TCRAP_Public/071128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, November 28, 2007, Vol. 10, No. 236

                            Headlines

A U S T R A L I A

AED OIL: Incurs AU$20.56-Million Net Loss for Year Ended June 30
AUSTRALASIA RESOURCES: Spins-off Nickel Business & Other Assets
AUSTRALIAN NATURAL: Declares First Dividend
CUSTOMERS LIMITED: Incurs AU$6.16-Million Net Loss for FY2007
CUSTOMERS LTD: Enters New Zealand Market Via NZ ATM Stakes Buy

ERG LIMITED: Posts Third Annual Net Loss at AU$14.84 Million
ERG LTD: Clarifies Public Transport Contract's Termination Date
GMAC AUSTRALIA: Moody's Places Ba2 Rating for Possible Downgrade
H.R. GLOSSOP: Liquidator to Give Wind-up Report on November 30
JAY GARDENING: Members to Receive Wind-Up Report on Dec. 6

KEL LEWIS: Members Receive Wind-Up Report
MOBILESOFT LIMITED: To Declare Dividend on December 6
MULLINS CONSTRUCTIONS: Placed Under Voluntary Liquidation
NRG ENERGY: Discloses New Consent Alternative Solicitations
PLANTATION EQUITY: Declares Dividend for Creditors

ROUSSEL UCLAF: Members to Hold Meeting on November 28
SAN MICHELE: Creditors Resolve to Close Business
SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357
SYMBION HEALTH: ATO Rules Out Healthscope-Led CGT Arrangement
SYMBION HEALTH: Moody's Continues Downward Review of Ba1 Rating

SYMBION: S&P Affirms Rating After ATO Rules Out Healthscope Bid
THE BANALASTA OIL: Declares First Dividend for Creditors
* Fitch Says Australian RMBS Delinquencies Fall in Q307


C H I N A   &   H O N G  K O N G

ALPHA PROFIT: Creditors' Proofs of Debt Due on December 19
ASSOCIATION FOR BETTER HK: Members' Final Meeting Set on Dec. 24
BEST GEAR: Commences Liquidation Proceedings
BREAN DISTRIBUTORS: Creditors' Proofs of Debt Due on Dec. 17
CARKEY LIMITED: Commences Liquidation Proceedings

CARLZEN INVESTMENT: Creditors' Proofs of Debt Due on Dec. 14
CENTRAL FORUM: Commences Liquidation Proceedings
CHARGEUSRS: Commences Liquidation Proceedings
CITIC PACIFIC: To Form US$99.6-Million Joint Ventures in China
CITIC PACIFIC: To Invest US$4.6 Bln. in Australia Iron Project

DIGITAL CREATION: Liquidators Quit Post
E2E SUPPLY: Creditors' Proofs of Debt Due on Dec. 24
GOLD-M: Commences Liquidation Proceedings
HONG KONG & KOWLOON: Creditors' Proofs of Debt Due on Dec. 24
IANCASTLE LIMITED: Members to Hold Final Meeting on December 28

JOI MAXIE: Members Will Hold Final Meeting on December 28
LAI FUNG HOLDINGS: To Sell Stake in Guangzhou Asset for HKD422MM
LEE GARDENS: Creditors' Proofs of Debt Due on December 14
LEE GARDENS (CHINA): Creditors' Proofs of Debt Due on Dec. 14
LEE GARDENS HOTEL: Creditors' Proofs of Debt Due on December 14

L.P. CONTRACTORS: Members to Hear Wind-up Report on December 11
MOSSIDE ENTERPRISES: Members' Meeting Slated for December 24
MOUNT CITY: Liquidator Quits Post
NUCLEAR CONSTRUCTION: Members, Creditors To Meet on December 5
PARLEX ASIA: Members to Hold Meeting on December 27

RANNIS COMPANY: Commences Liquidation Proceedings
RASHTI & RASHTI: Creditors' Proofs of Debt Due on December 28
SIBER HEGNER: Liquidator Quits Post


I N D I A

AES CORP: Restarts Alamitos Power Station Unit
CABLE & WIRELESS: Launching Disabling Service for Stolen Phones
EXIDE TECH: Posts US$14.8 Mil. Loss in Fiscal 2008 2nd Quarter
GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers'
GMAC LLC: ResCap Support Cues Moody's to Review Ba2 Rating

QUEBECOR WORLD: To Suspend Dividends on Preferred Shares
TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform
TATA STEEL: Plans to Set Up INR1,000-Crore Pellet Facility
TATA STEEL: Names Two New Directors to Board


I N D O N E S I A

ADARO INDONESIA: Unaware of China Shenhua's US$4BB Stake Bid
EXCELCOMINDO PRATAMA: To Raise US$950 Million to Pay Debts
INDOSAT: Expects Slower Revenue Growth Next Year
INDOSAT: Nine Month Net Profit Ups 56% to IDR1.4 Trillion
INDOSAT: Expects 2008 Capex to Remain at US$1.2 Billion

PT INCO: Production Resumes After Strike Ends


J A P A N

FORD MOTOR: Retirees' Health-Fund Risk Greater than GM Workers'
FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival
GMAC COMMERCIAL: Ba2 Rating for Possible Downgrade, Moodys Says
IHI CORP: Shares Rise Due to JPY77-Bil. Property Sale Report
JAPAN AIRLINES: Sued by Cabin Workers for Human Rights Violation

NOVA CORP: Fifty-five Schools to Help Nova Students, Survey Says
NOVA CORP: Osaka Court Approves Bankruptcy Proceedings
SANYO ELECTRIC: Clarifies Issues on Nippon Oil Merger
SANYO ELECTRIC: To Book JPY100MM Loss for Year Ended March 2001
TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components


K O R E A

ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs
BOE HYDIS: Prime View to Buy 95% Stake for KRW260 Billion
DAEWOO ELECTRONICS: Back for Sale on Failed Bid
EUGENE SCIENCE: Hires Andrew Altman as Vice President
KOREAN EXPRESS: Invites Potential Buyers to Bid Until Dec. 11


M A L A Y S I A

APL INDUSTRIES: Will Hold General Meeting on December 14
PAN MALAYSIAN: Posts MYR19.7MM Net Loss in Qtr. Ended Sept. 30
SYARIKAT KAYU: Government Grants MYR4 Million for TechnoFund
TALAM CORPORATION: Submits Regularization Plan Proposals to SC
TALAM CORP: To Pay Dividend to 5-Yr. ICPS Holders on Jan. 1


N E W  Z E A L A N D

AIR NEW ZEALAND: Lock Out Suspended Pending Union Talks
BLIS TECHNOLOGIES: Reports Results for Half-Year Ended Sept. 30
BRIDGECORP: Creditors of Australian Arm Opt for Liquidation
LANDGROUP PROPERTIES: Taps Heath and Lamacraft as Liquidators
LIVING DESIGN: Court to Hear Wind-Up Petition on Dec. 10

M.A.I. DESIGN: Creditors' Proofs of Debt Due on December 7
MAIA TRAVEL: Appoints Parsons and Kenealy as Liquidators
MALMAISON DEVELOPMENT: Fixes Nov. 30 as Last Day to File Claims
ONSITE TILT: Creditors' Proofs of Debt Due on Dec. 2
ROBERTSON CORPORATION: Fixes Nov. 30 as Last Day to File Claims

XTRA VISION: Commences Liquidation Proceedings


P H I L I P P I N E S

FEDDERS CORP: Wants Until February 19 to Remove Civil Actions
NAT'L POWER: Independent Producers Seek to Acquire Own Fuel
NAT'L POWER: Discloses Plans to Import Coal for Plants in 2008
PHIL NAT'L CONSTRUCTION: Elberto Emphasis Joins Directors' Board
RIZAL COMMERCIAL: Board Approves Creation of IT Services Group

STENIEL MFG: Files Petition to Commence Business Rehabilitation
* Peso May Rise Up to PHP38/US$1 in 2008 on Weakening US Dollar
* Economy May Have Grown 7.1% in Third Quarter of 2007


S I N G A P O R E

A-P ENGINEERING: Court Enters Wind-Up Order
HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices
MEGAVISA SOLUTIONS: Creditors' Proofs of Debt Due on Dec. 7
PYRAMID REALTY: Court Enters Wind-Up Order
SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report

SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report
SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report
SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec.
ZHEJIANG HOLDING(S): Commences Liquidation Proceedings


T H A I L A N D

DOLE FOOD: Appeals Legal & Constitutional Issues in Tellez Case
PICNIC CORP: SET Temporarily Halts Trading of Securities
TOTAL ACCESS: Confident of Outcome of TOT's Access Charges Suit
TRUE MOVE: AIS Opts to Delay Collecting Interconnection Charges
TUNTEX PCL: Seeks to Extend Deadline for Payment of Group 1 Loan

     - - - - - - - -

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

AED OIL: Incurs AU$20.56-Million Net Loss for Year Ended June 30
----------------------------------------------------------------
AED Oil Limited reported a net loss of AU$20.56 million for the
year ended June 30, 2007, almost a five-fold increase from the
AU$4.53-million net loss reported for the year ended June 30,
2006.

As of June 30, 2007, the company had total assets of
AU$335.13 million and total liabilities of AU$292.58 million.

Accumulated losses for the period totaled AU$25.99 million.

AED Oil Limited -- http://www.aedoil.com/-- operates solely in  
the oil production, and oil and gas exploration industry in
Australia.  The company is engaged in the planning and
development of the Puffin Field.


AUSTRALASIA RESOURCES: Spins-off Nickel Business & Other Assets
---------------------------------------------------------------
Australasian Resources Ltd. will spin off its nickel business
and other assets into a separate listed entity, The Age reports.

The Age relates that the company will also acquire additional
assets next door for its flagship Balmoral South iron ore
project in Western Australia's Pilbara region.  Australasian has
commenced negotiations with entrepreneur Clive Palmer, who owns
the broader Balmoral deposit through his private company
Mineralogy Pty Ltd, to acquire the additional iron ore assets.

The structure and timing of the spin-off is yet to be
determined, The Ages says, but it is expected that shareholders
will have an opportunity to become investors in the new entity
either on an entitlements or priority allocation basis.

Perth, Australia-based Australasian Resources Ltd. --
http://www.austresources.com.au/-- is engaged in mineral  
exploration. During the fiscal year ended June 30, 2007 (fiscal
2007), the Company's main focus was the finalization of the
acquisition of International Minerals Pty Ltd (International
Minerals), which holds the right to mine one billion tons of
magnetite iron ore from part of the Southern block of the
Balmoral project on lease held by Mineralogy. During fiscal
2007, the Company also acquired Sherlock Bay Extended, which is
an exploration area that surrounds the main Sherlock Bay Nickel
Project area. This is a joint venture between the Company (70%
interest) and Metals Australia Ltd (30% interest). The Company
wholly owns investments in companies, including Lefroy Gold
Mines Limited, Bushjet Pty Ltd and Leteni Pty Ltd.

The company incurred net losses of AU$8.50 million,
AUS$11.60 million and AUS$4.43 million for the years ended
June 30, 2007, 2006 and 2005.


AUSTRALIAN NATURAL: Declares First Dividend
-------------------------------------------
Australian Natural Oil Research Institute Pty Ltd, which is in
liquidation, declared its first dividend on November 26, 2007.

Creditors who were not able to file their proofs of debt by
Nov. 12, 2007, were excluded from the company's dividend
distribution.

The company's liquidator is:

          Stephen Neville Hall
          Forsyths Chartered Accountants
          127 Marius Street
          Tamworth, New South Wales 2340
          Australia

                    About Australian Natural

Australian Natural Oil Research Institute Pty Ltd is a
distributor of durable goods.  The company is located at  
Armidale, in New South Wales, Australia.


CUSTOMERS LIMITED: Incurs AU$6.16-Million Net Loss for FY2007
-------------------------------------------------------------
Customers Ltd. reported a net loss of AU$6.16 million for the
year ended June 30, 2007, more than a six-fold increase from the
AU$0.91-million net loss reported for the year ended June 30,
2006.

As of June 30, 2007, the company had total assets of
AU$256.00 million, total liabilities of AU$74.84 million, and
accumulated losses of AU$18.50 million.

Highlights:

   * 48% increase in full-year revenue to AU$42.3 million;

   * Business triples in size and scale;

   * Operational integration of ATM Solutions, acquired in
     April 2007, successfully completed, one-off costs fully
     absorbed in 2006/07;

   * EBITDA of AU$4.6 million impacted by one-off costs
     associated with acquisition of ATM Solutions, ATM upgrade
     and fleet renewal and expansion in Asia;

   * Assumed 100% control of Customers Asia Ltd (previously
     jointly owned);

   * Major stake in Fintronics Holdings (Hong Kong) delivers key
     platform for expanding ATM business into China;

   * Revenues increased to AU$42.3 million up 48%;

   * Total assets increased by 262% to AU$256 million, largely
     as a result of the acquisition of ATM Solutions and the
     related capital raising;

   * Lower EBITDA of AU$4.6 million reflected the ATM fleet
     upgrade and renewal linked to the mandated Triple DES
     project. Customers also fully absorbed one-off costs
     related to the ATM Solutions acquisition including
     restructuring costs, redundancies and transaction costs.
     Significant start-up costs were also incurred in the SPS
     processing joint venture and by Customers Asia in making
     investments in Asia. Both of these enterprises are at an
     early stage of their development cycles;

   * Customers invested a total of AU$29.5 million in Customers
     Asia Limited through a number of equityfunded transactions.
     By financial year end Customers Asia was a wholly owned
     subsidiary of Customers Limited, and effectively the
     largest shareholder in Fintronics Holdings. Fintronics has
     since been restructured to become a pure ATM business, with
     operations and the sales force re-oriented along these
     lines over the past six months. Fintronics' success in
     attracting new contracts for the deployment of ATMs in
     China after these moves has been particularly pleasing.
     Fintronics' focus is now to accelerate ATM deployment which
     has been slower than expected.   Fintronics' management
     team is making good progress to this end, and the Board is
     confident that the ATM deployment strategy is gaining
     traction.  Customers remains very confident in the
     tremendous potential to create a large ATM infrastructure
     throughout Asia; and

   * 2006/07 financial results were also impacted by capital
     expenditure and the write-down in the carrying value of a
     number of ATMs as a result of the fleet upgrade/replacement
     program. Importantly, the fleet has now been upgraded or
     replaced. This positions the business well for the future.

Headquartered in Sydney, Australia, Customers Limited --
http://www.customers.com.au/-- provides automated teller  
machine and payment system services.  


CUSTOMERS LTD: Enters New Zealand Market Via NZ ATM Stakes Buy
--------------------------------------------------------------
Customers Limited has established a strategic foothold in the
New Zealand market after completing an agreement to acquire a
25% stake in NZ ATM Services Limited for NZ$1 million, Customers
Ltd. said in a corporate disclosure filed with the Australian
Stock Exchange.

The company related that the investment will occur in stages
subject to certain milestones being achieved.

The company added that the tie-up with NZ ATM is an important
step toward Customers' aim of becoming the largest independent
owner of ATMs in the Australasian region.  Customers already
owns and operates one of the largest ATM networks in Australia,
and is strategically positioned in the rapidly growing Chinese
ATM market.

The disclosure stated that NZ ATM is an emerging provider of
merchant ATMs and related services in New Zealand.  The company
has been working with Electronic Transaction Services Ltd., the
transaction processing business of New Zealand's leading banks,
to be part of the pilot roll-out of the country's first
convenience ATMs, expected to commence in early 2008.

Headquartered in Sydney, Australia, Customers Limited --
http://www.customers.com.au/-- provides automated teller  
machine and payment system services.  

The company has incurred net losses of AU$6.16 million,
AU$0.91 million, and AU$4.19 million for the years ended
June 30, 2007, 2006, 2005.


ERG LIMITED: Posts Third Annual Net Loss at AU$14.84 Million
------------------------------------------------------------
ERG Limited reported a net loss of AU$14.84 million for the year
ended June 30, 2007, a decrease from the AU$74.77-million net
loss recorded for the year ended June 30, 2006.

The company also reported a net loss of AU$7.36 million for
fiscal 2005.

The company posted total revenues of AU$224.21 million for
fiscal 2007, while other income and non-operating income added
another AU$6.34 million and AU$0.16 million to give the company
an earnings before interest tax depreciation and amortization of
AU$5.59 million, reversing a loss position of AU$18.74 million
from a year before.

Operating company divisional revenue for the year was in line
with the prior year at AU$100.5 million with EBITDA increasing
21.5% to AU$28.5 million reflecting excellent results from its
operating contracts in Melbourne, in the US including San
Francisco and Washington, and maintenance operations in
Sydney, Brisbane, Hong Kong, and Rome.

Small Project divisional revenue increased 8.5% year-on-year to
AU$48.0 million while EBITDA grew 29.4% to AU$9.2 million.  
Strong results were recorded both in France and Belgium,
especially from the Toulon, Le Mans and Clermont Ferrand
projects together with continuing growth in the product sales
and equipment maintenance areas.

Large Project divisional revenue increased 79% year-on-year to
AU$75.2 million for the year. However as a result of some delay
in achieving project milestones, increasing labour costs and
higher general project costs, the estimated costs to complete
the Sydney and San Francisco projects were revised upwards
during the year by approximately AU$14.5 million. Margin
improvements in a number of other projects could not fully
offset these increased costs resulting in the Large Projects
Division posting a loss at the EBITDA level of approximately
AU$11.5 million.

As of June 30, 2007, the company had total assets of
AU$273.77 million, total liabilities of AU$175.93 million, and
accumulated losses of AU$597.32 million.

Headquartered in Balcatta, Australia, ERG Limited --
http://www.erggroup.com/-- markets, installs, services and  
operates automated fare collection equipment and systems, and
smart card systems and services.  The company has operations in
the United States and Italy.


ERG LTD: Clarifies Public Transport Contract's Termination Date
---------------------------------------------------------------
ERG Limited has corrected media reports by confirming that its
contract with the Public Transport Ticketing Corporation would
not necessarily terminate on Dec. 3, 2007, Egoli News relates.

