TCRAP_Public/071130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, November 30, 2007, Vol. 10, No. 238

                            Headlines

A U S T R A L I A

ABSOLUTE CAPITAL: Names McGrathNicol as Voluntary Administrator
ALMAR ENGINEERING: Liquidator to Give Wind-Up Report on Dec. 4
B&B ENVIRONMENTAL: Incurs AU$20-Million Net Loss for FY2007
B&B ENVIRONMENTAL: BBL Offers Alternative to Takeover Offer
BABCOCK & BROWN POWER: Incurs AU$70.67MM Net Loss for FY2007

COEUR D'ALENE: PROXY Advises Shareholders To Vote for Proposals
COLES GROUP: Wesfarmers Admits Overhauling Could Take Five Years
COLONIAL GOURMET: To Declare First Dividend on December 12
COMMSCOPE INC: Unit Works with iconnect to Hook Up Langtree
CROWN CASTLE: Fitch Holds 'BB' Rating on US$83MM Class G Notes

FORRESTER RIDGE: Liquidator to Give Wind-up Report on Dec. 4  
I. & J. CLEANING: Creditors Receive Wind-Up Report
IMAGE FABRICS: Members and Creditors Set to Meet on December 4
INTERACTIVE TECHNOLOGIES: Sets Final Members' Meeting for Dec. 3
JELIMAR PTY: Liquidator to Present Wind-Up Report on Dec. 4

KENETA KITCHENS: Final Meeting Slated for December 4
KIMBERLEY DIAMOND: KPMG Raises Substantial Going Concern Doubt
KIMBERLEY DIAMOND: Gem Diamond's Buy Offer Now Unconditional
LIFESTYLE CLASSICS: Members and Creditors to Meet on Dec. 4
LOOKSUN PTY: Members and Creditors Hear Wind-Up Report

MCLAREN INVESTMENTS: Members and Creditors to Meet on Dec. 4
PAN AUSTRALIAN: Incurs AU$281,000 Net Loss for 2007 Half-Year
THE EVOLUTION DESIGN: Appoints Anthony Warner as Liquidator
TRANSAX INT'L: Sept. 30 Balance Sheet Upside-Down by US$3.3 Mil.


C H I N A   &   H O N G  K O N G

CHINA EVERBRIGHT: Shareholders OK Capital Injection from Gov't
EMI GROUP: Moody's Withdraws B1 Corporate Family Rating
HANESBRANDS INC: S&P Affirms B+ Corporate Credit Rating
PARKSON RETAIL: Posts CNY151-Mil. Net Profit for Third Quarter


I N D I A

CABLE & WIRELESS: Loses J$506.8 Million in First Six Months
CABLE & WIRELESS: Former Chair Criticizes Executive Payoff
QUEBECOR WORLD: S&P Cuts Preferred Stock Rating to C from CCC-


I N D O N E S I A

ADARO INDONESIA: To Refinance US$400M Bonds Before Going Public
AVNET INC: Operating Unit Inks Franchise Deal with Tyco
MEDIA NUSANTRA: Plans to Buy Majority Stake in Linktone Ltd.
PERUSAHAAN GAS: To Deliver Gas Using Grissik–Pagardewa Pipeline
PERUSAHAAN: Hires Banks as Arrangers for Power Project Loans

TELKOMSEL: Invests IDR50 Bil. in Establishing T-Cash Facility


J A P A N

ALL NIPPON: Inks Five-Year Deal with IBS Software Services
AMR CORP: Plans to Divest American Eagle Division
EMAGIN CORP: Sept. 30 Balance Sheet Upside-Down by US$3.6  Mil.
GAP INC: Board Declares US$0.08 Per Share Quarterly Dividend
HERBALIFE LTD: Taps Shankar Suryanarayanan as Sr. Vice President

L&G K.K.: To Start Court-Led Bankruptcy Procedures
METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend
ORIENT CORP: Determined to Return to TSE's First Section
* Fitch Affirms Japanese Major Banks After Posting H1 Results


K O R E A

BHK INC: Decides to Get KRW3 Billion Bank Loan
E-NET: Sets Price of 14-Million Common Shares at KRW825 Each
E-NET: Signs KRW4-Billion Contract with Korean Meat Wholesaler
EG SEMICON: Board of Directors Decides Issuance of Bonus Shares
EG SEMICON: Changes Shareholding Structure

EG SEMICON: Plans to Sell Land & Plant for KRW1.1 Billion
HANAROTELECOM: Corporate Watchdog Studies Deal With SK Telecom
KOREA EXPRESS: NACF Considers Bidding
RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million
RHODIA SA: Implements Global Price Increases for All Products

SEJI CO: IC Corporation & Two Persons Acquire 18.91% Stake
SEJI CO: Made Changes to Private Placement of Common Shares


M A L A Y S I A

FOREMOST HOLDINGS: Shareholders Approve Resolutions at EGM
MBF HOLDINGS: Subsidiary Placed Under Voluntary Wind-Up
MBF HOLDINGS: Unveils Changes to Audit Committee
MBF HOLDINGS: Earns MYR25.7 Mil. in 3rd Qtr. Ended Sept. 30
MYCOM BERHAD: Ministry of International Trade OKs Share Issue

SHAW GROUP: Environmental Unit Bags Deal from U.S. Army Corps


N E W  Z E A L A N D

BARROSSA LTD: Fixes Dec. 5 as Last Day to File Proofs of Debt
EXOTIC GROUP: Shareholders Resolve to Liquidate Business
GOODFOUR LIMITED: Commences Liquidation Proceedings
GOODTHREE LIMITED: Commences Wind-Up Proceedings
GOODTWO LTD: Commences Liquidation Proceedings

KA PAI CONSTRUCTION: Names Parsons and Kenealy as Liquidators
MILLENNIUM RESIDENTIAL: Creditors' Proofs of Debt Due Today
NZ GARDEN: Court Hears Wind-Up Petition
ROYALE PASSENGER: Creditors' Proofs of Debt Due Today
SHANE ENGLISH: Wind-Up Petition to be Heard on Jan. 24

THE LOADED HOG: Court to Hear Wind-Up Petition on December 3


P H I L I P P I N E S

BANCO DE ORO-EPCI: IFC Injects PHP4 Bil. Into Lower Tier 2 Notes
CHINA BANKING: No Plan to Integrate Manila Bank, Vice Chair Says
IPVG CORP: PSE Approves Change in Stock Symbol to "IP"
JG SUMMIT: Joins With Units to Offer New House Financing Scheme
LIBERTY TELECOM: Replaces RCBC with ERT as Stock Transfer Agent

LODESTAR INVESTMENT: Five More Board Members Resign
LODESTAR INVESTMENT: PSE Bars Stocks from Trading Until Dec. 3
SAN MIGUEL: Chairman Keeps 20% Ownership, Sandiganbayan Says
TYCO INTERNATIONAL: Receives Notice of Default from Bank of NY
ZEUS HOLDINGS: Elects Directors, Auditor and Committees for 2008

* Price Hike May Have Cued 3.1% Inflation Rate in November


S I N G A P O R E

ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow
ALLIANCE SERTECH: Court to Hear Wind-Up Petition on Jan. 18
CROWN HOLDINGS: Completes Share Repurchase Deal with BNP Paribas
HERCULES OFFSHORE: Inks Pact w/ Petrex to Offload Land Rig Fleet
KEN AGENCIES: Pays First and Final Dividend

LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit
SEMBCORP MARINE: Asks Court to Protect Unit from BNP Liquidation
SP KATONG: Requires Creditors to File Proofs of Debt by Dec. 26


T H A I L A N D

BANK OF AYUDHYA: Offers New Service for High Net Worth Customers
DOLE FOOD: S&P Places B Corp. Credit Rating on Watch Negative
TMB BANK: Over-all Losses May Reach THB100 Bil. by Year's End
TOTAL ACCESS: Plans New Services for High-End Customers in 2008


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

ABSOLUTE CAPITAL: Names McGrathNicol as Voluntary Administrator
---------------------------------------------------------------
The board of Absolute Capital Group Limited has appointed a
voluntary administrator, the company said in a press release.

