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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 29, 2007, Vol. 10, No. 237

                            Headlines

A U S T R A L I A

COLES GROUP: Officially Turns Over All Shares to Wesfarmers Unit
DIVINE DESTINY: Placed Under Voluntary Liquidation
EURO TRADING: Declares First Interim Dividend
HEALTH & LIVING: Liquidator to Give Wind-Up Report on Nov. 30
HOECHST AUSTRALIA: Liquidator Presents Wind-up Report to Members

HOECHST AUSTRALIAN INVESTMENTS: Liquidator Gives Wind-Up Report
LAFAYETTE MINING: Continues Talks with Prospect Investor
MCGUIGAN VINEYARDS: Members' Final Meeting Set for Nov. 30
NATIONAL AUSTRALIA: Commences Liquidation Proceedings
NOOR AL HOUDA: Will Declare First Dividend on December 22

PAX RAIL PTY: Set to Declare Dividend
SYMBION HEALTH: Healthscope Buys 10% Stake After ATO Ruling
YOUR PROSPERITY: Members Decide to Liquidate Business
* Fitch Studies Performance of AU Residential Mortgages


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: To Trial Restructured Ops in 8 Provinces
AMC ENTERTAINMENT: Taps Scott Wall as VP; Promotes Five Officers
BALISA LIMITED: Members to Hold Final Meeting on December 28
BOTHEALTH TRAVELS: Court to Hear Wind-Up Petition on December 19
COLLINS & LEAHY: Commences Liquidation Proceedings

DANA CORPORATION: Secures US$2,000,000,000 Exit Financing
DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved
FIAT: Investing About US$3.4 Billion in Brazil to Fund Expansion
FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina
FIAT SPA: Repurchases 1.35 Million Ordinary Shares

HENDERSON WAPWORKZ: Commences Liquidation Proceedings
HOUSELY INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 12
KESSEL ELECTRONICS: Members' Final Meeting Set for Dec. 24
KONKA GROUP: Tianda Sells 43.55 Million Konka Shares
MAHR CHINA: Court to Hear Wind-Up Petition on December 19

MAYWAY LIMITED: Court to Hear Wind-Up Petition on Nov. 28
OVIN-CONSORTIUM: Court to Hear Wind-Up Petition on Dec. 5
PAINEWEBBER ASIA: Members to Have Final Meeting on December 24
PETROLEOS DE VENEZUELA: Reports 141 Operational Oilrigs
PHILIP MORRIS: Members to Have Final Meeting on December 28

READTAIN (INT'L): Court to Hear Wind-Up Petition on January 2
S.T. INDUSTRIAL: Members to Have Final Meeting on December 24
SGIS SONGSHAN: Xinhua Far East Lifts Rating from BB- to BB
STAR CRUISES: Moody's Continues B1 Rating Review
SUNNY TOP: Creditors to Have Final Meeting on November 30

THE CONSULTING: Members' Final Meeting Set for December 24
VENLINT HOLDINGS: Commences Liquidation Proceedings
VINCENT FORUM: Members Will Hold Final Meeting on December 28
WOLVERINE TUBE: To Halt Decatur & Booneville Plumbing Operations
WORLDTRADE LINKAGE: Appoints New Liquidators

WWW LIMITED: Commences Liquidation Proceedings


I N D I A

AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban
AFFILIATED COMPUTER: Board Authorizes US$1 Bil. Share Repurchase
BHARTI AIRTEL: Eyes JV with Idea Cellular and Vodafone-Essar
DCM SHRIRAM: Company Law Board Rejects HB's Stay Request
DECCAN AVIATION: Funding on Hold Pending Route Rationalization

ESSAR OIL: To Consider US$2-Bil. Preferential Allotment
ICICI BANK: Strikes Largest Securitization Deal, Report Says
MYLAN INC: Hires Steven Zylstra as VP for Public Relations


I N D O N E S I A

BANK NEGARA: To Acquire Consumer-Based Banks & SME Enterprises
BANK NEGARA: Gets Three ISO 9001:2000 Certificates
CSM CORPORATAMA: Moody's Confirms Ba1.id Bond Ratings
EXCELCOMINDO PRATAMA: Shareholders Resolve Issues in Meeting
MERPATI NUSANTARA: To Open New Palu-Kuala Lumpur Route in Dec.

TELKOMSEL: Plans to Up 2008 Capex to US$1.7 Billion, CEO Says


J A P A N

FORD MOTOR: Strike Continues Despite Initial Wage Agreement
FURUKAWA ELECTRIC: Ties Up with Toray to Sell Polyolefin Foam
KATOKICHI CO: Admits Part in Circular Trading & Inflated Sales
KATOKICHI CO: Japan Tobacco & Nissin to Launch US$1BB Offer
MITSUBISHI MOTORS: October 2007 Global Production Up 14.8%

PACHINKO WORLD: To Voluntarily Deregister Common Stock
SANYO ELECTRIC: Posts Net Income of JPY16.0BB for H1 of FY2007
* Moody's Comments on Japanese Regional Banks Reorganization
* Six Major Japan Banks Post Decline in Group Profit, S&P Says


K O R E A

DURA AUTOMOTIVE: Court Postpones Confirmation Hearing
HYNIX SEMICON: Back in Non-Memory Business w/ SiliconFile Deal


M A L A Y S I A

ASIAN PAC: Earns MYR5.14 Mil. in 2nd Quarter Ended Sept. 30
ASIAN PAC: Mustapha Bin Buang Quits as Audit Committee Member
FA PENINSULAR: Incurs MYR536MM Net Loss in Qtr. Ended Sept. 30
FOREMOST: Turns Around w/ MYR100MM Profit in Qtr. Ended Sept. 30
FOREMOST HOLDINGS: Discloses Change in Audit  Committee

HARVEST COURT: Will Hold General Meeting on December 19
PROTON HOLDINGS: GM Still Interested in Future Partnership
SUNWAY: Incurs MYR21-Mil. Net Loss in Quarter Ended Sept. 30


N E W  Z E A L A N D

AGBIZ SOUTHLAND: Court Hears CIR's Wind-Up Petition
CASH N GO: Fixes Nov. 23 as Last Day to File Proofs of Debt
NATHANS FINANCE: Investors to Get Interim Dividend in 1Q FY2008
NOT HERE: Members Agree to Commence Liquidation Proceedings
NZXPT LTD: Creditors' Proofs of Debt Due on Dec. 14

POWERPARK LTD: Fixes Dec. 2 as Last Day to File Proofs of Debt
RATANA CONTRACTING: Court Hears CIR's Wind-up Petition
RIVERVIEW SOLUTIONS: Appoints Grant and Khov as Liquidators
THACKERY DEVELOPMENTS: Taps Kim S. Thompson as Liquidator
THE HEARING ASSOCIATION: Proofs of Debt Due on Nov. 30

THE MOUSE FACTORY: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

CHIQUITA BRANDS: Producers Awaiting Unfair Practices Reports
EIB REALTY: Annual Net Loss Climbs to PHP126.315 Million in 2006
EIB REALTY: 2nd-Quarter Net Loss Climbs to PHP18.041 Million
EIB REALTY: Board Appoints Jaime Gonzalez as Chairman, President
LAFAYETTE MINING: Invites Anti-Mining Bishop to Visit Rapu-Rapu

LODESTAR INVESTMENT: Anggala Buy Cues Resignation of 3 Directors
METROPOLITAN BANK: Divests of PHP2.9-Bil. in Foreclosed Assets
PHIL LONG DISTANCE: Completes Consent Solicitation on Sr. Notes
PRIME ORION: Annual Stockholders' Meeting Set for December 20
* Exporters Seek To Fix Exchange Rate at PHP47 Per US$1


S I N G A P O R E

EMC BUILDING: Wind-Up Petition to be Heard on Nov. 30
FIRST ICE: Court to Hear Wind-Up Petition on Nov. 15
HEXION SPECIALTY: Posts US$2-Mln Net Loss in 2007 Third Quarter
VALEANT PHARMA: Teams Up with ASCEND to Promote Migranal(R)


S R I  L A N K A

SANASA DEV'T BANK: Fitch Assigns 'BB-(lka)' National Rating


T H A I L A N D

ADKINSON SECURITIES: Expects to Turn Around in 2007
PICNIC CORP: SET Allows Trading of Securities to Resume
TMB BANK: Shareholders Agree to Offer 10.970 Mil. Shares to ING

     - - - - - - - -

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

COLES GROUP: Officially Turns Over All Shares to Wesfarmers Unit
----------------------------------------------------------------
The Scheme of Arrangement in relation to the acquisition of
Coles Group Limited by Wesfarmers Limited has been implemented.

All Coles Group ordinary shares have been transferred to
Wesfarmers Retail Holdings Pty. Ltd., a wholly owned subsidiary
of Wesfarmers.  An application to delist Coles Group from ASX
will be made shortly.

The members of the Coles Group Board have been replaced with a
Board nominated by Wesfarmers.  The Board of Coles Group Limited
now comprises the following directors:

   -- Trevor Eastwood, Chairman of Wesfarmers;

   -- Bob Every, Non-executive director of Wesfarmers;

   -- Richard Goyder, Managing Director of Wesfarmers;

   -- James Graham, Non-executive director of Wesfarmers; and

   -- Gene Tilbrook, Finance Director of Wesfarmers.

              Payment of Scheme Consideration

Cash consideration and the Coles fully franked Final Dividend
will be paid directly into shareholders' nominated bank
accounts.

Wesfarmers ordinary shares and Wesfarmers Partially Protected
shares (PPS) have also been registered in the name of Scheme
Shareholders.

Holding statements for new Wesfarmers ordinary shares and
Wesfarmers PPS will be despatched by November 30, 2007.  Trading
of these shares is expected to commence on a normal settlement
basis by December 3, 2007.

Coles shareholders may check details of their holdings by
visiting the website www.linkmarketservices.com.au.

                     About Coles Group

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

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


DIVINE DESTINY: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on October 2, 2007, the members of
Divine Destiny Pty Limited agreed to voluntarily wind up the
company's operations.

Stewart William Free and Raymond George Tolcher were appointed
as liquidators.

The Liquidators can be reached at:

          Stewart William Free and
          Raymond George Tolcher
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West, New South Wales 2302
          Australia
          Web site: http://www.lawlerpartners.com.au

                        About Divine Destiny

Divine Destiny Pty Limited is a distributor of durable goods.
The company is located at Raymond Terrace, in New South Wales,
Australia.


EURO TRADING: Declares First Interim Dividend
---------------------------------------------
Euro Trading Pty Ltd, which is in liquidation, declared its
first interim dividend on November 28, 2007.

Creditors who were not able to file their proofs of debt by  
Nov. 21, 2007, were excluded from the company's dividend
distribution.

The company's liquidator is:

          Henry Kazar
          SimsPartners
          Suite 5, 32 Thesiger Court
          Deakin ACT 2600
          Australia
          Telephone:(02) 6285 1310

                    About Euro Trading

Euro Trading Pty Ltd is a distributor of farm supplies.  The
company is located at Camp Mountain, in Queensland, Australia.


HEALTH & LIVING: Liquidator to Give Wind-Up Report on Nov. 30
-------------------------------------------------------------
A final meeting will be held for the members of Health & Living
Australia Pty Limited, which is in liquidation, on November 30,
2007, at 11:40 a.m.

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

The Liquidator can be reached at:

          J. D. Brogan
          Suite 17, 37-43 Alexander Street
          Crows Nest, New South Wales 2065
          Australia

                   About Health and Living

Health And Living Australia Pty Limited operates miscellaneous
food stores.  The company is located at Kirrawee, in New South
Wales, Australia.


HOECHST AUSTRALIA: Liquidator Presents Wind-up Report to Members
----------------------------------------------------------------
A final meeting was held for the members of Hoechst Australia
Limited on November 28, 2007, at 10:00 a.m.

At the meeting, Geoffrey Reidy, the company's liquidator,
presented a report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on November 16,
2006.

The Liquidator can be reached at:

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

                    About Hoechst Australia

Hoechst Australia Limited,, which is also trading as Hmr Bulk
Active Ingredients, is a distributor of medicinal chemicals and
botanical products.  The company is located at Lane Cove, in New
South Wales, Australia.


HOECHST AUSTRALIAN INVESTMENTS: Liquidator Gives Wind-Up Report
---------------------------------------------------------------
The members of Hoechst Australian Investments Pty Limited met on
November 28, 2007, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on November 16,
2006.

The company's liquidator is:

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

                  About Hoechst Australian

Hoechst Australian Investments Pty Limited operates
miscellaneous business credit institutions.  The company is
located at Melbourne, in Victoria, Australia.


LAFAYETTE MINING: Continues Talks with Prospect Investor
--------------------------------------------------------
Lafayette Mining Incorporated said that negotiations with a
major potential investor to pay off its debt were continuing,
and the outcome was now uncertain, Jesse Riseborough and Luzi
Ann Javier of Bloomberg News reports.

The Australian mining firm, which is developing the Rapu Rapu
mine in the Philippines, disclosed through the Australian Stock
Exchange that the investor has until November 30 to exercise an
option to pay off the debt, conveys Bloomberg.

The report states that the investor, whose name has not been
identified yet, has "not reached a final decision on whether or
not they will exercise their option to acquire the bank group
exposure.  The outcome is now uncertain."

Bloomberg, through the statement, quotes Lafayette as saying,
"The directors are of the opinion that the company continues to
be a going concern."  However, should the would-be investor not
pay off the debt the "directors will need to carefully consider
this opinion," the report says.

Peter Wallace, director of the Australia-New Zealand Chamber of
Commerce in the Philippines, expressed to Bloomberg through a
phone interview that, "It will hurt the prospects for Lafayette,
but it's essentially a financial case and doesn't indicate some
failure of policies in the Philippines."

Lafayette, valued to be at AU$17.7 billion, reported a loss of
AU$66.4 million in the six-month period ended Dec. 31 after a
typhoon halted output and damaged facilities in the Rapu Rapu
mine, recounts Bloomberg.

According to Mr. Wallace, "The government can take the blame for
the extended time it took to grant approval to reopen the mine.  
That's essentially what caused Lafayette to lose money."

Bloomberg recounts that Lafayette said in an October company
statement that the South East Asian Strategic Assets Fund would
invest US$152 million in Lafayette, paying off US$123 million in
loans and providing a US$28.75 million in credit.

                   About Lafayette Mining

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

TCR-AP's "Large Companies with Insolvent Balance Sheets" column
on November 23, 2007, reflected Lafayette Mining Limited as
having a US$190.86 million equity deficit, on total assets of
US$105.24 million.


MCGUIGAN VINEYARDS: Members' Final Meeting Set for Nov. 30
----------------------------------------------------------
The members of Mcguigan Vineyards Pty Limited will hold their
final meeting on November 30, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          David J. F. Lombe
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                     About Mcguigan Vineyards

Mcguigan Vineyards Pty Limited is a distributor of durable
goods.  The company is located at Pokolbin, in New South Wales,
Australia.


NATIONAL AUSTRALIA: Commences Liquidation Proceedings
-----------------------------------------------------
During a general meeting held on October 18, 2007, the members
of National Australia Superannuation Pty Ltd decided to
voluntarily liquidate the company's business.

David Clement Pratt and Timothy James Cuming were named
liquidators.

The Liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                   About National Australia

National Australia Superannuation Pty Ltd is involved with
trusts, except educational, religious, and charitable trusts.  
The company is located at Melbourne, in Victoria, Australia.


NOOR AL HOUDA: Will Declare First Dividend on December 22
---------------------------------------------------------
Noor Al Houda Islamic College Pty Limited, which is in
liquidation, will declare its first dividend on December 22,
2007.

Creditors who were not able to file their proofs of debt by the  
November 23, 2007 deadline will be excluded from the company's
dividend distribution.

The company's deed administrator is:

          Martin J. Green
          GHK Green Krejci
          Level 13, 1 Castlereagh Street
          Sydney, New South Wales 2000
          Australia

                     About Noor Al Houda

Noor Al Houda Islamic College Pty Ltd operates elementary and
secondary schools.  The company is located at Condell Park, in
New South Wales, Australia.


PAX RAIL PTY: Set to Declare Dividend
-------------------------------------
Pax Rrail Pty Limited, which is in liquidation, intends to
declare its first dividend.

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

The company's liquidators are:

          C. R. Campbell
          S. J. Cathro
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                       About Pax Rail

Pax Rail Pty Limited is a distributor of durable goods.  The
company is located at Keswick, in South Australia, Australia.


SYMBION HEALTH: Healthscope Buys 10% Stake After ATO Ruling
-----------------------------------------------------------
After the Australian Tax Office ruled out that Symbion Health
Ltd. shareholders could not benefit from a merger and scrip-for-
scrip capital gains tax rollover relief, Healthscope Ltd.
surprised the market by buying shares in Symbion, Teresa Ooi
writes for The Australian.

According to the Wall Street Journal, Healscope acquired a 10%
stake in Symbion.

Healthscope, refusing to lie low, spent about AU$250 million to
buy 64.7 million Symbion shares at an average price of AU$4.09 a
share, relates The Australian.  According to the report, this
move by Healthscope makes it the second-biggest shareholder in
Symbion, following Primary Health Care's 20% stake.

Healthscope's Bruce Dixon is said to be "happy to sit at 10%,
but is not ruling out increasing its stake further," Ms. Ooi
writes, citing a source close to the deal.

One analyst expressed to The Australian that, ". . .with a 10
per cent stake in Symbion, Healthscope has now denied Primary
from compulsorily acquiring Symbion.  It would also make it
tougher on Bateman to raise funds or on-sell the pharmacy and
vitamin business to private equity firms."

The ATO ruling, WSJ relates, leaves Primary as the only bidder
left to acquire Symbion's pathology, diagnostic imaging and
medical centers assets.

However, Symbion's board of directors asserted that Primary's
AU$2.65-billion offer is too low and well below market value,
reports The Australian.

Matthew Murphy of The Age writes that Primary is believed to be
considering staying with its current bid or even lowering it now
that ATO rebuff has strengthened its position.

The report notes that Symbion Chief Executive Office Robert
Cooke said Primary could afford to pay at least AU$4.50 a share
for Symbion but added that their business is not in distress so
they don't "feel any operational pressure to sell their assets
cheaply.

Mr. Cooke further added, "The pressure is on other parties who
are interested in a transaction whether it is Healthscope,
Primary singularly or collectively."

According to a Healthscope spokesman interviewed by Ms. Ooi, the
company has not ruled out making a deal with Primary to carve up
Symbion's assets.  "We are keeping all options open.  We are
very patient," adds the spokesman.

