------------------------
Rambus Inc. disclosed Wednesday that it has filed with the
Securities and Exchange Commission its quarterly reports on Form
10-Q for the periods ended March 31, 2007, and June 30, 2007.  
With these filings and those previously filed on Sept. 14, 2007,
the company is now current with its SEC filings and believes
that it is in compliance with the NASDAQ's continued listing
requirements; confirmation from NASDAQ is pending.  As
previously disclosed, the company's filings were delayed as a
result of the independent audit committee investigation relating
to the company's historical stock option granting practices and
related accounting.

The company reported a net loss of US$2.7 million on total
revenues of US$47.5 million for the second quarter ended June
30, 2007, compared with net income of US$6.1 million on total
revenues of US$49.4 million for the same period last year.

Net loss for the six months ended June 30, 2007, was US$6.6
million, which included stock option investigation related
expenses of US$14.5 million and stock based compensation charges
of US$19.7 million.  Net income for the six months ended 2006
was US$6.8 million, which included stock option investigation
related expenses of US$1.9 million and stock based compensation
charges of US$20.4 million.

Revenues for the first six months ended June 30, 2007, were
US$97.7 million, a 1% increase compared to revenues of US$96.8
million for the same period in 2006.  

Cash and Marketable Securities totaled US$441.5 million as of
June 30, 2007, as compared to US$436.3 million as of Dec. 31,
2006.

"The restatement put a heavy burden on the company, and we are
very grateful for the patience shown by our stockholders as we
diligently worked through the process necessary to complete
these filings," said Harold Hughes, president and chief
executive officer at Rambus.  "We are absolutely committed to
operating to the highest standards of corporate governance and
providing our stockholders with timely and transparent reports
of our financial performance."

At June 30, 2007, the company's consolidated balance sheet
showed US$621.3 million in total assets, US$225.5 million in
total liabilities, and US$621.3 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2453   

        Trustee Rescinds Acceleration of Convertible Notes
              Waives All Existing Events of Default

On Aug. 17, 2006, the company received a notice of default from
U.S. Bank National Association, as trustee for the company's
Zero Coupon Convertible Senior Notes.  The notice asserted that
the company's failure to file its Form 10-Q for the quarter
ended June 30, 2006, constituted a default under Sections 7.2
and 14.1 of the Indenture, dated as of Feb. 1, 2005, between
Rambus and the Trustee).  On Oct. 25, 2006, the company received
a notice from the Trustee stating that since the company had not
cured the default that had been asserted by the Trustee within
the sixty-day cure period, an event of default had in fact
occurred as of Oct. 16, 2006.  On July 31, 2007, the company
received a notice of acceleration from the Trustee stating that
under direction received from holders of more than 25% in
aggregate principal amount of the outstanding convertible notes,
the Trustee was declaring the unpaid principal plus accrued
interest and unpaid liquidated damages immediately due and
payable.

On Sept. 20, 2007, the company received a notice from the
Trustee for the convertible notes, rescinding the acceleration
of the convertible notes contained in the letter from the
Trustee dated July 31, 2007, and waiving all existing events of
default as defined in the Indenture.  The notice indicated that
the Trustee had received direction from holders holding a
majority in aggregate principal amount of the convertible notes
outstanding to waive all existing events of default and rescind
the acceleration of the convertible notes.

                      About Rambus Inc.

Headquartered in Los Altos, Calif., Rambus Inc. (NASDAQ: RMBS)
-- http://www.rambus.com/-- is a technology licensing company   
specializing in the invention and design of high-speed chip
architectures.  Rambus also maintains regional offices in North
Carolina, India, Germany, Japan, Korea and Taiwan.

                        *     *     *

This concludes the Troubled Company Reporter's coverage of
Rambus Inc. until facts and circumstances, if any, emerge that
demonstrate financial or operational strain on difficulty at a
level sufficient to warrant renewed coverage.


SENSATA TECH: Incurs US$86.7 Mln Net Loss in Third Quarter 2007
---------------------------------------------------------------
Sensata Technologies B.V. announces Third quarter 2007 net
revenue was US$357.4 million, which represents an increase of
US$70.2 million or 24.4% over the third quarter of 2006.  For
the third quarter ended Sept. 30, 2007, the company had a net
loss of US$86.7 million, as compared with a net loss of US$75.7
million in the year-ago quarter.

For the nine months ended Sept. 30, 2007, net revenue was
US$1 billion, an increase of 17.2% from US$879.5 million for the
same period in 2006.  Net loss for the nine months ended Sept.
30, 2007, was US$172.3 million, as compared with net loss for
the nine months ended Sept. 30, 2006, of US$147.2 million.

The quarter ending cash balance of US$54.0 million was down from
this year's second quarter balance of US$105.9 million,
primarily due to the US$89.7 million in cash that was used in
connection with the acquisition of Airpax Holdings, Inc.

The company had about US$3.6 billion in total assets, about
US$2.9 billion in total liabilities, and about US$652.9 million
in stockholders' equity as of Sept. 30, 2007.

Tom Wroe, chairman and chief executive officer said, "We
experienced double-digit percentage growth in net revenue and
Adjusted EBITDA for both the third quarter and the nine months
ended Sept. 30, 2007.  This was accomplished mainly through the
expansion of our core sensor base net revenue and the execution
of our acquisition strategy.  The outlook for our overall
business remains positive through year end though we will
continue to monitor various trends in the global macroeconomic
environment."

                    Recent Developments

On July 27, 2007, Sensata Technologies, Inc., the Company's
principal U.S. operating subsidiary, completed the acquisition
of Airpax Holdings, Inc., a leading manufacturer of components
and systems for power protection, sensing and controls
applications.  The purchase price was US$277.5 million plus fees
and expenses and the transaction was closed using a combination
of cash and new borrowings.  Approximately US$195 million in a
new senior subordinated term loan was issued and the balance was
funded with cash on hand.

Mr. Wroe added, "We have successfully begun the integration of
Airpax Holdings, Inc. into Sensata. We now have a leading market
position in our Controls business segment for the higher-growth
network power and critical, high-reliability mobile power
applications; markets where we did not
previously compete."

                  About Sensata Technologies BV

Headquartered in Attleboro, Massachusetts, Sensata Technologies
BV -- http://www.sensata.com/-- is a supplier of sensors and  
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan, and the Netherlands.  Sensata Technologies employs
approximately 5,400 people worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2007,
Moody's Investors Service affirmed Sensata Technologies BV's B2
corporate family rating in response to the company's issuance of
GBP141 million (US$195 million) senior subordinate term loan and
use of cash on hand to acquire Airpax Holdings Inc. for US$276
million, including fees and expenses.

At the same time, Moody's upgraded Sensata's senior secured
credit facility to Ba3 and its US$450 million unsecured notes to
B3.  The rating of the subordinate notes remains at Caa1.  The
outlook is negative.


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

ARROW ELECTRONICS: North American Biz To Deploy Seagate Products
----------------------------------------------------------------
Arrow Electronics, Inc.'s North American Components business
will distribute Seagate Technology's industry-leading disc-drive
product portfolio to Arrow's broad customer base in the United
States and Canada under an agreement announced.

Arrow will distribute Seagate's product portfolio including its
industry- leading EE25 hard-drive series for extreme
environments, the DB35 series for digital video recorders and
home media servers, the SV35 family for digital video
surveillance systems, Savvio 2.5-inch drives for mission-
critical enterprise server and storage applications, and the
Momentus family for laptop computers.

"Arrow's proven success in technical demand creation with the
embedded marketplace will provide broad customer access to the
industry's most diverse product portfolio," said Seagate's vice
president of global marketing, Marc Jourlait.  "We are pleased
to be extending our reach with the addition of Arrow as we
continue to deliver advanced digital storage that powers
mainstream and cutting-edge applications."

"Seagate's demonstrated leadership in disc-drive technology and
its commitment to developing unique solutions that meet, and
exceed, the diverse storage requirements of our OEM customer
base clearly adds to our value proposition," said Arrow's North
American Components business vice president of marketing, Robert
Behn.

The proliferation of embedded multimedia applications requiring
audio and video, and increasing regulatory requirements across
various markets are two important factors driving the storage
needs of embedded OEMs.

"These ever-increasing embedded storage requirements are what
led Seagate and Arrow to formalize our strategic alliance," said
Mr. Behn.

              About Arrow North American Components

The North American Components (NAC) business of Arrow
Electronics, Inc., is a leading provider of semiconductors and
passive, electromechanical and connector products, computing
solutions, services and supply-chain solutions tailored to serve
distinct customer segments with dedicated sales teams. Two
primary, customer-focused NAC groups serve these market
segments: The Arrow Electronics Components Group serves North
America-based OEM and contract manufacturing customers, and the
Arrow/Zeus Electronics Group targets the aerospace and military
markets.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and  
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                       *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


CLOROX COMPANY: Acquiring Burt's Bees for US$925 Million
--------------------------------------------------------
The Clorox Company, as part of its strategy to grow in and
beyond its core in fast-growing, higher-margin consumer-product
categories, will acquire Burt's Bees, a leader in the natural
personal care category.

The highly fragmented U.S. natural personal care market
represents about US$6.4 billion in sales and is currently
growing at about 9% annually.  Founded in 1984, the Burt's
Bees(R) brand today is regarded among many consumers who
purchase natural personal care products as the "most natural"
personal care brand and as the leading natural brand in the U.S.
The acquisition of Burt's Bees is strongly aligned with Clorox's
Centennial Strategy to pursue growth in areas aligned with
consumer "megatrends" in health and wellness, sustainability,
convenience and a more multicultural marketplace.

"This acquisition allows us to enter a growing market that's
consistent with consumer megatrends," said Clorox Chairman and
CEO Donald R. Knauss.  "With this transaction, we're entering
into a new strategic phase for our company, enabling us to
expand further into the natural/sustainable business platform.
The Burt's Bees(R) brand is well-anchored in sustainability and
health and wellness, and we believe it will benefit from natural
and "green" tailwinds.  It's in an economically attractive
category with a margin structure that will be highly accretive
to Clorox.  Combined with our new Green Works(TM) line of
natural cleaning products, and Brita(R) water-filtration
products, we can leverage Burt's Bees' extensive capabilities
and credibility to build a robust, higher-growth platform for
Clorox."

Beth Springer, Clorox's executive vice president - Strategy &
Growth, who will oversee the business, said, "Burt's Bees is a
compelling strategic fit for us, and we believe we can expand on
its strong trends over time to build even greater value.  Burt's
Bees has a highly effective strategy and plan, strong trade
practices and organizational capabilities, and a robust culture
and esprit de corps that we want to leverage and protect.  We
strongly believe Clorox's deep capabilities to drive demand
creation through consumer communication and value-creating
customer capabilities, coupled with Burt's Bees' strong heritage
of innovation to delight consumers, create a right to win.
We're delighted Burt's Bees president and CEO, John Replogle,
will continue to lead the company, which will continue to be
based in North Carolina."

"I'm delighted we're entering into this partnership with Clorox
and that I will be part of this exciting next step for Burt's
Bees," said Mr. Replogle.  "The Clorox Company and Burt's Bees
have complementary values, visions and strengths.  Together, I
believe Clorox and Burt's Bees can help this business realize
its full potential."

"Burt's Bees' mission 'we make people's lives better every day -
naturally' is a terrific complement to Clorox's mission 'we make
everyday life better, every day,'" Ms. Springer said.  "Burt's
Bees' values align strongly with Clorox's and provide a solid
foundation for working together and creating synergies between
our management teams."

                 Terms Of Deal & Financial Impact

Under the terms of the agreement, Clorox will acquire 100% of
Burt's Bees from its stockholders in a transaction that is
structured as a merger.  The company is acquiring Burt's Bees
for US$925 million net of an additional US$25 million payment
for anticipated tax benefits.  Clorox will fund the all-cash
transaction through a combination of cash and short-term
borrowings.  The transaction, which is expected to close by the
end of this calendar year, is subject to regulatory approval.

Commenting on the transaction, Clorox senior vice president and
CFO Dan Heinrich said, "Burt's Bees is poised to capitalize on
expanded distribution within the U.S. and other countries in
which the Burt's Bees(R) brand is currently marketed.  The
business is enjoying strong distribution trends.  We believe we
can add value and expand these trends over time through our
strong customer capabilities, while maintaining Burt's Bees'
higher margins.  We see potential for expanding the brand into
adjacencies, and we believe international expansion may offer
significant upside potential beyond our valuation."

Based on its current growth trajectory and estimated 2007 net
customer sales of about US$170 million, Burt's Bees is
anticipated to add nearly 2 points of top-line growth to Clorox
in fiscal years 2008 and 2009.

Including estimates of purchase-accounting adjustments and one-
time transaction and integration costs related to the
transaction, the company anticipates that the transaction will
dilute its fiscal year 2008 earnings by about 10-15 cents per
diluted share and that it will be slightly accretive in fiscal
year 2009.  Excluding such purchase-accounting adjustments, one-
time transaction and integration costs as well as non-cash
expenses related to the transaction, the earnings per share
impact is anticipated to be neutral in fiscal year 2008 and
solidly accretive in fiscal year 2009.

Lehman Brothers acted as sole financial advisor to The Clorox
Company.  Goldman Sachs was financial advisor to Burt's Bees.

                        About Burt's Bees

Burt's Bees is a leading manufacturer of earth-friendly natural
personal care products.  The company manufactures more than 150
products in categories such as lip care, face care, body care,
hair care, men's grooming, baby care and outdoor remedies.
Burt's Bees(R) products are carried in nearly 30,000 retail
outlets, including major grocery and drug store chains in the
U.S., United Kingdom, Ireland, Canada, Hong Kong and Taiwan.

                       About Clorox Company

Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- provides  
household cleaning products and reaches beyond bleach.  Although
best known for bleach (leader worldwide), Clorox makes laundry
and cleaning items (Formula 409, Pine-Sol, Tilex), cat litter
(Fresh Step), car care products (Armor All, STP), the Brita
water-filtration system (in North America), and charcoal
briquettes (Kingsford).

The company has locations worldwide, including the Philippines,
South Korea, Hungary, Russia and the United Kingdom.

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.