Although the company had received notices from the PTTC of its
intention to terminate their agreement, ERG said that it was
preparing a program to demonstrate its capability to complete
the project, Egoli states.

Egoli explains that since February 2003, ERG has been building
and installing the Sydney Integrated Ticketing System under an
agreement with the PTTC.  On  Nov. 9, 2007, ERG released a
statement explaining that delays in the technical development of
the system and certain customer actions had resulted in the
company's failure to achieve particular milestones in the
project schedule, and has received notices from the PTTC of its
intention to terminate the agreement on Dec. 3.

Contrary to some media reports, ERG advised that the notice
received from the PTTC did not necessarily indicate that their
contract would terminate, and clarifies that ERG has 20 business
days to pursue a remedy and submit a satisfactory remedial
program, Egoli writes.

Accordingly, ERG said it is preparing a program to demonstrate
its capability to complete the project in a reliable and
predictable manner, Egoli continues.

Headquartered in Balcatta, Australia, ERG Limited --
http://www.erggroup.com/-- markets, installs, services and  
operates automated fare collection equipment and systems, and
smart card systems and services.  The company has operations in
the United States and Italy.

The company has incurred net losses of  AU$14.84 million,
AU$74.77 million, and AU$7.36 million for the years ended
June 30, 2007, 2006, and 2005.


GMAC AUSTRALIA: Moody's Places Ba2 Rating for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured
rating on review for possible downgrade.  The action was in
response to GMAC's affirmation of support for Residential
Capital, LLC (ResCap), as disclosed in ResCap's November 21,
2007 debt tender announcement.  ResCap's ratings and outlook
(Ba3 senior unsecured, negative outlook) were not affected by
the tender announcement or this GMAC rating action.

Moody's said that GMAC's most recent expressions of support for
ResCap have raised additional concerns as to the extent to which
the firm might entertain a leveraging of its credit profile to
support ResCap through its operating difficulties.  Moody's
position is that any capital support GMAC extends to ResCap,
other than that for which GMAC serves only as a conduit for
GMAC's owners, would result in an equalization of GMAC's ratings
with ResCap's.  In Moody's view, GMAC's high stand-alone
leverage position has no capacity to provide un-backed support
at the current credit grade.

In Moody's last rating action on GMAC and ResCap, GMAC's ratings
were downgraded one notch to Ba2 while ResCap's ratings were
downgraded two notches to Ba3.  GMAC's ratings were kept in
proximity to ResCap's, reflecting Moody's view that GMAC could
be required to provide support to ResCap that weakens GMAC's
stand-alone credit profile.  Moody's believes that the
probability of such support may have shifted higher, in light of
the explicit indications of support recently provided by
management.

During its review of GMAC's ratings, Moody's will seek greater
definition regarding the tolerances GMAC's owners exhibit
regarding the uses of GMAC's capital and credit worth to support
ResCap in ways that could heighten risks to GMAC's creditors.  
Moody's will also explore the owners' ability and willingness to
take actions that neutralize the impact of GMAC's extensions of
support to ResCap that would otherwise diminish GMAC's stand-
alone credit profile. Moody's anticipates concluding its review
by the end of December 2007.

According to Moody's, investments or pursuit of endeavors that
primarily benefit ResCap could evidence a use of GMAC capital
that constitutes ResCap support, if not backed by injections or
other explicit support from GMAC's owners.  Moody's is also
concerned that current market conditions have delayed GMAC's
pursuit of other intended capital management initiatives
designed to strengthen its capital position.

Moody's view is that GMAC's auto finance and insurance
businesses have continuing and important strategic value to GM.  
GM's consent is required on many significant matters relating to
GMAC's strategic direction, investment, and capitalization.  
GM's interest could act as a countervailing influence on
investor pressures to further involve GMAC in supporting ResCap
through its difficulties.

ResCap's ratings (senior unsecured at Ba3) and negative outlook
are not affected by Moody's review of GMAC's ratings or the
announced US$750 million tender offer.  ResCap's current rating
assumes its parent is willing and able to provide capital
support if needed.  Moody's added that it believes that the
maturities selected for tender and overall size of the program
are appropriate considering ResCap's current liquidity position.

Detroit-based GMAC LLC provides retail and wholesale auto
financing, auto extended warranty and insurance products, and
residential mortgage finance through wholly-owned subsidiary
Residential Capital, LLC. GMAC reported a consolidated nine-
month net loss of US$1.6 billion.


H.R. GLOSSOP: Liquidator to Give Wind-up Report on November 30
--------------------------------------------------------------
H.R. Glossop Pty Ltd will hold a final meeting for its members
and creditors on November 30, 2007.

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

The Liquidator can be reached at:

          Steven Nicols
          Nicols + Brien
          Level 5, 221-229 Crown Street
          Wollongong, New South Wales
          Australia
          Telephone:(02) 9299 2289
          Web site: http://www.bankrupt.com.au
          Australia

                       About H.R. Glossop

H.R. Glossop Pty Ltd provides electrical work.  The company is
located at  Wollongong, in New South Wales, Australia.


JAY GARDENING: Members to Receive Wind-Up Report on Dec. 6
----------------------------------------------------------
A meeting will be held for the members of Jay Gardening Pty Ltd
on December 6, 2007, at 10:30 a.m.

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

The Liquidator can be reached at:

          David Levi
          PKF Chartered Accountants
          & Business Advisers
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia

                       About Jay Gardening

Jay Gardening Pty Ltd provides electrical equipments and
supplies.  The company is located at Villawood, in New South
Wales, Australia.


KEL LEWIS: Members Receive Wind-Up Report
-----------------------------------------
The members of Kel Lewis Real Estate Australia Pty Ltd met on
November 19, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peter Hicks
          Forsythes
          Level 5, 175 Scott Street
          Newcastle, New South Wales 2300
          Australia

                         About Kel Lewis

Kel Lewis Real Estate Australia Pty Limited operates non-
classifiable establishments.  The company is located at  
Cardiff, in New South Wales, Australia.


MOBILESOFT LIMITED: To Declare Dividend on December 6
-----------------------------------------------------
Mobilesoft Limited, which is in liquidation, will declare
dividend on December 6, 2007.

Creditors who were not able to file their proofs of debt by the
November 20, 2007 deadline will be excluded from the company's
dividend distribution.

The company's deed administrators are:

          Sule Arnautovic
          Roderick Mackay Sutherland
          Jirsch Sutherland
          Level 4, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334

                     About Mobilesoft Limited

Mobilesoft Limited provides communications services.  The
company is located at Neutral Bay, in New South Wales,
Australia.


MULLINS CONSTRUCTIONS: Placed Under Voluntary Liquidation
---------------------------------------------------------
At an extraordinary general meeting held on October 19, 2007,
the members of Mullins Constructions Pty Ltd agreed to
voluntarily liquidate the company's business.

Arthur Eady was appointed as liquidator.

The Liquidator can be reached at:

          Arthur Eady
          Chartered Accountant
          Level 6, 131 Clarence Street
          Sydney
          Australia

                   About Mullins Constructions

Mullins Constructions Pty Ltd provides coating, engraving, and
allied services.  The company is located at Belfield, in New
South Wales, Australia.


NRG ENERGY: Discloses New Consent Alternative Solicitations
-----------------------------------------------------------
NRG Energy Inc. is providing each investor with a new consent
alternative with respect to its Notes in addition to the
previously announced tender offers and consent solicitations,
which remain in effect, in connection with its pending
conditional tender offers and concurrent consent solicitations
relating to its US$4.7 billion of outstanding 7.25% senior notes
due 2014, 7.375% senior notes due 2016 and 7.375% senior notes
due 2017.

As previously announced, each investor may elect to tender its
Notes in the conditional, contractually required offers at 101%
of the principal amount, plus accrued interest, or may elect to
receive a consent payment of US$1.25 to US$2.50 in cash per
US$1,000 principal amount of Notes.  For the Original Consent
Payment, consents are limited to an agreement (the Original
Amendment) not to require the change of control offers in
connection with NRG's formation of a holding company structure
via the contemplated intercompany merger transaction.  The
Original Consent Payment will be a minimum of US$1.25 per
US$1,000 principal amount of Notes, or, in the event that such
consents are received from a majority in principal amount of a
series of Notes, will be US$1.25 divided by the percentage of
that series which consented.

As supplemented, each investor will have the same two
alternatives as before as well as a new consent alternative.

Under the new alternative, each investor may elect to receive a
consent payment of US$7.50 to US$15.00 in cash per US$1,000
principal amount of Notes.  For the Alternative Consent Payment,
consents will provide a new exception to the limitation on
restricted payments in the indentures for the Notes which will
permit restricted payments, including dividends and/or stock
repurchases, of up to US$300 million per year, with any of this
additional restricted payment capacity not used during a year
being carried over to the next year on a cumulative basis and
without reducing the amounts otherwise available to make
restricted payments.  In the event that consents to the new
consent alternative are received from a majority in principal
amount of each of the three series of Notes, the Alternative
Consent Payment will be US$7.50, divided by the overall
percentage of the aggregate principal amount of the Notes that
delivered consents under the new alternative and, in that event,
NRG will not consummate the Holdco Merger and NRG will not be
obligated (but reserves the right) to consummate the tender
offers.  In all other events, Holders of Notes who deliver
consents under the new consent alternative will also be
consenting to the Original Amendment and will receive US$7.50
per US$1,000 principal amount of such Notes subject to and
promptly upon consummation of the Holdco Merger.

NRG's obligation to make the minimum consent payments of US$1.25
per US$1,000 principal amount of Notes or US$7.50 per US$1,000
principal amount of Notes, as applicable, is not conditioned on
the receipt of consents from holders of Notes representing a
majority in principal amount of any one or more series.
The only condition to NRG's obligation to make these minimum
consent payments is the consummation of the Holdco Merger, and
NRG will make these consent payments promptly thereafter.  The
only condition to NRG's obligation to make the Maximum
Alternative Consent Payment is the receipt and effectiveness of
consents to the new consent alternative from holders of a
majority in principal amount of each of the three series of
Notes, and NRG will make such payments promptly thereafter.

If that consents are received with respect to Notes representing
a majority in principal amount of a particular series of Notes
(whether under the original consent alternative, the new consent
alternative or both on a combined basis), NRG will have the
option to terminate the tender offer for that series of Notes in
its discretion without purchasing any tendered Notes of such
series.  Tendered Notes will not be eligible to receive any
consent payment even if NRG exercises its option to terminate
the tender offer for a series after receiving majority consents
from that series.

The tender offers are not being modified and will continue in
effect on the same terms and conditions as previously announced.
The tender offers are expressly conditioned on the consummation
of the Holdco Merger (although NRG reserves the right to accept
tenders and purchase tendered Notes even if the Holdco Merger is
not consummated).

Only one election (tender, original consent or alternative
consent) may be made with respect to a specific principal amount
of Notes.  However, one election may be made for a portion of
such Notes and another election or elections may be made for the
remainder of such Notes (in each case in a minimum principal
amount of US$1,000).  Holders who deliver consents with respect
to any Notes will be eligible to receive either the Original
Consent Payment or the Alternative Consent Payment for such
Notes, as appropriate according to their election for such
Notes, but not both consent payments.  Notes that are neither
tendered nor consented will not be eligible to receive a consent
payment under any circumstances.

The tender offers and the consent solicitations will expire at
9:00 a.m., New York City time, on Dec. 4, 2007, unless extended.
NRG reserves the right, but is not obligated, to extend the
tender offers and the consent solicitations. Tenders may be
withdrawn and consents may be revoked at any time prior to 9:00
a.m., New York City time, on Dec. 4, 2007.

The complete terms of the tender offers and consent
solicitations are contained in the Notice of Conditional Offers
to Purchase and Concurrent Alternative Consent Solicitations
Statement dated Nov. 2, 2007, as supplemented by the Supplement
dated Nov. 26, 2007.  Copies of the Supplement are being sent to
holders of Notes.  Each tender offer or consent solicitation
with respect to a series of Notes is independent of the others.

Banc of America Securities LLC is the exclusive dealer manager
for the tender offers and solicitation agent for the consent
solicitations.  Questions regarding the tender offers and the
consent solicitations can be addressed to Banc of America
Securities LLC at (888) 292-0070 or (212) 847-5188.  Requests
for documents may be directed to MacKenzie Partners, Inc., the
information agent, at (800) 322-2885 or (212) 929-5500.

                     About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse  
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                       *     *     *

Standard & Poor's Ratings Services rates NRG Energy Inc.'s
USUS$4.7 billion unsecured bonds at 'B'.  In addition, Standard
& Poor's rates NRG Energy Inc.'s corporate credit rating at
'B+'.  S&P said the outlook is stable.


PLANTATION EQUITY: Declares Dividend for Creditors
--------------------------------------------------
Plantation Equity Pty Ltd declared its first dividend on
Nov. 26, 2007.

Creditors who were not able to file their proofs of debt by
Nov. 12, 2007, will be excluded from the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 4, 2005.

The company's liquidator is:

          Stephen Neville Hall
          Forsyths Chartered Accountants
          127 Marius Street
          Tamworth, New South Wales 2340
          Australia

                     About Plantation Equity

Plantation Equity Pty Ltd is involved with chemical
preparations.  The company is located at Bendemeer, in New South
Wales, Australia.


ROUSSEL UCLAF: Members to Hold Meeting on November 28
-----------------------------------------------------
The members of Roussel Uclaf Australia Pty Limited will hold a
meeting on November 28, 2007, at 10:15 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on December 1, 2006.

The company's liquidator is:

          Geoffrey Reidy
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney, New South Wales 2000
          Australia

                        About Roussel Uclaf

Roussel Uclaf Australia Pty Limited operates offices of holding
companies.  The company is located at Lane Cove, in New South
Wales, Australia.


SAN MICHELE: Creditors Resolve to Close Business
------------------------------------------------
On October 17, 2007, the creditors of San Michele Travel Pty Ltd  
had a meeting and resolved to voluntarily liquidate the
company's business.

Bradd Morelli and Sule Arnautovic were appointed as liquidators.

The Liquidators can be reached at:

          Bradd Morelli
          Sule Arnautovic
          Jirsch Sutherland
          Level 4, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334

                       About San Michele

San Michele Travel Pty Ltd, which is also trading as Singapore
Travel, operates travel agencies.  The company is located at  
Sydney, in New South Wales, Australia.


SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357
-----------------------------------------------------------
The SCO Group Inc. reported zero revenues and zero expenses for
the period beginning Sept. 15 through 30, 2007.  However, the
company generated other income from China Investment of US$1,608
for the period ending Sept. 30, 2007.  The company's net profit
for the month of September 2007 was US$1,608.

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

A full-text copy of the company's Sept. 15-30, 2007, report:

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

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

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


SYMBION HEALTH: ATO Rules Out Healthscope-Led CGT Arrangement
-------------------------------------------------------------
Symbion Health Limited said that the Australian Tax Office has
ruled that Symbion cannot benefit from scrip for scrip CGT roll-
over relief in relation to the proposed diagnostics transaction
with Healthscope Limited.

As a result, neither the proposed diagnostics transaction with
Healthscope nor the proposed C&P scheme with the consortium
comprising Ironbridge Capital and Archer Capital will proceed.

Symbion Health's Chairman, Paul McClintock said:

"We are very disappointed that the ATO has formed the view that
Symbion Health cannot benefit from scrip for scrip roll-over
relief in relation to the proposed diagnostics transaction.    
Symbion Health had expected to receive all the regulatory
approvals required to implement the proposed diagnostics
transaction and the proposed C&P scheme and had received strong
tax advice supporting the applications for the ATO rulings.   
Given the ATO's decision, Symbion Health shareholders will miss
out on the opportunity to participate in the very substantial
benefits which were expected from the diagnostics transaction."

"Symbion Health has attractive businesses which are performing
well.  They have a strong track record and have further
opportunities for growth.  The Board has full confidence in the
management team's ability to continue to deliver strong results
from the Symbion Health's businesses."

"The Symbion Health Board is unanimous and resolute in
continuing to reject Primary's inadequate and highly conditional
offer for Symbion Health.  The Board continues to believe that
Primary's AU$4.10 offer does not reflect the high quality of the
company's businesses or provide our shareholders with an
adequate share of the very significant synergy benefits which
are expected to arise from a combination of the company's
businesses with Primary's businesses."

"Based on our analysis and the synergies that Primary has said
it expects to achieve, an acquisition of Symbion Health by
Primary is likely to be significantly earnings per share
accretive for Primary at a price well above AU$4.50 per Symbion
share."

"If shareholders accept Primary's offer, they will no longer
benefit from exposure to Symbion Health's businesses."

"The Symbion Health Board continues to unanimously recommend
that shareholders reject the inadequate and highly conditional
takeover offer by Primary."

"Symbion Health continues to be concerned at Primary's
misleading presentation of its offer to Symbion Health
shareholders and Symbion Health intends to take action to ensure
that its shareholders are fully and fairly informed."

Symbion Health, Healthscope and the IAC Consortium have agreed
to terminate the Transaction Implementation Deed between Symbion
Health and Healthscope and the Scheme Implementation Deed
between Symbion Health and the IAC Consortium in accordance with
the terms of those documents, other than in relation to the
timing of the termination, which has immediate effect.

As a result, the Symbion Health Board has resolved to cancel the
transaction meetings scheduled for this Friday, November 30,
2007, commencing at 10.30 a.m.  Accordingly, the Symbion Health
Diagnostics General Meeting, the C&P General Meeting and,
subject to the approval of the Victorian Supreme Court, the C&P
Scheme Meeting will not take place.  The Company's Annual
General Meeting will however still be held as scheduled this
Friday November 30, 2007.

                      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: Moody's Continues Downward Review of Ba1 Rating
---------------------------------------------------------------
Moody's Investors Service said that its Ba1 issuer rating for
Symbion Health Limited remains on review for possible downgrade.  
This follows Symbion's announcement that the proposed schemes of
arrangement involving Healthscope Limited and a private equity
consortium will not progress.

"Although the proposed schemes of arrangement will no longer
proceed to a shareholder vote, the rating remains under review
for possible downgrade reflecting the uncertainties surrounding
Primary Healthcare Limited offer to acquire the remaining shares
in Symbion," says Peter Fullerton, a Moody's AVP/Analyst.

