TCRAP_Public/071126.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

          Monday, November 26, 2007, Vol. 10, No. 234

                            Headlines

A U S T R A L I A

ALLSTATE EXPLORATIONS: Insolvent by AU$50.32 Million at June 30
ALLSTATE EXPLORATIONS: Closes Out All Gold Hedging
ALLSTATE EXPLORATIONS: Releases Quarterly Activities Report
BALLISTIX PTY: To Declare Dividend on November 28
BASS METALS: Posts Third Annual Net Loss at AU$1.31 Million

BASS METALS: Issues 501,250 Ordinary Shares to Option Holders
BASS METALS: Intec Hellyer Increases Stake
BASS METALS: Sets General Shareholders' Meeting on December 17
CHALLENGER PTY: To Declare Dividend for Creditors on Nov. 30
CHALLENGER POWERBOATS: Reports US$2.6-Mln Stockholders' Deficit

CHRYSLER LLC: Financing Deal Bump Signals More Debt Market Woes
CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007
CONQUEST MINING: Posts Fourth Annual Loss at AU$3.16 Million
CONQUEST MINING: Raises AU$22.44 Million in Shares Placement
DJERRIWARRH INVESTMENTS: Earns AU$90.67 Million in FY 2007

ERUS PTY: Members and Creditors Receive Wind-Up Report
EVANS & TATE: ASIC Allows Postponement of 2007 Annual Meeting
F.G. MARGINSON: Commence Liquidation Proceedings
FUTURIS CORPORATION: Earns AU$103.5 Million for Fiscal 2007
FUTURIS CORP: DFA Group Acquires 37 Million Shares

GRIFFIN COAL: Now Exports Collie Coal to India
HUTCHISON TELECOMMUNICATIONS: Loses AU$197 Mil. for First Half
IMF AUSTRALIA: Turns Around w/ AU$8.28MM Net Income for FY2007
INCORPOREAL PTY: Members and Creditors Hear Liquidator's Report
KITCHER PROPERTY: Will Declare First Dividend on Dec. 21

L S FROST: Commences Liquidation Proceedings
LOST LODGE: Liquidator Presents Wind-Up Report
QUEENSLAND PACKERS: Members Receive Wind-Up Report
SCO GROUP: Reports US$1,608 of Net Profit for September
SYMBION HEALTH: Says Primary Made Misleading Comments

THE MARBLE & GRANITE: To Declare First Dividend on December 21


C H I N A   &   H O N G  K O N G

ASHMORE ENERGY: Fitch Assigns Low B Ratings on US$1.5-Bln Debts
BAOSHINN CORP: Auditor Issues Substantial Going Concern Doubt
CHINA EASTERN AIR: Sells Equity in Shanghai Eastern for CNY460MM
CHINA EASTERN AIR: Opens New Route to Phnom Penh
KAO HSIUNG: Earns TWD249.6 Million for First Nine Months of 2007

KAO HSIUNG: October Sales Falls 7.9% From Year-Ago Figures
SAMPO CORP: Incurs TWD528.4-Mil. Loss for 2007 Nine-Month Period
SAMPO CORP: Ten-Month Sales Total TWD8.99 Billion
YIEH HSING: Incurs TWD128-Million Loss in First 9 Months of 2007
YIEH HSING: October Sales Rise 20.5% to TWD760 Million


I N D I A

AFFILIATED COMPUTER: Replacement Directors Join Board
BAGALKOT UDYOG: Books INR15.14 Mil. Loss in Qtr. Ended Sept. 30
BAGALKOT UDYOG: Board to Consider Audited Accounts on Nov. 30
BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend
CABLE & WIRELESS: Excessive Executive Payout Angers Investors

EXIDE TECHNOLOGIES: Improved Financials Cue S&P to Lift Rating
GENERAL MOTORS: UAW Members Wary on GM's Exposure to ResCap Woes
QUEBECOR WORLD: Market Status Cues Refinancing Plan Withdrawal


I N D O N E S I A

BANK RAKYAT: DBS Vickers Lowers Ratings to "Hold"
GARUDA: Hires Cargo GSA for Australia & New Zealand Aid Agent
INDOSAT: Investors Lose IDR7.1 Trillion Due to Shares Drop
MULTIBREEDER: To Repay US$38.2MM Debt Before 2011 Maturity Date
MULTIBREEDER: May Use Loan from Parent to Build Breeding Farms

PERUSAHAAN GAS: To Invest US$400MM in Gas Processing Plant
TELKOM: Asks Unit to Appeal Indonesia's Anti-Monopoly Ruling


J A P A N

MAZDA MOTOR: Revised Demio to Complete Product Launch Segment
SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business
TAIHEIYO CEMENT: Shares Fall After Mizuho Downgrades Rating


K O R E A

EUGENE SCIENCE: Incurs US$450,326 Loss in Qtr. Ended Sept. 30
MAGNACHIP SEMICONDUCTOR: Markets Power Management Solutions


M A L A Y S I A

APL INDUSTRIES: Earns MYR0.31 Mil. in Quarter Ended September 30
MP TECHNOLOGY: Posts MYR3.1MM Net Loss in Qtr. Ended Aug. 31
OLYMPIA: Turns Around w/ MYR14.4-Mil. Net Profit in 1st Qtr.'07
SOUTH MALAYSIA: ICULS 2002/2007 to Mature on December 21
TIME DOTCOM: Digi Tie-up Unaffected by Gov't Spectrum Recall


N E W  Z E A L A N D

A2 CORPORATION: A2 Milk Demand Soars on Woodford's Book Launch
AIR NEW ZEALAND: October 2007 Passenger Load Up 6.2%
AIR NEW ZEALAND: Names B. Parton as Shorthaul Group Gen. Manager
A&R WHITCOULLS: Commerce Commisson Clears Borders Acquisition
CORPORATE SIGNS: Faces Blue Star's Wind-Up Petition

ETS INSTRUMENTS: Wind-Up Petition Hearing Set for Nov. 29
GALBRAITH MUNRO: Creditors' Proofs of Debt Due on Dec. 17
GLASGOW INVESTMENTS: Fixes Dec. 5 as Last Day to File Claims
LEHNDORF UTILITY: Placed Under Voluntary Liquidation
MASTER CLEANING: Subject to CIR's Wind-Up Petition

STEPHENS TRANSPORT: Appoints Grant and Khov as Liquidators
STEWART ISLAND: Commences Liquidation Proceedings
TE KAIKOURA: Court Set to Hear Wind-Up Petition on Nov. 26


P H I L I P P I N E S

BANKARD INC: Appoints Abigail Tumbocon as VP, Head of Marketing
IPVG CORP: Eduardo Martin Lichauco Leaves Post as Board Member
METRO PACIFIC: Lists 5.633 Million New Shares in Local Bourse
PHIL. LONG DISTANCE: Senior Noteholders OK Changes in Indentures
SAN MIGUEL: Unit Loses to First Gen Corp. in PNOC-EDC Bidding

* Gov't Sees PHP47-Billion Proceeds from Sale of PNOC-EDC Stake
* Government's Spending for Debt Goes Down 17.5% in October


S I N G A P O R E

CN DISPLAYS: Court Enters Wind-Up Order
INFLEXION CORPORATION: Creditors' Proofs of Debt Due on Dec. 24
LIMITED BRANDS: Earns US$12.1 Million in Quarter Ended Nov. 3
SIM HOE: Pays First Preferential Dividend


T H A I L A N D

TMB BANK: Central Bank OKs ING's Purchase of 30% Shareholding
TMB BANK: Board Appoints Gen. Anupong Paojinda as Director
TRUE MOVE: Mobile Subscriber Base Increases 19.6% to 2.1 Million

     - - - - - - - -

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

ALLSTATE EXPLORATIONS: Insolvent by AU$50.32 Million at June 30
---------------------------------------------------------------
Allstate Explorations NL reported a net loss of AU$7.11 million
for the year ended June 30, 2007, against the AU$9.23-million  
net loss for the year ended June 30, 2006.

The group had revenues of AU$2.36 million for fiscal year 2007.

As of June 30, 2007, the company's balance sheet showed total
assets of AU$21.41 million and total liabilities of
AU$71.73 million, resulting in a capital deficiency of
AU$50.32 million.

                      Going Concern Doubt

ML Port at PKF Chartered Accountants and Business Advisers, the
company's independent auditors, raised significant uncertainty
regarding the company's ability to continue as a going concern
and realize its assets and extinguish its liabilities in the
normal course of business.

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


ALLSTATE EXPLORATIONS: Closes Out All Gold Hedging
--------------------------------------------------
Allstate Explorations NL and its subsidiaries closed out all
remaining gold hedge positions totaling 37,168 ounces of forward
positions, increasing its exposure to the spot price of gold,
the company said in a corporate disclosure filed with the
Australian Stock Exchange.

The company added that the Commonwealth Bank of Australia has
provided the interim funding required to close out all of the
Beaconsfield Gold Group's hedging positions, including
Allstate's hedges with Macquarie Bank Ltd.  

The company related that the total CBA funding package comprises
of a AU$7.5-million equity bridging facility and a
AU$7.5-million working capital facility.


Allstate Explorations NL solely operates in Australia.  The
company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544

As of June 30, 2007, the company's balance sheet showed total
assets of AU$21.41 million and total liabilities of
AU$71.73 million, resulting in a capital deficiency of
AU$50.32 million.

                      Going Concern Doubt

ML Port at PKF Chartered Accountants and Business Advisers, the
company's independent auditors, raised significant uncertainty
regarding the company's ability to continue as a going concern
and realize its assets and extinguish its liabilities in the
normal course of business.


ALLSTATE EXPLORATIONS: Releases Quarterly Activities Report
-----------------------------------------------------------
Allstate Explorations NL filed its quarterly activities report
for the quarter ended Sept. 30, 2007, with the Australian Stock
Exchange.

Highlights for the Quarter

              Operational – Beaconsfield Gold Mine

   * The case for safety for Western Ore Production was accepted
     by the Chief Inspector of Mines at the end of the quarter,
     enabling production to resume from the Western Zone of the
     mine.

   * All Government notices restricting underground operations
     have now been lifted.

   * Re-commissioning of underground operations is progressing
     towards full production with mining from all areas of the           
     mine expected during the December quarter.

* Melick investigation completed.

   * New longhole drill rig acquired to ensure accurate drilling
     for Western Zone remote mining.

   * Ore treatment plant treated 28,975 tonnes from underground
     re-commissioning to produce 5,180 ounces of gold.

   * New mineralised structure discovered 150 metres in footwall
     of Tasmania Reef.

   * RC rig sourced to commence near-mine surface exploration
     program during the December quarter.

   * Helicopter magnetic survey completed to advance regional
     exploration around the Beaconsfield Mine.

                           Corporate

   * Appeal lodged, subsequent to end of the quarter, against
     the ruling handed down in relation to proceedings commenced
     by Beaconsfield Gold Group companies in the Supreme Court
     of Victoria claiming indemnity of AU$45.5 million in
     respect of a business interruption insurance claim.

The company's full report is available at the ASX Web site:

insert site


Allstate Explorations NL solely operates in Australia.  The
company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544

As of June 30, 2007, the company's balance sheet showed total
assets of AU$21.41 million and total liabilities of
AU$71.73 million, resulting in a capital deficiency of
AU$50.32 million.

                      Going Concern Doubt

ML Port at PKF Chartered Accountants and Business Advisers, the
company's independent auditors, raised significant uncertainty
regarding the company's ability to continue as a going concern
and realize its assets and extinguish its liabilities in the
normal course of business.


BALLISTIX PTY: To Declare Dividend on November 28
-------------------------------------------------
Ballistix Pty Ltd, which is in liquidation, will declare
dividend on November 28, 2007.

Creditors who cannot file their proofs of debt by Nov. 6, 2007,
will be excluded from the company's dividend distribution.

The company's liquidator is:

          Lorraine Smith
          KordaMentha (Queensland)
          22 Market Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4000
          Facsimile:(07) 3225 4999

                     About Ballistix Pty

Ballistix Pty Ltd provides business services.  The company is
located at Taringa, in Queensland, Australia.


BASS METALS: Posts Third Annual Net Loss at AU$1.31 Million
-----------------------------------------------------------
Bass Metals Limited reported a net loss of AU$1.31 million for
the year ended June 30, 2007, almost doubling the
AU$0.70-million net loss reported for the year ended
June 30, 2006.

The company also incurred a AU$0.27 million net loss in 2005.

The company reported revenues of AU$365,709.

West Perth, Australia-based Bass Metals Limited --
http://www.rfilimited.com/-- was formerly known Resources  
Finance and Investment Limited, and is engaged in mineral
exploration and evaluation of properties in Australia.


BASS METALS: Issues 501,250 Ordinary Shares to Option Holders
-------------------------------------------------------------
Bass Metals Ltd has issued 500,000 ordinary shares at AU$0.25
per share, the company said in a regulatory filing with the
Australian Stock Exchange.

The full paid ordinary shares were given to option holders
exercising 500,000 unlisted options, which were exercisable at
25 cents each until Dec. 31, 2007.

On Nov. 13, 2007, the company also issued another 1,250 ordinary
shares to option holders at 40 cents per share.

These transactions brought the company's ordinary shares quoted
on the ASX to 99,863,086, while 4,176,939 options exercisable at
40 cents each until April 30, 2010 remains.

West Perth, Australia-based Bass Metals Limited --
http://www.rfilimited.com/-- was formerly known Resources  
Finance and Investment Limited, and is engaged in mineral
exploration and evaluation of properties in Australia.

Bass Metals Limited reported a net loss of AU$1.31 million for
the year ended June 30, 2007, almost doubling the
AU$0.70-million net loss reported for the year ended
June 30, 2006.  The company also incurred a AU$0.27 million net
loss in 2005.


BASS METALS: Intec Hellyer Increases Stake
------------------------------------------
Bass Metals Ltd. disclosed that Intec Hellyer Metals Pty. Ltd.
increased its shareholdings to 20,996,932 fully paid ordinary
shares on Nov. 5, 2007, Bass Metals said in a corporate
disclosure to the Australian Stock Exchange.

The shares translates to a 21.03% voting power.

West Perth, Australia-based Bass Metals Limited --
http://www.rfilimited.com/-- was formerly known Resources  
Finance and Investment Limited, and is engaged in mineral
exploration and evaluation of properties in Australia.

Bass Metals Limited reported a net loss of AU$1.31 million for
the year ended June 30, 2007, almost doubling the
AU$0.70-million net loss reported for the year ended
June 30, 2006.  The company also incurred a AU$0.27 million net
loss in 2005.


BASS METALS: Sets General Shareholders' Meeting on December 17
--------------------------------------------------------------
Bass Metals Ltd. will hold a general meeting of shareholders on
Dec. 17, 2007, according to a corporate filing with the
Australian Stock Exchange.

The company will be seeking shareholders' approval on:

   * the placement of 9,757,442 million shares at AU$0.42 per
     share;

   * the issuance of 2,995,717 million shares at AU$0.42 per
     share to Intec Hellyer Metals Pty. Ltd.; and

   * the issue of as many as 4,230,159 unlisted Investec
     Options over unissued share to Investec Bank (Australia)           
     Ltd.

West Perth, Australia-based Bass Metals Limited --
http://www.rfilimited.com/-- was formerly known Resources  
Finance and Investment Limited, and is engaged in mineral
exploration and evaluation of properties in Australia.