The Australian Securities & Investments Commission, relates The
Age, is investigating whether Healthscope obtained the share
parcel fairly.

Dr. Edmund Bateman of Primary kept his own counsel and declined
to comment on the matter, explains The Australian.

                      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).


YOUR PROSPERITY: Members Decide to Liquidate Business
-----------------------------------------------------
On October 18, 2007, the members of Your Prosperity Limited met
and agreed to voluntarily wind up the company's operations.

David Clement Pratt and Timothy James Cuming were tapped as
liquidators.

The Liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                     About Your Prosperity

Located at Melbourne, in Victoria, Australia, Your Prosperity
Limited is an investor relation company.


* Fitch Studies Performance of AU Residential Mortgages
-------------------------------------------------------
Fitch Ratings has published a study on the performance of
Australian residential mortgages with an emphasis on postcode.

The study reveals, among other things, that when ranked on the
basis of mortgages that have missed more than one mortgage
payment, by dollar value, seven of the top ten worst performing
postcodes in Australia are in New South Wales (NSW) and six of
the seven are in south-west Sydney.

The worst performing postcode in the nation according to the
study is 2161 - Guildford, a suburb of Sydney, NSW.  In
Guildford, 5.65% of mortgages in the agency's sample by dollar
value are in arrears by one or more mortgage payments as of 30
September 2007.  Other postcodes in the top 10 are: 2142 -
Granville (NSW), 2164 - Wetherill Park (NSW), 2325 - Cessnock
(NSW), 2192 - Belmore (NSW), 2190 - Greenacre (NSW), 2196 -
Punchbowl (NSW), 4212 - Helensvale (Queensland), 3048 - Collaroo
(Victoria) and 4507 - Bribie Island (Queensland).  The national
rate of mortgages that have missed more than one payment, by
dollar value is 1.56%.

Ben McCarthy, managing director of Fitch's structured finance
team in Sydney and author of the report commented, "This report,
for the first time, confirms the anecdotal evidence that south-
west Sydney is the most stressed part of the country in terms of
residential mortgages.  In south-west Sydney, mortgages that
have missed more than one payment at 30 September were almost
twice that of the national average."

The study includes close to 1 million loans with a total
outstanding balance of over AUD168 billion as of 30 September
2007.  The study was completed by Fitch to view mortgage
performance on a more granular level than the traditional
national statistics, and identifies a marked difference between
the recent performance of Western Australian mortgages (the best
performing state) with those of NSW (the worst performing
state).


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

AGRICULTURAL BANK: To Trial Restructured Ops in 8 Provinces
-----------------------------------------------------------
Agricultural Bank of China has rolled out a pilot program under
which it will operate as two separately-managed businesses in
eight provinces, a source told XFN-Asia.

According to XFN, the source did not provide details about the
division of business lines.

The report explains that Agricultural Bank has been struggling
to balance its two missions -- serving the interests of the
countryside while achieving a commercial return.

Agricultural Bank will complete a restructuring at the start of
2008 before taking in strategic investors and launching an IPO,
XFN relates.

The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


AMC ENTERTAINMENT: Taps Scott Wall as VP; Promotes Five Officers
----------------------------------------------------------------
AMC Entertainment Inc. has hired Scott Wall as vice president of
national sales.  At the same time, the company has promoted five
associates: Zach Baze, Greg Endecott, Raj Valluri, Cezanne
Wikoff and Ryan Wood.  The group represents the diverse
experience of associates working at the Kansas City-based
company.

"Promoting from within is a key component of associate
satisfaction and retention," said Keith Wiedenkeller, senior
vice president of human resources at AMC.  "And infusing fresh
perspectives into the entertainment business through external
candidates continues to propel our company forward.  Each of
these individuals demonstrates a passion for what they do at
AMC.  I'm proud to work with them."

Mr. Wall debuts at AMC in the newly created role of vice
president, national sales, overseeing the sale of package
tickets, entertainment cards, studio-sponsored screenings and
movie premieres.  Prior to starring at AMC, Mr. Wall worked as a
loan consultant with Capital One Home Loans.  He also spent more
than 10 years working in marketing and communications roles
where he implemented marketing programs for a variety of
clients.  Mr. Wall earned a bachelor's degree in business and
public administration from the University of Missouri in
Columbia.

Mr. Baze was promoted to the position of vice president,
marketing, where he is responsible for setting AMC's
promotional, interactive, market research and advertising
strategies.  Previously, Mr. Baze served as director, media and
marketing alliances, where he managed media buys and
sponsorships for AMC. In his two years at AMC, Mr. Baze also
held manager roles in the corporate communications and marketing
departments.  He holds a bachelor's degree in journalism from
Kansas State University in Manhattan, Kan.

Mr. Endecott is now the director of finance, leading financial
planning and analysis for AMC.  For the past three years, he
served as the director of financial reporting, managing both
internal and external reporting.  Mr. Endecott earned a
bachelor's degree in finance from Missouri State University in
Springfield, Mo., and master's degree in accounting at the
University of Missouri in Kansas City, Mo. He is also a
Certified Public Accountant.

Mr. Valluri was recently promoted to the vice president of
design in AMC's design, construction and facilities department
where he manages the design of new theatres and supports
projects under construction.  Mr. Valluri began his career at
AMC as an architect in May 2006.  He obtained his bachelor's
degree in architecture from the University of Baroda in Baroda,
India and earned a master's degree in architecture and urban
design from the University of Kansas in Lawrence, Kan.  Mr.
Valluri is also a Registered Architect in Missouri.

Mr. Wikoff is now a director of marketing, where she manages
AMC's interactive marketing as well as the MovieWatcher(R)
loyalty program.  Previously, Wikoff oversaw AMCTheatres.com and
MovieWatcher.com as the interactive marketing manager, a
position she held since June 2006.  Mr. Wikoff obtained a
bachelor's degree in advertising at Kansas State University in
Manhattan, Kansas.

Mr. Wood, a 10-year AMC veteran, is a new vice president of film
programming.  In his new role, he is responsible for programming
movies on 700 screens across AMC theatres.  Before his
promotion, Mr. Wood was the director of film programming
operations where he worked with the operations and film
departments to maximize profitability for theatres.  Mr. Wood
holds a bachelor's degree in management from Old Dominion
University in Norfolk, Virginia.

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States,
Hong Kong, Brazil and the United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 13, 2007, Standard & Poor's Ratings Services assigned a 'B'
corporate credit rating and stable outlook to AMC Entertainment
Holdings Inc., the new super-holding company of Marquee Holdings
Inc. and ultimate parent of operating company AMC Entertainment
Inc.

S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings
Inc.'s proposed US$400 million senior unsecured pay-in-kind term
loan facility due 2012 and a 'CCC+' rating to its 364-day
US$275 senior unsecured PIK term loan due 2008.


BALISA LIMITED: Members to Hold Final Meeting on December 28
------------------------------------------------------------
The members of Balisa Limited, which is in liquidation, will
have their final general meeting on December 28, 2007, at
10:45 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.


BOTHEALTH TRAVELS: Court to Hear Wind-Up Petition on December 19
----------------------------------------------------------------
The High Court of Hong Kong will convene at 9:30 a.m. on
December 19, 2007, to hear a petition seeking to have Bothealth
Travels' operations wound up.

Chan Wai Keung filed the petition on August 30, 2007,.

The petitioners' solicitor can be reached at:

          Fung, Wong, Ng, & lam
          Room 8, 4th Floor, New Henry House
          10 Ice House Street, Central, Hong Kong


COLLINS & LEAHY: Commences Liquidation Proceedings
--------------------------------------------------
Collins & Leahy Far East Limited commenced liquidation
proceedings on November 9, 2007.

The company's liquidator is:

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


DANA CORPORATION: Secures US$2,000,000,000 Exit Financing
---------------------------------------------------------
Dana Corporation has obtained fully underwritten commitments for
a US$2,000,000,000 exit financing facility, marking a
significant step toward the company's timely emergence from
Chapter 11 reorganization.  These commitments ensure that Dana
will be positioned to emerge from bankruptcy by the end of
January 2008, or earlier.

The exit facility will be underwritten by Citigroup Global
Markets Inc., Lehman Brothers Inc., and Barclays Capital, and
will consist of a US$650,000,000 asset-based revolving credit
facility and a US$1,350,000,000 term loan facility.  The
facilities are secured by substantially all of the assets of
Dana and most of its domestic subsidiaries.

Dana Chairman and Chief Executive Officer Mike Burns said, "This
is a significant step toward our emergence as a strong,
financially stable company that is equipped to make significant
investments in our programs and to continue providing innovative
products of the highest quality to our customers worldwide.  The
fact that our exit facility is fully underwritten during
difficult credit market conditions is a strong endorsement of
our proposed capital structure and success in implementing our
turnaround initiatives.  In addition, it further ensures our
timely emergence from Chapter 11 after confirmation of our plan
of reorganization by the bankruptcy court."

Proceeds from the facility will be used by Dana to repay its
debtor-in-possession credit facility, make other payments
required upon exit from bankruptcy, and provide liquidity to
fund working capital and other general corporate purposes.

The commitment letter remains subject to bankruptcy court
approval and the funding of the commitments set forth in the
commitment letter is subject to customary closing conditions.

Dana was advised by Miller Buckfire & Co., AlixPartners, and
Jones Day in connection with its exit financing process.

                          About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved
----------------------------------------------------------
Dana Corporation and 40 of its domestic direct and indirect
debtor-subsidiaries ask the U.S. Bankruptcy Court for the
Southern District of New York to approve a settlement that
resolves their disputes with Appaloosa Management, L.P., which
had lost a bid to provide equity exit financing to the company.

Under the settlement, Dana agreed to reimburse up to
US$2,000,000 for out-of-pocket expenses Appaloosa Management
incurred in the Chapter 11 cases, in exchange for its support to
Dana's Joint Plan of Reorganization.

In October 2007, Dana's Board of Directors rejected Appaloosa's
offer to purchase preferred Dana shares that remain unsold in a
rights offering.  Dana's Reorganization Plan, as amended,
incorporates a Global Settlement which provides, among others,
(i) an equity financing of up US$790,000,000 by Centerbridge
Capital Partners, L.P., and members of an Ad Hoc Steering
Committee, and (ii) a settlement between Dana and its unions.  
As part of of the Settlement, Appaloosa has agreed to withdraw
its appeal on a prior order by Judge Lifland approving the
Debtors' investment agreement with Centerbridge.

The Settlement Agreement will also permit Appaloosa to invest in
reorganized Dana.  Appaloosa will be permitted to acquire  
unsecured claims prior to the November 28, 2007 record date
established by the Plan and the Investment Agreement for
determining parties entitled to purchase new Series B preferred
stock.

Dana said that its settlement agreement with Appaloosa, which
holds 14.98% of existing common stock of Dana, will resolve one
of the major potential obstacles remaining to confirmation of
the Plan, at minimal cost.

The Settlement has been negotiated with the Official Committee
of Unsecured Creditors.  Centerbridge has also consented to the
terms of the Settlement.

The primary terms of the Settlement Agreement are:

   -- Withdrawal of Appeal: Appaloosa will withdraw the
      Appellate Case with prejudice within two business days of
      the Settlement becoming effective.

   -- Waiver of Standstill: The Debtors will waive certain
      provisions of a Confidentiality Agreement between Dana and
      Appaloosa to lift contractual restrictions on Appaloosa
      from acquiring a beneficial ownership of claims or debt
      securities of Dana its subsidiaries.

   -- Expenses: The Creditors Committee will support, and the
      Debtors will take no position with respect to, a motion by
      Appaloosa under Section 503(b) of the Bankruptcy Code
      seeking reimbursement of US$2,000,000 of reasonable fees
      and expenses incurred in connection with the Debtors'
      Chapter 11 cases.

   -- Voting: The order approving the Settlement will provide
      that all of Appaloosa's claims against the Debtors now
      held or acquired prior to the deadline for voting on the
      Plan will be deemed to vote to accept the Plan and consent
      to the releases provided for therein.  Appaloosa will only
      transfer its claims to an entity that agrees to accept all
      of Appaloosa's obligations under the Settlement.

   -- Plan Support Agreement: Appaloosa will reaffirm its
      obligations under the Plan Support Agreement dated
      July 26, 2007, among Dana, the Unions, Centerbridge and
      certain of its affiliates and various holders of unsecured
      claims that agreed to support the Plan.  The Debtors and
      the Creditors Committee waive certain claims for breach of
      contract they may have versus Appaloosa under the Plan
      Support Agreement.

   -- Investment Agreement: Appaloosa will support the
      Investment Agreement between Dana and Centerbridge and
      will refrain from taking a number of enumerated actions
      that would serve to interfere with the Investment
      Agreement or the confirmation of the Plan.

Corinne Ball, Esq., at Jones Day, in New York, tells the Court,
the Settlement Agreement (a) surpasses "the lowest point in the
range of reasonableness," (b) represents a proper exercise of
the Debtors' business judgment and (c) should be approved
pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of
the Federal Rules of Bankruptcy Procedure.

                     About Dana Corporation

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2007, the Debtors listed US$7,018,000,000 in total
assets and 7,554,000,000 in total debts resulting in a total
shareholders' deficit of US$536,000,000.

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FIAT: Investing About US$3.4 Billion in Brazil to Fund Expansion
----------------------------------------------------------------
Fiat SpA plans to increase production in Brazil to meet rising
demand.

Published reports say that Fiat's total investment in Brazil
will reach US$3.4 billion, where US$2.8 billion will be utilized
to increase production at its plant in Betim, from 700,000 cars
to one million by 2010.  The rest of the funding will be used to
develop its factories in Sao Pauolo, AFP says.

"For Fiat Auto, Brazil is our second biggest market worldwide,
and the State of Minas Gerais has shown itself to be a valued
partner throughout the thirty-plus years that we've been present
in Brazil," AFP quoted Chief Executive Officer Sergio Machione
as saying on Friday.

Demand in Brazil has risen as a result of rising employment and
cheap car credit financing, Bloomberg News says. The carmaker is
keeping abreast with expansion programs that its competitors in
Brazil are doing.

"I travel the world and Ic haven't seen an economic environment
which is stable and as favorable," Mr. Marchionne was quoted by
Bloomberg as saying.  He added that Fiat's car sales in the
country rose to 32% for the first ten months, higher than
Brazil's 29% total domestic unit car sales.

                      About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                         *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina
--------------------------------------------------------------
Fiat S.p.A. CEO Sergio Marchionne outlined plans to invest
BRL6.4 billion (EUR2.4 billion) in Brazil and Argentina between
2008 and 2010, The Associate Press reports.

Of the total amount, AP relates, BRL5 billion (EUR1.88 billion)
will be made in Minas Gerais, where most of the company's
Brazilian operations are based, while another BRL1 billion
(EUR375 million) has been earmarked for Fiat's farm equipment
plant in the state of Sao Paulo.

Mr. Marchionne told reporters that these investments are aimed
to increase the carmaker's current Brazilian production from
720,000 vehicles a year to about 1 million in 2010, Andre
Soliani and Telma Marotto write for Bloomberg News.

A total of BRL400 million (EUR150 million) will be invested in
Fiat's auto plant in Cordoba, Argentina, where Fiat wants to
produce 50,000 vehicles as of 2008, AP relates.

"I travel the world and I haven't seen an economic environment
which is stable and as favorable," Mr. Marchionne was quoted by
Bloomberg as saying.  "You are going through an incredible
period of growth."

                       About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                         *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Repurchases 1.35 Million Ordinary Shares
--------------------------------------------------
Fiat S.p.A. purchased 45,000 Fiat ordinary shares at the average
price of EUR17.4935 including fees on Nov. 21, 2007, within the
frame of the buy back program announced on April 5, 2007.

On Nov. 19, 2007, the company bought 1.31 million Fiat ordinary
shares at the average price of EUR18.4559 including fees.

From the start of the buy back program on April 24, 2007, the
total number of shares purchased by Fiat amounts to 20.482
million for a total invested amount of EUR426 million.

                 Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

  -- it will become effective on April 10, 2007, and end on
     Dec. 31, 2007, or once the maximum amount of EUR1.4
     billion or a number of shares equal to 10% of the capital
     stock is reached;

  -- the maximum purchase price will not exceed 10% of the
     reference price reported on the Stock Exchange on the day
     before the purchase is made;

  -- the maximum number of shares purchased daily will not
     exceed 20% of the total daily trading volume for each
     class of shares.

                       About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                         *     *     *

As reported on Aug. 8, 2007, Standard & Poor's Ratings Services
raised its long-term corporate credit rating on Italian
industrial group Fiat S.p.A. to 'BB' from 'BB-'.  At the same
time, Standard & Poor's affirmed its 'B' short-term rating on
Fiat.  S&P said the outlook is stable.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


HENDERSON WAPWORKZ: Commences Liquidation Proceedings
-----------------------------------------------------
Henderson Wapworkz Company Limited commenced liquidation
proceedings on November 16, 2007.

The company's liquidator is:

         Cheung Fong Ming
         Two International Finance Centre
         8 Finance Street
         Central Hong Kong


HOUSELY INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 12
-------------------------------------------------------------
On September 14, 2007, Deacons filed a petition to have Housely
Industries Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
December 12, 2007, to hear a petition to wind up the operations
of Housely Industries.


KESSEL ELECTRONICS: Members' Final Meeting Set for Dec. 24
----------------------------------------------------------
The members and creditors of Kessel Electronics (HK) Limited
will have their final general meeting on December 24, 2007, at
10:00 a.m. and 10:45 a.m., respectively.

During the meeting, Kennic Lai Hang Lui, the company's joint and
several liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The meeting will be held at Room 203 of the Duke of Windsor
Social Service Building, 15 Hennessy Road, in Hong Kong.

The Joint and Several Liquidator can be reached at:

         Kennic Lai Hang Lui
         5/F, Ho Lee Commercial Building
         38-44 D'Aguilar
         Central Hong Kong


KONKA GROUP: Tianda Sells 43.55 Million Konka Shares
----------------------------------------------------
Konka Group Co., Ltd. (SZSE: 000016), disclosed on Nov. 24,
2007, that the former share agreement between Shenzhen Oversea
China Town Group, its largest shareholder, and Anhui Tianda
Enterprise (Group), its second largest shareholder, will be
released, Trading Markets reports.