DUNLINE RUBBER: Surging Canadian Dollar Cues Closure & Lay Offs
---------------------------------------------------------------
Dunline Rubber Products Co. is set to close in a quarter's time
and lay off about 30 employees, Hank Daniszewski writes for Sun
Media.

The company is among those who are adversely affected by the
rise in the Canadian dollar since it is largely dependent on
export sales, Sun Media reports, citing Dunline president Carl
Hannigan.

The Canadian Auto Workers union representing the company's
employees has consented to the bankruptcy, Sun Media relates,
citing CAW president Tim Carrie.

Huron Park, Ontario-based Dunline Rubber Products Co. --
http://www.dunline.com/-- manufactures and exports rubber and   
plastic hose and belting.  It exports products to Algeria,
Argentina, Austria, Brazil, Colombia, Ecuador, France, Germany,
Hong Kong, Italy, Japan, South Korea, Spain, Taiwan, United
Kingdom, United States, and Venezuela.


PIXELPLUS CO: Completes Sale of 37.5% Stake in Pixelplus Tech.
--------------------------------------------------------------
Pixelplus Co. Ltd. has completed the sale of its entire
37.5% shareholding interest in Pixelplus Technology Inc., the
company's former subsidiary in Taiwan.
    
Pixelplus witnessed a significant decline in revenues from PTI
since the first half of 2006, and sold its entire interest in
PTI in order to manage the company's cost efficiencies and
strengthen its financial position.

In a June 29, 2007 filing with the United States Securities and
Exchange Commission, the company disclosed of its plan to
dispose of its entire 37.5% shareholding interest in Pixelplus
Technology Inc. during the second half of 2007.

Consistent with these goals, Pixelplus separately opened a
branch office in Taiwan earlier this year to fortify its sales
and marketing operations and believes the existing facilities of
its Taiwanese branch office are adequate to meet the company's
current requirements.

                      About Pixelplus Co.

Headquartered in Gyeonggi-do, South Korea, Pixelplus Co. Ltd.
(NasdaqGM: PXPL) -- http://www.pixelplus.com/-- is a developer  
of high-performance, high-resolution, and cost-effective CMOS
image sensors for use primarily in mobile camera phones.  In
addition to mobile phones, Pixelplus provides CMOS image sensors
and SoC solutions for use in webcams and notebook embedded
cameras, toys and games, and security and surveillance system
applications.

Pixelplus Technology Inc.'s business is to manufacture modules
purchased from the company into CMOS image sensor or distribute
the company's products in forms of wafers, chips or modules.  

Pixelplus Semiconductor Inc., the company's wholly-owned
subsidiary, serves as the company's U.S. headquarters for sales
and marketing and research and development.  The offices of
Pixelplus Semiconductor Inc. are located in San Jose,
California.

                      Going Concern Doubt

Ernst & Young Hanyong, in Seoul, Korea, expressed substantial
doubt about Pixelplus Co. Ltd.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2006.  The auditing firm
reported that the company has incurred significant operating
losses in the year ended Dec. 31, 2006, and working capital
decreased significantly between Dec. 31, 2005, and 2006.


REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant
--------------------------------------------------------------
The Honorable Kevin Carey authorized Remy Worldwide Holdings
Inc. and its debtor-affiliates to employ Huron Consulting
Services, LLC, as its financial consultant, effective as of the
Oct. 8, 2007 Petition Date, subject to certain modifications of
the firm's
Engagement Letter.

As reported im the Troubled Company Reporter on Nov. 5, 2007,
Huron is expected to assist:

   (a) in a number of general accounting department and
       financial reporting matters including SEC reporting,
       preparation of and supporting notes to financial
       statements and acting as the Debtors' liaison with other
       professional firms for the implementation of fresh start
       reporting requirements and related implementation tasks;

   (b) in establishing operations and financial controls and
       maintaining financial and cash flow budgeting;

   (c) leadership with the financial function of the Debtors,
       including assisting the Debtors in strengthening their
       core competencies; and

   (d) with other matters as may be requested by the Debtors.

Huron has assigned one of its directors, Stuart Walker, to work
with the Debtors.  Mr. Walker has over 18 years of experience in
a wide range of financial advisory roles, including turnaround
and crisis manager, merger and acquisition advisor, and interim
chief financial officer, Kerry A. Shiba, the Debtors' senior
vice president and chief financial officer, related.  

Mr. Walker will lead any additional consultants from Huron as
may be necessary in the future.

Mr. Walker will be paid US$13,000 per week, prorated on a daily
basis, for services he will render.

The Debtors will pay for services of the other Huron
professionals at these hourly rates:

      Advisory Services:

        Managing Director               US$680 to US$600
        Director                        US$575 to US$500
        Manager                         US$475 to US$400
        Analysts                        US$275 to US$200
        Associates                      US$375 to US$300

     Project Execution/Support Services:

        Subject Matter Expert           US$300 to US$200
        Project Execution Team Leader   US$175 to US$125
        Project Professional            US$150 to US$105

The Debtors will also reimburse the firm for any necessary out-
of-pocket expenses it incurs.

Huron noted that it received US$24,204 from the Debtors for
professional services it performed and expenses it incurred
related to prepetition activities, through Oct. 8, 2007.  

Huron also received a US$100,000 retainer to cover services to
be performed and expenses to be incurred in connection with the
Chapter 11 cases.  After application of the retainer to satisfy
US$28,697 relating to prepetition professional services and
related expenses, Huron says it currently holds the excess
retainer amount of US$71,302 for application toward and payment
of post petition fees and expenses allowed by the Court.  The
retainer will either be applied to Huron's final invoice or will
be refunded at the conclusion of the engagement.

Huron will be responsible for the overall management, hiring,
and compensation of all consultants to be provided to the
Debtors and will not be considered employees of the Debtors with
respect to benefits and other employment matters, Mr. Shiba
said.

The Debtors will provide Huron general indemnity.

The modifications of the firm's Engagement Letter are:

   (a) The provision of the Engagement Letter's General Business
       Terms relating to arbitration in the event of a dispute
       arising between the Debtors and Huron is revised to
       reflect that the provision will apply only to the extent
       that the Bankruptcy Court, or the District Court if the
       reference is withdrawn, does not retain jurisdiction over
       a controversy or claim.

   (b) All requests of Huron for payment of indemnity will be
       made by means of an application and will be subject to
       review by the Court to ensure conformity to the terms of
       the Engagement Letter.  However, in no event will Huron
       be indemnified in the case of its own bad faith or
       willful misconduct.

   (c) The Debtors have no obligation to indemnify Huron, or
       provide contribution or reimbursement to Huron for any
       claim or expense that is (i) judicially determined to
       have arisen from Huron's gross negligence or willful
       misconduct,  or (ii) settled prior to a judicial
       determination as to Huron's gross negligence or willful
       misconduct.

   (d) If, before confirmation of a Chapter 11 Plan or the entry
       of an order closing the Debtors' cases, Huron believes
       that it is entitled to the payment of any amount on
       account of the Debtors' indemnification or reimbursement
       obligations under the Engagement Letter, Huron must file
       an application before the Court.  The Debtors may not pay
       the amount before the entry of an order approving  
       payment.

   (e) The Debtors will not be permitted to indemnify Huron with
       respect to any claims by the Debtors for Huron's breach
       of the Engagement Letter.

   (f) In the event that Huron seeks reimbursement for
       attorney's fees pursuant to the Engagement Letter, the
       invoices and supporting time records will be included in
       Huron's own monthly fee statement and will be subject to
       the same payment procedures applicable to professionals
       in the Debtors' cases.

   (g) Paragraph 8 of the Engagement Letter's General Business
       Terms will apply solely to claims of Huron and the
       Debtors against each other, and will not apply if the
       Debtors or a representative of the estates asserts a  
       claim for Huron's own bad faith or willful misconduct.  
       Additionally, the phrase "for the portion of the
       engagement giving rise to liability" is deleted from that
       paragraph.

Michael C. Sullivan, managing director of Huron, assured the
Court that his firm does not have an interest materially adverse
to the interest of the Debtors' estates and thus, is a
"disinterested person" as the term is defined under Section
101(14) of the Bankruptcy Code.

                       About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of $919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  


REMY WORLDWIDE: U.S. Trustee Balks at Schedules Filing Extension
----------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
asks the U.S. Bankruptcy Court for the District of Delaware to
deny the request of Remy Worldwide Holdings Inc. and its debtor-
affiliates to extend the filing of their Schedules and
Statements to Dec. 22, 2007.

The U.S. Trustee complains that the Debtors provided no
explanation unique to their Chapter 11 cases as to why a
deviation from the 30-day standard for filing Schedules and
Statements is justified, or if any extension is justified as to
why the Debtors are entitled to a permanent waiver of that
requirement upon confirmation of the proposed Plan of
Reorganization.

To recall, the Debtors sought a 45-day extension to file their
Schedules and Statements and sought authority for a permanent
waiver of the obligation to file their Schedules assuming that
they confirm their Reorganization Plan prior to the expiration
of that extended period.

The Debtors, the U.S. Trustee notes, only cited standard reasons
as "cause" for the granting of the 45-day extension.  The
Debtors asserted that their cases are big and complex and that
their professionals are busy with other matters at the beginning
of the cases, William K. Harrington, Esq., of the U.S.
Department of Justice, points out.

The U.S. Trustee emphasizes that the nature and pace of the
Debtors' cases require a prompt deadline for filing Schedules
and Statements.  

The Debtors have filed a comprehensive Disclosure Statement and
complete creditor matrix on the Petition Date, Mr. Harrington
reminds the Court.  "Accordingly, the bulk of the information
necessary for the Debtors to complete their Schedules and
Statements has already been compiled and should be readily
available," he says.

Moreover, by seeking a permanent waiver of the requirement to
file their Schedules and Statements, Mr. Harrington contends,
the Debtors are seeking to dispense with their obligation to
advise creditors as to their position as to the extent and
nature of the creditors' claims which are being discharged under
the Plan.  Although the Debtors have filed a seemingly
comprehensive Disclosure Statement, no information is provided
by the Debtors as to what is owed to individual creditors, Mr.
Harrington tells the Court.

The U.S. Trustee tells the Court that it would not object to an
extension of 30 days for the preparation of the Debtors'
Schedules and Statements, without prejudice to the Debtors'
rights to request a further extension.

The U.S. Trustee also urges the Court not permit the Debtors to
seek a bar date for filing proofs of claim under Rule 3003(c)(2)
of the Federal Rule of Bankruptcy Procedure until accurate
Schedules and Statements are filed.  If a bar date is set, the
Debtors will have effectively shifted the burden of quantifying
and establishing for all creditors the nature and extent of
their Claims as every creditor seeking a distribution under the
Plan will be compelled to file a proof of claim to establish its
Claim, Mr. Harrington argues.

                       About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)   


REMY WORLDWIDE: Wants to Sell Knopf Business for US$18.5 Million
----------------------------------------------------------------
Remy Worldwide Holdings Inc. seek the authority of the U.S.
Bankruptcy Court to sell substantially all of the assets of
Debtors M&M Knopf Auto Parts LLC and Reman Holdings L.L.C. to
Knopf Automotive LLC, free and clear of all liens, claims, and
encumbrances.  

The Debtors also ask the Court for authority to assign certain
unexpired leases in connection with the proposed Knopf Sale.

M&M Knopf is in the business of selling used starter and
alternator cores, scrap metal, and other remanufactured car
parts.  As part of their expansion and diversification efforts,
the Debtors acquired M&M Knopf in 2000.

                        Marketing Efforts   

The Knopf operations, according to Douglas P. Bartner, Esq., at
Shearman & Sterling LLP, in New York, is capital intensive and
if the Debtors were to continue to operate the Business,
significant additional capital infusions would be needed.

Thus, by March 2006, the Debtors decided to to pursue options
for divesting the Knopf Business.  The Debtors engaged W.Y.
Campbell to perform a market  analysis and make recommendations
regarding the best market and method for divesting the Knopf
Business.  

Upon analysis, W.Y. Campbell concluded that Heywood and Marshall
Knopf were the most logical purchasers and were the most likely
to pay the highest and best price for the Knopf Business.

Heywood Knopf, Marshall Knopf and Michael Knopf previously owned
the Business and sold their interest in it to the Debtors in
March 2000, Mr. Bartner explains.  Mr. H. Knopf served as chief
executive officer of M&M Knopf until March 2006, and Mr.
Marshall Knopf as president of M&M Knopf until December 2005.

The market for the assets of the Knopf Business is small, Mr.
Bartner notes, and W.Y. Campbell took into consideration the
fact that one of the Business' integral assets is a contract for
distribution with an aftermarket original equipment manufacturer
-- the Saginaw Distribution Agreement -- which depends upon
maintaining a business relationship with Heywood Knopf.

The Saginaw Distribution Agreement generates the majority of the
positive EBIT for the Knopf Business and without the benefit of
that personal relationship with Mr. Knopf, when the Saginaw
Distribution Agreement was set to expire in accordance with its
terms, the original equipment manufacturer would not have
renewed its agreement with M&M Knopf, the Debtors note.  

Also, the Debtors understand and believe that Mr. Knopf was
planning to open a competing venture upon the expiration of a
non-compete agreement -- which would have significantly diluted
the market for the products of the Knopf Business.

Moreover, the Knopfs are currently the landlords on five of the
six leases for properties where the Knopf Business operates, and
Debtor M&M Knopf is currently paying above-market rent on some
or
all of those leases, Mr. Bartner notes.  The proposed Sale, he
contends, relieves the Debtors from continued performance under
costly leases.

                    Knopf Purchase Agreement

Accordingly, after engaging in arm's-length and good faith
negotiations, Debtors M&M Knopf and Reman Holdings, as
shareholder, entered into an Asset Purchase Agreement with Knopf
Automotive on Nov. 6, 2007, for the sale of the Knopf Business.

Under the APA, the Debtors have agreed to sell substantially all
of M&M Knopf's assets for $16 million, plus a working capital
adjustment expected to be approximately US$2.5 million, for a
total expected purchase price of approximately US$18.5 million.

If the working capital as of closing is less than US$24,296,500,
the Purchase Price will be decreased by the difference between
that amount and the value of the working capital.