Bass Metals Limited reported a net loss of AU$1.31 million for
the year ended June 30, 2007, almost doubling the
AU$0.70-million net loss reported for the year ended
June 30, 2006.  The company also incurred a AU$0.27 million net
loss in 2005.


CHALLENGER PTY: To Declare Dividend for Creditors on Nov. 30
------------------------------------------------------------
Challenger Pty Ltd, which is in liquidation, will declare
dividend on November 30, 2007.

Creditors' proofs of debt were due on November 23, 2007.

The company's liquidator is:

          Jason Bettles
          Worrells Solvency & Forensic Accountants
          Australia
          Web site: http://www.worrells.net.au

                      About Challenger Pty

Challenger Pty Ltd provides federal and federally sponsored
credit.  The company is located at Melbourne, in Victoria,
Australia.


CHALLENGER POWERBOATS: Reports US$2.6-Mln Stockholders' Deficit
---------------------------------------------------------------
Challenger Powerboats Inc. reported net income of US$2.8 million
for three months ended Sept. 30, 2007, compared to a net loss of
US$1.7 million for the same period in the previous year.

The company reported net loss US$1.3 million for nine months
ended Sept. 30, 2007, compared to a net loss of US$6.8 million
for the same period in the previous year.

               Liquidity and Capital Resources

The company continues to raise capital to fund its operations
and fulfill its plan of acquiring companies and assisting in the
development of those companies internally.  As of Sept. 30,
2007, the company has total current assets of US$5.1 million,
compared to US$1.99 million as of Dec. 31, 2006.

As of Sept. 30, 2007, the company has total current liabilities
of US$4.6 million, compared to US$5.98 million as
of Dec. 31, 2006.

Cash and cash equivalents were US$1.7 million as of
Sept. 30, 2007, as compared to US$0.2 million as of
Dec. 31, 2006.  The company's stockholders' deficit at
Sept. 30, 2007 was US$2.6 million as compared to US$13.3 million
stockholders' deficit at Dec. 31, 2006.

As of Sept. 30, 2007, the company has debt of US$10.9 million,
including convertible debentures with related parties, which
total US$3.3 million.

             About Challenger Powerboats Inc.

Based in Washington, Missouri, Challenger Powerboats Inc.
(OTC:CPWB) - http://www.challengerpowerboats.com/-- designs and  
manufactures 'go fast' offshore racing boats, family sport
cruisers, jet boats and water ski tow boats under the brands
'Challenger Powerboats', 'Sugar Sand' and 'Gekko', which target
the recreational boating market.  The company is a design-to-
manufacturing organization, creating or licensing designs, and
creating tooling, molds, and parts necessary to assemble its
products in-house.  The company markets its products through a
dealer network comprising more than 100 dealers throughout the
United States, Canada, Mexico, Europe, Australia, the Middle
East and Japan.

                      Going Concern Doubt

Jaspers + Hall PC expressed substantial doubt about Challenger
Powerboats Inc.'s ability to continue as a going concern after
auditing the company's financial statements as of Dec. 31, 2006,
and 2005.  The auditing firm pointed to the company's recurring
losses from operations and its difficulties in generating
sufficient cash flow to meet its obligation and sustain its
operations.


CHRYSLER LLC: Financing Deal Bump Signals More Debt Market Woes
---------------------------------------------------------------
The recent postponement of the sale of Chrysler LLC's US$4
billion loans, combined with Freddie Mac's credit losses, have
dampened the outlook for the U.S. credit markets, MarketWatch
reports.

The TCR-Europe reported on Nov. 9, 2007, that JPMorgan Chase and
Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley
and Bear Stearns & Co. had initially planned to sell Chrysler's
US$4 billion loans at about 97.5 cents on the dollar to lessen
the company's US$171 billion leveraged loan backlog.

In spite of strong demand for the deal, however, the banks
decided to shelve the sale due to weak credit markets and
worsening news from the U.S. automotive sector, Reuters relates,
citing an unidentified source.  This is particularly deflating
for the corporate credit market, MarketWatch observes.

"It shows how tough the market has become," said Steve Miller, a
managing director for Standard & Poor's LCD, MarketWatch notes.  
"We had a really strong run after Labor Day, money poured in
from (the high-yield bond market) and all of this paper started
to clear."

"The last four weeks, the anxiety level has gone up. Some of the
money has poured out of high yield and that's tricked down to
the loan market and driven prices down.  Chrysler is a
harbinger," MarketWatch quotes Mr. Miller as saying.

Concurrently, loans sold recently have fallen in value in the
secondary market, and there remains close to US$300 billion in
LBO debt that needs to be financed.  U.S. LBO volume was up 143%
through September, MarketWatch states.

There is no longer any hope that investors would return to back
leveraged buyouts, which could, in turn, stall other planned
mergers and acquisitions.  In effect, the postponement of the
sale of Chrysler's loans marks the halt of other deals as well,
MarketWatch suggests.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up  
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

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

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                          *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


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.


CONQUEST MINING: Posts Fourth Annual Loss at AU$3.16 Million
------------------------------------------------------------
Conquest Mining Limited reported a net loss of AU$3.16 million
for the year ended June 30, 2007, cutting by more than half the
AU$7.17-million net loss reported for the year ended June 30,
2006.

The company also suffered net losses of AU$9.72 million and
AU$1.23 million for the years 2005 and 2004.

For the year in review, the company had total revenues of
AU$1.07 million and total expenses of AU$4.24 million.

Headquartered in Balcatta, Australia, Conquest Mining Limited --
http://www.conquestmining.com.au/-- is engaged in mineral  
exploration, with emphasis on progressing the Mt Carlton gold,
silver and copper development.  Conquest has a focus on metals
exploration in Queensland, which is a producer of copper, lead,
zinc and silver.


CONQUEST MINING: Raises AU$22.44 Million in Shares Placement
------------------------------------------------------------
Conquest Mining Limited has completed a fundraising of
AU$22.44 million, via a placement of 33,000,000 fully paid
ordinary shares at AU$0.68 each to Institutional, Professional
and Sophisticated investors, the company said in a corporate
disclosure filed with the Australian Stock Exchange.

The company said that Azure Capital acted as corporate adviser
to the issue with Macquarie Private Wealth and Tolhurst Ltd.
being sponsoring brokers to the placement.

The placement will position Conquest for further growth and
provide funding for working capital, exploration and feasibility
studies, the company added.

Headquartered in Balcatta, Australia, Conquest Mining Limited --
http://www.conquestmining.com.au/-- is engaged in mineral  
exploration, with emphasis on progressing the Mt Carlton gold,
silver and copper development.  Conquest has a focus on metals
exploration in Queensland, which is a producer of copper, lead,
zinc and silver.

Conquest Mining Limited reported a net loss of AU$3.16 million
for the year ended June 30, 2007, cutting by more than half the
AU$7.17-million net loss reported for the year ended June 30,
2006.  The company also suffered net losses of AU$9.72 million
and AU$1.23 million for the years 2005 and 2004.


DJERRIWARRH INVESTMENTS: Earns AU$90.67 Million in FY 2007
----------------------------------------------------------
Djerriwarrh Investments Limited has released its financial
results for the full year ended June 30, 2007.

The company reported a AU$90.67-million net income for the year
ended June 30, 2007, against the AU$63.29-million net income
reported a year earlier.

KEY POINTS:

   * Net Operating Profit after tax was AU$54.9 million (2006:   
     AU$38.5 million), up 42.5% from the previous corresponding
     period.  This operating profit is made up primarily of
     dividends received from the investment portfolio, option
     income and revenue from the trading portfolio, which was up
     significantly.  It does not include realized gains.

   * Reported Profit after tax was AU$90.7 million (2006:
     AU$63.3 million).  This includes realized gains on sale of
     investments and a revaluation of open option positions.

   * Earnings per share based on Net Operating Profit were 28.8
     cents compared with 24.0 cents last year.

   * Rights Issue successfully completed raising AU$140.3
     million of new capital in October 2006.

   * Total assets (at market value) at June 30, 2007, were
     AU$1.2 billion, up from AU$881 million last year.

   * A fully franked final dividend of 16 cents per share was
     paid on Aug. 9, 2007.  This is a significant lift from last
     year’s final dividend of 13 cents per share, particularly
     in light of the increased capital base arising from the
     rights issue. The total dividend for the year is 26 cents
     per share fully franked.

   * The final dividend carries with it an attributable LIC
     capital gain of 3 cents per share which enables some
     shareholders to claim a tax deduction.

   * Total portfolio return over the twelve months to
     June 30, 2007 (change in net asset backing per share plus
     dividends reinvested) was 27.0% after tax and management
     expenses.

   * Total shareholder return measured by change in share price
     plus dividends over the 12-month period was 15.0% as
     the share price moved to a discount of over 5% to net asset
     backing by financial year end.

   * Management expense ratio was 0.22%, compared to 0.24% for
     the previous year.

   * Net asset backing at June 30, 2007, was AU$5.24 (before
     providing for the 16 cent final dividend).

   * The fully franked yield on Djerriwarrh’s closing share
     price on July 13 of AU$5.04 is 5.2%.

The company's full release is available for download at no
charge at:

http://www.djerri.com.au/pdf/ASX_announcements/2007/DJAN070716_Appendix_4E_2007.pdf



Melbourne, Australia-based Djerriwarrh Investments Limited --
http://www.djerri.com.au/-- is a closed-end investment company.   
It provides shareholders with investment returns through access
to a steady stream of fully franked dividends, and increase in
the value of capital invested.  The company also uses exchange-
traded options written against its portfolios to enhance income
return to investors.  As at June 30, 2006, Djerriwarrh's top 10
investment securities included BHP Billiton, National Australian
Bank, Commonwealth Bank of Australia, Westpac Banking
Corporation, Australia and New Zealand Banking Group, St. George
Bank, The News Corporation, Telstra Corporation, Rio Tinto and
Alumina.  The company's investment includes in various sectors,
such as energy, materials, industrials, consumer discretionary,
consumer staples, banks, financials, telecommunications and
others.

The Troubled Company Reporter-Asia Pacific's Nov. 20, 2007
distressed bonds column listed Djerriwarrh Investments’ bond
with a 6.500% coupon, a September 30, 2009 maturity date, and a
trading price of AU$5.10.

ERUS PTY: Members and Creditors Receive Wind-Up Report
------------------------------------------------------
The members and creditors of Erus Pty Ltd met on Nov. 12, 2007,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

                       About Erus Pty

Erus Pty Ltd, which s also trading as Stevros Engineering,
provides engineering services.  The company is located at  North
Gate, in Queensland, Australia.


EVANS & TATE: ASIC Allows Postponement of 2007 Annual Meeting
-------------------------------------------------------------
The Australian Securities and Investments Commission has allowed
Evans and Tate Limited to postpone holding its annual general
meeting for 2007, Martin Jones, the company's joint and several
administrator, says in a corporate disclosure filed with the
Australian Stock Exchange.

The company can postpone holding its AGM from Nov. 30, 2007, to
no later than Sept. 30, 2008.  

ASIC says that it can be earlier if the company should terminate
MacGrathNicol as joint and several receivers and partners, or
end its administration, whichever occurs last, at which point,
it will have three months to hold its AGM.

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2007, that Evans & Tate's board of directors placed it under
voluntary administration.

On Aug. 21, 2007, Australia and New Zealand Bank, Evans & Tate's
largest creditor, appointed Voluntary Administrators (Martin
Jones and Bruce Carter of Ferrier Hodgson) and Receivers &
Managers (Peter Anderson, Shaun Fraser and Andrew Birch of
McGrathNicol) to Evans & Tate Ltd and its subsidiaries.


F.G. MARGINSON: Commence Liquidation Proceedings
------------------------------------------------
During a general meeting held on October 11, 2007, the members
of F.G. Marginson Pty Ltd agreed to voluntarily liquidate the
company's business.

The company will also declare final dividend.  Creditors who
were not able to file their proofs of debt by the Nov. 7, 2007
due date will be excluded from the company's dividend
distribution.

The company's liquidators are:

         Morgan Lane
         Michael Peldan
         Messrs Worrells, Solvency & Forensic Accountants
         8th Floor 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Web site: http://www.worrells.net.au

                      About F.G. Marginson

Located at Brisbane, in Queensland, Australia, F.G. Marginson
Pty Ltd is an investor relation company.


FUTURIS CORPORATION: Earns AU$103.5 Million for Fiscal 2007
-----------------------------------------------------------
Futuris Corporation Limited reported a AU$103.48-million net
profit for the year ended June 30, 2007, an improvement against
the AU$96.42-million profit reported for the year ended June 30,
2006.

The company had sales revenues of AU$3.09 billion for the year.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/default.asp-- is engaged in the  
provision of farm services to the rural sector; financial
services to rural and regional customers, and management of
investor-funded hardwood plantations and manufacture of sawn
timber products.  The company also operates businesses in
automotive componentry supply, and property ownership and
development.  Its segments comprise Rural services, which
includes the provision of agricultural products and services
through a common distribution channel; Forestry, which includes
the Company's interests in forestry plantations and processing;
Automotive Components, which is engaged in manufacturing and
sales of automotive components, of which the key components are
seating, heating ventilating and air-conditioning systems;
Property, which includes the sale and development of land, and
commercial developments and holding an equity interest in a
listed property trust, and Investment and Other, which includes
investment activities.

The Troubled Company Reporter-Asia Pacific's Nov. 20, 2007
distressed bonds column listed Futuris Corporation’s bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


FUTURIS CORP: DFA Group Acquires 37 Million Shares
--------------------------------------------------
Futuris Corp. Ltd. announced that the DFA Group acquired
36,796,390 ordinary fully paid shares on Nov. 14, 2007, Futuris
said in a disclosure filed with the Australian Stock Exchange.

The share represent 5.03% of the company's shares.

The DFA Group is composed of Dimensional Fund Advisors LP, DFA
Australia Ltd., Dimensional Fund Advisors Ltd., Dimensional Fund
Advisors Canada, Inc., Dimensional Holdings Inc. and Dimensional
Holdings LLC.

Two individuals, Rex Sinquefield and David Booth, are deemed to
have the same relevant interests in the securities as
Dimensional Holdings, Inc. as they each have more than 20%
voting power in Dimensional Holdings.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/default.asp-- is engaged in the  
provision of farm services to the rural sector; financial
services to rural and regional customers, and management of
investor-funded hardwood plantations and manufacture of sawn
timber products.  The company also operates businesses in
automotive componentry supply, and property ownership and
development.  Its segments comprise Rural services, which
includes the provision of agricultural products and services
through a common distribution channel; Forestry, which includes
the Company's interests in forestry plantations and processing;
Automotive Components, which is engaged in manufacturing and
sales of automotive components, of which the key components are
seating, heating ventilating and air-conditioning systems;
Property, which includes the sale and development of land, and
commercial developments and holding an equity interest in a
listed property trust, and Investment and Other, which includes
investment activities.

The Troubled Company Reporter-Asia Pacific's Nov. 20, 2007
distressed bonds column listed Futuris Corporation’s bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


GRIFFIN COAL: Now Exports Collie Coal to India
----------------------------------------------
The Griffin Coal Mining Co. Pty. Ltd. has started shipping
export-quality Collie coal to India to establish a new
commercial market for the WA coal industry, the company said in
a press release.