The report recounts that Oversea China Town sold 55 million non-
tradable corporate shares in Konka, or a 9.14% stake, to Tianda
for CNY 304.15 million on August 28, 2004.  The procedures were
finished on July 27, 2005.  After Konka transforming its non-
tradable shares into tradable shares, Tianda took 43.55 million
shares, or a 7.23% stake in Konka, among which 6.167 million
shares was a consideration paid by Oversea China Town.

Tianda will retain the 55 million shares it gained as
considerations, Trading Markets says.  It will return the rest
shares and the CNY4.355 million bonuses it gained to Oversea
China Town.  Oversea China will return the CNY304.15 and
interests of CNY43.7976 million to Tianda.

After the deal, Overseas China will directly take 95.94 million
non-tradable shares in Kongka, or a 15.94% stake.


Headquartered in Shenzhen, Guangdong Province, the People's
Republic of China, Konka Group Co., Ltd. --
http://www.konka.com/-- is a manufacturer of electronics and
telecommunications products.  The Company has established five
manufacturing bases, located in Mudanjiang, Shaanxi Province,
Dongguan, Anhui Province and Chongqing.  It also has a
nationwide sales and services network, with 300 sales branches,
7,000 retailers and 30,000 services centers.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on July 10, 2006.


MAHR CHINA: Court to Hear Wind-Up Petition on December 19
---------------------------------------------------------
On October 4, 2007, Measure-Tech Industrial Supplies Company
Limited filed a petition to have Mahr China Limited's operations
wound up.

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

The petitioners' solicitor can be reached at:

          C.S. Chan & Co
          Room 1417, Leighton Centre
          No. 77  Leighton Road
          Causeway Bay, Hong Kong


MAYWAY LIMITED: Court to Hear Wind-Up Petition on Nov. 28
---------------------------------------------------------
The High Court of Hong Kong will convene at 9:30 a.m. on
November 28, 2007, to hear a petition to have Myway Limited's
petition wound up.

Chan Kai Wing filed the petition on August 29, 2007.

The petitioners' solicitor can be reached at:

          Messrs. Chak & Associate
          11th Floor, HK Diamond Exchange Building
          8-10 Duddell Street
          Central, Hong Kong


OVIN-CONSORTIUM: Court to Hear Wind-Up Petition on Dec. 5
---------------------------------------------------------
The High Court of Hong Kong will convene at 9:30 a.m. on
December 5, 2007, to hear Leong Yeut Wah's petition to have  
Ovin-Consortium's operations wound up.

Leong Yeut Wah filed the petition on August 18, 2007.

The petitioners' solicitor can be reached at:

          Sidney Austin
          Level 39, Two International Finance Centre
          8 Finance Street
          Central, Hong Kong


PAINEWEBBER ASIA: Members to Have Final Meeting on December 24
--------------------------------------------------------------
The members of Painewebber Asia Limited, which is in
liquidation, will have their final general meeting on Dec. 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 20th Floor, Prince's Building, in
Central, Hong Kong.


PETROLEOS DE VENEZUELA: Reports 141 Operational Oilrigs
-------------------------------------------------------
El Universal reports that Petroleos de Venezuela SA will
instruct newly created Pdvsa Services to obtain oilrigs abroad
in the middle of the year.

According to the report, the holding had only 112 operational
oilrigs to meet an estimated production of 3.6 million bpd
leading the firm to declare a state of operational emergency.

Oilrigs operations with undergoing major maintenance have been
restored by Pdvsa for some two years.  In addition, Pdvsa bought
14 units in two recent bidding processes.  As a result, total
operational oilrigs boosted to 139.  Last week, two Chinese
oilrigs were added in the country, El Universal relates.

Pdvsa board, El Universal states, is expecting that production
will increase in 2008.

Report shows that Pdvsa should have 191 operational oilrigs to
take production to 3.7 million bpd by the end of 2007, which
means a 50-oilrigs deficit and at least 500,000 bpd below the
best-case scenario of oil output considered by the company.

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

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


PHILIP MORRIS: Members to Have Final Meeting on December 28
-----------------------------------------------------------
The members of Philip Morris China Limited, which is in
liquidation, will have their final general meeting on Dec. 28,
2007, at 4:00 p.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, in 1
Queen's Road East, Hong Kong.


READTAIN (INT'L): Court to Hear Wind-Up Petition on January 2
-------------------------------------------------------------
The High Court of Hong Kong will convene on January 2, 2007, at
9:30 a.m., to hear a petition seeking to have the operations of
Readtain (Int'l) Trading wound up.

Chow Yuen Ping filed the petition on October 22, 2007.

The petitioners' solicitor can be reached at:

          Messrs. Chak & Associate
          11th Floor, HK Diamond Exchange Building
          8-10 Duddell Street
          Central, Hong Kong


S.T. INDUSTRIAL: Members to Have Final Meeting on December 24
-------------------------------------------------------------
The members of S.T. Industrial Company Limited will have their
final general meeting on December 24, 2007, at 11:00 a.m.  

During the meeting, Wong Yuk Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Flat 1801, 18th Floor, Yue Xiu
Building, 160 Lockhart Road, in Wanchai, Hong Kong.

The company commenced liquidation proceedings on August 15,
2007.

The Liquidator can be reached at:

         Wong Yuk Keung
         G404 Kornhill
         Hong Kong


SGIS SONGSHAN: Xinhua Far East Lifts Rating from BB- to BB
----------------------------------------------------------
Xinhua Far East China Ratings upgraded SGIS Songshan Co Ltd's
issuer credit rating from BB- to BB.  The company's rating
outlook was also changed from negative to stable.

The rating action was mainly prompted by the present better-
than-expected sector environment, expectations that the
company's financial flexibility will further improve in the
favorable domestic capital market, and the company's
strengthening strategic position while the sector is undergoing
consolidation.  Even so, SGIS's investment in capacity and
technology has not significantly improved its competitive
position, with the company's aggressive financial policies and
its poor record in coping with industry downturns preventing it
from obtaining a higher rating.

With China's steel prices recovering in 2006, SGIS's turnover
rose by 16.9% to CNY12.4 billion in 2006.  The company's gross
margin rose to 7% in 2006 from 4.1% in 2005 and, with prices
continuing to rise in 2007, its gross margin reached 8.6% in the
first quarter of 2007.  Xinhua Far East expects that strong
domestic and foreign demand will offset the pressures the
company faces from overcapacity and rises in input costs.  A
better-than-expected sector environment may help it to avoid
facing extremely tough demands on capital in the near term.

SGIS issued CNY1,538 million in convertible bonds to replace the
same amount worth of bank loans in February 2007.  Xinhua Far
East believes that most bond investors will convert the bonds to
common stock given that its common stock price is significantly
above the strike price, a move which will lower the company's
debt to capital ratios.

With the steel industry undergoing a new round of mergers and
acquisitions in China and globally, as a result of high industry
concentration upstream and intensifying competition, Xinhua Far
East expects that SGIS may enjoy higher financial flexibility.
SGIS is an attractive target for domestic first-tier steel
groups because of its leading exposure to Guangdong Province,
one of China's top steel consuming regions.

Even so, the company's competitiveness remains relatively weak,
compared to its domestic peers, in terms of capacity and its
product mix, even though its product mix is more upgraded than
it once was.  Further, the company's profitability tends to be
fragile when the sector goes through hard times, while its
financial policies are aggressive.  It also faces the
possibility that its capital expenditure will rise if it
cooperates with domestic large steel groups in new investment
projects.  Xinhua Far East believes that the progress the
company has made thus far is insufficient for it to be assigned
a higher rating at this time.

The company's rating outlook is likely to remain stable,
provided there are no unforeseen huge capital expenditure
demands, with its currently disclosed capital expenditure plan
expected to be covered by operating cash flow.

A regional steel producer primarily focusing on China's
Guangdong Province, SGIS has a capacity of more than five
million tons, providing medium plates, deformed bars and wire
rods.  The company's controlling shareholder is Guangdong
Province's State-owned Assets Supervision and Administration
Commission, which holds a 45.2% stake.


STAR CRUISES: Moody's Continues B1 Rating Review
------------------------------------------------
Moody's Investors Service says it will continue to review the B1
corporate family rating of Star Cruises Limited with direction
uncertain.

The review was initiated on August 20, 2007, after Apollo
Management LP's announcement to invest US$1 billion cash in NCL
Corporation Limited for a 50% equity interest, with Star Cruises
Limited continuing to own the remaining 50% stake.  Apollo will
name a majority of the NCL board while certain consent rights
will be retained by SCL.  The cash proceeds will be used to
repay NCL's existing debts and fund upcoming new builds.

"SCL's current financial profile is largely dragged down by its
consolidation with NCL.  An improvement in the latter's
financial and liquidity positions could lower SCL's financial
burden and therefore the need to provide ongoing support to
NCL," says Kaven Tsang, Moody's lead analyst for SCL, adding, "A
potential dissociation with NCL, as a result of the reduction in
ownership level, could also enhance SCL's adjusted key credit
metrics."

"The current rating of SCL incorporates a 2-notch uplift based
on expectations of ongoing support via Resorts World Bhd from
Genting Berhad, and its ultimate shareholder, the Lim family.
The lowering of Genting's ownership in SCL/NCL may alter the
overall group relationship and the support level," adds Tsang.

The final rating of SCL will be a result of a combination of the
net effect of improvement in its stand-alone financial position
and the potential change in support from Genting and the Lim
family.  Any negative assessment of the latter will pressure the
rating.  On the other hand, there will be upside potential if
Moody's considers the support remains unchanged.

In this context, Moody's review will focus on:

   1) future development and funding plans of SCL and the
      associated impact on its stand-alone credit profile;

   2) the likelihood of SCL extending support to NCL and the
      impact on its adjusted financial profile; and

   3) future ongoing support from Genting and the Lim family,
      and the potential rating uplift.

Star Cruises Limited, publicly listed in Hong Kong, is 19.3%
owned by Resorts World Berhad, which is, in turn, 49.2% owned by
Genting Berhad.  SCL operates 21 ships with some 33,300 lower
berths under five brands: Star Cruises and Cruise Ferries, which
service Asia Pacific, and three brands under NCL.


SUNNY TOP: Creditors to Have Final Meeting on November 30
---------------------------------------------------------
The creditors of Sunny Top (HK) Limited, which is in
liquidation, will have their final general meeting on Nov. 30,
2007, at 12:30 p.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Room 1706, Ginza Plaza, 2A Sai Yeung
Street, Mongkok, in Kowloon, Hong Kong.


THE CONSULTING: Members' Final Meeting Set for December 24
----------------------------------------------------------
The members of The Consulting Partnership (Hong Kong) Limited
will hold their final general meeting on December 24, 2007, at
10:30 a.m.

During the meeting, Albrecht Carl King Yeung Yeh, the company's
liquidator, report on the company's wind-up proceedings and
property disposal.

The meeting will be held at 23rd Floor, Wing Hang Finance
Centre, 60 Gloucester Road, in Wanchai, Hong Kong.

The company commenced liquidation proceedings on July 6, 2007.

The liquidator can be reached at:

         Albrecht Carl King Yeung Yeh
         Wing Hang Finance Centre, 23rd Floor
         60 Gloucester Road, Wanchai
         Hong Kong


VENLINT HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
Venlint Holdings Limited commenced liquidation proceedings on
November 10, 2007.

The company's liquidators are:

         Nathalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


VINCENT FORUM: Members Will Hold Final Meeting on December 28
-------------------------------------------------------------
The members of Vincent Forum Limited will hold their final
general meeting on December 28, 2007, at 10:00 a.m.

The meeting will be held at 21st Floor, Fee Tat Commercial
Centre No. 613 Nathan Road, in Kowloon, Hong Kong.

During the meeting, the company's liquidator, Huang Feng-Li,
will give a report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on October 12, 2007.

The company's liquidator can be reached at:

         Huang Feng-Li
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road, Kowloon
         Hong Kong


WOLVERINE TUBE: To Halt Decatur & Booneville Plumbing Operations
----------------------------------------------------------------
Wolverine Tube Inc. will discontinue its U.S. plumbing tube
business and will close manufacturing facilities located in
Decatur, Alabama and Booneville, Mississippi.  U.S. plumbing
tube sales were made through distributor channels.

The actions are in line with Wolverine's strategy of focusing
resources on the development and sale of high performance
tubular products, fabricated tube assemblies and metal joining
products that promote energy efficient heat transfer technology
to an expanding market and global OEM customers.

"The Decatur and Booneville operations primarily serve the U.S.
copper plumbing tube and smooth industrial tube markets,” Harold
M. Karp, president and chief operating officer, stated. “Demand
for copper plumbing tube has significantly declined over the
last several years as a result of the substitution of plastic
tube in residential construction.  This trend is reinforced by
high copper prices.”

“Additionally, the smooth industrial tube market is rapidly
transitioning to a commodity market and the Decatur/Booneville
cost structure is not competitive in either the plumbing or
smooth tube markets,“ Mr. Karp added.  “Wolverine's smooth tube
requirements will be satisfied by a combination of production
from other Wolverine locations and outsourcing."

The company estimated an impairment and restructuring charge of
approximately US$72 million in connection with the closure of
the Decatur and Booneville manufacturing facilities and
cessation of those operations.  Approximately US$56 million of
the impairment and restructuring charge will be a non-cash
reduction of the carrying value of certain assets.

Additionally, US$16 million will be for cash charges related to
severance, other employee related costs, plant closure and
environmental expenses, of which US$10 million is expected to be
incurred in 2008 and the balance over the next five years.  The
Decatur and Booneville manufacturing operations have 440 full
time and 50 temporary employees.

The company anticipated that discontinuing its U.S. plumbing
tube business and plant closings will generate approximately $26
million in cash from the realization of net working capital
after cash costs to be incurred in 2008 for related severance
and shutdown costs.

Additionally, the company will eliminate approximately 40% of
its corporate, general and administrative positions totaling
approximately 40 employees.  These positions will be eliminated
in part due to the Decatur and Booneville closures and the
company's strategic focus on value-added tubular product sales
to global OEM customers.  The company estimated $1 million in
severance costs will be accrued in the current quarter related
to the elimination of these positions.

                    About Wolverine Tube Inc.

Headquartered in Huntsville, Alabama, Wolverine Tube Inc.
(OTC:WLVT) -- http://www.wlv.com/ and http://www.silvaloy.com/
manufactures and distributes copper and copper alloy tubular
products, fabricated and metal joining products, well as rod and
bar products.  The company focuses on developing and
manufacturing tubular products with heat transfer capabilities
used in engineered applications.  The company's major customers'
headquarters are in North America and include commercial and
residential air conditioning and refrigeration equipment
manufacturers, appliance manufacturers, industrial equipment
manufacturers, utilities and other power generating companies,
refining and chemical processing companies, and plumbing
wholesalers.  Wolverine classifies products as commercial
products, wholesale products, and rod, bar and other products.

The company has locations in China, Mexico and Portugal.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 22, 2007,
Moody's Investors Service confirmed Wolverine Tube's Caa2
corporate family rating, Caa2 probability of default rating, and
Caa3 senior unsecured rating (LGD4, 63%).  The rating outlook
was revised to negative from ratings under review.  


WORLDTRADE LINKAGE: Appoints New Liquidators
--------------------------------------------
The members of Worldtrade Linkage Limited, on November 14, 2007,
appointed Wong Man Chung, Francis and Wong Wai Man, Cliff as the
company's liquidators.

The Liquidators can be reached at:

          Wong Man Chung, Francis  
          Wong Wai Man, Cliff
          19th Floor, No.3 Lockhart Road
          Wanchai, Hong Kong


WWW LIMITED: Commences Liquidation Proceedings
----------------------------------------------
WWW Limited commenced liquidation proceedings on October 2,
2007.

The company's liquidator is:

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


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

AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban
--------------------------------------------------------------
Laura Barnhardt at The Baltimore Sun reports that the Honorable
Paul F. Harris Jr. of the Anne Arundel County Circuit Court in
the Baltimore County in Maryland will be hearing a plea from The
AES Corp. to overturn a law that bans energy projects.

According to The Baltimore Sun, AES is seeking to construct a
liquefied natural gas facility on Sparrows Point.

The Baltimore County repeatedly tried to interfere with the
federal approval process for energy projects, The Baltimore Sun
says, citing AES.

Baltimore County officials told The Baltimore Sun that they can
prohibit projects like liquefied natural gas terminals "along
the waterfront as part of the state and federally sanctioned
Coastal Zone Management Act."

The Baltimore Sun relates that AES has also appealed a federal
judge's decision to uphold the prohibition on liquefied natural
gas facilities in coastal areas.  AES is asking the Department
of Commerce "to overrule a finding by Maryland that the proposed
Sparrows Point facility isn't consistent with the coastal zone
management program."

The report says that the liquefied natural gas project was
opposed by:

         * Eastern Baltimore County neighborhood activists, and
         * elected officials that include:

           -- Maryland's Congress members,
           -- Governor Martin O'Malley, and
           -- Baltimore County Executive James T. Smith Jr.

Those against the project told The Baltimore Sun that they were
worried about accidents and terrorist attacks at the facility,
"which is too close to homes."  The dredging of the Patapsco
River to accommodate the liquefied natural gas tankers would
also stir up toxic muck that could harm marine life.

The Baltimore Sun notes that in October 2007 the State Highway
Administration said AES wouldn't likely be able to build a
pipeline from its proposed liquefied natural gas plant to
Pennsylvania along sections of the Baltimore Beltway.  The
project has been delayed as the firm was forced to redraw a
route for the pipeline and conduct more tests.

The Federal Energy Regulatory Commission decides where the
liquefied natural gas plants can be built, according to The
Baltimore Sun.  The commission consults with the Coast Guard and
other state and federal agencies.

The Baltimore Sun says that firms who want to construct
facilities must secure these permits:

         -- Clean Water Act,
         -- Clean Air Act, and
         -- Coastal Zone Management Act.

AES Corp. -- http://www.aes.com/-- is a global power company.  
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

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.


AFFILIATED COMPUTER: Board Authorizes US$1 Bil. Share Repurchase
----------------------------------------------------------------
Affiliated Computer Services Inc.'s board of directors has
endorsed a proposed US$1 billion share repurchase program and
has authorized the company to purchase up to US$200 million of
the company's Class A Common Stock, effective immediately, under
the  program.

ACS management and the board will continually evaluate the
timing of these share repurchases and will consider factors such
as the company's cash and debt levels, the condition of the debt
markets, alternative investment opportunities, and other
business trends.

Subject to its ongoing evaluation of these factors, the board
anticipates authorizing additional share repurchases under the
US$1 billion share program.  The company may purchase shares of
Class A common stock from time to time in the open market or in
privately negotiated transactions.

