TCRAP_Public/071122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 22, 2007, Vol. 10, No. 232

                            Headlines

A U S T R A L I A

CALSONIC AUSTRALIA: Members' Final Meeting Slated for Nov. 26
CHRYSLER LLC: Officially Seals New Labor Agreement with UAW
CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007
COSTLESS CARPETS: Court Enters Liquidation Order
EUREKA BIOCHEMICALS: Commences Liquidation Proceedings

FLOWSERVE CORP: Selling Rail Business-Related Assets to Vossloh
FRANCHI BROTHERS: Placed Under Voluntary Liquidation
GEORGIA CLEARY: Members Receive Wind-Up Report
ICA GROUP: Supreme Court Enters Wind-Up Order
NORDISK AVIATION: Members to Receive Wind-Up Report on Nov. 23

PAUL BOWDEN: Members and Creditors to Meet on Nov. 23
RUMBERG NOMINEES: Appoints Gregory Stuart Andrews as Liquidator
SCO GROUP: Court OKs Dorsey & Whitney as Special Corp. Counsel
SCO GROUP: Hearing on Asset Sale Protocol Deferred to December 5
WMC 360 DEGREES: Liquidator to Give Wind-Up Report on Nov. 23


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Acquires MKTG; Expands SMB Marketing Capabilities
ARIMA COMPUTER: Net Loss Rises 38% in First Nine Months
ARIMA: Sells Notebook and Server Businesses to Flextronics Unit
ARIMA COMPUTER: Sales Rise 54.4% to TWD1.4 Billion in October
B D ALUMINUM: Court to Hear Wind-Up Petition on November 28

BANK OF OVERSEAS CHINESE: Net Loss Widens 341% to TWD2.2 Billion
BANK OF OVERSEAS CHINESE: To Merge with Citibank Subsidiary
BANK OF OVERSEAS CHINESE: Revenues Rise 60% in October
CARNIVAL IND'L: Turns Around w/ TWD23MM Income for 9-Month Pd.
CARNIVAL INDUSTRIAL: October Sales Rise 12% YoY to TWD95 Million

CHINA LIAONING: Insolvent by CNY320 Million at Sept. 30, 2007
CHINA TELEVISION: Incurs TWD213-Mil. Loss in First Nine Months
CHINA TELEVISION: Provides Taiwanese Content for YouTube
CRUISER ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 15
CTL TOOLS: Liquidator to Give Wind-up Report on December 17

EASTERN MEDIA INT'L: Fitch Downgrades & Withdraws BB Rating
GUANGDONG ARTS: Creditors' Proofs of Debt Due on December 7
HING MING: Court to Hear Wind-Up Petition on December 19
HONG HO: Non-Operating Gain Drives Up Net Income to TWD137 Mil.
HONG HO: Sales Reach TWD138.5 Million in October 2007

JAPAN LEASING: Creditors to Meet on December 12
KONYUEN LIMITED: Liquidator to Give Wind-up Report on December 4
LANE CRAWFORD (BEIJING): Creditors to Meet on January 4
LEALEA ENTERPRISE: Earns TWD272.1 Mil. for First Nine Months
LEALEA ENTERPRISE: October Sales Rise 42.2% to TWD724.7 Million

MEGA GLORY: Creditors to Meet on December 17
MERCATOR MARINE: Court to Hear Wind-Up Petition on Dec. 12  
METAL COMPANY: Court to Hear Wind-Up Petition on January 2  
OPTO TECH: Earns TWD21 Million for Nine Months Ended Sept. 30
OPTO TECH: Puts US$10-Million Investment in Chinese Semicon Firm

OPTO TECH: October Sales Continue Falling Trend to TWD569.7MM
ORIENT SEMICONDUCTOR: 9-Month Period Net Loss Widens to TWD410MM
ORIENT SEMICONDUCTOR: October Sales Reach TWD779.68 Million
PETROLEOS DE VENEZUELA: Gov't To Spend US$10B To Raise Output
PMM TECHNOLOGY: Court to Hear Wind-Up Petition on January 2  

SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on December 18
SHIHLIN PAPER: Turns Around w/ TWD243MM Profit for 1st 9 Months
SHIHLIN PAPER: October Sales Total TWD160.42 Million
SUNLIGHT CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 19
SUPER PANG: Court to Hear Wind-Up Petition on January 2

TAISUN ENTERPRISE: Earns TWD175 Mil. for September 2007 Quarter
TAISUN ENTERPRISE: Sales Continue Rising Trend in October
TAIWAN TEA: Nine-Month Net Income Drops 87.6% to TWD14.4 Million
TAIWAN TEA: October Sales Fall 30.1% to TWD49.8 Million
TRENDING INTERNATIONAL: Commences Liquidation Proceedings

VE WONG CORP: Earns TWD3.4 Million for First Nine Months of 2007
VE WONG CORP: October Sales Hit TWD157.6 Million
WILSON DRAYAGE: Creditors' Proofs of Debt Due on December 15


I N D I A

AES CORP: Moody's LGD Point Estimate Revision Won't Affect Rtgs.
CANARA BANK: Net Profit Up 11% in Qtr. Ended Sept. 30, 2007
DECCAN AVIATION: Talks of Reverse Merger Lifts Stock by 23.3%
DCM SHIRAM: Weak Sugar Scenario Cues CRISIL to Cut Rating to BB+
DCM SHIRAM: Posts INR1.44 Bil. Loss in Qtr. Ended Sept. 30

DUERR AG: Earns EUR5.7 Million for Nine Months Ended Sept. 30
GERDAU SA: Acquires Quanex for US$1.67 Billion
GERDAU SA: Makes Offer for Employee's Stake in Units
PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB
SUN MICROSYSTEMS: Partners with Zeus Tech to Offer Traffic Mgmt.


I N D O N E S I A

BANK UOB BUANA: To Merge With PT UOB Indonesia
BANK CENTRAL: To Pay IDR55/Share 2007 Interim Dividend on Dec. 4
BANK INTERNASIONAL: UBS AG London Branch Buys Shares
BANK MANDIRI: Increases 2007 Net Profit Target to IDR4 Trillion
BANK NEGARA: Gets US$75-Million Loan From Sumitomo Mitsui

BANK NEGARA: To Sell Stake in Bank Finconesia for US$57.60 Mil.
INDOSAT: Moody's Says KPPU Ruling Won't Impact LCC Family Rating
PT INCO: Says No Impact of Employees Strike on Output Goal
TELKOMSEL: Moody's Says KPPU Ruling Won't Impact Rating
* R&I Upgrades Indonesia's FC Issuer Rating to BB+


J A P A N

ADVANCED MEDICAL: Names Richard Meier as President
BOMBARDIER RECREATIONAL: Moody's Withdraws Ratings on Term Loans
DELPHI CORP: Reaches Agreement with Investors on Plan Amendments
FORD MOTOR: Names Tata, Mahindra & One Equity as Final Bidders
FORD MOTOR: S&P Holds 'B' Rating and Removes Positive Watch

KRATON POLYMERS: Moody's Affirms B1 Corporate Family Rating
NIPPON SHEET: Posts JPY51.5-Bil. Net Income for 2007 First Half
NUANCE COMMS: Posts US$3.4 Mil. Net Loss in Qtr. Ended Sept. 30
XEROX CORP: Solid Position Prompts Moody's to Lift Ratings
XEROX CORP: Declares US$0.0425 Per Share Quarterly Dividend


K O R E A

EUGENE SCIENCE: Shipments to Archer Daniels Doubles 3Q Revenue
DURA AUTOMOTIVE: U.S. Trustee Objects to Chapter 11 Plan
DURA AUTOMOTIVE: Noteholders Support U.S. Trustee's Objections
DURA AUTOMOTIVE: Second Lien Group Objects to Chapter 11 Plan
HANAROTELECOM: S&P Places 'BB' LTC Credit Rating on Creditwatch

HANAROTELECOM: Fitch Places 'BB' LTFC Rating on Positive Watch
TOWER AUTOMOTIVE: Reaches Settlement Resolving Michigan's Claim
TRIGEM COMPUTER: Representatives File 3RD Section 1518(1) Report


M A L A Y S I A

AVAYA INC: Moody's Places Corporate Family Rating at B2
MYCOM BHD: Turns Around w/ MYR1.4-Mil. Net Profit in 3rd Quarter
OLYMPIA INDUSTRIES: Subsidiary Receives Wind-Up Petition
SELOGA HOLDINGS: Posts MYR1.6MM Net Loss in Qtr. Ended Sept. 30
SINORA: Posts MYR1.4-Mil. Net Profit in Qtr. Ended Sept. 30

TANCO HOLDINGS: Enters Into Facility Deal with Lehman Brothers
TECHVENTURE BHD: Sept. 30 Balance Sheet Upside-Down by MYR33MM


N E W  Z E A L A N D

BLIS TECHNOLOGIES: Says It Is On Track; Remains Optimistic
BRUMAC ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 22
CER GROUP: Brings Evan Davies to Board as Non-Executive Director
GREAT SOUTH: Shareholders Resolve to Liquidate Business
HERITAGE GOLD NZ: Registers Prospectus and Investment Statement

HOWICK LAND: Commences Wind-Up Proceedings
ICARUS TOTAL: Taps Parsons and Kenealy as Liquidators
IMPACT PLASTERING: Subject to CIR's Wind-Up Petition
L C PROPERTY: Appoints Parsons and Kenealy as Liquidators
MCM QUALITY: Creditors' Proofs of Debt Due on December 3

RAKIURA GROUP: Fixes Dec. 14 as Last Day to File Proofs of Debt
SETTLEMENT BEVERAGE: Placed Under Voluntary Liquidation
STEWART ISLAND: Creditors' Proofs of Debt Due on Dec. 14


P H I L I P P I N E S

LAPANDAY AGRICULTURAL: High Costs Cue Retrenchment of Workers
PHILCOMSAT HOLDINGS: Delayed Financials Cue Trading Suspension
PHIL NAT'L CONSTRUCTION: PSE Bars Stocks on Delayed Financials
SAN MIGUEL: Board Approves Plan to Bid in PNOC-EDC Privatization
WELLEX INDUSTRIES: Elects Board, Officers and External Auditors


* Government's October Deficit Dips to PHP1.5 Billion
* Peso Continues To Rise Amidst Tumble in Wall Street Stocks


S I N G A P O R E

ADVANCED MICRO: Secures US$622 Mln Investment from Mubadala Unit
ATOP HOLDINGS: Court to Hear Wind-Up Petition on Nov. 30
EMC BUILDING: Wind-Up Petition Hearing Set for Nov. 30
FLEXTRONICS: Unit Buys Arima's Notebook and Server Businesses
GERMAN DISTRICENTRE: Creditors' Proofs of Debt Due on Dec. 3

MINAMI ENGINEERING: Court to Hear Wind-Up Petition on Nov. 30
SILKROUTE VENTURES: Creditors' Proofs of Debt Due on Dec. 16


T H A I L A N D

ADKINSON SECURITIES: Merrill Lynch Buys 99% of Apex Securities
DOLE FOOD: To Pay US$2.5 Million in Punitive Damages
KRUNG THAI: Aims 5% Growth in Loans Next Year
SR TELECOM: Files for Creditor Protection Under CCAA
SR TELECOM: Incurs CDN$30.8-Million Deficit at September 30

TRUE CORP: Expects to Spend THB8-THB10 Bil. for Expanding Units

     - - - - - - - -

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

CALSONIC AUSTRALIA: Members' Final Meeting Slated for Nov. 26
-------------------------------------------------------------
A final meeting will be held for the members of Calsonic
Australia Pty. Ltd. on November 26, 2007, at 10:00 a.m.

At the meeting, Salvatore Algeri and Timothy B Norman, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.

The company commenced liquidation proceedings on June 12, 2007.

The Liquidators can be reached at:

          Salvatore Algeri
          Timothy B Norman
          Deloitte Touche Tohmatsu
          180 Lonsdale Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9208 7000

                    About Calsonic Australia

Calsonic Australia Pty Ltd is a distributor of industrial and
commercial machineries and equipments.  The company is located
at Port Melbourne, in Victoria, Australia.


CHRYSLER LLC: Officially Seals New Labor Agreement with UAW
-----------------------------------------------------------
Leaders of Chrysler LLC and the United Auto Workers union
officially sealed a new four-year national labor agreement at a
signing ceremony Monday, Nov. 19, 2007 in Detroit, Michigan.
After the contract was signed, top members of the bargaining
teams -- UAW President Ron Gettelfinger, Chrysler Vice Chairman
and President Tom LaSorda, UAW Vice President General
Holiefield, and Chryler Senior Vice President Employee Relations
John Franciosi -- shook hands, officially ending the process
that began last spring.

As reported in the Troubled Company Reporter on Oct. 31, 2007,
Chrysler confirmed that on Oct. 27, 2007, a new Chrysler-UAW
2007 national labor agreement, in response to UAW's ratification
results.

UAW members voted to ratify the new collective bargaining
agreement with Chrysler, with 56% votes in favor of the four-
year pact among production workers, and 51% in favor among
skilled trades workers.  About 94% of office and clerical
workers voted in favor of the agreement, and 79% of UAW-
represented Chrysler engineering workers approved the contract.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

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


CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007
-------------------------------------------------------------
Chrysler LLC's Jeep(R) brand sales outside North America have
grown 15 percent in 2007, and the brand led Chrysler LLC sales
outside North America with 79,520 units sold through October.
The Company's International sales increased 14 percent (19,797
units) for the month and were up 18 percent for the year
(196,626 units).  That added a 29th month to the Company's
record of consecutive months of year-over-year sales increases.

Markets with a growing auto industry have been promising for
Chrysler.  Through October 2007, sales in regions such as Asia
Pacific, Latin America and the Middle East have seen growth of
17 percent, 25 percent and 65 percent respectively.  The
increased sales in emerging markets, especially China, Brazil
and Russia, have contributed significantly to the Company's
overall growth outside North America.

"It is important to recognize opportunities outside North
America to balance the impact any one region can have on the
business," said Michael Manley, Executive Vice President -
International Sales, Marketing and Business Development.

Mr. Manley added "Our focus on growth is not only to increase
sales internationally, but also to ensure that the growth is
balanced among the Company's three brands. Our continued focus
must be on developing great products that are appropriate for
our markets, world-class quality and the development of the most
competitive distribution channels."

Year-to-date, Jeep has claimed the place as top-Chrysler LLC
selling brand with 79,520 units sold, an increase of 15 percent
over the same time period last year. Many of the recently-
introduced products for the brand have been posting solid sales.
The all new Jeep Wrangler has doubled the sales of it
predecessor model, and Grand Cherokee continues to gather strong
sales numbers ranking it as the number-two selling vehicle for
Chrysler LLC outside North America.

"The expanded portfolio for the Jeep brand has resulted in a
sales increase of more than 10,000 units so far this year, and
established it as the Company's highest volume brand outside
North America," said Thomas Hausch, Vice President -
International Sales. "Replacements for existing models, such as
Grand Cherokee and Wrangler have been very well received; and
this month in Morocco, we are launching the all-new Jeep
Cherokee to International markets, which we believe will help
the brand grow its global presence even further.  Overall, with
197,000 units sold year to date, we have already surpassed the
total calendar year sales for 2005, and Jeep has contributed
significantly to this accomplishment."

                       About Chrysler LLC

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

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

Chrysler is a unit of Cerberus Capital Management.

                         *     *     *

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


COSTLESS CARPETS: Court Enters Liquidation Order
------------------------------------------------
The Supreme Court of New South Wales, on September 28, 2007,
entered an order directing the wind-up of Costless Carpets Pty
Ltd's operations.

Steven Nicols was named as liquidator.

The Liquidator can be reached at:

          Steven Nicols
          Level 2, 350 Kent Street
          Sydney, New South Wales 2000
          Australia

                     About Costless Carpets

Costless Carpets Pty Ltd operates floor covering stores.  The
company is located at Bonnyrigg, in New South Wales, Australia.


EUREKA BIOCHEMICALS: Commences Liquidation Proceedings
------------------------------------------------------
During a general meeting held on September 26, 2007, the members
and creditors of Eureka Biochemicals Pty Ltd resolved to
voluntarily liquidate the company's business.

Gregory Stuart Andrews was appointed as liquidator.

The Liquidator can be reached at:

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

                   About Eureka Biochemicals

Eureka Biochemicals Pty Ltd is a distributor of drugs, drug
proprietaries and druggists' sundries.  The company is located
at Melbourne, in Victoria, Australia.


FLOWSERVE CORP: Selling Rail Business-Related Assets to Vossloh
---------------------------------------------------------------
Flowserve Corporation has reached a tentative agreement to sell
the rail business related assets of its wholly owned Australian
subsidiary Thompsons Kelly & Lewis Pty Ltd., to Vossloh AG.
Terms of the sale were not disclosed.

The transaction is expected to be finalized by mid-December and
is subject to approval by Vossloh AG's Supervisory Board.

The TKL rail operations are a part of Flowserve's Australian
pump business.  Rail assets that are part of the sale include
those at Castlemaine, Orange and Kewdale.  Total revenue in 2006
related to these assets was approximately US$11 million.  The
affected rail assets were originally acquired when Flowserve
purchased TKL in 2004.  Based on Flowserve's current set of core
strategies in the fluid motion and control industry, these
assets were considered non-core to the business. The pump assets
at TKL, however, remain a core part of Flowserve.

TKL rail is a leading rail switch brand in Australia and is
known for its product quality and expertise.  The rail business
currently is experiencing growth based on the demand for rail
infrastructure in the country.

"A strategic divestiture of this nature to a company whose core
operations are more strongly aligned with the rail business
should offer better future opportunities for the business in
market share, capital investment and access to technology," said
Lewis Kling, Flowserve President and CEO.

The company will operate as Vossloh Cogifer Australia.

                       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.

                        *     *     *

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.


FRANCHI BROTHERS: Placed Under Voluntary Liquidation
----------------------------------------------------
Franchi Brothers Pty Ltd went into liquidation on October 8,
2007.

Gregory John Shilton was then named as liquidator.

The Liquidator can be reached at:

          Gregory John Shilton
          Gregory J Shilton & Co
          Suite 4, 58 Dow Street
          South Melbourne, Victoria 3205
          Australia

                     About Franchi Brothers

Franchi Brothers Pty Ltd provides plumbing, heating and air-
conditioning services.  The company is located at Toorak, in
Victoria, Australia.


GEORGIA CLEARY: Members Receive Wind-Up Report
----------------------------------------------
The members of Georgia Cleary Pty Limited met on November 19,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          J. F. Taylor
          c/o WHK Horwath Sydney
          Australia

                      About Georgia Cleary

Georgia Cleary Pty Limited deals with real estate agents and
managers.  The company is located at Paddington, in New South
Wales, Australia.


ICA GROUP: Supreme Court Enters Wind-Up Order
---------------------------------------------
On September  21, 2007, the Supreme Court of New South Wales
entered an order directing the winding up of Ica Group Pty Ltd's
operations.

Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

          Steven Nicols
          Level 2, 350 Kent Street
          Sydney, New South Wales 2000
          Australia

                        About Ica Group

Ica Group Pty Ltd is a land subdivider and developer, except for  
cemeteries.  The company is located at St Ives, in New South
Wales, Australia.


NORDISK AVIATION: Members to Receive Wind-Up Report on Nov. 23
--------------------------------------------------------------
The members of Nordisk Aviation Products Australia Pty Ltd will
meet on November 23, 2007, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          John Lord
          PKF Chartered Accountants
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia

                     About Nordisk Aviation

Nordisk Aviation Products Australia Pty Limited operates repair
shops and provides related services.  The company is located at
St Peters, in New South Wales, Australia.


PAUL BOWDEN: Members and Creditors to Meet on Nov. 23
-----------------------------------------------------
Paul Bowden Productions Pty Ltd will hold a meeting for its
members and creditors on November 23, 2007, at 10:40 a.m.

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

The company commenced voluntary liquidation on December 7, 2006.

The Liquidator can be reached at:

          Bruce Mulvaney
          Bruce Mulvaney & Co
          1st Floor, 613 Canterbury Road
          Surrey Hills, Victoria 3127
          Australia
          Telephone:(03) 9896 9000
          Facsimile:(03) 9896 9001

                        About Paul Bowden

Paul Bowden Productions Pty Ltd, which is also trading as
Melbourne Kung Fu & Tai Chi Academy, provides amusement and
recreation services.  The company is located at  Collingwood, in
Victoria, Australia.


RUMBERG NOMINEES: Appoints Gregory Stuart Andrews as Liquidator
---------------------------------------------------------------
During a general meeting held on October 11, 2007, the members
of Rumberg Nominees Pty Ltd agreed to voluntarily liquidate the
company's operations.

Gregory Stuart Andrews was named liquidator for the company.

The Liquidator can be reached at:

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

                     About Rumberg Nominees

Rumberg Nominees Pty Ltd is a distributor of durable goods.  The  
company is located at Elsternwick, in Victoria, Australia.


SCO GROUP: Court OKs Dorsey & Whitney as Special Corp. Counsel
--------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. obtained authority
from the United States Bankruptcy Court for the District of
Delaware to employ Dorsey & Whitney LLP as their special
corporate and securities counsel, nunc pro tunc to Sept. 14,
2007.

As reported in the Troubled Company Reporter on Nov. 1, 2007,
Dorsey & Whitney is expected to:

   a. advise and counsel the Debtors with respect to their
      responsibilities in complying with the requirements of
      regulatory authorities and general corporate matters;

   b. give advice with respect to continued compliance with
      securities matters, specifically with respect to the
      Debtors' continued compliance with the Securities Act of
      1033 and the Securities and Exchange Act of 1934,
      including the preparation and filing of quarterly and
      annual reports required by federal law that will be
      necessary during the pendency of the cases;

   c. give advice with respect to general corporate governance,
      transactional, finance, labor and employment, and other
      related general outside counsel matters; and

   d. assist lead bankruptcy counsel as may be needed to protect
      the interests of the estates in all matters pending before
      the Court.

The Debtors will pay the firm at its standard hourly rate.  

      Professional                 Designation     Rate
      ------------                 -----------     ----
      Nolan S. Taylor, Esq.        Partner         US$440
      Devan Padmanabhan, Esq.      Partner         US$495
      Eric Lopez Schnabel, Esq.    Partner         US$450
      Samuel P. Gardner, Esq.      Partner         US$330
      David Marx, Esq.             Associate       US$270

In addition, Dorsey had unbilled fees and expenses owed by the
Debtors totaling US$53,128 and other expenses already billed
totaling US$1,622.  Prior to the bankruptcy filing, Dorsey
received a US$100,000 retainer, however Dorsey was not able to
issue an invoice for its unbilled expenses.  The Debtors and
Dorsey has requested for authority to apply the unbilled claim
against the retainer and the remainder of the retainer against
fees approved for payment pursuant to Court orders.

The Debtors believe that the employment of Dorsey & Whitney is
necessary and in the best interest of the Debtors' estates.

The firm can be reached at:

                Nolan S. Taylor, Esq.
                Dorsey & Whitney LLP
                170 South Main Street, suite 900
                Salt Lake, Utah
                http://www.dorsey.com/

                       About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--   
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Hearing on Asset Sale Protocol Deferred to December 5
----------------------------------------------------------------
The hearing to consider approval of the procedures governing the
sale of The SCO Group Inc. and SCO Operations Inc.'s business
has been rescheduled to Dec. 5, 2007, at 10:00 a.m.

The hearing was originally set for Nov. 16, at 4:00 p.m.

As reported in the Troubled Company Reporter on Nov. 9, 2007,
the Debtors sought authority from the U.S. Bankruptcy Court for
the District of Delaware to sell certain of their assets to JGD
Management Corp., dba York Capital Management, subject to higher
and better offers.

The assets for sale are:

   -- the Debtors' Unix operating system;

   -- certain related claims in litigation; as well as

   -- certain transfer, cross-license and related agreements
      pertaining to the Hipcheck product line and Me Inc.
      Mobile intellectual property owned by Me Inc., a
      non-debtor affiliate.

Pursuant to an asset purchase agreement dated Oct. 22,2007,
JGD offered to buy the assets for US$36,000,000 and agreed to
post an earnest money deposit of US$1,800,000 or 5% of the
purchase price.

To participate in the auction, competing bids must accompany
a good faith cash deposit of not less than US$1,800,000.

In the event a competing bid outbids JGD's offer, JGD will be
entitled to an all cash breakup fee of US$780,000 plus
reimbursement of expenses incurred up to US$300,000.

Court documents did not disclose specific date and place of the
auction.

                      IBM and Novell Object

The proposed sale is facing opposition from creditors
International Business Machines Corporation and Novell Inc.

IBM told the Court that the Debtors' proposed procedure for the
sale is deficient and that the bidder protections are based on
a misleading characterization of the purchase price.

IBM argued that the sale is improper and itself cannot be
approved because the Debtors propose to sell assets they don't
own.

Additionally, Novell contended that the sale is "ill-advised at
every level."  

According to Novell, the Debtors have not "established an
adequate justification for emergency consideration of the
proposed sale on shortened notice, relying instead on
unsubstantiated claims of urgent circumstances allegedly
dictated by" JGD.

                       About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--   
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


WMC 360 DEGREES: Liquidator to Give Wind-Up Report on Nov. 23
-------------------------------------------------------------
WMC 360 Degrees Pty. Ltd., which is in liquidation, will hold a
meeting for its members and creditors on November 23, 2007, at
10:30 a.m.