If the working capital as of closing is greater than
US$24,296,500, the Purchase Price will be increased by an amount
-- the Excess Working Capital Amount -- equal to 50% of that
excess, and M&M Knopf will pay to Knopf Automotive the Excess
Working Capital Amount; provided that in no event will the
Excess Working Capital Amount exceed US$1 million.

The Assets to be sold to Knopf Automotive include:

   * all accounts receivable of M&M Knopf, other than the HR&M
     receivable.  The HR&M receivable refers to that portion of
     the receivable from HR&M that is subject to a civil claim
     filed by M&M Knopf against HR&M;

   * all inventory;

   * all supplies, equipment, vehicles, machinery, furniture,
     fixtures, leasehold improvements and other tangible
     property used by M&M Knopf in connection with its business;

   * all of M&M Knopf's right, title and interest in and to
     certain identified contracts; all utility, security and
     other deposits and prepaid expenses;

   * M&M Knopf's permits and other authorizations of
     governmental authorities and third parties, licenses,
     telephone numbers, customer lists, and vendor lists,
     advertising materials and data, together with all books,
     operating data and records of M&M Knopf;

   * all rights in respect of the identified real property
     leased by M&M Knopf;

   * M&M Knopf's identified bank accounts; and

   * M&M Knopf's identified telephone numbers.

The M&M Knopf Assets to be sold will not include:

   * all cash and cash equivalents, except as identified,
     securities, negotiable instruments of M&M Knopf on hand; in
     lock boxes; in financial institutions or elsewhere;
     including all cash residing in any collateral cash account
     securing any obligation or contingent obligation of M&M
     Knopf or any affiliate;

   * any rights to tax refunds, credits or similar benefits
     attributable to excluded assets;

   * M&M Knopf's seal, minute books, charter documents, stock or
     equity records books and other books and records as pertain
     to the organization, existence or capitalization of M&M
     Knopf, as well as any other records or materials relating
     to M&M Knopf generally and not involving or related to the
     assets or the operations of M&M Knopf's business;

   * all rights of M&M Knopf under the Asset Purchase Agreement,
     the 2000 purchase agreement or the ancillary agreements;

   * tax returns of M&M Knopf, other than those relating to
     solely to the assets;

   * all current and prior insurance policies of M&M Knopf;

   * any identified right, property or asset; and

   * the HR&M Receivables.

At the closing, Knopf Automotive will assume, and agree to
satisfy and discharge all liabilities:

   -- reflected on the Closing Date Balance Sheet;

   -- of M&M Knopf arising under the identified contracts
      assumed by Knopf Automotive;

   -- for product warranty service claims relating to products
      manufactured, tested, marketed, distributed or sold by M&M
      Knopf; and

   -- in respect of any and all accounts payable and accrued
      expenses of M&M Knopf reflected on the Closing Date
      Balance Sheet.

M&M Knopf will retain and will be responsible for paying,
performing and discharging, among others, its liabilities:

   -- relating to the excluded assets;

   -- relating to its employees not hired by Knopf Automotive;

   -- on taxes arising as a result of M&M Knopf's obligations of
      its business or ownership of the assets prior to closing;

   -- on all taxes arising as a result of the transactions
      consummated pursuant to the APA;

   -- on products liability claims relating to products sold by
      M&M Knopf after March 10, 2000 and before the closing
      date; and

   -- on retained environmental obligations.

The closing of the proposed Sale is contemplated to occur no
later than Dec. 4, 2007, in advance of the proposed effective
date for the Plan.

A full-text copy of the Knopf Asset Purchase Agreement and a
list of the Contracts to be assumed and assigned are available
for free at http://ResearchArchives.com/t/s?2557

                        Sale is Warranted

"[B]y selling the Business as a going-concern enterprise instead
of liquidating, the Debtors are generating at least
US$10 million more for the chapter 11 estates . . . ," Mr.
Bartner says.

As of Sept. 30, 2007, the book value of the Knopf Business was
approximately US$26.5 million.  As a result, at an
US$18.5 million purchase price, the Debtors will incur an
approximately US$8 million loss.  By selling the Business, Mr.
Bartner notes, the Debtors will not need to make the significant
investment that would have otherwise been necessary to make the
Business profitable if they  retained it.  But if the Debtors
were forced to liquidate the Business, they would incur
significant wind-down expenses associated with ceasing
operations totaling approximately US$7,000,000.

Additional grounds, Mr. Bartner presents, supporting the
Debtors' business judgment to exit the Business are:

   (i) the Business is not a core business unit in the Debtors'
       future strategy;

  (ii) significant inventory risks exist with respect to
       valuation and commodity prices for scrap;

(iii) general business practices in the industry create
       unreasonable cash control risks;

  (iv) there are historical problems with respect to inventory
       controls and frequent write-downs of inventory; and

   (v) there is potential legal title exposure in inventory
       relating to unreliable sources of product.

"[On the contrary, the failure of the Debtors to close the
transaction prior to the Plan Effective Date would threaten the
success of the Debtors' prepackaged Plan of Reorganization," Mr.
Bartner points out.

The Debtors assert that no auction is needed because Knopf
Automotive is the most logical buyer.  The Knopfs have a long
history of and specialized knowledge of the Business and its
customers, the Debtors point out.

The Court will convene a hearing on Nov. 20, 2007, to consider
the Debtors' request.  Any party-in-interest who opposes the
request can file a formal objection until Nov. 15, 2007.

                      About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


* South Korea's Bankruptcies Jumped to Two-Year High in Oct.
-------------------------------------------------------------
South Korea's corporate bankruptcies jumped to a two-year high
in October due mainly to a one-off factor, Asia Pulse reports,
citing the Bank of Korea.

According to the report, the Bank of Korea said the number of
companies that went belly-up nationwide reached 258 in October,
up 138 from September, in which bankruptcies dipped to a record-
low.

The October figure was the highest since November 2005 when 313
firms went bankrupt, the report adds.


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

AVAYA INC: Moody's Assigns Ba3 Rating on US$3.8-Billion Loan
------------------------------------------------------------

Moody's Investors Service has assigned a B2 corporate family
rating to newly private Avaya, Inc. as well as Ba3 ratings to
its new senior secured US$200 million revolver and US$3.8
billion term loan.  The company was acquired by TPG Capital LLC
and Silver Lake Partners on Oct. 26, 2007 for US$8.3 billion.
Moody's also withdrew the company's previous Ba3 corporate
family rating and shelf ratings, which were placed under review
for downgrade after the company announced the going private
transactions.  The outlook is stable.

Approximately US$4.0 billion of debt affected.

These ratings have been assigned:

   -- Corporate family rating, B2

   -- Probability of default, B2

   -- US$200 million Senior Secured Revolving Credit Facility,
      Ba3, LGD2 (28%)

   -- US$3,800 million Senior Secured Term Loan, Ba3, LGD2
      (28%)

These ratings will be withdrawn:

   -- Shelf registration for senior unsecured debt (P)B1

   -- Shelf registration for preferred stock (P)B3

The capital structure includes the above rated debt as well as
an unrated, undrawn US$335 million senior secured multi currency
asset-based revolving credit facility and an unrated US$1.45
billion senior unsecured bridge facility consisting of a US$700
million senior unsecured cash-pay bridge loan and a US$750
million senior unsecured PIK-toggle bridge loan. In addition to
the debt financing, the capital structure includes approximately
US$2.4 billion in equity from the private equity sponsors.

The above debt instrument ratings were determined using Moody's
Loss Given Default Methodology.  The ratings could be affected
if the capital structure changes.

The B2 corporate family rating reflects the significant leverage
being used to finance the buyout offset by the company's
industry leading position within the enterprise telephony market
and favorable replacement trends facing the industry.  Closing
leverage is estimated to be approximately 7.0 funded debt to
EBITDA (on a Moody's adjusted basis which includes approximately
US$1 billion of unfunded pension obligations).  Despite the
strong cash generating capabilities of the underlying business,
the debt service, pension service and capital requirements of
the business leave minimal cash in the next few years to pay
down debt and little cushion in the event of a downturn.
Leverage and cash flow coverage at these levels are suggestive
of a B3 rating, but the strength of the company's business and
major cost cutting initiatives are positive factors that offset
the company's high leverage.  However, the rating remains weakly
positioned at the low end of the B2 rating category.  Avaya is a
leader in the global enterprise telephony industry and holds the
largest market share in numerous sub-segments.  The industry is
going through a significant upgrade cycle as customers replace
or migrate their traditional TDM phone systems to next
generation Internet protocol systems.

The company has one of the largest installed bases of corporate
phone systems in the world. Incumbency is a key ratings driver
as customers tend to be 'sticky' and generate a recurring
revenue stream from multi-year maintenance contracts, upgrades,
replacements and expansions once a system has been put in place.
The company is also a leader in sales of IP based enterprise
telephony systems.  While Cisco initially dominated the IP
enterprise phone market, Avaya has made significant strides and
in numerous segments has surpassed Cisco.

The stable outlook reflects the view that the company will
continue to benefit from the general growth in IP telephony
upgrades, maintain or grow their market share and realize on
their cost cutting initiatives.  The ratings could be negatively
impacted by a significant slow down in enterprise telephony
spending, loss of market share or challenges in implementing the
planned cost reductions or reducing leverage.  Moody's does not
anticipate an upgrade in the near term given the high debt
levels.

                      About Avaya Inc.

Headquartered in Basking Ridge, New Jersey, Avaya Inc. (NYSE:
AV) -- http://www.avaya.com/-- designs, builds and manages  
communications networks for more than one million businesses
worldwide, including more than 90% of the FORTUNE 500(R).  Avaya
is a world leader in secure and reliable Internet Protocol
telephony systems and communications software applications and
services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.


PROTON HOLDINGS: Alliance Talks with Volkswagen and GM Collapse
---------------------------------------------------------------
Malaysia's state investment arm Khazanah Nasional Berhad, which
controls Proton Holdings Berhad, has discontinued negotiations
with Volkswagen AG, Agence France Presse reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2007, talks between Proton and Volkswagen regarding a
possible partnership are ongoing.  The TCR-AP report cited
Malaysia's second finance minister, Nor Mohamed Yakcop, as
expressing confidence that a deal between Proton and Volkswagen
will be reached by the end-2007 deadline.

Now, AFP, citing Khazanah Nasional, relates that an improvement
in Proton's domestic sales and exports had led to the decision
to halt negotiations with Volkswagen.

Bloomberg News adds that Khazanah Nasional and the Malaysian
government have “taken note of the recent positive developments”
and that “Proton's management should be allowed to continue with
its plans to further strengthen the company.”

The Asian Wall Street Journal notes Minister Nor as saying that
Proton's turnaround has been “very, very real” with Proton's
balance sheet improving.  Minister Nor declined to say when the
company would return to profitability, although adding that
“2009 could be a good year,” the AWSJ relates.

Media reports further say that talks with General Motors Corp.
have also been shelved.

       On the Lookout for Other Potentials in the Region

General Motors is still interested in Proton, Bloomberg relates,
citing Rob Leggat, spokesman for the Detroit-based carmaker.  
Volkswagen, on the other hand, said in a statement that it will
expand its sales and service network in Southeast Asia, in
particular within Malaysia.

Bloomberg recounts that the search for a partner for Proton
followed the end of an alliance with Mitsubishi Motors Corp. in
2004, and the loss of half of Proton's market share to
competitors, including Toyota Motor Corp.   AFP adds that the
alliance talks was aimed to revitalize Proton, which experts say
has suffered from stiff competition, a lack of new models and a
reputation for poor quality.

                      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.

                   About Volkswagen Group

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

                     About Proton Holdings

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

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

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


TANCO HOLDINGS: Court Extends Restraining Order to Jan. 26
----------------------------------------------------------
Pursuant to Section 176 (10) of the Companies Act, 1965, the
High Court of Malaya at Kuala Lumpur granted Tanco Holdings
Berhad and its affected subsidiaries, an extension of its
existing Restraining Order for three months from October 26,
2007.

The company's affected subsidiaries that have been granted an
extension are:

   * Palm Springs Development Sdn Bhd;
   * Tanco Resorts Berhad;
   * JKMB Development Sdn Bhd;
   * Palm Springs Resort Management Berhad;
   * Tanco Land Sdn Bhd;
   * Popular Elegance (M) Sdn Bhd;
   * Tanco Properties Sdn Bhd;
   * Tanco Club Berhad; and
   * Tanco Development Sdn Bhd.

Tanco Holdings and its affected subsidiaries will proceed to
apply for sanction of the Schemes in due course.

                    About Tanco Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf   
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004.  As an affected listed
issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.


TENGGARA OIL: Subject to CIMB Bank's Wind-Up Petition
-----------------------------------------------------
Tenggara Oil Berhad disclosed with the Bursa Malaysia Securities
Bhd that it received a wind-up petition from CIMB Bank Berhad on
November 12, 2007.

The High Court of Malaya at Kuala Lumpur will hear the petition
on December 5, 2007.

CIMB Bank claims MYR1,045,121.20 of principal sum owed as at
July 31, 2006, with interest on the outstanding balance at the
rate of 2% per annum above the Base Lending Rate on the daily
rests from August 1, 2006, until full settlement.

The solicitors of CIMB Bank issued a Statutory Demand pursuant
to Section 218 of the Companies Act, 1965 dated March 23, 2007,
which was served to TOB's registered office to demand for the
aforesaid amount outstanding within 21 days from the date of
notice. TOB had failed to pay the amount owing or any part
thereof.

                       About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.


* Parliament Records 158,042 Bankruptcy Cases Since 2005
--------------------------------------------------------
A total of 158,042 bankruptcy cases were registered at 21
Department of Insolvency branches in Malaysia from 2005 until
July 31, 2007, Bernama reports.

Deputy Minister in the Prime Minister's Department Datuk M.
Kayveas said that out of the total number, 6,813 cases were
discharged while 2,772 cases were canceled.

Deputy Minister Kayyeas said that this year, 7,814 new cases
were registered until July 31, while 2005 recorded 15,868 cases
with 13,590 cases last year.


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

CATWALK PRODUCTIONS: Court Enters Wind-Up Order
-----------------------------------------------
On October 18, 2007, the High Court of Dunedin entered an order
directing the wind up of Catwalk Productions Ltd.'s operations.