In 2006 the company repurchased 27.2 million shares of Class A
common stock at a cost of approximately US$1.46 billion.

Darwin Deason, chairman of the board of directors of the
company, filed a notification under the Hart-Scott-Rodino
Antitrust Improvements Act for the acquisition of up to an
additional one million shares of the company's Class A common
stock after expiration or termination of the waiting period
under the Act.

The company was notified that the waiting period under the Act
has been terminated and that it is permissible for Mr. Deason to
begin acquiring company shares.  Any purchases of company shares
by Mr. Deason, however, would be aggregated with shares
repurchased by the company for purposes of calculating daily
purchase volume limits applicable to the company and Mr. Deason.

Therefore, in order to ensure that the company is able to
execute the share repurchase program described above in the most
effective manner for the benefit of shareholders,
Mr. Deason has elected not to begin acquiring company shares at
this time.

               About Affiliated Computer Services

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

                        *     *     *

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


BHARTI AIRTEL: Eyes JV with Idea Cellular and Vodafone-Essar
------------------------------------------------------------
Bharti Airtel Ltd is eying a joint venture for the tower
business with Idea Cellular and Vodafone-Essar, the Hindustan
Times reports.

“It has been reliably learnt that the deal would be announced
sometime in December,” says Ganesh Venkatesh of the Times
without naming his sources.  One the venture is set up, there
are plans to tap a private equity investor, he adds.

Bharti, however, has not confirmed any JV plan.

Telecom companies' joining of forces has been prompted by their
tower businesses' not getting the right valuations, Mr.
Venkatesh writes.  A Lehman Brother report says tower operators
have been transferring capital expenses into operational
expenses, which have led to lower earnings before interest taxes
depreciation and amoritization, a key factor when it comes to
valuing a telecom firm, Mr. Venkatesh relates.

                       About Bharti Airtel

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

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

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


DCM SHRIRAM: Company Law Board Rejects HB's Stay Request
--------------------------------------------------------
The India government's Company Law Board turned down HB
Stockholdings Ltd's request to stay DCM Shriram Industries Ltd's
proposal to issue preferential warrants to promoters, Ajay Modi
of the Business Standard writes.

As previously reported by the Troubled Company Reporter-Asia
Pacific, DCM's promoters in October 2007 proposed issuance of
the preferential warrants in anticipation of a hostile takeover
by HB Stockholdings.  The warrants reportedly allow the
promoters to get an additional 2.1 million shares on conversion
within the next 18 months and helps them increase their stake
from 32.54% to 40.68%.  The preferential allotment is still
subject to shareholders approval.

On Nov. 19, HB Stockholdings made an open offer to DCM Shriram's
stockholders to acquire up to 35,00,000 shares, or 22.88% of the
company's stock, at INR70 per share in cash.  This will scale up
HB Stockholdings' holding in the company from 12.77% to 35.65%.
HB sought the stay from the CLB questioning the fairness of the
move -- promoters can issue itself warrants at a specified share
price, without offering the same option to all shareholders.

The CLB, however, refused the request giving the promoters the  
green light for the warrant issuance .
  
“The petitioner himself made an open offer to acquire 22.88 per
cent shares and he should have no problem if the promoters hike
their share by 8 per cent by way of warrants,” the Business
Standard quoted a CLB official as saying.

The price at which its promoters will be issued shares through
preferential warrants, previously fixed at INR52 per share, was
raised to INR90 per share after HB made the open offer.

The price of HB Stockholdings' open offer automatically went up
to INR97.05 per share, a 52-week high, since it made some open
market purchases yesterday at that price, BS notes.  DCM's
promoters have until Dec. 10 to make a counter offer.

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

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


DECCAN AVIATION: Funding on Hold Pending Route Rationalization
--------------------------------------------------------------
Deccan Aviation Ltd has put on hold US$40 million in funding,
which it is set to receive over the next two months, until it
has completed route rationalization with UB Group company,
Kingfisher Airlines, the Hindustan Times reports citing unnamed
sources in Deccan.  UB Group holds around 46% of Deccan.

According to the report, Deccan is set to receive US$20 million
each in December and January as part of a US$100-million funding
deal it entered into with Europe's Investec Bank and HSH Nord
Bank AG.  Deccan already received the US$60 million from the
deal.

Deccan reportedly is revisiting its fleet acquisition plan
because of the rationalization of routes with Kingfisher.
To find operational synergies between the two airlines,
Accenture was tapped, the Indian news agency states.  The firm
is expected to spell out in January the road map that the two
airlines have to undertake to turn themselves into profitable
entities, HT adds.

Deccan may need to finalize the route rationalization soon since
according to an unnamed aviaton analyst that HT quoted as
saying, if the airline does not receive the US$40 million over
the next few months, it could delay the airline's progress
towards profitability.

Deccan's accumulated losses are about INR778 crore excluding the
INR253 crore loss it incurred in the July-Sept. 2007 quarter,
the news agency points out.

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

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


ESSAR OIL: To Consider US$2-Bil. Preferential Allotment
-------------------------------------------------------
Essar Oil Ltd will hold an extraordinary general meeting on
Dec. 18, 2007, to among others, seek shareholders' approval of a
preferential allotment of shares or other equity-linked
instruments of up to US$2 billion to parent company Essar Energy
Holdings, Mauritius.

The company might also allot a part of the issue to promoters or
associates of the holding company through any financial
instrument which would be convertible into equity shares of face
value INR10, The Telegraph says.

A regulatory filing with the Bombay Exchange reveals that during
the meeting, the shareholders will also condsider appointing:

   --  Naresh Kumar Nayyar as a director; and

   -- Naresh Kumar Nayyar as managing director for a period of
      five years with effect from Oct. 15, 2007.

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,   
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


ICICI BANK: Strikes Largest Securitization Deal, Report Says
------------------------------------------------------------
ICICI Bank Ltd has carried out the largest rated securitization
deal for INR1,929.90 crore, the Press Trust of India reports.

The securities in the form of  Pass Through Certificates, were
backed by the bank's new and old car loans, the news agency
says.

The securities -- (PTC) backed by the new and used car
receivables -- originated from ICICI Bank and have been issued
by the Indian Retail ABS Trust under the bank's
securitisation programme.

“Including the credit opinions assigned to the liquidity and
second loss facilities, the rated amount of INR1,992.99 crore is
the largest in any securitisation transaction in India,” PTI
quotes CRISIL, a Indian rating agency, as saying.

The total rated amount consists of a liquidity facility of
INR76.65 crore and a credit enhancement of INR77.75 crore; the
balance of INR1,837.60 crore is the loan amount, PTI explains.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


MYLAN INC: Hires Steven Zylstra as VP for Public Relations
----------------------------------------------------------
Mylan Inc. has appointed Steven G. Zylstra as Vice President,
Global Corporate Communication and Public Relations.  Mr.
Zylstra will manage and oversee all internal and external
communications and provide communications and public relations
counsel to members of Mylan's global senior management team in
their various roles across the Company.

Mr. Zylstra joins Mylan from the Pittsburgh Technology Council
and the Pittsburgh Biomedical Development Corporation where he
served as President and CEO.  He joined the Pittsburgh
Technology Council et al after serving as Director, Business
Development, for Simula Technologies Inc.  Prior to joining
Simula, Mr. Zylstra served as General Manager, General
Pneumatics Corporation's Western Research Center, and, prior to
that, he served as Technical Manager for Bendix Guidance Systems
Division.  Mr. Zylstra joins Mylan with nearly 30 years of
public relations, senior management, business development,
marketing, government relations and engineering experience,
including the past seven years as a chief spokesman for the
technology and manufacturing industries in southwestern
Pennsylvania.

Mylan Vice Chairman and Chief Executive Officer Robert J. Coury
said: "In Steve, Mylan is adding yet another highly-seasoned,
top-notch leader to further strengthen our senior management
team.  His rich and diverse background steeped in technology and
manufacturing, makes him especially well suited to articulate
the dynamic future and intrinsic complexities of both Mylan and
of the generic and specialty pharmaceuticals industries."

Mr. Zylstra said: "I am elated to be joining Mylan at this
transformational period in the Company's already prosperous
history.  I look forward to working with the members of an
extraordinary global management team and supporting them and
their operations with a world-class communications program as
Mylan becomes the leading quality generic and specialty
pharmaceutical company in the world."

Mr. Zylstra earned a bachelor's of science degree from Western
Michigan University.

                           About Mylan

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service has assigned B1 ratings
to the new senior secured credit facilities of Mylan Inc.  In
addition, Moody's lowered Mylan's Corporate Family Rating to B1
from Ba1, concluding a rating review for possible downgrade
initiated on May 14, 2007 and lowered the speculative grade
liquidity rating to SGL-2 from SGL-1.

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit rating on Mylan Inc. (fka Mylan
Laboratories Inc.) to 'BB-' from 'BB+' and lowered its senior
unsecured debt rating to 'B' from 'BB+'.  The ratings are
removed from CreditWatch, where they were placed with negative
implications on May 14, 2007, following Mylan's announcement
that it was acquiring the generic drug business of Merck KGaA
for US$6.7 billion.  S&P said the outlook is stable.


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

BANK NEGARA: To Acquire Consumer-Based Banks & SME Enterprises
--------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk is preparing to acquire
several consumer-based private banks and small-and medium-scaled
enterprises this year, Tempo Interactive reports.

The planned acquisitions, that will last until 2008, target to
buy a bank in Denspar, Bali, the report relates.  Bank Negara
Director Bien Subiantoro refused to name the bank but he said
that the negotiation is almost complete.  "What is clear is the
bank has a strong micro credit network in Bali, with a market
segment under IDR50 million," he said.

Aside from the Denspar-based bank, the report says, Bank Negara
is also eyeing to acquire another bank that is  based in
Semarang.

Dewi Rina of Tempo writes that the acquisitions were carried out
to strengthen Bank Negara's plan to increase the financing
portion for non-corporate credit, which  consisted of financing
for small-and medium-size business credit, consumers and
syariah.

Tempo says that Bank Negara has set a target of disbursed credit
to finance this segment to be 60%, and the 40% will be channeled
for corporate credit.

By the end of this year, the report adds, BNI's non-corporate
credit is targeted to be around IDR17.5 trillion, a 24% increase
from last year's IDR13.8 trillion.

                     About Bank Negara

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

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

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


BANK NEGARA: Gets Three ISO 9001:2000 Certificates
--------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk received three ISO
9001:2000 certificates.  ISO 9001:2000 is a certification
awarded to companies that are successful in implementing and
improving the effectiveness of its Quality Management System.
One of its primary criteria is the improvement in customer
satisfaction based on customer-defined requirements. The three
ISO certifications awarded to BNI are:

   -- ISO for IT Application Development Project.
      The certification is recognition of BNI's successful
      handling of application systems for newly launched BNI
      products, using the System Development Life Cycle (SDLC).

   -- ISO for IT Operation Services
      The certification is recognition of BNI's quality
      management for IT Operations, which covers customers'
      complaint handling, data center operations and back up
      facilities, capacity planning, hardware management, and
      implementation of various supporting functions.

   -- ISO for IT Security Management
      The certification is recognition of BNI's proven and
      tested system for handling and managing IT Security.

The ISO ISO 9001:2000 certificates were personally handed by Mr.
Robert J. Parrish, CEO of PT Societe Generale de Surveilance
Indonesia, to Mr. Sigit Pramono, President Director of BNI, in
Jakarta.  PT SGS Indonesia is a certified quality auditor for
international certifying agencies such as United Kingdom
Accreditation Service and ANSI-ASQ National Accreditation Board.

According to Sigit, with the certification, BNI will further
improve its services to customers by providing quality IT-based
banking products and services in accordance to customer's needs
and requirements.  "In line with BNI vision for 2008 to become a
leading service bank and by 2013 to become a top performing
bank, the importance of developing a reliable IT-based banking
products and services is a primary focus, so that BNI can be
closer to its customers", he added.

With the certifications, BNI's commitment to quality and
continuous process improvement using standard quality management
based on ISO 9001:2000 methodologies for IT Development
Projects, IT Operations Services, and IT Security System
Managements have been recognized. The implementation of ISO
standard for BNI's IT Systems will, in the end, have significant
impact towards BNI's business performance, particularly in
improving customer satisfaction, revenue generation, as well as
improvement in overall BNI's productivity.  "It is beyond doubt,
our pride, as BNI IT systems have been acknowledged and
recognized by ISO, which will make us more productive in
delivering maximum support for BNI's business operations," said
Sigit.

ISO 9001:2000 is an internationally accepted standard used by
various industries focused on quality management processes and
in line with specific processes characterizing the IT
environment.  The certifications are valid for 1 year with semi
annual review every 6 months performed by independent certifying
agency.  To support business growth, BNI has established an IT
development plan for the future, which, among others, includes:
development of electronic channel, increasing the number of
ATMs, automation of credit approval process, increasing back
office automation, development of risk management information
system in line with Basel II requirements, and supporting the
development of syariah-based banking technology platform.

Since 2004, BNI has developed its core banking technology
platform using iCONS (integrated and centralized online system).
The state-of-the-art technology system was successfully launched
and implemented in all BNI branches across Indonesia coinciding
with the commemoration of BNI's 60th anniversary in July 2006.

Other than electronic banking facilities for individual
customers, BNI has also developed other IT functionalities, such
as cash management facilities for corporate clients, automation
of credit process, treasury and trade finance (international
transactions), in Human Resources (e-learning), procurement (e-
procurement), communication, and paperless work desk system.

                       About Bank Negara

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

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

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


CSM CORPORATAMA: Moody's Confirms Ba1.id Bond Ratings
-----------------------------------------------------
PT Moody's Indonesia has confirmed PT CSM Corporatama's  
national scale issuer and bond ratings of Ba1.id.  The outlook
for the ratings is stable.  This concludes the review for
possible downgrade initiated on October 30, 2007.

"The confirmation follows the successful repayment of RENT's
IDR100 billion bond due November 11, 2007, a development which
has alleviated its immediate refinancing risk," says Joko
Widodo, Moody's lead analyst for the company, adding, "The
sources of the repayment mainly include bank facilities of
IDR87.6 billion with the remainder from internal cash and
proceeds from used car sales."

"RENT's Ba1.id ratings continue to reflect the declining trend
in its operating performance over recent years, a result of
growing competition and the unavailability of cars for servicing
due to a timing mismatch in its investment capex," says Widodo.

"In addition, combined with the increase in debt-funded fleets
and lower-than-expected car sales, the company's financial
profile has weakened with interest cover low and EBIT coverage
of around 1.0x," adds Widodo.

Partially mitigating such concerns is the company's long-term
contracts with corporate customers, including some well-
established local as well as multinational companies.

Furthermore, RENT has benefited from its strong relationship
with its minority shareholder, Indomobil, one of the largest
automotive distributors in the country and also one of the
company's major car suppliers.  A collaboration with Europcar
also brings some advantages, such as an extensive sales network,
skilled employees and integrated software.

At the same time, RENT will be exposed to refinancing risk as
its remaining IDR200 billion bonds will mature within the next
12 months.  Given its declining operating profile and the
uncertainty in financial markets, Moody's rating incorporates
its concerns over RENT's ability to repay the maturing
obligation on time.

The stable outlook reflects Moody's expectation that RENT will
maintain its established position in the car rental business and
thus its current operating profile over the next 12-18 months.

The ratings would be downgraded if RENT's operating profile
continues to deteriorate. The key financial indicators for such
a trend include:

   1) EBITDA margin below 37-40%; and/or

   2) a material increase in debt, such that EBITDA/Interest is
      lower than 1.0 -1.2x.

Additionally, any unfavorable development in domestic financial
markets that adversely affects RENT's ability to arrange
refinancing for the maturing bonds would also pressure the
ratings downwards.

The ratings are unlikely to be upgraded in the near term, but in
the longer term, upward pressure could emerge should RENT repay
its maturing financial obligations and improve its operating
profile.  Such a situation would include improvements in key
financial metrics, including Debt/EBITDA below 4.0x and
EBIT/Interest above 1.2-1.5x on a sustained basis.

Headquartered in Jakarta, PT CSM Corporatama's main businesses
are car rentals, new & used car sales, and fuel & gas station
services.  RENT is 99.86% owned by PT Hamfred Pte Ltd Singapore
with remaining shares of 0.07% held by PT Indomobil Sukses
International Tbk (Indomobil) and PT Unicor Prima Motor.  The
company is also the holder of Europcar's exclusive network for
Indonesia.


EXCELCOMINDO PRATAMA: Shareholders Resolve Issues in Meeting
------------------------------------------------------------
PT Excelcomindo Pratama Tbk's shareholders convened a
extraordinary general meeting on November 23, 2007 and resolved
to:

   -- approve the company's plan to obtain new borrowings in the
      aggregate amount not exceeding US$950,000,000 through one
      or a number of transactions in the form of bilateral
      credit facility, syndicated credit facility, and/or
      through issuances of bonds and/or other debts instruments,
      denominated in foreign currencies and/or Rupiah.

   -- authorize the Board of Directors of the company to take
      all necessary actions and/or decisions as required or
      deemed necessary thereof.

   -- accept the resignation of Mr. Hilmi bin Mohd Yunus as
      Director of the Company, to be effective upon the
      conclusion of this meeting.

   -- approve the granting of release and discharge (acquit et
      de charge) to Mr. Hilmi bin Mohd Yunus for his management
      actions has been done from 1 January 2007 until his term
      of office thereof, to the extent that their actions are
      reflected in the company's financial statements for year
      ended 31 December 2007 which will be approved at the
      Annual General Meeting of Shareholders.

   -- that the composition of the Board of Commissioners of the
      company remains the same.

   -- Therefore, with due observance of the above resolutions,
      the composition of the Board of Directors and Board of
      Commissioners of the Company will be:
      
      Board of Commissioners

      President Commissioner

      * YBhg Tan Sri Dato' Ir. Muhammad Radzi bin Haji Mansor

      Commissioners

      * YB Datuk Nur Jazlan bin Tan Sri Mohamed
      * Rosli bin Man
      * Datuk Bazlan bin Osman
      * Dato' Yusof Annuar bin Yaacob
      * Peter J. Chambers
      * Abdul Farid bin Alias
      * Jend. (Purn.) Wismoyo Arismunandar
      * Tjahjono Soerjodibroto
      * YBhg Dato’ Mohamad Norza bin Haji Zakaria

      Board of Directors

      President Director

      * Hasnul Suhaimi

      Directors

      * Joris de Fretes
      * Md Nasir bin Ahmad
      * P. Nicanor V. Santiago III
      * Joy Wahjudi
      * Willem Lucas Timmermans
      * Dian Siswarini
   
   -- grant the rights and authorization to the Board of
      Commissioners of the Company to determine the roles and
      responsibilities of each member of the Board of Directors
      of the company.

