TCRAP_Public/071127.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

          Tuesday, November 27, 2007, Vol. 10, No. 235

                            Headlines

A U S T R A L I A

BINGO WORLD: Members and Creditors to Meet on Dec. 4
CAVEAT FINANCE: ASIC Orders Wind Up Due to Insolvency
COEUR D'ALENE: Advisory Firms Recommend for Acquisition
COLES GROUP: S&P Withdraws BBB+ Corporate Rating
DSB INDUSTRIES: Sets Final Meeting for November 30

DYNO NOBEL: Placed Under Voluntary Liquidation
ELDER & ROSE: Liquidator Presents Wind-Up Report
ENVESTRA LTD: Taxes Cause Third Annual Net Loss of AU$3.01 Mil.
ENVESTRA LTD: Pays AU$5.70 Per Security to Security Holders
HOBART PORTS: Members Receive Wind-Up Report

HUTCHISON TELECOMMUNICATIONS: Issues 75,402,826 Ordinary Shares
INFORMATION TECHNOLOGY: Members Pass Resolution to Wind Up Firm
KAIRIKI ENERGY: Doubles Net Loss to AU$1.54 Million for FY2007
KAIRIKI ENERGY: Enters Romania and Tunisia via Alpine Oil JV
LINK PROJECTS: Placed Under Voluntary Liquidation

LLANDILLO KENSIT: Commences Wind-Up Proceedings
PALADIN RESOURCES: Incurs US37.6-Million Net Loss for FY2007
SYMBION HEALTH: Primary Health Threatens to Withdraw Bid
SYMBION HEALTH: Shares Trading Halted Along w/ Healthscope's
TRANSURBAN: Chalks Third Annual Net Loss at AU$152.18 Million

TRANSURBAN GROUP: Citilink Revenue Rises 8.3% in Sept. Quarter
TRANSURBAN GROUP: M1 Eastern Earnings Up 5.9% in Sept. Quarter
ZINIFEX: Sees Lower Operating Profit for 2008 Due to High Costs


C H I N A   &   H O N G  K O N G

BODISEN BIOTECH: Posts US$2.9 Million Net Loss in Third Quarter
CITIC SECURITIES: Eyes Listing in Hong Kong
DANA CORPORATION: Earns US$23 Mln. in Month Ended September 30


I N D I A

AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits
BHARTI AIRTEL: To Use Mformation's Mobile Device Mgmt. Software
BPL LTD: Net Loss Widens by 21% in Qtr. Ended Sept. 30, 2007
CABLE & WIRELESS: Excessive Executive Payout Angers Investors
DECCAN AVIATION: Says No Reverse Merger Proposal Considered

DECCAN AVIATION: Schedules Annual General Meeting on Dec. 19
DCM SHRIRAM: Preferential Warrant Price Fixed at INR90
GERDAU SA: Moody's Affirms Corporate Family Rating at Ba1
QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review


I N D O N E S I A

HILTON HOTELS: To Issue US$500-MM Unsecured Floating Rate Notes
OWENS-ILLINOIS INC: S&P Ups Bank Credit Facilities Rating to BB+
PT INCO: Hires New Members for the Board of Commissioners


J A P A N

ALL NIPPON: To Undercut JAL in Int.'l Fares Starting January
BOSTON SCIENTIFIC: Amends Pact to Settle Product Claims
IHI CORP: To Sell Asset to Dai-ichi Mutual for JPY77 Billion
JAPAN AIRLINES: Selects 5 Preferred Bidders for JALCard
PATHEON INC: Wesley Wheeler Appointed as Chief Executive Officer

SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say


K O R E A

FRESH DEL MONTE: S&P Affirms Corporate Credit Rating at BB-
LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan  
LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes
REMY WORLDWIDE: Court Approves AP Services as Crisis Manager
TOWER AUTOMOTIVE: Reaches Settlement Resolving Michigan's Claim


M A L A Y S I A

APL INDUSTRIES: Discloses Proposed Capital Reconstruction
CNLT (FAR EAST): Enters into MOU with Kamal Kishore
CNLT (FAR EAST): Moves Wind-Up Petition Hearing to Feb. 26
SUNWAY INFRASTRUCTURE: To Raise US$223 Million Islamic Bonds


N E W  Z E A L A N D

AUTOWAYS LTD: Court to Hear Wind-Up Petition on Nov. 29
ARCH HILL: Faces Tribro Building’s Wind-Up Petition
BEDELIA O: Appoints Tubbs and Johnstone as Liquidators
IRIDESCENT DESIGN: Court to Hear Wind-Up Petition on Feb. 8
NICO 1 MACHINERY: Commences Liquidation Proceedings

NICO TRANSPORT: Undergoes Liquidation Proceedings
SMITH AND HAYES: Fixes Dec. 4 as Last Day to File Claims
T.K. SMITH: Commences Liquidation Proceedings
TECHNICAL SPECIALISTS: Shareholders Decide to Wind Up Firm
* McDouall Stuart Publishes 2007 Report on NZ Finance Co. Sector


P H I L I P P I N E S

METROPOLITAN BANK: Declares 2% Cash Dividend for Stockholders
PHILCOMSAT HOLDINGS: PCGG Group Questions Last Week's Elections
PICOP RESOURCES: Awaits DENR's Nod to Extend Operation Plan
* Philippines Will Survive Woes from Subprime Crisis, BSP Says


S I N G A P O R E

SEE HUP SENG: Discloses Shareholders' Change of Interest


T H A I L A N D

DAIDOMON GROUP: Expects to Submit Rehab Plan on January 9, 2008
FEDERAL-MOGUL: To Issue $305,236,000 in Senior Notes
FEDERAL-MOGUL: Posts US$7.6 Mil.-Net Loss in Month Ended Oct. 31
FEDERAL-MOGUL: Thornwood Gets 25% of Reorganized Debtors' Stock
TMB BANK: To Set Aside THB25 Bil. Loan-Loss Provision in 4Q 2007

TMB BANK: Divests 17.6% Stake in Zigma Concrete for THB95,246


* BOND PRICING: For the Week 19 November to 23 November 2007

     - - - - - - - -

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

BINGO WORLD: Members and Creditors to Meet on Dec. 4
----------------------------------------------------
Bingo World Pty Limited will hold a meeting for its members and
creditors on December 4, 2007, at 9:30 a.m.

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

The Liquidator can be reached at:

         Schon G. Condon RFD
         c/o Condon Associates
         Australia
         Telephone:(02) 9893 9499

                        About Bingo World

Bingo World Pty Limited is a distributor of toys, as well as
hobby goods and supplies.  The company is located at Penrith, in
New South Wales, Australia.


CAVEAT FINANCE: ASIC Orders Wind Up Due to Insolvency
-----------------------------------------------------
The Australian Securities & Investments Commission has obtained
an order from the Federal Court of Australia directing the wind-
up of Geelong-based finance company Caveat Finance Pty. Ltd.
(Caveat) on grounds of insolvency.

Caveat was incorporated in November 2005 and provided high
interest short-term loans (usually one to four months duration)
to clients in the business sector.  The interest on these loans
was around 5% per month (60% per annum), with penalty rates
often up to 10% per month.  In order to finance these loans,
Caveat borrowed money from private lenders, some of which were
invited to loan money to Caveat via the company's Web site.  The
private lenders were promised interest rates of 2% per month
(24% per annum).

ASIC initiated proceedings to wind up Caveat on September 20,
2007.  ASIC's proceedings alleged that in borrowing the money
from private lenders, Caveat had contravened the Corporations
Act by issuing debentures without entering into a trust deed or
appointing a trustee for the debenture holders.  Evidence before
the Court indicated that in excess of AU$3.7 million was
outstanding to debenture holders.  ASIC contended that there was
a serious risk that these loans would not be repaid.

Following the receipt of an independent auditors' report that
concluded Caveat was insolvent, the directors appointed a
voluntary administrator on November 12, 2007.  The Court ordered
that Mr. Robert Cole, of Robert M H Cole & Co, be appointed as
liquidator of Caveat and it was of the view that an adjournment
of ASIC's proceedings was not in the interests of creditors.

ASIC's Executive Director of Enforcement, Jan Redfern, said that
while today's court action demonstrated ASIC's continued
commitment to acting against those who fail to meet the
requirements of the law, investors should be wary of any
investments promising high returns.

"Some investors mistakenly believe debentures are similar to
fixed term deposits with banks, except with a higher interest
rate.  Unfortunately, what some investors don's realize is that
investments offering high returns generally come with a high
level of risk.

"ASIC urges anyone considering investing in debentures to make
sure they fully understand the risks by visiting ASIC's consumer
website, FIDO at http://www.fido.gov.au/or calling our Infoline  
on 1300 300 630," Ms. Redfern said.


COEUR D'ALENE: Advisory Firms Recommend for Acquisition
-------------------------------------------------------
Coeur d'Alene Mines Corporation has disclosed that two of the
nation's most influential independent proxy advisory firms,
Institutional Shareholder Services and Glass Lewis & Co., have
each recommended that Coeur shareholders vote "FOR" the
proposals related to the acquisition of Bolnisi Gold NL
(ASX:BSG) and Palmarejo Silver and Gold Corporation at the
Company's Special Meeting of shareholders scheduled for
Dec. 3, 2007.

In recommending that Coeur shareholders vote "FOR" the proposed
acquisition, ISS stated in its Nov: 20, 2007 report:

"Based on our review of the terms of the transaction and the
factors described above, in particular the strategic rationale,
the opportunities available to the combined company and the
increased liquidity of the combined company's stock, we believe
that the merger agreement warrants shareholder support."

Glass Lewis also recommended that shareholders vote "FOR" all
proposals relating to the acquisition.  In its Nov. 20, 2007
report, Glass Lewis stated:

"Given the strategic rationale of the Transactions, the
financial fairness of the proposed exchange ratios, and in the
absence of significant conflicts, we believe that shareholders
should support this proposal.  The resulting scale of the three-
way combination will yield operational and strategic benefits
otherwise not available to the Company as a stand-alone entity."

"We are very pleased to have the support of both ISS and Glass
Lewis," said Dennis E. Wheeler, Coeur's Chairman, President and
Chief Executive Officer.  "Clearly, both proxy advisory firms
recognize the transformative nature of this transaction and the
potential for the tremendous value it will create for all Coeur
shareholders.  On behalf of the entire Board of Directors, I
urge all Coeur shareholders to vote "FOR" the merger proposals.
We look forward to closing this transaction and working toward
becoming the world's undisputed leader in silver."

Coeur shareholders are reminded that their vote is very
important regardless of the number of shares of common stock
they own.  Whether or not shareholders are able to attend the
Special Meeting in person, they should complete, sign and date
the proxy card and return it in the prepaid and addressed
envelope as soon as possible or submit a proxy through the
Internet or by telephone as described on the proxy card that
accompanied the definitive proxy statement.

The Special Meeting of Coeur shareholders to consider and vote
upon the proposed merger has been scheduled for Dec. 3, 2007 at
9:30 a.m. local time at The Coeur d'Alene Resort and Conference
Center, Second Street and Front Avenue, Coeur d'Alene.  Coeur
shareholders of record as of the close of business on Oct. 19,
2007 will be entitled to vote at the special meeting.

Shareholders who have questions about the transactions and the
special meeting, including the procedures for voting your
shares, should call D.F. King & Co., Inc., which is assisting
Coeur, at 1-800-901-0068 (toll-free) or (collect) at
212-269-5550.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver  
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                       *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15,
2024, carry Standard & Poor's B- rating.


COLES GROUP: S&P Withdraws BBB+ Corporate Rating
------------------------------------------------
Standard & Poor's Ratings Services said it had withdrawn its
'BBB+/A-2' corporate credit ratings on Coles Group Ltd.
following Wesfarmers Ltd.'s (BBB+/Negative/A-2) successful
takeover of Coles.

The only outstanding rated debt of Coles is Coles Group Finance
Ltd.'s AU$400 million medium-term notes maturing in July 2012.  
On Nov. 12, 2007, holders of these notes accepted a revised
covenant and guarantee package for the notes.  Under these new
arrangements, noteholders receive the benefit of the same
guarantees that are given by Wesfarmers (and a number of its
subsidiaries) to its current financiers, as well as financial
and other undertakings drawn from Wesfarmers' current syndicated
financing.  Accordingly, these 'BBB+' rated notes are now
expected to remain outstanding until maturity under the new
arrangements.

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

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


DSB INDUSTRIES: Sets Final Meeting for November 30
--------------------------------------------------
The members and creditors of DSB Industries Pty Limited will
hold their final meeting on November 30, 2007, at 12:00 p.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988

                       About DSB Industries

Located at Deakin, in ACT, Australia, DSB Industries Pty Limited
is an investor relation company.


DYNO NOBEL: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on October 15, 2007, the members
of Dyno Nobel Holdings Australia Pty Ltd agreed to voluntarily
liquidate the company's business.

Simon Cathro and Christopher r. Campbell were tapped as
liquidators.

The Liquidators can be reached at:

         Simon Cathro
         Christopher R. Campbell
         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                        About Dyno Nobel

Dyno Nobel Holding Australia Pty Ltd operates offices of holding
companies.  The company is located at North Sydney, in New South
Wales, Australia.


ELDER & ROSE: Liquidator Presents Wind-Up Report
------------------------------------------------
The members and creditors of Elder & Rose (Tempe) Pty Limited
met on November 9, 2007, and agreed to voluntarily wind up the
company's operations.

G. D. Short was named as liquidator.

The Liquidator can be reached at:

         G. D. Short
         c/o Short Kenyon & Co Proprietary
         Chartered Accountants
         54 Sailors Bay Road
         Northbridge, New South Wales 2063
         Australia

                       About Elder & Rose

Elder & Rose (Tempe) Pty Limited, which is also trading as Orana
Windmill Hotel, operates hotels and motels.  The company is
located at Gilgandra, in New South Wales, Australia.


ENVESTRA LTD: Taxes Cause Third Annual Net Loss of AU$3.01 Mil.
---------------------------------------------------------------
Envestra Ltd. posted a net loss of AU$3.01 million for the year
ended June 30, 2007, cutting into half the previous fiscal
year's AU$6.37-million net loss.

The company also reported a net loss of AU$16.31 million for
fiscal 2005.

For the year ended June 30, 2007, total revenue amounted to
AU$347.34 million, while operating costs totaled
AU$109.50 million.

The company also had a depreciation expense of AU$55.51 million,
interest on loan notes of AU$18.20 million and borrowing costs
of AU137.10 million, giving the company a profit before income
tax expense of AU$25.31 million.

As of June 30, 2007, the company had total assets of
AU$2.54 billion and accumulated losses of AU$131.83 million.

Adelaide, Australia-based Envestra Limited --
http://www.envestra.com.au/-- provides natural gas haulage  
services to retailers through the transmission pipelines and
distribution networks it owns and manages.  The company is also
engaged in the development of business through expansion of
existing networks and construction of new networks.


ENVESTRA LTD: Pays AU$5.70 Per Security to Security Holders
-----------------------------------------------------------
Envestra Ltd. will pay out an interim distribution of AU$5.70
for the six months ended Sept. 30, 2007, to its security holders
who wish to participate, the company said in a release posted on
its Web site.

The dividend will comprise of AU$0.90 interest on loan note,
AU$3.87 repayment of loan note principal and an unfranked
dividend of AU$0.93.

The company's distribution re-investment plan will apply to the
payment, under which a 2.5% discount will be applicable.

Adelaide, Australia-based Envestra Limited --
http://www.envestra.com.au/-- provides natural gas haulage  
services to retailers through the transmission pipelines and
distribution networks it owns and manages.  The company is also
engaged in the development of business through expansion of
existing networks and construction of new networks.

Envestra posted net losses of:

   -- AU$3.01 million for the year ended June 30, 2007;
   -- AU$6.37 million for the year ended June 30, 2006; and
   -- AU$16.31 million for the year ended June 30, 2005.