The release says that Griffin Coal has now exported four
shipments of Collie coal to India.  The company is also
investigating other international commercial opportunities.

The release adds that to facilitate initial shipments through
Kwinana, Griffin Coal has made a significant investment in rail
and port infrastructure.  To date Griffin has been unable to
export coal through the Bunbury Port.

The export strategy is part of Griffin Coal’s commitment to
ensuring a sustainable future for the Collie coal industry and
the communities in which it operates, according to the company.

The Griffin Coal Mining Co Pty Ltd -
http://www.griffincoal.com.au/-- operates two open-cut mines in  
the Collie Basin in the south-western part of Western Australia.  
They produced 3.04 million tonnes of coal during FY2006.  Major
customers include Verve Energy's Muja power station -- which is
adjacent to the mines -- and industrial customers mostly within
200km.

The Troubled Company Reporter-Asia Pacific reported on Nov. 1,
2007, that Moody's Investors Service placed the Ba2 corporate
family and Ba2 senior unsecured ratings of The Griffin Coal
Mining Company Pty Ltd under review for possible downgrade.

The TCR-AP also reported that on Feb. 8, 2007, Standard & Poor's
Ratings Services assigned its BB- long-term issue rating to The
Griffin Coal Mining Company Pty Ltd.'s (Griffin Coal; BB-
/Stable/--) proposed US$50 million senior unsecured notes due
Dec. 1, 2016.  The proposed note issue follows the company's
inaugural US$400 million Rule 144A (without registration rights)
note issue in November 2006.  The additional US$50 million note
will be issued under the same indenture governing the
outstanding US$400 million, 9.5% senior notes due Dec. 1, 2016.


HUTCHISON TELECOMMUNICATIONS: Loses AU$197 Mil. for First Half
--------------------------------------------------------------
Hutchison Telecommunications (Australia) Limited reported a net
loss of AU$197.27 million for the half-year period ended
June 30, 2007, an improvement from the AU$524.70-million net
loss reported for the half-year period ended June 30, 2006.

For the half-year in review, the company had total sales of
AU$630.76 million.

As of June 30, 2007, the company had total assets of
AU$2.21 billion and total liabilities of AU$1.40 billion.

Financial and operating highlights include:

   * Customer base increased by 160,000 active net additions in
     first half;

   * 1.4 million active 3 customers, an increase of 35% from the
     first half 2006;

   * 93% of the net adds were post paid, and at the end of June
     89% of the base was post paid;

   * 50% increase in 3 service revenue at AU$541.4 million;

   * 3 non-voice revenue at AU$138.7 million, an increase of
     74.7% on the first half of 2006;

   * Average monthly margin for 3 increased to AU$69.0 million
     in first half 2007 from AU$44.9 million in first half of
     2006;

   * AU$31.4 million positive EBITDA, an increase of
     AU$28.4 million from first half 2006;

   * 62% improvement in NPAT loss at AU$197.3 million;

   * Total ARPU for 3 was AU$69; and

* Average monthly margin per customer was AU$52

Non-voice service usage highlights include:

   * More than 57 million content events were experienced during
     the first half;

   * Over 1 million customers on average accessed Planet 3 each
     month;

   * 82,000 subscriptions to Broadband services (inc X-Series,
     Mobile Broadband card & USB and handset as a modem);

   * More than 112,000 subscriptions to individual X-Series
     services; and

   * An average of 635,000 customers generated at least one
     billed content event each month.

The company's half-year report is available for free at:

http://www.hutchison.com.au/hutchison2004staging/object/attachment/docs/2007%20Half%20Year%20Report%20%2D%20Appendix%204D%2Epdf



Headquartered in New South Wales, Australia, Hutchison
Telecommunications (Australia) Limited --
http://www.hutchison.com.au/-- is engaged in the ownership and  
operation of wideband code division multiple access (W-CDMA),
third-generation (3G) mobile network (branded 3) across the five
mainland capital cities and national capital, Canberra; the
ownership and operation of a code division multiple access
(CDMA) network (branded Orange) mobile in and around Sydney and
Melbourne, and a national paging and messaging service under the
Orange brand.  3 is part of the global telecommunication
operations of Hutchison Whampoa Limited.  In February 2006,
Hutchison rebranded its CDMA network to 3 CDMA.  3 CDMA provides
customer with voice and basic messaging services.  3 also
provides a range of paging, messaging and portable information
services.

The company recorded net losses of AU$759.42 million and
AU$547.30 million for the years ended Dec. 31, 2006 and 2005.


IMF AUSTRALIA: Turns Around w/ AU$8.28MM Net Income for FY2007
--------------------------------------------------------------
IMF (Australia) Limited posted a net income of AU$8.28 million
for the year ended June 30, 2007, a turnaround from the
AU$0.83-million net loss posted for the year ended June 30,
2006.

The company registered total revenues of AU15.48 million.

Headquartered in Sydney, Australia, IMF (Australia) Limited --
http://www.imf.com.au/-- is engaged in litigation funding and  
management, and investigation.  The operations of the company
are separated into three areas of business: insolvency claims,
non-insolvency claims involving single plaintiffs (commercial
claims), and non-insolvency group actions (group actions).  
During the fiscal year ended June 30, 2006, the company had 12
insolvency claims, 12 commercial claims and 10 group actions.
IMF's portfolio of funded cases include the Aristocrat case,
Sentinel and Mercury Rising claims, QPSX Limited against the
telecommunications company Ericsson Australia Pty Ltd and
Spatialinfo Pvt Ltd cases against Telstra.  As of August 16,
2006, Redsummer Pty Ltd increased its stake in IMF from 7.21% to
15.98%.

The Troubled Company Reporter-Asia Pacific, on Nov. 20, 2007,
listed IMF Australia’s bond with a 11.500% coupon and a June 30,
2010 maturity date as distressed.


INCORPOREAL PTY: Members and Creditors Hear Liquidator's Report
---------------------------------------------------------------
The members and creditors of Incorporeal Pty Ltd met on Nov. 23,
2007, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

                      About Incorporeal Pty

Incorporeal Pty Ltd is involved with architectural metalwork.  
The company is located at Braeside, in Victoria, Australia.


KITCHER PROPERTY: Will Declare First Dividend on Dec. 21
--------------------------------------------------------
A final dividend will be declared for the creditors of Kitcher
Property Investments Pty Ltd on December 21, 2007.

Creditors who were not able to file their proofs of debt by
November 13, 2007, will be excluded from the company's dividend
distribution.

The company's deed administrator is:

          Simon Read
          McGrathNicol
          Level 1, 5 Mill Street
          Perth, Western Australia 6000
          Australia
          Web site: http://www.mcgrathnicol.com

                     About Kitcher Property

Kitcher Property Investments Pty Ltd provides business services.
The company is located at Caversham, in Western Australia,
Australia.


L S FROST: Commences Liquidation Proceedings
--------------------------------------------
The shareholders of L S Frost Development Pty Ltd, on Sept. 27,
2007, passed a resolution to voluntarily wind up the company's
operations.

Geoffrey Owen Freema was appointed as liquidator.

                         About L S Frost

Located at Ashgrove, in Queensland, Australia, L S Frost
Development Pty Ltd is an investor relation company.


LOST LODGE: Liquidator Presents Wind-Up Report
----------------------------------------------
The members and creditors of Lost Lodge Pty Ltd met on Nov. 14,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Raj Khatri
         Worrells Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4333
         Facsimile:(07) 3225 4311

                        About Lost Lodge

Located at Birkdale, in Queensland, Australia, Lost Lodge Pty
Ltd is an investor relation company.


QUEENSLAND PACKERS: Members Receive Wind-Up Report
--------------------------------------------------
Queensland Packers Pty Ltd held a meeting for its members on
Nov. 23, 2007.  At the meeting, M. G. Mccann, the company's
liquidator, gave a report on the company's wind-up proceedings
and property disposal.

The Liquidator can be reached at;

          M. G. Mccann
          Grant Thornton Chartered Accountants
          Ground Floor
          102 Adelaide Street
          Brisbane, Queensland 4000
          Australia

                    About Queensland Packers

Queensland Packers Pty Ltd operates nonclassifiable
establishments.  The company is located at Loganholme, in
Queensland, Australia.


SCO GROUP: Reports US$1,608 of Net Profit for September
-------------------------------------------------------
The SCO Group Inc. reported zero revenues and zero expenses for
the period beginning Sept. 15 through 30, 2007.  However, the
company generated other income from China Investment of US$1,608
for the period ending Sept. 30, 2007.  The company's net profit
for the month of September 2007 was US$1,608.

As of Sept. 30, 2007, the company's balance sheet showed total
US$1,327,901, total liabilities of US$1,745,258, and total
stockholders' deficit of US$417,357.

A full-text copy of the company's September 15 through 30, 2007:

              http://ResearchArchives.com/t/s?256e

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, 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.


SYMBION HEALTH: Says Primary Made Misleading Comments
-----------------------------------------------------
Symbion Health Care Ltd. has accused Primary Health Care Ltd. of
making negative comments in its bidder's statement, Alex King
writes for Egoli News.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2007, Primary announced its intention to make an
all cash offer of AU$4.10 per share for all of the outstanding
shares in Symbion Health.  Primary owns approximately 20% of
Symbion.

Symbion, according to the Egoli report, said that Primary made
misleading and deceiving comments in relation to Healthscope's
proposed takeover of Symbion in Primary's bidder's statements,
associated announcement and investor presentation in addition to
other subsequent announcements.

The valuation information prepared by the independent expert in
Primary's statement was materially misleading and that there was
deficient disclosure of Primary's intentions in the event that
it acquires a relevant interest of less than 90%, Egoli cites
Symbion as stating.

Egoli relates that Symbion has requested Primary to rectify the
issues and ensure that Symbion shareholders do not continue
to be misled.

In addition, Symbion expressed that it reserves its rights to
file an application with the Takeovers Panel or to take other
actions it considers appropriate to ensure that its
shareholders are not misled, adds Egoli.

                   About Symbion Health

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                       *      *      *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


THE MARBLE & GRANITE: To Declare First Dividend on December 21
--------------------------------------------------------------
The Marble & Granite Fitters Pty Ltd will declare first dividend
on December 21, 2007.

Creditors who cannot file their proofs of debt by Nov. 13, 2007,
will be excluded from the company's dividend distribution.

The company's deed administrator is:

          J. P. Mcleod
          c/o McLeod & Partners
          Level 1, 215 Elizabeth Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3004 0800

                   About The Marble & Granite

The Marble & Granite Fitters Pty Ltd is involved with terrazzo,
tile, marble and mosaic work.  The company is located at  
Warana, in Queensland, Australia.


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

ASHMORE ENERGY: Fitch Assigns Low B Ratings on US$1.5-Bln Debts
---------------------------------------------------------------
Fitch Ratings has affirmed Ashmore Energy International Ltd.
ratings as:

-- Issuer Default Rating at 'BB';
-- US$1 billion term loan 'BB';
-- US$500 million revolving credit facility 'BB'.

The rating affirmation follows the announcement of Ashmore
Energy's agreement to acquire a 50% indirect interest in
Chilquinta Energia S.A. and a 37.9% indirect interest in Luz del
Sur S.A. and related companies from Public Service Enterprise
Group for US$685 million as well as various other recently
completed and pending acquisitions and investments.  The Rating
Outlook is Stable.

The affirmation incorporates the leveraging impact the
acquisition of Chilquinta Energia and Luz del Sur and the other
investments will have on Ashmore Energy.  These transactions are
expected to be funded with a combination of balance sheet cash,
debt and equity, which will increase leverage both on a
consolidated, and parent-only basis.  Additional debt funded
transactions or the absence of expected equity funding may
pressure credit quality over the medium term.  Other recently
completed acquisitions include acquisitions of Calidda, Del Sur
as well as the purchase of incremental ownership interests in
existing investments including San Felipe (formerly Smith Enron
Cogeneration), Puerto Quetzal Power, and Corinto.

The combination of these transactions is expected to increase
proforma (LTM June 30, 2007) total debt to EBITDA to
approximately 3.5 times from 3.0 and net debt to EBITDA to 2.6
from 1.6 assuming an equity offering of US$330 million.
Consolidated debt and EBITDA will increase to US$4.8 billion and
US$1.4 billion, respectively, on a proforma (LTM June 30, 2007)
basis following the closing of these transactions with US$2.8
billion of the debt at the project level.  Holding company debt
(including the PIK sub-debt) is expected to increase to
approximately US$2 billion from US$1.3 billion.  Cash to Ashmore
Energy from its subsidiaries was approximately US$430 million in
2006 and was approximately US$550 million (inclusive of the sale
proceeds of BLM) through the end of the third quarter of 2007.
Parent-only leverage (including PIK sub-debt) is expected to
increase to 3.6 from 2.7 in the lower end of the rating
category.  Parent-level free cash flow is sufficient to service
debt.  Parent company debt service (interest expense) is
expected to be approximately US$125 million.  Fitch expects that
the company will continue to maintain sufficient cash on the
balance sheet to provide adequate liquidity in the business.

Strategically, these investments are positive as they further
geographically diversify Ashmore Energy.  In particular,
Chilquinta Energia and Luz del Sur represent a significant
presence in their respective countries with long-term concession
contracts, low- to moderately-low leverage and ample liquidity.
This purchase marks Ashmore Energy's entry into Chile and
strengthening of their presence in Peru following the
acquisition of Calidda, and further supports the company's
strategy of diversifying into stable countries with reasonable
regulatory frameworks.  Chilquinta Energia is one of the largest
power distribution companies in Chile serving over 541,000
customers in region V including the city of Valparaiso.  Luz del
Sur is the largest power distribution company, by sales, in Peru
serving over 800,000 customers in the area of southern Lima. Luz
del Sur is a solid asset with low leverage and stable cash flow.

The ratings also reflect Ashmore Energy's portfolio of energy
companies focused in five lines of business including: power
distribution, power generation, natural gas transportation and
services, natural gas distribution, and retail fuel.  The
company's assets consist of 34 energy companies in which it has
direct or indirect ownership interest.  All of the assets are
operating and generally performing well. The company's operating
assets have a relatively stable base of revenues and cash flows
as more than 90% of its revenues are either from contracted
Power Purchase Agreements (PPAs) or from regulated energy
businesses.  Contract and regulated revenues and cash flows tend
to be more stable and have lower business risk.  Contracted
revenues from long-term PPAs are primarily with government-owned
off-takers.  In addition, the company has an experienced
operating management team.

Cash flows are geographically concentrated in Brazil (rated
'BB+' by Fitch) and more generally in Latin America.  From a
portfolio standpoint, as of fiscal 2006, 90% of consolidated
cash flows can be attributed to companies located in Latin
America and 73% of consolidated cash flows are derived from
Brazilian assets.  Cash flow is concentrated in non-investment-
grade countries and is generally rated in the 'BB+/BB-' range.
Additionally, Ashmore Energy's cash flow is concentrated in four
key assets: Elektro (Brazil), Cuiaba (Brazil), Promigas
(Colombia), and Trakya (Turkey).  Forty percent of 2006 EBITDA
is attributed to power distribution, 19% to power generation,
30% to natural gas transportation and services, 4% to natural
gas distribution, and 7% to retail fuel.