Primary announced their intention to make a formal acquisition
offer to Symbion's shareholders on November 8, 2007, and that
the offer is expected to be formalized on December 4, 2007.  
Moody's notes that Primary continues to hold a 20% interest in
Symbion.

The review reflects the uncertainties surrounding Symbion's
financial and operational profile as a result of the acquisition
offer currently put forward by Primary.

Moody's also notes the presence of change-of-control provisions
in Symbion's bank facility agreement as well as financial
covenants, which could restrict further indebtedness at the
company.

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.


SYMBION: S&P Affirms Rating After ATO Rules Out Healthscope Bid
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BBB-' ratings on Symbion Health Ltd. and Symbion's associated
bank loans and removed the ratings from CreditWatch with
negative implications, where they were first placed on
May 1, 2007.  The outlook is negative.

This rating action follows Symbion's announcement that the
Australian Tax Office had ruled that Symbion could not benefit
from capital-gains-tax rollover relief in relation to the
proposed diagnostics transaction with Healthscope Ltd.
(Healthscope; not rated).  The ruling was a key condition for
the proposed bid to go ahead.  As a result, neither the proposed
diagnostics transaction with Healthscope nor the proposed
consumer and pharmacy services businesses scheme arrangement
with the consortium comprising Ironbridge Capital and Archer
Capital will proceed.

While the Symbion board continues to reject a separate takeover
offer from Primary Health Care Ltd. (not rated), the potential
for further ownership-related alternatives cannot be ruled out.

The negative outlook on the Symbion credit rating relates to the
challenge for management to improve profitability from its four
business platforms and reduce the company's debt burden.  The
key credit-protection measures expected to remain appropriate
for the rating category are sustained funds from operations to
debt greater than 20%, and net debt to net capital below 50%.


THE BANALASTA OIL: Declares First Dividend for Creditors
--------------------------------------------------------
The Banalasta Oil Plantation Limited, which is in liquidation,
declared its first dividend on November 26, 2007.

Creditors who were not able to file their proofs of debt by
November 12, 2007, were excluded from the company's dividend
distribution.

The company's liquidator is:

          Stephen Neville Hall
          Forsyths Chartered Accountants
          127 Marius Street
          Tamworth, New South Wales 2340
          Australia

                      About The Banalasta Oil

The Banalasta Oil Plantation Limited operates vegetable oil
mills.  The company is located at Bendemeer, in New South Wales,
Australia.


* Fitch Says Australian RMBS Delinquencies Fall in Q307
-------------------------------------------------------
Fitch Ratings has said that the Australian prime mortgage market
has shown a decline in delinquencies in the third quarter of
2007.  The 30+ day delinquencies for the market decreased to
1.15% from 1.48%, the index's lowest level since December 2005.  
The improvement in the index supports the agency's continued
positive outlook for Australian prime residential mortgage
backed securities (RMBS), which is underpinned by strong
fundamentals of record low unemployment and historically low,
albeit increasing, interest rates.

Fitch notes that part of the reduction in delinquencies was due
to index constituent methodology; however, taking the
methodology out of the equation, delinquency did improve in
Q307, which continues the downward trend for third quarter
delinquency.  The breakdown net of the methodology can be viewed
in the full report.

"There are seasonal aspects at play in the most recent data on
missed mortgage payments.  Typically, missed mortgage payments
are at their lowest between May and October and rise in the
Christmas and post-Christmas periods of November through to
April.  We expect the upcoming Christmas period, coupled with
recent interest rate rises to result in an increase in arrears
levels in Q407 and Q108, although the low base from which these
increases will start keeps Australian residential mortgage
performance well within Fitch's expectations," noted Ben
McCarthy, Managing Director and Head of Fitch's Australian
Structured Finance team.

The agency notes that 30+ day delinquencies for low-doc loans
have also decreased in Q307 to 4.05% from 4.54% in Q207.  Fitch,
in its Dinkum Index, states low-doc borrowers, being primarily
self-employed, are more affected by shifts in the economy such
as interest rate movements, thus, Fitch expects low-doc arrears
to rise in the next six months as the latest interest rate rises
and Christmas credit purchases are expected to put pressure on
this sector of the market.

Covering four categories of delinquencies (30 to 59 days, 60 to
89 days, 90+ days and 30+ days) as well as claims against
lenders' mortgage insurance (LMI), the Dinkum report enables
market participants to compare the performance of Australian
RMBS deals and monitor trends in the Australian RMBS market.


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

ALPHA PROFIT: Creditors' Proofs of Debt Due on December 19
----------------------------------------------------------
The creditors of Alpha Profit Company Limited, which is in
liquidation, are required to file their proofs of debt by
December 19, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

          Mark Ching Hang
          1st Floor, 46 Johnston Road
          Wanchai, Hong Kong


ASSOCIATION FOR BETTER HK: Members' Final Meeting Set on Dec. 24
----------------------------------------------------------------
The members of the Association for a Better Hong Kong Limited
will hold their final general meeting on December 24, 2007, at
11:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at Room 2302, CRE Building, 303
Hennessy Road, in Wanchai, Hong Kong.


BEST GEAR: Commences Liquidation Proceedings
--------------------------------------------
Best Gear International Company Limited commenced liquidation
proceedings on November 23, 2007.

The company's liquidator is:

         Yeung Ping Hung
         Room 1801-05, Hua Qin International Building
         340 Queen's Road, Hong Kong


BREAN DISTRIBUTORS: Creditors' Proofs of Debt Due on Dec. 17
------------------------------------------------------------
The creditors of Brean Distributors Limited, which is in
liquidation, are required to file their proofs of debt by
December 17, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Briscoe
         7th Floor Allied Kajima Building
         138 Gloucester Road, Hong Kong


CARKEY LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
Carkey Limited commenced liquidation proceedings on November 10,
2007.

The company's liquidators are:

         Chou Sin Mui
         Wong Hon Sing
         Room 603-4,6th Floor, Hang Seng Wanchai Building
         200 Hennessy Road
         Wanchai, Hong Kong


CARLZEN INVESTMENT: Creditors' Proofs of Debt Due on Dec. 14
------------------------------------------------------------
The creditors of Carlzen Investment & Development Company
Limited, which is in liquidation, are required to file their
proofs of debt by December 14, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Lin Lai Har Wendy
         1301 Eton Tower, 8 Hysan Avenue
         Causeway Bay, Hong Kong


CENTRAL FORUM: Commences Liquidation Proceedings
------------------------------------------------
Central Forum Investment Limited commenced liquidation
proceedings on November 17, 2007.

The company's liquidator is:

         Ho Te Hwai Cecil
         Unit 3091, 39th Floor
         Far East Finance Centre
         16 Harcourt Road, Hong Kong


CHARGEUSRS: Commences Liquidation Proceedings
---------------------------------------------
Chargeurs Wool Sales (Hong Kong) Limited commenced liquidation
proceedings on November 14, 2007.

The company's liquidators are:

         Chung Miu Yin Diana
         Yeung Betty Yuen
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


CITIC PACIFIC: To Form US$99.6-Million Joint Ventures in China
--------------------------------------------------------------
CITIC Pacific Ltd's unit, Ipson Investments Ltd, has entered
into an agreement with Perfect Future International Ltd to form
two joint venture companies in the eastern Jiangsu province of
China, Trading Markets reports.

The joint ventures, according to the report, will process and
recycle metal slag and resell these recycled products.

Trading Markets relates that the joint ventures, which will each
be owned 80% by Ipson and 20% by Perfect Future, will require a
total investment of US$99.6 million.  Thus, each company will
require a total investment of US$49.8 million, the report says.

CITIC Pacific, the report notes, said that steel manufacturing
is one of the group's core businesses and the establishment of
the joint ventures provides an opportunity for it to invest in
and further expand its steel manufacturing business in mainland
China.

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of     
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP reported that Moody's Investors Service
on June 16, 2006, assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concludes the review initiated by the rating
agency in April 2006.


CITIC PACIFIC: To Invest US$4.6 Bln. in Australia Iron Project
--------------------------------------------------------------
Citic Pacific Ltd., a listed unit of China's Citic Group, said
that it plans to spend US$4.6 billion on its proposed Sino Iron
Project in Australia. the Associated Press reports.

Citic Pacific, in an e-mail message to Dow Jones Newswires, said
that construction in Western Australia's Pilbara region is due
to start in 2008, while production of 27.6 million metric tons
may start in 2009, with iron pellets and concentrates exported
to Chinese steel mills.

AP cites Larry Yung, Citic Pacific's chairman, as saying that
the project includes options for expansion that could increase
production to over 70 million tons annually.

Citic Pacific said that it is working with the Western
Australian government to secure approval for the project, the
report says.  The project, the report explains, involves
construction of a concentrator, pellet plant, slurry pipeline,
port facilities, power station and desalination plant.


Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of     
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP reported that Moody's Investors Service
on June 16, 2006, assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concludes the review initiated by the rating
agency in April 2006.


DIGITAL CREATION: Liquidators Quit Post
---------------------------------------
On November 15, 2007, Hau Wun Fai and Li Siu Fung stepped down
as liquidators for Digital Creation Company Limited, which is
currently undergoing liquidation.


E2E SUPPLY: Creditors' Proofs of Debt Due on Dec. 24
----------------------------------------------------
The creditors of E2E Supply (Hong Kong) Limited, which is in
liquidation, are required to file their proofs of debt by
December 24, 2007, to be included in the company's dividend
distribution.

The  company commenced liquidation proceedings on November 15,
2007.

The company's liquidator is:

          Men Yihu
          c/o Century Business Consultant Limited
          23 Floor, Asia Orient Tower
          Town Place 33 Lockhart Road
          Wanchai, Hong Kong



GOLD-M: Commences Liquidation Proceedings
-----------------------------------------
Gold-M Investment Limited commenced liquidation proceedings on
November 17, 2007.

The company's liquidator is:

          Ho Te Hwai Cecil
          Unit 3091, 39th Floor
          Far East Finance Centre
          16 Harcourt Road, Hong Kong


HONG KONG & KOWLOON: Creditors' Proofs of Debt Due on Dec. 24
-------------------------------------------------------------
The creditors of Hong Kong & Kowloon Sun Hing Clansmen General  
United Association Limited, which is in liquidation, are
required to file their proofs of debt by December 24, 2007, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on November 15,
2007.

The company's liquidator is:

          Leung Kai Ming
          Flat 2601, 26th Floor, Block 7
          On Pak House, Cheung On Estate
          1 Tam Kon Shan Road
          Tsing Yi, N.T.


IANCASTLE LIMITED: Members to Hold Final Meeting on December 28
---------------------------------------------------------------
The members of Iancastle Limited will have their final general
meeting on December 28  2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Unit 2605, Island Place Tower, 510
King's Road, in North Point, Hong Kong.

The company commenced liquidation proceedings on July 26, 2007.


JOI MAXIE: Members Will Hold Final Meeting on December 28
--------------------------------------------------------
The members of Joi Maxie Limited will have their final general
meeting on December 28, 2007, at 10:35 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Level 28, Three Pacific Palce, in 1
Queen's Road East, Hong Kong.

The company commenced liquidation proceedings on June 22, 2007.

The Liquidator can be reached at:

          Huang Qimin
          No. 99, Lane 4028
          Long Dong Avenue
          Shanghai, Postcode 201201
          China


LAI FUNG HOLDINGS: To Sell Stake in Guangzhou Asset for HKD422MM
----------------------------------------------------------------
Lai Fung Holdings Ltd said that its subsidiary, Lai Fung Co Ltd,
has agreed to sell its wholly owned Perfect Mark Worldwide Ltd
to Right Rich Investments Ltd for HKD422 million, Trading
Markets relates.

According to the report, Lai Fung Holdings said that the
aggregate sale price includes a shareholder loan.  The company,
however, did not specify the loan amount, the report notes.

Trading Markets says that Lai Fung Holdings will use the net
proceeds of the sale as working capital.

Lai Fung Holdings Ltd is the China property arm of Lai Sun Group
and focuses on mid-market property development and investment in
Guangzhou and Shanghai.  The company currently has a development
land bank of around 1 million sqm.  It also has two investment
properties with attributable gross floor area of 162,000 sqm.

Moody's Investors Service, on April 17, 2007, affirmed Lai Fung
Holdings Ltd's B1 corporate family rating and senior bond rating
in view of the successful closing of its US$200 million bond
issuance.


LEE GARDENS: Creditors' Proofs of Debt Due on December 14
---------------------------------------------------------
The creditors of Lee Gardens Company Limited, which is in
liquidation, are required to file proofs of debt by December 14,
2007, to be included in the company's dividend distribution.

The  company commenced liquidation proceedings on November 12,
2007.

The company's liquidators are:

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


LEE GARDENS (CHINA): Creditors' Proofs of Debt Due on Dec. 14
-------------------------------------------------------------
The creditors of Lee Gardens Hotel Management (China) Company
Limited, which is in liquidation, are required to file their
proofs of debt by December 14, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 12,
2007.

The company's liquidators are:

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


LEE GARDENS HOTEL: Creditors' Proofs of Debt Due on December 14
---------------------------------------------------------------
The creditors of Lee Gardens Hotel Management (Hong Kong)
Company Limited are required to file their proofs of debt by
December 14, 2007, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on November 12,
2007.

The company's liquidators are:

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


L.P. CONTRACTORS: Members to Hear Wind-up Report on December 11
---------------------------------------------------------------
The members of L.P. Contractors & Construction Co. (Hong Kong)
Limited will hold their general meeting on December 11, 2007, at
10:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at Room 103, Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.

The liquidator can be reached at:

           Mr. Lo Wing Hung
           Room 401, 4th Floor
           China Insurance Building
           141 Des Voeux Road
           Central, Hong Kong


MOSSIDE ENTERPRISES: Members' Meeting Slated for December 24
------------------------------------------------------------
The members of Mosside Enterprises Limited will have their
general meeting on December 24, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Level 28, Three Pacific Place, 1
Queen's Road, in East, Hong Kong.

The company commenced liquidation proceedings on on Feb. 26,
2007.

The company's Liquidators are:

          Ying Hing Chiu
          Chung Miu Yin, Diana
          Level 28, Three Pacific Place
          1 Queen's Road
          East, Hong Kong


MOUNT CITY: Liquidator Quits Post
---------------------------------
On November 15, 2007, Ng Hon Wai Derek stepped down as
liquidator for Mount City Property Limited.

The company is currently undergoing liquidation.


NUCLEAR CONSTRUCTION: Members, Creditors To Meet on December 5
--------------------------------------------------------------
The members of Nuclear Construction and Engineering Company
Limited will have their general meeting on December 5, 2007, at
10:00 a.m., while the company's creditors will meet at
10:30 a.m. on the same date.

During the meeting, Stephen Briscoe and Cosimo Borrelli, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.

The meeting will be held at the 9th Floor of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

The Joint and Several Liquidators can be reached at:

          Stephen Briscoe
          Cosimo Borrelli
          5/F Allied Kajima Building
          138 Gloucester Road
          Wanchai, Hong Kong


PARLEX ASIA: Members to Hold Meeting on December 27
---------------------------------------------------
The members of Parlex Asia Pacific Limited will hold their
general meeting on December 27, 2007, at 9:00 a.m., to hear the
liquidators' report on the company's wind-up proceedings and
property disposal.

The meeting will be held at 6-22 Dai Shun Street, Tai Po
Industrial Estate, N.T., Hong Kong.

The company's liquidators are:

          Yip Chee Lan
          Chan Kwok Hung
          Johnson Building
          6-22 Dai Shun Street, Tai Po Industrial Estate
          Tai Po, N.T.
          Hong Kong


RANNIS COMPANY: Commences Liquidation Proceedings
-------------------------------------------------
Rannis Company Limited commenced liquidation proceedings on
November 9, 2007.

The company's liquidators are:

          Nathalia K M Seng
          Susan Y H Lo
          Level 28, Three Pacific Place
          1 Queen's Road
          East, Hong Kong


RASHTI & RASHTI: Creditors' Proofs of Debt Due on December 28
-------------------------------------------------------------
The creditors of Rashti & Rashti (Hong Kong) Limited, which is
in liquidation, are required to file their proofs of debt by
December 28, 2007, to be included in the company's dividend
distribution.

The  company commenced liquidation proceedings on November 13,
2007.

The company's liquidators are:

          Robin Harris
          Fok Pui Ling Linda
          31st Floor, The Center
          99 Queen's Road
          Central, Hong Kong


SIBER HEGNER: Liquidator Quits Post
-----------------------------------
On November 22, 2007, Tsang Man Hing, stepped down as
liquidator for Siber Hegner Luxury Limited, which is undergoing  
liquidation.

The former liquidator can be reached at:

          Tsang Man Hing
          12/F, Grand Building
          Nos. 15-18 Connaught Road
          Central, Hong Kong


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

AES CORP: Restarts Alamitos Power Station Unit
----------------------------------------------
The AES Corp. has restarted the 495-megawatt Unit 6 at its
Alamitos natural gas-fired power station in California,
according to a report by the California Independent System
Operator.

As reported in the Troubled Company Reporter-Latin America on
Oct. 25, 2007, AES shut down Unit 6 for unplanned work.

Reuters reports that AES closed down the unit on Nov. 1, 2007.

The other units were available for service, Reuters notes.

According to Reuters, the 1,997-megawatt Alamitos plant is in
Long Beach in Los Angeles County.  The plant has six units:

         -- two 175-megawatt Units 1 and 2,
         -- the 332-megawatt Unit 3,
         -- the 335-megawatt Unit 4,
         -- the 485-megawatt Unit 5, and
         -- the 495-megawatt Unit 6.

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

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


CABLE & WIRELESS: Launching Disabling Service for Stolen Phones
---------------------------------------------------------------
Cable & Wireless' Jamaican unit will launch by Dec. 7, 2007, a
new service that will blacklist and shut down stolen cellular
phones, The Jamaica Observer reports.

The Jamaica Information Service relates that the Jamaican
government had asked Cable & Wireless, Digicel, and Miphone to
make efforts to protect subscribers.