HOBART PORTS: Members Receive Wind-Up Report
--------------------------------------------
The members of Hobart Ports Corporation Proprietary Limited met
on November 23, 2007, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Harvey J. Gibson
         Wise Lord & Ferguson
         Chartered Accountants
         1st Floor, 160 Collins Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 6155

                       About Hobart Ports

Hobart Ports Corporation Proprietary Limited, which is also
trading as Melbourne Stevedores, is involved with the
arrangement of transportation of freight and cargo.  The company
is located at Hobart, in Tasmania, Australia.


HUTCHISON TELECOMMUNICATIONS: Issues 75,402,826 Ordinary Shares
---------------------------------------------------------------
Hutchison Telecommunications (Australia) Limited has issued
75,402,826 ordinary shares and 1,508,056,509 convertible
preference shares to Hutchison Communications (Australia) Pty.
Ltd., a sophisticated investor, pursuant to a Sale and
Subscription Agreement executed on October 10, 2007, between
HTA, HCAPL, Telecom Corporation of New Zealand Limited and
Telecom 3G (Australia) Limited.

This move is part of a transaction to restructure the holding of
Telecom Corporation of New Zealand Limited in HTA's 3G network
and by which HTA will acquire radiocommunications spectrum from
AAPT Limited.  The issue was approved by shareholders at a
general meeting of HTA held on October 8, 2007.

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 re-branded 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 Troubled Company Reporter-Asia Pacific, on April 20, 2007,
included in its "Large Companies With Insolvent Balance Sheets"
Column Hutchison Telecommunication, with US$786.31 million in
stockholders' equity deficit.

The company recorded a AU$759.4-million net loss for the 2006
fiscal year, compared with a AU$547.3-million loss for 2005.


INFORMATION TECHNOLOGY: Members Pass Resolution to Wind Up Firm
---------------------------------------------------------------
During a general meeting held on October 16, 2007, the members
of Information Technology Training Institute Pty Ltd resolved to
voluntarily wind up the company's operations.

Gregory J. Parker was named liquidator for the company.

The Liquidator can be reached at:

         Gregory J. Parker
         Parker Insolvency
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                   About Information Technology

Information Technology Training Institute Pty Ltd operates data
processing schools.  The company is located at Surrey Hills, in
New South Wales, Australia.


KAIRIKI ENERGY: Doubles Net Loss to AU$1.54 Million for FY2007
--------------------------------------------------------------
Kairiki Energy Limited reported a net loss of AU$1.54 million
for the year ended June 30, 2007, doubling its net loss of
AU$0.71 million for the year ended June 30, 2006.

The company earned total revenues of AU$0.19 million in fiscal
2007.  The company, however, spent AU$0.23 million on salaries
and employees benefits, AU$0.14 million on consultants and
directors fees, AU$0.42 million on share-based payments,
AU$0.38 on exploration and evaluation expenses, and another
AU$0.55 million on other expenses.

The company had total assets of AU$14.95 million as of June 30,
2007.

Based in West Perth, Australia, Kairiki Energy Limited --
http://www.kairikienergy.com/-- formerly Yilgarn Gold Limited,  
is engaged in mineral exploration.  The company's projects in
western Australia include New Bulong Project, Browns Lagoon JV
Project, Foley Well JV Project, Great Southern Project,
Goodenough Project, Clinker Hill Project, Cowarna Rocks Project
and Golden Cliffs Project. Great Southern Mines NL, Resource
Assets Pty Ltd. and Yilgarn Petroleum Philippines Pty Ltd. are
wholly owned subsidiaries of Kairiki Energy Limited.


KAIRIKI ENERGY: Enters Romania and Tunisia via Alpine Oil JV
------------------------------------------------------------
Kairiki Energy Limited and its joint venture partner Alpine Oil
& Gas Pty. Ltd. have signed conditional purchase agreements with
Stratic Energy Limited to acquire:

   * Stratic's 40% interest (held through wholly owned  
     subsidiary company -- Grove Energy (Romania) Limited) in
     the South Craiova permit, onshore Romania; and

   * Stratic's 100% interest each in the Chorbane permit located
     onshore south-east Tunisia.

The underlying terms of the Romanian transaction are:

Kairiki and Alpine will each acquire 50% each of the shares of
Grove Energy (Romania) Limited for a total consideration of
US$1 million cash to Stratic.  The transaction is subject to
certain conditions precedent including:

   (a) the realization of certain receivables of Grove Energy
       (Romania) Limited which are currently outstanding;

   (b) the replacement of all bonds and guarantees with the
       Romanian authorities from Stratic to Kairiki and Alpine;           
       and

   (c) the replacement of all bonds and guarantees with the
       operator, Sterling Resources (UK) from Stratic to Kairiki
       and Alpine.

The permit expires in December 2009 and there are no outstanding
work program obligations.

The underlying terms of the Tunisian transaction are:

1. Kairiki and Alpine will each acquire a 50% interest in the
   permit for a total consideration of US$1 million cash to
   Stratic. The transaction is subject to certain conditions
   precedent including:

   (a) approval in writing by the Tunisian authorities of the         
       conversion of the Chorbane Permit into an Exploration          
       Permit; and

   (b) approval in writing by the Tunisian authorities to the
       assignment of the permit to Kairiki and Alpine.

2. The permit will have a three year exploration period when the
   permit is converted into an exploration permit with the right
   to extend it two times for two years each time for a total
   period of seven years.

Based in West Perth, Australia, Kairiki Energy Limited --
http://www.kairikienergy.com/-- formerly Yilgarn Gold Limited,  
is engaged in mineral exploration.  The company's projects in
western Australia include New Bulong Project, Browns Lagoon JV
Project, Foley Well JV Project, Great Southern Project,
Goodenough Project, Clinker Hill Project, Cowarna Rocks Project
and Golden Cliffs Project. Great Southern Mines NL, Resource
Assets Pty Ltd. and Yilgarn Petroleum Philippines Pty Ltd. are
wholly owned subsidiaries of Kairiki Energy Limited.

The company had incurred net losses of AU$1.54 million,
AU$0.71 million and AU$ AU$0.89 million for the years ended
June 30, 2007, 2006 and 2005.


LINK PROJECTS: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on October 15, 2007,
the members of Link Projects Australasia Pty Ltd agreed to
voluntarily liquidate the company's business.

Christopher Michael Williamson and Kimberley Andrew Strickland
wee appointed as liquidators.

The Liquidators can be reached at:

         Christopher Michael Williamson
         Kimberley Andrew Strickland
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                     About Link Projects

Link Projects Australasia Pty Ltd is a general contractor of
nonresidential buildings, other than industrial buildings and
warehouses.  The company is located at Osborne Park, in Western
Australia, Australia.


LLANDILLO KENSIT: Commences Wind-Up Proceedings
-----------------------------------------------
During a general meeting held on October 10, 2007, the members
of Llandillo Kensit Pty Ltd agreed to voluntarily wind up the
company's operations.

R. L. Cardwell was appointed as liquidator.

The Liquidator can be reached at:

         R. L. Cardwell
         14 Barry Place
         Cherrybrook, New South Wales 2126
         Australia

                    About Llandillo Kensit

Llandillo Kensit Pty Ltd, which is also trading as Moorlands
Department Store, operates department stores.  The company is
located at Crookwell, in New South Wales, Australia.


PALADIN RESOURCES: Incurs US37.6-Million Net Loss for FY2007
------------------------------------------------------------
Paladin Resources Ltd. reported a net loss of US$37.6 million
for the year ended June 30, 2007, compared to the US$5.6-million
net loss for the year ended June 30, 2006.

The company had total revenues of US$11.2 million and cost of
sales of US$12.0 million, giving the company a gross loss of
US$0.8 million.

As of June 30, 2007, the company had total assets of
US$2.06 billion.

The highlights:

Projects

   * Operations commenced at the Langer Heinrich Uranium
     Project, Namibia with production of 119,586 pounds of U3O8
     to June 30, 2007. Expect 2.6Mlb U3O8 pa nameplate
     production starting early calendar 2008.

   * Shipments of Langer Heinrich uranium concentrate made to
     conversion facilities with first sale of U3O8 made under
     long term contract

   * Completion of Bankable Feasibility Study for the Kayelekera
     Uranium Project, Malawi with construction commencing as
     scheduled for the designed 3.3Mlb U3O8 pa nameplate
     production at an estimated cost of US$185 million

   * Focus on exploration and evaluation of Australian projects,
     in particular the Bigryli Uranium Joint Venture in Northern
     Territory and the Mount Isa Uranium Joint Venture in
     Queensland

   * Completed acquisitions of Summit Resources Ltd (81.9%) and
     Valhalla Uranium Ltd (100%) with substantial Australian
     uranium resources

Corporate

   * Loss after tax for the year ending 30 June 2007 of
     US$38 million -- consisting of US$7 million loss for Langer
     Heinrich as a consequence of extended operational ramp up
     activities; US$7 million investment in exploration and
     evaluation expenditure; US$13 million finance costs; and
     US$11 million in net corporate costs

   * Strong balance sheet at 30 June 2007 with net assets of
     US$1.3 billion including US$183 million in cash (US$159
     million invested in US treasury bonds)

   * Transition to sources of debt and hybrid financing with
     completion of a US$250 million Convertible Bond issue on 15
     December 2006 and drawdown of Langer Heinrich Project
     Finance Facilities

   * Third party uranium purchase of 250,000 pounds of U3O8 as a
     strategic holding and to assist meeting some early
     contracted deliveries of Langer Heinrich production while
     conversion facility inventories are accumulated

   * Expanded corporate capability and personnel numbers to
     enable future growth

Headquartered in Subiaco, Australia, Paladin Energy Ltd. --
http://www.paladinresources.com.au-- formerly Paladin  
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia. Its wholly owned projects
include the Langer Heinrich Uranium Project, which is located in
Namibia, Southern Africa, and hosts surficial, calcrete type
uranium deposit; the Kayelekera Uranium Project, which is
located in northern Malawi, Southern Africa; the Manyingee
Uranium Project, which is located in the north west of Western
Australia, and hosts sandstone deposits, and the Oobagooma
Project, which is located in the West Kimberley region of
Western Australia, and hosts sandstone deposits. Its joint
venture with Quasar Resources Pty Ltd covers two exploration
licenses in the northern Frome Basin in South Australia. During
the fiscal year ended June 30, 2006, it completed resource
drilling programs at Langer Heinrich and Kayelekera Uranium
Projects. As of June 1, 2007, Paladin held an 81.82% interest in
Summit Resources Limited.


SYMBION HEALTH: Primary Health Threatens to Withdraw Bid
--------------------------------------------------------
Primary Health Care threatened to withdraw its AU$4.10-a-share
offer for Symbion Health Ltd. if Symbion shareholders will vote
in favor of Healthscope Ltd.'s proposal to buy Symbion's
diagnostic and medical center assets, Teresa Ooi writes for The
Australian.

The Australian relates that Primary managing director Edmund
Bateman is determined to create more uncertainty for
shareholders by telling them he will cancel the AU$2.65-billion
offer he made earlier this month.

Dr. Bateman, according to the report, wrote to Symbion
shareholders urging them to say "no" to Healthscope's uncertain
and risky proposal.  However Primary's letter, notes the
article, has sparked some anxiety among shareholders, with one
saying that Primary has been economic with the truth as it
failed to list the 15 conditions attached to its bid.

The report adds that Dr. Bateman claims that its AU$4.10-per-
share offer was at a healthy premium to the independent expert's
valuation range of between AU$3.52 and AU$3.91.

Primary, which is Symbion's largest shareholder, owning 20%, is
quoted by Ms. Ooi as saying, "If shareholders vote in favor of
the diagnostic proposal absent of a favorable ATO ruling, they
will be subject to uncertainty for potentially some considerable
time."

The report states that the Australian Securities & Investments
Commission has already been alerted to Primary's strong-arm
tactics and letter, containing selective information.

Meanwhile, Symbion managing director Robert Cooke is quoted as
saying, "The board has already rejected Primary's AU$4.10-a-
share bid as inferior to the current Healthscope offer on the
table.  Primary's threat to walk away from the deal will make no
difference.  Ultimately it's up to shareholders to decide.  
However, it is disappointing that Primary has decided not to put
all the information and conditions before shareholders."

                   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).


SYMBION HEALTH: Shares Trading Halted Along w/ Healthscope's
------------------------------------------------------------
Symbion Health Ltd. and Healthscope Ltd. shares trading had
been halted, pending announcements from both companies,
Jonathan Standing writes for Reuters.

Healthscope, which is leading a AU$2.8-billion bid for Symbion,
has been challenged by Symbion's top shareholder, Primary Health
Care Ltd., by launching its own hostile cash bid valuing Symbion
at AU$2.7 billion, relates Reuters.

                    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).


TRANSURBAN: Chalks Third Annual Net Loss at AU$152.18 Million
-------------------------------------------------------------
Transurban Group reported a net loss of AU$152.18 million for
the year ended June 30, 2007, more than doubling its
AU$60.90-million net loss for the year ended June 30, 2006.

The company also had a net loss of AU$152.18 million for fiscal
2005.

Revenue was up 25.00%, underlying earnings were 38.00% higher
and costs were down by 8.00% year-on-year, the company said in
its annual report.  Investors received total distributions of
AU$0.54 per security for the financial year, 77.50% tax
deferred.

Highlights:

   * In Melbourne, the Tullamarine and Calder freeway
     interchange was completed and the forecast uplift in
     CityLink traffic and revenue is on track;

   * Additional lanes opened on part of Hills M2 in Sydney;

   * A total of AU$723 million in debt was refinanced during
     fiscal 2007.  A total of AU$600 million in bank and SRG
     debt was refinanced on attractive terms in August 2007; and

   * The US Government's Federal Highway Administration agreed
     to provide Transurban with concessional loan funding so it
     can build a new tolled link from the road concession in
     Virginia -- the Pocahontas Parkway -- to the Richmond
     International Airport.

As of June 30, 2007, the company had total assets of
AU$11.62 billion.

Melbourne, Australia-based Transurban Group --
http://www.transurban.com.au/-- is engaged in the operation of  
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads
Group.

Melbourne, Australia-based Transurban Group --
http://www.transurban.com.au/-- is engaged in the operation of  
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads
Group.

Transurban incurred net losses of AU$90.44 million,
AU$60.90 million, and AU$152.18 million for the years ended
June 30, 2005 through 2007.


TRANSURBAN GROUP: Citilink Revenue Rises 8.3% in Sept. Quarter
--------------------------------------------------------------
Transurban Group's revenue for its Citilink operations went up
8.3% for the quarter ended Sept. 30, 2007, the company said in a
regulatory filing with the Australian Stock Exchange.

The company's toll and fee revenue was AU$88.0 million.

Average daily transaction volumes and year-on-year growth rates
for the September 2007 quarter were:

                    Quarter Ending September    
                        2007        2006         % Change
                      --------    --------       ---------
Average Daily
Revenue (AU$)       AU$956,568  AU$883,124          8.3%
Average Workday
Transactions           750,024     726,637          3.2%
Average Daily
Transactions           680,032     657,402          3.4%


   * Provision for doubtful debts has been removed from revenue
     reporting and reallocated to CityLink expenditure.  This
     was done to bring CityLink in line with the other
     Transurban assets.  The adjustment was AU$192,000.

   * Both sections of the Tullamarine-Calder interchange project
     were open throughout the September quarter 2007.  
     Transurban's forecast of 1% uplift in total traffic as a
     result of the project remains on track.

   * The September quarter 2007 had the same day mix as the
     corresponding period last year.

Melbourne, Australia-based Transurban Group --
http://www.transurban.com.au/-- is engaged in the operation of  
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads
Group.

Transurban incurred net losses of AU$90.44 million,
AU$60.90 million, and AU$152.18 million for the years ended
June 30, 2005 through 2007.


TRANSURBAN GROUP: M1 Eastern Earnings Up 5.9% in Sept. Quarter
--------------------------------------------------------------
Transurban Group's revenue for its M1 Eastern Distributor
operations went up 5.9% year-on-year to AU$18.2 million for the
quarter ended Sept. 30, 2007, the company said in a regulatory
filing with the Australian Stock Exchange.