The largest cash flow contributor is expected to be Brazilian
power distribution company, Elektro, which at the end of fiscal
2006 represented approximately 37% of consolidated proforma
EBITDA and approximately 66% of Ashmore Energy's dividend cash
flow.  Elektro is a very solid, well-managed, moderately low
risk electric distribution company serving almost 2 million
customers in the State of Sao Paulo.  Elektro's credit metrics
are strong with low leverage of total debt to EBITDA of 0.9
times for fiscal year-end 2006.

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of  
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, including China.  The
company's largest asset is Brazilian electric distribution
company, Elektro, which represents approximately 43% of EBITDA,
and 55.3% of fiscal 2006 consolidated cash flow to parent
company Ashmore Energy.  The company also operates a power plant
in the Dominican Republic.


BAOSHINN CORP: Auditor Issues Substantial Going Concern Doubt
-------------------------------------------------------------
After auditing Baoshinn Corporation's financial statements for
the year ended March 31, 2007, Dominic K.F. Chan & Co., issued
material uncertainty regarding the company's ability to continue
as a going concern, citing the company's recurring net losses.

Baoshinn admits that it has historically incurred losses and
future losses are likely to occur.  Baoshinn sees the
possibility that it may experience significant liquidity and
cash flow problems because its operations may not be profitable.
The company gives no assurances that it will be successful in
reaching or maintaining profitable operations.

Baoshinn states that it has relied on its shareholders to fund
its operations, and that it plans to obtain additional capital
to finance future operations.  The company, however, says it
cannot assure that it will be able to obtain such financing on
favorable terms, in sufficient amounts, or at all, when needed.

For the year ended March 31, 2007, the company incurred a net
loss of US$268,117, an increase from the US$220,390 net loss it
recorded for the year ended March 31, 2006.

The company's consolidated balance sheet as of March 31, 2007,
showed total current assets of US$3,574,287 available to pay
total current liabilities of US$3,275,271 coming due within the
next 12 months.

Baoshinn's balance sheet as of end-March 2007, also reflected
total assets of US$3,685,415 and total liabilities of   
US$3,275,271, resulting in a total stockholders' equity of
US$410,144.

The company says that it intends to retain any future earnings
to finance the growth and development of its business.  
Therefore, it does not expect to pay any cash dividends in the
foreseeable future.  Any future dividends, the company says,
will depend on its earnings, if any, and its financial
requirements.

Baoshinn further expresses its plan to develop its business in
China so China's policies will affect its growth.


Baoshinn Corporation was incorporated under the laws of the
State of Nevada on September 9, 2005, under the name of JML
Holdings, Inc.  The company was formed as a "blind pool" or
"blank check" company whose business plan was to seek to acquire
a business opportunity through completion of a merger, exchange
of stock, or other similar type of transaction.  Prior to its
identification of Bao Shinn International Express as an
acquisition target, its only business activity was
organizational activities.

BSIE is headquartered in Hong Kong and was established in 2002
to offer extended travel services primarily focused on wholesale
businesses and corporate clients.  Through the Hong Kong
subsidiary, Baoshinn is a ticket consolidator of major
international airlines, including Thai Airways, Eva Airways,
Dragon Air, Air China, China Southern Airlines and China Eastern
Airlines.  The company provides travel services such as
ticketing, hotel and accommodation arrangements, tour packages,
incentive tours and group sightseeing services to customers
located in Hong Kong and Mainland China.


CHINA EASTERN AIR: Sells Equity in Shanghai Eastern for CNY460MM
----------------------------------------------------------------
China Eastern Airlines Co., Ltd. (SEHK: 0670 and SHSE: 600115),
recently sold for CNY460 million the equity it holds in Shanghai
Eastern Airlines Investment Co., Ltd., to its parent, China
Eastern Air Holding Co., Trading Markets reports, citing
Sinocast.

With a total registered capital of CNY412.5 million, Eastern
Airlines Investment was co-founded between Eastern Airlines and
East China Cares System Co., Ltd., a local company specialized
in civil aviation data network, in Shanghai on May 29, 2002, the
report relates.

According to Trading Markets, the two shareholding companies
made up 98.79% and 1.21% of the new incorporation for
CNY407.52 million and CNY 4.98 million, respectively.  
Meanwhile, East China Cares System also sold its stake valued at
CNY5.658 million in Eastern Airlines Investment.

XFN-Asia notes that, according to China Eastern, the asset sale
will boost the group's cashflow, lower its debt to asset ratio
and enhance business growth.  

The XFN report further says that China Eastern intends to use
the proceeds from the stake sale for purchasing aircraft to
increase flight capacity and bolster the group's
competitiveness.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal     
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  The outlook on the IDRs is stable.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


CHINA EASTERN AIR: Opens New Route to Phnom Penh
------------------------------------------------
China Eastern Airlines has opened a new route from the
southwestern city of Kunming to Phnom Penh, Cambodia, ChinaView
reports, citing company spokeswoman Wang Qian.

According to the report, Ms. Wang -- spokeswoman for the
company's Yunnan branch in southwest China's Yunnan Province --
said that since early November, three regular flights per week
have flown to the southeast Asian nation's capital, and a CRJ-
200 with a capacity of 50 passengers has been used for the new
air service.

Flights take off from Kunming, capital of Yunnan Province, at
7:15 a.m. on Wednesdays, Fridays and Sundays, and arrive in
Phnom Penh at 10:40 a.m. local time, Ms. Wang stated.  Return
flights leave Phnom Penh at 11:30 a.m. local time the same day,
she added.  The flights make a stopover in the southern Chinese
city of Nanning for 40 minutes.

"The new air service will help boost the travel market of Yunnan
and Cambodia and also economic exchanges between the two
countries," Ms. Wang said.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal     
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  The outlook on the IDRs is stable.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


KAO HSIUNG: Earns TWD249.6 Million for First Nine Months of 2007
----------------------------------------------------------------
Kao Hsiung Chang Iron & Steel Corp. reported a net income of
TWD249.6 million for the nine months ended Sept. 30, 2007, a
turnaround from the TWD290.1-million net loss reported for the
nine months ended Sept. 30, 2006.

The company's nine-month results is better compared to a net
loss of TWD380.9 million recorded for the half-year of 2007.

The company's sales amounted to TWD8.3 billion, while operating
expenses amounted to TWD8.4 billion, giving the company an
operating loss of TWD271.4 million for the period in review,
against a TWD46.8 million operating loss a year earlier.

The company, however, recorded a net non-operating gain of
TWD780.1 million for the nine months to Sept. 30, 2007, against
a loss position of TWD36.4 million a year earlier.

Kaohsiung, Taiwan-based Kao Hsiung Chang Iron & Steel Corp. --
http://www.khc.com.tw/-- is engaged in the manufacture of cold-
rolled steel products and steel pipes.  The company's products
include galvanized steel pipes, cold-rolled steel rolls, hot-
rolled steel rolls and galvanized steel rolls, among others.  
The company distributes its products within the domestic market
and to overseas markets, including Hong Kong, Mainland China,
the Americas and Northeast Asia.

The company has incurred net losses of TWD1.7 billion and
TWD459.3 million for the years ended Dec. 31, 2005 and 2006.


KAO HSIUNG: October Sales Falls 7.9% From Year-Ago Figures
----------------------------------------------------------
Kao Hsiung Chang Iron & Steel Corp.'s sales in October 2007 fell
7.9% year-on-year to TWD984.3 million from TWD1.1 billion,
according to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD9.2 billion, a 5.33%
increase from TWD8.8 billion.

The company's September sales rose 19.6% year-on-year to
TWD979.8 million, while August sales fell 23.6% to
TWD711.6 million.

Kaohsiung, Taiwan-based Kao Hsiung Chang Iron & Steel Corp. --
http://www.khc.com.tw/-- is engaged in the manufacture of cold-
rolled steel products and steel pipes.  The company's products
include galvanized steel pipes, cold-rolled steel rolls, hot-
rolled steel rolls and galvanized steel rolls, among others.  
The company distributes its products within the domestic market
and to overseas markets, including Hong Kong, Mainland China,
the Americas and Northeast Asia.

The company has incurred net losses of TWD1.7 billion and
TWD459.3 million for the years ended Dec. 31, 2005 and 2006.


SAMPO CORP: Incurs TWD528.4-Mil. Loss for 2007 Nine-Month Period
----------------------------------------------------------------
Sampo Corp. reported a net loss of TWD528.4 million for the nine
months ended Sept. 30, 2007, cutting by almost half the
TWD1.1-billion net loss recorded for the nine months ended
Sept. 30, 2006.

The company had net sales of TWD8.3 billion for the period.

Headquartered in Taoyuan, Taiwan, Sampo Corporation --
http://www.sampo.com.tw/-- is an electric appliances provider.   
The company is organized into three divisions: Home Appliances
Division, which provides air conditioners, refrigerators,
washing machines, dehumidifiers and microwave ovens; Electronics
Division, which produces color televisions, plasma display panel
monitors, high-definition Internet protocol TVs, liquid crystal
display monitors and security LCDs, and Electronics Components
Division, which is engaged in the development and production of
fly back transformers, inverters and digital television modules.  
The company distributes its products within the domestic market
and to overseas markets, including Asia, Europe, Latin America
and the United States.

The company posted consecutive losses of TWD1.0 billion,
TWD5.5 billion and TWD4.1 billion for the years ended Dec. 31,
2004 through 2006.


SAMPO CORP: Ten-Month Sales Total TWD8.99 Billion
-------------------------------------------------
Sampo Corp.'s sales in October 2007 fell 41.05% year-on-year to
TWD649.92 million from TWD1.10 billion, according to data
obtained from Bloomberg News.

The company's year-to-date sales totaled TWD8.99 billion, a
28.23% fall year-on-year from TWD12.53 billion.

Sales in September also fell 44.82% year-on-year to
TWD586.87 million, while sales in August likewise fell 47.96%
year-on-year to TWD691.72 million.

Headquartered in Taoyuan, Taiwan, Sampo Corporation --
http://www.sampo.com.tw/-- is an electric appliances provider.   
The company is organized into three divisions: Home Appliances
Division, which provides air conditioners, refrigerators,
washing machines, dehumidifiers and microwave ovens; Electronics
Division, which produces color televisions, plasma display panel
monitors, high-definition Internet protocol TVs, liquid crystal
display monitors and security LCDs, and Electronics Components
Division, which is engaged in the development and production of
fly back transformers (FBTs), inverters and digital television
modules.  The company distributes its products within the
domestic market and to overseas markets, including Asia, Europe,
Latin America and the United States.

The company posted three consecutive annual losses of
TWD1.0 billion, TWD5.5 billion and TWD4.1 billion for the years
ended Dec. 31, 2004 through 2006.


YIEH HSING: Incurs TWD128-Million Loss in First 9 Months of 2007
----------------------------------------------------------------
Yieh Hsing Enterprise Co., Ltd., reported a net loss of
TWD128.2 million for the nine-month period ended Sept. 30, 2007,
against a net loss of TWD454.9 million reported for the same
period in 2006.

The company reported net sales of TWD8.5 billion for the period
in review, while operating expenses amounted to TWD8.3 billion,
giving the company an operating income of TWD110.4 million.

The company, however, spent TWD222.8 million and TWD45.9 million
in interest expense and tax expense.

Kaohsiung Taiwan-based Yieh Hsing Enterprise Co., Ltd. --
http://www.yheco.com.tw/-- is a stainless steel and carbon  
steel producer.  The company distributes its products in the
domestic market and to overseas markets, including mainland
China, Southeast Asia, the United States and northeastern Asia.

The company has incurred net losses of TWD619.0 million and
TWD688.3 million for the years ended Dec. 31, 2005 and 2006.


YIEH HSING: October Sales Rise 20.5% to TWD760 Million
------------------------------------------------------
Yieh Hsing Enterprise Co., Ltd.'s sales in October 2007 rose
20.5% year-on-year to TWD760.0 million from TWD630.9 million,
according to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD9.2 billion, a
27.45% improvement against the previous year's sales of
TWD7.3 billion.

The company's sales in September fell 6.35% year-on-year to
TWD730.2 million from TWD779.7 million.

Kaohsiung Taiwan-based Yieh Hsing Enterprise Co., Ltd. --
http://www.yheco.com.tw/-- is a stainless steel and carbon  
steel producer.  The company distributes its products in the
domestic market and to overseas markets, including mainland
China, Southeast Asia, the United States and northeastern Asia.

The company has incurred net losses of TWD619.0 million and
TWD688.3 million for the years ended Dec. 31, 2005 and 2006.


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

AFFILIATED COMPUTER: Replacement Directors Join Board
-----------------------------------------------------
The independent directors of Affiliated Computer Services Inc.'s
board of directors have completed their review of the
replacement directors proposed by Darwin Deason, chairman of the
board.  No shareholders suggested any alternative nominees to
those nominated by Mr. Deason.

"We have determined that we have no reason to conclude that the
nominees are not independent of Mr. Deason and the company's
management," Dennis McCuistion said.

Effective Nov. 21, 2007, Messrs. Robert B. Holland, III, J.
Livingston Kosberg, Dennis McCuistion, Joseph P. O'Neill and
Frank A. Rossi resigned from the company's board.  The remaining
directors have appointed Frank Varasano, Ted B. Miller, Jr.,
Richard W. Spears, and Kurt R. Krauss to fill the resulting
vacancies.

Mr. John H. Rexford also resigned from the company's board
effective Nov. 21, 2007, leaving the board to consist of four
independent directors and two management directors.  Neither Mr.
Deason nor any member of the company's management or board  has
any prior relationship with any of the newly elected independent
directors.

                         Frank Varasano

Mr. Varasano, 61, served as executive vice president of Oracle
Corporation from 1999 to 2001, where he was responsible for
marketing, sales and consulting to Oracle's 400 largest product
producing clients and was a member of the executive committee.  

Prior to that, Mr. Varasano held several senior management
positions during his 26-year tenure at Booz Allen Hamilton.  As
a senior vice president, he led Booz Allen Hamilton's
engineering and manufacturing practice, New York office and
United States regional profit center.

He also served on the firm's board of directors and executive
committee.  From 2005 to 2006, Mr. Varasano served as a director
of Loudeye Corporation, serving on the compensation committee
and the special committee that led the analysis and review of
the sale of Loudeye to Nokia Corp.

Mr. Varasano holds a Masters in Business Administration from
Harvard Business School and a Bachelor of Science Degree from
the United States Naval Academy. He also served as an officer
aboard the USS Patrick Henry, a nuclear submarine.

                       Ted B. Miller, Jr.

From 1996 to 2001, Mr. Miller, 56, was the chief executive
officer of Crown Castle International Corp., a wireless
communications company he founded in 1995 which grew from start
up to an US$11.1 billion market capitalization.  He was chairman
of the Crown Castle board of directors from 1999 to 2002.  

Prior to founding Crown Castle, Mr. Miller was involved in the
commercial real estate development, management and brokerage
business and various investments including the media business as
an original licensee of Blockbuster Video.  Mr. Miller is
currently managing director of Imperium International LLC and
president of 4M Investments LLC, both international private
investment companies.

He is currently the chairman and majority shareholder of
M7 Aerospace LP, an internationally diversified aerospace
service, manufacturing and technology company. He is also vice
chairman and majority shareholder of Intercomp Technologies LLC,
a payroll outsourcing company with operations in Europe. Mr.
Miller received a Juris Doctor from Louisiana State University
and a Bachelor of Business Administration from the University of
Texas.