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

The Liquidators can be reached at:

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


KIWI INCOME: Half-Year Profit Up 80% in Six Months to Sept. 30
--------------------------------------------------------------
Kiwi Income Property Trust reported an after tax profit of
NZ$43.6 million for the half year to September 30, 2007, up
79.7% on the corresponding period the previous year (after
adjusting for Unit Holder finance charges).

Chairman of the Manager of the Trust, Sean Wareing, said "this
is the Trust's first Interim Result reported under New Zealand
Equivalents to International Financial Reporting Standards (NZ
IFRS) and the maiden profit of NZ$43.6 million reflects an
excellent first-half performance."

After allowing for NZ IFRS and other non-cash adjustments, the
Trust posted a distributable profit of NZ$29.3 million which is
in line with the distributable profit for the six months to 30
September 2006.

Mr. Wareing said "the strong performance during the reporting
period combined with the positive outlook for the Trust's
portfolio of premium-quality office and retail assets have put
the Trust in a position to increase the projected cash
distribution to 9.00 cents per unit for the full year ending 31
March 2008, an increase of 7.9% over the previous year.  This
projection is subject to a continuation of reasonable economic
conditions.

"The key factors behind the increase in distribution are the
strong rent reviews achieved and forecast across the Trust's
portfolio, significant tenant demand for high-quality office and
retail space resulting in high occupancy levels, and in
particular, a very positive outlook on the potential growth at
Sylvia Park," Mr. Wareing said.

An interim cash distribution of 4.50 cents per unit, together
with imputation credits of 0.16 cents per unit, will be paid to
Unit Holders with a record date of 30 November 2007 and a
payment date of December 14, 2007.  The distribution is eligible
for reinvestment in accordance with the terms of the Trust's
Dividend Reinvestment Scheme.

This interim distribution will be the Trust's first to be paid
under the new Portfolio Investment Entity regime.  Consequently,
no further New Zealand tax will be payable, which will result in
a significant improvement in after-tax returns for most New
Zealand resident investors.  For example, a New Zealand resident
investor with a 39% tax rate will be 55% better off after tax
when compared with the interim distribution last year. More good
news is to come with the Trust's tax rate dropping from 33% to
30% from 1 April 2008.  This means that the Trust will pay less
tax and be able to distribute a greater portion of its profit to
Unit Holders, net of New Zealand tax.

Financial & Operating Highlights:

   - Maiden NZ IFRS profit after tax of NZ$43.6 million, up
     79.7% on the comparable period in 2006.

   - Distributable profit of NZ$29.3 million, in line with the
     comparable period.

   - Increased cash distribution projection for the full year of
     9.0 cents per unit - up 7.9% on the previous year.

   - Net rental income increased by 29.2% to NZ$60.6 million
     ('like for like' up 4.1%).

   - Total assets increased by NZ$37 million from 31 March 2007
     to NZ$2.0 billion.

   - An annual total gross return to 31 October 2007 of 14.4%,
     two-year return of 19.4% per annum, and a three-year return
     of 18.3% per annum, all outperforming the NZSX Property
     Gross and NZSX50 Indices.

   - Secured bank debt at 30 September 2007 of NZ$532 million,
     representing a conservative debt to total assets ratio of
     26.9%.

   - Completion of New Zealand's largest and highest profile
     shopping centre, the 70,100m2 Sylvia Park, on programme and
     within budget.

   - Continued high portfolio occupancy at 99.1%.

Operations

Chief Executive of the Manager of the Trust, Angus McNaughton,
said "the financial and operational highlights of the Interim
Result reflect the benefits of taking a long-term strategic view
when investing in premium-quality retail and office assets
throughout New Zealand.

"The office sector remains buoyant and demand for top-quality
office space has resulted in high occupancy levels and strong
rental growth. Rental reviews completed within the past six
months on 13,360m2 of lettable space across the office portfolio
have achieved a 27.0% increase, or compound annual growth of
9.3% per annum, reflecting continued demand and the high 98.8%
occupancy across the Trust's office portfolio. I n the Trust's
Vero Building in Auckland, premium rentals of NZ$580m2 are now
being achieved," he said.

"The retail portfolio has traded solidly over the past six
months, with the occupancy level remaining high at 99.4%.  
Sylvia Park, New Zealand's largest shopping centre at 70,100m2,
continues to go from strength to strength with the final retail
Stage IV of the landmark project opening on programme on June
28, 2007.  All retail space at Sylvia Park is leased and the
September 2007 retail sales were 18.6% higher than the previous
September for the 100 retailers who have been open for more than
a year. These figures are extremely positive and the busy
Christmas trading period is now well underway," Mr. McNaughton
said.

"The Trust's programme of encouraging people to take the train
at Sylvia Park is also proving to be successful with a September
2007 survey indicating that more than 5,000 people use the
Sylvia Park Train Station during a normal week and more than
9,000 per week during the school holidays.  These figures have
exceeded expectations.

"Looking ahead, plans are advancing well for the proposed NZ$90
million expansion of The Plaza Shopping Centre in Palmerston
North and construction of the first 7,600m2 mid-rise office
building at Sylvia Park," Mr. McNaughton said.

MSCI Index Changes

A review of the eligibility criteria for the MSCI Global
Investable Market Indices has resulted in a number of
significant New Zealand entities, including the Trust,
transferring from the MSCI Standard Index to the MSCI Small Cap
Index.  While the impact of this change is uncertain, there will
be some investors who use the MSCI Indices as the basis for
investment decisions and, as a result, may reduce their
investment in the Trust.

Outlook

Chairman of the Manager of the Trust, Mr. Wareing said "the
outlook for the Trust remains very positive despite
uncertainties in global financial markets, high interest rates
and the move from the MSCI Standard Index to the MSCI Small Cap
Index.

"There is a shortage of high-quality office and retail space
which continues to drive demand and rentals.  The Trust remains
well positioned to take advantage of these favourable market
conditions," Mr. Wareing said.

                        About Kiwi Income

Auckland, New Zeland-based Kiwi Income Property Trust --
http://www.kipt.co.nz/n1.html-- is a unit trust. Kiwi Income  
Properties Limited is the manager of the Trust and New Zealand
Permanent Trustees Limited is the trustee.  The Trust focuses on
recycling capital, and investing in assets.  The Trust acquires,
manages ongoing development of office, retail and industrial
property assets throughout New Zealand, with a range of lease
maturities.   

The Troubled Company Reporter - Asia Pacific, on Nov. 20, 2007,
listed Kiwi Income Properties Ltd.'s 8.000% bond with a June 30,
2010 maturity date as distressed with a trading price of
NZ$1.03.


MEDICTRONIX NEW ZEALAND: Subject to CIR's Wind-Up Petition
----------------------------------------------------------
The Commissioner of Inland Revenue, on August 27, 2007, filed a
petition to have Medictronix New Zealand Ltd.'s operations wound
up.

The High Court of Auckland will hear the petition on Dec. 13,
2007, at 10:00 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


MEYER INVESTMENTS: Appoints Colin Gordon Powell as Liquidator
-------------------------------------------------------------
The shareholders of Meyer Investments Ltd. resolved to
voluntarily liquidate the company's business on October 29,
2007.

Colin Gordon Powell was named as liquidator.

The Liquidator can be reached at:

          Colin Gordon Powell
          Battley & Johnson
          Chartered Accountants
          Level 5, 110 Symonds Street
          Auckland 1010
          New Zealand
          Telephone:(09) 379 3900
          Facsimile:(09) 309 3191


PACIFIC EDGE: Introduces Share Purchase Plan
--------------------------------------------
Eligible shareholders in Pacific Edge Biotechnology Limited will
have the opportunity to participate in the company's growth with
the introduction of a Share Purchase Plan.

The SPP will enable Eligible Shareholders to subscribe for new
ordinary shares in PEB.  The maximum investment by an Eligible
Shareholder must not exceed NZ$5,000.  Shares issued under the
SPP will rank equally with all other ordinary shares on issue
and will participate equally in all distributions declared after
the date of issue.

The Record Date for the SPP is 5:00 p.m., Nov. 30, 2007.  The
Offer Letter, Terms and Conditions, together with an Application
Form, will be mailed to Shareholders on Dec. 3, 2007.  The SPP
will close on Dec. 31, 2007.  The SPP may also be withdrawn in
certain circumstances, which are detailed in the SPP Terms and
Conditions.

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited --
http://www.pacificedgebiotech.com/-- is a biomedical company
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing protein/
antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.

The company has booked at least two consecutive annual net
losses -- NZ$1,880,836 for the year ended March 31, 2007, and
NZ$2,516,838 for the year ended March 31, 2006.


PAINT SMART: Subject to CIR's Wind-Up Petition
----------------------------------------------
On August 27, 2007, the Commissioner of Inland Revenue filed a
petition to have Paint Smart Services Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
December 6, 2007, at 10:00 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


RAH MANAGEMENT: Commences Liquidation Proceedings
-------------------------------------------------
RAH Management Limited commenced liquidation proceedings on
October 25, 2007.

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

The Liquidators can be reached at:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          Level 1, 148 Victoria Street
          PO Box 13401, Christchurch
          New Zealand


SOMETHING DIFFERENT: Creditors' Proofs of Debt Due on Nov. 30
-------------------------------------------------------------
The creditors of Something Different Ltd. are required to file
their proofs of debt by November 30, 2007, to be included in the
company's dividend distribution.

The company entered wind-up on October 25, 2007.

The company's liquidator is:

          Grant Bruce Reynolds
          c/o Reynolds & Associates Limited
          Insolvency Practitioners
          PO Box 259059, Greenmount
          East Tamaki, Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


SUPER CITY: Creditors' Proofs of Debt Due on Nov. 30
----------------------------------------------------
On October 29, 2007, the shareholders of Super City Club Ltd.
appointed Paul Graham Sargison and Gerald Stanley Rea as the
company's liquidators.

Messrs. Sargison and Rea are accepting creditors' proofs of debt
until November 30, 2007.

The Liquidators can be reached at:

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


TIGER PROMOTIONS: Court Set to Hear Wind-Up Petition on Jan. 31
---------------------------------------------------------------
The High Court of Auckland will hear on Jan. 31, 2008, at 10:45
a.m., a petition to have Tiger Promotions International Ltd.'s
operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
September 3, 2007.

The CIR's solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


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

ASIA AMALGAMATED: Nine-Month Net Loss Dips 5.55% to PHP856,639
--------------------------------------------------------------
Asia Amalgamated Holdings Corp. has posted a net loss of
PHP856,769 for the nine months ended September 30, 2007, a 5.55%
decrease from the PHP907,116 reported for the same period last
year.

For January-September 2007 period, the company earned revenues
of only PHP649 against expenses of PHP857,288, resulting in an
operating loss of PHP856,639 before an income tax provision of
PHP130.

The company's 2007 third quarter net loss also dipped 30.9%
year-on-year from PHP230,871.  For the quarter, the company
earned PHP132 in revenues while incurring expenses of
PHP159,626.  This has resulted to a PHP159,494 operating loss
before an income tax provision of PHP27.

As of September 30, 2007, the company had PHP85.465 million in
total assets and PHP15.029 million in total liabilities,
resulting in a PHP70.435-million stockholders' equity.

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/AAA_17Q_Sep2007.pdf

Asia Amalgamated Holdings Corporation was originally
incorporated as Sulu Sea Development Corporation on October 7,
1970, and later changed its name to Asia Amalgamated Holdings
Corporation after majority ownership transferred from the
National Development Corporation to the present majority
stockholders.

During the first years of its operation as an investment holding
company, Asia Amalgamated has made significant investments in
various businesses such as financial and banking services,
distribution of household water filtration equipment and
industrial wastewater treatment, water transport services and
non-life insurance brokerage.

Donato Danao at BDO Alba Romeo & Co. raised significant doubt on
Asia Amalgamated Holdings Corporation's ability to continue as a
going concern pointing out that the company has been incurring
losses for the past years and has reported a deficit as of
Dec. 31, 2006.  The company suffered a loss of PHP95.62 million
for the year ended Dec. 31, 2006, that increased its deficit to
PHP740.68 million in 2006.


LEPANTO CONSOLIDATED: Board Approves Stock Option Grants
--------------------------------------------------------
Lepanto Consolidated Mining Co.'s Board of Directors approved on
Monday the grant of the 17th stock option awards to 284
optionees who are directors, officers and employees of the
company and its subsidiaries.

According to a disclosure with the Philippine Stock Exchange,
the Grant covers a total of 420 million common shares out of the
company's unissued capital stock exercisable within five years
to the extent of 20% of the Grant every year following the
Securities and Exchange Commission's approval.  The price of the
option is at PHP0.32, which is 80% of the average of the closing
prices of Lepanto shares for 10 trading days following the
Board's approval of the Grant.

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

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


LEPANTO CONSOLIDATED: Board Approves Appointment of 2 Officers
--------------------------------------------------------------
Lepanto Consolidated Mining Co.'s Board of Directors approved on
Monday the appointment of two individuals as officers of the
company.

According to a disclosure with the Philippine Stock Exchange,
the Board approved the appointment of:

    * Engr. Magellan G. Bagayao as Vice President and Resident
      Manager, Lepanto Mine Division; and

    * Engr. Ruben D. Quiwa as Asst. Vice President of
      Metallurgy.


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

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


MARIWASA MFG: 3rd Quarter Profit Climbs to PHP638.596 Million
-------------------------------------------------------------
Mariwasa Manufacturing Inc. has posted a net income of
PHP638.596 million for the third quarter of 2007, an increase
from the PHP2.15-million net income reported for the same period
in 2006.

For the three months ended September 30, 2007, the company and
its subsidiaries recorded a gross profit of PHP108.794 million,
comprising of net sales of PHP447.249 million minus cost of
goods sold at PHP338.455 million.  The company's operating
expenses were at PHP146.904 million, resulting in a net
operating income of PHP38.111 million.  Other income is at
PHP683.488 million, and provision for income tax is at
PHP6.782 million.

The company also turned around with a net profit of
PHP741.582 million for the nine-month period ended September 30,
2007, from the PHP47.863-million net loss reported for the same
period in 2006.