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

The Liquidator can be reached at:

          R. G. Mansell
          R.G. Mansell & Associates
          Level 3, 118 Queen St
          Melbourne
          Australia

                      About WMC 360 Degrees

WMC 360 Degrees Pty Ltd provides business services.  The company
is located at South Melbourne, in Victoria, Australia.


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

ACXIOM CORP: Acquires MKTG; Expands SMB Marketing Capabilities
--------------------------------------------------------------
Acxiom(R) Corporation has expanded its consumer and business
data assets and marketing capabilities within small and medium
business markets through the acquisition of MKTG Services, Inc.,
an affiliate of CBCInnovis.

The acquisition pairs Acxiom -- a global leader in customer
information management and technology -- with MKTG Services,
which has 35 years of direct marketing data compilation and
marketing services experience.  MKTG Services' key areas of
expertise include marketing solutions for credit risk,
bankruptcy identification, turnkey marketing systems, data sales
and data processing services.

MKTG Services' management team, led by Senior Vice President
Stacey Girt, will join Acxiom to provide leadership for the MKTG
Services team.  The MKTG Services sales team will remain intact
as well to carry on the exceptional customer care to which MKTG
Services' clients are accustomed.  The customers will continue
to benefit from access to the most comprehensive and accurate
marketing information and data services in the industry.

"MKTG Services not only compiles data, but also develops new
marketing solutions that will complement Acxiom's existing
capabilities," said Alex Dietz, Acxiom Information Products
Division Leader.  "This acquisition also brings us an
experienced sales force that specializes in compiled data sales,
list brokerage and data processing services that support a
strong client base, as well as new data assets to integrate with
Acxiom InfoBase-X(TM)."

"Our experience in helping clients grow and develop loyal
relationships with customers mirrors the work that Acxiom has
done for many years," Ms. Girt said.  "We believe that we will
be able to broaden and deepen our database marketing and
analytics services to clients by leveraging Acxiom's data and
solutions."

MKTG Services' headquarters are in Newtown, Pa., with offices in
Florida and New York.

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.

Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P also placed the
'BB' senior secured debt ratings on CreditWatch with negative
implications, because the debt will no longer be refinanced as
part of the LBO financing.


ARIMA COMPUTER: Net Loss Rises 38% in First Nine Months
-------------------------------------------------------
Arima Computer Corp. reported a net loss of TWD1.7 billion for
the nine months ended Sept. 30, 2007, 38.0% higher than the
TWD1.2-billion net loss reported for the nine-month period ended
Sept. 30, 2006.

The company's sales totaled TWD14.0 billion, while cost of goods
sold and selling, general and administrative expenses totaled
TWD13.6 billion and TWD808.9 million, respectively, resulting in
an operating loss of TWD399.2 million, 27.4% less than the
operating loss of TWD550.0 million a year earlier.

The company, however, almost doubled its net non-operating loss
from TWD604.8 million for the January-September 2006 period to
TWD1.2 billion for the period in review.

Taiwan-based Arima Computer Corp. --
http://www.arima.com.tw/index.asp-- is engaged in the design,  
manufacture and distribution of notebook computers and
peripherals, as well as related components.  The company has
design centers in Arima in Taiwan, United Kingdom, Switzerland,
Russia, the United States, Japan and China, and it distributes
its products in the domestic market and to overseas markets,
including the rest of Asia, the Americas and Europe.  

The company has incurred annual net losses of TWD902.0 million,
TWD1.9 billion, TWD1.8 billion, and TWD2.0 billion for the years
ended Dec. 31, 2003 through 2006.


ARIMA: Sells Notebook and Server Businesses to Flextronics Unit
---------------------------------------------------------------
Arima Computer Corp.'s board of directors decided, on Nov. 12,
2007, to sell the company's notebook- and server-related
businesses to Flextronics Computing Sales and Marketing Ltd.,
Digitimes reports.

The report says that the transaction is expected to be completed
in the first quarter of 2008.

Reuters Key Developments explains that Arima will sell at book
value, plus US$59.5 million:

   i. the specific liabilities and assets, including operation,
      factories, dormitories, equipment, products, technology,
      customers of notebook and server;

  ii. all equities of Arima Computer (Japan) Corporation, Arima
      Computer (Texas) Corporation, Arima Computer (U.K.) Ltd.
      and Arima Computer (California) Corporation.

Reuters adds that if Flextronics obtains certain business volume
from the operations above, Flextronics should pay the company
additional US$10.5 million.

Digitimes relates that after the transfer, Arima will strengthen
its investment business, while focusing on the communication,
optoelectronics and energy saving industries, said Stephen Lee,
president of Arima.

Flextronics Computing Sales is a subsidiary of Flextronics
International.

               About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an      
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                      About Arima Computer

Taiwan-based Arima Computer Corp. --
http://www.arima.com.tw/index.asp-- is engaged in the design,  
manufacture and distribution of notebook computers and
peripherals, as well as related components.  The company has
design centers in Arima in Taiwan, United Kingdom, Switzerland,
Russia, the United States, Japan and China, and it distributes
its products in the domestic market and to overseas markets,
including the rest of Asia, the Americas and Europe.  

The company has incurred annual net losses of TWD902.0 million,
TWD1.9 billion, TWD1.8 billion, and TWD2.0 billion for the years
ended Dec. 31, 2003 through 2006.


ARIMA COMPUTER: Sales Rise 54.4% to TWD1.4 Billion in October
-------------------------------------------------------------
Arima Computer Corp.'s sales for October 2007 rose 54.4% year-
on-year to TWD1.4 billion from TWD921.9 million, according to
data obtained from Bloomberg News.

The company's year-to-date sales reached TWD15.4 billion, 24.0%
better than the TWD12.4-billion sales a year earlier.

The company's September 2007 sales also rose 82.9% year-on-year
to TWD1.8 billion.

Taiwan-based Arima Computer Corp. --
http://www.arima.com.tw/index.asp-- is engaged in the design,  
manufacture and distribution of notebook computers and
peripherals, as well as related components.  The company has
design centers in Arima in Taiwan, United Kingdom, Switzerland,
Russia, the United States, Japan and China, and it distributes
its products in the domestic market and to overseas markets,
including the rest of Asia, the Americas and Europe.  

The company has incurred annual net losses of TWD902.0 million,
TWD1.9 billion, TWD1.8 billion, and TWD2.0 billion for the years
ended Dec. 31, 2003 through 2006.


B D ALUMINUM: Court to Hear Wind-Up Petition on November 28
-----------------------------------------------------------
The High Court of Hong Kong will convene at 9:30 a.m. on
November 28, 2007, to hear a petition seeking to have the
operations of B D Aluminum wound up.

OG Development Company Limited filed the petition on August 16,
2007.

The petitioners' solicitor can be reached at:

          Clyde & CO
          18th Floor, CITIC Tower
          1 Tim Mei Avenue
          Central, Hong Kong


BANK OF OVERSEAS CHINESE: Net Loss Widens 341% to TWD2.2 Billion
----------------------------------------------------------------
Bank of Overseas Chinese incurred a net loss of TWD2.2 billion
for the nine months ended Sept. 30, 2007, a 340.8% increase from
the TWD510.4-million net loss recorded for the nine months ended
Sept. 30, 2006.

The bank reported a net interest income of TWD2.6 billion on
interest income of TWD6.2 billion and interest expense of
TWD3.7 billion.  Provisions on doubtful debts, however, amounted
to TWD1.8 billion while other operational losses amounted to
TWD1.5 billion.  Operating expenses also totaled TWD2.5 billion,
pushing the bank's operating losses to TWD2.1 billion.


Headquartered in Taipei, Taiwan, Bank of Overseas Chinese --
http://www.booc.com.tw/-- is a commercial bank that provides a  
range of financial services and products for individuals and
corporations.

The bank has had four consecutive net losses of TWD1.4 billion,
TWD2.5 billion, TWD783.4 million, and TWD1.3 billion for the
years ended Dec. 31, 2003 through 2006.


BANK OF OVERSEAS CHINESE: To Merge with Citibank Subsidiary
-----------------------------------------------------------
Bank of Overseas Chinese will merge with a subsidiary of
Citibank N.A. -- Citibank Overseas Investment Corporation -- for
a consideration price of TWD11.63 per share, Reuters Key
Developments relates.

The final price is lower than the TWD11.80 per share agreed on
by Citibank and Bank of Overseas Chinese on April 9, 2007.  In
its Web site, Citibank explains that it had received approval
from the board of directors of Bank of Overseas Chinese to
proceed with the acquisition of 100% of the Taiwan bank for
approximately TWD14.1 billion, via a cash-out merger, at a price
of TWD11.80 (US$0.36) per share in cash.

The Citibank statement further relayed that a group of major
shareholders, including Polaris Securities Co., Ltd., Far Glory
Life Insurance Co., Ltd. and APEX International Financial
Engineering Research & Technology Co., Ltd., has agreed to vote
in favour of the proposed transaction, in a shareholders'
meeting to be held by BOOC. The operations of Citi Taiwan and
BOOC will be combined following the consummation of the merger.

Citibank relates that the combination of Citi Taiwan and BOOC
will create a combined business with 66 branches and assets of
US$22.8 billion, making it the largest international bank and
13th largest among all domestic Taiwan banks by total assets.

Headquartered in Taipei, Taiwan, Bank of Overseas Chinese --
http://www.booc.com.tw/-- is a commercial bank that provides a  
range of financial services and products for individuals and
corporations.

The bank has had four consecutive net losses of TWD1.4 billion,
TWD2.5 billion, TWD783.4 million, and TWD1.3 billion for the
years ended Dec. 31, 2003 through 2006.


BANK OF OVERSEAS CHINESE: Revenues Rise 60% in October
------------------------------------------------------
Bank of Overseas Chinese's revenues in October 2007 rose 60.1%
year-on-year to TWD353.1 million from TWD220.5 million,
according to data obtained from Bloomberg News.

The bank's year-to-date revenues amounted to TWD2.2 billion,
down 12.4% year-on-year.

The bank's revenues in September 2007 also rose 31.9% year-on-
year to TWD295.3 million.


Headquartered in Taipei, Taiwan, Bank of Overseas Chinese --
http://www.booc.com.tw/-- is a commercial bank that provides a  
range of financial services and products for individuals and
corporations.

The bank has had four consecutive net losses of TWD1.4 billion,
TWD2.5 billion, TWD783.4 million, and TWD1.3 billion for the
years ended Dec. 31, 2003 through 2006.


CARNIVAL IND'L: Turns Around w/ TWD23MM Income for 9-Month Pd.
--------------------------------------------------------------
Carnival Industrial Corporation reported a net income of
TWD23.3 million for the nine months ended Sept. 30, 2007, a
turnaround from the TWD48.1-million net loss recorded for the
nine months ended Sept. 30, 2006.

The company reported net sales of TWD885.2 million, which
translated to an operating loss of TWD142.8 million for the
period in review, a 23.0% improvement against the
TWD185.4-million operating loss recorded a year earlier.

The company reported a net non-operating gain of
TWD176.5 million for the period in review.

Taipei, Taiwan-based Carnival Industrial Corporation --
http://www.carnival.com.tw/-- manufactures and trades apparels,  
as well as the aparel agency business.  The company distributes
its products within the domestic and to overseas markets,
including the Americas.

The company has suffered three consecutive net losses of
TWD293.2 million, TWD678.7 million, and TWD139.6 million for the
years ended Dec. 31, 2004 through 2006.


CARNIVAL INDUSTRIAL: October Sales Rise 12% YoY to TWD95 Million
----------------------------------------------------------------
Carnival Industrial Corporation's sales in October 2007 rose
12.0% year-on-year to TWD94.7 million from TWD84.5 million,
according to data obtained from Bloomberg News.

The company's year-to-date sales amounted to TWD981.3 million, a
35.0% fall year-on-year from TWD1.5 billion.

The company's September sales fell 44.0% to TWD81.2 million,
while August sales also fell 62.7% to TWD91.2 million.

Taipei, Taiwan-based Carnival Industrial Corporation --
http://www.carnival.com.tw/-- manufactures and trades apparels,  
as well as the aparel agency business.  The company distributes
its products within the domestic and to overseas markets,
including the Americas.

The company has suffered three consecutive net losses of
TWD293.2 million, TWD678.7 million, and TWD139.6 million for the
years ended Dec. 31, 2004 through 2006.


CHINA LIAONING: Insolvent by CNY320 Million at Sept. 30, 2007
-------------------------------------------------------------
China Liaoning International Cooperation (Group) Holdings Ltd.
reported a net loss of CNY0.6 million for the third quarter of
2007.

Sales for the quarter in review amounted to CNY43.6 million,
while operating expenses amounted to CNY43.9 million, giving the
company an operating loss of CNY0.4 million.

As of Sept. 30, 2007, the company's balance sheet had total
assets of CNY151.7 million and total liabilities of
CNY471.3 million, resulting in a capital deficiency of
CNY319.5 million.

Based in Shenyang, Liaoning, China, China Liaoning International
Cooperation (Group) Holdings Ltd. -- http://www.cn-clic.com/--  
is an investment holding company.  Thorugh its subsidiaries, the
company undertakes domestic and international construction
projects, manufactures concrete iron, develops real estate and
operates import and export trading.


CHINA TELEVISION: Incurs TWD213-Mil. Loss in First Nine Months
--------------------------------------------------------------
China Television Co., Ltd., reported a net loss of
TWD213.4 million for the nine months ended Sept. 30, 2007,
cutting by more than half the TWD458.3-million net loss recorded
for the nine months ended Sept. 30, 2006.

Net sales for the period in review amounted to TWD1.2 billion,
while costs of goods sold and selling, general and
administrative expenses amounted to TWD994.3 million and
TWD379.7 million, respectively.

Headquartered in Taipei, Taiwan, China Television Co., Ltd. --
http://www.chinatv.com.tw/-- is engaged in the provision of  
media services.  The company offers broadcasting time slots for
commercials and advertisings.  The company also broadcasts and
distributes the rights of the news and other programs it
produces, as well as the providing integrated marketing service.

The company has incurred net losses of TWD147.3 million,
TWD974.7 million, TWD738.0 million, and TWD767.0 million for the
years ended Dec. 31, 2003, through 2006.


CHINA TELEVISION: Provides Taiwanese Content for YouTube
--------------------------------------------------------
Five Taiwanese companies -- including China Television Co.,
Ltd., Public Television Co., Ltd., and Lion Travel Service Co.,
Ltd. -- will be tapped by YouTube, Inc., in an alliance that
would bring Taiwan's localized content of movies to billboards,
Reuters Key Developments reports, citing Taiwan Economic News.

Reuters adds that the cooperation will proceed in several steps,
with Taiwanese media companies serving as content providers and
the Chinese site offering platform in the initial stage.

The China Post reports that YouTube's Taiwan move followed the
launch of other versions in local language interfaces --
Portuguese (Brazil), French, Italian, Japanese, Dutch, Polish,
and Spanish.

The China Post relates citing media sources that YouTube took
this initiative because it is facing several copyright-
infringement lawsuits, including a US$1 billion action filed by
Viacom Inc.  The media industry conglomerate denounced YouTube
and Google for passing on thousands of videos illegally copied
from popular TV shows owned by Viacom.  

The China Posts adds that the local content will also be
featured online at http://www.youtube.com.tw/  

Headquartered in Taipei, Taiwan, China Television Co., Ltd. --
http://www.chinatv.com.tw/-- is engaged in the provision of  
media services.  The company offers broadcasting time slots for
commercials and advertisings.  The company also broadcasts and
distributes the rights of the news and other programs it
produces, as well as the providing integrated marketing service.

The company has incurred net losses of TWD147.3 million,
TWD974.7 million, TWD738.0 million, and TWD767.0 million for the
years ended Dec. 31, 2003, through 2006.


CRUISER ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 15
-------------------------------------------------------------
The creditors of Cruiser Enterprises Limited are required to
file proofs of debt by December 15, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

          Seto Sau Kuen Christine
          Room 1509, C C Wu Building
          302-8 Hennessy Road
          Wanchai, Hong Kong


CTL TOOLS: Liquidator to Give Wind-up Report on December 17
-----------------------------------------------------------
The members of CTL Tools & Equipment Limited will hold their
final meeting on December 17, 2007, to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at Room 1307-8 Dominion Center, 43-59
Queen's Road East, in Wanchai, Hong Kong.

The company's liquidators are:

         Poon Chi Woo
         Poon Chin Chung, Philip
         Dominion Centre, Room 1307-8
         43-59 Queen's Road East
         Wanchai, Hong Kong


EASTERN MEDIA INT'L: Fitch Downgrades & Withdraws BB Rating
-----------------------------------------------------------
Fitch Ratings has removed the 'BB' Long-term Issuer Default
Rating and 'BBB+(twn)' National Long-term rating of Eastern
Media International Corporation from Rating Watch Negative.  At
the same time, Fitch has downgraded its Long-term IDR to 'BB-'
from 'BB' and National Long-term rating to 'BBB(twn)' from
'BBB+(twn)', and assigned a Negative Outlook to these ratings.
The ratings have been listed on RWN since July 5, 2007.  Fitch
has simultaneously withdrawn these ratings and will no longer
provide rating coverage of EMI.

The rating downgrades mainly reflect Fitch's concerns about
EMI's corporate governance (its lack of independent directors
and the numerous transactions it has with related parties), as
well as weakened banking support as a result of prosecutions
relating to the company's senior executives; although EMI
currently maintains good liquidity with abundant cash on hand.
The Negative Outlook reflects Fitch's view that EMI's existing
credit profile could be affected by possible changes in its long
term business strategies or investment decisions.

EMI is one of the main Panamax bulk shipping service providers
in Taiwan.  Marine transportation business contributed 79% of
its consolidated gross profit in the first half of 2007.


GUANGDONG ARTS: Creditors' Proofs of Debt Due on December 7
-----------------------------------------------------------
The creditors of Guangdong Arts and Crafts Company Limited,
which is in liquidation, are required to file their proofs of
debt by December 7, 2007, to be included in the company's
dividend distribution.

The company's liquidators are:

          Kennic Lai Hang Lui
          Lau Wu Kwai King, Lauren
          5th Floor, Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central Hong Kong


HING MING: Court to Hear Wind-Up Petition on December 19
--------------------------------------------------------
The High Court of Hong Kong will convene at 9:30 a.m. on
December 19, 2007, to hear a petition seeking to have Hing Ming
Gondola (HK) Company Limited's operations wound up..

Chow Yat Tim filed the petition on August 19, 2007.

The petitioners' solicitor can be reached at:

          Kenneth Sit
          Room 1203, 12th Floor
          Euro Trade Centre
          13-14 Connaught Road
          Central Hong Kong


HONG HO: Non-Operating Gain Drives Up Net Income to TWD137 Mil.
---------------------------------------------------------------
Hong Ho Precision Textile Co., Ltd., reported a net income of
TWD137.3 million for the nine months ended Sept. 30, 2007, a
turnaround against the TWD83.5-million net loss recorded for the
nine months ended Sept. 30, 2006.

The company recorded net sales for the period in review at
TWD1.0 billion, while operating expenses amounted to
TWD985.7 million, giving the company an operating income of
TWD41.1 million.

The company recorded a TWD118.4-million net non-operating gain.

Tainan, Taiwan-based Hong Ho Precision Textile Co., Ltd.
manufactures a variety of fabrics and clothes.

The company incurred net losses of TWD770.4 million and
TWD109.5 million for the years ended Dec. 31, 2005 and 2006,
respectively.


HONG HO: Sales Reach TWD138.5 Million in October 2007
-----------------------------------------------------
Hong Ho Precision Textile Co., Ltd.'s sales in October 2007 rose
6.12% year-on-year to TWD138.5 million from TWD130.5 million,
according to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD1.2 billion, a
slight 1.1% decrease from sales a year earlier.

The company's September sales, on the other hand, fell 46.8% to
TWD71.6 million, while August sales also fell 19.9% to
TWD99.7 million.

Tainan, Taiwan-based Hong Ho Precision Textile Co., Ltd.
manufactures a variety of fabrics and clothes.

The company incurred net losses of TWD770.4 million and
TWD109.5 million for the years ended Dec. 31, 2005 and 2006,
respectively.


JAPAN LEASING: Creditors to Meet on December 12
-----------------------------------------------
The members of Japan Leasing (Hong Kong) Limited will hold their
final meeting on December 12, 2007, at 4:30 p.m. to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 12th Floor of Alexandra House,
18 Charter Road, in Central, Hong Kong.


KONYUEN LIMITED: Liquidator to Give Wind-up Report on December 4
----------------------------------------------------------------
The creditors and contributors of Konyuen Limited will hold
their final meeting on December 4, 2007, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

Paul Jeremy Brough is the company's liquidator.

The meeting will be held at Room 1636, 16th Floor of One Grand
Tower, 639 Nathan Road, in Kowloon, Hong Kong.

The Liquidator can be reached at:

         Paul Jeremy Brough
         27/F Alexandra House
         18 Chater Road, Central
         Hong Kong


LANE CRAWFORD (BEIJING): Creditors to Meet on January 4
-------------------------------------------------------
The members of Lane Crawford (Bejing) Limited will hold their
final meeting on January 4, 2008, 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 the 23rd Floor of the Wheelock
House, 20 Pedder Street, in Central Hong Kong.

The company's liquidators are:

         Katherine Fung Wai Yee
         Chan Man To
         23rd Floor, Wheelock House
         20 Pedder Street
         Cental, Hong Kong


LEALEA ENTERPRISE: Earns TWD272.1 Mil. for First Nine Months
------------------------------------------------------------
Lealea Enterprise Co. Ltd. reported a net income of
TWD272.1 million for the nine-month period ended Sept. 30, 2007,
a turnaround against the TWD48.5-million net loss recorded a
year earlier.

Net sales amounted to TWD6.2 billion.  Cost of goods sold
amounted to TWD5.7 billion while selling, general and
administrative expenses amounted to TWD358.4 million, giving the
company an operating income of TWD179.2 million.  The company
recorded a net non-operating gain of TWD112.4 million.

Taipei, Taiwan-based Lealea Enterprise Co. Ltd. --
http://www.lealea.com.tw/-- manufactures and markets textile  
products.  The company distributes its products within the
domestic market and to overseas markets, including Asia, South
America and Europe.

The company has incurred net losses of TWD215.7 million,
TWD373.1 million, and TWD5.5 million for the years ended
Dec. 31, 2004 through 2006.


LEALEA ENTERPRISE: October Sales Rise 42.2% to TWD724.7 Million
---------------------------------------------------------------
Lealea Enterprise Co. Ltd.'s sales in October 2007 rose 42.2% to
TWD724.7 million from the TWD509.7 million in October 2006,
according to data obtained from Bloomberg News.

The company's year-to-date sales amounted to TWD6.9 billion, a
24.8% improvement against TWD5.5 billion recorded a year
earlier.

September sales rose 37.5% to TWD669.8 million, while August
sales rose 36.4% to TWD815.4 million.

Taipei, Taiwan-based Lealea Enterprise Co. Ltd. --
http://www.lealea.com.tw/-- manufactures and markets textile  
products.  The company distributes its products within the
domestic market and to overseas markets, including Asia, South
America and Europe.

The company has incurred net losses of TWD215.7 million,
TWD373.1 million, and TWD5.5 million for the years ended
Dec. 31, 2004 through 2006.


MEGA GLORY: Creditors to Meet on December 17
-------------------------------------------
The members of Mega Glory Trading Limited will hold their final
meeting on December 17, 2007, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The meeting will be held at the 10th Floor of the Euro Trade
Centre, 21-23 Des Voeux Road, in Central, Hong Kong.

The company commenced liquidation proceedings on July 30, 2007.

The company's liquidator is:

         Liu Kit Man
         10th Floor, 21-23 Des Voeux Road
         Central, Hong Kong


MERCATOR MARINE: Court to Hear Wind-Up Petition on Dec. 12  
-----------------------------------------------------------
On September 28, 2007, FP Marine Risks filed a petition to have
Mercator Marine Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
December 12, 2007, to hear FP Marine's petition.

The petitioners' solicitor can be reached at:

          Pinsent Masons
          5th Floor, Central Plaza
          18 Harbour Road, Hong Kong


METAL COMPANY: Court to Hear Wind-Up Petition on January 2  
----------------------------------------------------------
On October 26, 2007, Chung Shan Investment and Development
Company Limited filed a petition to have Metal Company Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
Nov. 21, 2007, to hear Chung Shan's petition.

The petitioners' solicitor can be reached at:

          Richard Butler
          20th Floor, Alexandra House
          No. 16-20 Charter Road
          Central, Hong Kong


OPTO TECH: Earns TWD21 Million for Nine Months Ended Sept. 30
-------------------------------------------------------------
OPTO Tech Corporation reported a TWD20.9-million net income for
the nine months ended Sept. 30, 2007, a 96.3% decrease from the
TWD568.6-million net income reported for the nine-month period
ended Sept. 30, 2006.

The company posted a net income of TWD554.9 million in the first
half of 2007, and a TWD1.1-billion net loss for the full year
2006.

The company had net sales of TWD5.2 billion, operating expenses
of TWD4.4 billion, giving it an operating income of
TWD769.1 million, 41.3% better than the TWD544.3-million
operating income a year before.

The company had an extraordinary loss of TWD742.3 million.