                       Richard W. Spears

From 1980 to 1992, Mr. Spears, 71, was senior vice president,
law and human resources, of Ashland Oil Inc., then a Fortune 100
company.  From 1992 to 2003, he was a co-owner and director of
Kentucky Bank and Trust Co.  From 1992 to 1994, Mr. Spears
served as of counsel to Greenebaum, Doll & McDonald PLLC, a
corporate law firm with offices in Kentucky, Ohio, Tennessee and
the District of Columbia.

Currently, Mr. Spears is President and a director of Ashmark,
Inc., a private retail venture which he co-founded.  Mr. Spears
received a Bachelor of Laws from the University of Kentucky
College of Law and a Bachelor of Arts in Economics from
Georgetown College.
           
                        Kurt R. Krauss

From 1978 to 1992, Mr. Krauss, 58, was a partner with Booz Allen
Hamilton.  He also served on the firm's board of directors and
executive committee.  From 1992 to 1997, Mr. Krauss was managing
partner of the Mead Group, a management consulting firm which he
founded with offices in Greenwich, Connecticut, and London,
England.

From 1997 to 2000, he served as chief financial officer of
Burson-Marsteller, a public relations and public affairs firm.
Currently, Mr. Krauss is the managing member of Sachem
Investments LLC, an investment company he founded in 2001.

Mr. Krauss currently serves on the board of directors of
Prescient Medical Inc., for which he is the audit committee
chairman, and has served on the boards of directors of Zila,
Inc., Loudeye Corporation and several other not-for-profit
organizations.

Mr. Krauss received a Master of Science in Industrial
Administration from Carnegie-Mellon University and a Bachelor of
Arts in Mathematics from Heidelberg College.

                    About Affiliated Computer

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --  
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on Nov 6, 2007,
Standard & Poor's Ratings Services kept its 'BB' corporate
credit and senior secured ratings on Dallas-based Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on March 20, 2007.


BAGALKOT UDYOG: Books INR15.14 Mil. Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
Bagalkot Udyog Ltd's net loss widened to INR15.14 million in the
three months ended Sept. 30, 2007, from the INR13.72-million
loss incurred in the same period in 2006.

Bagalkot Udyog recorded zero sales with the stoppage of the
manufacturing activities at its cement plant since May 2006.  
The company earned INR670,00 from other income and doled out
INR9.97 million for expenditures, bringing the company an
operating loss of INR9.3 million.

For the latest quarter under review, the company also incurred
interest charges of INR1.55 million, posted depreciation of
INR4.21 million and provided INR80,000 for taxes.

For the revival of the company, India's Board of Industrial &
Financial Reconstruction sanctioned a Scheme for rehabilitation
or Demerger.  As per the Scheme, the company's cement
divisionhas been demerged and transferred to the resulting
company, Bagalkot Cement & Industries Ltd, on going concern
basis with effect from July 1, 2007.  Accounting effect for the
demerger, however, is not considered in the latest financial
statements and will be considered in the accounts of the
subsequent period after complying with transfer formalities.

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?25b8

Bagalkot Udyog Ltd manufactures cement, clinker and other by-
products.

The company incurred heavy losses that led to the erosion of its
entire net worth.  By order dated June 2, 2000, the Board for
Industrial & Financial Reconstruction, New Delhi, had declared
the company as a sick industrial unit under the provisions of
Sick Industrial Companies (Special Provisions), Act 1985.

On May 11, 2006, the operations of the company's cement plant at
Bagalkot came to a total stop.  The company booked net losses of
INR12.68 million for the fiscal year ended March 31, 2007, abd
INR59.16 million in FY 2006.


BAGALKOT UDYOG: Board to Consider Audited Accounts on Nov. 30
-------------------------------------------------------------
Bagalkot Udyog Ltd will hold a meeting on Nov. 30, 2007, a
filing with the Bombay Stock Exchange reveals.

The board, among others, will consider Bagalkot Udyog's audited
accounts for the period ended June 30, 2007, and to pass over
dividend for the year.

For the three months ended June 30, 2007, the company booked a
net loss of INR14.08 million, which bottom line widened to
INR15.14 million in the July-Sept. 2007 period.

Bagalkot Udyog Ltd manufactures cement, clinker and other by-
products.

The company incurred heavy losses that led to the erosion of its
entire net worth.  By order dated June 2, 2000, the Board for
Industrial & Financial Reconstruction, New Delhi, had declared
the company as a sick industrial unit under the provisions of
Sick Industrial Companies (Special Provisions), Act 1985.

On May 11, 2006, the operations of the company's cement plant at
Bagalkot came to a total stop.  The company booked net losses of
INR12.68 million for the fiscal year ended March 31, 2007, and
INR59.16 million in FY 2006.

For the revival of Bagalkot Udyog, the BIFR sanctioned a Scheme
for rehabilitation or Demerger pursuant to which the company's
cement division is demerged and transferred to Bagalkot Cement &
Industries Ltd on going concern basis with effect from July 1,
2007.  Accounting effect for the demerger will be considered
after complying with transfer formalities.


BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend
-----------------------------------------------------------
Bristow Group Inc. Board of Directors has declared a dividend of
US$0.68750 per share of Mandatory Convertible Preferred Stock
issued and outstanding at the close of business on Dec. 1, 2007,
which will be payable on Dec. 17, 2007, to stockholders of
record at the close of business.  There are 4,600,000 shares of
Bristow's Mandatory Convertible Preferred Stock issued and
outstanding.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,  
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The Company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Australia, Brazil,
China, India, Mexico, Nigeria, Russia and Trinidad.  The Company
also provides production management services for oil and gas
production facilities in the United States Gulf of Mexico.

                        *     *     *

Standard & Poor's Ratings Services placed Bristow Group Inc.'s
long term corporate family and senior unsecured debt ratings at
'Ba2' in January 2006.  The ratings still hold to date with a
negative outlook.


CABLE & WIRELESS: Excessive Executive Payout Angers Investors
-------------------------------------------------------------
Cable & Wireless plc is facing yet another dispute with
investors and unions over excessive executive rewards following
a management shake-up, the Times reports.

On Nov. 13, 2007, C&W implemented changes to the management of
its International business in preparation for driving the next
phase of its value creation.

Harris Jones is to step down as chief executive of International
and as a director, and leave the business towards the end of
2007 once handover is complete.

As disclosed, Mr. Jones will receive his contractual entitlement
on leaving, including GBP4.3 million for his pro-rated share in
the Long Term Incentive Plan having delivered value creation on
behalf of shareholders from International of over GBP1 billion
since he joined in November 2004, of which three quarters of a
billion has been created since the commencement of the LTIP on
April 1, 2006.  There will be no additional charge to
shareholders for the LTIP regarding this management change as
there is a finite pool of units in the plan.

However, according to investors, Mr. Jones' departure came amid
a weakening performance in the company's international division,
the Times relates.

John Pluthero is to become executive chairman of International
with immediate effect, while continuing his similar role for
Europe, Asia & US.  Mr. Pluthero will receive 50% of Mr. Jones'
LTIP units for the remaining life of the LTIP after deduction of
the LTIP payment above to Mr. Jones.

Peter Montagnon, the Association of British Insurers' director
of investment affairs, told the Times it would go over the
latest revisions of the C&W's remuneration scheme, which he
describes as "quite unusual".

At its Annual General Meeting on July 20, 2007, C&W recommended
the removal of the GBP20 million cap on the amount that can be
received by an individual within the LTIP, which angered
investors, Elizabeth Judge writes for the Times.

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


EXIDE TECHNOLOGIES: Improved Financials Cue S&P to Lift Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Exide Technologies to 'B-' from 'CCC+' because of the
company's improved financial results, which Exide has achieved
despite sharply higher lead prices.  The outlook is stable.
     
Alpharetta, Georgio-based Exide, a manufacturer of automotive
and industrial batteries, has total debt of about $1.1 billion,
including Standard & Poor's adjustments for underfunded retiree
benefit liabilities, operating leases, and trade receivables
sold.
      
"The rating action reflects Standard & Poor's view that a
default by Exide is unlikely over the next 12-18 months," said
Standard & Poor's credit analyst Gregg Lemos Stein.
     
Exide's financial profile remains highly leveraged, but credit
measures have improved meaningfully over the past several
quarters as a result of steadily increasing EBITDA.  Prices for
lead have more than tripled since mid-2006, leading to sharply
higher working capital and negative free cash flow.  However,
Exide has been able to blunt most of the impact on profitability
by passing along higher costs to its customers.
     
The outlook is stable.  S&P could revise the outlook to negative
or lower the ratings if free operating cash flow fails to turn
positive, if recent improvements in Exide's pricing environment
prove unsustainable, or if lead costs continue to increase
dramatically and liquidity diminishes.  S&P could revise the
rating to positive if leverage continues to moderate
substantially and the company demonstrates consistent and
sustainable positive free cash flow generation, allowing for
permanent debt reduction.

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Australia, India, Finland, Poland, New Zealand, among others.


GENERAL MOTORS: UAW Members Wary on GM's Exposure to ResCap Woes
----------------------------------------------------------------
UAW President Ron Gettelfinger wants an audience with General
Motors Corp.'s chief financial officer Frederick A. Henderson to
seek transparency in the carmaker's vulnerability to the
financial woes of Residential Capital LLC, in which it holds a
49% stake, Reuters reports.  The UAW leader disclosed that union
members are wary of the huge drop in GM shares this week.

ResCap is the home mortgage unit of GMAC Financial Services,
which is in turn wholly owned by GMAC LLC.

As reported in yesterday's Troubled Company Reporter citing the
Associated Press, GMAC Financial Services and Cerberus
Management Capital LP, which owns 51% stake in ResCap, are
likely to place ResCap into bankruptcy due to ResCap's exposure
to homebuilders.  ResCap is currently under restructuring as
severe weakness in the housing market and mortgage industry
continues to prevail.  ResCap will streamline its operations and
revise its cost structure, which will enhance its flexibility,
allowing it to scale operations up or down more rapidly to meet
changing market conditions.

GMAC Financial Services and ResCap continue to investigate
strategic alternatives, including to improve ResCap's liquidity
and to adjust its business in light of current domestic and
international market conditions.  These strategic alternatives
include potential acquisitions as well as dispositions,
alliances, and joint ventures with a variety of third parties
with respect to some or all of ResCap's businesses.

Reuters adds that JPMorgan analyst, Himanshu Patel, said that a
ResCap bankruptcy could cost GM shareholders about $2.65 a
share.
  
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.  (Delphi Bankruptcy News, Issue No.
96; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

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

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


QUEBECOR WORLD: Market Status Cues Refinancing Plan Withdrawal
--------------------------------------------------------------
Quebecor World Inc. has withdrawn its refinancing plan involving
an offer of approximately CDN$250 million of its equity shares,
an offer on a private placement basis of an aggregate of
US$500 million of new debt securities and amendments to the
company's secured credit facilities.

The company has decided to withdraw the refinancing plan due to
adverse current financial market conditions.  The company will
continue to evaluate financing alternatives, including the
issuance of equity and debt securities when conditions are more
favourable, asset sales and sale leaseback transactions and
explore other alternatives.  

To that effect, the board will hire independent financial
advisors.

In this connection, Quebecor Inc. has taken note of and agreed
with the decision by Quebecor World to withdraw its refinancing
plan.  As the controlling shareholder, Quebecor Inc. related
that it will cooperate in the exploration of other alternatives.

                    About Quebecor World Inc.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides    
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In the
United States, it has 82 facilities in 30 states, and is engaged
in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company is an
independent commercial printer in Europe with 19 facilities,
operating in Austria, Belgium, Finland, France, Spain, Sweden,
Switzerland and the United Kingdom. In March 2007, it sold its
facility in Lille, France.  Quebecor World (USA) Inc. is its
wholly owned subsidiary.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2007,
Moody's Investors Service rated Quebecor World Inc.'s new
US$400 million senior unsecured note issue Caa1.  At the same
time, ratings for about US$1.6 billion of existing senior
unsecured notes for QWI and its wholly-owned subsidiary
companies, Quebecor World Capital Corporation and Quebecor World
Capital ULC, were downgraded to Caa1 from B3.

Standard & Poor's assigned its 'B' debt rating to Quebecor
World's proposed US$400 million senior unsecured notes due 2014.  
The 'B' debt rating will be placed on CreditWatch with negative
implications.


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

BANK RAKYAT: DBS Vickers Lowers Ratings to "Hold"
-------------------------------------------------
PT Bank Rakyat Indonesia's ratings were lowered from "buy" to
"hold" by DBS Vickers, amid concern that rising inflation will
hurt the bank's earnings, Thomson Financial reports.

According to the report, DBS Vickers has also cut its target
price for the stock to IDR7,750 from IDR7,761.

Agus Pramono, a DBS Vickers analyst, told the news agency that
they think there is a risk of investing in the banking sector.  
The main risk for the sector would be a slowdown in loan growth
and rising non-performing loans due to companies facing a
slowdown in sales while production costs rise because of high
oil prices, he said.

The report, citing Mr. Pramono, relates that rising inflationary
pressures also increase the risk of interest rates being raised.   
Some foreign banks have raised lending rates in anticipation of
the rising cost of funds, after local banks will follow, it may
prompt companies to postpone their loan raising, the report
adds.

DBS Vickers has also lowered its forecast of BRI's loan growth
for 2008 to 15% from 17.5%, and reduced its 2007-2009 earnings
forecasts by 1.5-5.1%, Thomson says.

                      About Bank Rakyat

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.


GARUDA: Hires Cargo GSA for Australia & New Zealand Aid Agent
-------------------------------------------------------------
PT Garuda Indonesia hired GSA Cargo Services as cargo general
sales and services agent in Australia and New Zealand starting
December 1, Air Cargo Asia-Pacific News reports.

GSA Cargo Services, the report notes, will be responsible for
all cargo sales and marketing activities, reservations functions
and operations.  Garuda Indonesia Cargo services manager, Joe
Haddad, will remain with the carrier and undertake a liaison
role between the company and the new general sales agent, the
report says.

GSA Cargo Services director Donna Mayne told the news agency
that she planned to make Garuda Indonesia a dominant force in
the Australasian air freight industry through enhanced marketing
and representation.

                  About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--      
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


INDOSAT: Investors Lose IDR7.1 Trillion Due to Shares Drop
----------------------------------------------------------
Investor's suffered losses of around IDR7.1 trillion in
aggregate on November 20, at the Jakarta Stock Exchange due to a
steep drop in the prices  of PT Indosat Tbk and PT
Telekomunikasi Indonesia Tbk's shares, Tempo Interactive
reports.

According to the report, the drop in the shares was connected
with The Business Competition Monitoring Commission's (KPPU)
decision that Indosat's largest shareholder, Temasek Holdings
Pte. Ltd., was guilty of violating Indonesia's anti-monopoly
law.

As reported by the Troubled Company Reporter-Asia Pacific on
November 22, 2007, KPPU said that Temasek Holdings violated the
country's anti-monopoly laws through its ownership in two large
mobile telecommunication operators.   Temasek's subsidiaries own
a 42% stake in Indosat and a 35% stake in Telkomsel, the TCR-AP
noted.  The TCR-AP said that Indosat and Telkomsel dominate 80%
of the GSM cellular phone market in Indonesia.