The company reported these figures in its nine-month period
income statements:

    * PHP1.36 billion net sales
    * PHP1.044 billion cost of goods sold
    * PHP279.538 million operating expenses
    * PHP711.532 million other income
    * PHP6.782 million provision for income tax

As of September 30, 2007, the company had PHP2.543 billion in
total assets and PHP2.575 billion in total liabilities,
resulting in a stockholders' deficit of PHP31.334 million.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/MMI_17Q_Sep2007.pdf


Pasig City, Philippines-based Incorporated on November 5, 1963,
Mariwasa Manufacturing Corporation -- http://www.mariwasa.com/
-- manufactures and sells glazed ceramic floor tiles in various
sizes, colors and designs via a distribution network that spans
the whole archipelago.  The company has 76 distributors and a
significant number of exclusive distributors nationwide.  Aside
from the local market, Mariwasa tiles also exports to foreign
markets such as the United States and Hong Kong, among others.

                      Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Aileen L. Saringan at Sycip Gorres
Velayo & Co. raised significant doubt on Mariwasa's ability to
continue as a going concern, citing the company's recurring net
losses and capital deficiency.  Ms. Saringan also said that "in
addition, the parent company and its major subsidiary have not
complied with certain loan covenants with creditor banks."

The company posted a net loss of PHP201.37 million for the year
ending December 31, 2006, after posting a PHP17.92-million net
income a year earlier.  The company also posted a capital
deficiency of PHP38.01 million.


MIRANT CORP: To Return US$4.6BB in Excess Cash to Stockholders
--------------------------------------------------------------
Mirant Corporation disclosed in a regulatory filing with the
Securities and Exchange Commission that it will return to its
stockholders a total of US$4,600,000,000 in excess cash pursuant
to its November 9, 2007, accelerated share repurchase agreement
with J.P. Morgan Securities Inc., as agent for JPMorgan Chase
Bank, National Association, London Branch.

According to Thomas Legro, Mirant's senior vice president and
controller, the first stage of the program will consist of the
ASR for US$1,000,000,000, together with open market purchases
for up to an additional US$1,000,000,000.

Under the terms of the ASR, Mirant will purchase 26,659,557
shares of its outstanding common stock from JPMorgan, for a
total of US$1,000,000,000 on November 13, 2007, based on the
closing price of the common stock as of November 9.  The ASR
also provides that the final price of shares repurchased will be
determined based on a discount to the volume weighted average
trading price of Mirant's common stock over a period not to
exceed six months.

Depending on the final price and number of shares being
repurchased, Mr. Legro states, JPMorgan may deliver additional
shares to Mirant at the completion of the transaction, or Mirant
may deliver to JPMorgan either cash or shares that were
previously delivered under the ASR.

Mirant's payment of US$1,000,000,000 to JPMorgan on November 13
will be funded from available cash, and, because Mirant will pay
for the shares in full, the shares to be delivered to Mirant on
that date will be deemed repurchased on that date.

"Mirant expects that JPMorgan will purchase shares of Mirant
common stock from time to time in the open market in connection
with the ASR and may also sell shares in the open market from
time to time," Mr. Legro says.

Mirant clarified that it will not sell itself, but will only
return US$4,600,000,000 of its excess cash to shareholders,
Bloomberg News reports.

According to the paper, the value of Mirant shares plunged 11%
following the Company's announcement.

"Some people bought the stock thinking there could be somebody
bidding a 10 percent or 15 percent premium, and that's not the
scenario anymore," said Andreas Schneller, who manages
US$200,000,000 at EIC Partners AG in Zurich and sold his Mirant
shares earlier this year.  "Now they're stuck with this share
buyback and there's no longer a trigger for the shares to go
higher."

Mirant "amassed more than US$6,000,000,000 in cash" after
selling certain U.S. plants and assets in the Caribbean and the
Philippines, Messrs. Chang and Polson said in a statement.

                    About  Mirant Corporation

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on July 14,
2003 (Bankr. N.D. Tex. 03-46590), and emerged under the terms of
a confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000
in assets and US$11,401,000,000 in debts.  The Debtors emerged
from bankruptcy on Jan. 3, 2006.  On March 7, 2007, the Court
entered a final decree closing 46 Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007.  Mirant Lovett emerged from bankruptcy on
Oct. 2, 2007.  (Mirant Bankruptcy News, Issue No. 133;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MIRANT CORP: Buyback Program Cues S&P to Hold 'B+' Rating
---------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+' corporate
credit rating on Mirant Corp. and its subsidiaries Mirant North
America LLC and Mirant Americas Generating LLC, and removed the
ratings from CreditWatch with negative implications.  Standard &
Poor's placed the ratings on CreditWatch on July 11, 2006.  The
current outlook is stable.
     
The rating actions reflect Atlanta, Georgia-based Mirant's
announcement that it will return US$4.6 billion in cash on the
balance sheet to shareholders through a stock buyback program
and retain the remaining cash balance in the business to fund
capital expenditures and maintain strong liquidity.
     
S&P also retained the '1' recovery rating on MNA's $700 million
senior secured term loan B facility and US$800 million revolver,
but raised the issue ratings on these credit facilities to 'BB'
from 'BB-', consistent with the revised recovery notching
criteria that S&P initiated in June 2007.  Under this revised
methodology, secured debt with a '1' recovery rating is notched
up two times from the corporate credit rating.  S&P also
affirmed the 'B-' rating on MNA US$850 million in unsecured
notes.  In addition, S&P affirmed the 'B-' rating on MAG's
senior unsecured debt.
     
S&P also affirmed the 'BB' rating and '1' recovery score on
Mirant Mid-Atlantic LLC's pass-through certificates, and removed
the debt ratings from CreditWatch Negative.  The outlook on
MIRMA debt is stable.
     
The outlook on Mirant is stable.  The stable outlook reflects
prospects for relatively stable cash flow generation in the near
term.  S&P base this conclusion on the company's large base load
generation position and the large amount of fuel and generation
that are hedged over the next several years.  Also contributing
to a stable outlook is the now-resolved litigation that had
remained after Mirant emerged from bankruptcy -- specifically
the settlement with Potomac Electric Power Co. -- and the
completed large-asset-sale program.  Liquidity is ample to
support operations and fund the large capital-expenditure
program at MIRMA, as well.
      
"We could raise the rating on Mirant if financial metrics
improve, as long as current operations are maintained and the
MIRMA capital-expenditure program goes as planned," said
Standard & Poor's credit analyst Terry A. Pratt.  "The rating
could be pressured if Mirant reduces liquidity through
additional buybacks or environmental compliance requirements
arise that could reduce generation or increase costs at key
coal-fired base load units," he continued.


PHILCOMSAT HOLDINGS: New Board Members Set to Take Control
----------------------------------------------------------
The new board of directors of the Philippine Overseas
Telecommunications Corp., parent company of Philcomsat Holdings
Corp., are set to wrestle control from the group currently
controlling PHC and the other subsidiary Telecommunications
Center Inc., the Philippine Daily Inquirer reports.

"We are now a unified board and our next step is to take control
of Philcomsat Holdings Corp. which is under the control of this
impostor group," POTC director Erlinda Ilusorio-Bildner said
after the stockholders' meeting on Monday which saw the
government appoint a fresh set of nominees in POTC and the
Philippine Communications Satellite Corp.

According to an earlier statement by Ms. Bildner's group, the
Philcomsat group has been in controversy ever since the
appointment of the previous government nominees led by Enrique
Locsin and Manuel Andal.

"They should have been out of the picture a long time ago, but
this time, they're officially out of the picture," Ms. Bildner
added.

During the stockholders' meeting on Monday, the government
appointed to the Philippine Communications Satellite Corp.'s
board former National Telecommunications Commission head Abraham
Mesamis, businessman Ramon Jacinto and Lakas-CMD party deputy
secretary-general Rodolfo Serrano.  The government also
appointed as directors of POTC retired Justice Santiago Ranada,
Daniel Gutierrez and labor leader Allan Montano, the article
relates.

Presidential Management Staff Undersecretary Enrique Perez and
Department of Justice lawyers represented the government's 35%
holdings during the stockholders meeting, the Inquirer adds.

Other Philcomsat directors elected at the meeting were Erlinda
Ilusorio-Bildner, Honorio Poblador III, Katrina Ponce-Enrile,
Pablo Lobregat, Marietta Ilusorio and Lorna Kapunan.  Bildner,
Poblador, Ponce-Enrile, Lobregat, Ilusorio and Federico Agcaoili
were also named POTC directors.

                    About Philcomsat Holdings

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


PRIME ORION: First Fiscal Quarter Loss Dips 40% to PHP207-Mil.
--------------------------------------------------------------
Prime Orion Philippines Inc. has posted a PHP124.494-million net
loss for its first fiscal quarter ended September 30, 2007,
decreasing 40% from the PHP207.525-million net loss reported for
the same period in 2006.

For the July-September 2007 period, the company earned revenues
of PHP286.533 million while incurring expenses of
PHP365.036 million, and other charges of PHP50.398 million.  
This has a resulted to a PHP128.901 million loss before a
PHP4.407-million benefit from income tax.

As of September 30, 2007, the company had PHP5.015 billion in
total assets and PHP4.997 billion in total liabilities,
resulting in total equity of PH17.504 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/POPI_17Q_Sep2007.pdf


                     About Prime Orion Phils.

Headquartered in Makati City, Philippines, Prime Orion
Philippines, Inc. acquires by purchase, exchange, assign, donate
or otherwise, and to hold, own and use, for investment or
otherwise and to sell, assign, transfer, exchange, lease, let,
develop, mortgage, pledge, traffic, deal in and with, and
otherwise operate, enjoy and dispose of any and all properties
of every kind and description and wherever situated, as and to
the extent permitted by law, including but not limited to,
buildings, tenements, warehouses, factories, edifices and
structures and other improvements, and bonds, debentures,
promissory notes, shares of capital stock, or other securities
and obligations, created, negotiated or issued by any
corporation, association, or other entity, domestic or foreign.

Prime Orion Philippines, Inc. and subsidiaries have principal
business interests in real estate, financial services and
manufacturing.

                       Going Concern Doubt

After auditing the company's financial statements for the
fiscal year 2007, Jose Pepito E. Zabat III at Sycip Gorres
Velayo & Co., raised substantial doubt on the company's ability
to continue as a going concern.  Mr. Zabat cited the company's
deficit of PHP3.467 billion as of June 30, 2007.  


SBARRO INC: Posts US$35.1-Mil. Combined Net Loss for Third Qtr.
---------------------------------------------------------------
Sbarro, Inc. has announced results of operations for the third
quarter and nine months ended Sept. 30, 2007.  The company's
detailed results are included in its Quarterly Report on Form
10-Q, which was filed with the Securities and Exchange
Commission.

         MidOcean Partners' Acquisition of Sbarro

On Jan. 31, 2007, MidOcean SBR Acquisition Corp., an indirect
subsidiary of MidOcean SBR Holdings, LLC, an affiliate of
MidOcean Partners III, L.P., and certain of its affiliates,
merged with and into the company in exchange for consideration
of US$450 million in cash, subject to certain adjustments.  As a
result of the merger, the company is now an indirect wholly
owned subsidiary of MidOcean SBR Holdings.

              Third Quarter Financial Results

Revenues were US$91.0 million for the quarter ended
Sept. 30, 2007, as compared to US$79.2 million for the quarter
ended Oct. 8, 2006.  The third quarter of 2007 consisted of
thirteen weeks as compared to twelve weeks in the third quarter
of 2006.  The one-week difference in 2007 generated revenues of
approximately US$6.8 million.  Sbarro's revenue increase was
primarily driven by same-store sales growth of 3.2% in its
company-owned stores, 4.3% in its domestic franchise stores and
6.6% in its international franchise stores as well as revenue
from new stores opened in 2007.

Net income for the quarter ended Sept. 30, 2007, was
US$503 thousand as compared to US$2.1 million for the quarter
ended Oct. 8, 2006.  The decrease in net income was primarily
due to higher net interest expense and depreciation and
amortization resulting from the Merger.

EBITDA, as calculated in accordance with the terms of the
company's bank credit agreement, was US$14.7 million for the
third quarter ended Sept. 30, 2007 as compared to
US$13.0 million for the third quarter ended Oct. 8, 2006.  The
one week difference in 2007 generated EBITDA of approximately
US$0.9 million.  EBITDA increased after absorbing higher product
costs, in particular the cost of cheese, which increased
approximately US$1.5 million.

As discussed in Exhibit A, EBITDA is a non-GAAP financial
measure that management believes is an important metric to
report to Sbarro's investors, as the company considers it a
helpful additional indicator of Sbarro's ability to meet future
debt obligations and to comply with certain covenants in the
borrowing agreements which are tied to this metric.  Exhibit A
includes a reconciliation of EBITDA to net income (loss), which
is the most directly comparable financial measure under U.S.
Generally Accepted Accounting Principles (GAAP).  Exhibit A also
identifies adjustments to EBITDA that are provided for under the
bank credit agreement.

              Year to Date Financial Results

The company has reported operating results and its financial
position for all periods presented as of and prior to
Jan. 30, 2007, (prior to completion of the merger) as those of
the Predecessor company and for all periods from and after
Jan. 31, 2007, (from completion of the merger) as those of the
Successor company.  The company's operating results for the nine
months ended Sept. 30, 2007, are presented as the combined
results of the Predecessor and Successor companies.  The
presentations of 'Combined' results is not consistent with the
requirements of GAAP; however, the company's management believes
that it is a meaningful way to present the results of operations
for the nine months ended Sept. 30, 2007.

Combined revenues were US$254.1 million for the nine months
ended Sept. 30, 2007, as compared to US$252.5 million for the
nine months ended Oct. 8, 2006.  The combined nine months of
2007 consisted of thirty-nine weeks as compared to the nine
months of 2006 which consisted of forty weeks.  The additional
week in 2006 generated revenues of approximately US$5.9 million
in 2006.  Sbarro's revenue increase was primarily driven by
same-store sales growth of 3.0% in its company-owned stores,
4.5% in its domestic franchise stores and 5.8% in its
international franchise stores as well as revenue from new
stores opened in 2007.  Revenues related to the real estate
operations, which were transferred to certain of the company's
former shareholders in connection with the Merger, were
US$0.3 million for 2007 and US$1.7 million for 2006.