The appointment of administrators Tony McGrath and Joseph Hayes
of McGrathNicol relates only to the Absolute Capital Group
corporate entities and not to its core products such as the
Yield Strategies Fund.

The company says that following a period of prolonged
illiquidity in global and local credit markets, the reduction in
fees paid to the corporate entity from a number of its
investment products impacted the long-term viability of the
business.  As a result, the company's board took the decision to
enter voluntary administration and appointed Mr. McGrath and Mr.
Hayes at McGrathNicol as joint and several administrators.

McGrathNicol said it intends to move swiftly to review options
and focus on securing the stability of the group, the company
adds.

“Our first priority is to review the options available for the
Absolute Capital Group and the implications for the underlying
products and determine the best possible outcome for investors
and creditors,” the release relates, quoting Mr. McGrath.

A meeting of creditors is slated on Dec. 3, 2007 where creditors
will be provided with an update as to the financial position of
the group.

             McGrathNicol May Sell Absolute Capital

Stuart Washington, writing for the Sydney Morning Herald,
reports that Absolute Capital has been affected by the
deterioration of the U.S. sub-prime mortgages market and the
resulting global credit crisis, and had to temporarily freeze
redemptions in mid-2007 on its yield strategies fund product.  
The company used collateralised debt obligations for about half
of its investments, Mr. Washington writes.

Mr. Washington continues that McGrath Nicol may attempt to
divest the fund products to a new owner.  ABN Amro has a 50%
stake in the troubled entity, which also received allocations
from major institutional investors such as BT and Macquarie Bank
in the past.

                  About Absolute Capital

Absolute Capital Group Limited --
http://www.absolutecapital.com/Home.htm-- is an Australian  
investment manager and holds an Australian Financial Services
Licence (No. 245504).  Absolute Capital Limited is a wholly-
owned subsidiary of Absolute Capital Group Limited.

The Absolute Capital Group is 50% owned by ABN AMRO Australia
Limited, and 50 per cent owned by Absolute Capital Management
Holdings Limited.


ALMAR ENGINEERING: Liquidator to Give Wind-Up Report on Dec. 4
--------------------------------------------------------------
A final meeting will be held for the members and creditors of
Almar Engineering Pty Ltd on December 4, 2007, at 9:30 a.m.

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

The company commenced liquidation proceedings on Nov. 6, 2006.

The company's liquidator is:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                      About Almar Engineering

Almar Engineering Pty Ltd provides engineering services.  The
company is located at Altona, in Victoria, Australia.


B&B ENVIRONMENTAL: Incurs AU$20-Million Net Loss for FY2007
-----------------------------------------------------------
Babcock & Brown Environmental Investments Ltd. reported a net
loss of AU$19.98 million for the year ended June 30, 2007, a
decrease from the AU$28.83-million net loss recorded for the
year ended June 30, 2006.

The company reported sales revenue of AU$87.37 million for
fiscal 2007, while cost of sales amounted to AU$65.33 million,
giving the company a gross profit of AU$22.05 million.

The company also earned other revenues totaling AU$8.45 million.  

The company recorded a loss from discontinued operations of
AU$26.84 million, which includes an impairment loss from the
write down of EarthPower.

As of June 30, 2007, the company had total assets of
AU$210.24 million, total liabilities of AU$128.45 million and
accumulated losses of AU$79.51 million.

Sydney, Australia-based Babcock & Brown Environmental
Investments Ltd. -- http://www.bbeil.com.au/-- is engaged in  
investment and management of businesses in the renewables
sector.  The company has operations in the United States.


B&B ENVIRONMENTAL: BBL Offers Alternative to Takeover Offer
-----------------------------------------------------------
Babcock & Brown Limited announced that it would be offering a
cash alternative of AU$0.50 for each share in Babcock & Brown
Environmental Investments Ltd., Reuters Key Developments
reports.

According to Reuters, the cash consideration will be an
alternative to the previously announced consideration of one BBL
subordinated note for every 200 B&B Environmental shares held.  
The cash price of AU$0.50 carries a premium of approximately 31%
above AU$0.38, the closing price of BEI on Nov. 9, 2007, the
last day of trading prior to the trading halt requested by B&B
Environmental, and approximately 6% higher than the AU$0.47
closing price of B&B Environmental on Nov. 22, 2007.

B&B Environmental had previously announced that BBL wanted to
acquire the company.  B&B Environmental explained that BBL
subordinated notes are listed on the Australian Securities
Exchange and currently pays an interest rate (on their AU$100
face value) equal to the six month bank bill swap rate plus a
margin of 2.20% per annum.

B&B Environmental also related that based on  the closing price
of BBL subordinated  notes on Nov. 13, 2007 at AU$101.55, the
proposal is vlaued at AU$0.508 per B&B Environmental share.

Sydney, Australia-based Babcock & Brown Environmental
Investments Ltd. -- http://www.bbeil.com.au/-- is engaged in  
investment and management of businesses in the renewables
sector.  The company has operations in the United States.

The company reported net losses of AU$19.98 million,
AU$28.83 million, and AU$3.83 million for the years ended
June 30, 2007, 2006 and 2005.


BABCOCK & BROWN POWER: Incurs AU$70.67MM Net Loss for FY2007
------------------------------------------------------------
Babcock & Brown Power Fund reported a net loss of
AU$70.67 million for the year ended June 30, 2007, a little less
than a ten-fold increase against the AU$7.45-million net loss
reported for the year ended June 30, 2006.

The group had revenues of AU$532.80 million, financing income of
AU$12.69 million and a gain on interest rate derivative of
AU$4.80 million.  The company, however, spent AU$413.62 million
on operating expenses, AU$32.97 million on management charges,
AU$55.59 million on depreciation and AU$80.24 million on finance
costs.

The company also posted an AU$69.45-million fair value loss on
electricity derivative.

As of June 30, 2007, the company had total assets of
AU$2.73 billion, total liabilities of AU$1.82 billion, and
accumulated losses of AU$78.22 million.

Based in Sydney, Australia, Babcock & Brown Power Fund --
http://www.bbpower.com -- is engaged in the power generation   
business.  The company has interests in 13 operating power
stations representing over 3,300 megawatt of installed
generation capacity and five power stations under construction.  
The company owns a number of other associated power assets the
largest being a 67% stake in the WA retail assets of AlintaAGL.  
The company has been has been developing, operating and
acquiring the generation portfolio over a period of 10 years.  
The Company's assets are diversified by geographic location,
fuel source, customers, contract types and operating mode.

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Fitch Ratings affirmed the company's BB+ long-term
issuer default rating.  The outlook is stable.


COEUR D'ALENE: PROXY Advises Shareholders To Vote for Proposals
---------------------------------------------------------------
Coeur d'Alene Mines Corporation announced that PROXY Governance
Inc., a leading independent proxy advisory firm, has recommended
that Coeur shareholders vote "FOR" the proposals related to the
acquisition of Bolnisi Gold NL and Palmarejo Silver and Gold
Corporation at the company's Special Meeting of shareholders
scheduled for Dec. 3, 2007.