The TCR-AP also reported that as a result of KPPU's decision,
Temasek is required to sell its minority stake in either
Telekomunikasi Selular or Indosat.  KPPU also ruled that
Temasek's units should also pay IDR25 billion in fines.

Tempo notes that Telkom shares dropped 3.35% to IDR10,100 on
November 20, causing the company's market capitalization to go
down by IDR7.05 trillion.  In the mean time, Indosat's market
capitalization decreased IDR2.1 trillion as the share price
dropped 4.76% to a position of IDR8,000, the report relates.

Roland Haas, a capital market practitioner, shared with Tempo
that the total of market capitalization decrease suffered by the
two companies amounts to IDR9.15 trillion.  Calculating the
government's and minority investors' share portions, both
companies have already lost IDR7.1 trillion in one day, the
report notes.

                        About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully         
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                       *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  

At the same time, Moody's affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


MULTIBREEDER: To Repay US$38.2MM Debt Before 2011 Maturity Date
---------------------------------------------------------------
PT Multibreeder Adirama Indonesia Tbk will repay a debt of
US$38.2 million to a syndicate ahead of the maturity date, Asia
Pulse reports.

Multibreeder Adirama, the report notes, will use a loan fund of
US$55 million from its parent, the Japfa Group, to repay the
debt.

According to Reuters Key Developments, the loan carries a term
of five years and a maximum fixed interest rate of 10% depending
on the market condition.   The interest of the loan will be paid
quarterly, Reuters says.

Reuters notes that PT Amandamai Arthamitra Jasapenilai has been
appointed as the independent appraiser.

Multibreeder Director Putut Djagir told Asia Pulse that the debt
to the 20 creditors led by BNP Paribas will mature in 2011, but
will be repaid in 2008 as the syndicate imposes tighter
conditions.

                  About Multibreeder Adirama

PT Multibreeder Adirama Indonesia Tbk --
http://www.japfacomfeed.co.id/-- is an agribusiness company  
engaged in the farming, cattle and maritime industries. It
produces chicken grand parents stocks, parents stocks, parents
stock broilers, parents stock layers, final stock broilers,
final stock layer females and final stock layer males, as well
as derivatives products.  The Company's subsidiary, PT
Multiphala Adiputra, is also engaged in the same business
activities.  A member of Japfa Group, Multibreeder Adirama
Indonesia is headquartered in Jakarta, Indonesia, and supported
by production facilities in Lampung, South Sumatera, West Java,
Central Java, East Java, Bali, South Sulawesi and Kalimantan.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 13,
2006, that Multibreeder Adirama has a shareholders' deficit of
US$2.31 million.  The company's assets as of that date
totaled US$64.54 million.


MULTIBREEDER: May Use Loan from Parent to Build Breeding Farms
--------------------------------------------------------------
PT Multibreeder Adirama Indonesia Tbk plans to build five
breeding farms in five different locations in 2008 using part of
a loan from Japfa Group, Reuters Key Developments reports.

According to Reuters, the loan carries a term of five years and
a maximum fixed interest rate of 10% depending on the market
condition.   The interest of the loan will be paid quarterly,
Reuters says.

Reuters notes that PT Amandamai Arthamitra Jasapenilai has been
appointed as independent appraiser.

The company told the news agency that with this move, the number
of chicken egg hatcheries will reach 40 units in various areas.

The additional hatcheries will increase its day-old chick
production capacity by 15% to 20% in 2008 from the target of
360 million in 2007, the report adds.

                  About Multibreeder Adirama

PT Multibreeder Adirama Indonesia Tbk --
http://www.japfacomfeed.co.id/-- is an agribusiness company  
engaged in the farming, cattle and maritime industries. It
produces chicken grand parents stocks, parents stocks, parents
stock broilers, parents stock layers, final stock broilers,
final stock layer females and final stock layer males, as well
as derivatives products.  The Company's subsidiary, PT
Multiphala Adiputra, is also engaged in the same business
activities.  A member of Japfa Group, Multibreeder Adirama
Indonesia is headquartered in Jakarta, Indonesia, and supported
by production facilities in Lampung, South Sumatera, West Java,
Central Java, East Java, Bali, South Sulawesi and Kalimantan.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 13,
2006, that Multibreeder Adirama has a shareholders' deficit of
US$2.31 million.  The company's assets as of that date
totaled US$64.54 million.


PERUSAHAAN GAS: To Invest US$400MM in Gas Processing Plant
----------------------------------------------------------
PT Perusahaan Gas Negara will invest US$400 million in a gas
processing plant, Antara News reports.

According to the report, the plant will have a capacity of
250 million metric standard cubic feet per day in East Java.  
Perusahaan Gas may team up with state electricity company PT
Perusahaan Listrik Negara to finance the project, the report
says.

PGN President Sutikno said that the two companies have already
met with the state minister for state enterprises, Sofyan
Djalil, to discuss the project, the report adds.

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is   
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2007, that Moody's Investors Service affirmed the Ba2 corporate
family rating of PT Perusahaan Gas Negara (Persero) Tbk.  At the
same time, Moody's affirmed the Ba3 debt ratings of PGN Euro
Finance 2003 Ltd, which is guaranteed by PGN.  The ratings
outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


TELKOM: Asks Unit to Appeal Indonesia's Anti-Monopoly Ruling
------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk asked its unit, PT
Telekomunikasi Selular Indonesia, to appeal a ruling by Business
Competition Monitoring Commission (KPPU) declaring Temasek
Holdings guilty of violating the anti-monopoly law, Agence
France-Presse reports.

Temasek's subsidiaries own a 42% stake in Indosat and a 35%
stake in Telkomsel.

As reported by the Troubled Company Reporter-Asia Pacific on
November 22, 2007, KPPU said that Temasek Holdings violated the
country's anti-monopoly laws through its ownership in Telekomsel
and PT Indosat Tbk.  

KPPU, the report relates, fined Telkomsel IDR25 billion for
breaking the monopoly law, with orders that Telkomsel should  
lower its tariff by a minimum of 15%, the report says.

According to the report, Telkom has requested Telkomsel to
immediately carry out a legal review in accordance with its own
internal processes and governance practices.

Antara News cites Telkomsel President Director Kiskenda
Suriahardja as saying that in line with their policy of obeying
regulations in operating the company, the company will respect
whatever decision is made in a legal process in Indonesia,
including the decision of KPPU.

"Basically, Telkomsel will always abide by existing regulations
and law-based decisions but for the sake of clarity Telkomsel
will appeal the KPPU decision," Mr. Suriahardja told Antara.

The AFP adds that Telkom will fully support all legal efforts
made by Telkomsel, including any options for an appeal to the
district court.

                      About Telkomsel

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

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

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


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

MAZDA MOTOR: Revised Demio to Complete Product Launch Segment
-------------------------------------------------------------
Mazda Motor Corporation revealed the all-new Mazda2 (known as
Mazda Demio in Japan) sedan at the 2007 Guangzhou Motor Show.

This version of Mazda’s latest model has a dynamic and elegant
form that was designed to capture new customers in the rapidly
growing Chinese B-car segment.  The all-new Mazda2 sedan is
produced by Changan Ford Mazda Automobile Co., Ltd. at its
Nanjing plant, and will go on sale in the first half of 2008
through the Changan Mazda Motor Sales Company’s network.

Noriaki Yamada, President and COO of Mazda Motor (China) Co.,
Ltd. said, "By introducing the four-door sedan and five-door
hatchback to the B-car segment in China, we will have completed
our product launches in the B, C and CD segments, which
represent the three major Chinese vehicle classes.  The new
models will greatly strengthen Mazda’s product lineup in
China."

Mazda’s Senior Managing Executive Officer, Kiyoshi Ozaki, spoke
about Mazda’s global growth and China business at the press
conference.  "In fiscal year 2007, we expect to achieve our
seventh consecutive year of profit growth and fourth straight
year of record profit.  Going forward, we will aspire to
maintain our current growth by raising our brand value and
enhancing our business efficiencies under our new mid-term
Mazda Advancement Plan and our long-term vision for technology
development, Sustainable Zoom-Zoom.  Achieving our mid-term
target for China of ‘300,000 units of production and sales in
2010’ will be a key factor in our plans," he said.

This year, Mazda completed the consolidation of its production,
sales and product foundations, which it has been building in
order to achieve its mid-term objectives.

President and CEO of Mazda Motor (China) Co., Ltd., Satoshi
Tachikake: "We have set up a production structure that
comprises three facilities: the Changan Ford Mazda Automobile
Nanjing plant, which was completed in September and features
Mazda’s latest production and machining technologies, the
Changan Ford Mazda Automobile plant in Chongqing, and FAW Car
Company in Changchun."

Mazda is also updating its sales network in order to achieve
its mid-term target.  In addition to the existing FAW Mazda
Motor Sales Co., Ltd., Changan Mazda Motor Sales Co., Ltd. has
been newly established, and sales will commence through the two
channels from January 2008.

Noriaki Yamada, who is in charge of China sales, added, "The
newly established Mazda Motor (China) Beijing Office will
function as the representative of Mazda Motor Corporation.  It
will establish a reliable sales network by developing a unified
brand strategy for the two sales channels and policies that
will always benefit the customer.  Mazda’s core products will be
progressively introduced through the two sales channels to
strengthen our product lineup.  We intend to continue expanding
our sales network, from the current 104 dealerships to a total
of 160 for both channels by January 2008, and establish over
300 dealers by 2010."

At the 2007 Guangzhou Motor Show, Mazda will promote the Zoom-
Zoom brand promise by displaying twelve vehicles from five
model lines, which represent Mazda’s core products that are
scheduled for launch.

The display will include the Mazda5 and Mazda3 5-door
hatchback, which are due to be introduced through FMSC.  The
Mazda5 is a stylish global minivan that will go on sale in
China from December 2007.  The Mazda3 5-door hatchback is one of
Mazda’s core models and supports global sales mainly in Europe,
Japan and Asia.  It is due to commence sales in China during the
first half of 2008.

The all-new Mazda2 five-door hatchback and sedan models that
will be launched through the new CMSC channel will also be
showcased.  The all-new Mazda2 five-door hatchback is the first
of Mazda’s evolved Zoom-Zoom new generation products.  It has
received excellent reviews, including the prestigious 2008 RJC
Car of the Year award in Japan, since its global rollout
commenced this summer.  Production began at Changan Ford Mazda
Automobile’s Nanjing plant at the end of October, with sales to
follow in January 2008.

                       About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                       *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business
--------------------------------------------------------
Sanyo Electric Co., Ltd., will invest JPY20 billion in its
semiconductor unit, mainly to upgrade equipment, Nathan Layne,
citing the Nikkei business daily, writes for Reuters.

The Nikkei report, according to Mr. Layne, stated that Sanyo
would make the investment in the belief that it can generate
steady earnings.

However, Sanyo's spokesman, Akihiko Oiwa, claims that nothing
has been decided on such a plan, relates Reuters.

Reuters adds that Sanyo canceled its sale of the chip business
last month after private equity firm Advantage Partners LLP
failed to gather enough funds to support its US$1.1-billion bid.

                   About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading   
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


TAIHEIYO CEMENT: Shares Fall After Mizuho Downgrades Rating
-----------------------------------------------------------
Taiheiyo Cement Corp. shares fell the most in six weeks after
Mizuho Securities Co. trimmed its rating on the company's stock
because of rising coal prices and a weaker North American
market, Akiko Ikeda of Bloomberg News reports.

The Taiheiyo shares, as stated by Mr. Ikeda, fell JPY20 or 7.5%,
making it the fourth-largest decline on the MSCE World Index.

Bloomberg quotes Hiroshi Matsuda, an analyst at Mizuho, as
saying, "We now expect a greater increase in steam coal prices,
and the North American cement market is trending weaker.  We
forecast a significant decline in earnings in the cement
segment."

Mr. Matsuda cut Taiheiyo's stock rating to "hold" from "buy,"
states Bloomberg.

Japan's biggest producer of the building material gets about 50%
of its operating profit from cement sales from North America.  
Cement products, according to Bloomberg, account for about 56%
of Taiheiyo's sales.

                     About Taiheiyo Cement

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger    
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.

The Troubled Company Reporter-Asia Pacific reported on June 25,
2007, that Standard & Poor's Rating Services lifted its 'BB'
long-term foreign and local issuer credit ratings to 'BB+'
Taiheiyo Cement Corporation.  The outlook is stable.  


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

EUGENE SCIENCE: Incurs US$450,326 Loss in Qtr. Ended Sept. 30
-------------------------------------------------------------
Eugene Science disclosed its financial results for the three-
month and nine-month periods ended September 30, 2007.

For the three months ended September 30, 2007, the company
posted US$316,461 in net sales, higher compared to the
US$314,726 in net sales recorded for the same period last year.

The company posted a net loss of US$450,326 for the three months
ended September 30, 2007, lower compared to the US$966,751 net
loss recorded for the same period in 2006.

The company posted US$8,366 in gross loss, compared to a gross
income of US$50,255 for the same period last year.

For the nine months ended September 30, 2007, the company
recorded US$626,036 in net sales, compared to the
US$657,566 in net sales for the corresponding period in 2006.

The company posted a net loss of US$3.92 million for the nine-
month period, higher compared to last year's US$725,136 net
loss.

The company posted US$140,338in gross profit, lower compared to
a gross profit of US$228,025 for the nine-month period in 2006.

As of September 30, 2007, the company's balance sheet showed
strained liquidity with total current assets of US$1.78 million
available to pay total current liabilities of US$16.41 million
coming due within the next 12 months.

The company's balance sheet as of end-September 2007 also showed
total assets of US$3.24 million and total liabilities of
US$19.10 million, resulting to a shareholder's deficit of
US$15.86 million.

                 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.


MAGNACHIP SEMICONDUCTOR: Markets Power Management Solutions
-----------------------------------------------------------
MagnaChip Semiconductor Ltd. has begun marketing a new line of
power management solutions.  The company's initial power
management products include MOSFETs, DC-DC converters and linear
regulators.  These initial products are designed for
applications such as mobile phones and LCD televisions and allow
electronics manufacturers to achieve specific design goals of
high efficiency and low standby power consumption.

For mobile device applications, MagnaChip's product design is
focused on improving battery life.  For LCD televisions, the
company has focused its product design on controlling and
reducing standby power consumption.  The company believes that
its power management solutions will enable customers to increase
system stability and reduce heat dissipation and energy use,
resulting in cost savings for our customers and consumers, as
well as environmental benefits.

MagnaChip's move into power management products is part of an
overall strategy to leverage its leading analog and mixed-signal
technology platform and systems level expertise to extend its
product and service offerings within its target end markets.

MagnaChip's power management solutions will utilize the
company's extensive patent portfolio, process technologies, and
analog and mixed-signal technology platform to expand its market
opportunity and meet more of its customers' needs.

                About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures    
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.


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

APL INDUSTRIES: Earns MYR0.31 Mil. in Quarter Ended September 30
----------------------------------------------------------------
APL Industries Berhad posted a net profit of MYR308,000 in the
first quarter ended September 30, 2007, an improvement compared
with the MYR3.4-million net loss recorded for the first quarter
of 2006.

The company's revenues for the first quarter of 2007 totaled
MYR45.22 million, a decrease of MYR4.5 million from the recorded
MYR49.7 million in revenues for the same quarter of 2006.