Average Daily Traffic volumes and year-on-year growth rates for
the September 2007 quarter were:

                    Quarter Ending September    
                        2007         2006          % Change
                    -----------   -----------      --------
Average Daily
Revenue (AU$)        AU$197,391    AU$186,311         5.9%

Average Workday
Trips                    51,436        48,375         6.3%

Average Daily
Trips                    46,917        44,338         5.8%

   * Tolling applies to Northbound traffic only.

   * Transurban owns 75.15% of M1 Eastern Distributor.

   * The September quarter 2007 had one less workday than the
     corresponding period past year due to the public holiday
     declared for the APEC conference.  The Eastern Distributor
     also had lower traffic in days surrounding the holiday as
     general CBD activity decreased.

Melbourne, Australia-based Transurban Group --
http://www.transurban.com.au/-- is engaged in the operation of  
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads
Group.

Transurban incurred net losses of AU$90.44 million,
AU$60.90 million, and AU$152.18 million for the years ended
June 30, 2005 through 2007.


ZINIFEX: Sees Lower Operating Profit for 2008 Due to High Costs
---------------------------------------------------------------
Zinifex Limited (ZFX) said that lower zinc prices, a stronger
Australian dollar and higher costs are expected to result in a
lower operating profit for FY08, Egoli News notes.

According to the report, Zinifex said that cost pressures
continue, with high commodity prices and shortages of skilled
mining personnel and supplies expected to increase operating
costs by 10% from last year.

Egoli says that Zinifex's acting chief executive officer, Tony
Barnes, said during the company's annual general meeting that it
would not be reasonable to expect a repeat of the record
operating profit in 2006.

“However, if prices and exchange rates continue at today's level
our net profit should exceed that of last year when we take into
account the profit earned on the sale of our shares in Nyrstar,”
Mr. Barnes advised.

Zinifex, in conjunction with its joint venture partner,
Belgium's Umicore, recorded a gain of AU$1.6 billion on
completion of the initial public offering of its smelting
business, Nyrstar, on the Euronext, Egoli points out.

In spite of rising costs, Mr. Barnes advised, production was
ahead compared to the same period last year.  The company
reported that zinc output from its Century mine was 16% higher
following a quarter of production without any stoppages, the
report notes.

Egoli cites Chairman Peter Mansell as saying that although the
company's revenues are currently generated in Australia, Zinifex
would look overseas for future opportunities.  He said that
while they have ruled out some places where the country risk is
too great, they believe that opportunities still exist in
northern Canada and Alaska, Europe, parts of Africa, China,
Mexico and parts of South America.

Egoli recounts that the company reported it would spend
approximately AU$100 million in 2007 on exploration and
development, a three-fold increase over last year's result.  The
group also said it planned to invest around AU$500 million into
the business next year, with the largest budget item being the
overburden removal at its flagship Century zinc mine.

                      About Zinifex

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

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

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


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

BODISEN BIOTECH: Posts US$2.9 Million Net Loss in Third Quarter
---------------------------------------------------------------
Bodisen Biotech Inc. reported a net loss of US$2.9 million on
net revenue of US$2.3 million for the third quarter ended
Sept. 30, 2007, compared with net income of US$3.2 million on
net revenue of US$12.7 million in the same period in 2006.  

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$77.4 million in total assets, US$1.1 million in total
liabilities, and US$76.3 million in total stockholders' equity.

The significant decrease in revenue was due to the much smaller
customer base in the three months ended Sept. 30, 2007, as
compared to Sept. 30, 2006, as a result of the loss of customers
following the company's delisting from the American Stock
Exchange, as well as, to a lesser extent, a storm and drought,
which affected crop plantings in the three-month period and
decreased the use of fertilizers.

Net operating expenses increased to US$3.5 million for the three
months ended Sept. 30, 2007, from US$1.7 million for the three
months ended Sept. 30, 2006.  The significant increase is due to
a loss of approximately US$1.7 million due to storm damage in
August 2007.  Excluding the effects of the storm damage,
operating expenses increased slightly, primarily due to
increased labor costs.

The company had total non-operating expense of US$557,842 for
the three months ended Sept. 30, 2007, compared to total non-
operating income of US$28,817 for the three months ended
Sept. 30, 2006.  Other expense amounted to US$639,729 for the
three months ended Sept. 30, 2007, compared to US$31,771 for
three months ended Sept.  30, 2006.  The increase is primarily
the result of a foreign currency transaction loss.

                     Going Concern Doubt

As reported in the Troubled Company Reporter on May 8, 2007,
Kabani & Company Inc., in Los Angeles, expressed substantial
doubt about Bodisen Biotech Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the years ended Dec. 31, 2006, and
2005.  The auditing firm pointed to certain lawsuits filed by
investors against the company and the company being subject to
potential claims from certain investors who have a right to
receive the company's shares.

                Lawsuits filed by Shareholders

In late 2006, various shareholders of the company filed eight
purported class actions in the U.S. District Court for the
Southern District of New York against the company and certain of
its officers and directors, asserting claims under the federal
securities laws.  The complaints contain general and non-
specific allegations about prior financial disclosures and its
internal controls and a prior, now-terminated relationship with
a financial advisor.

The eight actions are Stephanie Tabor vs. Bodisen Inc., et al.,
Case No. 06-13220 (filed November 2006), Fraser Laschinger vs.
Bodisen Inc., et al., Case No. 06-13254 (filed November 2006),
Anthony DeSantis vs. Bodisen Inc., et. al., Case No. 06-13454
(filed November 2006), Yuchen Zhou vs. Bodisen Inc., et. al.,
Case No. 06-13567 (filed November 2006), William E. Cowley vs.
Bodisen Inc., et. al., Case No. 06-13739 (filed December 2006),
Ronald Stubblefield vs. Bodisen Inc., et. al., Case No. 06-14449
(filed December 2006), Adam Cohen vs. Bodisen Inc., et. al.,
Case No. 06-15179 (filed December 2006) and Lawrence M. Cohen
vs. Bodisen Inc., et. al., Case No. 06-15399 (filed December
2006).  

The court has consolidated each of the actions into a single
proceeding.  The time for the company to respond formally to
these lawsuits has not come and thus, the company has not done
so.  The complaints do not specify an amount of damages that
plaintiffs seek.

                    About Bodisen Biotech

Headquartered in Shaanxi province, China, Bodisen Biotech Inc.
(Other OTC: BBCZ.PK) -- http://www.bodisen.com/-- is a Delaware  
corporation which manufactures liquid and organic compound
fertilizers, pesticides, insecticides and agricultural raw
materials certified by the Petroleum Chemical Industry
Administrative office of China, Shaanxi provincial government
and Chinese government.


CITIC SECURITIES: Eyes Listing in Hong Kong
-------------------------------------------
CITIC Securities Co Ltd (600030.SS: Quote, Profile, Research) is
considering listing in Hong Kong in the wake of its pioneering
joint venture agreement with U.S. investment bank Bear Stearns
Co Inc (BSC.N: Quote, Profile, Research), Reuters says, citing a
Financial Times report on Monday.

According to Reuters, FT quoted Citic Securities Chairman Wang
Dongming as saying that an offshore listing for Citic, the
securities arm of Citic Group, would help to make it a truly
global firm.

Mr. Wang, according to the report, said that there were still
several serious issues to be considered before a final decision
on a Hong Kong listing could be made.  These issues, the report
noted, include the Hong Kong Stock Exchange's requirement that
listings in the territory must cover a minimum of 15% of issued
share capital.

In addition, the Chinese government requires all companies
listing outside mainland China to hand over 10% of the proceeds
to the national social security fund, the newspaper said, adding
this would cost Citic Securities about CNY5 billion
(US$668 million), based on its current share price in Shanghai.

The report said that Citic Securities has been increasing its
earnings fast and expects to continue growing, but according to
Mr. Wang, there was an artificial element to valuations in
China.

"Everyone is over-enjoying their market capitalisation," he
said.  "We know these high multiples can't last forever."

State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's    
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

The Troubled Company Reporter-Asia Pacific reported that on
Feb. 13, 2007, Standard & Poor's Ratings Services said that it
had removed the BB+ long-term and B short-term foreign currency
counterparty credit rating on CITIC Group from CreditWatch.  The
outlook on the ratings is developing.

At the same time, Standard & Poor's also removed the BB+ foreign
currency issue rating on the group's senior unsecured debt from
CreditWatch.


DANA CORPORATION: Earns US$23 Mln. in Month Ended September 30
--------------------------------------------------------------

                        Dana Corporation
         Unaudited Condensed Consolidated Balance Sheet
                     As of September 30, 2007

ASSETS

CURRENT ASSETS
  Cash and cash equivalent assets             US$1,035,000,000
  Accounts receivable
     Trade                                       1,410,000,000
     Other                                         290,000,000
  Inventories                                      843,000,000
  Assets of discontinued operations                 52,000,000
  Other current assets                             155,000,000
                                               ---------------
     Total current assets                        3,785,000,000

Investments in equity affiliates                   430,000,000
Net property, plant and equipment                1,740,000,000
Other noncurrent assets                          1,063,000,000

                                               ---------------
                 
TOTAL ASSETS                                  US$7,018,000,000
                                               ===============
  

LIABILITY AND SHAREHOLDERS' DEFICIT                             

CURRENT LIABILITIES
  DIP Financing                                 US$900,000,000
  Notes payable, including current portion
     of long-term debt                              52,000,000
  Accounts payable                               1,136,000,000
  Liabilities of discontinued operations            21,000,000
  Other accrued liabilities                        833,000,000
                                               ---------------
Total current liabilities                        2,942,000,000

Liabilities subject to compromise                4,011,000,000
Deferred employee benefits and other
  non-current liabilities                          493,000,000
Long-term debt                                      13,000,000
Minority interest in consolidated subsidiaries      95,000,000
                                              ---------------
Total liabilities                                7,554,000,000
Shareholders' deficit                             (536,000,000)
                                              ---------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT   US$7,018,000,000
                                               ===============


                        Dana Corporation
           Unaudited Condensed Statement of Operations      
              For the Month Ended September 30, 2007           

Net Sales                                      US$732,000,000
Costs and expenses
  Costs of sales                                  690,000,000
  Selling, general and administrative expenses     23,000,000
  Realignment charges                              (4,000,000)
  Other income, net                                12,000,000
                                              ---------------  
Income (loss) from operations                      35,000,000
Interest expense                                    5,000,000
Reorganization items, net                         (24,000,000)
                                              ---------------
Income (loss) before income taxes                  54,000,000
Income tax (expense) benefit                      (15,000,000)
Minority interest                                   1,000,000
Equity in earnings of affiliates                   (5,000,000)
                                              ---------------
Income (loss) before continuing operations         63,000,000
Income (loss) from discontinued operations        (40,000,000)
                                              ---------------
Net income (loss)                               US$23,000,000
                                              ===============
    

                        Dana Corporation
            Unaudited Condensed Statement of Cash Flow
              For the Month Ended September 30, 2007           

OPERATING ACTIVITIES
Net income (loss)                               US$23,000,000
Depreciation and amortization                      24,000,000
Loss on sale of business                           23,000,000
Non-cash portion of U.K. pension charge                     0
Decrease (increase) in working capital            (86,000,000)
Unremitted equity earnings in affiliates            5,000,000
Reorganization items, net of payments             (30,000,000)
Other                                              20,000,000
                                              ---------------
Net cash flow provided by                                  
(used for) operating activities                   (21,000,000)
                                                                
INVESTING ACTIVITIES                
Purchases of property, plant and equipment        (13,000,000)
Proceeds from sale of assets                                0
Other                                               5,000,000
                                              ---------------
Net cash flow provided by      
(used for) investing activities                    (8,000,000)
                             
FINANCING ACTIVITIES                                            
Net change in short-term debt                     (14,000,000)
Proceeds from DIP Credit Agreement                          0
                                                                 
Net cash flow provided by
(used for) financing activities                   (14,000,000)
                                              ---------------    
Net increase in cash equivalents                  (43,000,000)

Cash & cash equivalents, beginning of period    1,078,000,000
                                              ---------------    
Cash and cash equivalents, end of period     US$1,035,000,000
                                              ===============

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 61; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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

AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits
--------------------------------------------------------
Affiliated Computer Services, Inc. has announced that
Messrs. Robert B. Holland, III, J. Livingston Kosberg, Dennis
McCuistion, Joseph P. O'Neill, and Frank A. Rossi resigned from
the company's Board of Directors.

These former directors have agreed to dismiss their lawsuit,
without prejudice, seeking a declaratory judgment that they had
not breached their fiduciary duties in responding to the offer
by Chairperson of the Affiliated Computer Services Board of
Directors and Cerberus Capital Management, L.P., Darwin Deason,
to acquire the company.

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-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services has kept its
'BB' corporate credit and senior secured ratings on Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on Mar. 20, 2007.


BHARTI AIRTEL: To Use Mformation's Mobile Device Mgmt. Software
---------------------------------------------------------------
Bharti Airtel Ltd has tied up with Mformation(R) Technologies
Inc. to use Mformation's technology as the core platform for
enabling the seamless delivery of new data services and managing
the mobile devices of its more than 48 million mobile
subscribers.

Bharti Airtel will use MFORMATION SERVICE MANAGER to configure,
diagnose, update and manage advanced mobile devices through
every phase of their lifecycle.  Mformation's platform will be
critical to the launch of new mobile data services and
applications such as Instant Messaging and device browsers.  In
addition, Bharti Airtel's enterprise customers will benefit from
a hosted device management and security solution that gives each
enterprise complete control over the mobile devices,
applications and services used by their employees.

Bharti Airtel selected Mformation, the leading global provider
of complete mobile device management solutions, because of its
proven ability to help mobile operators unlock the power of
their mobile networks and deliver on the full potential of next-
generation wireless technology profitably.

Jagbir Singh, Bharti Airtel's Group CTO, said, "As our
subscriber base grows from nearly 50 million to more than 100
million over the next three years, the ability to resolve faults
quickly and roll out exciting new data services and applications
seamlessly will be key to accelerating the adoption of
sophisticated new devices and advanced data services within our
customer base.  As the critical platform for controlling the
mobile device, MFORMATION SERVICE MANAGER will be essential in
helping us optimize the user experience and deliver seamless,
intuitive services to both our business and consumer
subscribers."

Mark Edwards, Mformation's CEO, comments: "Bharti Airtel has
achieved a leadership position in the highly competitive and
demanding Indian mobile industry, which continues to experience
unprecedented growth.  We are excited to be working with Bharti
Airtel during this time to help them deliver the highest
possible levels of customer satisfaction while accelerating the
delivery of new data services to their fast-growing customer
base.  MFORMATION SERVICE MANAGER will enable Bharti Airtel to
deliver advanced device management capabilities -- from initial
device configuration to diagnostics, maintenance, software
management and data service rollout -- to both their consumer
and business customers, helping grow revenues and increase
profits."

                         About Mformation

Mformation Technologies Inc. is the leading global provider of
mobile device management technology, offering a complete
solution that enables mobile operators to rapidly accelerate
their data revenues and reduce support costs.  Mformation's
award-winning MFORMATION SERVICE MANAGER(TM) suite is the most
complete, flexible and integrated mobile device management
software solution in the industry, providing solutions for OMA
DM-based provisioning and configuration, FOTA management,
smartphone application management, diagnostics, security
management, enterprise management and customer experience
management.

MFORMATION SERVICE MANAGER(TM) received the 2007 GSM
Association's award for "Best Service Delivery Platform" at this
year's 3GSM World Congress in Barcelona. Mformation's platform
has been licensed to leading operators in Asia, Australia,
Europe and North America including Bell Mobility, Sprint Nextel,
T-Mobile, Telefonica, Telus and Vodafone. Mformation is
headquartered in Edison, New Jersey with offices around the
globe.  Mformation is a privately held company funded by Battery
Ventures, Carmel Ventures, Intel Capital (NASDAQ:INTC), North
Bridge Venture Partners, QuestMark Partners, Visa International
and Wasatch Advisors Inc.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *
Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency issuer default rating at
'BB+'.  The Outlook on the rating is Stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on Sept. 21, 2005.