Combined net loss for the nine months ended Sept. 30, 2007, was
US$35.1 million as compared to US$1.7 million for the nine
months ended Oct. 8, 2006.  The increase in net loss was due
primarily to the special event bonuses as well as higher net
interest expense and depreciation and
amortization resulting from the Merger.

Combined EBITDA for the nine months ended Sept. 30, 2007, as
calculated in accordance with the terms of the company's bank
credit agreement, was US$34.3 million as compared to
US$35.6 million for the nine months ended Oct. 8, 2006.  The
additional week in 2006 produced EBITDA of approximately
US$0.8 million in 2006.  The remaining decline in EBITDA was
primarily due to absorbing higher product costs, in particular
cheese of approximately US$2.3 million.

EBITDA for the twelve months ended Sept. 30, 2007, as calculated
in accordance with the terms of the bank credit agreement, was
US$59.7 million.  This amount reflects a correction to the
calculation of EBITDA, as determined under the bank credit
agreement, that the company have made to eliminate a
US$1.056 million adjustment that was incorrectly included in the
calculation of the bank credit agreement EBITDA for the thirteen
and the combined twenty- six weeks ended July 1, 2007.  The
correction is discussed in Exhibit A.  As corrected, the EBITDA
for the twelve months ended July 1, 2007, as calculated in
accordance with the terms of the bank credit agreement, was
US$58.9 million.  Sbarro remains in compliance with the relevant
borrowing covenants after giving effect to this correction to
the calculation of EBITDA.  The correction has no effect on
prior or current financial statements or GAAP results or
quarterly or annual filings with the Securities and Exchange
Commission, as it involves solely an adjustment to the amount of
an add-back included in the calculation of EBITDA pursuant to
the terms of the bank credit agreement.

Sbarro Chairperson, President and Chief Executive Officer, Peter
Beaudrault commented, "We are pleased with the continuing growth
in same store sales in both our company owned and franchised
stores.  We have opened 24 company owned stores in 2007, which
is ahead of our schedule.  Our International Franchise store
openings continue to make progress and our pipeline of new
International stores approximates 1,100." Mr. Beaudrault further
commented, "While commodity cost increases, particularly cheese
cost, have proven to be challenging in the quarter, we have done
well in controlling all other expenses.  Our combined EBITDA for
the nine months of 2007, calculated in accordance with our bank
credit agreement, declined approximately US$0.5 million,
excluding the impact of the additional week in 2006, which
produced EBITDA of approximately US$0.8 million in 2006.  The
decline in EBITDA was primarily due to absorbing higher product
costs, in particular increased cheese costs of approximately
US$2.3 million, which offset improved profitability generated by
increased sales and good cost controls."

In addition, the former shareholders received a distribution of
the cash on hand in excess of (i) US$11 million, plus (ii) all
amounts required to be paid in connection with various special
event bonuses paid in connection with completion of the Merger.

In connection with the Merger, the company transferred interests
in certain non-core assets to a newly formed company owned by
certain of the company's former shareholders.  There was no
additional consideration given for the transfer of these assets
as they were treated as a dividend.  The assets and related
costs that the company transferred (Withdrawn Assets) were:

   -- the interests in 401 Broadhollow Realty Corp. and 401
      Broadhollow Fitness Center Corp., which own the corporate
      headquarters of the company, the fitness center and the
      assets of the Sbarro Cafe located at the corporate
      headquarters;

   -- a parcel of undeveloped real property located in East
      Northport, New York;

   -- the interests in Boulder Creek Ventures, LLC and Boulder
      Creek Holdings, LLC, which own a 40% interest in a joint
      venture that operates 15 steakhouses under "Boulder
      Creek" and other names; and

   -- the interest in Two Mex-SS, LLC, which owns a 50%
      interest in a joint venture that operates two tex-mex
      restaurants under the "Baja Grill" name.

                        About Sbarro

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in    
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of April 23, 2006, the
company owned and operated 482 and franchised 491 restaurants
worldwide under brand names such as "Sbarro," "Umberto's," and
"Carmela's Pizzeria".  Total revenues for fiscal 2005 were
approximately US$348 million.  The company announced on June 19,
2006, its international expansion by opening more than 25
restaurants in Guatemala, El Salvador, Honduras, The Bahamas,
the Philippines and Romania.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 8, 2007, Standard & Poor's Ratings Services revised its
outlook on Sbarro Inc. to negative from stable.  At the
same time, Standard & Poor's affirmed the company's 'B-'
corporate credit rating and other ratings.

TCR-AP also reported on Feb. 8 that Moody's Investors Service
assigned the company a B3 corporate family rating while at the
same time assigned Ba3 senior secured ratings to its proposed
bank facility consisting of a US$25-million 1st lien revolver
and a US$150-million 1st lien term loan.  Additionally, the
rating agency gave a Caa1 rating on the proposed US$150-million
senior unsecured notes and a SGL-3 speculative grade liquidity
rating.


SERVICEMASTER CO: Names Steve Martin as Chief Financial Officer
---------------------------------------------------------------
ServiceMaster Co. has hired TruGreen Chief Financial Officer
Steve Martin as its Senior Vice President and Chief Financial
Officer.

Mr. Martin succeeds Vice Chairman and Chief Financial Officer
Ernie Mrozek, who will transition out of his current position by
early next year.  Mr. Mrozek has been based in the company's
Downer's Grove, Illinois, headquarters office, which was
recently relocated to Memphis.

Mr. Martin has worked in finance for TruGreen, a ServiceMaster
company, since 2000.  Previously, he was Senior Vice President
and Controller for Promus Hotel Corporation in Memphis, and a
partner in the Audit and Business Advisory Services business for
Arthur Andersen, also in Memphis.

Over the past several weeks, Mr. Martin has served in a special
project role with ServiceMaster, leading the company's efforts
to reduce layers between leadership and customers, and to become
more responsive toward customer service.

ServiceMaster Chief Executive Officer Pat Spainhour said, "We're
excited to promote Steve into this position because he not only
brings a broad base of financial expertise to the job, but he
also has a deep understanding of our company and how we can best
position ourselves for continued growth and marketplace
leadership."

Mr. Martin has a degree in accounting from the University of
Memphis, and is active in the Memphis community, serving on the
Board of Directors for the Metropolitan Inter-Faith Association
(MIFA).

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)  
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan,
Philippines and the United Kingdom, among others.

                       *     *     *

As reported on Oct 29, 2007, Standard & Poor's affirmed its 'B+'
bank loan rating on Memphis, Tennessee-based The ServiceMaster
Co.'s US$2.65 billion term loan.


STENIEL MFG: Unit Files for Rehabilitation Before Cavite Court
--------------------------------------------------------------
A subsidiary of Steniel Manufacturing Corp. has filed for
corporate rehabilitation with the Regional Trial Court of Imus
Cavite.

According to a disclosure with the Philippine Stock Exchange,
Steniel Cavite Packaging Corp. filed on November 16 a petition
for rehabilitation before the Imus RTC.

Cavite, Philippines-based Steniel Manufacturing Corporation --
http://www.steniel.com/-- was incorporated in 1963 primarily to
engage in manufacturing, processing, and selling all kinds of
paper products, paper board and corrugated carton containers,
and all other allied products and processes.  The company and
its subsidiaries have established a strong foothold in the
packaging industry by offering a broad line of packaging
products from corrugated carton boxes to paper, plastic
containers, and flexible packaging.  STN stands as the single
largest independent manufacturer of corrugated fibreboard
containers in the Philippines.  About 99% of its revenues come
from the corrugated packaging business while the remaining 1% is
from rigid plastics.

                         *     *     *

Steniel Manufacturing did not meet its maturing obligations due
as of December 31, 2005, to certain lender banks.  The company
failed to meet its quarterly principal amortizations
and interest payments since March 2004.  The creditor banks
declared the company in default on May 24, 2006.  The company is
currently negotiating with the lender banks for the rescheduling
of its long-term debts.

The company has incurred net losses of PHP178.23 million,
PHP185.15 million and PHP138.82 million for the years ending
Dec. 31, 2006, 2005 and 2004, respectively.


UNIWIDE HOLDINGS: 3rd Quarter Net Loss Dips 4.49% to PHP35 Mil.
---------------------------------------------------------------
Uniwide Holdings Resources Inc. posted a net loss of
PHP35.522 million for the third quarter of 2007, a decrease of
4.49% from the PHP37.192-million net loss reported for the same
period in 2006.

For the July-September 2007 period, the company posted revenues
of PHP31.425 million while incurring expenses of
PHP67.715 million, resulting in an operating loss of
PHP36.289 million.  Other charges include PHP792,779 in interest
and other income, and loss before a PHP25.611-million benefit
from income tax is at PHP35.496 million.

The company's nine-month period loss, on the other hand, rose
12.85% to PHP109.483 million this year from last year's
PHP97.016 million.  Revenues for the January-September 2007 are
at PHP95.042 million, operating expenses are at
PHP206.034 million, other charges are at PHP1.585 million and
benefit from income tax amounted to PHP77,090.

As of September 30, 2007, the company had PHP3.07 billion in
total assets and PHP5.071 billion in total liabilities,
resulting in a capital deficiency of PHP2 billion.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/UW_17Q_Sep2007.pdf


Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.

The company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.

Uniwide Holdings, Inc. registered a PHP324.68 million net loss
for the year ended 2006, a 60.85% decrease from the recorded net
loss of PHP829.4 million in 2005.

As of Dec. 31, 2006, consolidated assets amounted to
PHP3.09 billion, while total liabilities were recorded at
PHP4.98 billion, giving the company a capital deficiency of
PHP1.89 billion.

Aris Malantic at Sycip Gorres Velayo & Co. raised significant
doubt on the group's ability to continue as a going concern,
pointing out the group's continued losses and capital
deficiency.


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

AVAGO TECH: To Redeem US200MM of Senior Rate Notes on Dec. 18
-------------------------------------------------------------
Avago Technologies, on November 15, 2007, disclosed that it will
redeem US$200 million aggregate principal amount of its
US$250 million aggregate principal amount outstanding Senior
Floating Rate Notes due 2013, utilizing its existing cash
balances.

The redemption date is December 18, 2007.  The Notes will be
redeemed at a price of 102% of the principal amount, plus
accrued and unpaid interest up to, but not including, the
redemption date.  The CUSIP number for the Notes is 05336XAE1.

A Notice of Redemption will be distributed to all registered
holders by The Bank of New York, the trustee for the Notes,
through the Depository Trust Company.

                        About Avago Tech

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
September 24, 2007, Standard & Poor's Ratings Services assigned
Avago with 'B' corporate credit rating with positive
implications reflecting the company's operational stability,
despite challenging market conditions, and leverage measures
that are strong for the rating.


POLYONE CORP: Buys GLS Corp. as Part of Specialization Strategy
---------------------------------------------------------------
PolyOne Corporation has signed a definitive agreement to acquire
GLS Corporation.  Terms of the pending transaction were not
disclosed.  However, PolyOne expects that the acquisition will
be slightly accretive to earnings in the first year.

Consummation of the transaction is subject to the satisfaction
or waiver of customary closing conditions.

The acquisition of GLS demonstrates PolyOne's specialization
strategy focused on technical innovation, new-product launches,
speed to market, and long-term customer alliances rooted in
problem solving and value creation.

GLS is known for difficult-to-develop specialty compounds and
rapid turnaround on customer requests, with a research and
development department that operates around the clock.  The
acquisition of GLS also will provide PolyOne access to new
customers in specialized, high-growth markets such as health
care and electronics.

PolyOne has targeted these markets for expansion and believes
there are additional cross-selling opportunities.  Moreover, the
two companies' global footprints are highly complementary.

"GLS is a very important strategic acquisition and the kind of
company that we have been carefully seeking to become a
significant part of PolyOne's business portfolio," Stephen D.
Newlin, chairman, president and chief executive officer, said.

"We are delighted to welcome the GLS employees and customers to
the PolyOne family," Mr. Newlin stated.  "The GLS management
team has built a terrific brand and is a customer centric growth
company. Its people and technology will be valuable additions to
the PolyOne team."

"Combining GLS's technological capabilities with PolyOne's
global infrastructure and commercial presence uniquely positions
us to capitalize on the expanding TPE market,"
Mr. Newlin added.

"GLS is a great addition to the global Engineered Materials
business portfolio," Craig Nikrant, PolyOne's vice president and
general manager of PolyOne's North American Engineered Materials
said.

"This acquisition will accelerate the specialization strategy
for our global Engineered Materials business and will decisively
shift our portfolio as we continue our aggressive evolution into
a specialty solutions provider of engineering thermoplastics,"
Mr. Nikrant related.  "The acquisition of GLS, coupled with last
year's dedication of our US$10 million specialties compounding
plant, clearly demonstrates our commitment to our specialization
strategy."

"We are delighted to join forces with PolyOne and become a key
component in its strategic evolution," Dan Dague, GLS president,
said.  "We were impressed with PolyOne's management, its
strategic vision and its corporate philosophies, and believe the
combination will result in a new organization that is even
stronger and better poised for future success."

Bear, Stearns & Co. Inc. was PolyOne's financial advisor on the
GLS acquisition and Jones Day was outside counsel.

                     About GLS Corporation

Headquartered in McHenry, Illinois, GLS Corporation --
http://www.glscorp.com/-- is a privately-held company owned by  
the Dehmlow family that provides specialty thermoplastic
elastomer compounds for consumer and medical applications.  The
company serves more than 1,200 customers worldwide.  With
approximately 200 employees, GLS supports its customers with
manufacturing facilities in Illinois and Suzhou, China.

                    About PolyOne Corp.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/ -- is a leading global provider of  
specialized polymer materials, services and solutions.  PolyOne
has operations in North America, Europe, Asia and Australia, and
joint ventures in North America and South America.  The company
maintains operations in China, Colombia, Thailand and Singapore.

                       *     *     *

Moody's Investor Services placed PolyOne Corporation's senior
unsecured debt, long term corporate family and probability of
default ratings at 'B1' in July 2007.  The ratings still hold to
date with a stable outlook.