For the first quarter of 2007, the company's profit before
taxation was MYR1.1 million, a turnaround from the
MYR3.4-million loss before taxation recorded in the same quarter
last year.

As of September 30, 2007, the company's balance sheet showed
strained liquidity with MYR62.5 million of total current assets
available to pay MYR88.32 million of total current liabilities
coming due within the next 12 months.

The company's balance sheet as of end-September 2007 also showed
MYR166.2 million in total assets and MYR119.5 million in total
liabilities, resulting in a shareholders' equity of
MYR46.74 million.


APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe. Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

The company is currently listed as an affected issuer under the
Amended PN17 category of the Bursa Malaysia Securities Bhd.


MP TECHNOLOGY: Posts MYR3.1MM Net Loss in Qtr. Ended Aug. 31
------------------------------------------------------------
MP Technology Resources Berhad incurred a MYR3.1-million net
loss in the third quarter ended August 31, 2007, as compared
with the MYR3.8-million net loss recorded in the same quarter
last year.

The company's revenue for the third quarter ended Aug. 31, 2007,
also lowered to MYR1.8 million from MYR3.96 million in the third
quarter of 2006.

For the third quarter ended August 31, 2007, the company also
recorded a loss before taxation of MYR3.1 million, as compared
with a MYR3.8-million net loss before taxation in the same
quarter of the preceding year.

As of August 31, 2007, the company's consolidated balance sheet
showed strained liquidity with MYR30.68 million of current
assets available to pay MYR87.83 million of current liabilities
coming due within the next 12 months.

MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacturing and
reconditioning of various plastic and related equipment.  Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.


OLYMPIA: Turns Around w/ MYR14.4-Mil. Net Profit in 1st Qtr.'07
---------------------------------------------------------------
Olympia Industries Berhad disclosed with the Bursa Malaysia
Stock Exchange its financial results for the first quarter ended
September 30, 2007.

The company posted a MYR14.4-million net profit for the quarter
ended September 30, 2007, a turnaround from the MYR31.6-million
net loss recorded for the first quarter of 2006.

For the first quarter ended September 30, 2007, the company
booked a MYR17.1-million profit before taxation, an improvement
from the loss before taxation of MYR31.6 million in the first
quarter of 2006.

Olympia Industries also recorded MYR89.9 million in revenues in
the first quarter of 2007, an increase of MYR36 million from the
recorded MYR53.8 million in the same quarter of 2006.

As of September 30, 2007, the company's balance sheet showed
MYR1.26 billion in total assets and MYR590.38 million in total
liabilities, resulting in a shareholders' equity of
MYR674 million.

                   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.


SOUTH MALAYSIA: ICULS 2002/2007 to Mature on December 21
--------------------------------------------------------
Pursuant to conditions stipulated in the Trust Deed constituting
the zero coupon Irredeemable Convertible Unsecured Loan Stocks
2002/2007 or ICULS issued by South Malaysia Industries Berhad  
on December 24, 2002, the ICULS will mature on December 21,
2007, at 5:00 p.m.

As of November 19, 2007, a total of MYR14,847,289 nominal value
of ICULS have already been converted into new SMI or company
shares, which rank pari passu in all respects with the existing
SMI shares, leaving the balance of outstanding ICULS at
MYR49,064,852 nominal value.

ICULS Holders who have not converted their ICULS into fully paid
SMI shares at any time during the conversion period will have
their ICULS automatically converted into fully paid SMI Shares
on December 21, 2007, at 5.00 p.m.

Accordingly, all ICULS will be canceled and removed from the
Official List of Bursa Securities on December 24, 2007, at 9:00
a.m.

   * Conversion of ICULS 2002/2007

Pursuant to the Listing Requirements, all new issue of
securities must be made by way of crediting the securities into
the CDS Accounts of the securities holders.  Therefore, all new
SMI Shares to be issued arising from the conversion of ICULS
will be credited into the CDS Accounts of the respective ICULS
Holders.  No physical share certificate will be issued to the
ICULS Holders.

The company will, within eight market days from the date of
receipt of the Notice of Conversion or the Maturity Date or
other period which is prescribed by Bursa Securities:

   (a) allot and issue the new SMI Shares pursuant to the
       conversion of the ICULS;

   (b) dispatch the notices of allotment to the ICULS Holders;
       and

   (c) make an application to Bursa Securities for the quotation
       of the new SMI Shares.

As stipulated in the Trust Deed, the Conversion Price has been
set at MYR1.20.  MYR1.20 nominal value of ICULS can be converted
into one new SMI Share.  For the purpose of conversion as at
maturity date of the ICULS, a total of 40,887,376 new SMI Shares
will be issued to the ICULS Holders as determined by the
Conversion Price in proportion to their holdings prior to such
conversion.

The new SMI Shares to be issued pursuant to the conversion of
the ICULS shall, upon allotment and issue, rank pari passu in
all respects with the then existing Shares, save and except that
they will not be entitled to any rights or distributions, the
entitlement date of which precedes or falls on the relevant
conversion date of the ICULS and any dividend declared in
respect of the financial quarter immediately preceding the
relevant conversion date of the ICULS.

Any fractional entitlements arising from the conversion of the
ICULS will be disregarded and will be dealt with as the Board of
Directors of SMI deem fit.  ICULS Holders will waive their
rights to any such fractional entitlements.

   * Suspension of Trading and Last Date for Trading

The last day for trading of ICULS on Bursa Securities will be on
December 4, 2007, at 5.00 p.m., and the trading of ICULS on
Bursa Securities will be suspended on December 5, 2007, at 9:00
until the maturity date, in order to facilitate the automatic
conversion of the ICULS arising from its maturity.

   * Books Closure in Relation to the Maturity of ICULS
     2002/2007

ICULS Holders should note that these provisions of Bursa
Depository will apply to the ICULS:-

   -- Bursa Depository will not be accepting any request for
      ordinary transfer of ICULS for the period commencing on
      Dec. 13, 2007, at 4:00 p.m., up to the maturity date; and

   -- All deposited ICULS remaining as at the maturity date will
      be debited from the respective depositor’s securities
      accounts on December 24, 2007.

   * Contact Details for Enquiries

All inquiries concerning the above should be addressed to SMI’s
share registrar at:

          Chua, Woo & Company Sdn Bhd
          Suite 1301, 13th Floor, City Plaza
          Jalan Tebrau, 80300 Johor Bahru
          Johor Darul Takzim
          Telephone : 07-3322088
          Facsimile: 07-3328096

Johor, Malaysia-based South Malaysia Industries Berhad --
http://www.smib.com.my-- is a property and investment holding   
company.  It is also engaged in the trading of assorted wires
and property development.  The Company operates in four business
segments: Property development, which is engaged in the
development and sale of residential and commercial properties;
Property investment, which comprises investment in properties;
Manufacturing and trading, which involves manufacturing and
trading of assorted wires, and Leisure and entertainment
segment, which operates cinema business. South Malaysia
Industries Berhad's directly owned subsidiaries are Anastoria
Sdn Bhd, Kam Kok Development Sdn Bhd, SMI Wire Sdn Bhd, Erico
Estates Sdn Bhd and SMI Project Management Sdn Bhd. Its
indirectly owned subsidiaries include Kinta Setia Holdings Sdn
Bhd, Golden Fame Enterprises Ltd, Pacific Asia Development Inc.,
Shanghai Ping An Entertainment Ltd and Chongqing SMILE
Entertainment Company Limited.

The company's long-term debt has been given a B2 rating by
Rating Agency Malaysia.


TIME DOTCOM: Digi Tie-up Unaffected by Gov't Spectrum Recall
------------------------------------------------------------
TIME dotCom Bhd said that the Malaysian government's decision to
revoke some wireless broadband licenses will not affect its
alliance with DiGi.Com, Dow Jones Newswires reports.

Dow Jones relates that TIME dotCom made this statement after
Energy, Water and Communications Minister Lim Keng Yaik
reportedly said that the government will withdraw some of the
high-speed Internet licenses it previously awarded, as the
market is too crowded.

The licenses for the 2.5 Ghz and 3.5 Ghz spectrums will be taken
back over a five-year period, Minster Lim reportedly said.

"The alliance between TIME dotCom Berhad and DiGi.Com Berhad is
on track with both parties moving ahead to pool their resources
spanning infrastructure and 3G services," Dow Jones quotes TIME
dotCom's statement.  The recall "will have no impact on the
alliance," it added.


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

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


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

A2 CORPORATION: A2 Milk Demand Soars on Woodford's Book Launch
--------------------------------------------------------------
Demand for a2 Milk has significantly increased due to the the
recent publicity surrounding the positive benefits of milk, A2
Corporation Ltd said in a filing with the New Zealand Stock
Exchange.  According to the company, the positive publicity came
with the launch of Professor Keith Woodford's book "Devil in the
Milk".

Anthony Lawler, CEO of A2C said, "We have been pleased with the
impact Professor Woodford's book launch has had on demand for
our product.  Our Australian joint venture company A2 Dairy
Products Australia has reported an average 80% increase in sales
across the 1,100 stores stocking a2 Milk since the book was
launched.

This is obviously a positive result for A2C with more and more
consumers in Australia recognizing the benefits of a2 Milk.  Our
present contracted farmer suppliers have the capacity to meet
this current increased demand, and we have been successful in
securing new supply volumes to meet expected future
requirements."

Lawler adds that "In New Zealand we have not been able to match
consumer demand in some geographic regions.  We are currently
working on securing new supply to meet this increased demand
which will also allow A2C to prepare for future growth in
product sales by contracting New Zealand based supply herds".

New Zealand-based A2 Corporation Ltd. --
http://www.a2corporation.com/-- is engaged in the sale and   
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  During the fiscal year ended March 31,
2006, the company acquired A2 Australia Pty Ltd.  In April 2006,
the company reacquired the business of A2 Australia Pty Ltd from
F&N Dairy Investments Limited.  A2 Milk Company LLC provided the
Company with a research basis for launching A2 Milk in the North
American market.

The company suffered at consecutive net losses of
NZ$5.08 million and NZ$448,800 for the years ended March 31,
2007 and 2006, respectively.


AIR NEW ZEALAND: October 2007 Passenger Load Up 6.2%
----------------------------------------------------
Air New Zealand Ltd, in a regulatory filing with the New Zealand
Stock Exchange, has updated its investors of market conditions
for the month October.  Passenger numbers across the Group were
6.2% higher in October 2007 than in the same month last year.
According to the airline, growth was achieved across both short-
haul and long-haul routes, with 3.5% and 28.0% growth  
respectively.

Growth on the Asia/Japan/UK routes was especially encouraging,
ANZ states.  Compared to October last year load factors for the
area increased by 4.3 percentage points with a capacity increase
of 77.1% . The increase in capacity is largely related to the
introduction of services to London via Hong Kong and into
Shanghai in November 2006.

The rationalization of capacity in the Tasman/Pacific has meant
that available seat kilometers are down 7% for the year-to-date.  
However, both passenger numbers and revenue passenger kilometers
continue to grow producing further improvements in passenger
load factor.

In the Domestic market passenger load factor decreased by 1.3
percentage points on last October.  This was a result of
passenger growth not matching the capacity added by the
company.

Group-wide yields for the year-to-date were down 0.3% on the
same period last.  The shorthaul yields were 3.1% higher while
the long-haul yields were 0.6% higher than last year.  Removing
the impact of foreign exchange group-wide yields were up 3.0%.
In October crude oil prices increased to over US$90 per barrel.
The airline is approximately 70% hedged for the remainder of the
2008 financial year.

Load factors for the month were strong against last October's
statistics:

   -- Short-haul passenger load factor increased 4.7 percentage
      points to 79.7%

   -- Domestic passenger load factor was down 1.3 percentage
      points to 72.3%

   -- Tasman/PI passenger load factor was up 7.9 percentage
      points to 83.5%

   -- Long-haul passenger load factor was up 4.7 percentage
      points to 77.8%

   -- Asia/Japan/ UK passenger load factor increased by 4.3
      percentage points to 76.7%

   -- North America / UK passenger load factor increased 5.3
      percentage points to 78.7%

                     About Air New Zealand

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

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

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


AIR NEW ZEALAND: Names B. Parton as Shorthaul Group Gen. Manager
----------------------------------------------------------------
Air New Zealand has appointed Bruce Parton to the role of Group
General Manager Shorthaul Airline.  Mr. Parton, who is currently
the airline's General Manager Domestic Airline, will take up the
role effective immediately.  He succeeds Norm Thompson who was
recently appointed Deputy Chief Executive Officer.

Mr. Parton will be responsible for more than NZ$2 billion of Air
New Zealand's revenue delivered from the key New Zealand and
Australasian regions, as well as the direct distribution network
and support structure.  He has full operational and financial
accountability for the regional turbo prop airlines (Mt Cook,
Eagle Air and Air Nelson), domestic jet services, Tasman and
Pacific Island services as well as the New Zealand and
Australasian airport operations.

Chief Executive Officer Rob Fyfe says Mr. Parton has
demonstrated a strong ability to drive profitability and
implement change to keep a step ahead of the competition during
his 12 years with the airline.

"Bruce will add significant strength to the senior management
team as Air New Zealand faces a range of hurdles, such as
intense competitor activity, soaring fuel prices and a
fluctuating dollar.  He has a strong commercial, operational,
change management and leadership background which when combined
with the ability to spot opportunities and quickly seize them
will bring an extra dimension to the team," says Mr. Fyfe.

Mr. Parton's previous roles at Air New Zealand include General
Manager Pacific Airline, General Manager Airline Operations and
General Manager Materials.  Mr. Parton says he has entered his
new role at one of the most pivotal times in Air New Zealand's
recent history.

"My immediate focus will be ensuring that we build on our market
leading positions domestically, on the Tasman and in the
Pacific.  Innovative pricing and marketing strategies coupled
with a uniquely Kiwi experience delivered by Air New Zealanders
will underpin success.  Ultimately, it is our people who set us
apart from the competition."

Mr. Parton says continuing to change and evolve the business to
meet the needs of customers will be a key challenge.

"We have strengthened this ability over the past few years, but
must keep exceeding our customers' expectations to ensure we
remain their airline of choice. Furthermore, we must continue to
grow our shorthaul business and a strong focus will be placed on
identifying potential capacity expansion and new route
opportunities over the next few months."

Mr. Parton says he will spend much of the next few weeks
travelling within the business talking to Air New Zealanders
about the shorthaul division's challenges and opportunities as
well as meeting with union leaders and other key stakeholders.

                     About Air New Zealand

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

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

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


A&R WHITCOULLS: Commerce Commisson Clears Borders Acquisition
-------------------------------------------------------------
New Zealand's Commerce Commission has cleared A&R Whitcoulls
Group Holdings Pty Limited to acquire 100 % of the shares in
Borders New Zealand Limited.

Commission Chair Paula Rebstock said that the Commission was
satisfied that the proposed acquisition would not have, or would
not be likely to have, the effect of substantially lessening
competition in any of the relevant markets.

Whitcoulls is an Australian proprietary company registered with
the Australian Securities and Investments Commission, and is
owned by Pacific Equity Partners Pty Limited.  In New Zealand,
Whitcoulls is involved in the retail of books, magazines,
stationery, cards and DVDs through its wholly-owned subsidiary
Whitcoulls Holdings Limited.