BPL LTD: Net Loss Widens by 21% in Qtr. Ended Sept. 30, 2007
------------------------------------------------------------
In the three months ended Sept. 30, 2007, BPL Ltd's net loss
widened to INR71.8 million on declining revenues.  The negative
bottom line is 21% higher than the INR59.2-million loss incurred
in the quarter ended Sept. 30, 2006.

For the current quarter under review, the company's revenues
decreased 26% to INR257.2 million, which is comprised of net
sales of INR254.2 million and INR3 million in other income.
Operating expense aggregated INR270.5 million leaving the
company with an operating loss of INR13.3 million.

The company also booked interest charges of INR29 million,
depreciation of INR28.8 million and INR700,000 in taxes.

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

              http://ResearchArchives.com/t/s?25c2

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

In 2006, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.


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%


DECCAN AVIATION: Says No Reverse Merger Proposal Considered
-----------------------------------------------------------
Deccan Aviation Ltd said in a regulatory filing that there are
no proposals relating to members of Kingfisher Airlines with the
company that has been considered by its board of directors.  The
statement came after talks arose about a possible reverse
merger.

On Nov. 23, 2007, the Troubled Company Reporter-Asia Pacific
reported that Deccan Aviation's stock rose by 23.3% after
rumors that UB Group company Kingfisher is considering a reverse
merger.

The merger talks reportedly came from the news that Deccan might
get clearance to fly international routes as it completes the
mandatory five years of operating locally.  As the UB Group owns
nearly 46% stake in Deccan and is ready to operate international
routes, it wants to piggyback on the aviation company to start
its operations.  The UB Group reportedly prefers Kingfisher to
operate the overseas routes because business travelers, who
bring in the revenues for international airlines, wouldn't
prefer riding Deccan with its low-cost image.

Deccan after clarifying that its board has not considered any
related proposals, assured the stock exchange that it will
disclose when any like proposals will be considered.

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

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the INR3.41-
billion loss incurred in FY 2006.


DECCAN AVIATION: Schedules Annual General Meeting on Dec. 19
------------------------------------------------------------
Deccan Aviation Ltd informed the Bombay Stock Exchange that it
will hold its 12th annual general meeting on Dec. 19, 2007.

In that regard, the company will close its Register of Members &
Share Transfer Books from Dec. 15 to Dec. 19.

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

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the INR3.41-
billion loss incurred in FY 2006.


DCM SHRIRAM: Preferential Warrant Price Fixed at INR90
------------------------------------------------------
DCM Shriram Industries Ltd has fixed at INR90 per share the
price at which its promoters will be issued shares through
preferential warrants, the company said in a filing with the
Bombay Stock Exchange.   The price set is a premium of 74% over
the price arrived at as per SEBI Pricing formula.

Anticipating the threat of a hostile takeover by HB
Stockholdings Ltd, DCM's promoters in October 2007 proposed  
issuance of the preferential warrants.  According to the
Hindustan Times, the warrants allow the promoters to get an
additional 2.1 million shares on conversion within the next 18
months and helps them scale up their holding from 32.54% to
40.68%.

On Nov. 19, HB Stockholdings made an open offer to DCM Shriram's
stockholders to acquire up to 35,00,000 shares, or 22.88% of the
company's stock, at INR70 per share in cash.  According to the
Business Standard, HB Stockholdings currently owns 12.77% in the
company.

HB Stockholdings has filed with the Company Law Board a petition
seeking stay on the proposed preferential allotment.  The issue
before the CLB is the fairness of the promoter family seeking to
issue itself warrants at a specified share price, without
offering the same option to all shareholders, Rediff News
states.

The promoters seem to be keen on avoiding a hostile takeover by
HB.  The Hindustan Times, citing “chighly placed sources,” said
the promoters, led by Tilak Dhar, are planning to make a
counter-bid to buy a 20% stake in the company from the public to
ramp up their holding to above 51%.

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

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


GERDAU SA: Moody's Affirms Corporate Family Rating at Ba1
----------------------------------------------------------
Moody's Investors Service has affirmed Gerdau S.A.'s Ba1
corporate family rating and stable outlook, following the
announcement of an agreement to acquire the specialty steel
operations of Quanex Corporation, mainly represented by its
MacSteel division for some US$1.46 billion in cash.  All other
ratings related to the company were affirmed.

Ratings affirmed are:

Issuer: Gerdau S.A.

-- Ba1 Global Local Currency Corporate Family Rating

-- US$600 million Senior Unsecured Guaranteed Perpetual Notes:
   Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil (fictitious entity representing the
Brazilian operations of Gerdau S.A. comprising Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Gerdau Comercial de Acos S.A.).

-- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

-- Ba1 Probability of Default Rating
-- Ba1 Corporate Family Rating
-- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59%

Issuer: Jacksonville Economic Development Comm.

-- US$23 million Senior Unsecured Revenue Bonds guaranteed by
   Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable

On Nov. 19, 2007, Gerdau SA announced an agreement to acquire
MacSteel for US$1.46 billion in cash (equivalent to nine times
estimated 2007 EBITDA), to be initially fully funded with
existing cash balance.  The transaction is subject to approval
by Quanex Corp.'s shareholders and regulatory approvals, and is
expected to be completed during the first quarter of 2008.  The
announcement occurred just a few months after the conclusion of
its acquisition of Chaparral Steel Company for some US$4.5
billion in September 2007.

Although Total Adjusted Debt to EBITDA is anticipated to peak at
about 2.6 pro-forma for MacSteel and Chaparral, Moody's expects
that Gerdau SA will use cash flow to reduce indebtedness over
the near term resulting in leverage metrics that are
commensurate with the Ba1 rating.  Liquidity post-acquisition is
expected to remain sufficient to cover debt maturities,
considering the maintenance of a cash position in excess of US$1
billion and full availability under the company's US$1,050
million committed credit facility, its ample access to export-
related loans, and free cash flow.  In spite of the increased
capex associated with the Acominas plant expansion program, free
cash flow is anticipated to remain strong and supportive of
adequate debt protection metrics.

The acquisition of MacSteel contributes to a broadening of
Gerdau SA's product portfolio and makes it the second largest
manufacturer of long specialty steel (SBQ) for use by the
automotive industry on a global basis.  While the associated
integration risks are somewhat mitigated by the large experience
of the company with several acquisitions in North America over
the past years, Moody's views the risk of overpayment as
material based on the relatively high multiple paid combined
with limited synergy gains announced by the company that would
permit MacSteel's margins to improve to a level closer to the
group's SBQ operations in Brazil (Acos Villares) and Spain
(Sidenor).

Moody's believes that Gerdau will continue to play an active
role in the ongoing consolidation of the global steel industry
and pursue opportunistic acquisitions.  While acquisitions made
so far have contributed to improved business profile of Gerdau,
Moody's notes that the event risk associated with the group's
acquisitive strategy is a constraining factor to the rating.

The stable outlook reflects Moody's view that Gerdau SA will
maintain prudent financial management and use free cash flow to
reduce indebtedness following the acquisition of MacSteel, while
simultaneously maintaining a comfortable liquidity position.
Furthermore, Moody's believes that the company will continue to
focus on the improvement of its cost structure, as well as
successfully integrate MacSteel and Chaparral into its North
American assets.

Assuming the acquisition of MacSteel materializes, Gerdau SA's
ratings could be under downward pressure if Total Adjusted Net
Debt (considering a minimum cash equivalent position of US$1.5
billion) / EBITDA pro-forma for MacSteel and Chaparral remains
above 2.2 for an extended time period or in case of a sharp
deterioration in the group's liquidity position or financial
performance.  Also, further acquisitions preventing Gerdau from
reducing its leverage could have an adverse impact on the
rating.  For the rated unsecured bonds, a substantial increase
in the level of secured debt of the guarantors could lead to a
downgrade of the respective ratings.

A positive impact on the ratings could result from the
successful integration of Chaparral and MacSteel combined with a
decline in leverage as measured by Net Debt (considering a
minimum cash equivalent position of US$1.5 billion) to EBITDA
below 1.8 on a sustained basis simultaneously with the
maintenance of strong credit fundamentals that include efficient
cost management and adequate liquidity levels.

                         About Gerdau

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


QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review
----------------------------------------------------------------
Moody's Investors Service placed Quebecor World Inc.'s long term
debt ratings on review for possible downgrade and downgraded the
company's speculative grade liquidity rating to SGL-4
(indicating poor liquidity).  The rating action responds to the
company's Nov. 20 announcement that "adverse current financial
market conditions" had caused it to withdraw "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 $500 million of new debt securities and amendments
to the Company's secured credit facilities".

In combination with the benefits of a pending partial
divestiture of its European operations, these steps would have
significantly improved the company's liquidity position.  With
the refinancing transaction having been cancelled, the company's
financing arrangements require prompt attention in order to
assure ongoing orderly operations, and Moody's considers near
term default risk and, therefore, QWI's long term debt ratings,
to be inextricably linked to the company's ability to normalize
its financing arrangements.

Moody's intends to review the company's financing/liquidity
plans in short order, with any resulting rating action being
based on likely effectiveness and prospects for timely
execution.  With QWI appearing to be on the verge of generating
modest positive cash flow as the cash drain related to its
extensive retooling exercise nears completion, presuming that
the company's financing/liquidity plans are viable, Moody's
would affirm the existing B3 corporate family rating and Caa1
instrument ratings.  Should this not be the case, downwards
ratings actions are likely.

Downgrades:

Issuer: Quebecor World, Inc.

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

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

Issuer: Quebecor World Capital Corporation

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

On Review for Possible Downgrade:

Issuer: Quebecor World, Inc.

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B3

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

  -- Probability of Default Rating, Placed on Review for
     Possible Downgrade, currently B3

Issuer: Quebecor World Capital Corporation

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Quebecor World, Inc.

  -- Outlook, Changed to Rating Under Review from Stable

Issuer: Quebecor World Capital Corporation

  -- Outlook, Changed to Rating Under Review from Stable

Issuer: Quebecor World Capital ULC

  -- Outlook, Changed to Rating Under Review from Stable

Withdrawals:

Issuer: Quebecor World, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
     previously rated Caa1 (LGD4, 60)

In addition, QWI noted it "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."  QWI's major shareholder, Quebecor Inc., (holds 85%
of the voting rights and 35.6% of QWI's economic equity) has
indicated that it "will cooperate in the exploration of other
alternatives that will be examined by the Quebecor World board."  
This has raised conjecture of QWI being sold.  Moody's is not
aware that any such activities are being pursued.  Irrespective,
while a sale may have an impact on QWI's future ratings, until a
transaction becomes certain, it will have no immediate ratings'
impact.

In the interim, developments will be monitored and assessed as
they occur.  In addition to the above matters, Moody's withdrew
the instrument ratings related to the cancelled debt issue and
implemented minor revisions to loss given default ratings.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
is one of the world's largest commercial printers.  Quebecor
World has approximately 27,500 employees working in more than
120 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.


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

HILTON HOTELS: To Issue US$500-MM Unsecured Floating Rate Notes
---------------------------------------------------------------
Hilton Hotels Corporation has agreed to issue an aggregate
principal amount of US$500 million of unsecured Floating Rate
Notes due 2013.  The Notes will bear interest equal to three
month LIBOR plus 4.50% per year, adjusted quarterly.  The
proceeds of the sale of the Notes will be used to repay an equal
amount of Hilton's secured mezzanine loans incurred in
connection with the funding of the acquisition of Hilton by
investment funds affiliated with The Blackstone Group and
related transactions.  Completion of the transaction is subject
to customary closing conditions.

The Notes have been offered and sold in a private placement to
qualified institutional buyers pursuant to Section 4(2) of the
Securities Act of 1933, as amended.  The Notes have not been
registered under the Securities Act or securities laws of any
state and may not be offered or sold in the United States absent
an applicable exemption from registration requirements under the
Securities Act or the laws of any state.

In connection with the offering of the Notes, Hilton has made
certain information available to prospective financing sources.
Hilton is posting under the Investor Relations tab on its
website.  Certain of this information, including information
relating to Hilton's financial performance for the three months
ended Sept. 30, 2007 and information relating to the financing
of the merger of Hilton, which was completed on Oct. 24, 2007.

                    About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


OWENS-ILLINOIS INC: S&P Ups Bank Credit Facilities Rating to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on the
bank credit facilities of Owens-Illinois Inc. and its wholly
owned subsidiary, Owens-Brockway Glass Container Inc., to 'BB+'
from 'BB'.  S&P also revised the recovery rating on the debt to
'1' from '2', indicating the expectation that lenders would
experience very high (90%-100%) recovery of principal in the
event of a payment default.  "The improved ratings," said S&P's
credit analyst Liley Mehta, "reflect the company's reduction of
senior secured debt with the proceeds from the recently
completed sale of its plastics packaging business to Rexam PLC."
    
At the same time, S&P removed the ratings on the company's
senior secured credit facilities from CreditWatch with positive
implications where they were placed on June 11, 2007.  S&P also
affirmed the 'BB-' corporate credit, 'B' unsecured debt, and
'B-' preferred stock ratings.  Total debt (adjusted to include
unfunded postretirement liabilities as well as capitalized
operating leases) was about US$5 billion at Sept. 30, 2007.
About Owens-Illinois

Headquartered in Perrysburg, Ohio, Owens-Illinois Inc. --
http://www.o-i.com/-- is the largest manufacturer of glass  
containers in the world, with leading positions in Europe, North
America, Asia Pacific and South America.  The company's
principal product lines in the glass containers product segment
are glass containers for the food and beverage industries.  Its
principal product lines in the Plastics Packaging product
segment include healthcare containers, closures and prescription
containers.  The company maintains operations in Australia,
Brazil, China, Colombia, Czech Republic, Ecuador, Estonia,
Finland, France, Germany, Hungary, Italy, Indonesia, New
Zealand, Peru, and Poland.


PT INCO: Hires New Members for the Board of Commissioners
---------------------------------------------------------
PT International Nickel Indonesia Tbk's shareholders, in an  
Extraordinary General Meeting, appointed Jennifer Maki and Marco
Aurelio Lopes Pires as members of the Board of Commissioners of
the Company.

Ms. Maki and Mr. Pires replace Leonardo Moretzsohn and Mark
Cutifani who recently resigned from the Board of Commissioners.
Claudio Renato Chaves Bastos was also appointed Director,
replacing Johannes Cornelis Maria van Gaalen.

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

                           *    *    *

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

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


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

ALL NIPPON: To Undercut JAL in Int.'l Fares Starting January
------------------------------------------------------------
Starting January, All Nippon Airways Co.'s fares will be
JPY8,000 lower than Japan Airlines Corp. for round-trip flights
to the United States or Europe, according to The Asahi Shimbun,
citing its sources.  This will be the first time that ANA will
undercut JAL in international fares, the newspaper reported.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 23, All Nippon Airways Co., Ltd., decided to maintain its
fuel surcharge for January to March 2008 at present levels,
despite the rising cost of jet fuel.  On the other hand, the JAL
Group applied fuel surcharge and insurance surcharge on all
international passenger tickets.  The surcharge applies to JL
coded flights (including JAL flights operated by other airlines)
and its international subsidiaries Japan Asia Airways and
JALways.

                      About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The Troubled Company Reporter-Asia Pacific reported on April 20,
2007, that Moody's Investors Service placed the Ba1 senior
unsecured debt ratings of All Nippon Airways Co., Ltd. under
review for possible upgrade.  The rating action reflects ANA's
high and stable profitability despite the ongoing price hikes of
aircraft fuel, as well as Moody's view that the company's
financial flexibility is likely to be further improved by its
recently announced asset disposition related to its hotel
business.


BOSTON SCIENTIFIC: Amends Pact to Settle Product Claims
-------------------------------------------------------
Boston Scientific Corporation has reached an amended agreement
to settle claims associated with a series of product
communications issued by Guidant Corporation in 2005 and 2006.  
Boston Scientific acquired Guidant last year.  