REFCO LLC: Chapter 7 Trustee Files September 2007 Monthly Report
----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation
of Refco, LLC's estate, filed with the Court a monthly statement
of cash receipts and disbursements for the period from Sept. 1
to 30, 2007.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of September 1 totals US$86,294,000.  The Debtor's beginning
purchase price account balance totals US$2,557,000, while its
beginning capital account "A" balance aggregates US$83,737,000.

The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements.  
Capital account "A" includes activities related to collection of
excess capital.

During the Reporting Period, Refco LLC received US$166,000, and
was refunded US$474,000 on account of the trustee bond premium.  
The Debtor held US$86,934,000 at the end of the period.

The Chapter 7 Trustee says the Monthly Statement is filed in
lieu of comprehensive financial statements.

A full-text copy of Refco LLC's September 2007 Monthly Statement
is available at no charge at:

               http://ResearchArchives.com/t/s?256b

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.  
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

(Refco Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


STATS CHIPPAC: Plans to Delist Shares from Nasdaq
-------------------------------------------------
STATS ChipPAC Ltd. intends to voluntarily delist its American
Depositary Shares from the Nasdaq Global Select Market,
terminate its American Depositary Receipts program with
Citibank, N.A., the depositary for the ADSs, and, if and when it
becomes eligible to do so, terminate the registration
of its ordinary shares and ADSs at the U.S. Securities and
Exchange Commission under the U.S. Securities Exchange Act of
1934, as amended.

As disclosed in the Schedule 13D filed by Singapore Technologies
Semiconductors Pte Ltd and Temasek Holdings Private Limited with
the SEC on October 16, 2007, STSPL may seek to cause the company
to voluntarily delist from Nasdaq or the Singapore Exchange
Securities Trading Limited, or both.  STSPL may also seek to
cause the Company to deregister under the Exchange Act if it
becomes eligible to do so.

STSPL and Temasek have been discussing with the company the
possible delisting from Nasdaq and the SGX-ST, termination of
the company’s ADR program, and deregistration under the Exchange
Act.  

STSPL, a wholly owned subsidiary of Temasek, currently owns
approximately 83.0% of the ordinary shares, including ADSs, of
the company.  STSPL and Temasek also disclosed in their Schedule
13D filing that STSPL intends to continue to seek to acquire
additional ordinary shares and ADSs through open market
purchases, privately negotiated transactions or otherwise, upon
the terms and at prices as STSPL will determine.

Furthermore, in accordance with the continuing listing rules of
the SGX-ST, if STSPL submits a delisting proposal to the company
to seek a voluntary delisting of the company from the SGX-ST,
STSPL must offer all holders of outstanding ordinary shares,
including ordinary shares represented by ADSs, if any, and
outstanding convertible bonds issued by the company a reasonable
exit alternative.  The Exit Offer customarily provided to
shareholders in the circumstances would be a cash offer to all
shareholders to acquire their ordinary shares of the company.

Any further purchases of ordinary shares and ADSs by STSPL or
making the Exit Offer may facilitate the company’s satisfaction
of the requirements for deregistration under the Exchange Act.
STSPL and Temasek disclosed in their Schedule 13D filing that
STSPL intends to propose to the Company to deregister under the
Exchange Act if and when it becomes eligible to do so. In
anticipation of the foregoing, which are terminate its ADR
program, and if and when it becomes eligible to do so,
deregister under the Exchange Act.

   * Delisting from Nasdaq

The company intends to file a notification of removal from
listing on Nasdaq on Form 25 with the SEC on or about Dec. 21,
2007.  The withdrawal of the ADSs from listing on Nasdaq should
be effective 10 days after the filing of the notice on Form 25
with the SEC, unless the Form 25 is withdrawn by the Company
prior to its effectiveness.  Accordingly, the company expects
that the last day of trading of its ADSs on Nasdaq will be on or
about December 31, 2007.  The company reserves the right to
delay the filing of the Form 25 or later withdraw the Form 25
filing for any reason prior to its effectiveness.

The company has not arranged, nor is it planning to arrange, for
the listing of the company’s securities on another U.S.
securities exchange or for quotation of the company’s securities
on any other quotation medium in the United States.  Following
the delisting of the company’s ADSs from Nasdaq and the
termination of the ADR program, it is possible that an
unsponsored ADR program could be established, in which case any
such unsponsored ADSs would trade on the over-the-counter
market.  The company’s ordinary shares will continue to trade on
the SGX-ST, unless the company’s listing on the SGX-ST is
suspended or withdrawn.

   * Termination of ADR Program

Prior to delisting, ADS holders can elect to sell their ADSs on
Nasdaq or they are entitled, upon payment of ADS cancellation
fees, to exchange their ADSs with the Depositary for the
underlying ordinary shares, subject to the terms and conditions
of the deposit agreement for the ADSs.  Following the delisting,
ADS holders will still be entitled, for a period of time after
the termination of the ADR program and upon payment of ADS
cancellation fees, to exchange their ADSs for the underlying
ordinary shares, subject to the terms and conditions of the
deposit agreement for the ADSs.  The Deposit Agreement provides
that the period of time after termination of the ADR program
during which ADSs may be exchanged for the underlying ordinary
shares to be six months.  The company is in discussions with the
Depositary about amending the Deposit Agreement to shorten this
period from six months to two months.  If the Deposit Agreement
is so amended, a notification will be sent to ADS holders
setting forth the amendment and the amendment would become
effective after the expiration of 30 days after the notice to
the ADS holders. At the end of this period, any remaining
ordinary shares underlying the ADSs will be sold, the proceeds
of sale will be held by the Depositary and the ADSs will
represent only the right to receive the cash proceeds of sale of
the underlying ordinary shares without interest thereon.  A
notification will be sent to ADS holders setting forth the
termination of the ADR program in due course.

   * Intention to deregister from Exchange Act

The company currently intends to terminate the registration of
its ordinary shares and ADSs and reporting obligations under the
Exchange Act if and when it becomes eligible to do so.

A delisting from Nasdaq does not exempt the Company from its
reporting obligations under the Exchange Act.  The company must
continue to satisfy its reporting obligations under the Exchange
Act, including continuing to file its annual report on
Form 20-F, as long as it remains registered under the Exchange
Act.

The company is currently exempt from the SGX-ST Listing Rules on
the basis that it is listed on Nasdaq and subject to the
reporting obligations under the Exchange Act.  The company is
seeking clarification, and is awaiting a response, from the SGX-
ST on whether the Company would become subject to the SGX-ST
Listing Rules when it becomes delisted from Nasdaq or if and
when it becomes deregistered and its U.S. reporting obligations
are terminated under the Exchange Act.

  * Rationale for Nasdaq Delisting and Deregistration

The company’s board of directors made the decision to delist
from Nasdaq, and deregister and terminate the company’s
reporting obligations under the Exchange Act based on:

   -- the completion of STSPL’s tender offer for all outstanding
      ordinary shares, ADSs and convertible bonds issued by the  
      company in May 2007 and subsequent purchases by STSPL,
      STSPL became the owner of approximately 83.0% of the
      issued ordinary shares of the company and the company’s  
      ADS Nasdaq trading volume has declined significantly; and

   -- the declining trading volume of the company’s ADSs on
      Nasdaq, the company believes the costs associated with
      maintaining its Nasdaq listing and continuing with its
      U.S. reporting obligations outweigh the limited benefits
      of maintaining its Nasdaq listing and registration under
      the Exchange Act.

  * Possible Suspension of or Withdrawal from Listing on SGX-ST

Delisting from Nasdaq will not affect the listing status of the
company’s ordinary shares on the SGX-ST.  However, the SGX-ST
may suspend the listing of the company’s ordinary shares on the
SGX-ST if STSPL, other substantial shareholders and the
company’s directors, together with their respective associates,
own in the aggregate more than 90% of the issued ordinary
shares.  STSPL currently owns approximately 83.0% of the issued
ordinary shares of the company.  On May 17, 2007, the company
received notice that one other shareholder has voting and
dispositive control over 5.02% of the issued ordinary
shares of the company and dispositive but non-voting control
over an additional 1.84% of the issued ordinary shares of the
Company.  Accordingly, further purchases of ordinary shares and
ADSs by STSPL, other substantial shareholders, the company’s
directors, or their respective associates may result in the
suspension of the listing of the company’s ordinary shares on
the SGX-ST.

                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


STATS CHIPPAC: To Expand  Flip Chip Offering in China
-----------------------------------------------------
STATS ChipPAC Ltd. disclosed with the Singapore Stock Exchange
that it is expanding its flip chip offering to provide customers
a complete turnkey solution in China.  

STATS ChipPAC’s operation in Shanghai, China will provide high
volume, low cost, full turnkey flip chip solutions encompassing
wafer bump, sort, assembly and final test.  The company is
following a two-phased approach to extend its full turnkey flip
chip offering to China.  The first phase is the addition and
qualification of assembly and test equipment specifically
tailored to high volume manufacturing of flip chip packages.
STATS ChipPAC Shanghai recently completed internal qualification
of flip chip assembly and test.  Customer qualification is
ongoing and is expected to be completed in the fourth quarter of
2007.  Volume manufacturing is expected to begin in the first
quarter of 2008. In the second phase, electroplated wafer
bumping will be added to complete the full turnkey service
offering in China.  Electroplated wafer bumping technology is
crucial to achieving superior bump quality, higher yield, and
finer bump pitches over other wafer bumping methods.

Electroplated wafer bumping on 8-inch (200mm) silicon wafers is
scheduled to be added in the first half of 2008 followed by the
addition of 12-inch (300mm) wafer bumping in the second half of
2008.

“As demand for flip chip technology continues to grow in
applications such as high performance ASICs and graphics as well
as DSPs and integrated 3D packages for mobile platforms, it will
be essential to have a low cost, high volume manufacturing
location for flip chip solutions.  We have successfully ramped
advanced technologies in China and believe it is an important
strategic location for customers who are looking for cost
effective flip chip technology,” said Wan Choong Hoe, Executive
Vice President and Chief Operating Officer, STATS ChipPAC.

The company’s current flip chip portfolio ranges from large
single die packages with passive components used for graphics
and ASIC devices, to modules and complex three dimensional (3D)
packages that contain logic, memory and radio frequency (RF)
devices and integrate flip chip and wire bonding interconnection
within the same package.

“Over the last three years, STATS ChipPAC has focused on
aggressively expanding its flip chip portfolio in terms of
technology, manufacturing capacity and geographic footprint.
Our new service offering in China complements our advanced flip
chip portfolio in South Korea as well as our bumping
capabilities in Taiwan and Singapore.  Flip chip technology
is an important part of our plan to grow STATS ChipPAC Shanghai
into a mega site for full turnkey backend solutions encompassing
wafer bump, sort, assembly and final test,” said Wan.


                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


================
S R I  L A N K A
================

SRI LANKA TELECOM: Fitch Affirms Ratings at 'BB-'
-------------------------------------------------
Fitch Ratings affirmed Sri Lanka Telecom Plc's Long-term foreign
currency Issuer Default Rating at 'BB-' with a Negative Outlook.
At the same time, the agency has affirmed SLT's Long-term local
currency IDR of 'BB-', as well as its National Long-term rating
at 'AAA(lka)' with Stable Outlooks, along with the 'BB-' rating
on its senior unsecured notes maturing in 2009.

SLT's ratings reflect the company's strong positive free cash
flow generation, its strong and improving financial profile and
entrenched market position.  SLT has a monopoly in wire-line
services, which still accounts for nearly half of its revenues,
and a dominant share of international long-distance and IP and
data-related services.  In addition, Fitch notes that SLT has
improved its market position in the fixed-wireless and mobile
segments.

Notwithstanding the stagnant wire-line subscriber base following
the introduction of fixed-wireless services by SLT and its
competitors, and the new tariff scheme introduced (following a
direction by the Supreme Court in relation to a case filed
challenging its tariff revision in 2003) which will result in a
8-9% reduction in revenues, the traditional wire-line services
are expected to account for a lion's share of SLT's revenue and
cash flow generation over the short- to medium-term.  Although
SLT's late entry into the fixed-wireless market is still
reflected in its market share, the company has managed to
rapidly increase its fixed-wireless subscriber base to improve
market share to around 25% currently, from 10% in 2005.  Its
mobile market share too has increased, compared to some two
years ago, to approximately 18% from 13%.  The mobile division's
contribution to revenue and EBITDA has increased to
approximately 15% and 11% respectively in the first nine-months
of 2007, from 10% and 5% respectively in 2005, although in terms
of profitability, Mobitel still lags behind the market average.

Competition in the mobile and fixed-wireless markets is expected
to increase further with the entry of India's Bharti Airtel
(BB+/Stable) and the launch of fixed-wireless services by Dialog
Telekom (AAA(lka)/Stable).  Fitch anticipates some degree of
margin pressure for SLT due to the increased competition and the
trend of operators targeting low-income earners.  The agency
also takes the view that market growth will be moderate over the
medium-term from the high levels seen historically.

In addition, SLT's ratings consider the uncertainties stemming
from the still developing regulatory environment and the
influence the Government of Sri Lanka has over the company's
financial and operating policies through its 49.5% holdings and
majority board representation.

SLT has continuously generated positive free cash flows despite
an annual capex of around USD80 million to USD100m and dividend
payouts of approximately 30-35% of its net income.  Although
SLT's overall profitability is expected to slip on account of
the tariff revision on wire-line services and the reduction of
fixed-wireless connection charges, Fitch expects SLT to still
generate positive free cash flows over the medium-term.  Its
credit metrics are exceptionally strong for its current ratings,
with net adjusted leverage (defined as total adjusted debt net
of cash divided by operating EBITDAR) of 0.2x and FFO gross
interest coverage of 7.4x as at end-September 2007.  Fitch
expects these measures to improve further with SLT continuing to
generate positive free cash flows, supported by its strong
liquidity of LKR18.0bn in cash reserves.  When debt maturities
peak in 2009 when the USD100m notes mature, SLT expects to repay
the notes using its cash reserves.