Jamaican energy, mining and telecommunications minister Clive
Mullings told The Observer that due to concerns raised about the
"alarming rate of cellular phones being stolen and the threat of
violence to the owners," he launched discussions with mobile
companies Cable & Wireless, Digicel, and Miphone about launching
a system of closing down and blacklisting stolen phones to make
those phones useless in the hands of thieves or their
beneficiaries.

According to The Observer, Jamaican education minister Andrew
Holness suggested the service two years ago.

Minister Mullings told The Observer that Cable & Wireless,
Digicel, and Miphone responded positively to proposals.  Cable &
Wireless sent a letter to him on Nov. 9, advising him that the
firm would be ready to implement blacklisting and shutting down
of their stolen mobile phones by Dec. 1.

Digicel and MiPhone also expressed their willingness to launch
the same service but they hadn't given a start-up date, The
Jamaica Gleaner notes, citing Minister Mullings.

Minister Mullings commented to The Observer, "We are a people
who like to be 'on top of things', and we will continue to
acquire the latest in phone and telecommunication technology to
keep us in touch.  The government, therefore, had to find a way
to allow individuals to continue to avail themselves of the use
of mobile phones, while reducing the danger posed by dishonest
and anti-social persons."

Minister Mullings told the Jamaica Information Service, "If the
government did not move quickly to address the problem, we would
continue to see an increase in the number of incidents in which
our citizens, including school children, are attacked for their
phones."

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


EXIDE TECH: Posts US$14.8 Mil. Loss in Fiscal 2008 2nd Quarter
--------------------------------------------------------------
Exide Technologies reported its financial results for its fiscal
2008 second quarter, which ended Sept. 30, 2007.

The company reported a net loss of US$14.8 million for the
second quarter of fiscal 2008 as compared with a net loss of
US$35.1 million in the second quarter of fiscal 2007.  Included
in the current period's net loss was a non-cash tax charge of
US$16.7 million resulting from an adjustment to the company's
net deferred tax asset in Germany to recognize the impact of a
lower corporate tax rate.

Foreign currency remeasurement gains in the current quarter
aggregated US$9.6 million compared with a US$1.3 million
remeasurement loss in the prior year period favorably impacting
year-over-year pre-tax results by US$10.9 million.

Operationally, gross profit aggregated US$130.3 million in the
second quarter of fiscal 2008, an increase of US$24.9 million
over the prior year comparable period. Increased gross profit
resulted principally from higher pricing and continued improved
manufacturing performance, partially offset by the rapid
escalation of lead costs and recognition of an incremental
US$4.5 million environmental remediation provision.

Total selling, general, and administrative expenses for the
second quarter of fiscal 2008 amounted to US$107.9 million
compared with US$102.3 million in the fiscal 2007 second
quarter. The fiscal 2008 second quarter costs were unfavorably
impacted by the weaker U.S. dollar, but were also impacted by
targeted incremental marketing spending.

The net loss for the first half of fiscal 2008 was
US$50.5 million and compared with a net loss of US$73.0 million
in the comparable prior year period.  In addition to the
aforementioned tax charge in the second quarter of fiscal 2008,
current year six month results were unfavorably impacted by the
US$21.3 million loss on early debt extinguishment disclosed in
the company's 10-Q for the first quarter of this fiscal year,
associated with the company's lower cost refinancing effort.

                Liquidity and Capital Resources

As of Sept. 30, 2007, the company had total liquidity of
US$167.7 million consisting of cash and cash equivalents of
US$91.6 million and availability under the company's revolving
loan facility and other loan facilities of US$40.1 million and
US$36.0 million.  This compared to a total liquidity position of
US$145.9 million at March 31, 2007, consisting of cash and cash
equivalents of US$76.2 million and availability under the
revolving loan facility and other credit facilities of
US$59.3 million and US$10.4 million.
     
At Sept. 30, 2007, the company's balance sheet showed total
assets of US$2.39 billion, total liabilities of US$2.0 billion
and total sheholders' equity of US$394.7 million.

                About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.  The company has operations in Norway,
India and Italy.  The company filed for chapter 11 protection on
Apr. 14, 2002 (Bankr. Del. Case No. 02-11125).  Matthew N.
Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis,
represented the Debtors in their successful restructuring.  The
Court confirmed Exide's Amended Joint Chapter 11 Plan on April
20, 2004.  The plan took effect on May 5, 2004.  

                          *     *     *

Moody's Investor Service placed Exide Technologies' senior
secured debt and probability of default ratings at 'Caa1' in
September 2006.  The ratings still hold to date with a stable
outlook.


GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers'
-------------------------------------------------------------
Ford Motor Company retirees face a higher risk of paying their
own medical expenses compared to their General Motors Corp.
counterparts under a newly ratified union provision, which
analysts claim works better for Ford than for its workers, Jeff
Green and Bill Koenig write for Bloomberg News.

The Troubled Company Reporter disclosed on Nov. 16, 2007, that
the United Auto Workers union membership employed at Ford Motor
had ratified a memorandum of understanding that covers post-
retirement medical care and a new national collective bargaining
agreement governing the wages, hours and terms and conditions of
employment for UAW-represented employees.

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

Almost half of the US$13.6 billion that Ford Motor had agreed to
contribute into the VEBA trust, is pledged against either Ford
shares or assets, compared with about 14% of GM's US$32 billion,
Bloomberg states.  

Ford will use a US$3.3 billion bond convertible to Ford shares
that matures in 2013 and a US$3 billion, 10-year, second lien
against the company's assets to pay part of the US$13.6 billion,
Bloomberg reveals.

"Ford's health care scheme fails to achieve one of the primary
goals of the UAW -- a separation between the financing for
retiree health care and the fate of Ford," Fitch Ratings credit
analyst Mark Oline said in an interview, Bloomberg notes.

When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end
their obligation to pay an estimated US$70.7 billion in retiree
health care costs, Bloomberg relates.  To sweeten the deal, Ford
agreed to keep open until 2011 five plants that it had intended
to close.  The carmaker also committed to manufacture new models
in many factories.

"The GM structure is better for the workers," Pete Hastings, an
analyst at Morgan Keegan & Co. in Memphis, Tennessee, said.  
"Ford's structure is better for Ford, the way it's structured,
than for the workers."

                        About Ford Motor

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

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

                           About GM

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

                         *     *     *

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

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


GMAC LLC: ResCap Support Cues Moody's to Review Ba2 Rating
----------------------------------------------------------
Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured
rating on review for possible downgrade.  The action was in
response to GMAC's affirmation of support for Residential
Capital, LLC, as disclosed in ResCap's Nov. 21, 2007 debt tender
announcement.  ResCap's ratings and outlook (Ba3 senior
unsecured, negative outlook) were not affected by the tender
announcement or this GMAC rating action.

Moody's said that GMAC's most recent expressions of support for
ResCap have raised additional concerns as to the extent to which
the firm might entertain a leveraging of its credit profile to
support ResCap through its operating difficulties.  Moody's
position is that any capital support GMAC extends to ResCap,
other than that for which GMAC serves only as a conduit for
GMAC's owners, would result in an equalization of GMAC's ratings
with ResCap's.  In Moody's view, GMAC's high stand-alone
leverage position has no capacity to provide un-backed support
at the current credit grade.

In Moody's last rating action on GMAC and ResCap, GMAC's ratings
were downgraded one notch to Ba2 while ResCap's ratings were
downgraded two notches to Ba3.  GMAC's ratings were kept in
proximity to ResCap's, reflecting Moody's view that GMAC could
be required to provide support to ResCap that weakens GMAC's
stand-alone credit profile.  Moody's believes that the
probability of such support may have shifted higher, in light of
the explicit indications of support recently provided by
management.

During its review of GMAC's ratings, Moody's will seek greater
definition regarding the tolerances GMAC's owners exhibit
regarding the uses of GMAC's capital and credit worth to support
ResCap in ways that could heighten risks to GMAC's creditors.  
Moody's will also explore the owners' ability and willingness to
take actions that neutralize the impact of GMAC's extensions of
support to ResCap that would otherwise diminish GMAC's stand-
alone credit profile.  Moody's anticipates concluding its review
by the end of December 2007.

According to Moody's, investments or pursuit of endeavors that
primarily benefit ResCap could evidence a use of GMAC capital
that constitutes ResCap support, if not backed by injections or
other explicit support from GMAC's owners.  Moody's is also
concerned that current market conditions have delayed GMAC's
pursuit of other intended capital management initiatives
designed to strengthen its capital position.

Moody's view is that GMAC's auto finance and insurance
businesses have continuing and important strategic value to GM.  
GM's consent is required on many significant matters relating to
GMAC's strategic direction, investment, and capitalization.  
GM's interest could act as a countervailing influence on
investor pressures to further involve GMAC in supporting ResCap
through its difficulties.

ResCap's ratings (senior unsecured at Ba3) and negative outlook
are not affected by Moody's review of GMAC's ratings or the
announced US$750 million tender offer.  ResCap's current rating
assumes its parent is willing and able to provide capital
support if needed.  Moody's added that it believes that the
maturities selected for tender and overall size of the program
are appropriate considering ResCap's current liquidity position.

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


QUEBECOR WORLD: To Suspend Dividends on Preferred Shares
--------------------------------------------------------
Quebecor World Inc. is suspending dividend payments on its
Series 3 and Series 5 Preferred Shares.  While the company has
the funds available to pay such dividends, it has been advised
by counsel that as a result of recent developments, the company
may be prevented from paying dividends to holders of its
preferred shares because it may not satisfy the applicable
capital adequacy test contained in the Canada Business
Corporations Act.

In order to rectify this situation, the company intends to
propose to its shareholders at its next annual shareholders
meeting scheduled for May 2008 a reduction of stated capital as
permitted under the CBCA to allow the company to resume paying
dividends, including accrued, unpaid dividends.  The company
notes that the dividends on the Series 3 and Series 5 preferred
shares (including dividends that were to be paid on Dec. 1,
2007) are cumulative and holders will be entitled to receive
unpaid dividends, when declared by the Board of Directors, at
such time as the company is permitted to resume the payment of
dividends.

The company also disclosed that one of its directors, Robert
Coallier has resigned from the Board of Directors for personal
reasons which are unrelated to the announcement.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides     
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  
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.

                            *     *     *

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 27, 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 US$500 million of new debt securities
and amendments to the Company's secured credit facilities".

Moody's also placed these ratings on review for possible
downgrade: B3 Corporate Family Rating; Caa1 Senior Unsecured
Regular Bond/Debenture; and B3 Probability of Default Rating,
Placed.

As reported in the Troubled Company Reporter on Nov. 22, 2007
Standard & Poor's Ratings Services has lowered its ratings on
Quebecor World Inc. by one notch, including the long-term
corporate credit rating to 'B-' from 'B'.


TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform
------------------------------------------------------------
Tata Motors Ltd has rolled out the one millionth passenger car
off the Indica platform at its Car Plant in Pune, in its ninth
year since the commencement of production in January 1999, the
company said in a press release.  While it achieved the
100,000th car in March 2001, and the 500,000th car in February,
2005, the progression from the 900,000th car to the millionth
car was achieved in just seven months.

Starting with the Indica, the company launched the Indigo in
2002, the Indigo Marina in 2004, and the Indigo XL in 2007. The
plant started with a capacity of 150,000 p.a., which was
subsequently expanded to 225,000 p.a. in 2006.

Speaking at the ceremony, Mr. Tata said, "I am very pleased that
the company has rolled out the one millionth car off the Indica
platform -- something that was considered inconceivable by the
project's critics during the investment and the initial
gestation period.  The team of people involved with the journey
to this milestone should feel satisfied today of having created
a robust car business for the company."

The Indica, the Indigo and the Indigo Marina, apart from being
successful brands in the domestic market, have made a mark in
several overseas markets in Asia, Europe, Africa, Middle East
and South America.

As part of the celebration of the one-millionth milestone, Tata
Motors has planned several activities involving key stakeholders
in recognition of their contribution towards the achievement of
the milestone.  Free service check-ups, free service camps,
discounts on accessories and value added services for existing
customers and a contest for free upgrades for lucky customers
are coupled with special retail offers for new customers.  In
addition, special retail offers and finance schemes for
employees of vendors, financiers, dealerships and Tata Motors
are also planned.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA STEEL: Plans to Set Up INR1,000-Crore Pellet Facility
----------------------------------------------------------
Tata Steel Ltd plans to put up an eight-million-tonne pellet
facility at Jharkhand or Orissa at an investment of more than
INR1,000 crore, The Telegraph reports.

The company's location choice for the plant is largely due to
the presence of iron mines in the areas.  The company will make
use of the fines produced during the extraction or ore lumps for
the mine, The Telegraph cites Tata Steel Adviser Amit Chatterjee
as saying.  After washing out impurities, iron ore fines are
glued with additives like limestone and coal to form pellets
that can be directly fed into furnaces to make steel, the news
agency explains.

Mr. Chatterjee sees India's steel production in 2020 to expand
around four times to around 170mt.

With that production increase, Tata Steels expects a shortage of
skilled workers.  In that regard, the company is allying with
engineering colleges and universities as preemptive measure, tge
news agency cites Mr. Chatterjee as saying.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


TATA STEEL: Names Two New Directors to Board
--------------------------------------------
Tata Steel Ltd brings in two directors to its board:

   1. Andrew Robb as a Non Executive Independent Director; and

   2. T. Mukherjee as a Non Executive Director.

According to a filing with the Bombay Stock Exchange, the
company's board made the appointments at the meeting on Nov. 22,
2007.

Mr. Robb is a Non Executive Director of Corus Group Ltd since
August 2003.  Dr. Mukherjee was previously the company's
Managing Director (Steel) who retired from the post on Oct. 31,
2007.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


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

ADARO INDONESIA: Unaware of China Shenhua's US$4BB Stake Bid
------------------------------------------------------------
PT Adaro Indonesia said it is unaware of China Shenhua Energy
Co.'s plan to bid US$4 billion for a stake in the company,
various reports say.

Adaro's Chairman Edwin Soeryadjaya said the rumors are not true,
and until now he does not know of such a plan, Chron.com
relates.

Shenhua Energy is thinking of buying a controlling stake in
unlisted PT Adaro Indonesia, Reuters reprots citing the South
China Post.  Reuters says Shenhua had not been content with
merely buying a small slice of the firm via Adaro's US$750-
million initial public offering, to be launched in Jakarta in
2008.  Instead it could either take a controlling stake and
scrap the stock sale, or buy out existing shareholders at the
time of the IPO, the report notes.

However, Chron News relates, China Shenhua has made no
announcements to the Hong Kong or Shanghai stock exchanges where
its shares are traded.

                     About PT Adaro Indonesia

Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the    
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia.  The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement.  There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on  Nov. 9,
2007, that Moody's Investors Service placed PT Adaro Indonesia's
Ba3 local currency corporate family and foreign currency bond
ratings under review for possible upgrade.

On Sept. 11, 2006, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Adaro Indonesia.  The
outlook is stable.

At the same time, Standard & Poor's affirmed its 'B+' rating on
the senior secured notes issued by Adaro's wholly owned
subsidiary, Adaro Finance B.V.  The issue is unconditionally and
irrevocably guaranteed by Adaro, and its related company, PT
Indonesia Bulk Terminal.  Adaro had total assets or
US$1.4 billion at March 31, 2006.  It is the largest single-mine
coal producer in Indonesia, with capacity of 38 million tons per
year in 2006 and reserves of at least 14 years.


EXCELCOMINDO PRATAMA: To Raise US$950 Million to Pay Debts
----------------------------------------------------------
PT Excelcomindo Pratama Tbk plans to raise US$950 million by
selling bonds or borrowing to repay existing debt and expand its
wireless services as competition for customers intensifies,
Bloomberg News reports.

Arijit Ghosh of Bloomberg writes that the company has already
obtained the approval of its shareholders about the plan.

The company said in a press release that its shareholders
convened a meeting on November 23, 2007, and resolved to, among
others, obtain new borrowings of as much as US$950,000,000 in
the form of bilateral credit facility, syndicated credit
facility through issuances of bonds and other debts instruments.

The company, Bloomberg notes, will use US$350 million of the
amount for expansion and the balance to reduce debt.  The
process will start by the end of the year, the report adds.
Excelcomindo is expanding outside the main island of Java to win
more customers that may help it counter a decline in prices as
competition increases, Bloomberg says.

Excelcom President Director Hasnul Suhaimi said "To execute
future plans there are a lot of things that need to be done",
the report notes.  The company also needs to restructure their
organization in order for the company to be slimmer and more
assertive, he added.

                     About Excelcomidndo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications    
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service has upgraded Excelcomindo
Finance Company B.V.'s foreign currency senior unsecured bond
rating to Ba2 from Ba3.  The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.

At the same time, Moody's has affirmed the Ba2 local currency
corporate family rating of XL with a positive outlook.

On Oct. 03, 2007, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit rating on Indonesia's cellular
operator, Excelcomindo Pratama, on CreditWatch with negative
implications following the disclosure that its parent, Telekom
Malaysia Bhd.  (foreign currency A-/Watch Neg/--; local currency
A/Watch Neg/--), intends to separate its cellular and
international operations from its fixed-line business.  At the
same time, Standard & Poor's 'BB-' rating on Excelcomindo's
outstanding senior unsecured notes has been placed on
CreditWatch with negative implications.

On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo
Pratama Tbk's Long- term Foreign Currency and Local Currency
Issuer Default Ratings at 'BB-'.  The Outlook remains Stable.  
At the same time, Fitch has affirmed the 'BB-' rating on its
senior unsecured notes programme.


INDOSAT: Expects Slower Revenue Growth Next Year
------------------------------------------------
PT Indosat Tbk expects slow growth in revenue even with
increased third-quarter revenues, due to tougher competition,
Reuters reports.

The report relates that the company's third quarter revenue
increased 35% to IDR4.19 trillion, while its  cellular
operations revenue increased 38.2% to IDR3.25 trillion.

According to the report, President Director Johnny Swandi Sjam
said, "Next year, competition will be tougher and we have to
penetrate further to the lower income group, which will push our
average revenue per user (ARPU) further down."