This agreement amends a prior agreement Boston Scientific
reached in July 2007 to cover additional unanticipated claims.
The amended agreement was reached during mediation sessions
conducted before U.S. Magistrate Judge Arthur J. Boylan in
Minneapolis.

Under the terms of the amended agreement, subject to certain
conditions, Boston Scientific will pay a total of up to
US$240 million.  The agreement covers 8,550 patient claims,
including all of those that have been consolidated in the U.S.
District Court for the District of Minnesota in a Multi-District
Litigation, well as other filed and unfiled claims throughout
United States.  As a result of the amendment, proceedings in
Minnesota state court have -- like the trials in the bellwether
cases in the MDL -- been stayed.

Under the terms of the prior agreement, Boston Scientific had
agreed to pay US$195 million to settle over 4,000 claims in the
MDL, well as an undetermined number of additional similar
claims.  The company stated that the claims covered by the
amended agreement constitute substantially all currently
asserted claims in the United States arising from the 2005 and
2006 product communications.

"We are pleased with this amendment, which is in the best
interest of all involved," Jim Tobin, president and chief
executive officer of Boston Scientific, said.

                   About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--            
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Boston Scientific Corp. (including the 'BB+' corporate credit
rating) and removed them from CreditWatch, where they were
placed with negative implications Aug. 3, 2007.  The rating
outlook is negative.


IHI CORP: To Sell Asset to Dai-ichi Mutual for JPY77 Billion
------------------------------------------------------------
Japanese heavy machinery maker IHI Corp. said on Monday that it
would sell a property in Tokyo to Dai-ichi Mutual Life Insurance
Co., posting an extraordinary gain of JPY77 billion
(US$710 million) this business year, Reuters reports.

According to Reuters, the sale is already factored into IHI's
earnings forecast announced in September, when IHI slashed its
outlook to project an operating loss on problems in its energy
plant division and said it might revise even lower.  IHI, the
report recalls, said that it expected an operating loss of
JPY17 billion for the year ending March 31, 2008, compared with
an earlier forecast of a JPY40-billion profit.

The company said it reassesses planned cost cuts relating to
long-term large-scale plant projects and added that operating
loss could widen to as much as JPY45 billion, Reuters adds.

IHI, formerly Ishikawajima-Harima Heavy Industries, has delayed
its first-half earnings announcement until Dec. 14, 2007, from
the initial Nov. 5 schedule due to an audit, the report
recounts.

                         About IHI Corp.

Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp  
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a
Japan-based company engaged in six business segments.  The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others.  The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others.  The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities.  The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services.  The
Ship and Offshore segment builds container ships, bulk carriers,
tankers and other ships, as well as develops marine equipment
and machinery and provides design and engineering services.  The
Others segment provides real estate, financial and insurance
services.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Standard & Poors Rating Agency affirmed its BB+ long-
term corporate credit rating with a positive outlook.


JAPAN AIRLINES: Selects 5 Preferred Bidders for JALCard
-------------------------------------------------------
Kyodo News reported that Japan Airlines Co. chose Mitsubishi UFJ
Financial Group Inc., Credit Saison Co. and three other
unidentified financial firms as preferred bidders for a stake in
JALCard Inc., according to Mari Murayama of Bloomberg News.

JAL will hold a second screening by the end of March, Kyodo
related citing people familiar with the selection process,
Bloomberg reported.  

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2007, Mitsubishi UFJ Financial Group, Inc., and Credit
Saison Co. were expected to bid for the shares.  The TCR-AP
reported on September 19, 2007, that JAL wants to unload 49% of
its stake in JALcard, which is estimated to have a market value
of about JPY100 billion, because it wants to use the proceeds to
help it focus on core flight service operations and to help
reduce debts.

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

Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit ratings on Japan Airlines Corp. and the
company's 100% subsidiary, Japan Airlines International Co.
Ltd., and removed them from CreditWatch, where they were placed
with negative implications on May 25, 2007.  The 'B+' senior
unsecured debt ratings on both companies were also affirmed.  
The rating actions reflect the diminished likelihood of a
material change in financial institutions' credit stance toward
JAL, at least over the short term, given JAL's steady business
performance since the beginning of the current fiscal year, and
a smaller concern about the short-term liquidity. The outlook is
negative.
  
The TCR-AP reported on Oct. 10, 2006, that Moody's Investors  
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines  
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.  
  
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


PATHEON INC: Wesley Wheeler Appointed as Chief Executive Officer
----------------------------------------------------------------
The board of directors of Patheon Inc. appointed pharmaceutical
industry executive Wesley P. Wheeler as chief executive officer
effective Dec. 10, 2007.  Mr. Wheeler will succeed Riccardo
Trecroce, who plans to leave Patheon in the new year, after a
transition period.
    
"With Patheon's restructuring initiatives well underway, we are
focused on taking the company forward to the next phase of
growth and profitability," Ramsey Frank, managing director of
JLL Partners, the company's largest shareholder, and chairman of
Patheon Inc.'s corporate governance committee, said.

"Wes Wheeler is a highly experienced pharmaceutical executive
with a proven record of leading successful, international
businesses. His in-depth knowledge of the industry and breadth
of pharmaceutical experience will serve Patheon well as we move
forward to grow and deliver improved value to our stakeholders,"
Mr. Frank added.
    
"We would like to thank Riccardo Trecroce for his commitment and
contributions to Patheon over his seven years with the company,"
Peter Green, chairman of Patheon's board of directors, said.  
"Riccardo led Patheon through a particularly challenging time in
its evolution, successfully recapitalizing the company earlier
this year and launching restructuring and operational
initiatives to improve the company's profitability. We thank him
for his dedication and wish him every success in his future
endeavours."
    
Mr. Wheeler's 29-year career includes multinational experience
in pharmaceutical manufacturing, sales and marketing, R&D and
engineering with three global pharmaceutical companies.  He
joins Patheon from Valeant Pharmaceuticals International, a
California-based specialty pharmaceutical company, where he
served as president, North America, R&D and Global
Manufacturing.

Prior to joining Valeant in 2003, Mr. Wheeler served as
president and chief executive officer of DSM Pharmaceuticals
Inc., a contract pharmaceutical manufacturer, where he led the
organization through a business turnaround, significantly
increasing new business, compliance and profitability in
approximately 13 months.

Prior to DSM, Mr. Wheeler was senior vice-president of logistics
and strategy for GlaxoSmithKline plc.  In this role, Mr. Wheeler
was responsible for managing the manufacturing rationalization
of Glaxo Wellcome and SmithKline Beecham, which included a
supply network of over 100 plants in 41 countries.

Previous to his manufacturing role, Mr. Wheeler was vice
president of marketing for Glaxo Wellcome, responsible for
antibiotic, antiviral, gastrointestinal and metabolic products.
In addition to brand marketing, he was instrumental in
developing the marketing services infrastructure for Glaxo
Wellcome.  Mr. Wheeler joined Glaxo in 1989 after a 12-year
career at Exxon Research & Engineering Co.
    
Mr. Wheeler holds a bachelor of science degree in mechanical
engineering from Worcester Polytechnic Institute and a master of
business administration degree from California Lutheran
University.
    
"Patheon is a well-positioned, global service provider to the
pharmaceutical industry," Mr. Wheeler said.  “The company has
developed a solid foundation for growth and I intend to work
closely with its many clients, its board of directors and its
employees to deliver continued results for our industry."  "I
look forward to building on Patheon's track record of success
and ultimately increasing value for its shareholders."

                      About Patheon Inc.

Headquartered in Mississauga, Ontario, Patheon Inc. (TSX: PTI)
-- http://www.patheon.com/-- provides drug development and  
manufacturing services to the international pharmaceutical
companies located primarily in North America, France, Italy, the
United Kingdom and Japan.  It produces both prescription and
over-the-counter drugs for its clients.  Patheon provides
manufacturing services for a range of products in many dosage
forms and packaging, such as compressed tablets, hard-shell
capsules, liquids and powders filled in ampoules, vials, bottles
or pre-filled syringes. The pharmaceutical development services
provided by Patheon include dosage form development services,
scale-up and technology transfer services, and manufacturing of
pilot batches of drugs.

                        *     *     *

Moody's Investor Services placed Patheon Inc.'s long term
corporate family and probability of default ratings at 'B2' in
April 2007.  The ratings still hold to date with a stable
outlook.


SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say
---------------------------------------------------------
Sanyo Electric Co. may have paid dividends to shareholders in
fiscal 2003 and earlier years despite a lack of funds, Japan
Times says, citing sources close to the matter.

The sources told Japan Times that the Securities and Exchange
Surveillance Commission might recommend that the Financial
Services Agency fine Sanyo over accounting irregularities in
accordance with a stricter regulation on surcharges introduced
in December 2005.

The report explains that the SESC has been probing Sanyo
Electric on suspicion of fabricating financial statements.

Sanyo, the sources said, is suspected of paying out a per-share
dividend of JPY6, for a total of JPY11.1 billion, both in fiscal
2002 and fiscal 2003.  The total amount exceeded the reserves
usable for dividend payments, Japan Times says.

The report points out that it is illegal for a company to pay a
dividend when it does not have surplus funds.  However, the
sources told Japan Times, Sanyo inflated profits by understating
appraisal losses on its shareholdings in struggling
subsidiaries.

The SESC might view the move as misleading investors, the
sources added.  Sanyo is said to have underestimated the losses
thinking the units' earnings would recover.

According to the SESC, Sanyo's net profit for FY2002 and FY2003
would have been significantly lower and left it devoid of enough
resources to pay a dividend had the losses been processed
appropriately, the sources further said.

Sanyo Electric is expected to submit corrected reports for the
six years through March 2006 to the Kanto Local Finance Bureau
in December, Japan Times relates.

                    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.


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

FRESH DEL MONTE: S&P Affirms Corporate Credit Rating at BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-'
corporate credit rating on Fresh Del Monte Produce Inc., and
removed the rating from CreditWatch, where it was placed with
positive implications on Nov. 1, 2007.  The outlook is stable.
     
"The rating affirmation reflects the uncertain regulatory
environment in the produce industry despite the company's
stronger credit measures and recently reduced debt levels," said
S&P's credit analyst Alison Sullivan.
     
In November 2007, Fresh Del Monte completed its planned equity
offering and received about US$116 million in proceeds, most of
which was applied to debt reduction under its credit facility.  
However, the European Commission is still investigating Fresh
Del Monte and other competitors in the fruit and vegetable
industry, having reason to believe they may have violated
European Union competition laws.  "It is possible that Fresh Del
Monte may be subject to a financial penalty which at this point
cannot be quantified," added Ms. Sullivan.  "In addition, it is
possible that changes may be enacted to the current EU banana
tariff system in 2008, and it remains unclear whether these
could have an adverse effect on the company."
     
Fresh Del Monte is the No. 1 marketer of fresh pineapples
worldwide, and the No. 3 marketer of bananas worldwide.  
"However, product concentration remains a rating concern," Ms.
Sullivan concludes.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading  
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.


LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan  
----------------------------------------------------------
At a Special Meeting of Shareholders held Nov. 20, 2007,
Lyondell Chemical Company's shareholders have approved the
Agreement and Plan of Merger, dated as of July 16, 2007, among
Basell AF, BIL Acquisition Holdings Limited and Lyondell
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.
    
In the final vote count by the independent inspectors of
election, 168,008,513 Lyondell common shares (approximately 66.2
percent of the outstanding common shares) were represented at
the Meeting, in person or by proxy, and the Agreement and Plan
of Merger was approved by 65.8 percent of the shares
outstanding.
    
The closing of the transaction is anticipated to occur on or
about Dec. 20, 2007.

                   About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's    
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                        *     *     *

As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

Fitch Ratings has placed Lyondell, Equistar and Millennium on
Rating Watch Negative following the announcement that Lyondell
has agreed to be acquired by Basell for US$12.66 billion, or
US$48 per share.  The transaction is valued at US$19 billion
including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes
----------------------------------------------------------------
Lyondell Chemical Company and its subsidiaries Equistar
Chemicals, LP and Equistar Funding Corporation have commenced
cash tender offers for an aggregate of approximately US$4.01
billion of outstanding debt securities issued by Lyondell and
Equistar Issuers, as applicable.
    
In conjunction with each of the Offers, Lyondell or the Equistar
Issuers, as applicable, are soliciting consents from holders of
the applicable series of Notes to effect certain proposed
amendments to the indenture governing such series of Notes,
including elimination of substantially all of the restrictive
covenants.  The Offers and Consent Solicitations are conducted
in connection with the proposed merger of Lyondell with BIL
Acquisition Holdings Limited, a Delaware corporation and wholly
owned subsidiary of Basell AF S.C.A., a Luxembourg company.
    
The Offer for each series of Notes will expire at 12:01 a.m. EST
on Dec. 20, 2007, unless extended or earlier terminated by
Lyondell or the Equistar Issuers, as applicable, in their sole
discretion.  The Consent Solicitation for each series of Notes
will expire at or prior to 5 p.m. EST, on Dec. 5, 2007, unless
extended or earlier terminated by Lyondell or the Equistar
Issuers, as applicable, in their sole discretion.  Holders may
not tender their Notes without also delivering consents and may
not deliver consents without also tendering their Notes.  
Holders that validly tender their Notes pursuant to the Offers
will be deemed to have validly delivered their consents related
to such Notes.  Tendered Notes may not be withdrawn, and
consents may not be revoked, after Dec. 5, 2007.
    
The total consideration per US$1,000 principal amount of the
Notes validly tendered and not validly withdrawn at or prior to
Dec. 5, 2007 (Total Consideration) will be an amount equal to
the sum of:

  -- the present value on Dec. 20, 2007, of the applicable Next
     Redemption Price on the applicable Next Redemption Date,
     and

  -- the present value on Dec. 20, 2007, of the amount of
     interest that would accrue from the last date on which
     interest has been paid until the applicable Next Redemption
     Date

minus:

  -- accrued and unpaid interest from the last date on which
     interest has been paid up to, but not including,
     Dec. 20, 2007.
    
The discount rate for calculating the present value is based on
a fixed spread of 50 basis points over the yield as of 2 p.m.
EST on Dec. 5, 2007, (Price Determination Date) of the
applicable United States Treasury Security.
    
The Total Consideration, payable on or about Dec. 20, 2007,
includes a consent payment of US$30 per US$1,000 principal
amount of the Notes to holders who validly tender the Notes, and
thereby validly deliver consents related to the Notes, at or
prior to Dec. 5, 2007.  Holders whose Notes are validly tendered
after Dec. 5, 2007, and accepted for purchase will receive the
Total Consideration minus the US$30 consent payment per US$1,000
principal amount of the Notes promptly after Dec. 20, 2007.  In
addition, accrued and unpaid interest from the last interest
payment date to, but not including, the applicable payment date
will be paid on all validly tendered and accepted Notes.

Each Offer and Consent Solicitation is made independently of the
other Offers and Consent Solicitations.  Lyondell and the
Equistar Issuers reserve the right to terminate, withdraw or
amend any Offer and Consent Solicitation, as applicable,
independently of the other Offers and Consent Solicitations at
any time and from time to time.
    
The completion of the Offers and Consent Solicitations is not a
condition to completion of the Merger, but the completion of the
Merger is a condition, among other things, to the obligations of
Lyondell or the Equistar Issuers, as applicable, to accept and
pay for the Notes pursuant to the Offers and Consent
Solicitations.  The complete terms and conditions of the Offers
and Consent Solicitations are set forth in the Offer to Purchase
and Consent Solicitation Statement dated Nov. 20, 2007, which is
being sent to holders of the Notes.  Holders are urged to
carefully read the Offer and Consent Statement and related
materials.
    
Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer
managers for the Offers and solicitation agents for the Consent
Solicitations.  Questions regarding the Offers and Consent
Solicitations may be directed to Goldman, Sachs & Co. at (877)
686-5059 (toll-free) [(212) 357-0775 (collect)] and Merrill
Lynch & Co. at (888) 654-8637 (toll-free) [(212) 449-4914
(collect)]. Copies of the Offer and Consent Statement and
related materials may be obtained from the Information Agent, D.
F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) and (212)
269-5550 (Banks and Brokers).