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

FEDERAL MOGUL: District Court Affirms Chapter 11 Plan
-----------------------------------------------------
The Honorable Joseph H. Rodriguez of the U.S. District Court for
the District of Delaware affirmed on November 13, 2007, the
order of U.S. Bankruptcy Court Judge Judith Fitzgerald,
confirming the Fourth Amended Joint Plan of Reorganization of
Federal-Mogul Corporation and its debtor affiliates.

To recall, the Bankruptcy Court confirmed the Federal-Mogul Plan
on Nov. 8, 2007, on a wholly consensual basis without
objections.

The District Court and Bankruptcy Court approvals of the Fourth
Amended Plan will allow the Company's emergence from Chapter 11
before year end, Federal-Mogul stated in a press release.

"We are extremely pleased to have reached this significant
milestone signaling the emergence of the Company from Chapter 11
proceedings," Federal-Mogul Chairman, President and Chief
Executive Officer Jose Maria Alapont said in a press release.  
"The Federal-Mogul team worldwide is devoted to exceeding
employee, customer and stakeholder expectations through service
and operational excellence, leading technology and the Company's
sustainable global profitable growth strategy."

Federal-Mogul voluntarily filed for bankruptcy in 2001 for
Chapter 11 in the United States and Administration in the UK in
order to separate its asbestos liabilities from its true
operating potential.

The Company reported, in a regulatory filing with the Securities
and Exchange Commission, that the Fourth Amended Plan provides
that:

   (a) present and future asbestos personal injury claimants  
       will be permanently channeled to a trust established
       pursuant to Section 524(g) of the Bankruptcy Code,  
       thereby protecting the Company from existing and future
       asbestos liability; and

   (b) all currently outstanding stock of the Company will be
       cancelled, 50.1% of newly issued common stock of
       reorganized Federal-Mogul will be distributed to the
       asbestos trust, and 49.9% of the newly issued common
       stock of reorganized Federal-Mogul will be distributed
       pro rata to the noteholders and holders of unsecured
       claims against the U.S. Debtors that elected to have
       their claims satisfied by receiving shares of common
       stock of reorganized Federal-Mogul rather than cash.  

The holders of currently outstanding common and preferred stock
of the Company, at the time those shares are canceled, will
receive warrants that may be used to purchase shares of common
stock of reorganized Federal-Mogul at a predetermined exercise
price.

The Plan also provides that the U.S. asbestos trust will:

   (i) make a payment to the reorganized Company, or pay a
       portion of the common stock of reorganized Federal-Mogul
       to be issued to the U.S. asbestos trust in lieu thereof,
       for the agreed amounts that will be used by the U.K.
       Administrators to provide distributions on account of
       U.K. asbestos personal injury claims; and

  (ii) provide an option to an affiliate of Carl Icahn for the
       purchase of the remaining shares of common stock of
       reorganized Federal-Mogul held by that trust.  If the
       affiliate of Mr. Icahn does not exercise such option, an
       affiliate of Mr. Icahn will provide certain financing to
       the U.S. asbestos trust.

The Federal-Mogul Plan intends to resolve approximately
US$9.4 billion in asbestos claims, according to Bloomberg News.

Furthermore, unsecured creditors of the U.S. Debtors have the
option to either receive shares of common stock of reorganized
Federal-Mogul or receive cash distributions under the Plan equal
to 35% of their allowed claims, payable in three annual
installments, provided that the aggregate payout of all allowed
unsecured claims against the U.S. Debtors does not exceed
US$258,000,000.

                       About Federal-Mogul

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

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.


FORD MOTOR: Thai Unit Cuts Prices For Focus to Reflect New Taxes
----------------------------------------------------------------
Ford Motor Corp.'s Thailand unit has cut its prices for its E20-
fueled Focus car by THB50,000 to reflect the new excise tax rate
for E20 vehicles, and to support government policies to promote
alternative fuel use, the Bangkok Post reports.

E20 is a fuel blend of 20% ethanol and 80% gasoline, the Post
relates.  Excise tax for E20 vehicles under 2,000 cc will be cut
to 25% from the current 30% in Thailand starting January next
year, the report adds.

According to the article, the new prices are THB939,000 for a
five-door 2.0-litre Focus and THB885,000 for the four-door, 1.8-
litre version of the model.

Ford has about 150 of the cars in stock and expects to sell them
by year's end, Ford Thailand's senior vice president Saroj
Kiatfuengfoo said, adding that new versions of the Focus will be
introduced at the Bangkok Motor Expo next month.  Mr. Saroj also
revealed that the company has imported 35 units of the diesel-
powered versions of the Focus to test the local market, and said
that more units will be imported next summer if the response is
favorable.

                     About Ford Motor Co.

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 and Thailand 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.

                         *    *    *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


LIVE INC: Board Approves Sale of Shareholdings in Channel (V)
-------------------------------------------------------------
Live Inc. PCL's Board of Directors has approved of the plan to
dispose of the company's ownership of 10,001 common shares in
Channel (V) (Thailand) to  Channel (V) Netherlands Number 1 BV
Co. Ltd. for US$1.23 million or THB41.5 million, a company
disclosure with the Stock Exchange of Thailand says.

According to the disclosure, the stocks have par values of
THB10 each.

The company said the sale aims to reduce the redundancy
associated with businesses which focus on the same target group,
and added that it wants to increase its focus on new businesses
with can provide steady and long-term revenue stream.  The
proceeds will be used as working capital and as investment in
new businesses.

The approval is subject to the affirmation of the company's
shareholders, which will hold an extraordinary general meeting
on December 18. Closing date of the share registry book will be
on November 29.

Live Incorporation PCL, formerly BNT Entertainment Public
Company Limited, is a Thailand-based manufacturing company. The
Company's business is categorized into four groups: radio
broadcasting, cable television broadcasting, movie production
and distribution as well as special business. The radio
broadcasting business manages The Radio 99.5 channels. The cable
television broadcasting provides services and contents under the
name Live TV with six channels nationwide. It also produces
music television program, Channel [V] Thailand. The movie
production and distribution offers various types of movies for
general theaters, home entertainment and cable television
broadcasting. It also distributes voice and motion recording on
cassette tapes, as well as video and compact discs. The special
business provides event marketing, out-of-home media and
concerts from abroad. Headquartered in Bangkok, it has seven
subsidiaries.

Live Inc. has posted a THB372.032-million consolidated net loss
for the year ended December 31, 2006, an increase of 11.44% from
the THB333.85- million net loss reported for 2005.


LIVE INC: Board Approves New Joint Venture
------------------------------------------
The Board of Directors of Live Inc. PCL has approved a plan to
establish a new joint-venture entity in which the company hold
55% of the registered capital, a company disclosure with the
Stock Exchange of Thailand says.

According to the disclosure, the new venture, named Future LIVE
Television Co. Ltd., will be incorporated by December this year
and will engage in producing, promoting and selling advertising
media in the LIVE Tv Co. Ltd. television programs.  The company
will invest in 110,000 shares at a price of THB10 each, which
will represent 55% of its registered capital of THB2 million in
200,000 ordinary shares.

The approval is subject to the affirmation of the company's
shareholders, which will hold an extraordinary general meeting
on December 18. Closing date of the share registry book will be
on November 29.

Live Incorporation PCL, formerly BNT Entertainment Public
Company Limited, is a Thailand-based manufacturing company. The
Company's business is categorized into four groups: radio
broadcasting, cable television broadcasting, movie production
and distribution as well as special business. The radio
broadcasting business manages The Radio 99.5 channels. The cable
television broadcasting provides services and contents under the
name Live TV with six channels nationwide. It also produces
music television program, Channel [V] Thailand. The movie
production and distribution offers various types of movies for
general theaters, home entertainment and cable television
broadcasting. It also distributes voice and motion recording on
cassette tapes, as well as video and compact discs. The special
business provides event marketing, out-of-home media and
concerts from abroad. Headquartered in Bangkok, it has seven
subsidiaries.

Live Inc. has posted a THB372.032-million consolidated net loss
for the year ended December 31, 2006, an increase of 11.44% from
the THB333.855 million net loss reported for 2005.


TRUE MOVE: TOT Files Case to Collect THB4-Bil. Access Charges
-------------------------------------------------------------
True Move PCL is facing a lawsuit filed by TOT PCL with the
Civil Court claiming payment of about THB4-billion in overdue
access charges plus interest, a disclosure with the Stock
Exchange of Thailand says.

According to the disclosure, the company has not yet been served
with any summon and copy of TOT's suit, which was filed on
November 16.

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.


STERIGENICS INT'L: S&P Affirms & Removes Ratings from Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services has removed its ratings on
Sterigenics International Inc. from CreditWatch, where they were
placed with negative implications on Aug. 28, 2007.  The ratings
are affirmed, and the outlook is negative.

Although the company's liquidity position has improved since
June 30, 2007, its somewhat constrained liquidity position is
evidenced by a minimal cash balance, a slim cushion on the bank
facility's debt leverage covenant test (which steps down again
at year end), and the use of cash by operations.  Sterigenics
International is a wholly owned subsidiary of Sterigenics
Holdings Inc., which is in turn owned by financial sponsors PPM
Capital Ltd. and PPM America Capital Partners LLC, together
known as PPM.

"The rating reflects Sterigenics' single business focus in a
competitive industry, high debt levels, and capital expenditures
that are large relative to its cash flow from operations," said
S&P's credit analyst Cheryl Richer.

Liquidity has been tight because of a reduction in sales by one
large customer and completion of several large capital projects.
These issues are offset partially by the company's well-
established market position, favorable industry demand trends,
and diverse and stable customer base, although there is some
customer concentration.

With a share of about 30% of the contract sterilization market,
Sterigenics is the leading provider of sterilization and
ionization services.

Sterigenics International, Inc., headquartered in Oak Brook,
Illinois, is a provider of contract sterilization and ionization
services for medical devices, food safety and advanced materials
applications.  The company operates 40 facilities in California,
Mexico, Belgium, Denmark, France, China, Thailand, among others.
For the twelve months ended June 30, 2007, the company
recognized net revenue of approximately US$233 million.


WYNCOAST IND'L: SET Sees Possible Insider Deal in Wongsawat Sale
----------------------------------------------------------------
The Stock Exchange of Thailand will commence a probe into
Wyncoast Industrial Park PCL regarding a possible insider
trading in the disposal of shares by the Wongsawat family,
Bloomberg reports.

According to a disclosure with the SET, WIN reveals that
Chinnichiwa Wongsawat and Chayapa Wongsawat both sold 82,329,069
shares or 16.79%, and 99,272,031 shares or 20.25%, respectively.  
The two now holds no shares in the company.

Yoschanun Wongsawat also 10,898,900 of his shares in the
company, but agreed on Monday to purchase the shares back.

                  About Wyncoast Industrial

Wyncoast Industrial Park Public Company Limited, formerly
Capetronic International (Thailand) Public Company Limited, is a
Thailand-based company engaged in real estate development
business. The Company operates an industrial park under the name
Wyncoast Free Zone in Chachoengsao Province with the total area
of 38,566 square meters. It provides a custom free zone, which
grants certain tax and tariffs benefits, including custom
service available in the area as to reduce time and procedure
enhancing exports and imports. Its customers include investors
specializing in the combination of manufacturing, processing,
packaging - repackaging, warehousing, assembling, transshipment,
distribution centers, and exhibition centers. In addition, the
Company in also involved in the operations of railway loading
services. Wyncoast Industrial Park has three subsidiaries,
Wyncoast Service Co., Ltd., Wyncoast Logistics Co., Ltd. and
Wyncoast Transport Co., Ltd.

                    Going Concern Doubt

After reviewing the company's third quarter and nine-month
financial statements, Ampol Chamnongwat at S.K. Accountant
Services Co. Ltd., raised points that may question the future
operations of the company.

In his opinion, Mr. Ampol cited the group's losses for the 3rd
quarter and nine-month periods ending September 30, 2007, as
well as its working capital deficit of THB183.99 million and
equity deficit of THB127.21 million.

The group also has a loan payable to financial institutions of
THB68.75 million.

The auditor also cited the working capital deficit and equity
deficits of THB104.24 million and THB127.62 million,
respectively, in the company's separate financial statements. He
also brought attention to the third-quarter and nine-month
losses in the separate financial statements of THB89.39 million
and THB113.29 million, respectively.


* Bond Risk Declines in Asia-Pacific, Credit-Default Swaps Show
---------------------------------------------------------------
The risk of companies in the Asia-Pacific region defaulting on
their debt fell as concern of credit market losses among U.S.
banks will spread eased, Bloomberg News reports.

Contracts on the iTraxx Japan Series 8 Index of 50 investment-
grade Japanese companies, including All Nippon Airways Co. and
Japan Tobacco Inc., declined 1.75 basis points to 40 basis
points as of 2:13 p.m. in Tokyo, Bloomberg News relates,
according to prices from Mitsubishi UFJ Securities.

Bloomberg explains that traders are cutting bets that losses on
U.S. subprime mortgage securities may sap investors' willingness
to lend to borrowers in the Asia-Pacific region, while Goldman
Sachs Group Inc. said it doesn't plan significant writedowns
related to mortgages.

                      Australia Lags Asia
      
Perceptions of improvement in Australian credit quality lagged
the gains in Asia outside Japan, Bloomberg says.

Credit-default swaps on the iTraxx Australia Series 8 Index of
25 companies, including Qantas Airways Ltd. and Macquarie Bank
Ltd., fell about 2 basis points to 49 basis points, Bloomberg
relates citing ABN Amro prices.

Bloomberg recounts that contracts linked to the subordinated
debt of Australia & New Zealand Banking Group Ltd. and
Commonwealth Bank of Australia narrowed about a basis point to
53 basis points, ABN Amro prices show. Subordinated debt is one
of the forms of capital which regulators require banks to hold
to absorb losses, and is repaid after the senior notes and
before equity in a bankruptcy, Bloomberg explains.

The report further explains that the iTraxx indexes are
benchmarks for protecting bonds against default and traders use
them to speculate on changes in credit quality.

The report explains further that credit-default swaps, financial
instruments based on bonds or loans, were conceived to protect
bondholders by paying the buyer face value in exchange for the
underlying securities should the borrower default.  The report
adds that a decrease in the price indicates improving investor
perceptions of credit quality and an increase suggests
deterioration.





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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.

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