Mr. Sjam told the news agency that Indosat, which was the
subject of a controversial ruling by Indonesia's anti-monopoly
agency earlier this week, was targeting revenue growth of 18% in
2008, against 34% in the first nine months of this year.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2007, Indosat's largest shareholder Temasek Holdings,
was found guilty by the Business Competition Monitoring
Commission (KPPU) of  violating Indonesia's anti monopoly laws.
Temasek Holdings, TCR-AP noted, violated the country's anti-
monopoly laws through its ownership in two large mobile
telecommunication operators.   

Temasek's subsidiaries own a 42% stake in Indosat and a 35%
stake in Telkomsel, the TCR-AP said.  The TCR-AP related that
Indosat and Telkomsel dominate 80% of the GSM cellular phone
market in Indonesia.

Mr. Sjam said the company's 18% revenue growth target is
basically a conservative one, Reuters relates.  Hopefully we can
beat that, he added.

                        About Indosat

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

                       *     *     *

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

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

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


INDOSAT: Nine Month Net Profit Ups 56% to IDR1.4 Trillion
---------------------------------------------------------
PT Indosat Tbk's nine-month net profit increased 56% to
IDR 1.45 trillion, various reports say.

According to Thomson Financial, the increase in the company's
net profit was helped by stronger revenue.

Reportedly, the group's revenues increased to
IDR11.88 trillion.  Indosat's mobile arm Satelindo is
responsible for a 38% y-o-y rise in nine-month revenue to
IDR9.15 trillion, Teleography says.

Indosat Finance Director Wong Heang Tuck told Thomson Financial
that the revenue growth was mainly attributable to a higher
subscriber base, given that the average revenue per user (ARPU)
was smaller during the same period last year.  "The ARPU fell
10.6% year-on-year to IDR53,400 rupiah in first nine months
while our customer base grew 55%", Mr. Tuck added.

President Director Johnny Swandi Sjam told Antara News that
cellular services, fixed data services and fixed telephone
services contributed 77%, 13% and 10% respectively to the
company's sales.

Revenues from cellular services, Antara notes, increased 38%
compared to the same period last year with the number of
cellular subscribers rising 54.8% to 22 million.

Indosat said its operating profit for the first nine months
increased 31% to IDR3.20 trillion from 31% on the same period in
the previous year, Thomson Financial relates.

                          About Indosat

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

                         *     *     *

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

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

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


INDOSAT: Expects 2008 Capex to Remain at US$1.2 Billion
-------------------------------------------------------
PT Indosat Tbk's 2008 capital expenditure may remain at the 2007
level of US$1.2 billion, the bulk of which will be spent on the
expansion of its cellular service, Antara News reports.

Indosat, the report relates, is planning to spend 80-85% of the
amount on the expansion, which will involve building about 3,000
new base transceiver stations next year in order to expand its
service coverage outside Java as well as increase its local
capacity.

Wong Heang Tuck, Indosat finance director, told the news agency
that to partly finance the planned capex, Indosat may raise
about IDR3-4 trillion rupiah from the market.

                         About Indosat

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

                       *     *     *

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

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

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


PT INCO: Production Resumes After Strike Ends
---------------------------------------------
PT International Nickel Indonesia Tbk's 11-day strike ended on
November 26, 2007, hence the operations at the site resumed back
to normal, a company press release says.

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

According to the TCR-AP, a number of PT INCO's workers walked
off the job in an effort to persuade the company to accept union
demands for additional compensation.  The TCR-AP said the strike
action is being undertaken by Labor Union FSP-KEP UK PT Inco.  

PT Inco, the press release notes, estimates a production loss of
approximately five million pounds nickel in matte during the
strike period.

Jannus Siahaan, the spokesman of PT International Nickel
Indonesia told Reuters that they signed an agreement on Nov. 25,  
and mining operations are running normally again.  "We are
optimistic that we can meet this year's target of 165 million
pounds," said Mr. Siahaan.

Antara notes that Inco will pay a special bonus in the fourth
quarter this year to all workers under the deal with the union.
In 2008, Inco will pay a "production bonus" in each quarter if
the nickel price on the London Metal Exchange averages US$13 per
pound or higher during the quarter, the report adds.

Prior to the agreement, Antara says, Inco paid quarterly bonuses
to its 3,500 permanent workers.  The maximum bonus was paid if
the production target for the quarter was achieved, the report
adds.

                         About PT Inco

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
=========

FORD MOTOR: Retirees' Health-Fund Risk Greater than GM Workers'
--------------------------------------------------------------
Ford Motor Company retirees face a higher risk of paying their
own medical expenses compared to their General Motors Corp.
counterparts under a newly ratified union provision, which
analysts claim works better for Ford than for its workers, Jeff
Green and Bill Koenig write for Bloomberg News.

The Troubled Company Reporter disclosed on Nov. 16, 2007, that
the United Auto Workers union membership employed at Ford Motor
had ratified a memorandum of understanding that covers post-
retirement medical care and a new national collective bargaining
agreement governing the wages, hours and terms and conditions of
employment for UAW-represented employees.

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

Almost half of the US$13.6 billion that Ford Motor had agreed to
contribute into the VEBA trust, is pledged against either Ford
shares or assets, compared with about 14% of GM's US$32 billion,
Bloomberg states.  

Ford will use a US$3.3 billion bond convertible to Ford shares
that matures in 2013 and a US$3 billion, 10-year, second lien
against the company's assets to pay part of the US$13.6 billion,
Bloomberg reveals.

"Ford's health care scheme fails to achieve one of the primary
goals of the UAW -- a separation between the financing for
retiree health care and the fate of Ford," Fitch Ratings credit
analyst Mark Oline said in an interview, Bloomberg notes.

When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end
their obligation to pay an estimated US$70.7 billion in retiree
health care costs, Bloomberg relates.  To sweeten the deal, Ford
agreed to keep open until 2011 five plants that it had intended
to close.  The carmaker also committed to manufacture new models
in many factories.

"The GM structure is better for the workers," Pete Hastings, an
analyst at Morgan Keegan & Co. in Memphis, Tennessee, said.  
"Ford's structure is better for Ford, the way it's structured,
than for the workers."

                           About GM

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

                         *     *     *

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

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

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

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

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.


FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival
------------------------------------------------------------
Ford Motor Company retirees face a higher risk of paying their
own medical expenses compared to their General Motors Corp.
counterparts under a newly ratified union provision, which
analysts claim works better for Ford than for its workers, Jeff
Green and Bill Koenig write for Bloomberg News.

The TCR-Europe reported on Nov. 19, 2007, that the UAW
membership employed at Ford Motor had ratified a memorandum of
understanding that covers post-retirement medical care and a new
national collective bargaining agreement governing the wages,
hours and terms and conditions of employment for UAW-represented
employees.

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

Almost half of the US$13.6 billion that Ford Motor had agreed to
contribute into the VEBA trust, is pledged against either Ford
shares or assets, compared with about 14 percent of GM's US$32
billion, Bloomberg states.

Ford will use a US$3.3 billion bond convertible to Ford shares
that matures in 2013 and a US$3 billion, 10-year, second lien
against the company's assets to pay part of the US$13.6 billion,
Bloomberg reveals.

"Ford's health care scheme fails to achieve one of the primary
goals of the UAW -- a separation between the financing for
retiree health care and the fate of Ford," Fitch Ratings credit
analyst Mark Oline said in an interview, Bloomberg notes.

When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end
their obligation to pay an estimated US$70.7 billion in retiree
health care costs, Bloomberg relates.  To sweeten the deal, Ford
agreed to keep open until 2011 five plants that it had intended
to close.  The carmaker also committed to manufacture new models
in many factories.

"The GM structure is better for the workers," said Pete
Hastings, an analyst at Morgan Keegan & Co. in Memphis,
Tennessee.  "Ford's structure is better for Ford, the way it's
structured, than for the workers."

                     About General Motors

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

                        *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.
                  
                         About Ford Motor

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

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

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.


GMAC COMMERCIAL: Ba2 Rating for Possible Downgrade, Moodys Says
---------------------------------------------------------------  
Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured
rating on review for possible downgrade.  The action was in
response to GMAC's affirmation of support for Residential
Capital, LLC (ResCap), as disclosed in ResCap's November 21,
2007 debt tender announcement.  ResCap's ratings and outlook
(Ba3 senior unsecured, negative outlook) were not affected by
the tender announcement or this GMAC rating action.

Moody's said that GMAC's most recent expressions of support for
ResCap have raised additional concerns as to the extent to which
the firm might entertain a leveraging of its credit profile to
support ResCap through its operating difficulties.  Moody's
position is that any capital support GMAC extends to ResCap,
other than that for which GMAC serves only as a conduit for
GMAC's owners, would result in an equalization of GMAC's ratings
with ResCap's.  In Moody's view, GMAC's high stand-alone
leverage position has no capacity to provide un-backed support
at the current credit grade.

In Moody's last rating action on GMAC and ResCap, GMAC's ratings
were downgraded one notch to Ba2 while ResCap's ratings were
downgraded two notches to Ba3.  GMAC's ratings were kept in
proximity to ResCap's, reflecting Moody's view that GMAC could
be required to provide support to ResCap that weakens GMAC's
stand-alone credit profile.  Moody's believes that the
probability of such support may have shifted higher, in light of
the explicit indications of support recently provided by
management.

During its review of GMAC's ratings, Moody's will seek greater
definition regarding the tolerances GMAC's owners exhibit
regarding the uses of GMAC's capital and credit worth to support
ResCap in ways that could heighten risks to GMAC's creditors.  
Moody's will also explore the owners' ability and willingness to
take actions that neutralize the impact of GMAC's extensions of
support to ResCap that would otherwise diminish GMAC's stand-
alone credit profile. Moody's anticipates concluding its review
by the end of December 2007.

According to Moody's, investments or pursuit of endeavors that
primarily benefit ResCap could evidence a use of GMAC capital
that constitutes ResCap support, if not backed by injections or
other explicit support from GMAC's owners.  Moody's is also
concerned that current market conditions have delayed GMAC's
pursuit of other intended capital management initiatives
designed to strengthen its capital position.

Moody's view is that GMAC's auto finance and insurance
businesses have continuing and important strategic value to GM.  
GM's consent is required on many significant matters relating to
GMAC's strategic direction, investment, and capitalization.  
GM's interest could act as a countervailing influence on
investor pressures to further involve GMAC in supporting ResCap
through its difficulties.

ResCap's ratings (senior unsecured at Ba3) and negative outlook
are not affected by Moody's review of GMAC's ratings or the
announced US$750 million tender offer.  ResCap's current rating
assumes its parent is willing and able to provide capital
support if needed.  Moody's added that it believes that the
maturities selected for tender and overall size of the program
are appropriate considering ResCap's current liquidity position.

Detroit-based GMAC LLC provides retail and wholesale auto
financing, auto extended warranty and insurance products, and
residential mortgage finance through wholly-owned subsidiary
Residential Capital, LLC. GMAC reported a consolidated nine-
month net loss of US$1.6 billion.


IHI CORP: Shares Rise Due to JPY77-Bil. Property Sale Report
------------------------------------------------------------
IHI Corp. shares rose in Tokyo after it disclosed that it will
book a JPY77.2-billion gain from the sale of land near its Tokyo
headquarters, Masumi Suga writes for Bloomberg News.

Stocks, according to Bloomberg, rose 3.2% to JPY229 as of 9:42
a.m.

The Troubled Company Reporter-Asia Pacific reported on Nov. 27,
2007, that IHI would sell a property in Tokyo to Dai-ichi
Mutual Life Insurance Co.

Yuichi Ishida, an analyst at Mizuho Investors Securities Co.,
shares with Bloomberg by telephone that, "the land sale
illustrates the company's determination to secure net income,
as its business is hurt."

In addition, Mr. Ishida rates IHI's stock as "neutral,"
Bloomberg relates.

                       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: Sued by Cabin Workers for Human Rights Violation
----------------------------------------------------------------
Japan Airlines International Co., Ltd.'s 190 current and former
cabin attendants and their unions sued the airline and its
largest labor union, alleging that their personal information
was collected without their consent, Kyodo News reports.

Kyodo states that the union of cabinet attendants, Japan
Airlines Cabin Crew Union, is seeking some JPY48 million in
compensation for violating their human rights by collecting
information on some 9,800 employees, including their political
beliefs, medical records, family status and physical
descriptions.

The personal information, according to the attendants, includes
some 150 items, including address, date of birth and character
traits, relates Kyodo News.

According to the plaintiffs, some of the data, including the
company's assessment of job performance, are "information to
which only company management can have access, says Kyodo.

The report says that the data collection came to light in
February, prompting JAL management in May to issue punishments
to its current and former employees involved, ranging from work
suspensions to reprimands.

JAL's largest labor union admits it had kept personal  
information on at least 7,000 flight attendants in a way that
may have violated the personal information protection law, the
report notes.  Meanwhile, JAL claims it had provided names and
other information on employees to two labor unions, including
the largest one, until March 2006 but has since discontinued the
practice, notes Kyodo.

Kyodo adds that JACCU is also seeking JPY5.5 million for what it
claims to be an unfair labor practice "in which the company was
systemically involved."  In line with this, 20 of the
plaintiffs, who are former JAL employees, are demanding
JPY220,000 each in damages.

                   About Japan Airlines

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

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.


NOVA CORP: Fifty-five Schools to Help Nova Students, Survey Says
----------------------------------------------------------------
A survey conducted by Japan's government regulator showed that
55 language school operators are prepared to provide lessons to
some 18,800 students of failed conversation school Nova Corp. on
a temporary basis, Mainich Daily News reports.

According to MDN, 30 members of the 66-member Japan Association
for the Promotion of Foreign Language Education will temporarily
take on about 10,000 students, while 13 schools belonging to the
21-member All Japan Linguistics Association will provide lessons
for another 5,500 students and 12 schools that belong to neither
of the industry associations will accept 3,300 others.

G.communication, which has taken over Nova, has already been
notified by The Economy, Trade and Industry Ministry of the
survey results, MDN relates.

                  G.communication Takeover

In a Kyodo News report, G.communication disclosed that it will
increase the number of schools it will take over from Nova to
126 by the end of this year.  

G.communication, which will eventually take over up to 200
schools, said that the average number of students at each
school is expected to be only around 300.  The additional 126
schools can accept up to 35,000 students.

According to The Yomiuri Shimbun, G.communication, taking over
Nova operations, have resumed offering lessons at 25 branches
since its first school reopened its Kurokawa branch in Nagoya.

The Hyogo-Koshien branch in Nishinomiya, Hyogo Prefecture, on
Sunday became the first to resume operations in the Kansai
region, where the company was headquartered.  Seven students
attended lessons on the day, adds the report.

The Yomiuri article said it is unclear whether G.communication
has the resources to manage branches across the nation.

                   Rehiring Nova Employees

Of the 4,900 Nova employees, more than half are likely to be
rehired by G.communication, states The Yomiuri Shimbun.  About
70% of foreign teachers are likely to accept the job offers from
G.communication.

However, about half of Japanese employees, as reported by The
Yomiuri Shimbun, including executives of key departments, are
expected to refuse G.communication's offer and quit Nova.

According to one former Nova executive who has refused to take
the job offer from G.communication claims that the sponsor's
business style reminds him of Sahashi, affirming rumors that
G.communication is said to have used aggressive merger and
acquisition techniques to expand its business.

                     About Nova Corp.

Osaka-based Nova Corporation-- http://www.nova.ne.jp/-- is   
primarily engaged in the operation of language schools.  The
Company has seven subsidiaries and two associated companies.  
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.

The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation Law
with JPY43.9 billion in debt.


NOVA CORP: Osaka Court Approves Bankruptcy Proceedings
------------------------------------------------------
Failed language-school Nova Corp. has received the Osaka
District Court's approval of its request to start court-
supervised bankruptcy proceedings, Kyodo News reports.

According to the report, the court-appointed lawyers, said that
the court had endorsed Nova's request to start liquidation
proceedings following their failure to find a procurer to take
over its operations fully.  G.communication, a Nagoya-based
operator of cram schools, language schools and restaurants, had
taken over only part of Nova's operations.

The Osaka District Court, according to Kyodo News, started
Nova's legal liquidation process on Monday.  The court has
turned down Nova's application for legal rehabilitation.

                     About Nova Corp.

Osaka-based Nova Corporation-- http://www.nova.ne.jp/-- is   
primarily engaged in the operation of language schools.  The
Company has seven subsidiaries and two associated companies.  
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.

The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation Law
with JPY43.9 billion in debt.

  
SANYO ELECTRIC: Clarifies Issues on Nippon Oil Merger
-----------------------------------------------------
Sanyo Electric Co., in its company Web site, clarifies that it
did not make any announcement regarding establishing a new
company for fuel cell systems with Nippon Oil Corporation.

On November 19, 2007, the Troubled Company Reporter-Asia Pacific
reported that Sanyo is in talks with Nippon Oil about merging
their fuel-cell businesses to cut development costs.

Sanyo and Nippon Oil, according to the company-issued statement,
have collaborated for several years on liquefied petroleum gas
fuel cell system development.

The consumer electronics maker said that it is in discussions
regarding its fuel cell business with Nippon Oil, but nothing
official has been decided yet.

                     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.


SANYO ELECTRIC: To Book JPY100MM Loss for Year Ended March 2001
---------------------------------------------------------------
Sanyo Electric Co., Ltd., will book a much higher loss of more
than JPY100 billion for the year ended March 31, 2001, after
reviewing its past results, Kiyoshi Takenaka of Reuters reports,
citing the Nikkei business daily.

The consumer electronics maker, relates Reuters, originally
booked a JPY6-billion loss in its struggling microchip and
liquid crystal display operations businesses for fiscal year
2001 on the grounds that those businesses were expected to
recover eventually.

However, after reassessing its past earnings with more rigorous
accounting standards, Sanyo realized that it needs to book an
additional loss in excess of JPY100 billion for the year, states
Mr. Takenaka.

The Nikkei daily, conveys Reuters, explained that the additional
losses mean Sanyo's annual dividend of JPY6 per share in year
ended March 2003 was underfunded by JPY10 billion, infringing on
accounting rules that dividends are paid out within funds
available for such purposes, including retained earnings.