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's    
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                        *     *     *

As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

Fitch Ratings has placed Lyondell, Equistar and Millennium on
Rating Watch Negative following the announcement that Lyondell
has agreed to be acquired by Basell for US$12.66 billion, or
US$48 per share.  The transaction is valued at US$19 billion
including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


REMY WORLDWIDE: Court Approves AP Services as Crisis Manager
------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates sought
and obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to:

   (a) employ AP Services, LLC, as their crisis managers
       effective as of the Effective Date; and

   (b) designate David C. Johnston as assistant treasurer of   
       Remy International Inc.

As reported in the Troubled Company Reporter on Oct. 17, 2007,
the Debtors asserted that APS' experience in providing crisis
management services to financially troubled organizations for
over 20 years qualifies the firm for the contemplated services
it
will perform on the Debtors' behalf.  Furthermore, Mr. Johnston
had held a variety of restructuring management and advisory
leadership roles during his 10-year tenure with APS' affiliate,
AlixPartners.

Pursuant to an Engagement Letter between the Debtors and APS
dated Sept. 25, 2007, Mr. Johnston will serve as Remy
International's assistant treasurer under the direct supervision
of Remy International's chief executive officer.  

As Remy International's assistant treasurer, Mr. Johnston is
expected to:

   -- collaborate with the senior management team composed of
      Remy's Board of Directors and the Debtors' other
      professionals in assisting the Debtors in evaluating
      strategic and tactical options through the restructuring  
      process;

   -- oversee elements of Remy's Treasury and Cash Management
      functions; and

   -- assist the CEO and the Chief Financial Officer in
      developing improved financial reporting and timelier
      decision-making information.

The Debtors will pay for APS' full time Temporary Staff at these
hourly rates:

            Professional               Hourly Rate
            ------------               -----------
            Managing Directors         US$600 - US$750
            Directors                  US$440 - US$575
            Vice-Presidents            US$325 - US$450
            Associates                 US$260 - US$315
            Analysts                   US$210 - US$230
            Paraprofessionals          US$100 - US$175

Based on APS' billing schedule, Mr. Johnston, designated as
full-time Assistant Treasurer, will be compensated with an
hourly rate
of US$525.

Aside from providing full-time Temporary Staff, APS will
occasionally use part-time temporary staff for certain Chapter
11-related activities, Kenneth J. Enos, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, told the Court.  
The Debtors will be billed for services provided by the part-
time Temporary Staff for hours worked at hourly rates similar to
those of the full-time Temporary Staff.

Among other things, the part-time Temporary Staff may be tasked
to:
   
   (a) prepare short-term cash flow and liquidity forecasts for
       domestic and international operations;
  
   (b) assist in the preparation and monitoring of business
       plans and forecasts;

   (c) evaluate Remy's relationship with significant customers,
       development strategies to address customer issues, and
       negotiations for improvements in pricing, product
       specifications, payment terms and other elements
       affecting the company's cash flow;

   (d) develop information for Remy's prepackaged Chapter 11
       filing, through:

       -- compiling required information for the Chapter 11
          petition and other required forms;

       -- assisting the Accounting Department with related
          issues like cutoff and segregation of prepetition
          and postpetition activity; and

       -- assisting counsel with information and analysis
          to support "first day" motions; and

   (e) after the Chapter 11 filing, assist:

       -- the Debtors in managing their bankruptcy process,
          including working with and coordinating the efforts
          of other professionals representing the Debtors'
          various stakeholders;

       -- in preparing information required by the Bankruptcy
          Court, including schedules of assets and
          liabilities, statement of financial affairs and
          monthly operating reports;

       -- in managing supplier relationships to help ensure
          continuation of deliveries and receipt of credit
          terms; and

       -- in tasks like reconciling, managing, and negotiating
          claims, evaluating preferences and the like and in
          supporting the Debtors' positions with respect to
          various Court motions.

David Rawden, an independent contractor of APS, will perform
certain accounting and finance functions for the Debtors.  Mr.
Rawden was formerly a managing director of AlixPartners, with
over 25 years of accounting, finance and restructuring
experience.  Mr. Rawden was a former chief financial officer for
several manufacturing companies, including a US$1 billion
automotive supplier.

APS is billing the Debtors for Mr. Rawden's services at a fixed
monthly rate of US$100,000, which is equal to or less than the
comparable hourly rate that the firm charges for its own
employees who are managing directors, according to Mr. Enos.

The APS professionals contemplated to be employed by the Debtors
and their fees are:

                                          Hourly
  Name               Description           Rate     Commitment
  ----               -----------          -------   ----------
  David C. Johnston  Assistant Treasurer    US$525    Full-Time
  Alan Holtz         Engagement Leader      US$675    Part-Time
  Jason Muskovich    Int'l. Cash Mgmt.      US$520    Full-Time
  Henry Colvin       Case Management        US$495    Full-Time
  Kyle Braden        Vendor Management      US$475    Full-Time
  Brent Robison      Int'l. Cash Mgmt.      US$440    Full-Time
  Nishit Shah        Case Management        US$315    Full-Time
  Jarod Clarrey      Case Management        US$230    Full-Time
   
The Debtors will also reimburse APS of necessary out-of-pocket
expenses incurred in connection with their Chapter 11 cases,
including travel, lodging, postage and telephone charges.

APS intended to submit to the Court quarterly reports of
compensation earned.

In addition to the hourly fees, APS and the Debtors agreed that
in the event of a meaningful and appropriate milestone, APS will
receive a US$1,000,000 Success Fee.  The fee is intended to
reflect the alignment of both parties' interests.

Under the Engagement Letter, the Debtors agreed to indemnify,
hold harmless, and defend APS and its affiliates against all
claims, liabilities, losses, damages, and reasonable expenses as
they are incurred, including reasonable legal fees and
disbursements of counsel.

Without prejudice to these rights, APS waives indemnification of
itself as an entity.  Indemnification of APS personnel who are
not officers of the Debtors will be subject to the approval of
Remy International's Board of Directors.  

The Debtors asserted that they will use reasonable efforts to
include and cover Temporary Staff serving as their officers from
time to time, as insureds under the Debtors' policy for
directors' and officers' insurance.  The Debtors will maintain
the D&O Insurance coverage for the period through which claims
can be made against those persons.

Alan D. Holtz, a managing director at APS, declared that none of
APS' principals, employees, agents, or affiliates have any
connection with the Debtors, their creditors, the U.S. Trustee,
or any other party, with an actual potential interest in the
Debtors' Chapter 11 cases.

Mr. Holtz related that APS has represented Angelo Gordon, AT&T
Corp., Bear Stearns, BellSouth, Blue Diamond, Bombardier Inc.,
Caterpillar, Citicorp Del-Lease, Credit Suisse First Boston,
DaimlerChrysler, Deloitte & Touche, Fiat, Ford, General Motors
Corp., Honda, Morgan Stanley, among others, in matters unrelated
to the Debtors.

                      About Remy Worldwide

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  

Remy International -- http://www.remyinc.com/-- manufactures,  
remanufactures and distributes Delco Remy brand heavy-duty
systems and Remy brand starters and alternators, locomotive
products and hybrid power technology.  The company also provides
a worldwide components core-exchange service for automobiles,
light trucks, medium and heavy-duty trucks and other heavy-duty,
off-road and industrial applications.  Remy has operations in
the United Kingdom, Mexico and Korea, among others.

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 4,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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

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

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

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

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

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

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

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

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

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

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

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

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

                   About Tower Automotive

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

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

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


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

APL INDUSTRIES: Discloses Proposed Capital Reconstruction
---------------------------------------------------------
Pursuant to the Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, APL Industries
Berhad plans to undertake these proposed capital reconstruction
to regularize its own and its subsidiaries' financial position:

  (a) Proposed share capital reduction pursuant to Section 64
      of the Companies Act, 1965 involving the cancellation
      of MYR0.93 of the par value of each existing ordinary
      share of MYR1.00 each in APLI issued.

      APLI will undertake a capital reduction of its existing
      issued and paid-up share capital of MYR347,611,928
      comprising 347,611,928 ordinary shares of MYR1.00 each via
      a cancellation of MYR0.93 of the par value of ordinary
      shares of MYR1.00 each in APLI pursuant to Section 64 of
      the Act.  The issued and paid-up share capital of APLI
      will be reduced to MYR24,332,835 comprising 347,611,928
      ordinary shares of MYR0.07 each upon the completion of the
      Proposed Capital Reduction.

      The Proposed Capital Reduction would give rise to a credit
      of MYR323,279,093 which would be utilized to reduce APLI’s
      audited accumulated losses as at June 30, 2007, of
      MYR324,593,335 to MYR1,314,242.  Consequently, the merger
      deficit and the accumulated losses of the APLI Group of
      MYR251,961,467 and MYR49,567,394 respectively as at
      June 30, 2007, will be completely eliminated and the APLI
      Group will be operating with retained profits of
      MYR21,750,232.

  (b) Proposed consolidation of the entire issued and paid-up
      share capital of APLI after the Proposed Capital
      Reduction via the consolidation of 100 ordinary shares
      of MYR0.07 each into 70 ordinary shares of MYR0.10
      each.

      The issued and paid-up share capital of APLI will be
      MYR24,332,835 comprising 347,611,928 ordinary shares of
      MYR0.07 after the Proposed Capital Reduction.
      Subsequently, APLI will undertake the consolidation of the
      then entire issued and paid-up share capital of
      347,611,928 ordinary shares of MYR0.07 each via the
      consolidation of 100 ordinary shares of MYR0.07 each and
      re-issuance in replacement thereof, with 70 Shares.  The
      issued and paid-up share capital of APLI shall be
      MYR24,332,835 comprising 243,328,350 shares upon
      completion of the Proposed Capital Consolidation.

      The Shares to be issued pursuant to the Proposed Capital
      Consolidation are merely in replacement of the ordinary
      shares of MYR0.07 each in APLI pursuant to the Proposed
      Capital Reduction.  Hence, the shares will, upon allotment
      and issue, rank pari passu in all respects with all rights
      attached to any dividends, rights, allotments and/or other
      distributions, which may be declared.

      Fractions are to be disregarded and the consolidated
      shares which represent fractional entitlements will be
      disregarded and dealt with in a manner as the Board in its
      absolute discretion think expedient in the interests of
      the company and with priority to minimize the incidence of
      odd lots.

      An application will be made to Bursa Securities for the
      listing of and quotation for the shares to be issued
      pursuant to the Proposed Capital Reconstruction on the
      Main Board of Bursa Securities.

  (c) Proposed renounceable rights issue of 729,985,050 new
      Shares at an indicative issue price of MYR0.135 per
      Rights Share, on the basis of three  Rights Shares for
      every one share held on an entitlement date to be
      determined later after the Proposed Capital
      Consolidation.

      After the completion of the Proposed Capital
      Reconstruction, APLI will undertake a renounceable rights
      issue of 729,985,050 Rights Shares at an indicative issue
      price of MYR0.135 per Rights Share, on the basis of three
      Rights Share for every one share held by the entitled
      shareholders of the company after the Proposed Capital
      Reconstruction, whose names appear in the Record of
      Depositors of the company on the entitlement date to be
      determined later.

  * Ranking of the Rights Shares

    The Rights Shares will, upon allotment and issue, rank pari
    passu in all respects with the existing shares save and
    except that they will not be entitled to any dividends,
    rights, allotments and/or other distributions, the
    entitlement date of which is prior to the date of allotment
    and issue of the Rights Shares.

  * Pricing of the Rights Shares

    The indicative issue price of the Rights Share is MYR0.135
    each.

    For illustrative purposes, based on the indicative issue
    price for the Rights Share of MYR0.135 each and the five-day
    volume weighted average market price of approximately
    MYR0.23 per ordinary share of MYR1.00 each up to Nov. 20,
    2007, the theoretical ex-all price is approximately MYR0.19
    per share.  The indicative issue price of MYR0.135 per
    Rights Share represents a discount of approximately 28.9% of
    the TEAP.

    The final issue price of the Rights Shares will be
    determined at a price-fixing date after all relevant
    approvals for the Proposed Rights Issue have been obtained
    based on market principles and at a level which will be in
    the best interest of the company.

  * Listing of the Rights Shares

    Listing on the Main Board of Bursa Securities will be sought
    for the Rights Shares.

  * Utilization of Proceeds from the Proposed Rights Issue

    The exact quantum of gross proceeds from the Proposed Rights
    Issue would depend on the actual issue price which will be
    determined at a price-fixing date.

For illustrative purposes, based on the indicative issue price
of MYR0.135 per Rights Share, the Proposed Rights Issue is
expected to raise total gross proceeds of approximately
MYR98,547,982.

   * Irrevocable Undertaking from Shareholders

There will be no minimum subscription for the Proposed Rights
Issue.  The company will procure the undertaking from the major
shareholders, namely Supermax Corporation Berhad and Dato’ Seri
Thai Kim Sim, to subscribe for their entitlement to the Rights
Shares in due course.

Arrangements will be made for the underwriting of the remaining
Rights Shares not taken up by the other entitled shareholders.

Rationale for the Proposals

The Proposed Capital Reconstruction would allow the audited
accumulated losses of MYR324,593,335 of APLI as at June 30,
2007, that are no longer represented by available assets to be
substantially reduced.  The Proposed Capital Reconstruction will
also rationalize the balance sheet to reflect more accurately
the value of the APLI Group’s underlying assets and thus the
financial position of the APLI Group.

The Proposed Rights Issue will further recapitalize the APLI
Group, restore its financial position as the proceeds to be
raised pursuant to the Proposed Rights Issue will provide the
APLI Group with additional capital funds to support the APLI
Group’s existing operations, expansion plans and working capital
requirements.  The expansion plan is in line with APLI’s
objectives to increase its production capacity and efficiency of
the old plants in order to achieve global competitiveness to
cater to healthcare industry in the emerging markets, food
services and industrial markets.  In addition, the proceeds from
the Proposed Rights Issue will also be utilized to partially
offset the APLI Group's bank borrowings resulting in interest
savings of approximately MYR2 million per annum in the future,
and reduction of its gearing.  The Proposed Rights Issue will
also enable APLI to meet the minimum issued and paid-up share
capital requirement of MYR60 million for companies listed on the
Main Board of Bursa Securities.

The Proposals would enable the company to remove itself from
being classified as an affected listed issuer under PN17.


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 to the
Amended PN17 category of the Bursa Malaysia Securities Bhd.


CNLT (FAR EAST): Enters into MOU with Kamal Kishore
---------------------------------------------------
CNLT (Far East) Berhad, on November 5, 2007, entered into a
Memorandum of Understanding with Kamal Kishore.

Under the MOU, Mr. Kishore has expressed his interest to
participate in the proposed restructuring scheme, which is being
contemplated by the company in its efforts to regularize its
financial condition.  Under the company’s proposed restructuring
scheme, Mr. Kishore will invest new funds into the company in
order to meet the company’s funding requirements which is
necessary to turnaround its business and achieve profitability.

The terms of the proposed restructuring scheme is currently
being finalized and is pending further discussions and
consultation with the company’s major creditors together with
Mr. Kishore.

                         About CNLT

Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007, as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

   (ii) The auditors of CNLT have expressed a modified opinion
        with emphasis on the Company's going concern in its
        latest audited accounts for the financial year ended
        December 31, 2005.


CNLT (FAR EAST): Moves Wind-Up Petition Hearing to Feb. 26
----------------------------------------------------------
As reported by the Troubled Company Reporter–Asia Pacific, CNLT
(Far East) Berhad is facing a wind-up petition filed by Vaaibz
Pte Ltd.

According to an update, the wind-up petition will be heard
before the High Court on Feb. 26, 2008.

According to the TCR-AP on March 31, 2006, CNLT entered into an
agreement with Vaaibz, wherein Vaaibz had agreed to supply raw
materials of cotton, polyester and viscose fibers to CNLT in
amounts of USD$700,000.00 per month in 2006 and USD900,000.00
per month from 2007 until 2008 on a revolving basis.  At all
times, CNLT has no disputes with the invoices and with the
quality, quantity and the price of the goods and payment terms
of the bills issued by the petitioner.  CNLT had subsequently
defaulted on its payment of invoices issued by the petitioner.