                     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.


MERPATI NUSANTARA: To Open New Palu-Kuala Lumpur Route in Dec.
------------------------------------------------------------
PT Merpati Nusantara Indonesia decided to open a new route
connecting Palu and Kuala Lumpur via Surabaya, Bernama News
reports.

A local Palu Manager of Merpati said "If everything runs
smoothly, Merpati will serve the new Palu-Kuala Lumpur route via
Surabaya starting December 10, 2007, the report relates.

Bernama News adds that Merpati also planned to open Palu-
Bandung, Palu-Padang and Palu-Yogyakarta routes.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned  
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to press reports, Merpati suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported in January
2006, the government promised to inject up to IDR400 billion
into the Company.  However, since it is also cash-strapped, the
government said it would disburse the amount in installments,
and initially meted out IDR75 billion for the company to
continue its business.

As of fiscal year end 2005, the company has an equity deficit of
IDR1.24 trillion.

On July 24, 2004, the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.  The state was also considering a
IDR220-billion debt-for-equity swap.


TELKOMSEL: Plans to Up 2008 Capex to US$1.7 Billion, CEO Says
-------------------------------------------------------------
PT Telekomunikasi Selular Indonesia plans to increase its 2008
capital expenditures to US$1.7 billion from this year's US$1.5
billion, Dow Jones Newswires reports citing Chief Executive
Officer Kiskenda Suriahardja.

According to the report, Mr. Suriahardja said "The capex will be
used to build more base transmission systems across Indonesia,
increase capacity and develop new business."

Edhi Pranasidhi of Dow Jones writes that Telkomsel will mostly
use internal cash to help finance the capex.  However, Mr.
Suriahardja told the news agency that they are also considering
issuing bonds or seeking bank loans.

The expenditure will drive the company's plan to secure nine
million new customers next year, to add to its recent 37 million
as of the present, the report adds.

                        About Telkomsel

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

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

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


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

FORD MOTOR: Strike Continues Despite Initial Wage Agreement
-----------------------------------------------------------
The strike at Ford Motor Co.'s site in Vsevolozhsok, Russia,
continues despite a meeting between company management and
employees on Nov. 26, 2007, The Associated Press reports.

According to union chief Alexei Etmanov, the management agreed
in principle to raise wages, but did not disclose concrete
figures, AP relates.

"We haven't agreed on anything," Mr. Etmanov was quoted by the
Associated Press as saying.

Ford, meanwhile, said it would resume production today, Nov. 28,
with non-striking employees working on single shift.

"We are not going to comment on the management's intentions," Mr
Etmanov commented.  "Let them try to restart the assembly line,
and we'll see.  We are going to continue the strike."

As reported in the Troubled Company Reporter on Nov. 23, 2007,
workers launched an indefinite strike on Nov. 20, 2007,
demanding higher wages and reduction of night shifts from March
2008.  The strike halted the Ford Focus production line, RIA
Novosri reports.

According to reports, Ford's workers held a 19-hour strike on
Nov. 6, 2007, after management repeatedly rejected their pay
hike demands.  They returned to work after a court ordered the
union to postpone further action until Nov. 20, 2007.

The Vsevolozhsk plant produced about 60,000 cars in 2006, mainly
the Focus model, and plant officials have said they were hoping
to increase production to 75,000 for 2007.

                       About Ford Motor Co.

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

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

                          *     *     *

As reported in the Troubled Company Reporter 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.


FURUKAWA ELECTRIC: Ties Up with Toray to Sell Polyolefin Foam
-------------------------------------------------------------
Furukawa Electric Co., Ltd., and Toray Industries Inc. disclosed
that they have teamed up to sell polyolefin foam in China,
Asia Pulse reports.

Under the partnership, polyolefin foam products used in
automobile interior materials that Toray makes at its Shiga
plant, will be imported and sold by Furukawa subsidiary Furukawa
Dengyo (Tianjin) Co., relates AsiaPulse.  In line with this,
Furukawa's subsidiary will add one more person to its staff.

The report states that Furukawa makes and sells materials used
in construction and consumer electronics but had a weak product
lineup in the automotive sector, while Toray primarily produces
polyolefin foam products used in automobile interior panels and
doors.  The automobile industry is expanding in China, but Toray
has little experience selling its products there.

Both companies, who are also contemplating on a sales
partnership in Europe, will be able to expand their businesses
in the growing market by sharing products and sales networks,
adds AsiaPulse.

                    About Toray Industries

Toray Industries, Inc. -- http://www.toray.co.jp/--is a  
Japan-based company engaged in six business segments.  The
Textile segment manufactures, processes and sells textile and
apparel products.  The Plastic and Chemical segment offers
plastic, films and various chemical products.  The Information
Communication Material and Equipment segment offers plastic,
films, electronic circuits, copy materials, color filters for
liquid crystal and optical fibers, for the information and
communication industries.  It also provides information
processing services.  The Environment and Engineering segment
offers functional film and machines, as well as materials for
housing, construction and civil works.  This segment is also
engaged in the real estate, engineering and precision machine
manufacturing businesses, in addition to the construction and
maintenance of factory equipment.  The Life Science and Others
segment offers medical, pharmaceutical and optical products, as
well as provides various services.

                      About Furukawa Electric

Headquartered in Tokyo, Furukawa Electric Co., Ltd. --
http://www.furukawa.co.jp/-- provides materials, products, and   
services across a range of fields, encompassing energy,
electronics, optical and information systems, and automobiles.
The company operates through six business segments:
Telecommunications; Energy and Industrial Products; Metals;
Electronics and Automotive Systems; Light Metals, and Services
and Others.  Furukawa Electric and its subsidiaries manufacture
a range of products, which include optical fibers and cables,
network equipment, bare wires, power cables, plastic products,
copper pipes/stripes, battery products, automotive components
and electrical wires, aluminum products, and cast and forged
products.  The company is also engaged in real estate,
logistics, information and other services.

The Troubled Company Reporter-Asia Pacific reported on March 20,
2007, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Furukawa Electric Co. Ltd. to
'BB' from 'BB-' and its senior unsecured debt rating to 'BB+'
from 'BB'. The outlook on the long-term corporate credit rating
is positive.


KATOKICHI CO: Admits Part in Circular Trading & Inflated Sales
--------------------------------------------------------------
The home of Katokichi Co. former managing director has been
raided by the police on suspicion that the firm used falsified
seals in business transaction documents between a subsidiary and
an Osaka-based trading house, Japan Times reports.

Japan Times states that aside from the former executive's home,
police also plan to raid more than 20 related locations in
Hokkaido, Osaka, Hyogo, Kagawa and Fukuoka prefectures.

The frozen food firm, according to the report, has admitted to
the involvement in the so-called circular trading, engaging in
sales and purchases of goods totaling more than JPY100 billion
on fake invoices mainly aimed at padding sales.

Circular trading, explains Japan Times, involves purporting to
show sales of products that are then "resold" among vendors
until one of them eventually sells the products back to the
originating company.

Sources of Japan Times revealed that Katokichi's subsidiary --
Katokichi Suisan Co. -- purchased health food products and
ingredients from trading firm T.Chatani & Co. using falsified
rubber seals of Katokichi Suisan's president and address
allegedly stamped in the buyer's columns of about 90 transaction
documents used in about 40 contracts conducted between May and
November 2006.

The transaction totaled about JPY7 billion, and sources further
disclosed to Japan Times that the police investigation is
directly related to some of the deals.

An in-house investigation report released in April showed that
many of the transactions were led by the former Katokichi
managing director, at the the strong request of the 58-year-old
president of a trading firm in Kagawa Prefecture, however,
neither the manager, the Kagawa trading house nor its president
were named, relates Japan Times.

Katokichi admits it inflated sales by JPY106.1 billion over the
six years through last March, notes Japan Times.

The report adds that in the business year ended March 31, 2007,
the company incurred a group net loss of JPY9.8 billion as a
result of recent inflated earnings.


Katokichi Co., Ltd., headquartered in Kagawa Prefecture, Japan
-- http://www.katokichi.co.jp/ -- is principally engaged in the  
food industry. The Company has two business segments.  The Food
segment is involved in the manufacture and sale of frozen
foodstuffs and marine products, as well as the provision of
logistics services.  The Service segment is engaged in the
provision of leasing services, the leasing of real estate and
the operation of hotels.  This segment is also involved in the
operation of a chain of Japanese-style bars, which include 21
direct stores and 333 franchised stores, as well as 42 English-
style pubs. As of March 31, 2007, the Company had 51
subsidiaries and 45 associated companies.

                  1490-1 Ko
                  Kanonji,  KGW  768-8501
                  JPN +81-875-561141 (Phone)


KATOKICHI CO: Japan Tobacco & Nissin to Launch US$1BB Offer
-----------------------------------------------------------
Japan Tobacco Inc. and Nissin Food Products Co. said it will buy
scandal-tainted Katokichi Co. in a US$1-billion tender offer as
JT seeks growth away from stagnating tobacco sales, Taiga
Uranaka and Yuko Inoue write for Reuters.

In a press conference, JT CEO Hiroshi Kimura disclosed that this
move by the company is part of its strategy to seek growth from
areas other than the domestic tobacco business, admitting that
tobacco business is the company's growth driver and that the
food  business has been positioned as their next pillar, relates
Reuters.

Domestic tobacco sales, notes the report, contribute nearly 60%
of JT's total revenue, but the entire Japanese tobacco market
and JT's domestic sales fell for the past eight straight fiscal
years.

JT, the world's third-largest cigarette maker, said it would
offer JPY710 for each Katokichi share from Nov. 28 to Dec. 26
and will spend JPY109.19 billion for all shares in Katokichi in
the tender offer, states Reuters.

                      Alliance with Nissin

Mr. Kimura, according to the report, has an "open mind" about an
alliance with Nission Food beyond frozen food, but added both
companies have no such plan at this moment.

Should the acquisition of Katokichi pursue, JT, 50% owned by the
Japanese government, claims it plans to sel 49% of its shares to
Nissin Food, adds Reuters.

JT further added that it will consolidate its frozen-food
business in April 2008 with Nissin Food, creating Japan's
biggest frozen-food company with sales of JPY260 billion,
conveys Reuters.

However, Business Week reports that both JT and Katokichi
brushed aside reports about the alliance and the acquisition.

Business Week quotes JT as saying, "It is not true that any
decision that requires public disclosure has been made."

Katokichi, through a statement, said, "Although there was a
report that Japan Tobacco and Nissin will jointly acquire our
company, it is not true," writes the report.

The Troubled Company Reporter-Asia Pacific reported that
Katokichi was hit by scandal earlier this year, revealing
improper accounting practices.

                      About Katokichi Co.

Katokichi Co., Ltd., headquartered in Kagawa Prefecture, Japan
-- http://www.katokichi.co.jp/ -- is principally engaged in the  
food industry. The Company has two business segments.  The Food
segment is involved in the manufacture and sale of frozen
foodstuffs and marine products, as well as the provision of
logistics services.  The Service segment is engaged in the
provision of leasing services, the leasing of real estate and
the operation of hotels.  This segment is also involved in the
operation of a chain of Japanese-style bars, which include 21
direct stores and 333 franchised stores, as well as 42 English-
style pubs.  As of March 31, 2007, the Company had 51
subsidiaries and 45 associated companies.

                  1490-1 Ko
                  Kanonji,  KGW  768-8501
                  JPN +81-875-561141 (Phone)

Katokichi, according to Japan Times, admitted to the involvement
in a so-called circular trading, engaging in sales and purchases
of goods totaling more than JPY100 billion on fake invoices
mainly aimed at padding sales.  Katokichi admits it inflated
sales by JPY106.1 billion over the six years through March 2007,
notes Japan Times.

The report adds that in the business year ended March 31, 2007,
the company incurred a group net loss of JPY9.8 billion as a
result of recent inflated earnings.


MITSUBISHI MOTORS: October 2007 Global Production Up 14.8%
----------------------------------------------------------
Mitsubishi Motors Corporation announced global production, as
well as domestic sales and export figures for October 2007.

Total global production came in at 124,136 units, an increase of
14.8% over October 2006 and marking the eighth consecutive
monthly increase since March this year.  Production volume in
Japan increased 10.1% to 75,316 units, the thirteenth
consecutive month of year-on-year growth.  This growth was
driven by a 28.8% increase in output (26,378 units) of the new
Lancer for the Russian, North American, and Middle East and
African markets and by a 147.9% increase in output (14,789
units) of the new Outlander for the U.S., European and Chinese
markets.

Vehicle sales in Japan in October totaled 14,751 units, a 18.7%
decrease year-on-year.  Passenger car (registrations and mini-
car) sales of 11,072 units and commercial vehicle sales of 3,679
units were 20.3% and 13.6% down respectively on the same month
last year.  Total registered vehicle sales were 17.2% up year-
on-year driven mainly by the introduction of the new Galant
Fortis.  Total mini-car sales were 33.5% down.

Overseas production volume totaled 48,820 units, 23.0% up over
October last year.  In Europe production came in at 6,555 units
or 15.6% up on last year's figure.  In North America production
at 7,858 units was 16.6% down on last year.  In Asia production
at 29,648 units was 39.8% up on October 2006 driven by an
increase in export shipments of the L200 pickup truck from
Thailand.

Total exports from Japan of 43,886 units were 60.1% up on
October 2006, marking the twelfth consecutive month of year-on-
year increases and setting a new record for October since
Mitsubishi Motors spun off its truck and bus operations in 2003.  
Exports to Europe of 19,842 units marked a very substantial
109.1% increase on the back of buoyant sales in Russia, the
Ukraine and central Europe, and the highest level for October
since 2003.  Exports to Asia of 2,819 units were 171.3% up over
the same period last year.  Exports to North America of 2,224
units were 36.7% down on October 2006.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


PACHINKO WORLD: To Voluntarily Deregister Common Stock
------------------------------------------------------
Pachinko World, Inc., an owner and operator of stores in Japan
offering pachinko gaming entertainment, announced that it
intends to file a Form 15 with the United States Securities and
Exchange Commission on or about December 22, 2006, to
voluntarily deregister its common stock and suspend its
reporting obligations under the Securities Exchange Act of 1934,
as amended.

Pachinko World is eligible to deregister and suspend its
reporting obligations by filing a Form 15 because it has fewer
than 300 common stock shareholders of record.  As a result of
deregistering its common stock with the SEC and suspending its
reporting obligations, the Company's common stock will no longer
be eligible for trading on the Over-the-Counter Bulletin Board .

Pachinko World's Board of Directors believes that deregistering
and suspending its reporting obligations will result in
accounting, legal and administrative expense reductions for
Pachinko World and enable Pachinko World management to focus
more time and resources on Company operations and enhancing
shareholder value.  The Pachinko World Board of Directors
determined to deregister Pachinko World's common stock and
suspend its reporting obligations after carefully considering
the advantages and disadvantages of continued registration.
These considerations include a significant increase in cost and
administrative burden associated with public status in light of
the Sarbanes-Oxley Act of 2002 and the adoption of new rules by
the SEC.

Other factors considered as part of this decision were:

   (i) Pachinko World's common stock is very thinly traded and

  (ii) Pachinko World receives no capital raising benefit from
       its being a reporting company.

The Pachinko World Board of Directors determined that rising
compliance costs, together with the substantial demands of SEC
filing requirements on management time and resources, outweigh
the benefits Pachinko World receives from maintaining its status
as a registered company.

Upon filing the Form 15, Pachinko World's obligation to file
certain reports with the SEC, including Forms 10-KSB, 10-QSB and
8-K, will immediately be suspended, and accordingly, Pachinko
World does not intend to file its Form 10-KSB for the year ended
May 31, 2007, with the SEC.

Pachinko World expects that the deregistration of its common
stock will become effective 90 days after the date of filing the
Form 15 with the SEC.

                     About Pachinko World

Pachinko World (formerly Exam USA, Inc.), through its
subsidiaries, primarily engages in the ownership and operation
of stores in Japan offering pachinko gaming entertainment.  As
of May 31, 2006, the Company operated seven stores, comprising
3,392 pachinko and pachislo machines.  Its stores are located in
the Aichi prefecture and Tochigi prefecture in the north of
Japan's greater Kanto area.  Founded by Yoneji Hirabayashi in
1956, the Company is headquartered in Huntington Beach,
California.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 22, 2006, that McKennon, Wilson & Morgan LLP expressed
substantial doubt about Pachinko World's ability to continue as
a going concern after auditing the Company's financial
statements for the fiscal year ended May 31, 2006.  The auditing
firm pointed to the Company's working capital deficiency at
May 31, 2006.

Pachinko World incurred a US$109,000 net loss for the fiscal ear
ended May 31, 2006, versus a net loss of US$2.7 million in 2005.


SANYO ELECTRIC: Posts Net Income of JPY16.0BB for H1 of FY2007
--------------------------------------------------------------
Sanyo Electric Co., Ltd., announces its consolidated results for
the first half of fiscal year 2007 ending in September 30, 2007.

The first half of fiscal year 2007 ended with consolidated net
sales of JPY1,091.4 billion, a decrease 0.4% from the same
period of last year.  Domestic sales decreased by 16.2%, ending
at JPY403.5 billion, over the same period last year, due in part
because of the decline in mobile phones and commercial equipment
such as industrial kitchen appliances and medical equipments in
addition to the weak sales of white goods.  Overseas sales
increased by 12%, totaling JPY688.0 billion, over the same
period last year, thanks to digital cameras and projectors,
commercial-use air conditioning and showcase systems, and a
favorable lithium-ion and solar battery markets.

Operating profit was up 50.3%, to JPY23.8 billion, over the same
period last year, through cost reductions and stronger sales in
the digital camera and components businesses, despite increases
in raw materials' cost.  Profit before tax surged 243% to
JPY24.1 billion, compared to the same period last year, from a
reduction in debt bearing interest and gains on the sale of
SANYO's share in SANYO Electric Credit.  The net profit for the
first half was JPY16.0 billion, a large improvement from a
negative balance at the same time last year.

Seiichiro Sano, President of SANYO, commented, "The first half
ended with higher-than-expected sales, operating profit, profit
before tax, and net profit.  Also, there is elevated awareness
globally of the environment, which will allow us greater
opportunities to expand business in our aim to become a leading
provider of Environment- and Energy-related products."  He also
added, "A new three-year 'Mid-term Management Plan' is being
created, which will help make SANYO a new global company with
sustainable growth."