PROXY Governance joins Institutional Shareholder Services and
Glass Lewis & Co. as the third independent proxy advisory firm
recommending that Coeur shareholders vote "FOR" the proposed
acquisitions.

In its report, PROXY Governance opined, "PROXY Governance
supports this merger because we believe that it will enhance the
company's long-term financial performance.  In arriving at this
decision, we are influenced by the board's reasoning for the
acquisition and the favorable opinions of equity analysts."

The company urges all shareholders to vote FOR the proposals to
ensure their votes are counted at the Special Meeting.  The vote
of Coeur shareholders is very important regardless of the number
of shares of common stock they own.  Coeur shareholders can vote
FOR the proposals through the Internet, by telephone as
described on the proxy card or by completing and returning the
proxy card.

Shareholders who have questions or need assistance in voting
should call D.F. King & Co., Inc. at 1-800-901-0068 (toll-free)
or 212-269-5550.

The Special Meeting of Coeur shareholders is scheduled for
Dec. 3, 2007 at 9:30 a.m. local time at The Coeur d'Alene Resort
and Conference Center, Second Street and Front Avenue, Coeur
d'Alene.  Coeur shareholders of record as of the close of
business on Oct. 19, 2007, are entitled to vote at the Special
Meeting.

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

                       *     *     *

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


COLES GROUP: Wesfarmers Admits Overhauling Could Take Five Years
----------------------------------------------------------------
Wesfarmers Ltd., after taking over Coles Group Ltd., contends
that it will take five years to overhaul the retail firm, Vanda
Carson of the Sydney Morning Herald reports.

Wesfarmers Chief Executive Officer Richard Goyder and appointed
"adviser and deputy chairman of the Coles board," Archie Norman
clarifies that while work on redeveloping Coles had started this
week, it would be some time before shoppers notice any changes
in the company's more than 700 supermarkets nationwide, relates
SMH.

Mr. Goyder is quoted by SMH as saying, "I am not pleading for
time -- I am saying it is going to take time."

Mr. Goyder, according to SMH, reveals that management would be
juggling with "a multitude of issues" in the first year, but top
priorities were cutting costs, improving efficiency and
reshaping the new divisions.

For the supermarket division, the focus, states SMH, will be on
the supply chain systems, information technology, fresh produce
and the look and feel of stores aimed at increasing sales and
making sure products are on shelves.

Consumers would see gradual changes in stores, starting with
"better presentation" and "more energy" focused on the
vegetables, bakery, meat and delicatessen sections.

"This is the year of basics," says Mr. Goyder, asking investors
to judge the turnaround of Coles not by its initial financial
performance but by the speed of change to the company.  In
addition, there would be an aggressive push into private labels
that will inevitably result in fewer overall items on the
supermarket shelves, conveys SMH.

Some improvements, explains Mr. Goyder, would be visible in the
first year, but most would take longer, but there would be
several write-downs in the first fiscal year of the takeover,
says SMH.

Meanwhile, Mr. Norman, who made his first public appearance
since the appointment, would not say how much Wesfarmers would
spend on the restoration of Coles only that the "amount of
investment will be substantial."  Mr. Norman, according to SMH,
was coy about the terms of his consultancy and declined to
reveal how long he would consult to the company, his salary or
if he would be paid a share of the profit.

The appointment of a new boss was likely to be made before
Christmas, adds SMH.

Bruce Hextal of AFX News Limited reported that Wesfarmers, in an
investor briefing, plans to strengthen the retailer's management
by appointing specialist local and international retailers while
senior Wesfarmers commercial executives will join the leadership
teams of all divisions.

Wesfarmers, writes AFX News, that Wesfarmers also plan to
integrate Coles into its business model to ensure that full
value for the transaction is captured.

Coles' food, liquor and convenience stores will be run as one
division, the Target discount chain as another, the Kmart store
chain as a third division while Coles' Officeworks office
supplies and Wesfarmers' Bunnings home improvement chain will be
placed under a combined management team, notes Mr. Hextal.

AFX cites Macquarie Equities who said that though the deal will
be earnings per share dilutive for Wesfarmers in the near term,
the company is well placed to capture full value from the
acquisition.

                     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.


COLONIAL GOURMET: To Declare First Dividend on December 12
----------------------------------------------------------
Colonial Gourmet Meats Pty Ltd will declare its first dividend
on December 12, 2007.

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

The company's deed administrator is:

          S. L. Horne
          Draper Dillon
          499 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                      About Colonial Gourmet

Colonial Gourmet Meats Pty Ltd operates meat packing plants.  
The company is located at Toukley, in New South Wales,
Australia.


COMMSCOPE INC: Unit Works with iconnect to Hook Up Langtree
-----------------------------------------------------------
CommScope Enterprise Solutions, a division of CommScope, Inc.,
has partnered with iconnect Technologies, a connected real
estate structured cabling solutions, to help make 'Langtree at
the Lake' in Mooresville, North Carolina, one of the first truly
connected communities of its kind.

iconnect partnered with CommScope to create a common network
infrastructure that will handle virtually every aspect of the
community's technical operations, both commercially and
residentially.  Nestled on the shores of Lake Norman, the 125-
acre mixed-use development will boast luxury condominiums,
health clubs and a restaurant; while the communications network
will enable residents to shop for groceries online, rent boats
via the Internet, listen to satellite music and access IP
telephones and television.

"Langtree at the Lake will be a premier rural community with
enhanced technology features that most development residents can
only dream about," said The Langtree Group. chief operating
officer, Brad Howard.  "We brought in CommScope and iconnect to
help make those dreams become reality.

"Our main goal when planning the development was to help create
a live-work-play experience for the residents that allowed them
to broaden their idea of what a community should be.  The joint
contribution from iconnect and CommScope will create a single
network infrastructure that I believe will complement the fine-
living experience -- exceeding all of our expectations." added
Mr. Howard.

CommScope was selected for its familiarity with the area,
knowledge of the industry and available resources.  Although the
companies are early in the project's design phase, CommScope
intends to utilize its Uniprise(R) mixed-use offerings to best
address the unique and diverse objectives of each business,
neighborhood residence or leisure club.  In addition, the
company's integrated copper and fiber solutions will be employed
in order to meet all network requirements, while balancing cost
and performance.

"If you look at the entire CommScope portfolio, you'll see that
the services and products we provide create a reliable network
infrastructure for a mixed-use community," said CommScope
Enterprise senior vice president for global marketing, Mark
Peterson.  "The major benefit that CommScope brings to the table
with Uniprise is a wide range of physical layer solutions with a
single point of contact.  From cabling conduit to any one of our
cabling solutions to connectors, we provide a complete solution
so that the developers won't need multiple vendors to create a
successful network."

With the completion of Langtree at the Lake set for 2014,
developers are accounting for the reliable network to pave the
way for lavish amenities not considered in the typical rural
community.

"We are excited to be involved in the revolution of connected
real estate technology with Langtree at the Lake," said iconnect
President Shohn Petty.  "By using our vast experience to
implement common physical layer infrastructure solutions, we are
helping the developer save money through elimination of
disparate physical layer network infrastructures," Mr. Petty
added.  "At Langtree at the Lake, residents and commercial
tenants will experience the power of integrated technologies as
well as the efficiencies and economies of scale that result from
an engineered Integrated Business Infrastructure Solution master
technology plan."