                         About CNLT

Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007, as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

   (ii) The auditors of CNLT have expressed a modified opinion
        with emphasis on the Company's going concern in its
        latest audited accounts for the financial year ended
        December 31, 2005.


SUNWAY INFRASTRUCTURE: To Raise US$223 Million Islamic Bonds
------------------------------------------------------------
Sunway Infrastructure Bhd (SGWF.KL: Quote, Profile, Research)
plans to raise MYR752.2 million (US$223.1 million) in an Islamic
bond issue to refinance its debt, Reuters reports.

Sunway said that Manfaat Tetap Sdn Bhd, a special purpose
vehicle for the firm's Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd
(SILK) highway unit, plans to raise the money to refinance
existing Islamic debt, the report notes.


Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding      
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.   
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter-Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006, of MYR7.173 million, is less than
25% of the company's issued and paid-up capital of MYR90 million
and such shareholders' equity is less than the minimum issued
and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of MYR60 million, triggering another
listing criteria under Amended PN17 listing requirements.


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

AUTOWAYS LTD: Court to Hear Wind-Up Petition on Nov. 29
-------------------------------------------------------
A petition to have Autoways Ltd.’s operations wound up will be
heard before the High Court of Auckland on November 29, 2007, at
10:00 a.m.

European Wholesale Limited filed the petition on July 26, 2007.

European Wholesale’s solicitor is:

         G. P. Tyrrell
         Saunders & Co
         227 Cambridge Terrace
         PO Box 18, Christchurch
         New Zealand
         Telephone:(03) 379 7690
         Facsimile:(03) 379 3669


ARCH HILL: Faces Tribro Building’s Wind-Up Petition
---------------------------------------------------
On October 10, 2007, Tribro Building Centre Limited filed a
petition to have Arch Hill Properties Ltd.’s operations wound
up.

The High Court of Auckland will hear the petition on March 6,
2008, at 10:00 a.m.

Tribro Building’s solicitor is:

         Malcolm Whitlock
         Debt Recovery Group NZ Limited
         Level 5, 5 Short Street
         Newmarket, Auckland
         New Zealand


BEDELIA O: Appoints Tubbs and Johnstone as Liquidators
------------------------------------------------------
Stephen John Tubbs and Warren Michael Johnstone were appointed
liquidators of Bedelia O Ltd. on October 29, 2007.

Messrs. Tubbs and Johnstone are accepting creditors’ proofs of
debt until December 20, 2007.

The Liquidators can be reached at:

         Stephen John Tubbs
         Warren Michael Johnstone
         Barbara King, BDO Spicers
         Spicer House, Level 6
         148 Victoria Street, Christchurch
         New Zealand
         Telephone:(03) 353 5528
         Facsimile:(03) 353 5526
         e-mail: barbara.king@chc.bdospicers.com


IRIDESCENT DESIGN: Court to Hear Wind-Up Petition on Feb. 8
-----------------------------------------------------------
A petition to have Iridescent Design Ltd.’s operations wound up
will be heard before the High Court of Auckland on Feb. 8, 2007,
at 10:45 a.m.

Franix Construction Limited filed the petition on October 1,
2007.

Franix Construction’s solicitor is:

          John Ropati
          Level 1, 105 Queen Street
          Auckland
          New Zealand
          Telephone:(09) 377 1530
          Facsimile:(09) 377 1533


NICO 1 MACHINERY: Commences Liquidation Proceedings
---------------------------------------------------
Nico 1 Machinery Limited commenced wind-up proceedings on
Oct. 29, 2007.

Only creditors who were able to file their proofs of debt by the
Nov. 26, 2007 due date will be included in the company’s
dividend distribution.

The company’s liquidator is:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


NICO TRANSPORT: Undergoes Liquidation Proceedings
-------------------------------------------------
Nico Transport Ltd. went into liquidation on October 29, 2007.

Creditors who were able to file their proofs of debt by Nov. 26,
2007, will be included in the company’s dividend distribution.

The company’s liquidator is:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


SMITH AND HAYES: Fixes Dec. 4 as Last Day to File Claims
--------------------------------------------------------
The creditors of Smith and Hayes Ltd. are required to file their
proofs of debt by December 4, 2007, to be included in the
company’s dividend distribution.

The company went into liquidation on October 31, 2007.

The company’s liquidator is:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6813
         Facsimile:(07) 834 6104


T.K. SMITH: Commences Liquidation Proceedings
---------------------------------------------
On October 31, 2007, members decided to voluntarily liquidate
T.K. Smith Limited’s business.

Creditors who can file their proofs of debt by December 4, 2007,
will be included in the company’s dividend distribution.

The company’s liquidator is:

The company’s liquidator is:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6813
         Facsimile:(07) 834 6104


TECHNICAL SPECIALISTS: Shareholders Decide to Wind Up Firm
----------------------------------------------------------
On October 30, 2007, the shareholders of Technical Specialists
Ltd. agreed to voluntarily wind up the company’s operations.

Peter Reginald Jollands and Barry White were appointed
liquidators for the company.

The Liquidators can be reached at:

         Peter Reginald Jollands
         Barry White
         Jollands Callander, Accountants
         and Insolvency Practitioners
         Administrator House, Level 8
         44 Anzac Avenue, Auckland
         New Zealand
         Web site: http://www.jollandscallander.co.nz


* McDouall Stuart Publishes 2007 Report on NZ Finance Co. Sector
----------------------------------------------------------------
McDouall Stuart has released its 2007 report on the New Zealand
finance company sector.  Titled 'Flow and Ebb', the report
analyses the volatility that has affected finance companies over
the 18 months since McDouall Stuart's last report on the sector,
and discusses the likely future impact of lower investment flows
on finance companies.

Although deposit-taking finance companies account for just 3% of
all New Zealand financial system assets, this still involves
more than NZ$10 billion of investor money.

John Kidd, McDouall Stuart analyst and the principal author of
this year's report said, “With probably around 400,000 debenture
holders in New Zealand, the finance company sector is very
important to retail investors, but one that receives very little
specific independent research coverage.”

The 130 page report analyses the performance of all finance
companies which raise money from the public and which have loan
books exceeding NZ$35 million. This year, 29 companies exceeded
that threshold. When McDouall Stuart last reported on the
sector, there were 38 companies that met the same threshold. The
reduction in company numbers reflects a mixture of failures,
mergers and acquisitions. Only one company grew sufficiently to
cross the NZ$35 million threshold.

The report says that further industry consolidation is
inevitable.

“Continuing weakness in debenture flows, an easing in activity
levels and the arrival of a tighter regulatory framework in 2009
are all factors likely to encourage greater consolidation. In
our view, consolidation will likely come in the form of company
amalgamations, managed wind-downs and unfortunately, the
likelihood of some further failures,” Mr. Kidd said.

The failure or default of eight companies since July has
undermined confidence in the sector, and many investors have
responded by not renewing their debenture investments.  The
financial profile of some companies is therefore likely to have
declined since the end of their 2007 financial year.  For those
companies, the result has been significant and, for the worst-
prepared, fatal pressure on liquidity.

“The companies that failed were the ones least prepared for
exactly the kind of scenario that unfolded.

“With 80% of finance company funding traditionally sourced from
the public, the best positioned companies are those that already
have alternative funding arrangements in place to manage the
decline in debenture flows,” Mr. Kidd said.

The report also analyses the biggest company failures to date,
concluding that there are a number of common risk markers that
investors should look for.

“Debenture investors do not share in company profits. F or those
investors it is cash flow, and not profitability that is most
important.”

But the report also gives reason for optimism.

“Across the biggest companies in the sector, profitability has
increased, liquidity has improved and there has been no
meaningful decline in the quality of their loan books.  
Debenture flows for larger companies have been considerably
stronger than for smaller companies.  With the largest ten
companies accounting for two-thirds of the sector, this gives
reason for some optimism that the downturn is not as dire as
many are suggesting.  Recent figures released by the Reserve
Bank showing a net 5% increase in finance company funding for
the year to September 2007 tend to support this view.

“In the turbulence of the last 18 months, some have forgotten
the vital role that finance companies play in New Zealand's
funding mix.  No other providers offer the property, business,
motor vehicle and personal finance that banks are currently
unwilling to lend against.  The financing of these types of
assets has been an important part of New Zealand's growth and
development over the past decade, and will continue to be in the
years ahead.  While unnerving, company failures are part of the
correction process.  Companies that remain will emerge as
stronger and better operators for it.

“As with any investment, investors must assess the available
return against the risk the investment presents.  Our view is
that many finance companies are not yet pricing to a level that
supports their risk profile.”

McDouall Stuart is of the view that this trend will continue,
particularly as companies move towards a regime of compulsory
credit ratings.

“Possibly the biggest collective challenge the industry faces
over the next 12-24 months is educating the investing public on
credit rating issues.  In this respect, we support recent
initiatives by the Securities Commission and the Reserve Bank
aimed at increasing public awareness of these issues.  However,
much work still remains to fill this space,” Mr. Kidd said.

A full-text copy of the report is available at:

              http://ResearchArchives.com/t/s?25c5

                    About McDouall Stuart

McDouall Stuart is a full-service sharebroking, corporate
advisory and investment banking firm.  An NZX member, McDouall
Stuart has a particular interest in the finance company sector,
having undertaken a number of capital raisings for finance
company clients.  Specific mandates have included as Lead
Manager for the initial public offering (July 2004) and capital
note issue (March 2006) of Dominion Finance Holdings Ltd and for
the September 2006 capital note issue for New Zealand Finance
Holdings Ltd.


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

METROPOLITAN BANK: Declares 2% Cash Dividend for Stockholders
-------------------------------------------------------------
Metropolitan Bank & Trust Co. declared a 2% cash dividend to be
paid to all holders of its outstanding capital stock of
36,145,387,000 shares, a disclosure with the Philippine Stock
Exchange says.

The 2% cash dividend translates to a PHP0.40 per share on a par
value of PHP20 per share, the disclosure adds.  The bank will
take out the dividend from its total profits of PHP15.507
billion as of October 31, 2007.

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

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

                        *     *     *

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

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

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

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

   * Short-term rating 'B'; and

   * Support rating '3.

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


PHILCOMSAT HOLDINGS: PCGG Group Questions Last Week's Elections
---------------------------------------------------------------
Documents presented by the Locsin-Poblador group say that the
Court of Appeals had affirmed the legitimacy of the group in the
Philippine Communications Satellite Corp.'s board of directors,
the Philippine Daily Inquirer says.

Philcomsat is the parent company of Philcomsat Holdings Corp.

This comes after the government nominated a fresh set of
directors to sit on the boards of Philcomsat and its parent, the
Philippine Overseas Telecommunications Corp., the Inquirer
notes.  

According to the article, the group now questions the validity
of the elections of the new board members.  However, Philcomsat
director Erlinda I. Bildner says that the decision is "moot and
academic," and is "totally irrelevant."

The group specifically claims the CA decision became final and
executory after Clerk of Court Teresita R. Marigomen made an
"entry of judgment" on the ruling of Sixth Division Associate
Justice Martin S. Villarama Jr., the report says.  "The
[resolution] has, on July 2, 2007, become final and executory
and is hereby recorded in the Book of Entries of Judgment,"
Marigonmen wrote.

Justice Villarama had earlier ruled that the Sandiganbayan had
jurisdiction over the cases involving the Philcomsat firms, the
Inquirer recounts.

According to the article, Division Clerk of Court Lilia Mercedes
Encarnacion A. Gepty added that "considering the Judicial
Records Division verification report dated Oct. 15, 2007,
stating that 'no motion for reconsideration and/or no notice of
appeal to the Supreme Court has been received/filed as per
docket book of entry,' the court resolves to issue entry of
judgment and the records of the case remanded, the court's
resolution dated June 8, 2007 having become final and executory
as of July 2, 2007."

However, Ms. Bildner's camp said that the dismissal was based on
a technicality.  "The Court of Appeals merely dismissed a
petition filed by several aggrieved stockholders," an earlier
statement from Ms. Bildner said.

                 About Philcomsat Holdings

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


PICOP RESOURCES: Awaits DENR's Nod to Extend Operation Plan
-----------------------------------------------------------
PICOP Resources Inc. is awaiting the Department of Environment
and Natural Resources' approval for its request to extend the
integrated annual operation plan to harvest the remaining 477
hectares of its residual forest.

According to a disclosure with the Philippine Stock Exchange,
the company was not able to complete the remaining balance of
its IAOP because of heavy rains from December 2006 until March
2007.

PICOP Resources, Inc., was incorporated in 1952 as Bislig
Industries, Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.  
The company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the company
changed hands three more times.  At present, the company is
under the control of TP Holdings, Inc.

The company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.  
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc.  NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof.  In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock.  This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock.  Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.

                         *     *     *

PICOP Resources, Inc., posted a net loss of PHP31.385 million
for the year ending December 31, 2006, against PHP366.574
million and PHP237.609 million net losses for the
years 2005 and 2004, respectively.


* Philippines Will Survive Woes from Subprime Crisis, BSP Says
--------------------------------------------------------------
The Philippines is poised to survive any fall-out from the US
subprime mortgage crisis given sufficient domestic liquidity and
strong reserve position, the Bangko Sentral ng Pilipinas told
the press over the weekend.

BSP Deputy Governor Diwa Guinigundo said that they are not
worried that the Philippines would see a repeat of the 1997
financial crisis because the country has a stronger financial
sector than it had ten years ago.  Mr. Guinigundo told the
Philippine Daily Inquirer that the BSP has risk management
systems ready, as well as existing rules in structured products.

Mr. Guinigundo said the crisis is far from over, telling the
Inquirer that general expectations say that the crisis would
continue through next year as big western banks are exposed to
the subprime woes through structured products with subprime
mortgages as underlying assets.   

The Philippine Star says Mr. Guinigundo expects more
announcements from financial institutions telling of heavy
losses arising from the crisis.

                          *     *     *

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

SEE HUP SENG: Discloses Shareholders' Change of Interest
--------------------------------------------------------
Credit Agricole Asset Management S.A., a shareholder of See Hup
Seng Limited has sold some if its deemed shares in the open
market, thus, it holds 14,936,000 deemed shares now, with 4.14%
issued share capital.  Prior to selling, Credit Agricole held
18,266,000 deemed shares with 5.07% issued share capital.

Another substantial shareholder of the company, Prudential Asset
Management (S) Ltd, purchased 403,000 deemed shares in the open
market, thus, having 18,289,000 deemed shares with 5.07% issued
share capital.  Before the transaction,  Prudential Asset held  
17,886,000 deemed shares with 4.96% issued share capital.

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2006, after reviewing the company's full year financial
statements for the year 2005, Moore Stephens -- See Hup Seng's
independent auditors -- expressed a significant doubt in the
company's ability to continue as going concern on April 7, 2006,
citing the company's losses and net current liabilities.  Moore
Stephens adds that the ability of the group and the company to
continue as going concerns is dependent the company's debt
restructuring exercise.


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

DAIDOMON GROUP: Expects to Submit Rehab Plan on January 9, 2008
---------------------------------------------------------------
The Daidomon Group PCL is expecting to submit a business
rehabilitation plan on January 9, 2008, a disclosure with the
Stock Exchange of Thailand says.

According to the disclosure, the company, as planner, awaits
information on the official receiver's inquiry into 23 out of 50
creditors who applied for debt repayment under the
rehabilitation plan.  The company had earlier objected to these
applications, the disclosure adds.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and
Japanese food restaurants under the brand name of Daidomon.  The
group's products include barbecue, dessert and drinks, and
bottled sauce.  The company is currently undergoing
rehabilitation.

The Troubled Company Reporter-Asia Pacific reported on Feb. 16,
2007, that Daidomon Group had total assets of US$12.92 million
and a total capital deficiency of US$8.51 million.