Hsinchu, Taiwan-based OPTO Tech Corp. -- http://www.opto.com.tw/
-- manufactures and markets optoelectronic semiconductor
components, including light emitting diodes chips, silicon
phototransistor chips, silicon photodiode chips, LED traffic
signals and LED lighting products.

The company has suffered from four consecutive annual losses of
TWD796.3 million, TWD1.1 billion, TWD1.2 billion, and
TWD1.1 billion for the years ended Dec. 31, 2003 through 2006.


OPTO TECH: Puts US$10-Million Investment in Chinese Semicon Firm
----------------------------------------------------------------
OPTO Tech Corporation will invest an additional US$10.1 million
in a Ningbo-based semiconductor technology company, Reuters Key
Developments reports.

According to the report, the Chinese semiconductor technology
company is engaged in the business of LED crystalline grain.  

Reuters provided no further details regarding OPTO's investment.

Hsinchu, Taiwan-based OPTO Tech Corp. -- http://www.opto.com.tw/
-- manufactures and markets optoelectronic semiconductor
components, including light emitting diodes chips, silicon
phototransistor chips, silicon photodiode chips, LED traffic
signals and LED lighting products.

The company has suffered from four consecutive annual losses of
TWD796.3 million, TWD1.1 billion, TWD1.2 billion, and
TWD1.1 billion for the years ended Dec. 31, 2003 through 2006.


OPTO TECH: October Sales Continue Falling Trend to TWD569.7MM
-------------------------------------------------------------
OPTO Tech Corporation's sales in October 2007 fell 6.4% year-on-
year to TWD569.7 million from TWD608.9 million, according to
data obtained from Bloomberg News.

Year-to-date sales totaled TWD5.8 billion, a slight decrease
from the TWD5.9 billion year-to-date sales a year before.

Sales in September 2007 similarly fell 13.7% to TWD504.1 million
from TWD584.2 million, while sales in August 2007 fell 7.0% to
TWD618.6 million.

Hsinchu, Taiwan-based OPTO Tech Corp. -- http://www.opto.com.tw/
-- manufactures and markets optoelectronic semiconductor
components, including light emitting diodes chips, silicon
phototransistor chips, silicon photodiode chips, LED traffic
signals and LED lighting products.

The company has suffered from four consecutive annual losses of
TWD796.3 million, TWD1.1 billion, TWD1.2 billion, and
TWD1.1 billion for the years ended Dec. 31, 2003 through 2006.


ORIENT SEMICONDUCTOR: 9-Month Period Net Loss Widens to TWD410MM
----------------------------------------------------------------
Orient Semiconductor Electronics Ltd. reported a net loss of
TWD410.4 million for the nine months ended Sept. 30, 2007, a
136.8% increase from the TWD173.3-million net loss for the nine
months ended Sept. 30, 2006.

The company reported sales of TWD5.6 billion for the period in
review, while cost of goods sold amounted to TWD5.1 billion and
other operating expenses totaled TWD542.3 million, giving the
company an operating loss of TWD29.4 million, a 92.9%
improvement against the TWD412.8 million operating loss recorded
a year earlier.

Taiwan-based Orient Semiconductor Electronics Ltd. --
http://www.ose.com.tw/-- manufactures and markets plastic  
integrated circuits, computer motherboards, personal computer
memory card interface adapter cards, and local area network
devices.  The company operates in the United States, the
Philippines, Japan and Taiwan.

The company incurred annual losses of TWD3.4 billion,
TWD3.2 billion, TWD839.0 million, and TWD176.3 million for the
years ended Dec. 31, 2003 through 2006.


ORIENT SEMICONDUCTOR: October Sales Reach TWD779.68 Million
-----------------------------------------------------------
Orient Semiconductor Electronics Ltd.'s sales in October 2007
rose 4.02% year-on-year to TWD779.68 million from
TWD749.56 million, according to data obtained  from Bloomberg
News.

Year-to-date sales amounted to TWD6.45 billion, a 4.78% decrease
year-on-year from TWD6.77 billion.

The company recorded sales of TWD638.79 million and
TWD594.86 million for September and August 2007, respectively.

Taiwan-based Orient Semiconductor Electronics Ltd. --
http://www.ose.com.tw/-- manufactures and markets plastic  
integrated circuits, computer motherboards, personal computer
memory card interface adapter cards, and local area network
devices.  The company operates in the United States, the
Philippines, Japan and Taiwan.

The company incurred annual losses of TWD3.4 billion,
TWD3.2 billion, TWD839.0 million, and TWD176.3 million for the
years ended Dec. 31, 2003 through 2006.


PETROLEOS DE VENEZUELA: Gov't To Spend US$10B To Raise Output
-------------------------------------------------------------
Petroleumworld.com reports that Venezuela, through its energy
company Siembra Petrolera, will spend over US$10 billion to
boost state-run oil firm Petroleos de Venezuela SA's oil
production to 5.8 million barrels per day by 2012.

Venezuela's daily oil production was reportedly expected to
decrease from the current 3.2 million barrels.

Venezuelan Energy Minister Rafael Ramirez told
Petroleumworld.com that Petroleos de Venezuela spent nearly
US$10 billion on energy development this year, which is 67%
higher compared to 2006.

Petroleumworld.com notes that almost a third of the US$10-
billion investment went into oil production facilities, while
another third was allocated for the gas subsidiary of Petroleos
de Venezuela.

The Venezuelan government wants to produce some 3.67 million
barrels per day and export about 2.9 million barrels daily next
year, selling it at an average price of US$35 per barrel,
Petroleumworld.com relates.

Venezuela has earned about US$8.7 billion in oil and gas
royalties so far this year.  Much of the royalties are channeled
to the Economic Development Fund for social projects.  The fund
got US$6.8 million in 2006 and US$6.7 million in 2007,
Petroleumworld.com states.

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

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


PMM TECHNOLOGY: Court to Hear Wind-Up Petition on January 2  
-----------------------------------------------------------
On September 25, 2007, Fung Chow Ming and Yip Tsz Kon filed a
petition to have PMM Technology Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
Nov. 28, 2007, to hear the petition.

The petitioners' solicitor can be reached at:

          Gallant Y. T. Ho & Co
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on December 18
----------------------------------------------------------------
Sanmina-SCI Corporation has called for redemption on Dec. 18,
2007, US$120 million in aggregate principal amount of its Senior
Floating Rate Notes due 2010.  The aggregate principal amount of
the Notes currently outstanding is US$300 million.  The CUSIP
numbers for the Notes being called for redemption are 800907
AL1and U80024 AC3.

Upon redemption, holders of the Notes being redeemed will
receive the principal amount of the Notes being redeemed, plus
accrued and unpaid interest to but excluding the redemption
date.

"This is the first step in our debt reduction initiative and we
remain committed to utilizing our positive cash flow to further
reduce debt in fiscal 2008," Jure Sola, chairman and CEO of
Sanmina-SCI Corporation, stated.

Copies of the Notice of Redemption may be obtained from U.S.
Bank National Association, the Paying Agent, by calling (800)
934-6802.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an   
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007
Standard & Poor's Ratings Services revised its outlook Sanmina-
SCI Corp. to negative from stable.  The corporate credit and
senior unsecured ratings are affirmed at 'B+', and the
subordinated debt rating is affirmed at 'B-'.


SHIHLIN PAPER: Turns Around w/ TWD243MM Profit for 1st 9 Months
---------------------------------------------------------------
Shihlin Paper Corp. reported a net income of TWD307.9 million
for the nine-month period ended Sept. 30, 2007, a turnaround
against the TWD243.2-million net loss recorded for the nine
months ended Sept. 30, 2006.

The company reported net sales of TWD1.3 billion for the period
in review, which translated to an operating loss of
TWD175.7 million after operating expenses of TWD1.4 billion.

Taipei, Taiwan-based Shihlin Paper Corp. --
http://www.shihlin.com.tw/-- is engaged in manufacturing and  
distributing paper and related products.

The company incurred annual losses of TWD246.3 million,
TWD357.9 million, TWD320.8 million, TWD33.1 million for the
years ended Dec. 31, 2003 through 2006.


SHIHLIN PAPER: October Sales Total TWD160.42 Million
----------------------------------------------------
Shihlin Paper Corp.'s sales for October 2007 rose 65.43% year-
on-year to TWD160.42 million from TWD96.97 million, according to
data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD1.42 billion, a
27.56% improvement year-on-year.

The company's sales also rose 44.11% year-on-year in September
2007 to TWD165.20 million and 49.07% year-on-year in August 2007
to TWD164.59 million.

Taipei, Taiwan-based Shihlin Paper Corp. --
http://www.shihlin.com.tw/-- is engaged in manufacturing and  
distributing paper and related products.

The company incurred annual losses of TWD246.3 million,
TWD357.9 million, TWD320.8 million, and TWD33.1 million for the
years ended Dec. 31, 2003 through 2006.


SUNLIGHT CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 19
----------------------------------------------------------------
On October 8, 2007, Tung Kee Garden Horticulture Limited filed a
petition to have Sunlight Construction Company Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m., on
December 19, 2007, to hear the petition.

The petitioners' solicitor can be reached at:

          Lam Pui King & Company
          Tai Po Commercial Centre
          152-172 Kwong Fuk Road
          Tai Po, New Territories
          Hong Kong


SUPER PANG: Court to Hear Wind-Up Petition on January 2
-------------------------------------------------------
On October 18, 2007, Sonnix Limited filed a petition to have
Super Pang International Limited's operations wound up.

The High Court of Hong Kong will hear the petition on January 2,
2007, at 9:30 a.m..

The petitioners' solicitor can be reached at:

          Kenneth Sit
          Room 1203, 12th Floor
          Euro Trade Centre
          13-14 Connaught Road, Central Hong Kong


TAISUN ENTERPRISE: Earns TWD175 Mil. for September 2007 Quarter
---------------------------------------------------------------
Taisun Enterprise Co., Ltd., recorded a net profit of
TWD174.9 million for the quarter ended Sept. 30, 2007.

Sales for the quarter amounted to TWD1.7 billion, which
translates to an operating income of TWD58.0 million.

The company reported a net non-operating gain of
TWD136.3 million for the quarter ended Sept. 30, 2007.

Headquartered in Taipei, Taiwan, Taisun Enterprise Co., Ltd. --
http://www.taisun.com.tw/-- manufactures soy bean powder,  
cooking oils, animal feeds, snacks, soft drinks, and frozen
food.  The company also invests in real estate.

The company has suffered net losses of TWD49.6 million,
TWD80.8 million, and TWD42.4 million for the fiscal years ended
Mar. 31, 2005 through 2007.


TAISUN ENTERPRISE: Sales Continue Rising Trend in October
---------------------------------------------------------
Taisun Enterprise Co., Ltd.'s sales in October 2007 rose 39.1%
year-on-year to TWD515.4 million from TWD370.7 million,
according to data obtained from Bloomberg News.

Year-to-date sales amounted to TWD4.8 billion, a 24.0% rise
year-on-year from TWD3.9 billion.

The company's September 2007 sales rose 70.3% year-on-year to
TWD673.9 million, while August sales also rose 24.1% year-on-
year to TWD536.7 million.

Headquartered in Taipei, Taiwan, Taisun Enterprise Co., Ltd. --
http://www.taisun.com.tw/-- manufactures soy bean powder,  
cooking oils, animal feeds, snacks, soft drinks, and frozen
food.  The company also invests in real estate.

The company has suffered net losses of TWD49.6 million,
TWD80.8 million, and TWD42.4 million for the fiscal years ended
Mar. 31, 2005 through 2007.


TAIWAN TEA: Nine-Month Net Income Drops 87.6% to TWD14.4 Million
----------------------------------------------------------------
Taiwan Tea Corporation reported a net income of TWD14.4 million
for the nine months ended Sept. 30, 2007, a 87.6% decrease from
the TWD116.2-million net income reported for the nine months
ended Sept. 30, 2006.

The company lost TWD65.4 million in the third quarter ended
Sept. 30, 2007.

The company had net sales of TWD294.4 million, which translated
to an operating loss of TWD105.7 million after operating
expenses of TWD400.1 million.

Taipei, Taiwan-based Taiwan Tea Corporation --
http://www.ttch.com.tw/-- is engaged in diversified  
distribution business.  The company imports and sells
motorcycles, building materials, frozen meats, and copper wires.  
It also provides tea and operates in the commercial building
leasing business.

The company has incurred four annual net losses of
TWD98.4 million, TWD2.6 billion, TWD600.4 million, and
TWD114.2 million for the years ended Dec. 31, 2003 through 2006.


TAIWAN TEA: October Sales Fall 30.1% to TWD49.8 Million
-------------------------------------------------------
Taiwan Tea Corporation's sales in October 2007 fell 30.1% year-
on-year to TWD49.8 million from TWD71.2 million, according to
data obtained from Bloomberg News.

The company's year-to-date sales amounted to TWD344.2 million, a
70.9% drop year-on-year from TWD1.2 billion.

Sales in September and August 2007 similarly fell 32.9% and
61.4% to TWD52.4 million and TWD37.7 million, respectively.

Taipei, Taiwan-based Taiwan Tea Corporation --
http://www.ttch.com.tw/-- is engaged in diversified  
distribution business.  The company imports and sells
motorcycles, building materials, frozen meats, and copper wires.  
It also provides tea and operates in the commercial building
leasing business.

The company has incurred four annual net losses of
TWD98.4 million, TWD2.6 billion, TWD600.4 million, and
TWD114.2 million for the years ended Dec. 31, 2003 through 2006.


TRENDING INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
Trending International Limited commenced liquidation proceedings
on November 12, 2007.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong
          3806 Central Plaz
          18 Harbour Road
          Wanchai, Hong Kong


VE WONG CORP: Earns TWD3.4 Million for First Nine Months of 2007
----------------------------------------------------------------
Ve Wong Corp. reported a net income of TWD3.4 million for the
nine months ended Sept. 30, 2007, a turnaround against the
TWD54.7-million net loss reported for the nine months ended
Sept. 30, 2006.

The company recorded net sales of TWD1.4 billion for the period
in review, which translates to an operating income of
TWD25.5 million after operating expenses of TWD1.3 billion.


Taipei, Taiwan-based Ve Wong Corp. -- http://www.vewong.com/--  
manufactures and markets food products.  The company produces
monosodium glutamate, instant noodles, soy sauce, canned foods,
and soft drinks.

The company incurred net losses of TWD76.7 million and
TWD138.5 million for the years ended Dec. 31, 2005 and 2006.


VE WONG CORP: October Sales Hit TWD157.6 Million
------------------------------------------------
Ve Wong Corp.'s sales for October 2007 rose 21.51% year-on-year
to TWD157.6 million from TWD129.7 million, according to data
obtained from Bloomberg News.

The company's year-to-date sales totaled TWD1.5 billion, a 7.8%
rise year-on-year from TWD1.4 billion.

Sales in Sept. 2007 also rose 19.4% year-on-year to
TWD162.2 million, while sales in August rose 16.2% year-on-year
to TWD186.4 million.

Taipei, Taiwan-based Ve Wong Corp. -- http://www.vewong.com/--  
manufactures and markets food products.  The company produces
monosodium glutamate, instant noodles, soy sauce, canned foods,
and soft drinks.

The company incurred net losses of TWD76.7 million and
TWD138.5 million for the years ended Dec. 31, 2005 and 2006.


WILSON DRAYAGE: Creditors' Proofs of Debt Due on December 15
------------------------------------------------------------
The creditors of Wilson Drayage Limited are required to file
their proofs of debt by December 15, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 2,
2007.

The company's liquidator is:

          Chan Man Chung
          Room 2401, 24th Floor
          280 Portland Street
          Mongkok, Kowloon
          Hong Kong


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

AES CORP: Moody's LGD Point Estimate Revision Won't Affect Rtgs.
----------------------------------------------------------------
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.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.


CANARA BANK: Net Profit Up 11% in Qtr. Ended Sept. 30, 2007
-----------------------------------------------------------
Canara Bank's net profit rose 11% to INR4.02 billion in the
three months ended Sept. 30, 2007, from the INR3.62-billion
profit booked in the same quarter in 2006.

Revenues soared 94% to INR40.55 billion, the bulk of which comes
from interest earned/operating income aggregating
INR34.83 billion.  With expenditures of INR34.04 billion, the
company posted a INR6.5-billion operating profit in the July-
Sept. 2007 quarter.  

Aside from taxes of INR700 million, the company also set aside
INR1.78 billion in provisions and contingencies.

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

              http://ResearchArchives.com/t/s?259c

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com -- provides services to a diverse   
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


DECCAN AVIATION: Talks of Reverse Merger Lifts Stock by 23.3%
-------------------------------------------------------------
Deccan Aviation Ltd's stock rose by 23.3% on the stock exchange
on Tuesday amidst a falling market, various reports say.  The
excitement in the airline's stock reportedly came after
expectations that UB Group company Kingfisher Airlines is
considering a reverse merger.

According to the Business Line daily, the rumors rose from the
news that Deccan Aviation might get clearance to fly
international routes as it completes the mandatory five years of
operating locally.  As the UB Group owns nearly 46% stake in
Deccan Aviation and is ready to operate international routes, it
wants to piggyback on the aviation company to start its
operations, K. Giriprakash writes for the Business Line.

The UB Group, according to BL, prefers Kingfisher to operate the
overseas routes because business travelers, who bring in the
revenues for international airlines, wouldn't prefer riding
Deccan with its low-cot image, writes

A merger of Kingfisher and Deccan could make the latter the
airline with the largest market share (28.4%) piping Jet
Airways' 21.5%, Ranju Sarkar of the Business Standard says.

The UB Group, however, denies merger rumors.

“We are not thinking of any legal issues, but just examining how
we can explore operational synergies,” BS quotes UB Group CFO
Ravi Nedugandi as saying.  “We are looking at how to profitably
integrate route networks, engineering and operations of the two
airlines.”

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.


DCM SHIRAM: Weak Sugar Scenario Cues CRISIL to Cut Rating to BB+
----------------------------------------------------------------
CRISIL has revised its ratings on DCM Shriram Industries Ltd's
debenture programmes to 'BB+/Negative' from 'BBB-/Negative'.   
The rating revision reflects CRISIL's expectation that the weak
scenario prevailing in the sugar industry will adversely affect
DCM Shriram's financial risk profile over the next 12 months.  
Moreover, the stress on cash flows, coupled with high loan
repayment obligations of about INR300 million per annum over the
medium term, is likely to affect the company's liquidity.  
CRISIL has combined the financial profiles of DCM Shriram and
its subsidiary, Daurala Food & Beverages Ltd, for arriving at
its rating decision.

Weak sugar prices have affected DCM Shriram's revenues and
profitability since the second half of 2006-07 (refers to
financial year, April 1 to March 31); sugar prices have declined
by about 35 per cent in the domestic market since September 2006
due to last year's record output, and the ban on exports between
June 2006 and January 2007.  Consequently, DCM Shriram's
finances registered a steep decline during 2006-07 as well as
the first half of 2007-08.  The company's net profitability
declined significantly in 2006-07 vis-a-vis 2005-06; it also
made a loss of INR74 million in the first half ended Sept. 30,
2007.  Lower accretion to reserves has resulted in deterioration
in DCM Shriram's capital structure and debt protection measures

CRISIL expects the sluggish trend in sugar prices to continue
for the next 12 months, negatively impacting DCM Shriram's cash
accruals.  Further, maturing debt obligations of more than
INR300 million per annum over the medium term would also put a
strain on its liquidity position.  Unutilized bank lines of
around INR10 million, though, will provide some financial
flexibility to the company.

Other divisions of DCM Shriram -- rayon tyre cord fabric and
chemicals -- have shown a consistent performance.  CRISIL
believes that stable cash flows from these divisions will
partially mitigate the losses in the sugar division.

                        Outlook: Negative

CRISIL expects that the weak sugar scenario and high debt
repayment obligations will result in a tight cash flow position
for DCM Shriram in the near term.  A further significant decline
in sugar prices will result in the rating being revised
downwards.  The outlook could be revised to 'stable', should
sugar prices recover from their current low levels.

                         About DCM Shiram

DCM Shriram Industries Ltd is the flagship company of the DCM
Shriram Industrial Group, and was established in 1990, following
the restructuring of the former DCM group. The group's product
portfolio includes sugar, alcohol, industrial fibres, and
organic chemicals. DCM Shriram has sugar and chemical plants at
Daurala in Meerut district in Uttar Pradesh, and an industrial
fibre unit at Kota in Rajasthan.  Other DSIG companies are
Daurala Food and Beverages Pvt Ltd, DCM Hyundai Ltd, and DCM
Shriram and Leasing Finance Ltd.

For the year ended March 31, 2007, DCM Shriram reported a net
profit of INR15.8 million on net sales of INR5.97 billion, as
against a net profit of INR290.9 million on net sales of
INR7.03 billion for 2005-06.  The company reported a net loss of
INR74 million on net sales of INR2.79 billion for the six months
ended September 30, 2007; net profit of INR104.6 million on net
sales of INR2.97 billion for the corresponding half year of
2006-07.


DCM SHIRAM: Posts INR1.44 Bil. Loss in Qtr. Ended Sept. 30
----------------------------------------------------------
DCM Shriram Industries Ltd reported a net loss in the second
quarter ended Sept. 30, 2007, compared to the net profit booked
in the same period in 2006.

In July-Sept. 2007, DCM Shriram incurred a net loss of
INR36.8 million on revenues of INR1.44 billion.  The revenue
figure in the latest quarter under review is actually slightly
up compared to last year's INR1.42 billion but much higher
operating expenses pulled it down.   The company incurred
expenditures from operations of INR1.41 billion, 8% more than
the same quarter last year.

Steep decline in free sale sugar prices as a result of
unprecedented sugar production coupled with high State Advised
Price for cane in Uttar Pradesh and relatively lower sugar
recoveries in the last season continue to severely affect
margins of the sugar business, the company said.

The company's operating profit of INR26.9 million was further
pulled down with higher interest charges, depreciation and
taxes:
                         2Q FY2008         2Q FY2007
                      ---------------   ---------------
     Interest         INR70.8 million   INR39.0 million
     Depreciation        36.6 million      31.9 million
     Taxes               43.7 million      16.9 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?259a

DCM Shriram Industries Ltd is the flagship company of the DCM
Shriram Industrial Group, and was established in 1990, following
the restructuring of the former DCM group. The group's product
portfolio includes sugar, alcohol, industrial fibres, and
organic chemicals.  DCM Shriram has sugar and chemical plants at
Daurala in Meerut district in Uttar Pradesh, and an industrial
fibre unit at Kota in Rajasthan.  Other DSIG companies are
Daurala Food and Beverages Pvt Ltd, DCM Hyundai Ltd, and DCM
Shriram and Leasing Finance Ltd.

In November 2007, CRISIL revised its ratings on DCM Shriram's  
debenture programmes to 'BB+/Negative' from 'BBB-/Negative'.  
The rating revision reflects CRISIL's expectation that the weak
scenario prevailing in the sugar industry will adversely affect
the company's financial risk profile over the next 12 months.  
Moreover, the stress on cash flows, coupled with high loan
repayment obligations of about INR300 million per annum over the
medium term, is likely to affect the company's liquidity.  


DUERR AG: Earns EUR5.7 Million for Nine Months Ended Sept. 30
-------------------------------------------------------------
Duerr AG released its financial results for the nine-month and
third quarter periods ended Sept. 30, 2007.

Duerr posted EUR5.7 million in net profit on EUR1.02 billion in
net revenues for the first nine months of 2007, compared with
EUR0.1 million in net profit on EUR984 million in net revenues
for the same period in 2006.

The company reported EUR5.7 million in net income on
EUR364.7 billion in net revenues for the third quarter of 2007,
compared with EUR3.4 million in net profit on EUR357.6 million
in net revenues for the same period in 2006.

"We have got off to a good start in the fourth quarter," said
Ralf Dieter, CEO of Duerr AG.  "So we now expect growth of at
least 10% in new orders compared with last year."

The earnings situation was burdened for the last time in the
third quarter by delays on projects in India.  This caused the
gross margin in the first nine months to dip to 16.0% as
compared with 16.5% in the same period last year.  Cost
reductions were achieved through the improvements in internal
processes which Duerr has implemented under the Group-wide FOCUS
program, with administrative and selling expenses declining
overall by 1.5% to EUR132.2 million.

Operating cash flow (-EUR32.7 million) improved appreciably by
EUR47.1 million in the first nine months of 2007. An even
stronger improvement was prevented by a temporary build-up in
net working capital.  This was due to growth in trade
receivables and inventories as a result of the increased volume
of business.

Owing to the good order situation the number of employees has
risen by 3.9% versus Dec. 31, 2006, to 5,869.  The increase was
primarily in the growth region of Asia, where the number of
employees rose by 20.0% to 721 (Dec. 31, 2006: 601).

At 22.4%, the equity ratio as of Sept. 30, 2007 was little
changed versus the end of 2006 (23.6%).  Net financial debt
amounted to EUR170.5 million at the end of the third quarter of
2007, as compared with EUR164.4 million as of Sept.30, 2006.

               Unchanged Positive Outlook for 2007

Duerr expects a strong improvement in earnings in fiscal 2007.
At the operating level (EBIT before one-time expenses) the
margin should rise to 3.5% from 2.9% last year, while sales
growth of between 5% and 10% is forecast. Among the factors
contributing to the earnings improvement will be the marked
turnaround at the Cleaning and Filtration Systems business unit
and in the U.S.A. Operating cash flow should be clearly positive
in 2007.  Duerr is still aiming to pay a dividend.