Borders is a wholly-owned subsidiary of Borders Group Inc. which
is listed on the New York stock exchange.  In New Zealand,
Borders is involved in the retail of books, magazines,
stationery, cards, DVDs and CDs.

In considering the application, the Commission's role is to
determine whether the acquisition has the effect of
substantially lessening competition in a market.

Melbourne, New Zealand-based A&R Whitcoulls Group Holdings Pty
Ltd. -- http://www.arw.co.nz/ -- is a specialty retail company      
operating across New Zealand and Australia.  The company
comprises a number of brands, which sell a range of products,
including books, magazines, stationery, calendars, gifts,
greeting cards and digital versatile discs (DVDs). Some of the
Company's subsidiaries include A&R Australia Holdings Pty
Limited, Angus & Robertson Pty Ltd, Angus & Robertson Bookworld
Calendar Club Pty Ltd, Supanews Angus & Robertson Pty Limited,
Whitcoulls Finance Trust, Whitcoulls Limited, Whitcoulls Group
Limited and WHSmith Hong Kong Limited. On October 18, 2005, A&R
Whitcoulls Group Holdings Pty Limited disposed of the travel
retail businesses in Hong Kong and Australian airports.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
Distressed Bonds column listed A&R Whitcoulls Group's bond with
a 9.500% coupon and December 15, 2010 maturity date as trading
at NZ$10.80.


CORPORATE SIGNS: Faces Blue Star's Wind-Up Petition
---------------------------------------------------
On August 16, 2007, Blue Star Installations Limited filed a
petition to have Corporate Signs Installation Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
December 6, 2007, at 10:00 a.m.

Blue Star's solicitor is:

          Michael Lucas
          Mike Lucas Law Firm
          164 Great South Road
          Manurewa, Auckland
          New Zealand
          Telephone:(09) 269 2844
          Facsimile:(09) 269 2847


ETS INSTRUMENTS: Wind-Up Petition Hearing Set for Nov. 29
---------------------------------------------------------
A petition to have ETS Instruments Ltd.'s operations wound up
will be heard before the High Court of Auckland on Nov. 29,
2007, at 10:00 a.m.

Matthew Langley Carson and Brett Robert MacLean filed the
petition on July 27, 2007.

The Petitioners' solicitor is:

          Matthew Langley Carson
          c/o Carson & Co, Level 4
          34 Mahuhu Crescent, East
          Quay, Parnell, Auckland
          New Zealand
          Telephone:(09) 966 1100
          Facsimile:(09) 966 1101


GALBRAITH MUNRO: Creditors' Proofs of Debt Due on Dec. 17
---------------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
liquidators of Galbraith Munro Enterprises Ltd. on October 31,
2007.

Messrs. Fisk and Sanson are accepting creditors' proofs of debt
until Dec. 17, 2007.

The Liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


GLASGOW INVESTMENTS: Fixes Dec. 5 as Last Day to File Claims
------------------------------------------------------------
The creditors of Glasgow Investments Ltd. are required to file
their proofs of debt by December 5, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

          D. C. Parsons
          c/o Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Facsimile:(07) 957 8677


LEHNDORF UTILITY: Placed Under Voluntary Liquidation
----------------------------------------------------
On October 30, 2007, the shareholder of Lehndorf Utility
Drilling Solutions Ltd. passed a resolution to liquidate the
company's business.

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

The company's liquidators are:

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


MASTER CLEANING: Subject to CIR's Wind-Up Petition
--------------------------------------------------
A petition to have Master Cleaning Services Limited's operations
wound up will be heard before the High Court of Wellington on
November 26, 2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on July 4,
2007.

The CIR's solicitor is:

          Philip Hugh Brian Latimer
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 1028
          Facsimile:(04) 890 0009


STEPHENS TRANSPORT: Appoints Grant and Khov as Liquidators
----------------------------------------------------------
On October 31, 2007, Damien Grant and Steven Khov were appointed
liquidators of Stephens Transport Ltd.

The Liquidators can be reached at:

         Damien Grant
         Steven Khov
         Waterstone Insolvency
         PO Box 352, Auckland
         New Zealand
         Facsimile: 0800FAXWSI


STEWART ISLAND: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Stewart Island Helicopters Ltd., on Oct. 30,
2007, passed a resolution to voluntarily liquidate the company's
business.

Creditors who can file their proofs of debt by December 14,
2007, will be included in the company's dividend distribution.

The company's liquidator is:

          Timothy Patrick 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


TE KAIKOURA: Court Set to Hear Wind-Up Petition on Nov. 26
----------------------------------------------------------
The High Court at Christchurch will hear on November 26, 2007,
at 10:00 a.m., a petition to have Te Kaikoura Lodge Ltd.'s
operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
October 2, 2007.

The CIR's solicitor is:

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


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

BANKARD INC: Appoints Abigail Tumbocon as VP, Head of Marketing
---------------------------------------------------------------
Abigail Tumbocon will serve as Bankard Inc.'s Marketing Head and
as Vice President starting December 1, 2007.

The company's Board of Directors approved Ms. Tumbocon's
appointment during a meeting held on Thursday last week, where
it also approved the promotion of these officers:

    * Leo Benedict K. Gonzales as Asst. Vice President
    * Cristina V. Macalinao as Asst. Vice President
    * Ma. Angelina V. Angeles as First Vice President

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard reported a net loss of PHP597.6 million for the year
ended December 31, 2006, which translated to a loss per share of
PHP1.92, the bank said in it annual financials filed with the
Philippine Stock Exchange.  The bank also had a net loss of
PHP422.4 million for the year ended December 31, 2005.


IPVG CORP: Eduardo Martin Lichauco Leaves Post as Board Member
--------------------------------------------------------------
Eduardo Martin T. Lichauco resigned as a member of IPVG Corp.'s
Board of Directors effective November 22.

The Board of Directors then met on Friday last week and
appointed Emmanuel L. Jalandani to replace Mr. Lichauco, who
resigned for purposes of transparency and to avoid conflict of
interest as he plans to set up an investment fund that may enter
into transactions with IPVG and its affiliates.


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

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

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


METRO PACIFIC: Lists 5.633 Million New Shares in Local Bourse
-------------------------------------------------------------
Metro Pacific Investments Corp. has listed an additional
5,633,240 common shares in the Philippine Stock Exchange.  The
listing is set for November 26, Monday.

The shares represent the 5,633,240 subscription warrant
certificates that have surrendered by their holders and
converted to common shares.

The company now has a total of 61,867,294 warrants converted
into common shares and listed in the exchange.

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

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

Metro Pacific has these significant subsidiaries:

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

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


PHIL. LONG DISTANCE: Senior Noteholders OK Changes in Indentures
----------------------------------------------------------------
The holders of Philippine Long Distance Telephone Co.'s senior
notes has given the company permission to amend certain
covenants which have been reportedly limiting PLDT's flexibility
to make dividend payments and distribution of capital as well as
its ability to make additional investments, the Philippine Star
reports.

PLDT announced Wednesday that the holders have given it consent
to amend the indentures governing its outstanding 11.375% notes
due 2012, 10.5% notes due 2009 and 8.35% notes due 2017.  The
company said it has now executed the supplemental indentures.

The Star explains that the proposed amendments will, once
effective, amend the covenants in the 2012 notes relating to the
limitation on restricted payments, and will also change the
covenants in the 2009, 2012, and 2017 notes relating to the
limitation on dividends.  PLDT can now be more flexible in
making certain restricted payment and amend limitations on
paying dividends or distributions.  It will also reduce the
company's permitted leverage ratios under the notes' terms.

The company's key financial indicators, including revenues,
profitability and operating cash flows have improved over time
compared to when the notes were issued, company officials said.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading    
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

As of November 7, 2007, Philippine Long Distance Telephone
Company carries Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.

The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.


SAN MIGUEL: Unit Loses to First Gen Corp. in PNOC-EDC Bidding
-------------------------------------------------------------
Panasia Energy Holdings Inc. has lost to First Gen Corp. and
Reykjavik Energy Invest in the bidding for the government's
remaining 60%-stake in PNOC-Energy Development Corp., ABS-CBN
News reports.

Panasia is the joint venture between San Miguel Corp.'s
subsidiary San Miguel Energy Corp. and Belegginsmaatschappij
Broem BV.

The First Gen group had bested Panasia's PHP39-billion bid with
its offered price of PHP58.5 billion, the report reveals.  Other
bidders include the group of Filinvest Development and Britain's
International Power with a bid of PHP48.5 billion and Aboitiz
Power Corp. with PHP33.165 billion.

The government sold its interest in PNOC-EDC to plug its 2007
budget deficit target of PHP63 billion or 9% of the country's
gross domestic product, the report recounts.  It had said that
proceeds from the sale was enough to cover the deficit incurred
in the first 10 months.

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.


* Gov't Sees PHP47-Billion Proceeds from Sale of PNOC-EDC Stake
---------------------------------------------------------------
The government may earn net proceeds of PHP47 billion from its
sale of its 60%-stake in the PNOC-Energy Development Corp. to
the consortium led by the First Gen Corp. of the Lopez group,
ABS-CBN News reports.

According to Finance Secretary Margarito Teves, the government
may book the amount for November or December after the
transaction closes on November 29.  

The government had initially expected only PHP32 billion to
PHP36 billion in proceeds from the sale, Mr. Teves noted.

The government sold its interest in PNOC-EDC to plug its 2007
budget deficit target of PHP63 billion or 9% of the country's
gross domestic product, the report recounts.  It had said that
proceeds from the sale was enough to cover the deficit incurred
in the first 10 months.

                          *     *     *

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.


* Government's Spending for Debt Goes Down 17.5% in October
-----------------------------------------------------------
The government's expenditures for debts has dropped by 17.5% to
PHP562.31 billion as of October 31 from the PHP683.99 billion in
October 2006 due to the continued appreciation of the peso, the
Philippine Star reports.

According to the Bureau of the Treasury, the government spent
PHP241.31 billion for interest payments, dropping 13.1% from
October last year's PHP277.77 billion.  PHP135.62 billion went
to interest for domestic debts and PHP105.69 billion was paid
for interest on foreign loans, the Bureau added.

The Bureau's data show that for principal payments, the
government spent PHP320.999 billion, of which PHP265.91 billion
was paid for domestic obligations while PHP55 billion was
allocated for foreign obligations.

In October last year, the Star recounts, the government paid
PHP173.88 billion for interest on domestic loans and PHP104.399
billion for foreign loan interest.  Total principal payments for
the same period last year was at PHP406.217 billion, PHP356.34
billion of which went to domestic obligations and PHP49.8
billion went to foreign obligations.

                         *     *     *

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

CN DISPLAYS: Court Enters Wind-Up Order
---------------------------------------
On November 9, 2007, the High Court of Singapore entered an
order directing the wind up of CN Displays (S) Pte. Ltd.'s
operations.

New Central Pte Ltd filed the wind-up petition against the
company.

The company's liquidator is:

          The Official Receiver
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118


INFLEXION CORPORATION: Creditors' Proofs of Debt Due on Dec. 24
---------------------------------------------------------------
The creditors of Inflexion Corporation Pte Ltd are required to
file their proofs of debt by December 24, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


LIMITED BRANDS: Earns US$12.1 Million in Quarter Ended Nov. 3
-------------------------------------------------------------
Limited Brands reported a US$12.1-million net income on
US$1.9 billion net sales for the 13 weeks ended Nov. 3, 2007,
compared to the US$23.5-million net income on US$2.1 billion net
sales for the 13 weeks ended Oct. 28, 2006.

Third quarter operating income was US$61.1 million compared to
the US$66.5 million a year ago.

The company booked a US$329.4-million net income on
US$6.8 billion net sales for the 39 weeks ended Nov. 3, 2007,
compared to the US$235.9-million net income on US$6.6 billion
net sales for the same period in 2006.

                      Share Repurchase

In the third quarter, the company repurchased 14.6 million
shares of stock for US$336 million, leaving US$96 million
remaining in its current US$250 million authorization.  The
company also disclosed that its Board of Directors has
authorized an additional US$250 million share repurchase
program.

            November and Fourth Quarter Outlook

The company stated that it now expects negative mid-single digit
comparable store sales for November, versus its previous
guidance for flat comparable store sales.  It also expects
fourth quarter earnings per share of US$0.90 to US$1.05 versus
US$1.08 last year.  The decline versus its previous guidance
reflects issues related to the opening of a new distribution
center for Victoria's Secret Direct and the challenging overall
retail environment.  Last year's earnings per share results
include approximately US$0.04 related to the 53rd week.

                      About Limited Brands

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of       
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.  The company has
operations in Singapore, China, Japan, South Korea, Taiwan, and
the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 24, 2007,
Moody's Investors Service affirmed Tyson Foods Inc.'s ratings,
including its Ba1 corporate family rating and Ba1 probability of
default rating.  The rating outlook is negative.


SIM HOE: Pays First Preferential Dividend
-----------------------------------------
Sim Hoe Construction Co Pte Ltd., which is in liquidation, paid
its first and final preferential dividend to its creditors on
October 25, 2007.

The creditors received 62% of dividend.

The company's  official receiver can be reached at:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


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

TMB BANK: Central Bank OKs ING's Purchase of 30% Shareholding
-------------------------------------------------------------
The Bank of Thailand has approved ING Bank's transaction to
purchase 30% of TMB Bank PCL in order to improve the ailing Thai
bank, The Nation reports.

According to BoT's assistant governor, Sorasit Soontornkes, the
Council of State approved the purchase based on its
interpretation of the Commercial Bank Act, which states that
foreign investors can hold more than 25% of a bank only if it is
intended to improve the bank.   Mr. Sorasit said that although
TMB is performing solidly with higher-than-required capital, it
is in doubt over the next few years.

"The point to consider is future performance. We forecast the
bank might suffer problems in next one or two years," Mr.
Sorasit explained.

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

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

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

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


TMB BANK: Board Appoints Gen. Anupong Paojinda as Director
----------------------------------------------------------
Gen. Anupong Paojinda has been appointed as a director by TMB
Bank PCL's Board of Directors during a meeting held on Tuesday
last week, the bank's disclosure with the Stock Exchange of
Thailand reveals.

According to the disclosure, Gen. Anupong's appointment is
effective December 3.

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

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

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

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


TRUE MOVE: Mobile Subscriber Base Increases 19.6% to 2.1 Million
----------------------------------------------------------------
True Move PCL has acquired 2.1 million new subscribers for the
third quarter, bringing its total customer base to 11.2 million,
the Bangkok Post reports.

According to Suphakit Vuntanadit, marketing and customer
experience relationship manager for True Move's parent True
Corp. PCL, the record increase in subscribers is due to the
parent company's convergence strategy.  The new subscribers
represent a 19.6% increase over the previous quarter, he added.

Net additions for the third quarter represented 70% of the total
net additions accross Thailand's cellular industry, Mr. Suphakit
said, adding that True Move now has a 22.8% market share in
mobile phone subscribers.  

True Move's revenues for the third quarter have risen 44.1%
year-on-year, reaching PHP8.39 billion, the Post reveals.  The
report also says that True Move's supplementary and non-voice
services generated strong income for the third quarter, with
non-voice service revenues increasing 10% to THB648 million from
last year.

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

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

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





                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


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S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman,
Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
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