               About iconnect Technologies, LLC

iconnect is a leader in the design and implementation of
Intelligent Building Infrastructure Solutions.  Through its
diligent pursuit to forge integrated technology partnerships
within a growing technology eco-system, iconnect has positioned
itself as a leading physical layer design-build firm for
connected real estate projects in the southeastern United
States.  iconnect is poised to take that professional design
experience to a national, and even global, customer base of real
estate development firms.

           About CommScope Enterprise Solutions

CommScope Enterprise Solutions, a division of CommScope, Inc.,
offers a complete portfolio of network infrastructure solutions
that help customers, regardless of size, industry or IT budget
to make the most of their installed technology.

Both SYSTIMAX(R) and Uniprise(R) product lines offer voice,
data, video and converged solutions ranging from mission-
critical, high-bandwidth and emerging applications to
applications that demand unrelenting reliability and quality for
everyday needs.

Backed by CommScope Labs and a 20-year extended warranty, the
Enterprise solutions are delivered through CommScope's global
network of industry-leading BusinessPartners and distributors
that ensure consistent, high-level service and support
worldwide.

                       About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last  
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has affirmed
its ratings on CommScope Inc. and Andrew Corp. and removed them
from CreditWatch, where they were placed on June 27, 2007, with
negative implications.  S&P also affirmed the 'BB-' corporate
credit and 'B' subordinated debt ratings for both companies.
The ratings on Andrew will be withdrawn following its
acquisition and debt refinancing.  S&P said outlook is stable.


CROWN CASTLE: Fitch Holds 'BB' Rating on US$83MM Class G Notes
--------------------------------------------------------------
Fitch Ratings has affirmed these classes of Crown Castle, senior
secured tower revenue notes, series 2005-1:

  -- US$948,460,000 class A-FX at 'AAA';
  -- US$250,000,000 class A-FL at 'AAA';
  -- US$233,845,000 class B at 'AA';
  -- US$233,845,000 class C at 'A';
  -- US$233,850,000 class D at 'BBB'.

Fitch Ratings has also affirmed these classes of Crown Castle,
senior secured tower revenue notes, series 2006-1:

  -- US$453,540,000 class A-FX at 'AAA';
  -- US$170,000,000 class A-FL at 'AAA';
  -- US$150,155,000 class B at 'AA';
  -- US$150,155,000 class C at 'A';
  -- US$150,150,000 class D at 'BBB';
  -- US$144,000,000 class E at 'BBB-';
  -- US$240,000,000 class F at 'BB+';
  -- US$83,000,000 class G at 'BB'.

The affirmations are due to the stable performance of the
collateral.

The Crown Castle, series 2005-1 closed on June 8, 2005 and was
secured by 10,578 wireless communication sites.  The Crown
Castle, series 2006-1 represents an additional issuance with the
contribution of 949 additional sites.

As of September 2007, the collateral pool included 11,554
wireless communication sites owned, leased, or managed by the
borrower.  The notes issued by both transactions, which are
secured by the same pool, are pari passu among like rated
classes.  As of the October 2007 distribution date, the
aggregate principal balance of the notes remained unchanged at
US$3.45 billion since issuance.  Notes from both issuances are
interest only for the entire five-year period.

As part of the review, Fitch analyzed the management report
dated Sept. 30, 2007 that was provided by the servicer, Midland
Loan Services.  As of Sept. 30, 2007, aggregate annualized run
rate revenue increased 4.2% to US$686.9 million from US$644.5
million at issuance.  Over the same time period, the Fitch
adjusted net cash flow increased 3% since issuance.

The tenant type concentration is stable.  As of Sept. 30, 2007,
total revenue contributed by telephony tenants was 94.7%
compared to 95.9% at issuance.

                       About Crown Castle

Based in Houston, Crown Castle International Corp. (NYSE: CCI)
-- http://www.crowncastle.com/-- engineers, deploys, owns and   
operates technologically advanced shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers significant wireless communications coverage to 91
of the top 100 US markets and to substantially all of the
Australian population. Crown Castle owns, operates and manages
over 22,000 and over 1,400 wireless communication sites in the
US and Australia, respectively.


FORRESTER RIDGE: Liquidator to Give Wind-up Report on Dec. 4  
------------------------------------------------------------
The members and creditors of Forrester Ridge Pty Ltd will meet
on December 4, 2007, at 10:45 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company commenced liquidation proceedings on June 27, 2007.

The company's liquidator is:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                     About Forrester Ridge

Forrester Ridge Pty Ltd, which is also trading as Euro Style
Cleaning Management, provides building cleaning and maintenance
services.  The company is located at Bentleigh East, in
Victoria, Australia.


I. & J. CLEANING: Creditors Receive Wind-Up Report
--------------------------------------------------
The creditors of I. & J. Cleaning Services Pty Ltd met on
November 23, 2007, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          S. L. Horne
          Draper Dillon
          499 St Kilda Road
          Melbourne, Victoria 3004
          Australia

                  About I. & J. Cleaning Services

I. & J. Cleaning Services Pty Ltd is a distributor of  durable
goods.  The company is located at Carnegie, in Victoria,
Australia.


IMAGE FABRICS: Members and Creditors Set to Meet on December 4
--------------------------------------------------------------
A final meeting will be held for the members and creditors of
Image Fabrics Pty Ltd on December 4, 2007, at 11:30 a.m.

At the meeting, O'Keeffe Walton Richwol, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on June 7, 2007.

The Liquidator can be reached at:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                       About Image Fabrics

Image Fabrics Pty Ltd operates drapery, curtain and upholstery
stores.  The company is located at South Melbourne, in Victoria,  
Australia.


INTERACTIVE TECHNOLOGIES: Sets Final Members' Meeting for Dec. 3
----------------------------------------------------------------
Interactive Technologies International Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on December 3, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

          Richard Albarran
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney, New South Wales 2000
          Australia

                   About Interactive Technologies

Interactive Technologies International Pty Ltd operates travel
agencies.  The company is located at Surry Hills, in New South
Wales, Australia.


JELIMAR PTY: Liquidator to Present Wind-Up Report on Dec. 4
-----------------------------------------------------------
Jelimar Pty Ltd, which is in liquidation, will hold a meeting
for its members and creditors on December 4, 2007, at 12:30 p.m.

At the meeting, O'Keeffe Walton Richwol, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                      About Jelimar Pty

Jelimar Pty Ltd, which is also trading as Olive Tree Hotel,
operates  drinking places.  The company is located at  Sunbury,
in Victoria, Australia.


KENETA KITCHENS: Final Meeting Slated for December 4
----------------------------------------------------
Keneta Kitchens Pty Ltd will hold a final meeting for its
members on December 4, 2007, at 12:45 p.m.

At the meeting, the members and creditors will hear a report by
O'Keeffe Walton Richwol, Keneta Kitchen's liquidator, on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on June 14, 2007.

The Liquidator can be reached at:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                      About Keneta Kitchens

Keneta Kitchens Pty Ltd is a distributor of wood kitchen
cabinets.  The company is located at Seaford, in Victoria,
Australia.


KIMBERLEY DIAMOND: KPMG Raises Substantial Going Concern Doubt
--------------------------------------------------------------
Kimberley Diamond Company NL reported a net loss of
AU$31.87 million for the year ended June 30, 2007, more than
doubling a net loss of AU$13.13 million for the year ended
June 30, 2006.

Revenue for fiscal 2007 totaled AU$63.47 million, while costs of
product sold amounted to AU$78.14 million, giving the company a
gross loss of AU$14.67 million.