Duerr expects a further earnings improvement in 2008. The target
margin for 2008 is 5% based on earnings at the operating level.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                        *     *     *

As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2
Probability of Default and Caa1 Senior Subordinate ratings from
Moody's Investor Service.  Moody's said the outlook is stable.

The company also carries B Long-Term Foreign Issuer Credit and
Local Issuer Credit ratings from Standard & Poor's.  S&P said
the outlook is stable.


GERDAU SA: Acquires Quanex for US$1.67 Billion
----------------------------------------------
Gerdau SA inked an agreement for the purchase of Quanex Corp.'s
vehicular metals unit, Macsteel, for US$1.67 billion, in a bid
to boost its presence in North America's automobile steel parts
industry.

Bloomberg News says Quanex's shareholders will get US$39.20 a
share in cash, an offer which is higher than Friday's US$36.74
closing price on the New York Stock Exchange.

Quanex, according to the Associated Press, is the second-largest
producer of special-bar-quality steel in the United States.
These bars are used to manufacture auto parts.  Xinhua News
Agency adds that Macsteel, with 1,600 employees, is capable of
producing 1.2 million tons of steel and 1.1 million tons of
rolled steel per year.

Gerdau has been expanding its business through acquisitions this
year.  This latest transaction, once it passes the customary
hurdles, will "consolidate Gerdau as a global supplier and opens
new possibilities for growth in the globalized market," the
Brazilian company said in a statement.

"This is a totally different business than Gerdau has so far
pursued in North America," Charles Bradford of Soleil Securities
in New York told Bloomberg.  He added that purchase faces
difficulties in the market in the face of increasing demand to
use fuel-efficient parts.  Automakers are likely to use more
aluminum and plastic in place of steel.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India, and the
United States.

                        *     *     *

As reported on Oct. 1, 2007, Moody's Investors Service confirmed
the Ba1 corporate family ratings of Gerdau S.A. and Gerdau
Ameristeel Corporation.  The ratings agency also confirmed the
Ba1 corporate family rating of the Brazilian operations of
Gerdau, represented by Gerdau Acominas S.A., Gerdau Acos Longos
S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos
S.A.  Meanwhile, the ratings for Chaparral Steel Company were
withdrawn as all its rated debt will be retired.  Moody's said
the outlook for all ratings is stable.


GERDAU SA: Makes Offer for Employee's Stake in Units
----------------------------------------------------
Gerdau SA has offered to acquire shares in Gerdau Acos Longos,
Gerdau Acominas, Gerdau Acos Especiais and Gerdau Comercial de
Acos from the Clube dos Empregados da Acominas workers group,
Business News Americas reports.

Gerdau said in a statement that the Clube dos Empregados owns
2.89% of the stock in each of the four firms.  The firm said it
would pay BRL675 million in 36 equal installments, adjusted to
102% of CDI, the average interest rate on loans between
Brazilian banks.

Gerdau told Reuters that it will pay for the stakes over a
three-year period.

Reuters notes that Gerdau would complete the transaction by
Dec. 14, 2007.

BNamericas relates that the transaction is awaiting
authorization from the workers club members.

"The offer is a response to the CEA [the workers club]
administration's desire to sell its stake, since they understand
that the consolidation process of Gerdau Acominas into the
Gerdau Group is accomplished," Gerdau said in a statement.

The acquisition of the shares in the units is part of the
privatization process of the Brazilian steel sector, which used
to be completely state-owned.  The privatization started in the
1990s, BNamericas states.

                         About Gerdau

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                        *     *     *

As reported on Oct. 1, 2007, Moody's Investors Service confirmed
the Ba1 corporate family ratings of Gerdau S.A. and Gerdau
Ameristeel Corporation.  The ratings agency also confirmed the
Ba1 corporate family rating of the Brazilian operations of
Gerdau, represented by Gerdau Acominas S.A., Gerdau Acos Longos
S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos
S.A.  Meanwhile, the ratings for Chaparral Steel Company were
withdrawn as all its rated debt will be retired.  Moody's said
the outlook for all ratings is stable.


PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB
-----------------------------------------------------------
Standard & Poor's Ratings Service raised its corporate credit
rating on offshore contract drilling firm Pride International
Inc. to 'BB+' from 'BB'.  At the same time, S&P raised the
rating on the company's unsecured debt to 'BB+' from 'BB-'.  The
outlook is stable.
     
The rating action followed a full review of Pride in light of
2007 strategic initiatives that have included the recent
divestiture of its Latin American onshore business units and the
announcement of two newbuild ultradeepwater drillships.
     
"The upgrade reflects continued improvement in cash flow and
credit metrics and a strengthening backlog of contract
revenues," said Standard & Poor's credit analyst Jeffrey B.
Morrison.  "The raising of Pride's unsecured rating to the same
level as the corporate credit rating reflects S&P's expectation
that secured debt will remain at less than 15% of assets, on a
book value basis, over the intermediate term."
     
As of Sept. 30, 2007, Houston, Texas-based Pride had about
US$1.2 billion in adjusted debt, incorporating operating leases.
     
The ratings on Pride reflect a large, well-diversified fleet of
mobile offshore drilling units, a fairly broad geographic scope
of operations, a growing backlog, and an improving financial
risk profile.  Strengths are partially tempered by expanding
near- to-intermediate-term capital spending requirements,
concerns regarding the longer term earnings prospects for
Pride's older, mat-supported jackup units (particularly those
operating in the U.S. Gulf of Mexico), and participation in a
historically cyclical and capital-intensive industry.

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.    
The company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  The company has worldwide
operations, including India and Malaysia.


SUN MICROSYSTEMS: Partners with Zeus Tech to Offer Traffic Mgmt.
----------------------------------------------------------------
Sun Microsystems and Zeus Technology have entered into a
partnership to deliver Zeus' best-of-breed Application Delivery
Controller deployed on Sun's latest CoolThreads and x64 systems
hardware running the Solaris 10 operating system.  Sun's global
distribution network will carry the new end-to-end application
traffic management system, a powerful new combination of Sun
hardware and ZXTM (Zeus Extensible Traffic Manager).

The new offering represents an entirely new level of scalability
and performance for traffic management systems, with the
combined Sun hardware and ZXTM software solution able to
outperform most dedicated hardware appliances, while at the same
time offering an unparalleled ability to manage application
traffic -- even XML -- using traffic scripting.  Large
enterprises, service providers, and online media companies will
use the solution to deliver high-performance, reliable
applications that meet service level agreements while minimizing
operational costs.

Zeus Technology's ZXTM application traffic management software
directs incoming requests to the fastest server available and
directs traffic away from slower or inactive servers, while
dramatically increasing the number of users a server can
support.  Using software to load balance traffic across multiple
servers makes it easy for enterprises to scale their
applications.  Thanks to ZXTM's built-in redundancy features,
users can access applications even in the event of a failure.
Applications that are not designed for clustering can be scaled
with session persistence, improving availability and response
times, and application servers can be isolated from external
networks, protecting the systems from external security threats,
even including denial of service attacks and application-level
hacking.

"This partnership is an excellent opportunity to bring the
benefits of ZXTM to a broader market.  Sun leads the industry in
both price and performance, and running our award winning
software on these platforms provides a robust, flexible
application traffic management solution that can evolve to meet
growing business needs", said Paul Brennan, Chairman, Zeus
Technology.

The combination of ZXTM running on Sun platforms provides a
best-of-breed application delivery controller, enabling service
providers to offer reliable, high-performance network and Web
services.  Optimized for speed on Sun systems, the ZXTM software
enables businesses to select from a wide variety of Sun systems
running the Solaris(TM) 10 operating system.  Sun's scalable
server platforms, including Sun Fire(TM) servers with
CoolThreads(TM) technology, can dramatically increase throughput
and provide eco-friendly energy savings by reducing energy
consumption and datacenter footprints without sacrificing high
performance.

"Sun and Zeus bring to market an unparalleled offering for
organizations that need to manage high volumes of traffic and
mission-critical Web services.  Customers can select from a wide
variety of Sun systems running the Solaris(TM) 10 operating
System to benefit from this best-of-breed Application Delivery
Controller" said Antony Watkins, Communications and Media
Practice, Sun Microsystems

Sun servers continue to set new standards for performance,
reliability, and energy efficiency and lead the industry in
terms of price and performance.  As a result, running the ZXTM
software on Sun platforms provides the foundation of a robust,
flexible application traffic management solution that can grow
and adapt to evolving business requirements.

                 Application Delivery Controllers

According to Gartner, "ADCs reside in the data center, typically
in front of frontline Web servers. They are deployed
asymmetrically - only at the data center end - and are designed
to improve the availability, performance and security of Web- or
Internet Protocol (IP)-based applications.  ADCs enhance the
performance of Web-based and related applications for end users
by providing a suite of services at the network and application
layers."

                      About Zeus Technology

With over ten years' industry experience, Zeus Technology
provides application traffic management software, dramatically
improving network and web-enabled applications making them run
faster, more reliably, more securely and making them easier to
manage.

The Zeus solutions enable organizations to intelligently manage
their applications, streamline operations and provide a seamless
end-user experience.

As the only pure software traffic management solution, the Zeus
products are flexible whatever your deployment environment; a
purpose-built Zeus appliance, standard servers, blades, or even
virtualized environments.

Zeus holds strategic partnerships with world-class companies
such as AMD, Dell, Egenera, HP, IBM, Intel, Sun Microsystems,
Qualcomm and VMware.  Zeus powers over 1 million sites across
the world and provides web infrastructure solutions to over 800
customers including, BT, China Telecom, Hotel.de, NASA,
PLAY.COM, Federal Railroads Administration, ifs School of
Finance, STA Travel, Strategic Command and Virgin Holidays.

                    About Sun Microsystems

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

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

                          *     *     *

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

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


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

BANK UOB BUANA: To Merge With PT UOB Indonesia
----------------------------------------------
PT Bank UOB Buana Tbk's parent company United Overseas Bank Ltd
plans to merge Bank UOB Buana with PT UOB Indonesia, Reuters
Investing Key Developments states, citing an Asia Pulse report
as source.

According to the report, the parent company's move is a means to
to comply with Bank Indonesia's single presence policy.  The
central bank of Indonesia has ruled that no owner is allowed to
have a controlling stake in more than one bank in Indonesia, the
report says.

Reuters notes that bank owners including the government are
required to submit their plan before the end of 2007.  Moreover,
the central bank of Indonesia has suggested merger, share
divestment and establishment of a holding company as
alternatives to meet the regulation, the report adds.

Headquartered in Jakarta, PT Bank UOB Buana Tbk., formerly PT
Bank Buana Indonesia Tbk. -- http://www.bankbuana.com--   
provides public deposits, investment  portfolio, and other
financial services, including: demand, savings and time
deposits, Bank Indonesia promissory notes, bonds, consumer
loans, retail commercial loans, and corporate loans.  Other
financial services include exports, imports, transfers,
collection, issuing of bank guarantees and foreign currency
transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007,Fitch Ratings affirmed all the ratings of the bank
as follows:

   * Long-term foreign and local currency Issuer Default ratings
     BB-,

   * Short-term rating B,

   * Individual C/D, and

   * Support 3.


BANK CENTRAL: To Pay IDR55/Share 2007 Interim Dividend on Dec. 4
---------------------------------------------------------------
PT Bank Central Asia Tbk will pay its fiscal year 2007 interim
dividend on December 4 at IDR55 per share, Reuters Investing Key
Developments notes.

As reported by the Troubled Company Reporter-Asia Pacific on
November 5, 2007, Bank Central Asia's  net profit in the nine
months ended September 30, 2007, rose 7.7% to IDR3.36 trillion,
from IDR3.12 trillion of the same period last year.  TCR-AP
noted that the bank's fee-based income rose 19% to IDR1.44
trillion, while net interest income grew 1.3% to IDR7.135
trillion.

As of end-September, TCR-AP related, BCA's outstanding loans
stood at IDR68.8 trillion, up 28.2% from last year.  The bank's
loan to deposit ratio improved to 40.7% at end-September from
38.3% last year, far below the industry average of 65%, the TCR-
AP added.

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

                          *     *     *

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

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


BANK INTERNASIONAL: UBS AG London Branch Buys Shares
----------------------------------------------------
PT Bank Internasional Indonesia Tbk's 143,563,000 shares and
105,368,500 shares were brought by UBS AG London Branch A/C IPB
Segregated, Reuters Investing Key Developments reports.

According to Reuters, the UBS AG London Branch London brought
the 143,563,000 shares at IDR260.6838 each, while the  
105,368,500 shares at IDR260.9156 each.

The report recounts that the said transactions were done on
November 9, 2007.

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--   
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter-Asia Pacific reported on
October 19, 2007, that Moody's Investors Service raised the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk.

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

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

On Aug. 15, 2007, that Fitch Ratings affirmed all the ratings of
Bank Internasional as follows:

   * Long term foreign currency IDR at 'BB-' with a Positive
     Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4', Support Rating Floor 'B' and

   * National Rating 'AA-(idn)'.


BANK MANDIRI: Increases 2007 Net Profit Target to IDR4 Trillion
---------------------------------------------------------------
PT Bank Mandiri (Persero) Tbk has raised its fiscal year 2007
net profit target to reach IDR4 trillion, Reuters Investing Key
Developments reports.

According to the report, the company's previous estimation of
its 2007 target is IDR3.5 trillion.

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

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

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

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

All ratings carry a stable outlook

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


BANK NEGARA: Gets US$75-Million Loan From Sumitomo Mitsui
--------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk has received US$75
million loan from Sumitomo Mitsui Bank Corp.'s Singapore branch,
Reuters Investing Key Developments reports.

According to the report, the said loan will be used by Bank
Negara to finance its business expansion and strengthen its
working capital.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial    
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara
Indonesia (Persero) Tbk.'s foreign currency long-term debt
rating to Ba2 from Ba3 and foreign currency long-term deposit
rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


BANK NEGARA: To Sell Stake in Bank Finconesia for US$57.60 Mil.
---------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk will sell its 49% equity
stake in PT Bank Finconesia to PT Dian Intan Perkasa, Reuters
Investing Key Developments reports.

According to the report, the stake equity stake will be sold for
around IDR518.82 billion.  After the transaction, Bank Negara
will no longer hold any shares of Bank Finconesia, the report
says.

Bank Negara Indonesia, the report notes, plans to use the
proceeds from the sale to acquire a small bank.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial    
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara
Indonesia (Persero) Tbk.'s foreign currency long-term debt
rating to Ba2 from Ba3 and foreign currency long-term deposit
rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


INDOSAT: Moody's Says KPPU Ruling Won't Impact LCC Family Rating
----------------------------------------------------------------
Moody's Investors Service said that Indonesian Commission for
the Supervision of Business Competition 's ruling  should have
no immediate effect on PT Indosat Tbk's Ba1 local currency
corporate family rating.

The ruling stated that Temasek Holdings breached article 27 (a)
of Law No.5/1999 of Indonesia by having cross-shareholdings in
two of the nations largest mobile telecommunications companies.
The ruling further ordered Temasek to sell its shares in one of
the two cellular telecommunications companies in which it has a
stake -- such sale to be completed within two years.

Temasek has confirmed its intention to fight the decision and
Moody's understands that a final decision, should it go through
the international arbitration process, may not be known for a
considerable period of time.

Approximately 40.8% of Indosat is owned by Asia Mobile Holdings
which is in turn 75% owned by Singapore Technologies Telemedia
Pte Ltd ("STT").  STT is wholly owned by Temasek. As a
consequence of this ownership structure, Indosat's fundamental
credit assessment receives a one notch uplift to give a final
rating of Ba1/stable.

"Should Temasek, through STT, be forced to reduce its stake in
Indosat, there may be negative consequences for the rating as
the support level may have to reassessed," says Laura Acres, a
Moody's Vice President and Lead Analyst for Indosat.

Moody's will continue to evaluate the situation and keep the
market informed of any potential rating impact.

Indosat is a fully-integrated telecommunications network and
services provider in Indonesia. The company is the second
largest cellular operator in Indonesia and the country's leading
provider of international call services. It also provides multi-
media, data communications and internet services.


PT INCO: Says No Impact of Employees Strike on Output Goal
----------------------------------------------------------
PT International Nickel Indonesia Tbk said they are  still on
track to produce 160-165 million pounds of nickel this year
despite a strike by workers, Reuters reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 20, 2007, around 100 of their employees remained on strike
at its Sorowako mine, a fifth of the number that walked out on
November 15 seeking higher bonuses.  

According to the TCR-AP, a number of PT INCO's workers at the
Sorowako site walked off the job in an effort to persuade the
company to accept union demands for additional compensation.  
The TCR-AP said the strike action is being undertaken by Labor
Union FSP-KEP UK PT Inco.  Company management and union
representative are discussing the demands but have thus far not
reached an agreement, the report related.

Company Chief Executive Arief Siregar told the news agency that,
"the strike has an impact in that some work has been delayed
because of it, but we still can meet our annual target".

                 About  PT International Nickel

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

                           *    *    *

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

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


TELKOMSEL: Moody's Says KPPU Ruling Won't Impact Rating
-------------------------------------------------------
Moody's Investors Service said that Indonesian Commission for
the Supervision of Business Competition 's ruling  should have
no immediate effect on PT Telekomunikasi Selular's Baa2 local
currency corporate family rating.

The ruling stated that Temasek Holdings  breached article 27 (a)
of Law No.5/1999 of Indonesia by having cross-shareholdings in
two of the nations largest mobile telecommunications companies.
The ruling further ordered Temasek to sell its shares in one of
the two cellular telecommunications companies in which it has a
stake -- such sale to be completed within two years.

Temasek have confirmed their intention to fight the decision and
Moody's understands that a final decision, should it go through
the international arbitration process, may not be known for a
considerable period of time.

Telkomsel is 35% owned by Singapore Telecommunications Limited ,
which is in turn 56% owned by Temasek.  The remainder of
Telkomsel's shares are owned by PT Telekomunikasi Indonesia, in
turn 51% owned by the Government of Indonesia.

"Telkomsel's fundamental rating is constrained by the local
currency ceiling of Indonesia and therefore does not receive any
uplift as a consequence of its ownership structure.  Therefore
any decision by Temasek/SingTel to reduce their stake in
Telkomsel is unlikely to lead to negative rating action," says
Laura Acres, a Moody's Vice President and Lead Analyst for
Telkomsel.

Moody's will continue to evaluate the situation and keep the
market informed of any potential rating impact.+

Telkomsel is the largest provider of cellular telecommunications
in Indonesia. As of 30th September 2007, it had 44.5 million
subscribers and an approximate 56% subscriber market share.

* R&I Upgrades Indonesia's FC Issuer Rating to BB+
-------------------------------------------------
R&I Upgraded Indonesia's FC Issuer Rating to BB+.

Under the sound economic management of the Yudhoyono
administration and the central bank's flexible monetary policy,
Indonesia has placed its economy on a growth track and
strengthened its capacity to handle risk.  R&I considers that
the government will be able to maintain an economic environment
that allows it to continue debt reduction efforts in the future
and focus on economic infrastructure development, which until
now has been delayed.  In light of these circumstances, R&I has
upgraded Indonesia's Foreign Currency Issuer Rating to BB+.  The
Rating Outlook is Stable.  R&I has also upgraded the Foreign
Currency Short-term Credit Rating to a-3.

The real gross domestic product growth rate for 2007 is expected
to exceed 6%, the fastest pace since the Asian financial crisis.
As income improves and the high inflation rate being contained,
consumption is expanding, which has led to a recovery in private
sector capital investment.  Sound macroeconomic management by
the Coordinating Minister for Economic Affairs, Minister of
Finance and other officials should support this growth track in
the future as well.  R&I also evaluates positively the central
bank's success in holding the inflation rate, which at one time
exceeded 18%, within the inflation target in the 6% range.
For 2007, the fiscal deficit is expected to be contained to a
low 1.6% of GDP, and the ratio of central government debt to
decline to about 35% at the end of the year.  In 2008, Indonesia
plans to expand capital expenditures that incorporate
infrastructure development, and this will push the
fiscal deficit up to 1.7% of GDP.  Although there is a
possibility that annual revenue would slightly expand and the
size of the deficit to reach roughly 2% of GDP, Indonesia
appears able to maintain its primary balance in surplus, and
there is little concern public debt to begin rising.   Thanks to
growing exports of products besides oil and gas, in 2006 the
current account surplus was 2.7% of GDP.  The account should
remain in surplus in 2007 onwards.  Foreign direct investment
also is showing a positive trend in 2007.  Although crude oil
production had continued to drop over the past several years,
the long-awaited Cepu oilfield is scheduled to begin production
in 2008, and this will halt the decline to some extent.  With
foreign reserves reaching 52.8 billion US dollars at the end of
September 2007, and foreign debt reduced to 35% of GDP at year-
end 2006, foreign currency liquidity concerns continue to
diminish.   If Indonesia is to maintain stable economic growth
over the medium to long-term, effective infrastructure
investment by the government will be required.  In the future,
R&I will watch closely to see how the Yudhoyono administration
proceeds with spending to strengthen its economic base while
pursuing debt reduction until the next presidential election in
18 months.


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

ADVANCED MEDICAL: Names Richard Meier as President
--------------------------------------------------
Advanced Medical Optics Inc. has appointed Richard (Randy) A.
Meier as its president.  He retains his existing chief operating
officer title and responsibilities, which include leadership of
the company's eye care and cataract/implant businesses, global
customer services and manufacturing operations.

James V. Mazzo who remains the company's chairman and chief
executive officer previously held the title of president at AMO.

"Randy has assumed increasingly broad leadership roles since our
spin-off in 2002 and, over that time, has played an integral
role in the growth and development of our company," said Mr.
Mazzo.  "I am confident in his ability to serve as president,
continuing to work closely with me and the AMO leadership team
to execute our strategy and deliver on our operational and
financial goals."

Mr. Meier joined AMO in 2002 as corporate vice president and
chief financial officer.  He subsequently held various
positions, including executive vice president, operations and
president, eye care business.  In February 2007, he was named
chief operating officer and chief financial officer, a position
he held until October 2007, when Michael Lambert, 45, joined the
company as chief financial officer.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for
the twelve months ended June 24, 2005 were approximately
US$921 million.  The company has operations in Germany, Japan,
Ireland, Puerto Rico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service downgraded Advanced
Medical Optics, Inc.'s Corporate Family Rating and Probability
of Default Rating to B2 from B1.  The rating outlook was revised
to stable.  These rating actions conclude the review process for
possible downgrade, which began on May 29, 2007.


BOMBARDIER RECREATIONAL: Moody's Withdraws Ratings on Term Loans
----------------------------------------------------------------
Moody's Investors Service withdrew its proposed ratings on
Bombardier Recreational Products Ba2 senior secured revolver and
B1 senior secured term loan assigned on June 2007, following the
company's decision to postpone the offering due to current
market conditions.  At the same time, Moody's affirmed BRP's B1
corporate family rating, B1 probability of default rating, the
existing Ba2 rating of the senior secured revolver due 2011, and
the B1 rating of the senior secured term loan due 2013.  The
rating outlook continues to be negative.

"The negative outlook principally reflects Moody's concern that
consumer spending both in North America and in Europe, but
primarily in the United States, will soften in the near term
putting pressure on the company's operating performance," said
Kevin Cassidy, Vice President/Senior Credit Officer at Moody's
Investors Service.  "Although Moody's recognizes the operational
improvements the company has made over the last couple of years,
it has returned most of its profitability to shareholders in the
past," noted Cassidy.  He further stated that "Moody's expects
that the company will again lever up to improve shareholder
return once the capital markets improve"

BRP's rating could be downgraded if adjusted leverage approaches
5.5x either because of moderating operating performance or a
material increase in leverage or a combination of both.  On the
other hand, "the rating outlook could be stabilized if BRP
continues to improve its operating performance despite an
expected decline in consumer spending and maintains adjusted
leverage around 5x, even if it levers up for a dividend/share
repurchase," noted Cassidy.

Ratings withdrawn:

  -- CDN$250 million senior secured revolver, due 2012, at Ba2;

  -- CDN$1,125 million senior secured term loan, due 2013, at
     B1;

Ratings affirmed/assessments revised:

  -- Corporate family rating at B1;

  -- Probability of default rating at B1;

  -- CDN$250 million senior secured revolver, due 2011, at Ba2
     (to LGD 2, 28% from LGD 2, 25%);

  -- $720 million senior secured term loan, due 2013, at B1(to
     LGD 4, 54% from LGD 4, 51%)

With corporate headquarters in Valcourt, Quebec, Bombardier
Recreational Products Inc. is a leading designer, manufacturer,
and distributor of motorized recreational products worldwide
including operations in Australia, Brazil, France, Japan, the
Netherlands, Norway, the United Kingdom, and the United States,
among others.   Net sales for the twelve-month period ended July
2007 were approximately CDN$2.8 billion.


DELPHI CORP: Reaches Agreement with Investors on Plan Amendments
----------------------------------------------------------------
Delphi Corp. has reached agreement with General Motors Corp. and
its Plan Investors on amendments to its Joint Plan of
Reorganization, Global Settlement Agreement, and Master
Restructuring Agreement between Delphi and GM, and the New
Equity Purchase and Commitment Agreement with Delphi's Plan
Investors led by an affiliate of Appaloosa Management L.P.