Sanyo, as stated by the Nikkei report, is expected to submit the
revised earnings next month to Japan's Securities and Exchange
Surveillance Commission and may face fine penalties.

Meanwhile, in a company-issued statement, Sanyo claims that the
Nikkei report was based on speculation and expresses that it is
still in the process of reviewing its past earnings, Reuters
notes.

Sanyo, Reuters relates, said in February that it was considering
restating its past unconsolidated earnings, following a report
by the Asahi newspaper that it may have failed to account for
more than US$1 billion in losses.

Reuters adds that Sanyo also plans to report revised financial
statements by the end of the year, and any revision would have
no impact on its consolidated earnings.

                   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.


TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components
---------------------------------------------------------------
The Timken Company reported that its bearing assemblies were
used as components in the major production systems supplied by
SMS Demag AG for the new SeverCorr steel plant near Columbus,
Miss.

SeverCorr, a joint venture between Russian and U.S. steelmakers,
ranks among the world's most modern producers.  Initially,
SeverCorr will produce 1.5 million tons annually of high-quality
flat-rolled steel for use in the automotive, construction,
agricultural and appliance industries.  In April, the company
announced plans for a second production line to more than double
the mill's capacity.

SMS Demag provided melt equipment, hot and cold rolling mills,
galvanizing and pickle lines and a temper mill for the new
plant.  The Timken(R) bearing assemblies are installed in gear
units, roller tables and continuous casting equipment, as well
as in the roll necks of the hot and cold rolling mills.

"Timken experts customized the bearing assemblies to maximize
mill performance and product quality," said Michael J. Connors,
Timken president for process industries.  "It's the combination
of global product technology with local service that makes the
difference to customers like SMS Demag."

                       About SMS Demag

SMS Demag AG belongs to the group of companies headed by SMS
GmbH, headquartered in Dusseldorf, Germany.  This holding
company brings together a group of international plant
construction and mechanical engineering companies specializing
in processing steel, non-ferrous metals and plastics.  In 2006,
some 9,000 employees worldwide generated sales of approximately
2.83 billion euros.

                       About SeverCorr

SeverCorr is a joint venture of SteelCorr, a group of steel
industry veterans, and Severstal, the international steel firm
with substantial assets in metallurgy, mining, automobile
manufacture, machinery, transportation and other businesses.
SeverCorr was organized to build a new state-of-the-art steel
mill in the southern United States where demand for high-quality
steels has grown rapidly in recent years.

                      About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered  
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


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


ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs
---------------------------------------------------------
Aramark Corporation has entered into a national partnership with
Amerex Energy Services to provide clients with an array of
energy services, including the purchase of renewable energy
credits.

"Businesses and institutions nationwide are aggressively working
to improve their environmental footprint - for themselves, for
their customers, and for their communities," said Ron Mesaros,
associate vice president of technical services for ARAMARK.
"Together, Aramark and Amerex can offer these institutions more
innovative ways to reduce their energy costs and complement
their strategies for sustainability."

Aramark's energy management programs are a vital component of an
institution's overall strategy toward environmental stewardship.
Through its services, Aramark helps institutions calculate their
carbon footprint, reduce reliance on fossil fuels, procure
alternative energy, achieve LEED certification, and
reduce greenhouse gas emissions.

Amerex Energy Services, a division of Amerex Brokers LLC, a
wholly owned subsidiary of GFI Group Inc. is a national energy
consultant that works with retail electric providers and
wholesale power suppliers to procure energy for its clients.
The company provides a wide array of energy and energy-related
financial tools to help its clients lower their energy costs.
The company serves a global client network of more than 1,000
firms, including thousands of traders and risk management
professionals.

Together, ARAMARK and Amerex will offer a broad portfolio of
options to help businesses reduce energy use and cost-
effectively procure energy resources.  Services offered include
conducting energy audits, developing energy reduction
strategies, negotiating contracts with electricity and natural
gas providers, training facility staff on energy efficiency, and
providing ongoing insight into the energy market.

The companies will also assist institutions with the purchase of
RECs.  RECs represent units of energy expended by a business
which, when purchased, are invested into renewable energy
solutions such as wind power, water power and solar energy.  A
growing number of institutions are purchasing RECs as a way to
minimize their impact on the environment and affect climate
change.

Aramark and Amerex recently partnered with Integrys Energy
Services Inc. and Credit Suisse Group to help Baylor University
negotiate a ground breaking 10-year power deal that will save
more than US$2 million of the US$13.5 million the university
spends annually on electricity for the 735-acre campus.  The
agreement includes the finance and support of wind-generated
electricity, support for the development of wind farms in Texas,
and the development of alternative energy sources in higher
education.  For its efforts, Baylor received a "2007 Award for
Innovation" for the National Association of College and
University Business Officers.

"The new energy contract at Baylor is a breakthrough agreement
for universities looking for creative ways to remain good
stewards to their communities," added Mr. Mesaros.  "This
national partnership will allow Aramark and Amerex to bring
critical energy management knowledge and insights to other
institutions throughout the United States."

                       About Aramark

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional  
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world.  AARAMARK has approximately
240,000 employees serving clients in 20 countries, including
Japan and Korea.

                       *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.


BOE HYDIS: Prime View to Buy 95% Stake for KRW260 Billion
---------------------------------------------------------
Prime View International Company will buy BOE Hydis Technology
Company Limited's 95% stake for KRW260 billion, various reports
say.

As reported by the Troubled Company Reporter-Asia Pacific on
Sep. 7, 2007, BOE Hydis is looking for a potential buyer to take
up to 100% of the company, with expectations that the sale
contract will be complete in the first quarter next year.

According to Dow Jones Newswire, a consortium consisting of
Prime View, Alco Holdings Ltd. and Varitronix International
Ltd., will pay KRW15.6 billion for new shares of BOE Hydis and
KRW104 billion for 5-year corporate bonds, with an annual
interest of 4%.

In terms of investment proportion, Digitimes says, Prime view
will take a 78% share while Alco and Varitronix each will
account for 11%.   After the official buyout, PVI will take
official control over Hydis, the repot says.

Digitimes pointed out that after the investment from Primeview,
Boe Hydis will become a completely debt-free company (not
including debts generated after the company's rehabilitation).

BOE Hydis applied for corporate rehabilitation on September 8,
2006, with the Seoul Central District Court, the TCR-AP noted.  

Digitmes recounts that on September 29, the company commenced
its restructuring process.  In late May this year, Digitimes
relates, the company announced that its corporate rehabilitation
plan was approved by a review panel of the Seoul Central
District third Bankruptcy Court.

The deal will increase the Prime View's economies of scale in
purchasing components, cutting its operating cost,  Prime View
Chairman Scott Liu told Dow Jones.

Credit Suisse Group is Prime View's financial consultant for the
deal, Dow Jones adds.

                  About BOE Hydis Technology

Headquartered in Seoul, South Korea, BOE Hydis Technology
Company, Limited -- http://www.boehydis.com/-- develops,   
manufactures and distributes flat panel display products for a
wide range of applications, including laptop computers, Tablet
PC's, monitors, medical, avionic and car navigation systems.
China's BOE Technology Group Co. acquired the Company from
Korea's Hynix Semiconductor Inc. in 2003.  BOE Hydis is one of
the 10 LCD manufacturers in the world and has over 1,000
employees in China, Germany, Japan, Korea, Singapore, Taiwan,
and the United States.

As reported by the Troubled Company Reporter-Asia Pacific, BOE
Hydis applied for corporate rehabilitation on September 8, 2006,
with the Seoul Central District Court.


DAEWOO ELECTRONICS: Back for Sale on Failed Bid
-----------------------------------------------
Daewoo Electronics Corporation is put up for sale a second time
as the US$746-million Videocon-Ripplewood bid fails, various
reports says.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 2, 2007, Videocon and bid partner Ripplewood Holdings
LLC submitted the winning bid for a controlling stake in Daewoo.

Financeasia relates that the deal started to hit obstacles after
the buyers completed due diligence.   Expectations were out of
line with what the asset was worth and creditors were not
prepared to make the significant concessions necessary to
progress discussions, the report points out.  The quality of
unsold inventory, Fianceasia notes, and some receivables from
affiliated companies are said to have adversely affected working
capital assumptions.

Furthermore, the existing lenders did not want to continue to
extend credit on terms attractive to the buying consortium,
Finaceasia adds.

The creditors, Reuters points out, had scrapped a plan to sell
the company again after failing to close the deal.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2007, Daewoo Electronics laid off approximately 1,500
of its 4,000 workers, after a quiet restructuring in October.  
The company move, Reuters says, will help creditors recoup funds
used to bail out the company.  "The value of the company has
gone up since then, thanks to restructuring and workforce
reductions," a Woori source told Reuters.

      Creditors to Disclose Preferred Bidder in January

Daewoo Electronics's creditors' will be accepting  bids from
November 26 to December 17 and would pick up preferred bidders
in January, Reuters reports citing a Daewoo spokesman.

According to Financeasia, Woori Investment & Securities and
Samil PricewaterhouseCoopers will continue to be the advisers to
the sale.  It is not clear whether ABN AMRO, who was a joint
adviser with Woori and PwC in the original deal, will have a
role this time round, the report adds.

"There are five or six overseas electronics companies and a
Russian bank-led consortium that have shown interest in the
deal,"  one of the managers to the sale told Reuters.

  Failed Deal Shouldn't Deter Indian Firms from Investing

Videocon's failure to acquire Daewoo Electronics should not
deter Indian firms from investing in in Korea, Sify Business
reports citing Gwangju City Mayor Park Kwang-Tae.

"This failed deal is an issue between the two companies and
nothing to do with the economic relations of the two countries,
and should not deter Indian companies from investing in future
in Korea," Mr. Kwang-Tae told reporters.

On the contrary, he said, it could be taken at least as a
positive sign that an attempt has been made for bigger business
relationship, the report adds.

                 About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer    
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


EUGENE SCIENCE: Hires Andrew Altman as Vice President
----------------------------------------------------
Eugene Science Inc. has appointed Andrew Altman to the newly
created position of Vice President-Business Development.

Mr. Altman brings a 20-year successful track record as a senior
sales and sales management executive in the life sciences
industry including positions at Varian, Fisions Instruments and
Beckman Instruments.  Most recently, he served as principal and
senior business consultant at Single Track Investments, where he
specialized in strategic business development for emerging-
growth stage life sciences and pharmaceutical companies
seeking to identify and open new markets and establish marketing
alliances.

At Eugene Science, Mr. Altman will be responsible for
establishing strategic alliances and opening national sales
accounts for the Company's patented cholesterol lowering
CholZero (CZ(TM)) plant sterol product.  He will be targeting
companies in the food, supplement and nutraceutical industries.
Mr. Altman will also develop existing strategic relationships
such as Archer Daniels Midland.  

Additionally, he will direct the global sales, licensing or
partnership strategy for the Company's emerging technologies,
including its patented AD/ADD biotechnology process presently
being readied for development toward commercialization in 2008.

Commenting on his appointment, Mr. Altman said, "This is an
exciting and pivotal time at Eugene Science as the plant sterol
marketplace is beginning to reach a critical mass of consumer
awareness and demand.  Sterols are promoted for their
cholesterol lowering benefit, helped indirectly by the multi-
billion dollar success of the cholesterol lowering class of
pharmaceutical drugs.  With the industry's premier, nano-sized
water-dispersible sterol product, I believe Eugene Science is
ideally positioned to leverage its product advantage in the
large and growing global sterol marketplace."

"Andy is the ideal sales professional and strategic level
dealmaker, having built and led a number of emergent medical
technologies from early stage to market leadership," said Seung
Kwon Noh, Eugene Science Chairman and Chief
Executive Officer.  "We are delighted to have him on board and
expect he will advance U.S. sales substantially."

Prior to Single Track Investments in 2005, Mr. Altman worked for
Palo Alto-based Varian for ten years where he served as North
American Sales Manager and Global Market Manager for that firm's
imaging equipment.   Previously, he was with Fisions Instruments
(formerly VG Instruments) for eight years where he served as
Western U.S. Sales and Service Manager. He began his life
sciences career with Beckman Instruments, and earned his
B.S. in chemistry at U.C. San Diego.

               About Eugene Science, Inc.

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

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

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

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


KOREAN EXPRESS: Invites Potential Buyers to Bid Until Dec. 11
-------------------------------------------------------------
Korea Express Co., Ltd., with a market value of around
KRW2.4 trillion, invite potential buyers to submit preliminary
bids for the company, Yonhap News reports.

According to the report, the bidders will have until Dec. 11 to
submit their bids.

As reported by the Troubled Company Reporter-Asia Pacific on
September 11, 2007, Korea Express, which has been under court
receivership since November 2000, plans to find a new owner by
selling new shares equal to 50% of enlarged capital plus one
share.

Potential buyers, Yonhap relates, will have a chance to carry
out preliminary due diligence by Jan. 4.  The buyer will be
selected in late February after a preferred bidder is picked in
the middle of January, the report notes.

Yonhap says that for the sale, Korea Express will sell
24 million new shares, equivalent to 60% of its expanded
outstanding shares, instead of its original plan to sell 50%
plus one share.

The TCR-AP recounted that Korea Express went into court
receivership after it failed to pay debt inherited from its
former parent, Dongah Construction Industrial Co.  The sale has
been delayed for years because of worries over possible
contingent liabilities stemming from a continuing Libyan
waterway project, TCR-AP noted.

Last month, Korea Express named a consortium led by Merrill
Lynch & Co. to manage the stake sale, Yonhap adds.

                      About Korea Express Co.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine    
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


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

APL INDUSTRIES: Will Hold General Meeting on December 14
--------------------------------------------------------
APL Industries Berhad will hold its eighth annual general
meeting on December 14, 2007, at 10:00 a.m., at the Selangor
Ballroom 1, Sheraton Subang Hotel, in Jalan SS12/1, 47500 Subang
Jaya, Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive the audited financial statements for the financial
      year ended June 30, 2007, and the reports of directors and
      auditors;

   -- approve payment of the directors' fees for the financial
      year ended June 30, 2007;

   -- re-elect Tan Sri Dato' Dr. Abdullah bin Mohd Tahir who
      retires as the company's director pursuant to Article 80
      of the Company's Articles of Association;

   -- re-elect Dato' Ting Heng Peng who retires as the company's     
      director pursuant to Article 80 of the Company's Articles
      of Association;

   -- re-appoint KPMG as the company's Auditors and to authorize
      the directors to fix their remuneration; and

   -- transact any other business of which due notice will have
      been given in accordance with the Companies Act, 1965.

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

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


PAN MALAYSIAN: Posts MYR19.7MM Net Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
Pan Malaysian Industries Berhad filed with the Bursa Malaysia
Securities Berhad its unaudited financial results for the
quarter ended September 30, 2007.

For the quarter under review, the company incurred a
MYR19.37-million net loss, as compared with the MYR10.95-million
net loss in the same quarter last year.

Loss before taxation for the 2007 second quarter was
MYR148.85 million, compared with the MYR9.94-million loss before
taxation in the second quarter of 2006.

In the second quarter of 2007, the company's revenues totaled  
MYR28.14 million, a decrease of MYR63 million from the
MYR91.52-million revenue reported in the second quarter of 2006.

As of September 30, 2007, the company's consolidated balance
sheet showed MYR317.6 million in total assets and
MYR231.7 million in total liabilities, resulting in a total
shareholders' equity of MYR85.9 million.

Pan Malaysian Industries Berhad is an investment holding
company.  The Company operates through two business segments:
Retailing and Property and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The said deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.

Pan Malaysian Industries Bhd's balance sheet as of June 30,
2007, went upside down by MYR29.1 million on total assets of
MYR643.76 million and total liabilities of MYR672.85 million.


SYARIKAT KAYU: Government Grants MYR4 Million for TechnoFund
------------------------------------------------------------
The Government of Malaysia, represented by the Ministry of
Science, Technology and Innovations, has agreed to grant
Syarikat Kayu Wangi Berhad MYR4 million for the TechnoFund
financial assistance.  The amount will be utilized by the
company for research on the “Indoor, Environmentally Controlled
Marine Aquaculture Systems to Rear Disease Free, Export Quality
Prawns without the Use of Antibiotics and Harmful Chemicals.”

Teras Dinamik Sdn. Bhd. was appointed as project manager which
will carry out and undertake the research.


Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.

Syarikat Kayu is currently in the process of preparing the
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.


TALAM CORPORATION: Submits Regularization Plan Proposals to SC
--------------------------------------------------------------
In relation to the Securities Commission's rejection of Talam
Corporation Berhad's Proposed Revised Regularization Plan, the
company had submitted these proposals:

   -- revision to Talam's financial forecast and projections to
      include certain events that occurred subsequent to the
      application made to the Securities Commission in April
      2007, like the additional commercial, office cum
      residential development project in China to be jointly
      developed with IJM Properties Sdn Bhd and project
      management fees in respect of the Canal City Project as
      well as the lower interest expense to be charged pursuant
      to Financial Reporting Standard 132 as a result of the
      lower number of debt securities to be issued pursuant to
      the Proposed Revised Regularization Plan.  All these are
      expected to contribute positively to the future financial
      position of Talam and will enable the company to
      immediately turnaround post restructuring;

   -- an additional 10% capital reduction resulting in a total
      capital reduction of 40% and a 10% debt waiver on the
      amount owed to the creditors who will be receiving debt
      securities pursuant to the Proposed Regularization Plan,
      which will substantially reduce the Talam Group's
      accumulated losses;

   -- Kumpulan Europlus Berhad has undertaken to retain its
      controlling interest in Talam; and

   -- IJM Construction Sdn Bhd has in principle agreed to be
      appointed as the principal contractor for the remaining
      stalled projects of the Talam group of companies.  Talam
      is presently finalizing the terms and conditions of the
      Letter of Award to IJMC in relation to the remaining
      stalled projects.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in    
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.  
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from Sept. 1, 2006.


TALAM CORP: To Pay Dividend to 5-Yr. ICPS Holders on Jan. 1
-----------------------------------------------------------
Talam Corporation Berhad disclosed that it will pay dividend to
its 5-year, 5% Irredeemable Convertible Preference Shareholders
on Jan. 1, 2008, whose names appear in the Record of Depositors
on Dec. 14, 2007.