As of June 30, 2007, the company had total assets of
AU$238.18 million, total liabilities of AU$55.02 million, and
accumulated losses of AU$104.36 million.

The company also reported strained liquidity as of June 30,
2007, with total current assets of AU$19.76 million and total
current liabilities of AU$43.89 million.

                      Going Concern Doubt

After reviewing the company's financial statements for FY2007,
DP McComish at KPMG raised significant uncertainty about the
company's ability to continue as a going concern, citing
uncertainty in the outcomes of the company's funding sourcing
activities.

The directors explained in the annual report that additional
funds are needed to enable the company and the group to meet its
obligations as they fall due.  The directors set forth the
sources of funding as one or more of the following:

   * issue of new equity in the company (possibly subject to
     restrictions on the company's ability to issue new shares
     should this be required during the Gem Diamonds bid
     period);

   * increase to the limit of the Gem Diamonds facility (subject
     to the approval of Gem and the existing project
     financiers); or

   * Sale of shares in Blina Diamonds NL (subject to the
     approval of the existing project financiers).

West Perth, Australia-based Kimberley Diamond Company NL --
http://www.kimberleydiamondco.com.au/-- is engaged in diamond  
mining, processing, marketing and exploration.  The company is
listed at both Australian Securities Echange Ltd. and London
Stock Exchange.


KIMBERLEY DIAMOND: Gem Diamond's Buy Offer Now Unconditional
------------------------------------------------------------
Gem Diamonds Australia Pty. Limited had served notice on
Kimberley Diamond Company declaring its takeover offer free of
all outstanding conditions, the company said in a corporate
disclosure filed with the Australian Securities Exchange Ltd.

In the company's annual meeting, Stephen Lee Wetherall, Neil
Richard Kaner and Constantino Paoiliello were appointed to the
board of directors of Kimberley Diamond while Miles Kennedy,
Karl Simich, Kevin Somes, Peter Danchin and Robert Still
resigned, the disclosure said.

Forbes.Com relates that Gem Diamonds Australia now has an
interest of 81.51% in Kimberley Diamond.  The Forbes report says
that Gem Diamonds Australia agreed to a AU$0.70 per share cash
offer on July 19, 2007, which values the company at AU$300
million.  The report adds that once Gem Diamonds Australia
acquires 90% of the issued shares in Kimberley, it intends to
compulsorily acquire the remaining 10% of the shares and de-list
Kimberley from the Australian Stock Exchange, and also withdraw
its admission to trade on London Stock Exchange's AIM Market.

Kimberley Diamond former chair Miles Kennedy writes in the
company's annual report that on July 19, 2007, Gem Diamonds
Limited announced a takeover bid for the entire issued share
capital of Kimberley Diamond at AU$0.70 a share together with
the provision of a secured working capital loan of AU$10
million.  The offer was made by Gem Diamonds Australia Pty
Limited, a wholly owned subsidiary
of Gem Diamonds Limited.  Mr. Kennedy notes that the offer has
been unanimously recommended for acceptance by the company's
directors.

The offer was set to close on November 2, 2007, but has been
extended to Dec. 1, 2007.

West Perth, Australia-based Kimberley Diamond Company NL --
http://www.kimberleydiamondco.com.au/-- is engaged in diamond  
mining, processing, marketing and exploration.  The company is
listed at both Australian Securities Echange Ltd. and London
Stock Exchange.

The company has incurred net losses of AU$31.87 million,
AU$13.13 million, and AU$3.5 million for the years ended
June 30, 2007, 2006, and 2005.

                      Going Concern Doubt

After reviewing the company's financial statements for FY2007,
DP McComish at KPMG raised significant uncertainty about the
company's ability to continue as a going concern, citing
uncertainty in the outcomes of the company's funding sourcing
activities.


LIFESTYLE CLASSICS: Members and Creditors to Meet on Dec. 4
-----------------------------------------------------------
A final meeting will be held for the members and creditors of
Lifestyle Classics Pty Ltd on December 4, 2007, at 1:00 p.m.

At the meeting, the members and creditors will hear the report  
by O'Keeffe Waltom Richwol, the company's liquidator, on the
company's wind-up proceedings and property disposal.

The company commenced liquidatio proceedings on May 21, 2007.

The company's liquidator can be reached at:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                     About Lifestyle Classics

Lifestyle Classics Pty Ltd is a distributor of furnitures.  The
company is located at Moorabbin, in Victoria, Australia.


LOOKSUN PTY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Looksun Pty Limited, which is in
liquidation, met on Nov. 22, 2007, and received the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Schon G. Condon RFD
          c/o Condon Associates
          Level 1, 34 Charles Street
          Parramatta, New South Wales
          Australia
          Telephone:(02) 9893 9499

                        About Looksun Pty

Looksun Pty Limited is involved with nonresidential
construction.  The company is located at Bringelly, in New South
Wales, Australia.


MCLAREN INVESTMENTS: Members and Creditors to Meet on Dec. 4
------------------------------------------------------------
Mclaren Investments Pty Ltd will hold a final meeting for its
members and creditors on December 4, 2007, at 1:15 p.m.

At the meeting, O'Keeffe Walton Richwol, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The company has been undergoing liquidation since June 29, 2007.

The Liquidator can be reached at:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                     About Mclaren Investments

Mclaren Investments Pty Ltd operates hardware stores. The
company is located at Elsternwick, in Victoria, Australia.


PAN AUSTRALIAN: Incurs AU$281,000 Net Loss for 2007 Half-Year
-------------------------------------------------------------
Pan Australian Resources Limited reported a AU$281,000 net loss
for the half-year period ended June 30, 2007, an increase from
the AU$84,000 net loss recorded for the half-year ended June 30,
2006.

The company reported revenues of AU$13.47 million and other
income of AU$934,000 for the six months to June 30, 2007.

As of June 30, 2007, the company had total assets of
AU$242.45 million, total liabilities of AU$60.92 million and
accumulated losses of AU$28.61 million.  The company's balance
sheet also showed strained liquidity with total current
liabilities of AU$44.78 million exceeding total current assets
of AU$31.69 million.

Headquartered in Brisbane, Australia, Pan Australian Resources
Limited --http://www.panaustralian.com.au/-- is a mineral  
exploration company.  The company is engaged in gold mining
operations, mine development, precious and base metal project
evaluation and mineral exploration.  The company owns and
operates mineral resource and exploration bases in Laos and
Thailand.

The company recorded consecutive net losses of AU$4.52 million,
AU$4.99 million, AU$1.21 million, and AU$0.84 million for the
years ended Dec. 31, 2006 through 2003.


THE EVOLUTION DESIGN: Appoints Anthony Warner as Liquidator
-----------------------------------------------------------
During a general meeting held on October 15, 2007, the members
of The Evolution Design Group Pty Limited appointed Anthony
Warner as the company's liquidator.

The Liquidator can be reached at:

          Anthony Warner
          CRS Warner Kugel
          Level 5, 30 Clarence Street
          Sydney, New South Wales 2000
          Australia
          Web site: http://www.crspartners.com.au

                   About The Evolution Design

The Evolution Design Group Pty Ltd is involved with commercial
art and graphic design.  The company is located at Darlinghurst,
in New South Wales, Australia.


TRANSAX INT'L: Sept. 30 Balance Sheet Upside-Down by US$3.3 Mil.
----------------------------------------------------------------
Transax International Limited's consolidated balance sheet at
Sept. 30, 2007, showed US$2,112,254 in total assets and
US$5,481,383 in total liabilities, resulting in a US$3,369,129
total stockholders' deficit.