Delphi filed these proposed amendments in the U.S. Bankruptcy
Court for the Southern District of New York as revisions to the
appendices to the company's Disclosure Statement.  Conforming
potential amendments to Delphi's Disclosure Statement will be
filed no later than Nov. 16, 2007.

These filings are being made in accordance with a scheduling
order entered by the Bankruptcy Court last week, which provides
for the resumption on Nov. 29, 2007, of the Disclosure Statement
hearing commenced in Oct. 2007.  Pursuant to the Bankruptcy
Court's order, the filings may be further amended by the company
on Nov. 28 and remain subject to approval of the Bankruptcy
Court.  Appaloosa and all of the other Plan Investors have
delivered a fully executed bid letter to the company in
connection with the revised Investment Agreement amendment.  The
effectiveness of the amendment is subject to various conditions
including Appaloosa being reasonably satisfied with any changes
to the Disclosure Statement when the proposed amendments are
filed later this week.

"T[he] filings, which have been agreed upon by GM and all of our
Plan Investors, are the cornerstones of a plan of reorganization
that we believe can be achieved during this challenging capital
markets environment," said John Sheehan, Delphi vice president
and chief restructuring officer.  "We have agreed to very
focused potential amendments to our reorganization plan which
continues to provide for full recoveries for unsecured creditors
at plan value as well as fair consideration for Delphi's equity
holders."

As with Delphi's Oct. 29 filing, these potential amendments
reflect current market conditions, commensurate changes to the
Company's emergence capital structure and form of plan currency
contemplated for stakeholder distributions, an effective
reduction of less than 5% in plan value to reflect macroeconomic
and industry conditions and uncertainties and reductions in
stakeholder distributions to some junior creditors and interest
holders.  Further, the potential amendments reflect changes
required by Delphi's Plan Investors to obtain their endorsement
of the Plan, the company's settlements with GM and its U.S.
labor unions, the company's emergence business plan and related
agreements.

The potential amendments include the following changes to
the Plan Investors' direct investment and certain stakeholder
recoveries:

                                        Revised Potential
Party           Original Plan           Amendment (11/14/07)
-----           -------------           --------------------
Net Funded      US$7.1 Billion          US$5.2 Billion
Debt

Plan Equity     Total enterprise        Total enterprise
Value           value of US$13.9B,      value of US$13.4B,
                which after deducting   which after deducting
                net debt and warrant    net debt and warrant
                value results in        value results in
                distributable value     distributable value
                of US$6.6 billion (or   of US$8.1 billion (or
                approximately US$45.00  approximately US$61.72
                per share based on      per share based on
                approx. 147.6 million   approx. 131.3 million
                shares)                 shares)

Plan            Direct Investment       Direct Investment
Investors       * Purchase US$400MM     * Purchase US$400MM
                  of preferred stock      of preferred stock
                  convertible at an       convertible at an
                  assumed enterprise      assumed enterprise
                  value of US$11.75B      value of US$10.25B
                  (or 30.1% discount      (or 37.8% discount
                  from Plan Equity        from Plan Equity
                  Value)                  Value

                * Purchase US$400MM     * Purchase US$400MM
                  of preferred stock      of preferred stock
                  convertible at an       convertible at an
                  assumed enterprise      assumed enterprise
                  value of US$12.80B      value of US$10.75B
                  (or 14.3% discount      (or 31.6% discount
                  from Plan Equity        from Plan Equity
                  Value)                  Value)

               * Purchase US$175MM      * Purchase US$175MM
                 of New Common Stock      of New Common Stock
                 at an assumed plan       at an assumed plan
                 value of US$12.8B        value of US$10.25B
                 (or 14.3% discount       (or 37.8% discount
                 from Plan Equity         from Plan Equity
                 Value)                   Value)

GM             Recovery of US$2.7B      Recovery of US$2.7B
               * US$2.7B in Cash        * US$750MM in Cash

                                        * US$750MM in second
                                          lien note

                                        * US$1.1B in junior
                                          convertible preferred
                                          stock (US$1.2B
                                          in liquidation value)

Unsecured      Par + accrued recovery   Par + accrued recovery
Creditors      at Plan value of         at Plan value of
               US$13.9B                 US$13.4B

               * 80% in New Common      * 75.5% in New Common
                 Stock valued             stock valued at
                 at Plan Equity Value     Plan Equity Value

               * 20% in Cash            * 24.5% through pro rata
                                          participation in the
                                          Discount Rights
                                          an assume enterprise
                                          value of US$10.25B
                                          (or 37.8% discount
                                          from Plan Equity
                                          Value)

TOPrS          Par + accrued recovery   Par only recovery at
               at Plan value of         Plan value of US$13.4B
               US$13.9B

               * 100% in New Common     * 75.5% in New Common
                 Stock valued at          Stock valued at
                 US$45 per share          Plan Equity Value

                                        * 24.5% through pro rata
                                          participation in the
                                          Discount Rights
                                          an assume enterprise
                                          value of US$10.25B
                                          (or 37.8% discount
                                          from Plan Equity
                                          Value)

Existing       Par Value Rights         Par Value Rights
Common         * Right to acquire       * Right to acquire
Stockholders     approx. 12,711,111       approx. 20,770,345
                 shares of New Common     shares of New Common
                 Stock at a purchase      Stock at a purchase
                 price of US$45.00        price struck at
                 per share                Planned Equity Value

               Warrants                 Warrants

               * Warrants to acquire    * Warrants to acquire
                 an additional 5%         6,908,758 shares of
                 of New Common Stock      New Common Stock
                 at US$45.00 per share    (which comprises 5% of
                 exercisable for five     the fully diluted New
                 years after emergence    Common Stock)
                                          exercisable for 5
                                          years after emergence
                                          struck at 32.4%
                                          premium of Plan Equity
                                          Value

                                        * Warrants to acquire
                                          US$1.0 billion of New
                                          Common Stock
                                          exercisable for six
                                          months after emergence
                                          struck at 8.2% premium
                                          to Plan Equity Value

               Direct Distribution      No provision for
                                        Direct Distribution
               * 1,476,000 shares of
                 New Common Stock

               Participation in         No Provision for
               Discount                 Participation in
               Rights Offering          Discount Rights Offering

               * Right to purchase
                 40,845,016 shares
                 of New Common Stock
                 at a purchase price
                 of US$38.56 per share

A full-text copy of blacklined portions of Delphi's Disclosure
Statement, reflecting the Nov. 14 Proposed Amendments, is
available for free at:

    http://bankrupt.com/misc/Delphi_DSAmendments_11-14-07.pdf

Although the potential amendments are supported by GM and the
Plan Investors, Delphi has been advised by both of its Statutory
Committees that they will no longer support the Company's Plan
if amended as proposed.  The Creditors' Committee opposes
changes to the Plan made since the potential amendments filed on
Oct. 29, particularly the proposed increase in consideration to
the Plan Investors (as a result of the larger discounts to
Equity Plan Value agreed to by the company in exchange for the
Plan Investors' proposed investment), the form of distributions
to GM and proposed addition of out-of-the-money warrants to
common stockholders.  The Equity Committee opposes changes from
the original Plan filed on Sept. 6, which would reduce
recoveries to common stockholders as contemplated in the
potential amendments.  Absent a consensual resolution of these
concerns, both of the Delphi's Statutory Committees are expected
to supplement the objections filed by each committee on Nov. 2
and seek other relief from the Bankruptcy Court.

Delphi will continue to work toward a consensus among its
principal stakeholders, including the Creditors' Committee and
the Equity Committee, recognizing that such an outcome is not
assured.  In the event these amendments do not become effective,
the original underlying agreements as approved by the Bankruptcy
Court on Aug. 2 remain in effect.  The company continues to
pursue emergence from Chapter 11 during the first quarter of
2008.

                     About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  The hearing to consider the adequacy of
the Disclosure Statement started on Oct. 3, 2007, and will be
continued on Nov. 29, upon which time the Debtors are expected
to have filed a revised Reorganization Plan and related
documents.  (Delphi Bankruptcy News, Issue No. 96; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FORD MOTOR: Names Tata, Mahindra & One Equity as Final Bidders
--------------------------------------------------------------
Ford Motor Company has narrowed the final bidders for its Jaguar
and Land Rover brands to three -- Indian carmaker Tata Motors,
rival Mahindra & Mahindra in collaboration with buyout firm
Apollo, and One Equity Partners, a buyout firm funded by U.S.
investment bank JP Morgan, Mathieu Robbins writes for Reuters,
quoting people familiar with the matter.

Tata, Mahindra & Mahindra and One Equity are each set to move on
to the third round of negotiations with Ford in line with their
efforts to acquire the two British marques, the report says.
The three bidders are now expected to begin talks with trade
unions and the U.K. government about saving jobs following
speculations that some of the bidders intend to shift production
from the U.K.

Buyout firms TPG, Terra Firma and Ripplewood were expected to
submit second-round bids but Ford decided to drop them from the
third-round shortlist, Reuters reveals.

                Former Rover Head Eyes Jaguar

Wolfgang Reitzle, the former head of Rover, has partnered with
former Ford Motor Co. CEO Jacques Nassar in a bid to buy Ford's
Jaguar and Land Rover brands, Ben Harrington writes for the
Daily Telegraph.

According to the report, Mr. Reitzle has started working with
One Equity Partners in the final stages of the auction process
for the car brands.  If One Equity's bid for Jaguar and Land
Rover will be successful, Mr. Reitzle would take up a non-
executive role at the company, the Telegraph relates.

Unnamed industry sources told the Telegraph that Mr. Reitzle
could provide the right management and advice to Jaguar and Land
Rover.  Analysts estimated that the two brands could cost as
much as GBP1 billion between them.

Mr. Reitzle previously worked for Ford Motor's Premier
Automotive Group -- which includes Aston Martin, Jaguar,
Lincoln, Volvo and Land Rover -- as chairman and CEO before he
left for Linde AG in May 2002.

Ford began exploring the sale of the European brands in June as
part of a strategic global review, which also included the sale
of Aston Martin to a Kuwait-backed consortium in a GBP480
million-deal completed in March, Reuters relates.

As reported on Sept. 18, 2007, the sale of the two luxury brands
is expected to add about US$1.5 billion to US$2 billion to
Ford's financial coffers.  Ford is scrambling to beef up its
finances in order to fund a potential Voluntary Employment
Benefits Association, as well as its ongoing restructuring
plans.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service has affirmed the long-
term ratings of Ford Motor Company (B3 Corporate Family Rating,
Ba3 senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3.  Moody's also affirmed Ford Motor Credit
company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative.


FORD MOTOR: S&P Holds 'B' Rating and Removes Positive Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and other ratings on Ford Motor Co. and Ford
Motor Credit Co. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007.  The
outlook is stable.
     
The CreditWatch placement resulted from the announcement that
General Motors Corp. had reached a contract agreement with its
main labor union, the United Auto Workers, on that day and we
expected Ford to reach a similar agreement.  As S&P expected,
Ford reached a largely similar agreement that caused S&P to
review the company's rating and outlook.  Ford's contract was
ratified by UAW members last week.
     
Standard & Poor's will hold a telephone conference call on
Nov. 20, 2007, at 11:00 a.m. Eastern Standard Time to discuss
its recent rating actions on Ford, GM, and Chrysler LLC
following the 2007 UAW contract agreements.  David Wyss,
Standard & Poor's chief economist, will provide our economic
outlook for 2008, followed by automotive analysts Robert Schulz
and Gregg Lemos-Stein, who will discuss the industry conditions
and specifics on the three Michigan-based automakers.  At the
conclusion of the analysts' remarks, they will be available to
answer questions.
      
"The rating affirmation reflects our view that Ford's new
contract is a substantial long-term positive for the company's
turnaround efforts in North America," said Standard & Poor's
credit analyst Robert Schulz, "but that a number of challenges
remain in 2008 and 2009 before cost savings from the contract
arrive in earnest."
  
Even under Ford's revised automotive cash use guidance of US$12
billion to US$14 billion in 2007-2009, including restructuring
costs (an improvement from earlier guidance of US$17 billion in
automotive cash outflows), the company will still use more cash
in 2008 than in 2007.  S&P believe Ford has sufficient liquidity
to fund these operating cash outflows and restructuring costs,
although S&P do expect Ford to move to a net debt position (debt
in excess of cash at the parent level) in 2008.

The stable outlook indicates S&P's belief that Ford will
continue to make progress on its turnaround program in North
America and sharply reduce its cash burn rate by 2009, that auto
operations outside North America will remain improved profit
contributors, and that Ford will manage its liquidity at
satisfactory levels.
     
The ratings on Ford reflect primarily the risks and lack of
intermediate-term visibility in the company's North American
automotive operations.  Ford's response to the massive
challenges of market-share erosion, excess capacity and
headcount, and adverse product mix trends was to undertake a
multiyear restructuring plan, of which the recently approved UAW
contract represents a major element.
     
However, as with past restructurings, the ultimate success
depends largely on whether the company can stabilize its market-
share losses at a level consistent with its future capacity.  
Ford's U.S. light-vehicle market share, as measured by Ward's
Automotive, declined to 15.7% for the first 10 months of 2007
from 17.6% a year earlier, continuing a multiyear trend,
although part of the recent decline reflects deliberate efforts
to lower its dependence on less-profitable daily rental sales.  
Although the company has demonstrated progress in its
restructuring, it would not take a sharp downturn in the North
American market or significant underperformance to reverse any
progress the company has made in reducing its cash burn rate.
     
One key variable for 2008 will remain the U.S. full-size pickup
truck market, which has shrunk in 2007 because of the weakening
housing market and high gas prices.  Sales of F-series pickups,
which represent about one-third of Ford-brand sales and a far
greater share of profitability, were down 12.9% in 2006 from a
year earlier and another 14.2% through the first 10 months of
2007 compared to the same period in 2006.  Meanwhile,
competition in this segment remains fierce.  A redesigned
version of Ford's most popular pickup, the F-150, will not be
available until 2008, about the same time that Dodge launches
its new truck.
     
In the meantime, Ford has introduced new crossover utility
vehicle models into this expanding but already well-populated
segment.  Initial sales results have been solid, but S&P believe
the sales of the new CUVs will not fully offset the lost SUV or
pickup sales in terms of profit contribution.  S&P believe this
industry mix shift into generally less profitable vehicle
segments is unlikely to reverse.
     
Ford Credit remains a significant earnings generator for its
parent through its automotive sales finance activities, but
these earnings have weakened considerably since 2004 because of
higher borrowing costs and lower levels of finance assets
outstanding.
S&P expect Ford Credit's earnings to be lower in 2007 than in
2006 largely because of the same factors.
     
The rating outlook is stable.  S&P expect Ford to continue
making progress on its North American turnaround.  S&P also
expect Ford to maintain substantial cash balances and access to
liquidity during the next two years.  Ford will likely use
greater cash from automotive operations in 2008 than in 2007,
and the stable outlook reflects that expectation, but does not
include the much sharper use of cash that would result from the
type of decline in U.S.  light-vehicle sales that would
accompany a recession.
     
The outlook could be revised to negative or the ratings lowered,
despite the health care savings that will start to accrue in
2010, if S&P came to expect that Ford's substantial cash outflow
would not begin to lessen or begins to worsen because of
setbacks, whether Ford-specific or stemming from market
conditions.  S&P do not expect to revise the outlook to positive
within the next few quarters, given the uncertain economic
outlook and ongoing turnaround plan execution risk.


KRATON POLYMERS: Moody's Affirms B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed Kraton Polymers LLC's B1
corporate family rating but revised the company's outlook to
negative as Moody's expects continued margin weakness, due to
delays in passing on the full extent of raw material cost
increases to Kraton customers, which will diminish free cash
flow from operations over the next 12 to 18 months.  Kraton's
margins have been adversely impacted by an upturn in raw
material costs such that gross margins for the third quarter
have dropped to 16% from 22% year-over-year despite a measure of
success in achieving some price increases.  Year to date,
Kraton's cost of goods sold, as measured on a US dollar per
metric ton basis, have increased 11% and only 43% of these
higher costs have been passed on to customers.  Margin declines
have also served to offset the benefits of successful programs
to cut fixed costs.  New cost cutting efforts are just being
completed and their benefits to cash flows have not been
realized.

In early 2007, Moody's indicated the ratings or outlook could be
lowered if Kraton significantly under performed our forecast
such that debt to EBITDA exceeded 5.5 times or retained cash
flow to total debt declined below 7% over the next 18 months.
Due to margin pressures, for the LTM period ending
Sept. 30, 2007, adjusted debt to EBITDA was 7.3 times (adjusted
for pensions and capitalized leases) and retained cash flow to
total adjusted debt declined below 5% -- metrics that drive the
change in the outlook to negative.  Moody's will monitor
Kraton's performance, cost saving initiatives, and ability to
increase product prices over the next few quarters as it seeks
to reverse this margin pressure, but its ratings could be
downgraded in the absence of sustainable improvement.

Moody's also views Kraton's liquidity profile as facing pressure
due to potential breaches of financial covenants.  The company
made a US$40 million pre-payment on its term loan in the third
quarter from available cash.  The 5.45 debt to adjusted EBITDA
covenant in Kraton's credit facility would have been breached in
the third quarter of 2007 if the company had not made at least a
US$16 million pre-payment on its term loan.  The credit
facilities' leverage and interest coverage covenants tighten in
2008, raising the possibility that Kraton may fail to meet
covenant tests by the end of the second quarter of 2008 if
margin pressure accelerates.  At Sept. 30, 2007, Kraton had no
borrowings under the revolving portion of its US$75.5 million
credit facility and more than US$30 million in cash on the
balance sheet.

Issuer: KRATON Polymers LLC

          -- Moody's Actions:

           Outlook Changed To Negative From Stable

Based in Houston, Texas, Kraton Polymers LLC --
http://www.kraton.com/-- produces styrenic block copolymers.
SBCs are highly-engineered thermoplastic elastomers, which
enhance the performance of numerous products by delivering a
variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.  Its production
facilities are located in the United States, Germany, France,
The Netherlands, Brazil, and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Standard & Poor's Ratings Services lowered its
ratings on Kraton Polymers LLC, including the corporate credit
and senior secured debt ratings to 'B' from 'B+'.  S&P said the
outlook is negative.


NIPPON SHEET: Posts JPY51.5-Bil. Net Income for 2007 First Half
---------------------------------------------------------------
Nippon Sheet Glass Company, Ltd., posted a net income of
JPY51.5 billion for the six-month period ended September 30,
2007, a 154.0% rise from the JPY20.3-billion net income recorded
for the same period last year.

Operating income soared 214.9% to JPY27.0 billion from the
JPY8.6 billion recorded for the first six months of 2006.  
First-Half sales increased to JPY433.9 billion year-on-year from
JPY273.3 billion.

     Results of Operations and Business Outlook   

The first half-year period under review (April to September
2007) saw a steady recovery in Central European economies, but a
leveling off of upward momentum in Germany.  Growth in Russia
and Eastern Europe continued.

In Japan, despite concerns about the high level of prices of raw
materials and fuels (especially crude oil), the economy enjoyed
modest expansion, supported by steady capital expenditure and
improvements in employment and consumer confidence.  However,
housing starts in July through September showed a consecutive
decrease, due mainly to delays in building permits caused by
changes in the new Japanese Construction Code.

The North American economy continued to show a subdued
performance, due to the decline in the housing market.  In other
areas, notably South America and China, expansion continued with
growth in the regional economies.

In the information technology and electronics sector, worldwide
shipments of PCs, cellular phones and other IT equipment
sustained higher levels than in the previous year.  The glass
fiber sector continued to experience robust demand,
particularly, in Europe.

The performance of Pilkington, which became a consolidated
subsidiary in June 2006, was included in the Company's
consolidated income statement from the second quarter of the
previous fiscal year.  Consequently, sales, operating profits,
and ordinary profits all saw substantial year-on-year increases
in the first half.

In this period, the Company recorded JPY50.5 billion in
extraordinary profits, mainly from the disposal of an
Australasian subsidiary in the Flat Glass business, as well as
the sale of investment securities.

        Segmental Overview of Operating Results

Flat Glass Business

The Flat Glass business encompasses the Group's Building
Products business (glass and glazing systems for exterior and
interior architectural use) and Automotive business (glass and
glazing systems for vehicles in the Original Equipment and
Aftermarket sectors).  Overall, these businesses accounted for
around 90 per cent of total Group sales in the period under
review.

Building Products business

In Building Products Europe, (representing 58 per cent of the
Group's BP sales), demand continued at satisfactory levels.
Profit performance was strong across most regions and products,
with prices above levels of the previous year and efficiency
gains offsetting cost increases.  Market conditions in Japan (24
per cent of BP sales) continued to be challenging, with sales
and profits at similar levels to last year.  Residential
construction remained depressed, resulting in increasingly tough
competition amongst downstream manufacturers with reduced
volumes and increasing levels of over-capacity.

In North America (8 per cent of BP sales), residential glass
demand continued to be weak which, combined with rising input
costs, resulted in declining year-on-year profits.  In the Rest
of the World (10 per cent of BP sales), the Group's businesses
in South America continued to perform well and Cebrace, the
Group's 50 per cent joint venture in Brazil, also showed
improved year-on-year results.  In South East Asia, the Group's
businesses continued to show an improvement over the previous
year.

Overall, the Building Products business achieved sales of
JPY205 billion and operating income of JPY17.5 billion.

Automotive business

In Automotive, approximately 52 per cent of sales are in Europe,
15 per cent in Japan, 24 per cent in North America and 9 per
cent in other regions.

In the European Original Equipment sector, revenues and profits
remained strong, and in the European Automotive Glass
Replacement market, both revenues and profits were ahead of the
previous year.

In Japan, revenues were reduced, due to poor model performance
of some models and problems with some new model introductions.  
In North America, OE sales were ahead of the previous year and
AGR profits also demonstrated a year-on-year improvement.  In
the Rest of the World, sales and profits in both South America
and China were ahead of last year, with those in South East Asia
lower than last year.

Overall, Automotive sales were JPY183 billion, with operating
income of JPY12.6 billion.

Specialty Glass Business

The Specialty Glass Business encompasses the Group's Information
Technology business (information and telecommunication devices
and glass for LCDs) and Glass Fiber businesses.

Information Technology

In the Information Technology business, demand for the main
products, including optical lenses for multifunction printers
and glass substrate for small and medium-sized LCD panels,
remained steady.  Consequently, total sales for the IT business,
of JPY21.0 billion, were slightly higher than the level in the
previous year.  Due to an increase in sales and cost reduction,
operating income in this business was higher than the previous
year.

Glass Fiber

In the Glass Fiber sector, total sales of JPY19.2 billion were
higher year-on-year, reflecting continuing robust demand for
glass cord in Europe.  Sales of Metashine(R), which is used by
cosmetics manufacturers worldwide, remain strong.

Other Operations

This segment mainly covers Corporate costs and engineering
income, but also includes small businesses not included in
Building Products, Automotive and Specialty Glass.  The result
is a reduction in earnings, reflecting an increase in general
corporate expenses due to the consolidation of Pilkington
central costs for the period.  Consequently, this segment
recorded sales of JPY5.7 billion and an operating loss of
JPY7.8 billion.

              Operating Outlook for FY2008

Economic activity is expected to remain steady in Western
Europe, with rapid growth continuing in Eastern Europe and
Russia.  In Japan, it is anticipated that in the third quarter
of fiscal 2008 onward, the recovery trend of the Japanese
economy will weaken, reflecting a slowdown in capital investment
and consumer spending and trends in overseas economies.  The
U.S. economy is seen to steady in general, but the housing
market is expected to continue to be affected by problems in the
mortgage market.

In the Rest of the World, South American markets are expected to
continue to expand, particularly in Brazil.  ASEAN economies are
projected to grow steadily, due to expansion of exports and
infrastructure-related investment.  It is anticipated that
capital spending, exports and personal investment will continue
to drive economic growth in China, although the economy is not
expected to grow as fast as in 2006.

Building Products

In Europe, we expect most Building Products markets to begin to
soften as the financial year progresses, although market
conditions will continue to be relatively buoyant compared to
the previous year.  The full-year result is expected to show a
marked increase in year-on-year financial performance.  In
Japan, economic conditions continue to be unfavorable, resulting
in a further year of low operating margins.  Similarly, in North
America the residential housing market continues to be weak and
profit performance is expected to be slightly below the previous
year's level.  In South America the Group's businesses continue
to generate satisfactory returns and the full-year result is
anticipated to be slightly ahead of last year.  The performance
of the Building Products businesses in South East Asia is also
expected to be ahead of the previous year.

Across the Building Products business in total, the relative
size and strength of the profit performance in Europe will more
than offset weaknesses in Japan and North America.  This is
expected to result in a significant improvement in overall
profitability.

Automotive

In Automotive, in Europe, sales to OE customers should continue
to be higher than last year despite relatively flat markets.  In
North America, trading conditions remain difficult and our sales
to the major OE customers are likely to be below last year,
although this trend should reverse next year due to an increase
in the number of new models.  The Japanese market demand is
weaker and sales will be below last year.  Market demand in
South America continues to be buoyant and sales will be well
ahead of last year.  In the replacement glass businesses, sales
continue to exceed last year in all markets except North
America, where competition remains intense.