The company's Transfer Books and the Register of its ICPS
holders will be closed on Dec. 14, 2007, for the determination
of the dividend entitlement of 5% per annum for the Jan. 2, 2007
to Jan. 1, 2008, period.

A depositor will qualify for entitlement only in respect of:

   * ICPS transferred into depositors' securities account before
     4:00 p.m. on Dec. 14, 2007, in respect of ordinary
     transfer; and

   * ICPS bought on the Bursa Malaysia Securities Berhad on a
     cum entitlement basis according to the rules of the Bursa
     Securities.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in    
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of  Talam
Corporation for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.  
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from Sept. 1, 2006.


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

AIR NEW ZEALAND: Lock Out Suspended Pending Union Talks
-------------------------------------------------------
Air New Zealand Ltd has withdrawn the lock-out notice it issued
to 120 check-in employees while negotiations are in progress,
the Service and Food Workers' Union said in a media statement.
The workers are among 340 members of the Service and Food
Workers Union involved in negotiations with the airline for a
new collective employment agreement.

The Troubled Company Reporter-Asia Pacific reported on Nov. 12,
2007, that ANZ planned to lock out some of its check-in staff
and baggage handlers for at most five days after they refused
the airline's new labor terms and conditions.

The implementation of the lockout will resume on Friday if no
settlement is reached, RTT News says.


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

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

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


BLIS TECHNOLOGIES: Reports Results for Half-Year Ended Sept. 30
---------------------------------------------------------------
BLIS Technologies Ltd's operating deficit widened to NZ$550,000
in the six months ended Sept. 30, 2007, from NZ$391,000 incurred
the corresponding period last year, Peter Fennessy, company
chairman disclosed in an interim report filed with the New
Zealand Stock Exchange.  Shareholder funds currently stand at
NZ$586,000 (last year NZ$536,000), no tax is payable and no
dividend anticipated.

Sales increased by 25% and total revenue increased by 18%
compared to the corresponding period last year.  The increased
loss is due to increased operating costs associated mainly with
additional international marketing and legal costs and a
significant increase in patent costs.

Although it is a difficult challenge, because of the early stage
of its international business development,

Mr. Fennessy admits that it is a difficult challenge but he
believes the company is still on track to achieve a breakeven
position at year-end despite some slippage at this stage in R&D
and licensing revenues.

                         Capital Raising

Following the end of the reporting period, shareholders resolved
to support two resolutions:

   1) a proposal to conduct a renounceable rights issue for up
      to 44,801,079 new ordinary shares on a pro-rata basis at a
      rate of two additional shares for every five existing
      shares at an issue price of 7.5 cents; and

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

The Rights Issue opened on Nov. 12 and will close on Dec. 7,
2007.

                     Strategic Developments

The company is pleased with the progress being made with the
commercial developments announced at its Annual General Meeting
on Aug. 1, 2007.  It is a lengthy process to evaluate potential
multi-national companies that can assist BLIS Technologies to
achieve its strategic objectives.  There are two main
objectives: first, to identify a cornerstone shareholder
preferably involved in the probiotics business and with
capabilities in terms of production, distribution and product
development and having a global customer base; and second, to
develop commercial relationships with companies that have global
brands in the areas of oral care and particularly food and
nutritional applications.

With international growth, the chairman said the company will
need to provide logistical support and in-market technical
assistance to key multinational customers.  “This is a major
component of our potential relationship with the Dutch
ingredient supply company, DSM Nutritionals,” Mr. Fennessy
stated.  “DSM is one of several prospects in this segment.”

DSM Nutritionals and BLIS signed a Letter of Intent in August to
enter into a Research and Development agreement prior to
considering a marketing agreement.  DSM Nutritionals and BLIS
are now negotiating a Marketing agreement, instead of the R&D
contract proposed earlier, targeting sales in 2008.  Once
completed, DSM is expected to initially focus on nutrition and
food-based opportunities.  The company also sees itself
undertake a research contract with DSM to expand into other
product applications.

                       Sales and Marketing

The company has further developed its prospective relationship
with Nestle Nutrition, announced in March of this year and now
has two licensing and R&D agreements that are set to earn the
company about NZ$1 million over the next three years.  Given the
time required for clinical trials, it will be at least three
years before this relationship generates revenue from sales.
BLIS Technologies has made good progress in the period in
implementing its strategy to develop international sales.  This
is a slow process but the company has two projects with well
recognized global companies.  While one is still in the early
phases, we anticipate establishing a licensing and marketing
agreement with the other company in the near future.  The
negotiations are covered by confidentiality provisions so that
the company cannot release further details at this stage.  As
these and other prospective relationships develop, the company
promises to disclose further details.

The company also remains firmly committed to its retail brand
strategy in New Zealand through Pharmabroker and is in the
planning stage of introducing new product concepts to the NZ
market.  Sales in Australia to Breezecare are also on track.
There is growing international interest in probiotics and
especially in niche application areas such as oral health care.
In addition, there is an increasing recognition of the benefits
of probiotics in infant health together with a growing body of
international evidence suggesting a link between poor oral
health and an increased risk of other diseases such as
cardiovascular disease.  Given these developments, the strength
of the BLIS technology platform with its focus on the
maintenance of oral, throat and upper respiratory tract health,
and a strong business to business marketing effort, it sees a
reasonable proportion of revenue from future research contracts.

Good progress is being made in Europe with the company expecting
to distribute its existing retail products into Ireland and
later, other European countries.  Having approval for these
products in Ireland and also for some BLIS products in Germany
and Spain is expected to make it easier to export these products
into other European countries.

In the reporting period, the company initiated projects in China
and plan to test market BLIS K12 lozenges while seeking
regulatory approval for BLIS K12 lozenges.  In Korea, it is in
the initial phases of discussion with a successful
pharmaceutical company seeking to market oral health products.
It is essential in this market to firstly gain regulatory
approval.  The development of an oral care product in Japan is
continuing and BLIS anticipates sales in this sector later in
2008.

                         Operations

The company is revising its operations to improve cost
effectiveness and so as to be able to manage the anticipated
increase in production.  As part of this process, it is
anticipated that the company will relocate to another facility,
where it is able to maintain its current linkage with the
University of Otago and enhance its commercial focus.

                       Patents & Legal

Protection of the company's Intellectual Property is an
essential component of the BLIS Technologies strategy.  The
Company has a strong intellectual property portfolio which has
been further enhanced with the granting of the dental caries
patent in the United States.  An EU patent has been granted for
S. salivarius K12 and salivaricin B, and a patent application
has been filed for the use of S. salivarius K12 in conjunction
with other components for the treatment of occasional or mild
bad breath without the requirement of an extensive oral hygiene
protocol.

In the period, patent costs have risen significantly and this
trend is expected to continue for the remainder of this
financial year.

                          Regulatory

Approval has been granted for the sale of BLIS K12 products in
Ireland.

                     Product Development

Good progress has been made in product development and this will
result in the release of new product formats in a new packaging
as well as the release of products which dispense with the
requirement for an extensive oral hygiene pre-treatment.

                   About BLIS Technologies

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

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


BRIDGECORP: Creditors of Australian Arm Opt for Liquidation
-----------------------------------------------------------
Creditors of Bridgecorp's Australian companies want the units
placed in liquidation, media reports say.

Creditors of Bridgecorp's Australian group yesterday rejected a
proposal that would save the companies by relying on a cash
injection from a failed New Zealand arm of the business, The New
Zealand Herald relates.  Instead, the creditors opted to put
into liquidation, joining the NZ operations, Bridgecorp's nine
Australian companies:

    * Bridgecorp Holdings Limited
    * Bridgecorp Holdings (Australia) Pty Limited
    * Bridgecorp Finance Limited
    * Bridgecorp Finance (Australia) Pty Ltd
    * Bridgecorp Australia Pty Ltd
    * Bridgecorp Properties Pty Limited
    * Bridgefirst Finance Limited
    * Bramac Investments Pty Limited
    * Bridgefirst Pty Limited

One of the Bridgecorp group's Australian administrators, Phil
Carter, told The Herald that creditors had voted in accordance
with the administrators' advice.  The nine firms were previously
placed into voluntary administration, owing about 100 investors
an estimated aggregate of AU$24 million (NZ$27 million).

New Zealand-based Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate to approximate NZ$500 million.


LANDGROUP PROPERTIES: Taps Heath and Lamacraft as Liquidators
-------------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were named liquidators
of Landgroup Properties Ltd. on October 31, 2007.

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

The Liquidators can be reached at:

          Arron Leslie Heath
          Michael Lamacraft
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


LIVING DESIGN: Court to Hear Wind-Up Petition on Dec. 10
--------------------------------------------------------
The High Court of Tauranga will hear on December 10, 2007, at
10:45 a.m., a petition to have Living Design Homes NZ Ltd.'s
operations wound up.

The petition was filed by Banker Tiles Limited on Sept. 13,
2007.

Banker Tiles' solicitor is:

          Mark Brandon Beech
          Sharp Tudhope
          35 Grey Street, Tauranga
          New Zealand


M.A.I. DESIGN: Creditors' Proofs of Debt Due on December 7
----------------------------------------------------------
The shareholders of M.A.I. Design Ltd., on October 31, 2007,
appointed Peri Micaela Finnigan and Victoria Toon as the
company's liquidators.

Creditors are required to file their proofs of debt by Dec. 7,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          Peri Finnigan
          McDonald Vague, PO Box 6092
          Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


MAIA TRAVEL: Appoints Parsons and Kenealy as Liquidators
--------------------------------------------------------
On October 31, 2007, Dennis Clifford Parsons and Katherine
Louise Kenealy were named liquidators of Maia Travel Ltd.

The Liquidators can be reached at:

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


MALMAISON DEVELOPMENT: Fixes Nov. 30 as Last Day to File Claims
---------------------------------------------------------------
The creditors of Malmaison Development Ltd. are required to file
their proofs of debt by November 30, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

          Clive Ashley Johnson
          PO Box 33171, Auckland
          New Zealand
          Telephone:(09) 377 5536
          Facsimile:(09) 377 5537


ONSITE TILT: Creditors' Proofs of Debt Due on Dec. 2
----------------------------------------------------
On October 31, 2007, the shareholders of Onsite Tilt Panel Ltd.
appointed Robert Laurie Merlo as the company's liquidator.

Mr. Merlo fixed December 2, 2007, as the last day for creditors
to file their proofs of debt.

The Liquidator can be reached at:

          Robert Laurie Merlo
          Merlo Burgess & Co. Limited
          PO Box 51486, Pakuranga
          Manukau 2140
          New Zealand
          Telephone:(09) 520 7101
          Facsimile:(09) 529 1360
          e-mail: merloburgess@xtra.co.nz


ROBERTSON CORPORATION: Fixes Nov. 30 as Last Day to File Claims
---------------------------------------------------------------
On October 30, 2007, the shareholders of Robertson Corporation
Ltd. appointed Peri Micaela Finnigan and Boris van Delden as the
company's liquidators.

Messrs. Finnigan and van Delden are accepting creditors' proofs
of debt until November 30, 2007.

The Liquidators can be reached at:

          Peri Micaela Finnigan
          Boris van Delden
          McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


XTRA VISION: Commences Liquidation Proceedings
----------------------------------------------
Xtra Vision Ltd. commenced wind-up proceedings on October 31,
2007.

Creditors who were not able to file their proofs of debt by
Nov. 16, 2007, will be excluded from the company's dividend
distribution.

The company's liquidator is:

          Clyde Steven Young
          O’Halloran HMT Limited
          New Zealand
          Telephone:(09) 366 5050
          Facsimile:(09) 366 5001


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

FEDDERS CORP: Wants Until February 19 to Remove Civil Actions
-------------------------------------------------------------
Fedders Corp. and its debtor-affiliates seek authority from the
United States Bankruptcy Court for the District of Delaware to
extend the period within which they can remove civil actions
until Feb. 19, 2008.

The Debtors tell the Court that they are parties to numerous
judicial proceedings in various claims in multiple forums
throughout the United States as of the Aug. 22, 2007.

The Debtors say that they need sufficient time to evaluate,
analyze and determine each actions and which action, if any, to
remove.

The Debtors together with their counsel devoted substantial time
to administer their Chapter 11 cases, including, among others,
preparing monthly operating reports, statements of assets and
liabilities and statement of financial affairs, as well as
obtaining Court approval of their postpetition financing
agreement.

The Debtors assure the Court that the extension request will not
prejudice any of their adversaries because each of the action is
stayed as set forth in Section 362(a) of the Bankruptcy Court.

A hearing to consider the Debtor's request has been scheduled at
10:00 a.m., on Dec. 20, 2007.

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air     
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The U.S. Trustee for
region 3 has appointed an Official Committee of Unsecured
Creditors on this case.  When the Debtors filed for protection
from its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.

The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in the Philippines, China
and India.


NAT'L POWER: Independent Producers Seek to Acquire Own Fuel
-----------------------------------------------------------
The Philippine Independent Power Producers Association is
seeking free reign to acquire the fuel needed for their
generation facilities as it gives them a better handle on their
risks.

PIPPA President Ernesto Pantangco said that the situation is not
advisable, the Philippine Star relates, because privatization
proceeds would go down if the National Power Corp. continues to
shoulder the responsibility of acquiring the fuel for plants
controlled by IPPs.

The Electric Power Industry Reform Act of 2001 was created to
fully privatize NAPOCOR, not to have it serve as a fuel
procurement company, he added.

The IPP also claims that that allowing NAPOCOR to continue
acquiring fuel for the IPP-controlled plants would undermine the
values of the contracts entered into by the yet-to-be-assigned
IPP adminstrators and NAPOCOR, the Philippine Daily Inquirer
reports.

"The winning bidder would assume a significantly higher risk in
selling the energy output when it has no control over the fuel
used for such output as compared to when all aspects of the
Napocor contract is assumed by it. Higher risk translates to
lower privatization value," the group said in a position paper
submitted to the House Committee on Energy, the Inquirer adds.


Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities. It works
with independent producers under a build-operate-transfer
program. With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies. To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion. It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                        *     *     *

The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines. This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--). The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.
Napocor will use the proceeds for capital expenditure.

On October 11, 2007, Fitch Ratings affirmed the ratings of 'BB'
to the US$500 million fixed-rate and US$300 million floating-
rate notes issued by National Power Corporation in 2006 and
2005, respectively.


NAT'L POWER: Discloses Plans to Import Coal for Plants in 2008
--------------------------------------------------------------
The National Power Corp. announced on Monday that it plans to
import PHP16.68-billion worth of coal for next year to power
four of its thermal power plants, the Daily Tribune reports.

NAPOCOR claimed that the government already approved the budget
for the importations, which have been questioned earlier by the
Senate, the Tribune adds.  The imported coal will go to
NAPOCOR's plants in Naga (Cebu), Sual, Pagbilao and Masinloc.

The Tribune reveals that NAPOCOR has set yesterday as the
deadline for final bidding for Batch 1 with an approved budget
of PHP3.854 billion for 10 lots of 65,000 metric tons for the
Sual plant in Pangasinan, as well as for the Pagbilao plant in
Quezon province for 6 lots of 65,000 MT each of performance/spot
coal with a total budget of PHP1.976 billion.  NAPOCOR will bid
out supply contracts as well for the Naga (Cebu) plant for
150,000 MT with an approved budget of PHP711.48 million.

Today, Tribune says, NAPOCOR will open bidding for the Batch 2
supply contracts for the Sual plant with requirements of 8 lots
of 65,000 MT.  The second batch will have a total approved
budget of PHP336.336 million per lot for a total of PHP636.636
million, which will include the Pagbilao plant as well for two
lots of 65,000 MT of high-performance and high gross calorific
value coal with a budget of HP336.336 million per lot or a total
of PHP672.672 million.  

On Thursday, the report adds, NAPOCOR will open the bid for
batch 3 for the Sual plant for two more lots of 65,000 MT of
trial shipment coal worth PHP318.318 million per lot for a total
of PHP636.636 million, as well as for the Pagbilao requirement
of 6 lots of 65,000 MT of blending or spot coal with a budget of
PHP315.315 million per lot or a total of PHP1.892 billion.

NAPOCOR will also open bid offers for the coal supplies to
Masinloc in Zambales on December 3, for 10 lots of 65,000 MT per
lot of regular and spot coal with budget of PHP385.385 million
per lot for a total of PHP3.854 billion.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines.  This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--).  The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.
Napocor will use the proceeds for capital expenditure.

On October 11, 2007, Fitch Ratings affirmed the ratings of 'BB'
to the US$500 million fixed-rate and US$300 million floating-
rate notes issued by National Power Corporation in 2006 and
2005, respectively.


PHIL NAT'L CONSTRUCTION: Elberto Emphasis Joins Directors' Board
----------------------------------------------------------------
The Philippine National Construction Corp.'s Board of Directors
has elected Elberte E. Emphasis as a new member.

According to a disclosure with the Philippine Stock Exchange,
Mr. Elberto has been allocated with 50 shares.


Headquartered in Mandaluyong City, Philippine National
Construction Corporation -- http://www.pnccweb.net/-- is a
government-owned and controlled corporation whose principal
business activities include construction, real estate
development, and operation and maintenance of the North
and South Luzon Tollways.  It is the government's main partner
in infrastructure development and construction projects.  Also,
it is the sole operator and franchise-holder of the North and
South Luzon Tollways and has entered into several joint venture
agreements to upgrade and expand said expressways.  Among the
construction projects that are in its pipeline are the Rizal
Avenue Bridge, the DENR Environment Center, the Central Business
Park Package 1 (SM Project), and SLT Rehab (Nichols-Alabang).
The company's revenues are derived mostly from
construction projects and the collection of tollway fees.

The TCR-AP also noted that the company is involved in continuing
litigations relating to labor and civil cases.  Both the
management and its legal counsels believe that the final
resolutions of these claims will have a material effect on the
company's financial position, the TCR-AP said.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 30, 2006, that Philippine National Construction Corporation
has submitted a Joint Motion for Judgment Based On Compromise to
the Supreme Court as part of the company's total restructuring
plan where it projects a net income of about PHP200 million in
2007 after suffering income losses for the past 30 years of its
franchise period.