SANYO has been aiming to revitalize and reform itself through
structural transformations carried out from the Mid-term
Management Plan in effect from fiscal year 2005 through fiscal
year 2007.  Emphasized investment of management resources on
core businesses will be implemented and further structural
transformations carried out by the end of this fiscal year
(FY2007).

Forecast for the fiscal year ending March 31, 2008 has adjusted
its net sales and operating profit from the original forecast
announced on May 28, 2007 to JPY2.23 trillion and JPY50 billion
respectively.

                     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.


* Moody's Comments on Japanese Regional Banks Reorganization
------------------------------------------------------------
Moody's Investors Service looks into the background of
reorganization of Japanese Regional Banks in the report titled:
"Japanese Regional Banks: What is Behind Reorganization in the
Japanese Regional Banking Sector".

Over the past several years, Japanese regional banks have
managed to reduce non-performing loans, gradually freeing
themselves from this problem.  However, some banks experience
capital shortage due to delays in the disposal of these NPLs.  
As a result, some of these banks have chosen to merge with
others, forming large regional banking groups to be eligible for
capital injections.  In recent cases, by placing subsidiary
banks under a holding company, a group can avoid conflicts of
corporate culture between member banks while using traditional
local names that are well accepted in a particular region.  Even
if banks take this method, advantages by concentrating in-house
management costs can be seen but large effects may not be
expected in the short term.

Banks with large shares in local markets do not always show high
profitability.  Ultimately, profitability will depend on the
bank's position in, and attractiveness of the local market.  
Also, many regional banks focus on security investments partly
because they have difficulty in increasing loan volumes.  Some
banks may actively replace securities in their portfolios and
extend durations to build more profitable portfolios.  However,
this strategy requires more strict risk management.

Some banks have shifted focus to security investments and have
actively involved themselves in syndicated loans.  In the
future, more banks may adopt a business model that focuses on
security investments.  Even in this kind of case, the
concentration of risk is only partly dissolved and profitability
cannot improve drastically.

When assigning ratings to new regional banks formed by mergers,
"we will look at the value of new franchises created by mergers
(enhancement of market share, size, and LOB [lines of
business]), corporate governance, improvement of credit risk
concentration, market risk control, improvement of
profitability, cost reduction, and impact on capital adequacy
and asset quality" and also "only gradual progress can be
expected and we cannot assume large changes on the ratings",
says the report.


* Six Major Japan Banks Post Decline in Group Profit, S&P Says
--------------------------------------------------------------
Japan's six major bank groups recorded a total mid-term net
profit of JPY947.9 billion as of Sept. 30, 2007, down 45%
from JPY1,735.2 billion recorded at Sept. 30, 2006, Standard &
Poor's Ratings Services said in a published report.  The drop in
net profit was mainly due to a decrease in the reversal of loan
loss provisions, which had pushed up profits in the same period
a year earlier.  It was also attributed in part to losses on the
sale or write-off of subprime loan-related assets and a decline
in core operating profits. Core operating profit, which
represents banks' fundamental profitability, fell 4% due to an
increase in operating expenses, highlighting ongoing
profitability challenges that the banks are facing.  Conversely,
the overall results for the bank groups are for the most part
within the acceptable range for the current ratings, with a
general improvement in capital structures and the quality of
loan assets, as measured by the ratio of net NPLs to total
loans.

Japan' s six major bank groups are Mitsubishi UFJ Financial
Group Inc. (MUFG), Mizuho Financial Group Inc. (Mizuho FG),
Sumitomo Mitsui Financial Group Inc. (SMFG), Resona Holdings
Inc., Sumitomo Trust & Banking Co. Ltd., and Chuo Mitsui Trust
Holdings Inc.

The current impact of the subprime loan problem is limited, and
it has not thus far expanded to a level that would require
Standard & Poor's to review its ratings on Japan's major bank
groups.  As of September 2007, the total outstanding balance of
subprime loan-related investments stood at about JPY930 billion,
which was equivalent to 3% of regulatory capital and 0.2% of
total assets (as at Sept. 30, 2007), and to 20% of core
operating profit recorded in fiscal 2006 (ended March 31, 2007).  
The outstanding balance includes residential mortgage-backed
securities (RMBS) and collateralized debt obligations (CDOs)
backed by non-subprime loan assets, on which the banks have
disclosed the need to record substantial impairment losses in
the second half of fiscal 2007.

The bank groups already recorded about JPY100 billion in losses
on subprime loan-related asset holdings in the first half of
fiscal 2007.  However, Standard & Poor's will closely monitor
the potential for further expansion in the scope of impairment
losses (about JPY190 billion in latent losses as at the end of
October), which will depend on future developments in the
securitization markets.

Core operating profit (pre-provisioning net operating profit)
fell 4% to JPY2,050.8 billion from the first half of fiscal
2006.  The major factor behind the profit decline was a 6%
increase in operating expenses, due in part to a one-off cost
burden related to business integration schemes and strategic
investments associated with growth strategies.  In addition, fee
income (including trust fees), which has been a driving force
for profit growth in recent years and which accounted for 32% of
core operating profit in the first half of fiscal 2007, was
virtually unchanged from the same period in the previous year.  
Conversely, interest income increased 3% from the same period a
year earlier as the loan-to-deposit margin (yield on lending
minus yield on deposits) expanded, thanks in part to interest
rate hikes by the Bank of Japan.  Profitability, which is
measured by the ratio of core operating profit to the average
balance of risk assets (computed using the average balance as
of September 2007 and 2006) stood at 1.4%, which is still below
the 2%-3% levels of U.S., European, and Australian peers in the
same rating categories.  Thus, the major challenge for the bank
groups is to improve profitability for any future upgrades.

The ratio of net NPLs to total loans (based on risk-managed
assets) was 0.39%, down from 0.46% as of September 2006.  
However, caution is required as the quality of loan assets in
the domestic market may change, given the slower pace of
domestic economic recovery and the slight but greater-than-
expected increase in credit costs at several banks in the first
half of fiscal 2007.  The credit costs increased even when
excluding extraordinary factors such as those that require the
banks to set aside larger loan loss provisions on consumer
finance companies due to their increasing burden with regard to
the repayment of over-charged interest (gray zone interest).  In
addition, in light of the fact that three of the major banks
(MUFG, Mizuho FG, and SMFG) have in the past actively promoted
their overseas operations, Standard & Poor's will also closely
monitor their loan assets in overseas markets to see if they are
being negatively affected by any potential global economic
slowdown resulting from the subprime loan problems.

The Tier 1 capital ratio further rose to 7.4% as of September
2007 from 6.1% as of September 2005.  The ratio of preferred
stocks and securities to Tier 1 capital as of September 2007
also decreased to 41%, which marked a 21% improvement from
September 2005.  However, Japanese banks remain highly dependent
on preferred stocks and securities.  Accordingly, Japan's bank
groups face the important challenge of decreasing their
dependence on preferred stocks and securities, while they
maintain or improve the quantity of Tier1 capital.  Starting
from the figures reported on March 31, 2007, the new BIS
(Bank for International Settlements) standards have been applied
to the calculation of the capital ratio on Japanese banks.  All
the bank groups calculated their credit risks at September 2007
by using the foundation internal ratings-based (FIRB) approach.


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

DURA AUTOMOTIVE: Court Postpones Confirmation Hearing
-----------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware has postponed the hearing to consider
confirmation of the Joint Plan of Reorganization of DURA
Automotive Systems, Inc., and its debtor-affiliates.

According to The Associated Press, the Bankruptcy Court canceled
the confirmation hearing scheduled for December 6, 2007, saying
there was no point moving forward with the Plan until DURA
obtains the necessary exit financing.

DURA's Chapter 11 plan contemplates a US$425,000,000 financing
to emerge from Chapter 11.  Goldman Sachs Credit Partners, L.P.,
and Barclays Capital, the investment banking division of
Barclays Bank, PLC, as arrangers, have offered to arrange and
syndicate:

   (a) a senior secured revolving credit facility in an amount
       up to US$125,000,000;

   (b) a senior secured first-lien tranche B term loan facility
       in amount up to US$225,000,000; and

   (c) a senior secured second-lien term loan facility in an
       amount up to US$75,000,000.  

DURA, however, has not obtained full commitments for the loan.  
AP says that DURA has encountered difficulty obtaining the
financing amid the recent crunch in credit markets.   

The Reorganization Plan also contemplates a US$140,000,000 to
US$160,000,000 equity rights offering to be fully backstopped by
Pacificor, LLC.  Holders of senior notes in excess of US$75,000,
which also includes Pacificor, were entitled to buy shares of
new common stock of DURA at the rights offering, which concluded
on November 15, 2007.  The participants in the rights offering
elected to subscribe approximately US$1,300,000.  Pursuant to
the Court-approved backstop agreement, Pacificor will purchase
the unsubscribed portion of the shares.

DURA aims to exit Chapter 11 protection by the end of 2007.

              Dura Obtains Creditor Support on Plan

DURA Automotive and its debtor-affiliates will
ask the U.S. Bankruptcy Court for the District of Delaware to
confirm their Joint Plan of Reorganization on December 6,
2007, at 9:30 a.m., Eastern Time.

The Debtors obtained overwhelming support from creditors
entitled to vote on their Joint Plan of Reorganization.

According to Financial Balloting Group, the Debtors' voting
agent, each voting class voted in favor of the Plan:

                  Amount         Amount      Number       Number
                Accepting      Rejecting   Accepting   Rejecting
              (% of Amount   (% of Amount  (% of Num   (% of Num
CLASS             Voted)         Voted)      Voted)       Voted)
-----              ------       ------       ------       ------
Class 2:    US$143,400,000   US$3,500,000          16          1
Second Lien        (97.56%)        (2.44%)    (94.12%)   (5.88%)
Facility
Claims

Class 3A:      340,858,465   US$1,039,000          78          6
Holders of         (99.70%)        (0.30%)    (92.86%)   (7.14%)
Senior Notes
w/ Principal
Amount
> US$75,000

Class 3B:        1,325,852     US$285,000          41          7
Holders of         (82.31%)       (17.69%)    (85.42%)  (14.58%)
Senior Notes
w/ Principal
Amount
<= US$75,000

Class 5A         5,744,292     US$174,616         798         25
Holders of         (96.96%)        (3.04%)    (96.82%)   (3.04%)
Other Gen.
Unsecured
Claims
<= US$75,000

Class 5B         4,478,035           US$0          16          0
Trade Claims      (100.00%)        (0.00%)   (100.00%)   (0.00%)
> US$75,000

Class 5C           695,062           US$7          61          7
Non-Trade         (100.00%)        (0.00%)    (89.71%)  (10.29%)
Claims
> US$75,000

The Plan provides for full recovery to administrative claimants
and secured lenders under Class 1, accordingly, these claimants
were not given ballots and were deemed to accept the Plan.

Holders of subordinated notes aggregating US$560,700,000
classified under Class 4, holders of subordinated debentures
aggregating US$58,300,000 under Class 6, holders of subordinated
claims in Class 7, and owners of existing stock of DURA under
Class 8 will not receive any recovery under Plan.  Accordingly,
the Debtors did not solicit votes from these claimants as they
were deemed to reject the Plan.

The Plan provides for 100% recovery to Class 2 Second Lien
Facility Claims (the postpetition interest to paid to these
claimants remain in dispute), 55% recovery to holders of
US$418,700,000 in senior notes in Class 3, and a 22% recovery
for holders of US$22,300,000 in other general unsecured claims
in Class 5.

                 Dura Says Plan is Confirmable


At the confirmation hearing, the Debtors will step Judge Kevin
J. Carey through the 13 statutory requirements necessary to
confirm a plan pursuant to Section 1129 of the Bankruptcy Code.  
With respect to the proposed treatment of claims and interests:  

    -- Section 1129(a)(8) requires that each class of claims or
       interests under a plan has either accepted the plan or
       not be impaired under the plan.  Pursuant to Section
       1126(c), a class of claims has accepted the plan if
       creditors  holding at least two-thirds in amount and more
       than one-half in number of the allowed claims of the
       class voted in favor of the plan.

    -- Notwithstanding Section 1129(a)(8), if at least one class
       of impaired claims or interests accepts the plan, the
       plan can still be confirmed under Section 1129(b)(1)'s
       "cramdown" provision.  Under the cram-down provision,
       upon the request of the plan proponent, the plan may be
       confirmed if it does not discriminate unfairly, and is
       fair and equitable, with respect to each class of claims
       or interests that is impaired under, and has not
       accepted, the plan.

The Plan of Reorganization contemplates a US$425,000,000 exit
financing and a US$140,000,000 to US$160,000,000 equity rights
offering to be fully backstopped by Pacificor, LLC.  Holders of
senior notes in excess of US$75,000, which also includes
Pacificor, were entitled to buy shares of new common stock of
DURA at the rights offering, which concluded on November 15,
2007.  Class 3A holders elected to subscribe approximately
US$1,300,000.  Pursuant to the Court-approved backstop
agreement, Pacificor will purchase the unsubscribed portion of
the shares.

Kelly Beaudin Stapleton, the United Stated Trustee for Region 3,  
has said that the Plan is unconfirmable on grounds that, among
other things, the Plan unfairly discriminates against certain
general unsecured Class 3B Senior Notes Claimants, who will be
paid in cash and not entitled to participate in the rights
offering.

The Debtors, however, refute the U.S. Trustee's allegations,
noting that while the currency type differ for the two
subclasses, the implied value of the distribution is identical.  
DURA also noted that an overwhelming majority of the 335 senior
noteholders in Class 3A and 3B have consented to the separate
classification.  DURA had opted to provide cash to smaller
holders of senior notes because the number of shareholders in
the Reorganized DURA cannot exceed 300 if the company is to
emerge as a privately held company, a condition set by   
Pacificor.

                     About Dura Automotive

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

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had USUS$1,993,178,000 in total assets
and USUS$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Dec. 6, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 38 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


HYNIX SEMICON: Back in Non-Memory Business w/ SiliconFile Deal
--------------------------------------------------------------
Hynix Semiconductor Inc. returned to the non-memory business,
after four years, through a partnership with CMOS image sensor
designer SiliconFile Technologies, various reports say.

Reportedly, under the business agreement, Hynix will manufacture
and sell CMOS image sensor products using SiliconFile's design,  
and provide foundry services for SiliconFile.  Solid State
Online Article relates, citing a Hynix spokesman, that the
company is also is taking an undisclosed ownership stake in
SiliconFile.

The mass production for the sensor products is planned for the
fourth quarter next year, Solid States Online notes.

EE Times recounts that last July, Hynix said it plans to
diversify its business portfolio.  It is also an effort to
offset the wild swings in the company's existing and core DRAM
and NAND businesses, the report adds.

Earlier this year Hynix indicated it would reinvest in its
Line M7, a 200mm DRAM line in Icheon, for a foray into nonmemory
semiconductors, once restrictions tied to the Magnachip spinoff
expire, Solid State Online adds.

              About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.       
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


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

ASIAN PAC: Earns MYR5.14 Mil. in 2nd Quarter Ended Sept. 30
-----------------------------------------------------------
Asian Pac Holdings Berhad, on November 26, 2007, filed with the
Bursa Malaysia Securities Berhad its financial results for the
quarter ended September 30, 2007.

The company reported a MYR5.14-million net profit in the second
quarter 2007, a MYR4.5-million decrease from the MYR9.7-million
net profit recorded in the same quarter last year.

The company's revenue for the second quarter decreased to
MYR40.1 million from the MYR89.7 million in the same quarter
last year.

Profit before taxation was recorded at MYR5.58 million, almost
half of the MYR10.9 million figure recorded for the second
quarter of 2006.

As of September 30, 2007, the company's consolidated balance
sheet showed MYR671 million in total assets and MYR417.5 million
in total liabilities, resulting in a MYR253.3-million
shareholders' equity.

                       About Asian Pac

Kuala Lumpur-based Asian Pac Holdings Berhad --
http://www.asianpac.com.my/-- is principally engaged in    
investment holding, property development and investment.  The
Company operates in three segments: investment holding, which
includes holding of quoted and unquoted shares for capital
investment purposes; property investment and development, which
includes investment in land and the development of residential
and commercial properties, and trading of building materials.  
Asian Pac Holdings Berhad's projects are mainly located within
Klang Valley in areas, such as Kepong and Desa Parkcity, and
Kota Kinabalu, Sabah.

The company's long-term debt carries Rating Agency Malaysia's
BB3 rating.  BB Ratings means inadequate safety for timely
payment of interest and principal, and future cannot be
considered as well assured.


ASIAN PAC: Mustapha Bin Buang Quits as Audit Committee Member
-------------------------------------------------------------
Dato' Mustapha Bin Buang has resigned as a member of Asian Pac
Holdings Berhad's Audit Committee.

Mr. Buang holds a degree in Economics from the University of
Malaya.  He joined the Johore State Government as an Economic
Planner.  Afterwards, he joined the finance industry from 1974,
holding senior management position and gathered 16 years
experience in the finance sector.

                        About Asian Pac

Kuala Lumpur-based Asian Pac Holdings Berhad --
http://www.asianpac.com.my/-- is principally engaged in    
investment holding, property development and investment.  The
Company operates in three segments: investment holding, which
includes holding of quoted and unquoted shares for capital
investment purposes; property investment and development, which
includes investment in land and the development of residential
and commercial properties, and trading of building materials.  
Asian Pac Holdings Berhad's projects are mainly located within
Klang Valley in areas, such as Kepong and Desa Parkcity, and
Kota Kinabalu, Sabah.

The company's long-term debt carries Rating Agency Malaysia's
BB3 rating.  BB Ratings means inadequate safety for timely
payment of interest and principal, and future cannot be
considered as well assured.


FA PENINSULAR: Incurs MYR536MM Net Loss in Qtr. Ended Sept. 30
--------------------------------------------------------------
On November 26, 2007, FA Peninsular BHD submitted to the Bursa
Malaysia Securities Berhad its unaudited financial results for
the quarter ended September 30, 2007.

The company incurred a MYR536-million net loss in the 2007
second quarter, compared with the MYR655-million net loss in the
same quarter last year.

Revenues for the second quarter was MYR188 million, an increase
from the recorded MYR28 million of revenues in the second
quarter of 2006.  The company also incurred a MYR536-million
loss before taxation, as compared with the MYR655-million figure
a year ago.

As of September 30, 2007, the company's balance sheet showed
MYR28.8 million in total assets and MYR23.6 million in total
liabilities, resulting in a MYR5.2-million total shareholders'
equity.