Overall, the continuing strong performance of Europe and South
America should ensure a further year of increased profits in
Automotive.

Specialty Glass

In the Information Technology Business, demand for mobile phones
and portable music players is expected to show firm growth, with
the glass substrate market for small and medium-sized LCD and
touch panels remaining steady.  Due to seasonal demand
variations, the demand for optical lenses for multi-function
printers is expected to be slightly lower than the first half-
year.

In the Glass Fiber Business, in Europe, demand for glass cord is
expected to continue to increase, with a further shift towards
high quality glass cord.  Indications are that the market for
Metashine(R) will remain buoyant.  The Group intends further to
develop non-cosmetics applications in industrial markets for  
Metashine(R).

                     Outlook for FY2008

The Group outlook for the full year, as announced on August 23,
2007, remains unchanged, with net income expected to reach
JPY53 billion, operating income estimated to be at JPY45 billion
and net sales seen to be at JPY850 billion.

                     About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business  
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The company has operations in Argentina, the United States, and
Austria.

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


NUANCE COMMS: Posts US$3.4 Mil. Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Nuance Communications Inc. disclosed financial results for the
fourth fiscal quarter ended Sept. 30, 2007.

On a GAAP basis, Nuance recognized a net loss of US$3.4 million
in the quarter ended Sept. 30, 2007, compared with a net loss of
US$7.2 million in the quarter ended Sept. 30, 2006.

Nuance reported revenues of US$179.9 million in the quarter
ended Sept. 30, 2007, a 40% increase over revenues of US$128.1
million in the quarter ended Sept. 30, 2006.

Using a non-GAAP measure, the company reported non-GAAP revenue
of approximately US$187.2 million, up 41% from the same period
last year.  Using a non-GAAP measure, Nuance reported non-GAAP
net income of US$37.0 million for the period ending Sept. 30,
2007, compared to non-GAAP net income of US$26.3 million in the
quarter ended September 30, 2006.

These GAAP figures exclude revenues lost to purchase accounting
in conjunction with the company's acquisition of BeVocal Inc.,
VoiceSignal Technologies Inc. and Tegic Communications.  The
non-GAAP net income amount excludes non-cash taxes and interest,
amortization of intangible assets, non-cash amortization of
stock-based compensation, and acquisition-related transition and
integration costs and charges.

"Nuance ended 2007 on a particularly high note, delivering
robust performance in several major product areas and producing
strong organic revenue growth," said Paul Ricci, chairman and
chief executive officer of Nuance.  "Our results in the fourth
quarter reflect favorable trends and momentum the company
experienced throughout 2007.  In particular, we have witnessed
strong demand from customers and partners across our diverse
speech markets, improved operational performance through expense
discipline and operating leverage, and enjoyed strategic and
operational synergies from recent acquisitions.  Combined, these
factors delivered results for the quarter and the year above
expectations and positioned Nuance for continued achievement in
2008."

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$2.20 billion in total assets, US$1.31 billion in total
liabilities, and US$895.8 million in total shareholders' equity.

                   About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN) -- http://www.nuance.com/-- provides speech and
imaging solutions for businesses and consumers around the world.  
The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico and the United Kingdom, among others.

                          *     *     *

Nuance Communications still carries Standard & Poor's Ratings
Services 'B+' long term foreign issuer credit and 'B+' long term
local issuer credit ratings, which were placed on March 22,
2007.  S&P said the outlook is positive.


XEROX CORP: Solid Position Prompts Moody's to Lift Ratings
----------------------------------------------------------
Moody's Investors Service raised the ratings of Xerox
Corporation and supported subsidiaries, upgrading Xerox's senior
unsecured rating to Baa2 from Baa3.  The upgrade reflects the
company's solid competitive position in the mature and
competitive office equipment sector, its good business
execution, continued progress in building its installed base of
equipment that drives its post sales annuity revenue, stable
profitability, and solid free cash flow generation.  The
accelerated reduction of secured debt also supports the upgrade,
as does Xerox's disciplined financial philosophy with respect to
maintaining strong balance sheet liquidity and modest financial
leverage.  The outlook is positive.

The positive outlook considers the company's good prospects for
continuing to grow its installed base of equipment and maintain
or enhance operating performance levels.  To the extent that
management maintains good financial discipline as it seeks to
grow revenue, the rating could have upward pressure over time.

Over the next year, Moody's expects modest, low single digit
revenue growth driven by the post sale revenue that follows
equipment sales.  Xerox has demonstrated good unit installation
activity with customers over the last several quarters, which
its strong product lineup should continue to support, with 39
new product introductions this year and good business execution.

"While Moody's anticipates consistent operational execution and
stable operating margins in the 8% to 9% range, product pricing
remains very competitive, especially with the faster growing
color copiers, where Xerox is well positioned," says Moody's
Richard Lane.  "This will require continued focus on operational
efficiencies and cost management."

Importantly, the company continues to consistently reduce the
level of secured debt in its capital structure.  Since the peak
balance of $4.9 billion in December 2004, Xerox has reduced its
secured debt to just over $400 million at October 2007.  Moody's
expects this will decline to around $300 million by fiscal year
end December 2007 and approach zero by the end of 2008.

Liquidity remains solid, with cash balances of $848 million at
September 2007 plus access to a $2.0 billion unsecured revolving
credit facility, for which covenant room is expected to remain
ample. Combined with expectations of stable annual free cash
flow
($1.5 billion for the latest twelve months ended September
2007),
Moody's views Xerox as well positioned:

    (1) to meet aggregate public debt maturities of
        approximately $625 million through 2008;

    (2) to address potential calls on liquidity related to
        outstanding shareholder litigation;

    (3) to repurchase common stock;

    (4) to potentially reinstate a common dividend, and

    (5) to make modest sized acquisitions, such as the recent
        purchases of Advectis.

Ratings raised include:

Xerox Corporation:

   * Senior unsecured to Baa2 from Baa3
   * Trust preferred to Baa3 from Ba1

Xerox Credit Corporation:

   * Senior unsecured to Baa2 from Baa3
     (support agreement from Xerox Corporation)

Xerox Corporation, headquartered in Norwalk, Connecticut,
develops, manufactures and markets document processing systems
and related supplies, and provides consulting and outsourcing
document management services.  The company maintains operations
in France, Japan, Italy, Nicaragua, among others.


XEROX CORP: Declares US$0.0425 Per Share Quarterly Dividend
-----------------------------------------------------------
Xerox Corporation's board of directors declared a quarterly cash
dividend on Xerox common stock.  The dividend of US$0.0425 per
common share is the first in more than six years.

"With our return to investment grade, strong cash generation and
effective business model, we've significantly strengthened our
financial position, providing flexibility for investing in our
business and delivering shareholder returns," said Anne M.
Mulcahy, Xerox chairman and chief executive officer.  "Declaring
a dividend and our continued share repurchase initiatives
reflect the health of our business and our belief in the long-
term value we're creating for Xerox shareholders."

The dividend will be payable on Jan. 31, 2008, to shareholders
of record on Dec. 31, 2007.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.


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

EUGENE SCIENCE: Shipments to Archer Daniels Doubles 3Q Revenue
--------------------------------------------------------------
Eugene Science, Inc.'s record CZ(TM) product shipments to Archer
Daniels Midland drove revenues for its third quarter ended
September 30, 2007, to double sequentially over the prior
quarter to US$316,461.

During the third quarter, the Company shipped 7.5 tons of its
patented, cholesterol lowering CZ(TM) product to ADM, the
Company's strategic partner in the United States.  Subsequently,
the Company has received orders from ADM for an additional 6.0
tons of CZ(TM) which it expects to ship and recognize as
revenues in the current fourth quarter.

Eugene Science noted that an ADM customer has launched a food or
beverage product enhanced with CZ(TM) in the third quarter of
2007.  The mass-market food or beverage product to which the
water-dispersible CZ(TM) is being added was not disclosed by ADM
for competitive reasons.

"The increased demand for CholZero is encouraging and confirms
our sense that the market for cholesterol lowering plant sterols
is becoming mainstream," said Seung Kwon Noh, Eugene Science
Chairman and Chief Executive Officer.  "Our expectation, and
that of other experts in this field, is that once several mass
market products featuring cholesterol lowering plant sterols are
solidly established in the food and beverage marketplace, many
other food and beverage companies will soon follow."

"The health benefit combined with the major marketing and
competitive advantages of CZ(TM) enhanced food or beverage
products are quite compelling when factoring in the modest
incremental cost of adding CZ(TM)," concluded Dr. Noh.

The Company reported a net loss for the third quarter ended
September 30, 2007 of US$450,326, or US$0.01 per share, compared
with a loss of US$966,751 or loss of US$0.03 per share, on
revenue of US$314,726 in the year ago quarter ended September
30, 2006. Results were negatively impacted by costs associated
with the Company's ongoing development of a new facility which
will enable the Company to double its CZ(TM) plant sterol
production capacity to a maximum of 100 tons monthly. The
increased production capacity will increase the Company's gross
revenue capability to approximately US$5 million per month.

               Company Strengthens Balance Sheet

The Company also reported its cash position was strengthened by
a capital raise of US$2.25 million during the quarter. Also
during the quarter, the Company renegotiated its debt agreement
with KOTEC (also known as "KIBO Technology Fund") in which the
Company paid approximately US$82,000 in principal on debt of
approximately US$3.3 million in return for the elimination of
US$1.2 million in debt with the remaining US$2.1 million balance
to be paid interest free over a ten year period beginning in
2010.

Additionally, the Company noted it has held advanced discussions
and reached preliminary restructuring or workout agreements with
creditors of approximately US$12 million of debt which the
Company intends to implement in the fourth quarter 2007 or first
half of 2008 to further strengthen its balance sheet.

                 About Eugene Science, Inc.

Based in Kyonggi Do, South Korea, Eugene Science Inc. is a
global biotechnology company that develops, manufactures and
markets nutraceuticals, or functional foods that offer health-
promoting advantages beyond that of nutrition.  Plant sterols
are the company's primary products, which include CZTM Series of
food additives and CholZero(TM) branded beverages and capsules.
In June 2005, the company received regulatory approval for
certain health claims associated with the company's products
from government agencies in the Republic of Korea.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 30, 2007, the independent auditors for Eugene Science,
Inc., after auditing the company's financial statements for the
year ended Dec. 31, 2006, raised substantial doubt on the
company's ability to continue as a going concern, citing its
recurring losses from operations and working capital
deficiencies.

In a regulatory filing with the United States Securities and
Exchange Commission, the company stated that it has experienced
recurring losses since 2000 and has negative cash flows from
operations.  Eugene Science's net losses were US$2,007,212 and
US$6,343,733 for the years ended December 31, 2006 and 2005,
respectively.

The Company admits that its ability to continue as a going
concern is contingent upon its ability to secure additional
financing, initiating sale of its product and attaining
profitable operations.


DURA AUTOMOTIVE: U.S. Trustee Objects to Chapter 11 Plan
--------------------------------------------------------
Kelly Beaudin Stapleton, the United Stated Trustee for Region 3,
asks the U.S. Bankruptcy Court for the District of Delaware to
deny confirmation of the Joint Plan of Reorganization filed by
DURA Automotive Systems Inc. and its debtor-affiliates.

As previously reported in the Troubled Company Reporter, the
Court had approved the adequacy of the Disclosure Statement
explain the Debtors' plan on Oct. 3, 2007.  The Court had
initially scheduled the confirmation hearing on November 26 but
was rescheduled to
Dec. 6, 2007.

"The Plan should not be approved on the grounds that, as
proposed, it is unconfirmable as a matter of law," asserts the
U.S. Trustee.

The U.S. Trustee believes that Debtors are inappropriately
seeking deemed substantive consolidation for plan purposes.  She
notes that, under applicable Third Circuit Law, substantive
consolidation is prohibited, unless the proponents of it can
establish a prima facie case for true substantive consolidation.

The Debtors are perfectly capable of presenting non-consolidated
claims and financial information, the U.S. Trustee asserts.  She
explains that, while the Debtors filed consolidated financial
statements, the Debtors maintained all corporate formalities,
maintained separate books and records for their respective
estates, as well as non-consolidated claims and financial
information.

The U.S Trustee also disputes the Joint Plan of Reorganization
on the account that it unfairly discriminates against certain
general unsecured creditors, specifically, the Class 3B Senior
Notes Claimants -- holders of senior notes with principal amount
less than US$75,000.  She elaborates that if the ability to
participate in the US$140,000,000 to US$160,000,000 equity
rights Offering has any value, the treatment of the Class 3B
Senior Note Claimants under the Plan constitutes unfair
discrimination, because the ability to participate in the Rights
Offering is limited to Class 3A Notes claimants, or holders of
senior notes with a principal amount greater than US$75,000.  

As previously reported, Pacificor, LLC, which has committed to
back stop the rights offering pursuant to the Court-approved
Backstop Rights Purchase Agreement, has required that Dura
emerge from bankruptcy as a privately held company.  As a
result, parties entitled to buy shares of Reorganized Dura were
limited to large holders of Senior Notes Claims.

                      About DURA Automotive

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

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


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

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


DURA AUTOMOTIVE: Noteholders Support U.S. Trustee's Objections
--------------------------------------------------------------
Certain beneficial holders of approximately US$88,000,000 in
face amount of 9% senior subordinated notes due May 2009, issued
by Dura Operating Corp., support the arguments stated by the
U.S. Trustee for Region 3 that that:

   (i) the Plan unfairly discriminates certain general unsecured
       creditors; and

  (ii) the Debtors cannot prove that substantive consolidation
       is proper.

Tobey M. Daluz, Esq., at Ballard, Spahr, Andrews & Ingersoll,
LLP, in Wilmington, Delaware, also argues that the Plan is not
fair and equitable under Section 1129(b)(1) of the Bankruptcy
Code because Pacificor will receive 42.4% of the new common
stock of Reorganized Dura, and the Debtors' management will
receive 10% of the Distribution Shares under the Management
Equity Program.

Under the Backstop Agreement and the Plan, Pacificor, as the
Backstop Party and as a holder of a large percentage of the
Senior Notes, will receive 42.4% of the New Common Stock in
exchange for payment of US$160,000,000.  The valuation of the
Debtors implicit in this transaction results in the Plan
providing for no distribution to the 9% Noteholders, he notes.  
Nevertheless, he points out, the Debtors have not tested the
value assigned to the Debtors under the Backstop Deal and the
Plan in the marketplace, and have offered little in the way of
other evidence to support this value.

Proposing a Plan under the circumstances that makes no
distributions of claims in excess of US$500,000,000 -- holders
of subordinated notes in the aggregate principal amount of
US$560,700,000 will receive no distributions under the Plan --
is neither fair nor equitable, Mr. Daluz further argues.  He
cites rulings in In re Exide Technologies, 303 B.R.47, 62
(Bankr.D.Del.2003); In re Zenith Electronics Corp., 241 B.R.92,
103 (Bankr.D.Del.1999), and H.R.Rep. 595, 95thCong., 1stSess.414
(1977).

While the 9% Noteholders receive no distribution, the Debtors'
management will receive shares of stock of Reorganized Dura
under the Management Equity Program, Mr. Daluz notes.  Thus, he
says, there is a strong possibility that the Debtors' management
will receive shares on account of nothing, or, alternatively, on
account of their interests in, or claims against, the Debtors.

Mr. Daluz also states that the Debtors must prove that the Plan
is feasible and not likely to be followed by liquidation or the
need for further reorganization.  It appears that the Debtors
still have not received a commitment from any lender to provide
US$425,000,000 in exit financing, he says.

"The recent troubles in the credit markets, the Debtors'
statements that the DIP Lenders are nervous about extending the
maturity date beyond December 31, 2007, and the Debtors' need to
enter into the Fee Engagement Letter before the DIP Lenders
would agree to pursue syndication of the exit financing make it
[appear] that the Debtors cannot prove feasibility without a
commitment by a lender to provide the US$425,000,000 in exit
financing that the Debtors require under the Plan," Mr. Daluz
states.  

                      About DURA Automotive

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

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


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

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


DURA AUTOMOTIVE: Second Lien Group Objects to Chapter 11 Plan
-------------------------------------------------------------
Second Lien Group also expressed to the U.S. Bankruptcy Court
for the District of Delaware their objection to the Joint Plan
of Reorganization filed by DURA Automotive Systems Inc. and its
debtor-affiliates.

Pursuant to a Credit Agreement dated May 3, 2005, certain of the
Debtors borrowed US$225,000,000 on a second lien basis.  Loans
under the agreement accrue interest at a margin over either a
Eurodollar-based rate or a prime rate-based rate.  As of
immediately prior to the Petition Date, all loans under the
Second Lien Credit Agreement accrued at the Eurodollar Rate,
which was the lower of the two rates.

Laurie Selber Silverstein, Esq., at Potter, Anderson & Corroon,
LLP, in Wilmington, Delaware, relates that, pursuant to the
Second Lien Agreement, if an event of default occurs, any
outstanding Eurodollar loan must be automatically converted to
a Base Rate loan.  In light of the Debtors' Chapter 11 filing,
which qualifies as an event of default, the Second Lien Group
has insisted that no further Eurodollar loans were permissible,
the loans are automatically converted from Eurodollar to Base
Rate loans.

The Debtors, however, contended that that the Eurodollar Rate is
the applicable interest rate.

In resolution to the Second Lien Group's objection to the
Debtors' use of the Second Lien Lenders' cash collateral and the
entry into a postpetition financing, the Debtors agreed to grant
the Second Lien Lenders adequate protection payments measured by
a compromise "Stated Rate", half-way between the Eurodollar Rate
and the Base Rate.
  
The Plan proposes to satisfy the Second Lien Facility Claims
through cash payment in the amount of the principal amount of
US$225,000,000 "plus outstanding interest, fees and expenses
payable pursuant to the Final DIP Order or as the Bankruptcy
Court otherwise orders, but not otherwise paid, as of the
Effective Date."  The Plan, however, provides that the
postpetition interest will be calculated at the "Stated Rate"
and not on the Base Rate, which amounts to a US$2,000,000
disparity to the recoveries of the Second Lien Lenders.

The Second Lien Group reiterates its contentions that
postpetition interest should be computed, and paid, at the Base
Rate.  It asks the Court grant the Second Lien Lenders the
accrued differential of approximately US$2,000,000 between the
Debtors' stated Eurodollar Rate and the Base Rate.

As previously reported, in light of the Second Lien Group's
contentions that holders of Class 2 Second Facility Claims are
impaired under the Plan as a result of the disputes with respect
to the postpetition interest, the Debtors agreed to solicit
votes from Second Lien Lenders on a provisional basis, pending
resolution of their disputes.

               Holder of Shares of Dura Stock

Timothy Paul Harrison, holder of 898 shares of Dura Automotive
Systems, Inc., common stock, says that Dura management has not
disclosed any information as to "[its] plan to start a new
company with the stockholders' assets..."  Mr. Harrison has
received copies of Dura's Joint Plan of Reorganization and
related documents but said the information provided is
confusing.

"It is obvious that the company and the consulting firms do not
want the real owners of this company to know about this plan,"
he said.

Mr. Harrison insists that Dura should present a summary of the
Plan to start a new company and at let the stock holders vote
and express their objections.

The Plan currently provides for the cancellation of the existing
stock of the company, and the sale and distribution of the
common stock of Dura to noteholders and general unsecured
claimants upon emergence from bankruptcy.   Equity holders are
deemed to reject the Plan, and therefore, will not be given
ballots.

                        Other Objections

As reported in the Troubled Company Reporter on Nov. 13, 2007,
Atwood Acquisition Co. LLC, The United States Government, on
behalf of the Internal Revenue Service, and Douglas Stevens and
Raphael Durst, owners of Dura Operating Corp. Series C/D 9%
Senior Subordinated Notes Cusip Number 26632QAh6, also raised
objections to the Debtors' Pla.

                      About DURA Automotive

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

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


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

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


HANAROTELECOM: S&P Places 'BB' LTC Credit Rating on Creditwatch
----------------------------------------------------------------
Standard & Poor's placed on CreditWatch with positive
implications its 'BB' long-term corporate credit and senior
unsecured debt ratings on Hanarotelecom Inc.  These rating
actions followed the recent announcement that SKT has
been selected as the preferred bidder to take over a 38.9% stake
in Hanaro from AIG-Newbridge-TVG consortium.


The placement of the ratings on Hanaro on CreditWatch with
positive implications reflects Standard & Poor's expectation
that Hanaro's business risk profile and financial flexibility
should improve due to the forthcoming  support from its would-be
parent, SKT.   However, this support is pursuant to the deal
being successfully completed. Hanaro should be able to leverage
SKT's substantial client base, while both companies could
benefit from their increased flexibility in introducing various
bundling discounts.

                      About Hanarotelecom

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


HANAROTELECOM: Fitch Places 'BB' LTFC Rating on Positive Watch
--------------------------------------------------------------
Fitch Ratings has placed the 'BB' Long-term foreign currency IDR
of Hanaro Telecom on Rating Watch Positive.  The rating action
follows the announcement that SK Telecom has been selected as
the preferred bidder to purchase a controlling stake in Hanaro
Telecom, currently held by a consortium of American
International Group Inc. and Newbridge Capital LLC.

SKT, the largest mobile operator in South Korea, was granted
exclusive negotiating rights to acquire a 38.9% stake of Korea's
second largest broadband operator, Hanaro, on 14 November
2007.Although completion of the acquisition is subject to
negotiation, completion of due diligence and various other
processes, including approval by the Ministry of Information and
Communication, Fitch believes that SKT is highly likely to
become the largest shareholder in Hanaro as a result of this
transaction.  SKT expects to start negotiating the price of the
acquisition with the AIG/Newbridge consortium after completing
its due diligence process during the next three weeks.

Although indicative financial terms have not been disclosed at
this stage, Fitch assumes that the acquisition will cost SKT in
the region of KRW1.1 trillion - 1.2trn, including a 10-20%
premium based on the market closing price of Hanaro as of 19
November 2007.  While the agency notes that the deal is likely
to result in an increase in SKT's consolidated financial
leverage ratio, the scale of the increase is projected to be
only marginal, leaving SKT's net adjusted debt/operating EBITDAR
below 1.0x and it maintaining a capital structure consistent
with the existing 'A' rating category.

Fitch believes that the acquisition will benefit SKT from the
perspective of its telecommunications business for a number of
reasons.  First, providing fixed-mobile bundling services will
help SKT to acquire new subscribers and to retain existing
subscribers in its own mobile telecommunications space.
Secondly, SKT can gain exposure to the IPTV industry, via
Hanaro's established operations, in an efficient manner without
bearing the start-up costs of such an investment.  However,
these benefits will likely be limited until the integration
process is completed and synergies from the fixed-mobile
convergence start to materialise.  The Stable Outlook for SKT
reflects Fitch's expectation that the company's consolidated
financial profile will improve in the next 18 to 24 months after
the acquisition.  On the other hand, the RWP status assigned to
Hanaro reflects Fitch's expectation that SKT will complete the
transaction as envisaged, thereby becoming the dominant
shareholder of Hanaro and effectively its parent company, albeit
with ownership below the 50% level.  Based on Fitch's Parent and
Subsidiary Rating Linkage methodology, the agency assesses that
there would be strong linkage between SKT and Hanaro, reflecting
the agency's expectation that Hanaro would be operationally
integrated with SKT and the assessment of its high strategic
importance to the latter, particularly in the context of its
long-term fixed-mobile convergence strategy.

In addition to the credit-positive impact of being acquired by a
strong parent, Hanaro is also likely to benefit in the longer
term from gaining access to SKT's market-leading 21.6 million
mobile subscriber base, offering various bundling services,
sharing SKT's retail distribution network for a much more
effective promotion of Hanaro's services, and the potential for
Hanaro to use SKT's or SK Network's backbone and intra-city
networks.

The resolution of the RWP status in respect of Hanaro will be
determined by a number of factors including the completion of
the transaction and the agency's discussions with SKT's
management to clarify and confirm its intentions with regards to
the operational integration, management control and strategic
importance of Hanaro.  Based on Fitch's current expectations in
these areas, the agency anticipates that the resolution of the
RWP is likely to result in an uplift of Hanaro's existing 'BB'
foreign currency IDR by at least three notches.  Fitch expects
to be in a position to resolve this RWP within the next three to
six months, once all relevant approvals have been obtained and
discussions with SKT's management team have been concluded.

                    About Hanarotelecom

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


TOWER AUTOMOTIVE: Reaches Settlement Resolving Michigan's Claim
---------------------------------------------------------------
The Tower Automotive Post-Consummation Trust, the trust that has
represented Tower Automotive, Inc., and its affiliates following
their emergence  from bankruptcy protection and the effective
date of their reorganization plan, has reached a settlement with
respect to business and use taxes due to the State of Michigan.

The State of Michigan submitted proofs of claim against TAI's
affiliates.

On July 17, 2005, the State of Michigan Department of Treasury
filed Claim No. 6394 against Tower Automotive Michigan, LLC, for
US$1,994, which was subsequently amended and superseded by Claim
No. 6419 for US$313,821 and Claim No. 6504 for US$301,877.

On July 28, 2007, Michigan filed Claim No. 6420 against Tower
Automotive Plymouth, Inc., for US$10,772,667 and Claim No. 6395
for US$500,456.  The Claims were subsequently amended and
superseded by Claim No. 6499 for US$10,302,488, Claim No. 6517
for US$11,690,291, Claim No. 6686 for US$11,689,834 and Claim
No. 6724 for US$4,643,767.