RIZAL COMMERCIAL: Board Approves Creation of IT Services Group
--------------------------------------------------------------
The Board of Directors of the Rizal Commercial Banking Corp.
have approved the establishment of an IT Shares Services Group
with Redentor C. Bancod as head and executive vice president.

The Board also reconstituted the members of the Board Technology
Committee to include:

    * Helen Y. Dee
    * Rizalino S. Navarro
    * Cesar E.A. Virata
    * Armando M. Medina
    * RCBC's Chief Executive Officer

Rizal Commercial Banking Corporation -- http://www.rcbc.com/       
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a final rating of 'B-' to
Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for RCBC's foreign currency
Not-Prime short-term deposit rating and bank financial strength
rating of E+ remains stable, the TCR-AP said.

The TCR-AP also reported on October 24, 2006, that Standard &
Poor's Ratings Services assigned its 'CCC' rating to
Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B)
US$100 million non-cumulative step-up callable perpetual capital
securities.


STENIEL MFG: Files Petition to Commence Business Rehabilitation
---------------------------------------------------------------
Steniel Manufacturing Corp. has filed a petition for
rehabilitation on Monday, November 26, according to a disclosure
with the Philippine Stock Exchange.

Steniel's subsidiaries, Steniel Land Corp. and Treasure
Packaging Corp., have likewise filed separate petitions with the
appropriate courts.


Cavite, Philippines-based Steniel Manufacturing Corporation --
http://www.steniel.com/-- was incorporated in 1963 primarily to
engage in manufacturing, processing, and selling all kinds of
paper products, paper board and corrugated carton containers,
and all other allied products and processes.  The company and
its subsidiaries have established a strong foothold in the
packaging industry by offering a broad line of packaging
products from corrugated carton boxes to paper, plastic
containers, and flexible packaging.  STN stands as the single
largest independent manufacturer of corrugated fibreboard
containers in the Philippines.  About 99% of its revenues come
from the corrugated packaging business while the remaining 1% is
from rigid plastics.

                         *     *     *

Steniel Manufacturing did not meet its maturing obligations due
as of December 31, 2005, to certain lender banks.  The company
failed to meet its quarterly principal amortizations
and interest payments since March 2004.  The creditor banks
declared the company in default on May 24, 2006.  The company is
currently negotiating with the lender banks for the rescheduling
of its long-term debts.

The company has incurred net losses of PHP178.23 million,
PHP185.15 million and PHP138.82 million for the years ending
Dec. 31, 2006, 2005 and 2004, respectively.


* Peso May Rise Up to PHP38/US$1 in 2008 on Weakening US Dollar
---------------------------------------------------------------
The peso may reach as high as PHP38 against the dollar next year
due to strong overseas remittances, weaker US dollar and
improved Philippine macroeconomic fundamentals, the Philippine
Daily Inquirer reports.

According to Banco de Oro-EPCI Inc.'s chief strategist, Jonathan
Ravelas, the foreign exchange will likely remain volatile.  Mr.
Ravelas said that given the peso's strong performance, there may
be a correction in the exchange rate.

Any pullback in 2008 would be limited to PHP46 per dollar,
Mr. Ravelas added.

The government's healthier financial condition and the sustained
growth in the Philippine economy will provide support for the
peso, the BDO strategist explained.

For next year, the report says, Mr. Ravelas expects the growth
is gross domestic product to slow down to 6%-6.5% with an
anticipated slowdown in the global economy.

                          *     *     *

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.


* Economy May Have Grown 7.1% in Third Quarter of 2007
------------------------------------------------------
The sustained growth in the agricultural and telecommunications
sector may have resulted to a growth of somewhere between 6.1 to
7.1% in the economy in the third quarter, the Manila Bulletin
reports.

According to Economic Planning Secretary Augusto Santos, the
Philippine may record a 7% growth for the full year as consumer
spending is expected to increase in the current quarter.  The
growth was consistent in the rise of key indicators as reported
by the National Statistical Coordination Board, Mr. Santos said.

The Board will release third-quarter national income accounts on
Thursday, the report reveals.


                          *     *     *

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

A-P ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------
On September 7, 2007, the High Court of Singapore entered an
order directing the wind-up of A-P Engineering Pte Ltd's
operations.

Asian Micro Holdings Limited filed the petition against the
company.

A-P Engineering's liquidator is:

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


HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices
-------------------------------------------------------------
Hexion Specialty Chemicals, Inc. is increasing the prices of its
CARDURA(TM) glycidyl ester, ACE(TM) hydroxyl acrylate monomer,
VEOVA(TM) monomers and VERSATIC(TM) acids globally effective
Jan. 1, 2008, or as contract terms allow.

Prices of all VeoVa, Cardura, Versatic Acid and ACE grades will
increase by 150 Euro/mt or 200 USD/mt (equaling 9 cents per
pound).

                   About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial  
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in Singapore, China, Australia,
Netherlands, and Brazil. It is an Apollo Management L.P.
portfolio company.  Hexion had 2006 sales of US$5.2 billion and
employs more than 7,000 associates.

                       *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.


MEGAVISA SOLUTIONS: Creditors' Proofs of Debt Due on Dec. 7
-----------------------------------------------------------
Megavisa Solutions (Singapore)Pte Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by Dec. 7,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

          Peter Chay Fook Yuen
          Bob Yap Cheng Ghee
          Yeap Lam Kheng
          c/o KPMG
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


PYRAMID REALTY: Court Enters Wind-Up Order
------------------------------------------
On November 9, 2007, the High Court of Singapore entered an
order directing the wind up of Pyramid Realty Pte Ltd's
operations.

IFS Capital Limited filed the wind-up petition against the
company.

Pyramid Realty's liquidator is:

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


SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
-------------------------------------------------------------

                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of September 30, 2007

                            Assets

Current Assets
   Cash and cash equivalents                  US$42,482,514      
   Trade receivables, less allowances
     for doubtful accounts                          394,923
   Due from related parties                         711,255
   Prepaid expenses and other current as            540,013
                                               ------------
      Total current assets                       44,128,705

Fixed assets, net                                         -



Long-term equipment sales receivable, net                 -
Investments in group companies                  143,546,856
Intercompany receivables                                  -
Investment in equity ownership interests        220,170,010
Other assets                                      3,941,292      
                                               ------------
Total assets                                 US$411,786,863
                                               ============

               Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                               5,424,386      
   Accrued expenses                              55,840,265      
   Current portion of long-term debt            172,107,141
   Current portion of senior notes              385,351,436
                                               ------------
     Total current liabilities                  618,723,228

Total shareholders' equity                     (206,936,365)
                                               ------------
Total liabilities and shareholders' equity   US$411,786,863
                                               ============


                       Sea Containers, Ltd.
                Unaudited Statement of Operations
             For the Month Ended September 30, 2007

Revenue                                            (947,966)

Costs and expenses:
   Operating income                                 167,601
   Selling, general and
    administrative expenses                      (3,488,212)
   Professional fees                             (3,752,843)
   Charges to provide against
     intercompany accounts                       (1,233,807)
   Impairment of investment in subsidy Co.                -
   Forgiveness of intercompany debt                       -
   Depreciation and amortization                          -
                                               ------------
     Total costs and expenses                    (8,307,261)
                                               ------------      

Gain or (Loss) on sale of assets                   (127,181)
                                               ------------
Operating income (loss)                          (9,382,408)

Other income (expense)
   Interest income                                  171,764      
   Foreign exchange gains or (losses)                 5,810
   Interest expense, net                         (4,696,684)
                                               ------------
Income (Loss) before taxes                      (13,901,518)
Income tax expense                               (6,014,000)
                                               ------------
Net (Loss)                                    (US$19,915,518)
                                               ============

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).


SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report
-------------------------------------------------------

                    Sea Containers Services
                    Unaudited Balance Sheet
                   As of September 30, 2007

                            Assets

Current Assets
  Cash and cash equivalents                          US$649       
  Trade receivables                                   2,403      
  Due from related parties                        2,103,050
  Prepaid expenses and other current assets       3,667,318
                                               ------------
      Total current assets                        5,773,420

Fixed assets, net                                 2,251,364

Investments                                       2,744,640
Intercompany receivables                         51,630,282
Other assets                                              0
                                               ------------
Total assets                                  US$62,399,708
                                               ============

              Liabilities and Shareholders' Equity

Current Liabilities
  Accounts payable                             US$2,853,709      
  Accrued expenses                                2,506,022      
  Current portion of long-term debt               1,681,656
                                               ------------
      Total current liabilities
7,041,386                  

Total shareholders' equity                       55,358,321
                                               ------------
Total liabilities and shareholders' equity    US$62,399,708
                                               ============


                     Sea Containers Services
                 Unaudited Statement of Operations
             For the Month Ended September 30, 2007

Revenue                                          US$796,787

Costs and expenses:
  Operating costs                                         -
  Selling, general and
   administrative expenses                         (457,217)
  Professional Fees                                (191,833)
  Other charges                                           0
  Depreciation and amortization                     (97,186)
                                               ------------
   Total costs and expenses                        (746,236)
                                               ------------

Gains on sale of assets                                   0
                                               ------------
Operating income (loss)                              50,551

Other income (expense)
  Interest income                                        92       
  Foreign exchange gains (losses)                      (745)
  Interest expense, net                             (12,040)
                                               ------------
Income (Loss) before taxes                           37,858
Income tax credit                                         0
                                               ------------
Net Income                                        US$37,858
                                               ============

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).


SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report
--------------------------------------------------------
Sea Containers Carribean Inc. reported zero assets and accounts
payable of US$3,530,094, as its sole liabilities in its
September 2007 balance sheet.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21,2007.  (Sea Containers Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).


SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec.
----------------------------------------------------------------
Great North Eastern Railway Ltd. was effectively nationalized on
Nov. 20, 2007, and will operate as a state corporation until
National Express takes over as the new east coast line franchise
holder on Dec. 9, 2007, Scotsman says.

GNER will subsequently be reclassified to the public sector,
Scotsman relates citing the Office of National Statistics.

As reported in the TCR-Europe on Aug. 16, 2007, the Department
of Transport awarded the contract to operate the services on the
InterCity East Coast rail franchise to NXEC Trains Ltd, a
subsidiary of National Express Group, on Aug. 14, 2007.

The franchise will start on Dec. 9, 2007, and will run through
March 31, 2015, with the last 17 months conditional on set
performance levels being reached.  NXEC Trains will be paid
GBP1.4 billion over the life of the franchise in premium as a
contribution to DfT's rail budget.

In December 2006, GNER voluntarily entered into a Management
Agreement with the Government to continue delivering train
services after the early ending of the ten year franchise which
had begun in May 2005.  This was the result of a number of
unexpected external events, beyond GNER's direct control, which
undermined the sustainability of the InterCity East Coast
franchise over its 10-year lifetime.

These events included the loss of revenue due to the London
bombings in July 2005, higher energy and fuel costs, and
regulatory permission being granted for a new open access
entrant on the route.  While GNER was never in breach of the
franchise agreement, it was apparent that the company was not
going to be able to meet the significant increase in franchise
premium obligations due from May 2007.

As reported in the TCR-Europe on Dec. 11, 2006, the government
decided to end GNER's GBP1.3-billion franchise agreement to
operate the East Coast main line railway after the company was
unable to meet a 10% revenue growth requirement in 2005,
stipulated under the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                         About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high-
speed express train services on the East Coast Main Line. Most
of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                     About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and
NYSEArca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


ZHEJIANG HOLDING(S): Commences Liquidation Proceedings
------------------------------------------------------
Zhejiang Holding(S) Pte Ltd entered liquidation proceedings on
November 9, 2007.

Lai Yew Seng Pte Ltd filed the wind-up petition against the
company.

Zhejiang Holding's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Office
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118


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

DOLE FOOD: Appeals Legal & Constitutional Issues in Tellez Case
---------------------------------------------------------------
Although the Dole Food Company, Inc., said it is pleased that
the punitive damages phase has concluded in the Tellez case in
Los Angeles Superior Court, it will still file an appeal on
legal and constitutional issues pertaining to the verdict.

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, at a jury hearing held Nov. 14 in Los Angeles
Superior Court Judge Victoria G. Chaney's chamber, Dole Food was
asked to pay five former Nicaraguan employees US$2.5 million for
punitive damages.  These workers also got a US$3.2 million
compensatory damages for suffering sterility due to exposure to
the pesticide DBCP on Dole's banana plantations in Nicaragua.
Most of the compensatory award will be paid by Dole, while the
rest will come from Dow Chemical Co., which manufactured the
pesticide.

Dole Food's executive vice president, general counsel and
corporate secretary C. Michael Carter commented to Fresh Plaza,
"Dole appreciates the dedication, commitment and professionalism
of the jury and the court in what was a long and complex trial.


Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook was stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


PICNIC CORP: SET Temporarily Halts Trading of Securities
--------------------------------------------------------
Trading for Picnic Corp. PCL's securities has been temporarily
halted pending a disclosure by the company on the effects of a
recent dismissal of a lawsuit involving defaulted promissory
notes valuing THB140 million.

According to a disclosure with the Stock Exchange of Thailand,
the company informed the SET on Monday that the court dismissed
the case because PICNIC was unable to provide the collaterals as
ordered.  Because of this, the counterparty will proceed to
seize the company's assets for debt settlement.

The company's third quarter financial status show that cash
valuing PHP98 million may be affected by the execution, which in
turn may affect the company's ability to continue operating.

                      About Picnic Corp.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                      Going Concern Doubt

After reviewing the company's 2007 third quarter financial
statements, Somchai Kurujitkosol at S.K. Accountant Services Co.
Ltd. raised significant doubt on the company's ability to
continue as a going concern.

Mr. Somchai said that the group had working capital deficits of
THB4.16 billion at September 30, 2007 and THB2.191 billion at
December 31, 2006.  Mr. Somchai also said that the group has
various loans, some of which are already in default.  The
company's management is now negotiating with various financial
institutions to jointly invest in the company to solve the
problem.

Mr. Somchai concluded that the company's ability to continue as
a going concern is dependent on its ability to negotiate debt
restructuring of the Company and share capital increment, as
well as on its ability to follow-up of debt collection from
trading account receivables and loans due from associated
companies.


TOTAL ACCESS: Confident of Outcome of TOT's Access Charges Suit
---------------------------------------------------------------
Total Access Communications PCL admitted that they have no funds
reserved for access charges if it loses the case filed by TOT
PCL, but said it was strong enough to afford the expenses,
DTAC's president, Sigve Brekke, told the Bangkok Post.

Mr. Brekke also expressed confidence of winning the case.

DTAC, along with True Move PCL, stopped paying access charges in
November 2006 to TOT to adopt the National Telecommunications
Commission's interconnection scheme, the Post recounts.  Because
of this, TOT sued DTAC, True Move and CAT Telecom, of which DTAC
and True are concessionaires, for payment of the access charges
plus THB15 billion in interest.

Meanwhile, Advanced Info Services delayed a decision seeking to
collect interconnection charges from True Move and DTAC in light
of TOT PCL's case against the two firms over unpaid access
charges, the report says.

AIS' president, Wichian Mektrakarn, told the Post that they
require an immediate resolution of the case before they start
collection the two firms debt, which total THB2.5 billion.  
THB2 billion will come from DTAC, Mr. Wichian said,  while
THB500 million from True during the February 1-October 17
period.

"If the court rules in favour of private operators, AIS will
immediately accept IC payments," Mr Wichian told the Post.


Total Access Communications, DTAC -- http://www.dtac.co.th/--      
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                       *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 3,
2006, that Moody's Investors Service has upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concluded the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


TRUE MOVE: AIS Opts to Delay Collecting Interconnection Charges
---------------------------------------------------------------
Advanced Info Services has delayed a decision seeking to collect
interconnection charges from True Move PCL and Total Access
Communications PCL in light of TOT PCL's case against the two
firms over unpaid access charges, the Bangkok Post reports.

AIS' president Wichian Mektrakarn told the Post that they
require an immediate resolution of the case before they start
collection the two firms debt, which total THB2.5 billion.  
THB2 billion will come from DTAC, Mr. Wichian said,  while
THB500 million from True during the February 1-October 17
period.

DTAC and True Move stopped paying access charges in November
2006 to TOT to adopt the National Telecommunications
Commission's interconnection scheme, the Post recounts.  Because
of this, TOT sued DTAC, True Move and CAT Telecom, of which DTAC
and True are concessionaires, for payment of the access charges
plus THB15 billion in interest.

"If the court rules in favour of private operators, AIS will
immediately accept IC payments," Mr Wichian told the Post.

                       About True Move

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

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

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


TUNTEX PCL: Seeks to Extend Deadline for Payment of Group 1 Loan
----------------------------------------------------------------
Tuntex PCL is requesting group 1 of its creditors to extend to
December 31, 2007 the deadline for payment of overdue interest
of a long term loan at a rate of 15%, a disclosure with the
Stock Exchange of Thailand says.

According to the disclosure outlining the progress of the
company's rehabilitation plan for the period from June 30 to
September 28, 2007, the company said they were unable to pay
monthly interest payments to the group 1 creditors for the last
working days of July, August and September 2007.  Because of
this, the company has to pay the group 1 creditors a default
interest rate of 15%.

Total accrued interest for the period from March 31 to September
28, 2007 is now at THB244.072 million and the total principal
due on June 29 is at THB214.021 million.

Tuntex Public Company Limited -- http://www.tuntexthailand.com/
-- was incorporated as a public company limited under the Thai
laws.  The company operates in Thailand and its principal
activity is the manufacture of polyester yarn.

The company is currently classified under the Non-Performing
Group of the Stock Exchange of Thailand, and is currently
implementing a rehabilitation plan.

Tuntex's balance sheets as of June 30, 2007, showed illiquidity
with total current assets of THB417.00 million and total current
liabilities of THB6.58 billion.

As of end-June 2007, Tuntex also recorded total assets of
THB7.91 billion and total liabilities of THB8.40 billion,
resulting in a capital deficit of THB481.35 million.





                         *********

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.

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 ***