FEDERAL-MOGUL: To Issue $305,236,000 in Senior Notes
----------------------------------------------------
Pursuant to the requirements of the Trust Indenture Act of 1939,
Federal-Mogul Corp. discloses in a regulatory filing with the
U.S. Securities and Exchange Commission that it intends to issue
certain Senior Subordinated Third Priority Secured Notes due
2018 on the Effective Date of the Fourth Amended Joint Plan of
Reorganization.  Federal-Mogul anticipates exiting from
bankruptcy in December 2007.

Reorganized Federal-Mogul plans to initially issue $305,236,000
in Notes under the Fourth Amended Plan, Federal-Mogul Corp.
Senior Vice President and General Counsel Robert L. Katz
relates.  
The Notes will be issued under an indenture among Reorganized
Federal-Mogul, certain guarantors, and U.S. Bank National
Association, as trustee, Mr. Katz says.

A full-text copy of the form of Indenture is available for free
at the Securities and Exchange Commission at:

                 http://ResearchArchives.com/t/s?25ba

Among the Indenture Guarantors are these Debtors:

   * Carter Automotive Company, Inc.
   * F-M UK Holding Limited
   * Federal-Mogul Dutch Holdings Inc.
   * Federal-Mogul FAP Inc.
   * Federal-Mogul FX, Inc.
   * Federal-Mogul Global B.V.
   * Federal-Mogul Global Inc.
   * Federal-Mogul Global Properties, Inc.
   * Federal-Mogul Growth B.V.
   * Federal-Mogul Ignition Company
   * Federal-Mogul Mystic, Inc.
   * Federal-Mogul Piston Rings, Inc.
   * Federal-Mogul Powertrain, Inc.
   * Federal-Mogul Products, Inc.
   * Federal-Mogul Technical Center, LLC
   * Federal-Mogul U.K. Holdings Inc.
   * Federal-Mogul Venture Corporation
   * Federal-Mogul World Wide, Inc.
   * Felt Products Mfg. Co.
   * Ferodo America, Inc.
   * Ferodo Holdings Inc.
   * Gasket Holdings Inc.
   * McCord Sealing, Inc.
   * T&N Industries Inc.

Pursuant to the Plan, holders of Allowed Bank Claims and Allowed
Surety Claims will receive the Notes in partial satisfaction of
their claims.

The Notes will be executed on behalf of Federal-Mogul by two
officers or an officer and an assistant secretary.  A Note will
be valid only if the Trustee manually signs the certificate of
authentication on the Note, Mr. Katz clarifies.  If an Officer
whose signature is on a Note no longer holds that office at the
time the Trustee authenticates the Note or at any time
thereafter, the Note will be valid nevertheless, Mr. Katz says.

Federal-Mogul, Mr. Katz adds, will not receive any proceeds from
the issuance of the Notes because the Notes will be issued as
part of an exchange, as provided in the Plan.

The Debtors aver that the issuance of the Notes is exempt from
the registration requirements of the Securities Act of 1933, as
amended, pursuant to Section 1145(a)(1) of the Bankruptcy Code.

                  Outstanding Capital Securities

As of October 31, 2007, Federal-Mogul's authorized and
outstanding capital stock and debt securities are at these
amounts:

   Title of Class          Amount Authorized  Amount Outstanding
   --------------          -----------------  ------------------
   Common Stock           260,000,000 shares   89,496,493 shares

   Series C ESOP
   Convertible
   Preferred Stock          1,000,000 shares      439,937 shares

   Notes due 2004
   (7.5% issued in 1998)      US$250,000,000      US$239,800,000

   Notes due 2006
   (7.75% issued in 1998)     US$400,000,000      US$391,900,000

   Notes due 2006
   (7.375% issued in 1999)    US$400,000,000      US$394,000,000

   Notes due 2009
   (7.5% issued in 1999)      US$600,000,000      US$562,200,000

   Notes due 2010
   (7.875% issued in 1998)    US$350,000,000      US$340,400,000

   Medium-Term Notes due
   between 2002 & 2005
   (average rate of 8.8%
   issued in 1994 & 1995)      US$84,000,000       US$84,000,000

   Senior Notes due 2007
   (8.8% issued in 1997       US$125,000,000      US$103,300,000

   7.0% Convertible Junior
   Subordinated Debentures    US$575,000,000       US$74,300,000

According to Mr. Katz, Reorganized Federal-Mogul will have
capital stock and debt securities authorized and outstanding at
these amounts as of the Effective Date:

   Title of Class          Amount Authorized  Amount Outstanding
   --------------          -----------------  ------------------
   Class A Common Stock
   par value US$0.01      400,000,000 shares   49,900,000 shares

   Class B Common Stock
   par value US$0.01       50,100,000 shares   50,100,000 shares

   Preferred Stock
   par value US$0.01       90,000,000 shares          -

   Senior Subordinated
   Third Priority
   Secured Notes due 2018     US$305,236,000      US$305,236,000


                     About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on Nov.
8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's confirmation
of the Fourth Amended Plan was affirmed by the District Court.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


FEDERAL-MOGUL: Posts US$7.6 Mil.-Net Loss in Month Ended Oct. 31
----------------------------------------------------------------

                Federal-Mogul Global, Inc., et al.
                     Unaudited Balance Sheet
                      As of October 31, 2007
                          (In millions)

                              Assets

Cash and equivalents                                    US$67.9
Accounts receivable                                       616.2
Inventories                                               405.3
Deferred taxes                                            194.6
Prepaid expenses and other current assets                 114.9
                                                       --------
Total current assets                                    1,398.8

Summary of Unpaid Postpetition Debits                      10.3
Intercompany Loans Receivable (Payable)                 1,743.5
                                                       --------
Intercompany Balances                                   1,753.8

Property, plant and equipment                             751.1
Goodwill                                                  930.9
Other intangible assets                                   340.2
Insurance recoverable                                     896.1
Other non-current assets                                1,273.4
                                                       --------
Total Assets                                         US$7,344.3
                                                       ========

               Liabilities and Shareholders' Equity

Short-term debt                                        US$790.7
Accounts payable                                          238.0
Accrued compensation                                       74.3
Restructuring and rationalization reserves                 10.2
Current portion of asbestos liability                         -
Interest payable                                            3.8
Other accrued liabilities                                 961.4
                                                       --------
Total current liabilities                               2,078.5

Long-term debt                                                -
Post-employment benefits                                  687.8
Other accrued liabilities                                 593.4
Liabilities subject to compromise                       5,459.4

Shareholders' equity:
   Preferred stock                                      1,050.6
   Common stock                                           662.1
   Additional paid-in capital                           8,000.3
   Accumulated deficit                                (11,447.8)
   Accumulated other comprehensive income                 260.1
   Other                                                      -
                                                       --------
Total Shareholders' Equity                             (1,474.7)
                                                       --------
Total Liabilities and Shareholders' Equity           US$7,344.3
                                                       ========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
               For the Month Ended October 31, 2007
                          (In millions)

Net sales                                              US$271.0
Cost of products sold                                     223.7
                                                       --------
Gross margin                                               47.3

Selling, general & administrative expenses                (40.9)
Amortization                                               (1.2)
Reorganization items                                       (4.8)
Interest income (expense), net                            (16.1)
Other income (expense), net                                 8.8
                                                       --------
Earnings before Income Taxes                               (6.9)

Income Tax (Expense) Benefit                               (0.8)
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                 (7.6)
                                                       --------
Net Earnings (loss)                                     (US$7.6)
                                                       ========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
               For the Month Ended October 31, 2007
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                   (US$7.6)
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           14.6
   Adjustment of assets held for sale and
      other long-lived assets to fair value                   -
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. principle            -
   Change in post-employment benefits                       7.3
   Decrease (increase) in accounts receivable               1.3
   Decrease (increase) in inventories                      (1.5)
   Increase (decrease) in accounts payable                 (8.2)
   Change in other assets & other liabilities             (28.4)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities               (22.6)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment            (6.3)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities      (6.3)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                              8.8
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                    1.4
                                                       --------
Net Cash Provided From Financing Activities                10.2

Increase (Decrease) in Cash and Equivalents               (18.7)

Cash and equivalents at beginning of period                86.6
                                                       --------
Cash and equivalents at end of period                   US$67.9
                                                       ========

                    About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on Nov.
8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's confirmation
of the Fourth Amended Plan was affirmed by the District Court.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


FEDERAL-MOGUL: Thornwood Gets 25% of Reorganized Debtors' Stock
----------------------------------------------------------------
On the Effective Date of Federal-Mogul Corp. and its debtor-
affiliates' Fourth Amended Joint Plan of Reorganization,
existing voting securities of will be canceled.

As set forth in the Plan, Reorganized Federal-Mogul will issue,  
on the Effective Date, new Class A Common Stock, new Class B
Common Stock and US$305,236,000 in Senior Subordinated Third
Priority Secured Notes due 2018 pursuant to an indenture.  
Voting securities in Reorganized Federal-Mogul will consist of
the New Common Stock.

The Fourth Amended Plan provides that a trust for the benefit of
the holders of Asbestos Personal Injury Claims will receive
50.1% of the shares of Common Stock to be issued by Reorganized
Federal-Mogul.  The remaining shares will be distributed pro
rata to holders of Allowed Noteholder Claims, Allowed
Convertible Subordinated Debenture Claims, and Allowed Class H
Unsecured Claims against the U.S. Debtors.

There are no persons owning 10% or more of Federal-Mogul's
voting securities as of November 20, 2007, Federal-Mogul Corp.
Senior Vice President and General Counsel Robert L. Katz
discloses in a regulatory filing with the Securities and
Exchange Commission.

However, the Debtors anticipate that on the Effective Date,  
Thornwood Associates Limited Partnership and the Asbestos
Personal Injury Trust will own more than 10% of Reorganized
Federal-Mogul's voting securities:

                                              Percentage of
                                               Total Voting
   Entity              Class Ownership       Securities Owned
   ------              ---------------       ----------------
   Asbestos PI Trust   US$50,100,000 in
                       Class B Common Stock        50.1%

   Thornwood           US$25,898,100 in
                       Class A Common Stock        25.9%

Dependent upon the occurrence of certain conditions, the Plan
grants Thornwood two options to acquire additional shares of
Class B Common Stock.  If exercised by Thornwood, the Options
will reduce the Trust's ownership of voting securities to zero,
Mr. Katz notes.

Thornwood is a Delaware limited partnership, the general partner
of which is Barberry Corp., the sole shareholder of which is
Carl Icahn, an individual.  Thornwood is headquartered at 445
Hamilton Avenue, Suite 1210, in White Plains, New York.

                    About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on Nov.
8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's confirmation
of the Fourth Amended Plan was affirmed by the District Court.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


TMB BANK: To Set Aside THB25 Bil. Loan-Loss Provision in 4Q 2007
----------------------------------------------------------------
TMB Bank PCL will be setting aside additional loan-loss
provisions of TMB25 billion in the fourth quarter, the Bangkok
Post reports.

According to a disclosure with the Stock Exchange of Thailand,
the report says, the provisioning will coincide with the bank's
capital increase and the entry of ING Bank as a new strategic
partner.

The recapitalization, the Post reveals, will involve the
issuance of 25 billion new shares at THB1.60 to ING, which will
take a  25.1% stake in TMB directly and another 4.9% in non-
voting depository receipts.  Existing shareholders, who will be
issued shares at THB1.40, will be able to vote on the
recapitalization plan at an extraordinary shareholders' meeting
tomorrow.

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.


TMB BANK: Divests 17.6% Stake in Zigma Concrete for THB95,246
-------------------------------------------------------------
TMB Bank PCL has divested of its 17.6% shareholdings in Zigma
Concrete and Construction Ltd. as part of its drive to reduce
investment in non-core businesses.

According to a disclosure with the Stock Exchange of Thailand,
the bank sold last Friday 1,904,937 shares in Zigma's preferred
stock to Mr. Verapong for a total price of THB95,246.85.

Zigma is engaged in the business of manufacturing ready-mixed
concrete.  As of December 31, 2006, it has assets of
THB103.86 million and liabilities of THB116.35 million resulting
in a capital deficiency of THB12.98 million.

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.


* BOND PRICING: For the Week 19 November to 23 November 2007
------------------------------------------------------------




Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.77
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Antares Energy Limited        10.000%  10/31/13     AUD     1.76
Arrow Energy NL               10.000%  03/31/08     AUD     3.00
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD     9.90
Becton Property Group          9.500%  06/30/10     AUD     1.15
Bounty Industries Limited     10.000%  06/30/10     AUD     0.11
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    10.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.50
Cardno Ltd                     9.000%  06/30/08     AUD     7.50
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.80
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     5.10
FGL Finance                    6.250%  03/17/10     AUD     7.92
First Australian              10.000%  01/31/09     AUD     0.72
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.45
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.15
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.00
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.46
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.07
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.90
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.90
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.03
LongReach Group Limited       10.000%  10/31/08     AUD     0.20
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp.                 9.000%  03/31/08     AUD     0.95
Minerals Corp.                10.500%  09/30/08     AUD     1.00
Nylex Limited                 10.000%  12/08/09     AUD     1.96
Primelife Corporation         10.000%  01/31/08     AUD     1.02
Record Funds Man              11.000%  09/01/10     AUD    50.00
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.15
Salomon SB Aust                4.250%  02/01/19     USD     7.47
Silver Chef Limited           10.000%  08/31/08     AUD     1.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    65.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.75
TrustPower Ltd                 8.500%  09/15/12     NZD    10.00
TrustPower Ltd                 8.500%  03/15/14     NZD    10.00


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     68.50
Yunnan Yuntianhu Co., Ltd.     1.200%  01/29/13    CNY     74.35


JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.58
Nara Prefecture                1.520%  10/31/14     JPY     9.59
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    66.79

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    46.90
Korea Dev. Bank                7.450%  10/31/21     KRW    46.86
Korea Dev. Bank                7.400%  11/02/21     KRW    46.85
Korea Dev. Bank                7.310%  11/08/21     KRW    46.80
Korea Dev. Bank                8.450%  12/15/26     KRW    70.05


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.21
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.42
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.27
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.10
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.96
EG Industries Berhad           5.000%  06/16/10     MYR     0.58
Equine Capital                 3.000%  08/26/08     MYR     1.80
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.53
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.53
Insas Berhad                   8.000%  04/19/09     MYR     0.72
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.35
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.51
Kumpulan Jetson                5.000%  11/27/12     MYR     0.50
Lebuhraya Kajang               2.000%  06/12/22     MYR    63.74
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.58
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.52
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.52
Media Prima Bhd                2.000%  07/18/08     MYR     1.84
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.57
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.25
Pelikan International          3.000%  04/08/10     MYR     1.50
Pelikan International          3.000%  04/08/10     MYR     1.50
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
Ramunia Holdings               1.000%  12/20/07     MYR     1.03
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.22
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.64
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.53
Southern Steel                 5.500%  07/31/08     MYR     1.62
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.98
Tradewinds Corp.               2.000%  02/08/12     MYR     0.95
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.66
TRC Synergy Berhad             5.000%  01/20/12     MYR     2.10
Wah Seong Corp.                3.000%  05/21/12     MYR     6.50
WCT Land Bhd                   3.000%  08/02/09     MYR     3.46
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.80
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.08


SRI LANKA
---------

Sri Lanka Govt                7.000%  10/15/11     LKR     74.03
Sri Lanka Govt                6.850%  04/15/12     LKR     71.22
Sri Lanka Govt                6.850%  10/15/12     LKR     69.03
Sri Lanka Govt                8.500%  01/15/13     LKR     73.09
Sri Lanka Govt                8.500%  07/15/13     LKR     72.38
Sri Lanka Govt                7.500%  08/01/13     LKR     69.56
Sri Lanka Govt                7.500%  11/01/13     LKR     66.79
Sri Lanka Govt                8.500%  02/01/18     LKR     68.46
Sri Lanka Govt                8.500%  07/15/18     LKR     66.83
Sri Lanka Govt                7.500%  08/15/18     LKR     61.55
Sri Lanka Govt                7.000%  10/01/23     LKR     53.36




                         *********

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.


                            *********


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

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