Michigan also filed Claim No. 6421 against Tower Automotive
Products, Co., for US$10,272,211, which was subsequently amended
and superseded by Claim No. 6498 for US$10,302,032.

The Debtors filed their 22nd Omnibus Claims Objection seeking to
expunge Michigan's claims as amended or duplicative.

As a result of arm's-length negotiations and an exchange of
information, the Post-Consummation Trust and Michigan has agreed
that:

    -- Claim No. 6504 will be reduced and fixed for US$46,799
       and will be entitled to treatment as a priority tax claim
       against the TAM estate;

    -- Claim No. 6724 will be reduced and fixed for US$19,096
       and will be entitled to treatment as a priority tax claim
       against the TAP estate;

    -- Claim No. 6498 will be reduced and fixed for US$32,645
       and will be entitled to treatment as a priority tax claim
       against the TAPC estate;

    -- The Fixed Claims supersede the claims that the Debtors        
       scheduled in favor of Michigan will be deemed immediately
       expunged without further Court order; and

    -- the Debtors' 22nd Omnibus Objection will be deemed
       settled.

The Court-confirmed First Amended Joint Plan of Reorganization
of TAI and its affiliates provides that priority tax claims will
paid in full and unimpaired under the Plan.

                   About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:  
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,  
Fiat, Ford, GM,Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen  
and Volvo.  Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and  
systems, and suspension components.  The company has operations
in Korea, Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.  On July 11, 2007,
the Court confirmed the Debtors' Amended Chapter 11 Plan and the
Debtors  emerged from Chapter 11 on July 31, 2007.  (Tower
Automotive Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TRIGEM COMPUTER: Representatives File 3RD Section 1518(1) Report
----------------------------------------------------------------
Charles D. Axelrod, Esq., at Stutman Treister & Glatt PC, in Los
Angeles, California, on behalf of Il-Hwan Park, the foreign
representative for TriGem Computer, Inc., delivered to the U.S.
Bankruptcy Court for the Central District of California a third
report pursuant to Section 1518(1) of Chapter 15 of the
Bankruptcy Code on October 11, 2007, and a fourth status report
on November 8, 2007.

Mr. Axelrod says that the individual shareholders of TriGem Inc.
have filed an appeal with respect to the Korea Bankruptcy
Court's order confirming TriGem's final amended plan of
reorganization.  The shareholders, Mr. Axelrod relates, were not
pleased with the reduction of TriGem's capital contemplated by
the final amended plan.

TriGem executed in July and August 2007 a memorandum of
understanding and an investment agreement with Celrun Co. Ltd.,
with respect to Celrun's acquisition of TriGem's business.

Prior to October 11, 2007, parties-in-interest in TriGem's
Foreign Proceeding approved a final amendment to TriGem's plan,
which incorporated the terms of the Second M&A Tender.  A draft
plan amendment was filed September 13.  A final plan amendment
was filed September 20.

The parties-in-interest to the case approved the final plan
amendments on October 4 by the required votes.  The Korea
Bankruptcy Court subsequently confirmed TriGem's final amended
plan.

TriGem's reorganization plan calls for the sale of the company's
assets through a merger and acquisition type transaction.  The
plan, which was initially confirmed by the Korean Court in
January 2006, needed to be implemented.  Otherwise, Mr. Park as
the Foreign Representative must submit a revised plan to
creditors for their approval and then to the Korean Court for
confirmation.  If the revised plan is not approved nor
confirmed, TriGem would automatically be put into a liquidation
case.

Mr. Axelrod also reports that after November 4, 2007, additional
claims will begin to be paid after shares of new equity are
issued and after the reduction of capital that occurred on
November 4, 2007.

Since no injunctive relief was sought in connection with the
individual shareholders' appeal, all actions scheduled to take
in the Foreign Proceeding will still occur, except for the
issuance of a final decree by the Korea Bankruptcy Court,
according to Mr. Axelrod.

Mr. Axelrod relates that the Korea Bankruptcy Court will not
issue a final decree in TriGem's Foreign Proceeding until the
individual shareholders' appeal is resolved by settlement or the
Korea Bankruptcy Court denies the appeal.

Moreover, in the ordinary course of affairs in South Korea,
resolution of the individual shareholders' appeal will take a
least one month if a settlement is achieved; three to six months
for the normal appellate process; or about one year if the case
is forwarded to the Korea Supreme Court.

A full-text copy of TriGem's status report dated October 11,
2007, is available at no charge at:

           http://ResearchArchives.com/t/s?2582

http://chapter15.com/c15_files/20071024/0017ForeignRepStatusRepo
rt.pdf

A full-text copy of TriGem's status report dated November 8,
2007, is available at no charge at:

          http://ResearchArchives.com/t/s?2583

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047).

On Sept. 13, 2007, TriGem filed Draft Plan Amendments in Korea
and on September 20 filed a Final Plan Amendment.  The Korean
Court confirmed Trigem's Amended Plan on Oct. 4, 2007.  (TriGem
Bankruptcy News, Issue No. 12 Bankruptcy Creditors' Service,
Inc., 215/945-7000).


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

AVAYA INC: Moody's Places Corporate Family Rating at B2
-------------------------------------------------------
Moody's Investors Service 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 October 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.

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 7x 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.

Avaya Inc., based in Basking Ridge, New Jersey, is a leading
worldwide supplier of communications systems and software for
enterprise customers.  The company had revenues of approximately
US$5.3 billion for fiscal 2007.  

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


MYCOM BHD: Turns Around w/ MYR1.4-Mil. Net Profit in 3rd Quarter
----------------------------------------------------------------
Mycom Berhad posted a MYR1.42-million net profit for the quarter
ended September 30, 2007, a turnaround from the MYR18-million
net loss recorded for the third quarter of 2006.

The company booked a MYR3.7-million profit before tax for the
quarter ended September 30, 2007, an improvement from the loss
before tax of MYR17.5 million, thanks to the higher contribution
from the company's plantation division and lower interest
expense.

For the third quarter ended September 30, 2007, the company
posted MYR31.37 million in revenues, 51% higher than the
MYR20.8 million in revenues recorded in the same quarter last
year.  This was mainly due to higher contribution from the
plantation division.

As of September 30, 2007, the company's balance sheet showed
MYR1.26 billion in total assets and MYR431.57 million in total
liabilities, resulting in a shareholders equity of
MYR827 million.

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad --
http://www.mycom.com.my/-- is engaged in the provisions of    
granite quarry services, manufactures and sells latex rubber
thread, tape, plywood, laminated board and sawn timber,
cultivates oil palm fruits, and develops property. The company
is also involved in hotel operation, provision of management and
financial services and investment holding.  Operations of the
Group are carried out in Malaysia and South Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction, will reduce the company's accumulated losses.


OLYMPIA INDUSTRIES: Subsidiary Receives Wind-Up Petition
--------------------------------------------------------
Mascon Sdn Bhd, a 71% owned subsidiary of Olympia Industries
Berhad, has been served with a wind-up petition dated Nov. 6,
2007, filed by Geopancar Sdn Bhd.

Geopancar, who was a sub-contractor, carried out sub-structure
works for the construction of a block 18-story service apartment
together with a five-story basement for carpark on Lot 934 and
935, at Section 57, Jalan Bedera, in Kuala Lumpur, for Granite
Emas Holdings Sdn Bhd.  Granite Emas had defaulted in the
progress payments to Mascon, being the main contractor for the
project and this has resulted in Mascon's inability to pay
Geopancar.  The amount claimed is MYR625,406.19, being the
outstanding balance due to Geopancar.

Olympia clarified, however, that the petition has no material
financial and operational impact on its operations.  The
expected losses arising from the wind-up proceedings will be
based on the amount claimed of MYR625,406.19.

The solicitors of Mascon will proceed to file an affidavit in
opposition against the petition.

                   About Olympia Industries

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

The company is currently operating pursuant to a restructuring
scheme.


SELOGA HOLDINGS: Posts MYR1.6MM Net Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
Seloga Holdings Berhad incurred a MYR1.6-million net loss for
the third quarter ended September 30, 2007, a reversal from the
MYR102,000 net profit recorded in the same quarter last year.

The Group recorded MYR22.1 million in revenues for the current
quarter ended Sept. 30, 2007, compared with the MYR32.5-million
figure recorded for the same quarter in 2006.  This is due to
the completion of several projects, lower progress billings
achieved by on-going projects that are nearing completion while
new phases in Taman Nusantara were still in their initial stages
during the current quarter.

The Group also recorded a loss before taxation of MYR1.1 million
for the current quarter ended September 30, 2007, as compared to
a profit before taxation of MYR0.2 million in the same quarter
of the preceding year.  This is mainly attributed to losses
incurred of MYR1.35million on the deemed disposal of an idle
asset of a subsidiary company.

As of September 30, 2007, the company's balance sheet showed
MYR148.4 million in total assets and MYR118.2 million in total
liabilities, resulting in a shareholders' equity of
MYR30.2 million.

                     About Seloga Holdings

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

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


SINORA: Posts MYR1.4-Mil. Net Profit in Qtr. Ended Sept. 30
-----------------------------------------------------------
Sinora Industries Berhad disclosed with the Bursa Malaysia
Securities Berhad its financial results for the third quarter
ended September 30, 2007.

For the third quarter ended September 30, 2007, the company
posted MYR1.4 million in profits, an improvement against the
MYR125,000 net loss recorded for the same quarter last year.

For the nine months ended September 30, 2007, the company
recorded a MYR2.52-million net profit, compared to the
MYR705,000 net loss in the corresponding period of 2006.

The Group registered a turnover of MYR9.28 million for the nine
months ended September 30, 2007, representing an increase of
230%, compared to turnover of MYR2.8 million for the
corresponding period of last year.

Profit before tax stood of MYR2.5 million for the nine months
ended September 30, 2007, compared to a loss of MYR7 thousand in
the same period of 2006.  This is mainly contributed by the
significant increase in logging activities.

No interim ordinary dividend has been declared for the financial
period ended September 30, 2007.

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

                         *     *     *

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.  

De-listing procedures and suspension on the trading of Sinora's
securities will be imposed in the event that:

   * the company is unable to achieve the profit forecast for
     FYE 2007 or its unaudited financial results for FYE 2007 is
     not submitted by February 28, 2008;

   * the company fails to announce and submit its Regularization
     Plan to the Approving Authorities for approval by Feb. 28,
     2008;

   * the company fails to obtain the approval from any of the
      Approving Authorities necessary for the implementation of
      the Regularization Plan and does not appeal to the
      Approving Authorities within the timeframe prescribed to
      lodge an appeal; and

   *  the company fails to implement the Regularization Plan
      within the timeframe or extended timeframe stipulated by
      the Approving Authorities.


TANCO HOLDINGS: Enters Into Facility Deal with Lehman Brothers
--------------------------------------------------------------
On November 16, 2007, a Facility Agreement was entered between
Lehman Brothers Commercial Corporation Asia Limited and Tanco
Holdings Berhad, together with its affected subsidiaries:

   * 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.

The Facility Agreement consists of:

   -- a two year term loan facilities with an aggregate
      principal amount of US Dollars equivalent of
      MYR239,600,000; and

   -- fees, reserves and expenses as required by Lehman on the
      Facilities made available by Lehman to the Borrowers
      pursuant to the Facility Agreement.

The Facilities will be utilized:

   -- for each Borrower, in the amount required to settle in
      full all of its existing secured debts to its Scheme
      Creditors pursuant to the Composite Scheme;

   -- for Tanco Holdings for working capital for the Group and
      the fees, reserves and expenses;

The acceptance of the Facilities will not have any impact on the
share capital of the company but the Facilities will enable
Tanco and its affected subsidiaries to settle all its existing
secured debts.  As a result the net tangible assets per share of
the company and the Group are expected to have a positive impact
following the settlement and its earnings per share for the
period.

Following the finalization of the Facilities, the Group will
proceed to apply to the Kuala Lumpur High Courts of Malaya to
sanction its Composite Scheme in due course.

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.


TECHVENTURE BHD: Sept. 30 Balance Sheet Upside-Down by MYR33MM
--------------------------------------------------------------
Techventure Berhad filed with the Bursa Malaysia Securities
Berhad its financial results for the quarter ended September 30,
2007.

As of September 30, 2007, the company's balance showed
MYR124.6 million in total assets and MYR158 million in total
liabilities, leaving MYR33.4 million in shareholders' equity
deficit.

The company posted a MYR3.6-million net loss in the third
quarter ended September 30, 2007, a decrease from the recorded
MYR4.5-million net loss in the same quarter of 2006.

The company's revenue for the third quarter also decreased to
MYR3.6 million from MYR5.9 million in the third quarter of 2006.

Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad has identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The Company fell under the category because:

-- the auditors have expressed a modified opinion with
   emphasis on Techven's going concern status in the latest
   audited accounts for the financial year ended December 31,
   2005; and

-- there are defaults in payment by Techven and its major
   subsidiaries as announced pursuant to Practice Note
   No. 1 and Techven is unable to provide a solvency
   declaration to Bursa Malaysia Securities Berhad.


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

BLIS TECHNOLOGIES: Says It Is On Track; Remains Optimistic
----------------------------------------------------------
BLIS Technologies Ltd disclosed that it had presented two
resolutions to a special meeting of shareholders, which were
voted on and passed.  The resolutions included:

   1) Conducting a renounceable rights issue for up to
      44,801,079 new ordinary shares.  This issue will be
      provided to holders of existing ordinary shares, on a pro-
      rata basis at a rate of two additional shares for every
      five existing shares, at an issue price of 7.5 cents; and

   2) Authorizing to the Board to allocate up to 19.99% of the
      ordinary shares to one or more strategic cornerstone
      shareholders subject to the provisions of the Listing
      Rules.

In addition to passing the resolutions, the company also
indicated it was pleased with the progress being made and
remains on track with the commercial developments that it
announced at its Annual General Meeting on Aug. 1, 2007.  The
company also reaffirmed the expectation that it will achieve the
financial targets, which it had forecast through to the end of
the fiscal year.

The company remains firmly committed to its retail brand
strategy in New Zealand, while at the same time it has been
quickly developing its global branded ingredient strategy, which
was described at the AGM.  "We have been seeking commercial
partnerships with companies that have one of the top three
brands in their respective markets."  According to CEO, Dr.
Barry Richardson, "So far the strategy has been working for us.
We have progressed our commercial relationship with Nestle
Nutrition throughout this year in the infant formula market and
are well advanced with at least two other leading global brand
manufacturers in very distinct and unrelated industries".

"The response from the market to date is that our commercial
partners seem particularly interested in the technology we have
to offer," Richardson stated.  "There is a growing body of
international evidence suggesting a link between poor oral
health and the increased risk of other diseases such as
cardiovascular disease.  Since BLIS's technology platform is
about the maintenance of oral, throat and upper respiratory
tract health, this is a reason why we could expect a reasonable
proportion of revenue from research contracts in the coming
year"

In response as to why it has taken BLIS Technologies Ltd time to
gain traction in the international market, Richardson said, "Of
course we would always like to move faster, but our potential
partners are very large and they typically spend several million
dollars on product development and testing prior to commercial
rollout.  By comparison, New Zealand has been a relatively easy
market to build a base of sales, but because of regulatory
differences in all our major markets, it is not a model that can
be easily replicated off-shore" Richardson said.  "This process
has constrained the speed at which we have been able to turn
BLIS Technologies Ltd around, but I am happy to report that:

   a) Through a strong commercial partnership, we anticipate the
      test marketing of BLIS K12 lozenges in China before the
      end of the fiscal year, while concurrently completing
      regulatory approval.
   b) We expect to launch in the Irish market in 2008 through a
      major distributor and it is anticipated that sales could
      later extend to other European countries.  A major
      advantage to us of this relationship is that having
      regulatory approval for our products firstly in Germany
      and now in Ireland, is that we might anticipate easier
      access to the broader EU market.

   c) We have spent a great deal of effort in the Japanese,
      Korean and Taiwanese markets seeking appropriate business
      partnerships.  The company has been engaged in recent
      early stage discussions with a Korean pharmaceutical
      company and is optimistic that if negotiations are
      successful, it might anticipate early market sales in
      Korea.  The speed of Korean market sales is also subject
      to the completion of regulatory approvals.

   d) With international growth we need to provide logistical
      support in-market and technical assistance for our key
      multinational customers.  This is a major component of our
      potential relationship with the Dutch ingredient supply
      company, DSM Nutritionals.  DSM and BLIS are now
      negotiating a Marketing agreement, instead of the R&D
      contract proposed earlier, targeting sales in 2008.  DSM
      is expected to initially focus on nutrition and food-based
      opportunities.  Further, it is anticipated that DSM and
      BLIS Technologies will later undertake a research contract
      to expand into other product applications.

Dr. Richardson was asked why the company was not pursuing the
same retail product strategy internationally, as the company had
done in New Zealand.  He replied, "we have undertaken a detailed
investigation of the US market and concluded that while the
company could scale up its production to meet demand, the
magnitude of the marketing and distribution cost was simply
beyond its resources.  Being New Zealand-made didn't help us
either, as our products are considered "technical" in nature and
our suppliers and retailers would have needed immediate and
ongoing support and servicing, which would be challenging,
without incurring the significant cost of setting up offices in
the US."

"The logical approach for us was to partner with a company with
specialist marketing and distribution that would facilitate
access to the top brands within the categories of interest to
us."  Dr. Richardson said "We are working to have our products
approved in the US Food and Drug Administration, as a food
ingredient, which further expands our reach and gives us access
to the global food market and not keep us restricted to
operating in the dietary supplement market."

BLIS Technologies Ltd plans on using shareholder funds from the
rights issue to expand its development capabilities, complete
FDA regulatory approval as a food ingredient in the United
States, and commercialize the next generation of new BLIS
probiotics.

                     About BLIS Technologies

BLIS Technologies Limited (NZX: BLT) became listed on the New
Zealand Stock Exchange in July 2001 and was formed to
commercialise BLIS (bacteriocin-like inhibitory substances),
hence the company's name, BLIS Technologies Ltd.  The company
has acquired the rights to the collection of an extensive range
of BLIS producing organisms and is developing new products for
use in the control of undesirable bacterial infections, which
includes dental caries control, the prevention and treatment of
ear and throat infections, and skin infections.

BLIS recorded a net loss of NZ$1,107,851 for the year ended
March 31, 2006, and NZ$1,336,319 for 2005.  For the full year to
March 31, 2007, the company reported a NZ$964,000 loss.


BRUMAC ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 22
-------------------------------------------------------------
A petition to have Brumac Enterprises Ltd.'s operations wound up
will be heard before the High Court of Auckland on November 22,
2007, at 10:00 a.m.

Nichibo Japan Trading Company Limited filed the petition on
July 19, 2007.

Nichibo Japan's solicitor is:

          R. B. Hucker
          Hucker & Associates
          Level 7, 55-65 Shortland Street
          Auckland
          New Zealand


CER GROUP: Brings Evan Davies to Board as Non-Executive Director
----------------------------------------------------------------
CER Group has appointed Evan Davies as non-executive director.
The appointment supports CER Group's focus on trans-Tasman
growth, following the acquisition in September of Australian
sustainable environmental management company Vital Resource
Management.  CER Group is committed to the acquisition of proven
businesses that provide capital growth opportunities and deliver
natural products that contribute to environmental
sustainability.  It also owns The New Zealand Nature Company, a
multi-channel retailer of natural products and Certified
Organics, which produces ecologically friendly products for
agriculture and horticulture and is a significant supplier to
the South Australian Government.

Wayne Cartwright, Group Chairman, says Mr. Davies' experience in
taking SKYCITY from a start-up one-site leisure and
entertainment operator into one of New Zealand's largest and
most diversified trans-Tasman operations was a key factor in the
appointment.

"Mr. Davies has a strong track record in driving business growth
over a long period of time and we believe that will be very
valuable to us.  His commercial expertise, business contacts on
both sides of the Tasman and experience in progressively
building a company from start-up through significant development
is an ideal fit for CER Group," Dr. Cartwright says.

"Mr. Davies will play a pivotal role in the future direction of
the CER Group as we continue to build the momentum of the
business domestically and through our international acquisition
strategy."

Mr. Davies said the appointment was in line with his long-held
interest in sustainability.  In 2001, as Chair of the New
Zealand Tourism Strategy Group, Mr. Davies sought to balance
tourism industry growth against cultural, social, environmental
and economic sustainability.

"Sustainability has been a particular private interest of mine
so I am delighted with the opportunity to now pursue this in a
wider strategic sense and work with a Group that is committed to
sustainability at the core of its businesses," Mr. Davies says.

Mr. Davies is a trustee of the Anglican Trust for Women and the
Melanesian Mission Trust.

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

The Troubled Company Reporter-Asia Pacific, citing a report
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.


GREAT SOUTH: Shareholders Resolve to Liquidate Business
-------------------------------------------------------
The shareholders of Great South Road Ltd. met on October 30,
2007, and agreed to voluntarily liquidate the company's
business.

Grant Bruce Reynolds was named as liquidator.

The Liquidator can be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059, Greenmount
          East Tamaki, Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


HERITAGE GOLD NZ: Registers Prospectus and Investment Statement
---------------------------------------------------------------
Heritage Gold NZ Limited said it has delivered to the New
Zealand Companies Office for registration its combined New
Zealand Investment Statement and Short Form Prospectus and
Australian Transaction Specific Prospectus for its pro rata
renounceable rights issue.  Heritage has also lodged the
documents with the Australian Securities and Investment
Commission.

The documents relate to the pro rata renounceable rights issue
of up to 35,650,415 new shares and 17,825,207 free attaching
options to be made to all shareholders with a registered address
in New Zealand or Australia on the register at 5:00 p.m. New
Zealand time on Nov. 22, 2007, Company Secretary Sue Sangster
relates.

The shares will be allocated in the ratio of one new share for
every seven existing shares held.  For every two shares issued
to an applicant, one new option will be granted.

An exact NZ$0.054 or AU$0.045 will be payable for subscription
for each new share.  AU$0.08 will be payable to convert each new
option to one fully paid ordinary share in the Company at any
time after the issue date and on or before 5:00 p.m. New Zealand
Time on Nov. 20, 2009, or the new options will lapse.

Subject to the ASX granting official quotation, Heritage Gold
may allot and issue new shares and options progressively under
the offer.  Applications for new shares will close at 5:00 p.m.
NZT on Dec. 20, 2007.

The funds raised will be used for advancing exploration of the
company's key gold tenements held at Waihi and Karangahake,
preliminary exploration of the base metal permits in Northland,
New Zealand, preliminary exploration of the exploration licenses
in the Dunmarra Basin of the Northern Territory, Australia, and
for working capital

The disclosure document lodged with ASIC in Australia and the
Short Form Prospectus delivered to the New Zealand Companies
Office for registration can be accessed from Nov. 26, 2007,
through the company's Web site at http://www.heritagegold.co.nz

The full terms of the rights issue are set out in the combined
New Zealand Investment Statement and Short Form Prospectus, and
Australian Transaction Specific Prospectus, which will be mailed
out to shareholders by no later than Nov. 26, 2007.

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The    
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.


HOWICK LAND: Commences Wind-Up Proceedings
------------------------------------------
The shareholders of Howick Land Company Limited, on October 30,
2007, passed a resolution voluntarily liquidating the company's
business.

Grant Bruce Reynolds was tapped as liquidator.

The Liquidator can be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059, Greenmount
          East Tamaki, Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


ICARUS TOTAL: Taps Parsons and Kenealy as Liquidators
-----------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators for Icarus Total Hair Care Ltd. on October 30, 2007.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


IMPACT PLASTERING: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On July 10, 2007, the Commissioner of Inland Revenue filed a
petition to have Impact Plastering Ltd.'s operations wound up.

The High Court of Wellington will hear the petition on Nov. 26,
2007, at 10:00 a.m.

The CIR's solicitor is:

          Ellen-Marie Carpenter
          Legal and Technical Support Group
          Napier Office
          Library Building, Level 4
          22 Station Street
          PO Box 1144, Napier
          New Zealand
          Telephone:(06) 974 6315
          Facsimile:(06) 974 6212


L C PROPERTY: Appoints Parsons and Kenealy as Liquidators
---------------------------------------------------------
On October 29, 2007, Dennis Clifford Parsons and Katherine
Louise Kenealy were named liquidators of L C Property Holdings
Ltd.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


MCM QUALITY: Creditors' Proofs of Debt Due on December 3
--------------------------------------------------------
Jeffrey Philip Meltzer and Rachel Karen Mason were named
liquidators of MCM Quality Appliances Engineering Ltd on Nov. 2,
2007.

Creditors who can file their proofs of debt by December 3, 2007,
will be included in the company's dividend distribution.

The Liquidators can be reached at:

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


RAKIURA GROUP: Fixes Dec. 14 as Last Day to File Proofs of Debt
---------------------------------------------------------------
Rakiura Group Ltd. requires its creditors to file their proofs
of debt by December 14, 2007, in order to be included in the
company's dividend distribution.

The company entered wind-up proceedings on October 30, 2007.

The company's liquidator is:

          T. P. Ward
          BDO Spicers
          Lexicon House
          123 Spey Street, Invercargill
          New Zealand
          Telephone:(03) 218 2959
          Facsimile:(03) 218 2092
          e-mail: tim.ward@inv.bdospicers.com


SETTLEMENT BEVERAGE: Placed Under Voluntary Liquidation
-------------------------------------------------------
On October 30, 2007, the shareholders of Settlement Beverage
Limited agreed to voluntarily wind up the company's operations.