At Sept. 30, 2007, the company's consolidated balance sheet also
showed strained liquidity with US$904,785 in total current
assets available to pay US$5,021,264 in total current
liabilities.

The company reported a net loss of US$59,460 on revenues of
US$1,328,636 for the third quarter ended Sept. 30, 2007,
compared with a net loss of US$623,578 on revenues of
US$1,115,930 in the same period last year.

The increase in revenues is due to an increase in installations
of the company's software or hardware devices at healthcare
providers' locations in Brazil.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?25d0

                      Going Concern Doubt

Moore Stephens P.C., in New York, expressed substantial doubt
about Transax International Limited's ability to continue as a
going concern after auditing the company's consolidated
financial statements as of the year ended Dec. 31, 2006.  The
auditing firm pointed to the company's accumulated losses from
operations, working capital deficiency and net capital
deficiency at Dec. 31, 2006.   

In addition, since fiscal 2000, the company has been deficient
in the payment of Brazilian payroll taxes and Social Security
taxes.  At Sept. 30, 2007, these deficiencies, including
interest and fines, amounted to approximately US$1,013,000.                  
                    

                   About Transax International

Based in Miami, Florida, Transax International Limited (OTC BB:
TNSX.OB) -- http://www.transax.com/-- primarily through its  
wholly-owned subsidiary, Medlink Conectividade em Saude Ltda. is
an international provider of information network solutions
specifically designed for healthcare providers and health
insurance companies.  The company has offices located in
Miami, Florida and Rio de Janeiro, Brazil.  The company's
subsidiaries, TDS Telecommunication Data Systems LTDA provides
services in Brazil; Transax Australia Pty. Ltd. operates in
Australia; and Medlink Technologies Inc. initiates research and
development.


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

CHINA EVERBRIGHT: Shareholders OK Capital Injection from Gov't
--------------------------------------------------------------
Shareholders of China Everbright Bank have approved a capital
injection from the government, paving the way for the bank to
sell equity stakes to strategic foreign investors, Reuters
reports, citing China Everbright's statement on Wednesday.

According to Reuters, the bank's statement did not specify the
size of the cash infusion.  

However, the report recounts, China Everbright Chairman Tang
Shuangning said earlier this month that the bank hopes to get
CNY200 billion (US$2.7 billion) from Central Huijin, part of
China's newly established sovereign wealth fund.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2007, China Everbright intends to invite foreign
strategic investors and sell shares to the public after the
capital infusion to its long-awaited restructuring plan from the
government.

The bank said it would speed up the search for strategic
investors and aimed to float shares as early as the first half
of 2008, Reuters relates.

Reuters points out that despite China Everbright being saddled
with debts, overseas lenders, keen to get into China, have been
interested in the Everbright because of its size and
geographical reach in a nation where many high-profile domestic
banks have already partnered with foreign financial
institutions.


Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.

The Troubled Company Reporter-Asia Pacific stated on Aug. 9,
2007, that China has approved mid-sized lender China Everbright
Bank's plan for financial restructuring, paving the way for a
capital injection and eventual listing.

China Everbright Bank is saddled with debts partly because of
its takeover of the troubled China Investment Bank in the late
1990s.


EMI GROUP: Moody's Withdraws B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn EMI Group Ltd.'s (fka
EMI Group Plc) B1 Corporate Family Rating (under review for
possible downgrade) for business reasons.  The withdrawal
follows the redemption of substantially all of EMI Group's
existing public debt instruments.

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At Mar. 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.


HANESBRANDS INC: S&P Affirms B+ Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services has revised its ratings
outlook for intimate apparel and activewear maker Hanesbrands
Inc. to positive from stable.  At the same time, existing
ratings on the company, including the 'B+' corporate credit
rating, were affirmed.

"The outlook revision reflects the company's positive operating
momentum as a standalone entity since its spin-off from Sara Lee
Corp. in September 2006, and its modestly improving credit
protection measures," said S&P's credit analyst Susan Ding.
"Management is on track in executing the company's strategies,
is focusing on investing in key brands, and has benefited from
its cost saving initiatives.  Credit protection measures and
operating results are in line with our expectations."

The ratings on Hanesbrands reflect the company's leveraged
financial profile, resulting from its debt-financed US$2.4
billion special dividend to Sara Lee Corp. following its spin-
off; the commodity-like nature of some of Hanesbrands' products;
the highly competitive and promotional retail environment; and
the company's relatively narrow business focus.  These risks are
somewhat mitigated by Hanesbrands' strong and widely recognized
brand names (including Hanes, Champion, Playtex, and Bali), its
core replenishment business (which is less susceptible to
fashion risk), and its relatively stable cash flows.

Winston-Salem, North Carolina-based Hanesbrands Inc. --
http://www.hanesbrands.com/-- markets innerwear, outerwear and  
hosiery apparel under consumer brands, including Hanes,
Champion, Playtex, Bali, Just My Size, barely there and
Wonderbra.  The company designs, manufactures, sources and sells
T-shirts, bras, panties, men's underwear, children's underwear,
socks, hosiery, casual wear and active wear.  Hanesbrands has
approximately 50,000 employees in 24 countries, including
Dominican Republic, El Salvador, Mexico, Puerto Rico, India and
China.


PARKSON RETAIL: Posts CNY151-Mil. Net Profit for Third Quarter
--------------------------------------------------------------
For the quarter ended September 30, 2007, Parkson Retail Group
booked a net profit of  CNY151 million, a slight increase from
the CNY104-million net profit recorded for the same quarter in
2006, according to a Xinhua News Feed.

Parkson Retail's sales for the 2007 third quarter totaled
CNY695 million, versus sales of CNY526 million for the same
period a year ago.

For nine months ended Sept. 30, 2007, the group posted a net
profit of CNY455 million, an increase from the CNY300-million
net profit recorded for the nine months ended Sept. 30, 2006.

Sales for the first nine months of 2007 totaled CNY2.18 billion,
compared with the CNY1.47 billion figure recorded for the same
period in 2006.


Headquartered in Hong Kong, Parkson Retail Group Limited is  
engaged in the ownership and operation of a national network of  
department stores and supercenters in the People's Republic of  
China under the brand of Parkson and Xtra.  The company owns and  
manages 37 parkson branded department stores and two xtra  
branded supercenters located in 26 cities in the China,  
including Beijing, Shanghai, Chongging and Xi'an. Parkson Retail  
Group Limited offers a range of merchandise under four  
categories, fashion and apparel, cosmetics and accessories,  
household, electrical goods and others, and groceries and  
perishables.  It focuses on fashion lifestyle products, in  
particular the ladies fashion and cosmetic.  

The Troubled Company Reporter-Asia Pacific reported that, on  
December 4, 2006, Moody's Investors Service affirmed Parkson  
Retail Group Ltd's Ba1 senior secured bond rating following the  
successful closing of its US$200 million bond issuance.  The  
rating has had its provisional status removed.  The rating  
outlook is stable.

On November 8, 2006, Standard & Poor's assigned its BB long-term  
corporate credit rating to Parkson Retail Group Ltd.  The  
outlook is stable.


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

CABLE & WIRELESS: Loses J$506.8 Million in First Six Months
-----------------------------------------------------------
Cable & Wireless' Jamaican unit lost some J$506.8 million in the
first six months of 2007, The Jamaica Gleaner reports.

The Gleaner relates that Cable & Wireless Jamaica has given up
on collecting over half a billion dollars in debts and has
written off the receivables in its second quarter 2007.  It
incurred J$478.7 million losses for the period.