                       *     *     *

Headquartered in Kuala Lumpur, FA Peninsular's principal
activities are processing and trading cocoa.  Other activity
includes stock and share-broking.  Operations are carried out
mainly in Malaysia.

The company is currently listed under the Bursa Malaysia
Securities Bhd's Amended PN-17 category.


FOREMOST: Turns Around w/ MYR100MM Profit in Qtr. Ended Sept. 30
----------------------------------------------------------------
Foremost Holdings Berhad booked a MYR100-million net profit in
the quarter ended September 30, 2007, a turnaround from the
MYR220-million net loss recorded in the same quarter last year.

Profit before taxation for the 2007 third quarter was at
MYR100 million, an improvement from the MYR220-million loss
before taxation in the third quarter of 2006.

Revenues also increased by MYR1.5 million from the recorded
MYR7 million a year ago, to MYR8.6 million in the third quarter
of the current year.

As of Sept. 30, 2007, the company's balance sheet showed
strained liquidity with MYR25 million in current assets
available to pay MYR34 million in current liabilities coming due
within the next 12 months.

The company's balance sheet as of end-September also showed
MYR33 million in total assets and MYR34 million of total
liabilities, resulting in a shareholders' equity deficit of
MYR1 million.

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


FOREMOST HOLDINGS: Discloses Change in Audit  Committee
-------------------------------------------------------
Ng Kim Weng has tendered his resignation from Foremost Holdings
Berhad's Audit Committee.

Mr. Weng has joined Foremost Audio Sdn Bhd, a wholly owned
subsidiary of Foremost Holdings, since the start-up stage in
1989 as a Factory Manager and was appointed as a Director in
2001.  He has over 27 years of experience in audio speaker
manufacturing industry.

Meanwhile, Ho Soo Tak has been appointed as a member of the
company's Audit Committee.

Mr. Tak is a Remisier of United Traders Securities Sdn. Bhd. and
Interpacific Securities Sdn. Bhd from 1987 up to the present.

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


HARVEST COURT: Will Hold General Meeting on December 19
-------------------------------------------------------
Harvest Court Industries Berhad will hold its extraordinary
general meeting on December 19, 2007, at 10:30 a.m., at the
Crystal Room, Level 1, Crystal Crown Hotel Harbour View, 217,
in Persiaran Raja Muda Musa, 42000 Port Klang, Selangor Darul
Ehsan.

At the meeting, these proposals will be passed:

   * proposed share capital reduction pursuant to section
     64(1)(b) of the Companies act, 1965 involving the reduction
     of the par value of each existing HCIB share from MYR1.00
     to MYR0.25 via the cancellation of MYR0.75 of the par value
     of each HCIB share of MYR1.00 each;

   * proposed reduction of the share premium account of
     HCIB of MYR873,000 pursuant to sections 64(1) and 60(2) of
     the act;

   * proposed amendments to the company’s memorandum and
     articles of association to facilitate the proposed capital
     reconstruction;

   * proposed increase in authorized share capital;

   * proposed renounceable rights issue of up to 49,450,000
     new ordinary shares of MYR0.25 each with up to 49,450,000
     free detachable warrants in HCIB on the basis of 36 rights
     shares with 36 free detachable warrants for every 17
     existing HCIB shares of MYR0.25 each held at an issue price
     of MYR0.25 per rights share;

   * proposed acquisition of four parcels of leasehold
     industrial land at a total purchase consideration of
     MYR5,370,000 to be satisfied entirely by the issuance of
     21,480,000 new HCIB shares of MYR0.25 each at an issue
     price of MYR0.25 per share together with 5,370,000 free
     detachable warrants on the basis of one free detachable
     warrant for every four new HCIB shares of MYR 0.25 each
     issued;

   * proposed settlement of debts owing to the bank lenders and
     statutory creditors of HCIB group amounting up to
     MYR38,820,060 and MYR1,431,548 respectively as at Dec. 31,
     2005, by a combination of issuance of new HCIB shares with
     warrants, cash settlement and proceeds from the disposal of
     land;

   * confirm and ratify the joint venture between Harvest Court
     Management SDN BHD, a wholly owned subsidiary of HCIB and
     Messrs. Laing Huan and Rakan;

   * proposed exemption from the obligation to undertake
     a mandatory offer for the remaining HCIB shares of MYR0.25
     each not already owned by Ng Swee Kiat and parties acting
     in concert with him under practice note 2.9.1 of the
     Malaysian Code on Take-Overs and Mergers, 1998; and

   * proposed disposal by Harvest Court Properties Sdn Bhd, a
     wholly owned subsidiary of HCIB to Cara Anggun Development
     Sdn Bhd of a piece of freehold land held under Geran No.
     89149, lot no 82543, section 30, Bandar Klang, Daerah
     Klang, Negeri Selangor Darul Ehsan for a cash consideration
     of MYR1,700,000.

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board is now in talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million on total
assets of MYR35.37 million and total liabilities of
MYR51.85 million.


PROTON HOLDINGS: GM Still Interested in Future Partnership
----------------------------------------------------------
General Motors Corp. has not ruled out interest in a possible
tie-up with Proton Holdings Berhad despite the Malaysian firm's
intention to do it alone, Reuters reports, citing a senior
GM official.

The report recounts that GM and Volkswagen AG had both expressed
interest in an equity partnership with Proton.  Previous press
reports had stated that Proton and Volkswagen may reach a deal
before the end of the year.

However, as reported in the Troubled Company Reporter-Asia
Pacific on Nov. 21, 2007, Malaysia's state investment arm,
Khazanah Nasional Berhad, which controls Proton, shocked  
investors when it announced that Proton discontinued
negotiations with Volkswagen.

The TCR-AP report noted that an improvement in Proton's domestic
sales and exports had led to its decision to halt negotiations
with Volkswagen.  Khazanah Nasional and the Malaysian
government have reportedly taken note of the recent positive
developments and they believe that Proton's management should be
allowed to continue with its plans to further strengthen the
company and turn it around.

Earlier media reports speculated that talks with GM had also
been shelved.

"Never say never.  But in the meantime, things have moved on,"
Reuters quotes Steve Carlisle, head of GM's Southeast Asian
operations, as telling reporters at the launch of a new
Chevrolet vehicle in Malaysia.  "Probably by the time we talk
again, things will have moved on some more,” he added.

Mr. Carlisle further stated that GM “will need then to
understand what the. . . conditions are, what might be possible
and what the situation really is.  Then we will make a fresh
assessment at that point in time."

Reuters says that despite the government's decision, there is
speculation that it will look to a local partner to bolster
Proton.

Reuters notes that Proton's shares have lost a quarter of their
value, or about MYR703 million (US$209.6 million), since the
government announcement that the company would try to restore
its fortunes without outside help.  Proton's domestic market
share, the report adds, has been cut to more than 30% from
around two-thirds of the market in the 1990s.

                      About General Motors

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

                     About Proton Holdings

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

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

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


SUNWAY: Incurs MYR21-Mil. Net Loss in Quarter Ended Sept. 30
------------------------------------------------------------
Sunway Infrastructure Berhad posted a MYR21.2-million net loss  
in the quarter ended September 30, 2007, as compared with the
MYR18.9-million net loss in the same quarter last year.

The company's revenue for the first quarter of 2007 totaled
MYR7.6 million, a slight increase from the MYR7.3 million
revenues in the same quarter of 2006.

As of September 30, 2007, Sunway's balance sheet showed strained
liquidity with MYR120.6 million of current assets available to
pay MYR1.1 billion of current liabilities coming due within the
next 12 months.

The company's balance sheet as of end-September also showed
MYR1.38 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a MYR58-million shareholders' equity
deficit.

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

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

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


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

AGBIZ SOUTHLAND: Court Hears CIR's Wind-Up Petition
---------------------------------------------------
The High Court of Invercargill heard on Nov. 28, 2007, at 10:00
a.m., a petition to have Agbiz Southland Accountants Ltd.'s
operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
October 3, 2007.

The CIR's solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


CASH N GO: Fixes Nov. 23 as Last Day to File Proofs of Debt
-----------------------------------------------------------
On November 1, 2007, the shareholders of Cash N Go Ltd. passed a
resolution to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 23,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

          David Donald Crichton
          Keiran Anne Horne
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          PO Box 3978, Christchurch
          New Zealand
          Telephone:(03) 379 7929


NATHANS FINANCE: Investors to Get Interim Dividend in 1Q FY2008
---------------------------------------------------------------
Investors in Nathans Finance Ltd will receive interim dividend
during the March 2008 quarter, PricewaterhouseCoopers partners
Colin McCloy and John Waller, the receivers of the finance
company, said in a media release.

According to the receivers, investors could recover an initial
dividend of between 10 and 15 cents in the dollar during the
first quarter of 2008.

The initial repayment in the March 2008 quarter would be
followed by further dividends, but the receivers have not yet
specified the timing and amount of the subsequent repayments.

“This will depend on recoveries from loans to VTL Group Limited
and related parties.  In particular, one of VTL Group Limited
investments, Shop 24 has growth potential and discussions are
underway with interested parties on how best to realize that
potential.  It would be premature to speculate on the value of
Shop24 until negotiations with the interested parties are
complete,” the media release stated.

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on Aug. 20, 2007.  Nathans is a subsidiary of VTL
Group Limited, which has declared itself insolvent.  Trading in
VTL Group Limited shares is currently suspended.  VTL Group
Limited owns a number of vending machine related businesses
which operate in New Zealand, Australia, North America and
Europe.


NOT HERE: Members Agree to Commence Liquidation Proceedings
-----------------------------------------------------------
On October 26, 2007, the shareholders of Not Here Ltd. met and
agreed to voluntarily wind up the company's operations.

Creditors who were not able to file their proofs of debt by the  
November 27 deadline will be excluded from the company's
dividend distribution.

The company's liquidator is:

          James Victor Kean
          Prince & Partners
          PO Box 3685, Auckland 1001
          New Zealand
          Telephone:(09) 379 5324
          Facsimile:(09) 307 0778
          e-mail: office@prince.co.nz


NZXPT LTD: Creditors' Proofs of Debt Due on Dec. 14
---------------------------------------------------
The shareholders of NZXPT Ltd., on October 29, 2007, decided to
have the company's operations wound up.

Creditors are required to file their proofs of debt by Dec. 14,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

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


POWERPARK LTD: Fixes Dec. 2 as Last Day to File Proofs of Debt
--------------------------------------------------------------
The creditors of Powerpark Ltd. are required to file their
proofs of debt by December 2, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 31,
2007.

The company's liquidator is:

           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


RATANA CONTRACTING: Court Hears CIR's Wind-up Petition
------------------------------------------------------
The High Court of Invercargill heard yesterday, November 28,
2007, at 10:00 a.m., the Commissioner of Inland Revenue's
petition to have Ratana Contracting Ltd.'s operations wound up.

The petition was filed on October 3, 2007.

The CIR's solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


RIVERVIEW SOLUTIONS: Appoints Grant and Khov as Liquidators
-----------------------------------------------------------
On November 2, 2007, Damien Grant and Steven Khov were named
liquidators of Riverview Solutions Ltd.

The Liquidators can be reached at:

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


THACKERY DEVELOPMENTS: Taps Kim S. Thompson as Liquidator
---------------------------------------------------------
On October 8, 2007, the shareholders of Thackery Developments
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Kim S. Thompson
          PO Box 1027, Hamilton
          New Zealand
          Telephone:(07) 834 6813
          Facsimile:(07) 834 6100


THE HEARING ASSOCIATION: Proofs of Debt Due on Nov. 30
------------------------------------------------------
Stephen Kim Bennett and Timothy John Hoyle were appointed
liquidators of The Hearing Association Whangarei Branch Inc. on   
October 25, 2007.

Messrs. Bennett and Hoyle are accepting creditors' proofs of
debt until November 30, 2007.

The Liquidators can be reached at:

          Stephen Kim Bennett
          Timothy John Hoyle
          Steve Bennett Associates
          PO Box 627, Whangarei
          New Zealand
          Telephone:(09) 438 2312
          Facsimile:(09) 438 2912
          e-mail: info@sba.net.nz


THE MOUSE FACTORY: Subject to CIR's Wind-Up Petition
----------------------------------------------------
The High Court of Auckland heard yesterday, November 28, 2007,
at 10:45 a.m., the Commissioner of Inland Revenue's petition to
have The Mouse Factory Ltd.'s operations wound up.

The petition was filed on August 6, 2007.

The CIR's solicitor is:

          Adam R. A. Pell
          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland
          New Zealand
          Telephone:(09) 985 7214
          Facsimile:(09) 985 9473


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

CHIQUITA BRANDS: Producers Awaiting Unfair Practices Reports
------------------------------------------------------------
Plenglish.com reports that banana producers in Panama are
waiting for authorities to process reports of unfair practices
against Chiquita Brands International Inc.

According to Plenglish.com, Chiquita Brands allegedly forces the
banana producers to sell the fruit at a loss and prevents them
from exporting to other markets.

Plenglish.com relates that employees of the farms in Puerto
Armuelles' Multiple Service Cooperative, Chiquiri Province, gave
away 50,000 banana boxes last week in protest.

A labor union complained to Plenglish.com that because Chiquita
Brands only pays US$5 per box under on a 10-year contract signed
in 2003, the producers lose US$2.18 per box.  The producers
demand a review of the contract and a US$8 price raise.

A union leader told Plenglish.com that the producers suffer the
high cost of oil, fertilizers and other supplies.  They also are
not allowed to sell the fruit to other wholesalers like
Spaniards, Italians, and Russians, who are willing to pay more.

The Consumer Protection's Free Competition Authority board of
directors said it is conducting a probe on whether Chiquita
benefits from a monopolistic practice in the contract signed
with the Multiple Service Cooperative, Plenglish.com notes.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                       *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


EIB REALTY: Annual Net Loss Climbs to PHP126.315 Million in 2006
----------------------------------------------------------------
EIB Realty Developers Inc.'s annual net loss has risen year-on-
year from 2005's PHP8.28 million to 2006's PHP126.315 million.

For the year ended December 31, 2006, the company earned
PHP8.687 million in revenues against expenses of
PHP134.539 million, resulting in a PHP125.851-million loss
before tax expenses of PHP463,335.  

As of December 31, 2006, the company had PHP535.002 million in
total assets and PHP212.59 million in total liabilities,
resulting in a PHP322.411-million shareholders' equity.

The company's 2006 annual financial statements can be downloaded
for free at:

            http://researcharchives.com/t/s?25d4

EIB Realty Developers, Inc., is engaged in real estate
development, including building and development of residential,
industrial and commercial properties.  The company owns 55% of
Urban Property Holdings Inc., which also engages in the
development of real estate.  Export and Industry Bank, Inc. owns
71.7567% of the Company.


EIB REALTY: 2nd-Quarter Net Loss Climbs to PHP18.041 Million
------------------------------------------------------------
EIB Realty Developers Inc.'s income statements for the first
half of 2007 showed a PHP18.041-million net loss, 7,615% higher
than the PHP233,821 net loss reported for the same period in
2006.

For the January-June period, the company earned PHP733,918 in
revenues, comprising of PHP517,415 in interest income,
PHP174,798 in rental income and PHP41,704 in miscellaneous
income.  The company also incurred expenses of
PHP18.775 million, comprising mostly of impairment losses of
PHP14.358 million.

The company's net loss for the second quarter of 2007 also
climbed from PHP31,601 in the same period last year to this
year's PHP15.977 million.  Revenues for this period is at
PHP185,988 against expenses of PHP16.163 million.

As of June 30, 2007, the company had PHP517.419 million in total
assets and PHP214.048 million in total liabilities, resulting in
a PHP304.37-million stockholders' equity.  The company's balance
sheets also showed strained liquidity as its current liabilities
of PHP213.048 million, exceed current assets of
PHP11.91 million.  

The company's second quarter financial statements can be
downloaded for free at:

              http://researcharchives.com/t/s?25d5

                        About EIB Realty

EIB Realty Developers, Inc. (EIBR) is engaged in real estate
development, including building and development of residential,
industrial and commercial properties.  The company owns 55% of
Urban Property Holdings Inc., which also engages in the
development of real estate.  Export and Industry Bank, Inc. owns
71.7567% of the Company.

EIBR posted a net loss of PHP126.315 million in the year ended
December 31, 2006 and PHP8.28 million in the year ended Dec. 31,
2005.


EIB REALTY: Board Appoints Jaime Gonzalez as Chairman, President
----------------------------------------------------------------
EIB Realty Developers Inc.'s Board of Directors has appointed
Jaime C. Gonzalez as Chairman and President during a meeting
held on Tuesday, November 27.

The Board further approved the sale, transfer and conveyance of
EIBR's rights, title and interest in One McKinley Place, Inc. in
favor of Philippine Townships Inc.  EIBR no longer has any
equity investment in One McKinley Place Condominium.

EIB Realty Developers, Inc. (EIBR) is engaged in real estate
development, including building and development of residential,
industrial and commercial properties.  The company owns 55% of
Urban Property Holdings Inc., which also engages in the
development of real estate.  Export and Industry Bank, Inc. owns
71.7567% of the Company.

EIBR posted a net loss of PHP126.315 million in the year ended
December 31, 2006 and PHP8.28 million in the year ended Dec. 31,
2005.


LAFAYETTE MINING: Invites Anti-Mining Bishop to Visit Rapu-Rapu
---------------------------------------------------------------
Lafayette Mining Philippines Inc. is asking Bishop Quiambao of
Albay to visit the Rapu-Rapu polymetallic mine to see that the
firm had been a responsible miner and had nothing to do with an
alleged fishkill 10 kilometers away from the project, the Daily
Tribune reports.

Bishop Quiambao, the Tribune recounts, had condemned Lafayette
in a pastoral letter and espoused the line of anti-mining groups
that the company was responsible for a supposed fishkill on
October 28.

The company had earlier been accused of being responsible of an
alleged massive fishkill in the seas of five barangays near the
Rapu-Rapu project, the Troubled Company Reporter-Asia Pacific
reported.  The Department of Environment and Natural Resources
later cleared the company from the charges, stating that the
fishkill was localized to an area 10 kilometers away from the
project.

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

The TCR-AP's "Large Companies with Insolvent Balance Sheets"
column on Oct. 19, 2007, reflected Lafayette Mining Limited as
having a US$127.82-million equity deficit, on total assets of
US$78.17 million.


LODESTAR INVESTMENT: Anggala Buy Cues Resignation of 3 Directors
----------------------------------------------------------------
Three members of Lodestar Investment Holdings Corp.'s Board of
Directors have tendered their resignations effective immediately
over the share purchase agreement between Cyan Management Corp.
and Cancorp Makati Inc., as sellers, and the Anggala Group as
buyers.