Grant Bruce Reynolds was appointed  as liquidator.

The Liquidator can be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059, Greenmount
          East Tamaki, Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


STEWART ISLAND: Creditors' Proofs of Debt Due on Dec. 14
--------------------------------------------------------
The creditors of Stewart Island Adventures Ltd. are required to
file their proofs of debt by December 14, 2007, in order to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 30,
2007.

The company's liquidator is:

          T. P. Ward, BDO Spicers
          Lexicon House
          123 Spey Street
          PO Box 1206, Invercargill
          New Zealand
          Telephone:(03) 218 2959
          Facsimile:(03) 218 2092
          e-mail: tim.ward@inv.bdospicers.com


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

LAPANDAY AGRICULTURAL: High Costs Cue Retrenchment of Workers
-------------------------------------------------------------
Lapanday Agricultural Development Corp. has laid off 191 workers
in its production facility in Mandug, Davao City, the
BusinessWorld reports.

According to the article, the company sent a letter to the
Department of Labor and Employment's regional office, stating
that it was preparing to cease its operations in Mandug because
of high production costs.  These costs, the letter said, is due
to the diseases afflicting the bananas produced in its Mandug
plantation.   The letter also said that the company is
considering the government's impending implementation of an
ordinance banning aerial spraying.

The company also cited its planned conversion of its land from
agricultural to non-agricultural, the report says.

BusinessWorld was not able to reach the company's spokesman,
Gerry Ongkingko, for comment on the issue.  However, the report
notes, an unnamed official confirmed the lay-off but declined to
give more comment.


PHILCOMSAT HOLDINGS: Delayed Financials Cue Trading Suspension
--------------------------------------------------------------
Philcomsat Holdings Corp.'s shares are currently suspended from
trading in the Philippine Stock Exchange.

The suspension is due to the company's failure to submit their
quarterly report for the period ended September 30, 2007.

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.


PHIL NAT'L CONSTRUCTION: PSE Bars Stocks on Delayed Financials
--------------------------------------------------------------
The Philippine National Construction Corp. is currently barred
from trading its shares in the Philippine Stock Exchange.

The suspension is due to the company's failure to submit its
financial statements for the quarter ended September 30, 2007.

Headquartered in Mandaluyong City, Philippine National
Construction Corporation -- http://www.pnccweb.net/-- is a
government-owned and controlled corporation whose principal
business activities include construction, real estate
development, and operation and maintenance of the North
and South Luzon Tollways.  It is the government's main partner
in infrastructure development and construction projects.  Also,
it is the sole operator and franchise-holder of the North and
South Luzon Tollways and has entered into several joint venture
agreements to upgrade and expand said expressways.  Among the
construction projects that are in its pipeline are the Rizal
Avenue Bridge, the DENR Environment Center, the Central Business
Park Package 1 (SM Project), and SLT Rehab (Nichols-Alabang).
The company's revenues are derived mostly from
construction projects and the collection of tollway fees.

The TCR-AP also noted that the company is involved in continuing
litigations relating to labor and civil cases.  Both the
management and its legal counsels believe that the final
resolutions of these claims will have a material effect on the
company's financial position, the TCR-AP said.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 30, 2006, that Philippine National Construction Corporation
has submitted a Joint Motion for Judgment Based On Compromise to
the Supreme Court as part of the company's total restructuring
plan where it projects a net income of about PHP200 million in
2007 after suffering income losses for the past 30 years of its
franchise period.


SAN MIGUEL: Board Approves Plan to Bid in PNOC-EDC Privatization
----------------------------------------------------------------
The Board of Directors of San Miguel Corp. has approved the
company's participation, through subsidiary San Miguel Energy
Corp., in the bidding for the privatization of shares in PNOC-
Energy Development Corporation.

SMEnergy, together with Belegginsmaatschappij Broem BV, is part
of the Panasia Energy Holdings Inc. joint venture that is one of
the bidders for the privatization.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation.  This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion.  The
rating outlook remains stable.

The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp.  The outlook remains
negative.

The affirmation comes after San Miguel announced the sale of its
Australian dairy and juice subsidiary National Foods Ltd. to the
Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch Neg/--), for
AU$2.8 billion.


WELLEX INDUSTRIES: Elects Board, Officers and External Auditors
---------------------------------------------------------------
Wellex Industries Inc.'s stockholders elected the members of its
Board of Directors, its corporate officers and its external
auditor during the annual meeting held on Monday.

During the meeting, these individuals were elected as members of
the Board:

    * Rogelio D. Garcia
    * Elvira A. Ting
    * William T. Gatchalian
    * Kenneth T. Gatchalian
    * Weslie T. Gatchalian
    * Atty. Lamberto Mercado Jr.
    * Abelardo G. Palad            -- Independent Director
    * Byoung H. Suh                -- Independent Director
    * Rafael Sison
    * Roberto Borja                -- Independent Director
    * Atty. Arthur R. Ponsaran

The stockholders also designated Diaz Murillo Dalupan & Co. as
external auditors.

At the organizational meeting held immediately after the
stockholders' meeting, the directors elected these as officers:

    * Rogelio Garcia         -- Chairman

    * Elvira A. Ting         -- President

    * Weslie T. Gatchalian   -- Treasurer

    * Ma. Julieta C. Santos  -- Corp. Secretary, Corporate
                                Information Officer

    * Lamberto Mercado Jr.   -- Compliance Officer

These committees were also set up during the meeting:

    AUDIT COMMITTEE

    * Abelardo Palad
    * Roberto Borja
    * Kenneth T. Gatchalian

    NOMINATIONS COMMITTEE

    * Rogelio D. Garcia
    * Arthur R. Ponsaran
    * Byoung Suh

    COMPENSATION COMMITTEE

    * Elvira A. Ting
    * Lamberto Mercado Jr.
    * Abelardo G. Palad

                    About Wellex Industries

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

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

                    Going Concern Doubt

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

The auditor cited these factors:

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

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


* Government's October Deficit Dips to PHP1.5 Billion
-----------------------------------------------------
The national government's budget deficit for the month of
October is at PHP1.5 billion, 60.53% lower than the expected
PHP3.88-billion and lower compared to last year's
PHP5.8 billion, Finance Secretary Margarito Teves said on
Tuesday as reported by the Philippine Star.

The January-October deficit figure is at PHP41.5 billion, also
lower than the PHP56.3-billion figure for the same period in
2006, the report adds.

The figures show that the Philippines may meet its programmed
deficit limit of PHP63 billion for 2007, Mr. Teves said.  

According to government officials, the report notes, reduced
government expenditures due to weather conditions in October as
well as interest savings made the October deficit figure
possible.  "Spending [slowed down] because of the rains because
projects are also suspended," Budget Secretary Rolando Andayo
said during the briefing.

The government's ten-month revenue collections reached
PHP896 billion, the Star reveals, better than last year's
PHP795.7 billion.  Expenditures stood at PHP937.4 billion as
compared to last year's PHP852 billion, the report adds.  
Revenues are comprised of Bureau of Internal Revenue collections
of PHP532.8 billion and Bureau of Customs remittances of
PHP171 billion.

Bureau of Treasury income, the report says, reached
PHP61.3 billion during the January-October period, while
revenues from other agencies including privatization proceeds
more than doubled to PHP87.5 billion as of October 31.

                          *     *     *

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

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

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


* Peso Continues To Rise Amidst Tumble in Wall Street Stocks
------------------------------------------------------------
The Philippine peso continued its rise against the U.S. dollar
despite a deterioration in Wall Street stocks on Monday,
BusinessWorld reports.

The peso closed on Tuesday at a day's high of PHP43.11, eight
centavos stronger than Monday's PHP43.19, the article says.  The
peso had reached an intraday low of PHP43.55 due to risk
aversion in overseas markets caused by the U.S. credit crunch.  
However, the article adds, the peso strengthened towards the end
of trading from speculation of a possible rate cut by the U.S.
Federal Reserve Board.

The tumble in Wall Street stocks began on Monday night when
Goldman Sachs recommended the sale of Citigroup shares,
BusinessWorld reports.  Investors saw that the financial giant
might have to write off US$15 billion in losses from subprime
loans.  Negative sentiment worsened when Swiss Re announced a
US$1.07-billion write-down from subprime losses.

One currency dealer said that investors are confident of the
peso's continued strengthening against the dollar until the year
ends, the report relates.  He also added that the market does
not expect the peso to return to the PHP44 per dollar level.

                        *     *     *

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

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

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


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

ADVANCED MICRO: Secures US$622 Mln Investment from Mubadala Unit
----------------------------------------------------------------
AMD has received an investment from a subsidiary of Mubadala
Development Company.  Mubadala invested approximately
US$622 million, receiving 49 million newly-issued shares at a
price per share of US$12.70, the closing price of AMD common
stock on Nov. 15, 2007.

AMD received approximately US$608 million, after reimbursing
Mubadala for approximately US$14.6 million in expenses.  AMD
will use the net proceeds from the sale of the shares of common
stock for general corporate purposes including accelerating its
long-term, customer-focused growth strategy by investing in R&D,
product innovations and manufacturing excellence.

"We proudly welcome Mubadala, a world-class investor, to the AMD
shareholder family.  This investment strengthens AMD's ability
to deliver customer-centric innovation and choice to the
marketplace, creating greater value for all of our
shareholders," said AMD chairman and CEO Hector Ruiz.

"AMD is a great fit for Mubadala's investment approach - a
spirited competitor and innovator led by a strong and visionary
management team," Khaldoon Khalifa Al Mubarak Mubadala CEO and
managing director said.  "We see significant opportunities for
long-term growth and value creation."

This is a non-controlling, minority investment.  Mubadala will
not receive any board representation as part of the deal.  This
transaction does not present a controlling investment or
acquisition subject to review by the Committee on Foreign
Investment in the U.S.

Merrill Lynch acted as financial advisor to AMD.  Lehman
Brothers acted as lead financial advisor to Mubadala; Morgan
Stanley acted as co-financial advisor.

               About Mubadala Development Company

Headquartered in Abu Dhabi, United Arab Emirates, Mubadala
Development Company -- http://www.mubadala.ae/-- is a strategic
investment and development company that is wholly-owned by the
Abu Dhabi Government.  The company has an international
portfolio, with interests in sectors such as energy, heavy
industry, telecommunications, infrastructure, and aerospace.

               About Advanced Micro Devices Inc.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and
manufactures microprocessors and other semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


ATOP HOLDINGS: Court to Hear Wind-Up Petition on Nov. 30
--------------------------------------------------------
A petition to have Atop Holdings Pte Ltd's operations wound up
will be heard before the High Court of Singapore on November 30,
2007, at 10:00 a.m.

Transpac Capital Pte Ltd filed the petition on November 5, 2007.

Transpac Capital's solicitors are:

         Rajah & Tann
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


EMC BUILDING: Wind-Up Petition Hearing Set for Nov. 30
------------------------------------------------------
The High Court of Singapore will hear on November 30, 2007, at
10:00 a.m., a petition to have EMC Building Products (Pte) Ltd's
operations wound up.

The petition was filed by German Districentre Pte Ltd on Nov. 7,
2007.

The Petitioner's solicitors are:

          c/o 47 Hill Street
          #05-01 Singapore Chinese
          Chamber of Commerce & Industry Building
          Singapore 179365


FLEXTRONICS: Unit Buys Arima's Notebook and Server Businesses
-------------------------------------------------------------
Flextronics Computing Sales and Marketing (L) Ltd., a subsidiary
of Flextronics International Ltd., will buy Arima Computer
Corp's notebook- and server-related businesses, Digitimes
reports.

The report says that the transaction is expected to be completed
in the first quarter of 2008.

Reuters Key Developments explains that Arima will sell at book
value, plus US$59.5 million:

   i. the specific liabilities and assets, including operation,
      factories, dormitories, equipment, products, technology,
      customers of notebook and server; and

  ii. all equities of Arima Computer (Japan) Corporation, Arima
      Computer (Texas) Corporation, Arima Computer (U.K.) Ltd.
      and Arima Computer (California) Corporation.

Reuters adds that if Flextronics obtains certain business volume
from the operations above, Flextronics should pay the Company
additional US$10.5 million.

Digitimes relates that after the transfer, Arima will strengthen
its investment business, while focusing on the communication,
optoelectronics and energy saving industries, said Stephen Lee,
president of Arima.

                    About Arima Computer

Taiwan-based Arima Computer Corp. --
http://www.arima.com.tw/index.asp-- is engaged in the design,  
manufacture and distribution of notebook computers and
peripherals, as well as related components.  The company has
design centers in Arima in Taiwan, United Kingdom, Switzerland,
Russia, the United States, Japan and China, and it distributes
its products in the domestic market and to overseas markets,
including the rest of Asia, the Americas and Europe.  

               About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an      
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 4, 2007,
Fitch Ratings has completed its review of Flextronics
International Ltd. following the company's acquisition of
Solectron Corp. and resolved Flextronics' Rating Watch Negative
status by affirming these ratings: Issuer Default Rating at
'BB+'; and Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.  The
Rating Outlook is Negative.

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.

The initial draw on the term loan (US$1.1 billion) will finance
the cash portion of the merger consideration.


GERMAN DISTRICENTRE: Creditors' Proofs of Debt Due on Dec. 3
------------------------------------------------------------
The creditors of German Districentre Pte Ltd are required to
file their proofs of debt by December 3, 2007, to be included in
the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o Foo Kon Tan Grant Thornton
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


MINAMI ENGINEERING: Court to Hear Wind-Up Petition on Nov. 30
-------------------------------------------------------------
A petition to have Minami Engineering Asia Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
November 30, 2007, at 10:00 a.m.

Minami Engineering Asia Pte Ltd filed the petition on Nov. 7,
2007.

The Petitioner's solicitors are:

         Edmund Hendrick & Partners
         7500A Beach Road
         #11-312 The Plaza
         Singapore 199591


SILKROUTE VENTURES: Creditors' Proofs of Debt Due on Dec. 16
------------------------------------------------------------
The creditors of Silkroute Ventures Pte Ltd are required to file
their proofs of debt by December 16, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


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

ADKINSON SECURITIES: Merrill Lynch Buys 99% of Apex Securities
-------------------------------------------------------------
Merrill Lynch Holdings (Mauritius) and Adkinson Securities PCL
have signed a share purchase and sale agreement for the
48,204,818 shares in Apex Securities Co. Ltd., Reuters Key
Developments reports.

The share represent Adkinson's 99.99% shareholding in Apex.  
After the transaction, Apex will no longer be a subsidiary of
the company.

The company will complete the transaction in December 2007 after
Apex completes its capital reduction to 25% of the registered
capital, Reuters says.

Adkinson Securities Public Company Ltd., headquartered in
Bangkok, Thailand, provides an extensive range of services
related to securities investment.  The Company is engaged in
securities brokerage, securities trading, investment advisory
and securities underwriting.  It allows its customers to sell
and buy properties via the Internet.  Adkinson Securities
operates 42 branch offices throughout the country.  The Company
has a subsidiary, Apex Securities Company Limited, which is
involved in security brokerage services, securities and
derivative trading, investment and financial advisory as well as
securities underwriting services.

Adkinson Securities posted a net loss of THB684 million in 2006  
compared with the THB244-million net loss recorded in 2005.


DOLE FOOD: To Pay US$2.5 Million in Punitive Damages
----------------------------------------------------
At a jury hearing held Nov. 14 in Los Angeles Superior Court
Judge Victoria G. Chaney's chamber, Dole Food Co. Inc. was asked
to pay five former Nicaraguan employees US$2.5 million for
punitive damages.

These workers also got a US$3.2 million compensatory damages for
suffering sterility due to exposure to the pesticide DBCP on
Dole's banana plantations in Nicaragua.  Most of the
compensatory award will be paid by Dole, while the rest will
come from Dow Chemical Co., which manufactured the pesticide,
the Associated Press says.

Both parties felt victorious on different grounds.  For the
workers' part, the ruling signalled that international
corporations are indeed accountable for their practices.  For
Dole's part, the company was happy that the damages it had to
pay are not staggering.

"Dole got out of this very cheaply," USC law professor Clare
Pastore was quoted by Los Angeles Times as saying.  "It had the
potential to be a blockbuster case, and it didn't turn out that
way."

Dole believes that the company's new policy on prioritizing
worker and environmental safety has caused jurors to lower the
amount of damages.  During the hearing, C. Michael Carter,
Dole's executive vice president and general counsel, testified
that the company "has cleaned up its acts," explaining that the
company has pledged never to use pesticides that are harmful to
humans.  He added that Dole gives more priority to worker safety
and environmental concern over production quotas

Of the twelve workers who originally filed the suit, six got
awards ranging from US$311,200 to US$834,000, the AP relates.
The workers claimed that Dole were negligent and committed fraud
by concealing from the workers the adverse effect of DBCP.

Dole is still facing some 6,800 suits filed by workers worldwide
over its use of DBCP to kill microscopic worms in banana tree
roots, the LA Times adds.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook was stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


KRUNG THAI: Aims 5% Growth in Loans Next Year
---------------------------------------------
Krung Thai Bank PCL has a 5% loan-growth target for 2008 because
of uncertain economic environment and its lower-than-expected
loan growth this year, The Nation reports.

KTB President Apisak Tantivorawong said that the bank's target
was in line with uncertain economic prospects including
political factors.

"Our loan growth target next year is not conservative -- we set
it in line with the economic environment," Mr. Apisak said.


Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation    
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


SR TELECOM: Files for Creditor Protection Under CCAA
----------------------------------------------------
SR Telecom Inc. has filed for creditor protection under the
Companies' Creditors Arrangement Act, with the Quebec Superior
Court.  On Nov. 8, the company disclosed that, further to the
strategic review initiated on May 10, 2007, its Board of
Directors had evaluated the company's strategic options and
concluded that it is in the company's best interests to actively
pursue the sale of the company and/or its assets.  The company
believes that CCAA protection will enable SR Telecom to better
position itself for an acquisition.

"Despite the CCAA filing, we remain focused on the design,
delivery and deployment of our WiMAX solutions and are fully
committed to ensuring the satisfaction of our customers around
the world," Serge Fortin, President and CEO of SR Telecom, said.
"The filing provides a framework in which to optimize and
leverage our company's assets for all its stakeholders."

In conjunction with the CCAA filing, the company reported that
some 35 positions will be eliminated at its Montreal location
and its other offices around the world.  "We have taken the CCAA
route to ensure the future of SR Telecom; the unfortunate side
effect is that we must reduce our workforce," Mr. Fortin said.
"We are maintaining appropriate staff levels to continue the
development of our WiMAX solutions and sustain a strong level of
customer support.  This unfortunate, yet necessary, step will
decrease our expenditures during the CCAA period and will reduce
our operating cost base in order to facilitate an acquisition."

SR Telecom believes that filing for protection is a preventive
measure.  Protection under CCAA will provide SR Telecom with the
ability to operate without interruption and continue to serve
its customers around the world.  Management believes that the
sale and restructuring process will likely be completed during
the first quarter of 2008.

                       About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access      
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  SR Telecom's products are currently deployed in
more than 110 countries worldwide, including Thailand.

                      Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the company's losses
for the current and prior years, negative cash flows, reduced
availability of supplier credit and lack of operating credit
facilities.  As such, the realization of assets and the
discharge of liabilities and commitments in the ordinary course
of business are subject to significant uncertainty.

For the three and six months ended June 30, 2007, the company
realized a net loss of CDN$14.9 million and CDN$27.1 million,
respectively (CDN$115.6 million for the year ended Dec. 31,
2006), and used cash of CDN$9.2 million and CDN$21.6 million,
respectively (CDN$45.2 million for the year ended Dec. 31, 2006)
in its continuing operating activities.  Going forward, the
company will continue to require substantial funds as it
continues the development of its WiMAX product offering.


SR TELECOM: Incurs CDN$30.8-Million Deficit at September 30
-----------------------------------------------------------
SR Telecom Inc. disclosed its third quarter results for the
period ending Sept. 30, 2007.

At Sept. 30, 2007, the company's balance sheet showed total
assets of CDN$95.7 million and total liabilities of
CDN$126.6 million, resulting in a stockholders' deficit of
CDN$30.8 million.  Equity at Dec. 31, 2006, was
CDN$10.9 million.

SR Telecom's third quarter revenue grew 10% to CND$18.0 million
from CDN$16.4 million during the same period in 2006.  Revenue
in the third quarter of 2007 was below management's expectations
and was generated mainly through the ongoing implementation of
major legacy contracts in Mexico and Argentina.  Operating loss
from continuing operations was CDN$19.6 million, a significant
decrease from the CDN$41.5 million operating loss recorded
during the same period one year ago.  Net loss and comprehensive
loss was CDN$22.2 million compared to CDN$53.5 million in 2006.

A large portion of these improvements are due to the
CND$21.6 million in restructuring charges that were incurred in
2006.  Nonetheless, the 2007 third quarter showed a
CDN$6.3 million decline in selling, general and administrative
expenses.  The SG&A gains, however, were offset by a
CDN$7.0 million shift from gross profit to gross loss, due
primarily to a CDN$3.6 million write down of inventory, and to
the company's symmetryONE product experiencing significant price
pressure in the market.  Year-to-date revenue was
CDN$63.2 million, up 25.0% from CDN$50.4 million in the first
nine months of 2006.  Operating loss for the nine-month period
in 2007 was CDN$42.1 million compared to CDN$70.7 million in the
same period of 2006.  The year-to-date net loss and
comprehensive loss was CDN$49.3 million compared to
CDN$84.4 million during the first nine months in the prior year.

Backlog at Sept. 30, 2007, stood at CDN$19.3 million, the
majority of which is expected to be delivered by the end of this
year.  This compares with CDN$45.4 million at the end of 2006
and CDN$27.1 million at the end of the second quarter of 2007.

                    Management Expectations

SR Telecom reported improved revenues and decreased losses in
its third quarter compared to the same period in 2006; however,
these results remained below management's expectations.  Third
quarter revenues were adversely affected by a longer-than-
anticipated sales cycle with several large potential customers.  
The company nonetheless remains encouraged by the continuing
interest in its symmetryMX suite of WiMAX solutions from
customers around the world.

The company also reported that, further to the strategic review
initiated on May 10, 2007, its Board of Directors has evaluated
the company's strategic options in the context of SR Telecom's
past and present financial situation, its order backlog, and the
likelihood of future success with its existing structure.  The
Board has concluded that it is in the company's best interests
to actively pursue the sale of the company and/or its assets.

SR Telecom has engaged investment bankers Lazard Ltd. to assist
the company in identifying interested parties.  The Board has
appointed a special committee in connection with this process,
which will continue to evaluate the company's strategic options.

“To grow and succeed in the global WiMAX market, SR Telecom
needs a strong financial footing, a diversified product
portfolio and the purchasing power to benefit from economies of
scale,” Paul Griswold, Chairman of the Board of SR Telecom,
said.

“While SR Telecom has taken positive strides in 2007, its past
financial performance and current market perceptions weigh
heavily on operations, and the company needs to consider
alternatives to strengthen itself other than solely through
additional financing options,” President and CEO Serge Fortin
added.

                        Financial Position

As reported in the Troubled Company Reporter on July 6, 2007,
the company entered into an agreement with a syndicate of
lenders comprised of shareholders providing for a term loan of
CDN$35.0 million, all of which was drawn at closing.  An
additional CDN$10 million term loan could be available for
drawdown, subject to certain conditions being met, for a period
of up to one year from closing.

As at Sept. 30, 2007, management believes the company had not
met all of the conditions required to drawdown the additional
CDN$10 million.

As at Sept. 30, 2007, the company's consolidated cash, including
restricted cash, was CDN$27.1 million, up slightly from
CDN$26.2 million at Dec. 31, 2006.

                        About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access      
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  SR Telecom's products are currently deployed in
more than 110 countries worldwide, including Thailand.

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the company's losses
for the current and prior years, negative cash flows, reduced
availability of supplier credit and lack of operating credit
facilities.  As such, the realization of assets and the
discharge of liabilities and commitments in the ordinary course
of business are subject to significant uncertainty.

For the three and six months ended June 30, 2007, the company
realized a net loss of CDN$14.9 million and CDN$27.1 million,
respectively (CDN$115.6 million for the year ended Dec. 31,
2006), and used cash of CDN$9.2 million and CDN$21.6 million,  
respectively (CDN$45.2 million for the year ended Dec. 31, 2006)
in its continuing operating activities.  Going forward, the
company will continue to require substantial funds as it
continues the development of its WiMAX product offering.


TRUE CORP: Expects to Spend THB8-THB10 Bil. for Expanding Units
---------------------------------------------------------------
True Corp. PCL expects at least THB8 billion and at most
THB10 billion in expenses next year on network expansion and new
services, TMC.Net reports.

According to the article, True Corp. CEO Supachai Chearavanont
said that most of its budget would go towards extending the
network of its flagship businesses: cellular operator True Move,
pay-per-view TV operator True Visions and broadband Internet
through its True Internet unit.

"The spending will come from True's [internal] cash flow," he
said.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  

As reported in the TCR-AP on June 12, 2007, True Corp. Moody's
Investors Service downgraded True Corp.'s corporate family
rating to B1.





                            *********


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
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Editors.

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