According to The Gleaner, Cable & Wireless Jamaica's half-year
loss worsened "the depressed earnings legacy left by past
president Rodney Davis, whose overnight departure came two
months into the September quarter after two years with the
telecoms."

The Gleaner notes that Cable & Wireless Jamaica's over US$4
billion of receivables in June 2007 include:

         -- US$609 million connected to what the firm labeled
            "unbilled amounts", and

         -- recoverable out-payments from local and
            international carriers on whose networks the
            company calls terminated.

Cable & Wireless Jamaica said in its quarterly earnings report
for the second quarter ended September 2007, "We reviewed the
recoverability of these amounts at Sept. 30 and as a result this
amount was reduced by J$542 million."

"Unbilled amounts and outpayments are done on a monthly basis,"
The Gleaner says, citing Cable & Wireless Jamaica president and
chief executive officer Phil Green.

Mr. Green commented to The Gleaner, "The majority of the
reduction in accounts receivable relates to a reduction in our
estimate of unbilled amounts.  The reduction relates
predominately to the second half of last year."

Mr. Green assured The Gleaner that the adjustment was done in
line with accounting standards and were fully audited.

Meanwhile, Cable & Wireless Jamaica disclosed "depressed income"
on its fixed line business, The Gleaner says.

Mr. Green told The Gleaner that growth strategies for Cable &
Wireless Jamaica's fixed line would be concentrated on "major
improvements in service, specifically in relation to
provisioning and repair times."

"We anticipate that this in turn will drive a turnaround in
demand for the fixed line service.  In addition, we are also
looking to re-position our fixed line product family, both
prepaid and postpaid," Mr. Green commented to The Gleaner.

According to the report, Cable & Wireless Jamaica's overall
revenues were off by over J$1 billion to J$11.1 billion.  Costs
associated with making those sales increased by J$490 million to
J$4.8 billion, indicating a worsening gross profit margin on the
six-month results of 56%, compared to 64% in the same period
last year.

The Gleaner notes that bigger selling, administrative and
marketing or SAD costs plus other operating expenses resulted to
a J$98-million loss on operations.  Finance costs and foreign
exchange conversion losses led to a J$807-million pretax loss.
Meanwhile, a J$300-million tax credit helped contain net losses
to J$507 million.

Some of the expenses were from "poor execution of a number of
outsource contracts," damage from Hurricane Dean, and ongoing
theft of cable, The Gleaner says, citing Cable & Wireless
Jamaica .

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CABLE & WIRELESS: Former Chair Criticizes Executive Payoff
----------------------------------------------------------
Lord Young of Graffham, former chairman of Cable & Wireless plc,  
has criticized the board of the telecoms group after hearing
that ousted international head Harris Jones was getting more
than GBP5 million in compensation, the Daily Telegraph reports.

As disclosed by C&W, Mr. Jones is to step down as chief
executive of International and as a director, and leave the
business towards the end of 2007 once handover is complete.

Mr. Jones will receive his contractual entitlement on leaving,
including GBP4.3 million for his pro-rated share in the Long
Term Incentive Plan having delivered value creation on behalf of
shareholders from International of over GBP1 billion since he
joined in November 2004, of which three quarters of a billion
has been created since the commencement of the LTIP on April 1,
2006.  

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

"I just can't understand that incredible amount of
remuneration," Lord Young was quoted by the Daily Telegraph as
saying.  "What is bizarre to me is those in the scheme itself,
and the chairman Richard Lapthorne, are somehow saying they have
to be remunerated as if they are running a private equity
operation, but they are not risking a penny.  It's 'head we win,
tails we don't lose'."

Lord Young, who left the company in 1995 after a boardroom bust-
up, told the Daily Telegraph he took issue with the entire C&W
pay scheme, not just Mr. Jones's entitlement.

As previously reported in the TCR-Europe on Nov. 23, 2007, C&W
is facing yet another dispute with shareholders and unions over
excessive executive rewards after a management shake-up.

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

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

The telecoms group, however, maintained that its long term
incentive plan was "working very well," the Press Association
relates.


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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


QUEBECOR WORLD: S&P Cuts Preferred Stock Rating to C from CCC-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its preferred
stock rating on Quebecor World Inc. two notches to 'C' from
'CCC-'.  The company's other ratings, including the 'B-' long-
term corporate credit rating, remain unchanged.  All ratings are
on CreditWatch with negative implications, where they were
initially placed Aug. 9, 2007.

"The downgrade follows Quebecor World's announcement that it
will be suspending dividend payments on its series 3 and series
5 preferred shares," said S&P's credit analyst Lori Harris.  The
company may be prevented from making the dividend payments
because it might not satisfy the capital adequacy test within
the Canada Business Corporations Act.  Quebecor World will
request shareholder approval at its next shareholder meeting in
May 2008 to reduce the stated capital as permitted under the
Canadian Act, which would involve reclassifying equity to allow
dividend payments to resume, including accrued unpaid dividends.

The next dividend payment is due Dec. 1, 2007.  Should the
company not make the declared dividend payment on that date as
Quebecor World has stated, S&P will lower the preferred stock
rating to 'D'.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--  
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


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

ADARO INDONESIA: To Refinance US$400M Bonds Before Going Public
---------------------------------------------------------------
PT Adaro Indonesia plans to hold an initial public hearing as
soon as it has refinanced its US$400-million bond issue, Reuters
reports, citing Indonesian investor Edwin Soeryadjay.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2007, Adaro Indonesia plans to borrow US$750 million
from banks to repay bonds in December.

Bankers said, Reuters recounts, that the company is seeking a
US$600-million initial public offering on the Jakarta Stock
Exchange early next year.  TCR-AP said the company will sell
between 20% and 30% of existing and new shares.

Adaro's bonds, which mature in 2010, must be sold because they
carry terms hindering plans to sell shares to the public and to
invest in increasing production, the TCR-AP noted.

According to Reuters, UBS and Goldman Sachs have been
shortlisted to handle the issue.

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

                          *     *     *

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

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

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


AVNET INC: Operating Unit Inks Franchise Deal with Tyco
-------------------------------------------------------
Avnet Electronics Marketing, an operating group of Avnet Inc.,
has disclosed that Tyco Electronics has extended its franchise
agreement with Avnet to include all of Europe, Asia Pacific,
Japan and India.

The extension of the global franchise agreement is focused on
Tyco Electronics' electronic components segment, which includes
connectors and interconnect systems, relays, switches, circuit
protection devices, sensors, wires and cable.  These products
are used primarily in the automotive, computer, consumer
electronics, communication equipment, appliance, aerospace and
defense, industrial machinery and instrumentation markets.

"For 60 years, Tyco Electronics has a held a leadership position
in the electronics industry.  Through our newly expanded
agreement with them, we are able to offer many advantages for
our mutual customers across the globe - including shorter lead
times, reduced time to market, and a broad product line," said
Tom McCartney, senior vice president of IP&E business
development worldwide for Avnet Electronics Marketing.  "We look
forward to working with Tyco Electronics to offer market-leading
products and Avnet's support and supply chain capabilities
locally on a global basis."

"Avnet has a long-standing track record of providing exceptional
service to our customers in the Americas," said Jack Voelmle,
vice president for Tyco Electronics' global industrial and
commercial business.  "We are very pleased to offer our
customers around the world the same opportunity to benefit from
Avnet's superior logistical capabilities and innovative
services."

                   About Avnet Electronics

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an  
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers and electronic
manufacturing services providers in more than 70 countries,
distributing electronic components from leading manufacturers
and providing associated design-chain and supply-chain services.