Cyan and Cancorp are majority shareholders of Lodestar.  Under
the SPA, both firms will sell their 35.032-million share
ownership in the company to the Anggala Group for
PHP87.581 million.

According to a disclosure with the Philippine Stock Exchange,
these directors tendered their resignations:

    * Jose A. Feria Jr.   - Director, chairman
    * Ricardo D. Bautista - Director, Vice Chairman
    * Arturo B. Diago     - Director, President

These persons were appointed as replacement of the foregoing
directors for the remaining term of office:

    * Virginia U. Gaisano   
    * Tian Anggala
    * Alfonso Anggala

Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation (LIHC) was originally incorporated as a
mining and natural resources exploration company. Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991. On 03 October 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

As of Dec. 31, 2006, Lodestar had a capital deficiency of
PHP598,853.  With virtually no operations, the company didn't
report any profit and loss statements for the year.


METROPOLITAN BANK: Divests of PHP2.9-Bil. in Foreclosed Assets
--------------------------------------------------------------
The Metropolitan Bank & Trust Co. has divested of foreclosed
assets valued at PHP2.9 billion during the January-September
period, the Philippine Star reports.

The foreclosed assets sold are 170% higher than the value of its
real and other properties acquired that have been sold in the
same period last year, the Star adds.

The properties were sold in-house and through the bank's broker
and branch network, senior vice president Christine Carandang
told the Star, adding that the improved Philippine economy and
sustained growth in property development has helped asset sales
of Philippine banks.

The bank remains optimistic on the prospects of asset disposal
activities, Ms. Carandang said.

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

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

                        *     *     *

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

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

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

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

   * Short-term rating 'B'; and

   * Support rating '3.

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


PHIL LONG DISTANCE: Completes Consent Solicitation on Sr. Notes
---------------------------------------------------------------
Philippine Long Distance Telephone Co. announced the successful
completion of its consent solicitation relating to its
outstanding 11.375% Notes due 2012, 10.500% Notes due 2009 and
8.350% Notes due 2017 to effect certain proposed amendments to
the indenture governing the notes.

Holders in excess of a majority in aggregate principal amount of
each of the Notes have validly delivered their consents to the
proposed amendments to the indentures governing the Notes.  As a
result, the Company and the relevant trustees have executed the
supplemental indentures to the indentures governing the Notes.

The Company expects to pay to all validly consenting holders the
applicable consent fee on December 3, 2007.  The Consent
Solicitations were made pursuant to the Consent Solicitation
Statements dated November 6, 2007 (the "Statements").  The
Statements set forth and governed the terms and conditions of
the Consent Solicitations as well as additional information
about the terms of the Consent Solicitations.  

The Consent Solicitations expired at 11:00 a.m., New York City
time, on November 27, 2007.  All capitalized terms used and not
defined herein shall have the meanings given to them in the
Statements.

Deutsche Bank acted as the Solicitation Agent and D.F. King &
Co, Inc. as the Information Agent and the Tabulation Agent on
the Consent Solicitations.  

                         About PLDT

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

                        *     *     *

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

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


PRIME ORION: Annual Stockholders' Meeting Set for December 20
-------------------------------------------------------------
Prime Orion Philippines Inc. will hold its annual stockholders'
meeting at 1:30 p.m. on December 20, 2007, to be held at the
Balagtas and Garcia Villa Function Rooms in the Peninsula
Manila, Makati City.

Only stockholders of record as of November 7, 2007 are entitled
to attend and vote at the meeting.

                     About Prime Orion Phils.

Headquartered in Makati City, Philippines, Prime Orion
Philippines, Inc. acquires by purchase, exchange, assign, donate
or otherwise, and to hold, own and use, for investment or
otherwise and to sell, assign, transfer, exchange, lease, let,
develop, mortgage, pledge, traffic, deal in and with, and
otherwise operate, enjoy and dispose of any and all properties
of every kind and description and wherever situated, as and to
the extent permitted by law, including but not limited to,
buildings, tenements, warehouses, factories, edifices and
structures and other improvements, and bonds, debentures,
promissory notes, shares of capital stock, or other securities
and obligations, created, negotiated or issued by any
corporation, association, or other entity, domestic or foreign.

Prime Orion Philippines, Inc. and subsidiaries have principal
business interests in real estate, financial services and
manufacturing.

                       Going Concern Doubt

After auditing the company's financial statements for the
fiscal year 2007, Jose Pepito E. Zabat III at Sycip Gorres
Velayo & Co., raised substantial doubt on the company's ability
to continue as a going concern.  Mr. Zabat cited the company's
deficit of PHP3.467 billion as of June 30, 2007.


* Exporters Seek To Fix Exchange Rate at PHP47 Per US$1
-------------------------------------------------------
The Philippine Exporters Confederation is urging the Philippine
government to intervene and stop the peso's continued
appreciation by fixing the exchange rate at PHP47 per US$1, the
Philippine Daily Inquirer reports.

Philexport President Sergio Ortiz-Luis Jr. said there was still
a lot that the government could do to address the trend that
adversely affects families of overseas Filipino workers and
those whose livelihood depend on exports.  "Nobody is benefiting
from this except the government and smugglers," he said.

The economy could afford a 10% depreciation to the PHP47:US$1
level in order to achieve a marginal 1.2% increase in inflation
based on studies by the based on studies and statements made by
government agencies, Mr. Ortiz-Luis said.  The government could
also prepay more foreign loans as another step of stemming the
peso's rise, he added.

"We should not be averse to this because it is being done in
other countries, including China," he concluded.

                      *     *     *

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

EMC BUILDING: Wind-Up Petition to be Heard on Nov. 30
-----------------------------------------------------
The High Court of Singapore will hear on November 30, 2007, at
at 10:00 a.m., a petition to have EMC Building Products (Pte)
Ltd's operations wound up.

German Districentre Pte Ltd filed the petition on November 7,
2007.

German Districentre's solicitors are:

          Ng Lip Chih & Co
          8 Robinson Road
          #10-00 ASO Building
          Singapore 048544


FIRST ICE: Court to Hear Wind-Up Petition on Nov. 15
----------------------------------------------------
A petition to have First Ice Pte Ltd's operations wound up will
be heard before the High Court of Singapore on November 15,
2007, at 10:00 a.m.

Tai Wee Company (Private) Limited filed the petition on Nov. 15,
2007.

Tai Wee's solicitor is:

          Warren Tan & Co
          54 Tras Street #03-02
          Singapore 078993


HEXION SPECIALTY: Posts US$2-Mln Net Loss in 2007 Third Quarter
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. reported its results for the
third quarter ended Sept. 30, 2007.  Highlights for the third
quarter of 2007 include:

   -- Revenues of US$1.43 billion in 2007 compared to US$1.34
      billion during the prior year period, an increase of 7%.

   -- Operating income of US$88 million for the third quarter of
      2007 compared to US$57 million during the prior year
      period, an increase of 54%.  Operating income for the
      third quarter of 2007 benefited from improved operating
      performance, as well as decreased integration costs,
      compared to the similar year-ago period.

   -- Net loss of US$2 million for the 2007 quarter versus a net
      loss of US$14 million in the third quarter of 2006.

   -- Segment EBITDA (earnings before interest, taxes,
      depreciation and amortization) increased 20 percent to
      US$162 million in third quarter 2007 compared to US$135
      million during the prior year period.

"We were pleased to achieve double-digit gains in Segment EBITDA
for the fifth consecutive quarter, while our operating income
increased by 54 percent in the third quarter of 2007 compared to
the prior year period, on the strength of several specialty
products within our Epoxy and Phenolic Resins segment, our
oilfield technology products, and our European and Latin
American forest products businesses," said Craig O. Morrison,
Chairman, President and Chief Executive Officer.  "We continue
to offset the challenging North American market conditions in
2007 through our strategy of international diversification,
synergy achievement, productivity initiatives and leveraging
bolt-on acquisitions to better serve our global customers."

"In the near-term, we continue to take the necessary actions to
offset price spikes in certain key raw materials. We have
recently announced several price increases for select products
focused on offsetting the volatility of input costs."

Hexion achieved US$10 million in synergies in the third quarter
of 2007 as the company continued to realize its targeted cost
saving as planned.  As of Sept. 30, 2007, Hexion has achieved
US$105 million in synergies from its full program targeting
US$175 million in savings.

As previously announced on July 12, 2007, Hexion entered into a
definitive merger agreement with Huntsman Corporation in an all-
cash transaction valued at approximately US$10.6 billion,
including assumed debt.  As previously disclosed, Huntsman's
stockholders approved the merger agreement with Hexion on
Oct. 16, 2007.  The transaction is subject to various
conditions, including expiration or termination of applicable
waiting periods under the Hart-Scott-Rodino Act, review by
several foreign jurisdictions and other customary closing
conditions.

"We are pleased that Huntsman's stockholders approved the
merger, and we continue to work diligently to satisfy all
closing conditions and complete the transaction as quickly as
possible," Mr. Morrison said.

Hexion also announced on Nov. 1, 2007, that it had completed the
purchase of ARKEMA GmbH, which had 2006 revenues of
approximately EUR101 million. Terms of the agreement were not
disclosed.  Based in the Leuna industrial park in east central
Germany, the ARKEMA German resins and formaldehyde business
manufactures formaldehyde and formaldehyde-based resins
including urea-formaldehyde, phenol-formaldehyde and melamine-
based resins systems.  These resins are used to manufacture
engineered wood panels including oriented strand board,
particleboard and medium density fiberboard.  The business also
produces impregnation resins used to laminate decorative paper
surfaces to wood products.

"We remain focused on serving an expanding list of leading
global customers in the high-growth regions of Eastern Europe,
Latin America and Asia Pacific through our broad portfolio of
thermoset resins," Mr. Morrison said.

                      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 China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of USUS$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.


VALEANT PHARMA: Teams Up with ASCEND to Promote Migranal(R)
-----------------------------------------------------------
Valeant Pharmaceuticals International has granted ASCEND
Therapeutics exclusive rights to deploy ASCEND's 50-person
specialty sales force to promote Valeant's Migranal(R)
(dihydroergotamine mesylate, USP) Nasal Spray to more than 5,500
OB/GYNEs in the United States.  Valeant will continue to market
Migranal to physicians outside the OB/GYN specialty area and
retain all other responsibilities for the product.

"We are pleased to announce the promotion of Migranal to OB/GYNs
with our partner ASCEND Therapeutics.  Of the more than 65
million people worldwide who have experienced a migraine within
the last 12 months, three-quarters of these patients are women.
Migranal provides physicians with a valuable treatment option
for patients with migraine headaches," said Wesley P. Wheeler,
president, North America and Research and Development at
Valeant.

"We are pleased to have the opportunity to promote a therapeutic
option to treat a condition so common among women often in the
early morning hours or during times of falling estrogen levels.
Migranal provides significant value to women and to our women's
health care franchise and will be integral as we continue to
build and foster our specialty in the OB/GYN community," said
Jay Bua, president of Ascend Therapeutics.

                    About Migranal Nasal

Migranal Nasal Spray is indicated for the acute treatment of
migraine headaches with or without aura.  Migranal Nasal Spray
is not intended for the prophylactic therapy of migraine or for
the management of hemiplegic or basilar migraine.

Migranal is a registered trademark of Valeant Pharmaceuticals
International or its related companies.  All other trademarks
are the trademarks or registered trademarks of their respective
owners.

                          About ASCEND

ASCEND Therapeutics -- http://www.ascendtherapeutics.com/-- is  
a biopharmaceutical company focused on the use of transdermal
drug delivery technology to overcome therapeutic barriers and
raise the standard of care for certain chronic conditions.

                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com/-- is a global  
specialty pharmaceutical company with US$823 million of 2005
revenues.  It has offices in Argentina, Singapore and Taiwan.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  Valeant's rating outlook is
stable, Moody's said.


================
S R I  L A N K A
================

SANASA DEV'T BANK: Fitch Assigns 'BB-(lka)' National Rating
-----------------------------------------------------------
Fitch Ratings Lanka assigned a 'BB-(lka)' National Long-term
rating to Sanasa Development Bank Ltd.  The Outlook is Stable.

The rating reflects the bank's relatively good profitability and
asset quality, albeit constrained by its low capitalization, the
challenges in meeting the minimum capital requirement set by the
Central Bank of Sri Lanka, and inherent risk embedded in the
micro-finance (MFI) segment.

SDB is predominantly involved in MFI based lending (representing
41.1% of its total loans at FYE06), with an average loan size of
approximately LKR0.2 million.  Housing loans and vehicle leases
accounted for 27.6% and 17.9% respectively at FYE06, while pawn-
broking loans accounted for 13.4%.  SDB's loan growth in FY06
was mainly driven by housing loans, which helped SDB maintain a
high loan growth of 50% in FY06.  Aided by loan growth in the
periods since FY03, SDB's net interest margin (NIM) and ROA
improved despite having an inherently high cost structure
(operating costs accounted for 60% of its total income in FY06).
In FY06, SDB's NIM and ROA was 7.1% and 2.0% respectively (6.8%
and 1.4% in FY05), and in H107, its NIM improved further to 7.5%
(annualised), with ROA at 1.8% (annualised).

Fitch notes that SDB's asset quality has steadily improved due
to loan growth and NPL recovery.  At H107, its NPL/Gross Loans
improved to 3.8% from 4.2% at FYE06.  Its NPL coverage also
improved to 30.4% at H107 from 27.1% at FYE06.  Consequently,
SDB's solvency position as measured by Net NPL/Equity ratio
improved to 20.5% at H107, from 23.8% at FYE06 (38.6% at FYE05).

SDB's Tier I and total reported capital adequacy ratios were
15.2% and 14.6% respectively at FYE06 (15.8% and 15.1% at
FYE05).  In 2006, the Central Bank of Sri Lanka (CBSL) increased
the minimum capital requirement for licensed specialized banks
to LKR 1.5bn, with a phased deadline -- at least 50% of the
shortfall at FYE08 and full compliance by FYE09.  With an equity
base of LKR681m, SDB has to increase its existing share capital
to LKR0.9bn by FYE08 and reach an equity base of LKR1.5bn by
FYE09.  To achieve this, SDB has several equity programmes
planned via the SANASA movement, foreign MFI institutions and an
investment fund to reach the required minimum capital
requirement by the stated CBSL deadline of FYE09.  However,
these equity infusions are subject to regulatory clearances.

SDB is a licensed specialised bank established as the apex
credit institution of the Thrift and Credit Cooperative
Movement.  SDB's primary objective was the strengthening of the
SANASA movement to evolve as a sustainable rural credit
institution.  By virtue of its objectives, profit is not the
sole motive of SDB.  SANASA is a credit cooperative with a 100
year history covering all provinces.  At FYE06, SDB was 85%
owned by SANASA-related cooperatives.  Although SDB's services
are not limited to the SANASA movement, a significant share of
the bank's funding and lending activities are presently within
the SANASA movement (representing 39% of deposits and 15% of
advances at FYE06).


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

ADKINSON SECURITIES: Expects to Turn Around in 2007
---------------------------------------------------
Adkinson Securities PCL is confident of making a turn-around
from net loss to net profit this year, and is even considering
paying dividends to shareholders, the Bangkok Post reports.

The company also hopes to increase its market share to 3.5% in
2008 from the current 2.8% with support from its strategic
partner, Australian firm Ellerston Capital, Post adds.

According to the company's spokeswoman, Dr. Wida Jaturavith, the
brokerage hoped the partnership would help increase its turnover
from institutional investors to help reduce its reliance on
retail trading now.  Adkinson also hopes to clear its
accumulated losses of THB109 million by the end of the year, she
added.

"ASL has shown improved operating returns. Under chief executive
Sadawut Taecha-ubol, the company has closed 30 non-profitable
branches since January, with only 39 remaining," Dr. Wida told
analysts on Tuesday.  ASL will also book THB319 million in
additional revenues in the fourth quarter from the sale of Apex
Securities to US investment bank Merrill Lynch, she revealed.

Adkinson Securities Public Company Ltd., headquartered in
Bangkok, Thailand, provides an extensive range of services
related to securities investment.  The Company is engaged in
securities brokerage, securities trading, investment advisory
and securities underwriting.  It allows its customers to sell
and buy properties via the Internet.  Adkinson Securities
operates 42 branch offices throughout the country.  The Company
has a subsidiary, Apex Securities Company Limited, which is
involved in security brokerage services, securities and
derivative trading, investment and financial advisory as well as
securities underwriting services.

Adkinson Securities posted a net loss of THB684 million in 2006,
compared with the THB244-million net loss recorded in 2005.


PICNIC CORP: SET Allows Trading of Securities to Resume
-------------------------------------------------------
The Stock Exchange of Thailand has allowed Picnic Corp. PCL's
securities to resume trading yesterday, November 28.

According to a report by the Troubled Company Reporter-Asia
Pacific yesterday, the SET suspended trading for PICNIC's shares
on Monday.  The SET sought a disclosure by the company on how
its operations would be affected by a seizure of its assets by
its creditors following the dismissal of a suit involving a
PHP140-billion debt.

In a disclosure with the SET, the company said they have solved
going concern doubts regarding the debt by:

    * Restructuring debt to a main bank in order to extend for
      six months the repayment of a principal amount of
      THB1.816 billion;

    * Increasing capital; and

    * Selling partial assets that would not affect the normal
      operations of the company.

The company also said that the seizure of assets will not affect
the company because it holds total assets of THB8.034 billion as
of September 30, 2007.  Of this, THB7.262 billion are net
tangible assets.  Total liabilities as of September 30, 2007,
are at THB7.87 billion, of which THB123 million or 1.7% of
tangible assets might be seized.

                      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.


TMB BANK: Shareholders Agree to Offer 10.970 Mil. Shares to ING
---------------------------------------------------------------
TMB Bank PCL's shareholders have approved the plan to issue for
sale at most 10,970,893,359 newly issued shares to ING Bank NV
as part of the bank's recapitalization plan.

The shares will be issued at an offering price of THB1.60 per
share.

The shareholders also agreed to issue 2,141,728,186 newly issued
ordinary shares to Thai NVDR Co. Ltd. at the same price as ING
Bank. At most 5,586,944,825 new ordinary shares will be
allocated to the Ministry of Finance, while other existing
shareholders will be offered at most 6,300,433,630 new ordinary
shares at an offering price of THB1.40.

                      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.






                         *********

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

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

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


                            *********


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

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