                      About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components  
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                       *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


MEDIA NUSANTRA: Plans to Buy Majority Stake in Linktone Ltd.
------------------------------------------------------------
PT Media Nusantara Citra (MNC) has agreed to acquire a minimum
of 51% in China-based Linktone Ltd's outstanding shares through
a combination of a tender offer for existing shares and
subscription for newly issued shares, various reports say.

The company has offered US$0.38 per ordinary share (US$3.80 per
ADS) representing a 53.8% premium over Linktone's closing price
of US$2.47 per ADS on November 27, 2007, the report recounts.

The tender offer, the report says, will be for 6.1 million ADS,
or nearly 25% of total shares outstanding.  RTT News notes that
MNC will subscribe a minimum of 18.0 million ADS up to 25.2
million ADS, which is representing up to 57% and no less than
51% of total shares outstanding at the close of the subscription
and tender.

According to the report, the transaction is still subject to
Linktone shareholders' approval, government's approval, and
regulatory authorities and other customary closing conditions.  
The deal is expected to close in the first quarter of 2008, the
report adds.

Linktone CEO Michael Li told Digital Media Wire that the
increases to their cash balances will enable aggressive
execution and implementation of their cross media strategy.

Linktone's advanced capabilities provide a strong platform for
the Media Nusantara to establish a dominant position in the WVAS
sector in Indonesia and the ability to expand into 'new media'
market opportunities throughout Asia, the report adds.

            Joint Conference Call Held on Nov. 29

Management Teams from both Media Nusantara and Linktone hosted a
joint conference call discussing the former company's recent
public disclosure, Xinhua News reports.

According to the report, the conference call was held yesterday,
November 29, 2007 at 9:00 p.m. Eastern Time,  and 10:00 a.m.
Beijing/Hong Kong Time on November 30, 2007.

Chief Financial Officer Colin Sung and MNC Group Chief Executive
Officer Hary Tanoesoedibjo were on the call to discuss the  
transaction in detail and answer questions from participants.

To access the replay:

   -- U.S. callers should dial 800- 379-7444 and enter passcode
      11103879#;

   -- international callers should dial 303- 590-3000 and enter
       the same passcode.

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with   
operations  in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is  
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on  
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term local and foreign currency corporate credit
rating on Indonesia's integrated media company, PT Media
Nusantara Citra.  The outlook has been revised to positive from
stable.

On Sept. 19, 2006, that Moody's Investors Service has affirmed
its B1 rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  The ratings outlook is stable.


PERUSAHAAN GAS: To Deliver Gas Using Grissik–Pagardewa Pipeline
---------------------------------------------------------------
PT Perusahaan Gas Negara (Persero)'s Grissik – Pagardewa section
of the company's South Sumatera–West Java transmission pipeline
is ready to have initial gas flow, Reuters Key Developments
reports.

According to the report, the gas that passes through this
pipelines flows in  in stages starting at 20 to 50 million
standard cubic feet per day.  Subsequently, the report notes,
the gas will be delivered together with the gas from Pertamina
Pagardewa to the company's distribution pipeline at Cilegon,
Bekasi, Jakarta, Karawang and Bogor area within a few days.

Reuters relates that the company expects that the SSWJ
transmission pipeline will transport 480 mmscfd to western part
of Java in 2008 following the completion of Pagardewa – Labuhan
Maringgai parallel line.

Most parts of the pipeline grid which are connected to Bekasi,
Karawang, Bogor, Tangerang and Jakarta have been completed while
the connection from Bojonegara to Cilegon (Merak and Anyer) is
underway, the report adds.

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

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

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

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

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

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

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


PERUSAHAAN: Hires Banks as Arrangers for Power Project Loans
------------------------------------------------------------
PT Perusahaan Listrik Negara has appointed three local and two
international banks as lead arrangers for financing of three
coal-fired power plants, Reuters News reports.

According to the report, the three projects -- the Labuan,
Indramayu and Rembang power plants on Java island -- will
generate 2,250 megawatts of electricity, which will improve
power supplies for Java-Bali islands as well as reduce
dependence on oil-fueled power plants.

Parno Isworo, PLN's finance director, told the news agency that
the company has appointed Bank Centra Asia, Bank Negara
Indonesia, and Bank Mandiri to lead arrange financing for the
rupiah content for each of the three projects.  Furthermore,
Bank of China and Barclays have been appointed to lead arrange
the financing for the U.S. dollar component of the Indramayu and
Rembang projects, the report notes.

Fitri Wulandari of  Reuters writes that the three projects will
need IDR4.4 trillion and US$1.1 billion.

Mr.  Isworo said Perusahaan Listrik will be the direct borrower
under the loan agreements with the ministry of finance providing
a full government guarantee to support PLN's obligation, the
report adds.

                   About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity       
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


TELKOMSEL: Invests IDR50 Bil. in Establishing T-Cash Facility
-------------------------------------------------------------
PT Telekomunikasi Selular Indonesia invested IDR50 billion in
the establishment of the T-Cash facility, The Jakarta Post
reports.

T-Cash is is the first mobile wallet facility in Indonesia, the
report explains.  President Director Kiskenda Suriahardja
told the news agency that T-Cash is the extension of Telkomsel's
mobile banking program.

This new program, the report adds, offers banking services like
money transfers, deposit checks, bill payments and changes to
personal identity numbers via a banking menu on a cellular
phone.

                      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
=========

ALL NIPPON: Inks Five-Year Deal with IBS Software Services
----------------------------------------------------------
All Nippon Airways Co. Limited has inked a multi-million five-
year deal with IBS Software Services to provide integrated
supply chain management solution for their cargo business,
Monster and Critics reports.

IBS, in a press release, stated that its new-generation cargo
management system, iCargo, will address current and future
business requirements of ANA's entire airfreight operation,
which has grown in revenue and load by over 20% in the last
fiscal year, notes the report.

ANA's senior vice-president on information technology services,
Toru Sato, explained to Monster and Critics that the airline's
decision to choose iCargo was prompted by the need for a system
that would help them address the rapidly growing air cargo
business around the world.

Mr. Sato added that the deal with iCargo will help improve ANA's  
service quality, enhance profitability by optimizing capacity
utilization, and conform to future requirements of the industry,
notes Monster and Critics.

IBS, conveys the report, is headquartered at the Technopark IT
campus in India and is a leading global provider of new
generation IT solutions to the travel, transportation and
logistics industries.

iCargo, adds Monster and Critics, is an integrated system which
comprehensively addresses cargo reservations, capacity control,
rating, load planning, cargo terminal operations, ground
handling, revenue accounting and yield management requirements
of cargo carrying airlines.

                     About All Nippon

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

1. Scheduled air transportation business;

2. Nonscheduled air transportation business and business
utilizing aircraft;

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

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

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


AMR CORP: Plans to Divest American Eagle Division
-------------------------------------------------
AMR Corporation, the parent company of American Airlines Inc.,
plans to divest American Eagle, its regional carrier.  AMR,
which has been engaged in an ongoing strategic value review
process, relates that a divestiture of American Eagle is in the
best interests of AMR and its shareholders and will be
beneficial to American, American Eagle, their employees, and
other stakeholders.

The divestiture of American Eagle is intended to provide it with
the structure, incentives and opportunities to win new business
and provide new opportunities for American Eagle's employees.  
AMR also stated that the divestiture will enable American to
focus on its mainline business, while ensuring American's
continued access to cost-competitive regional feed.

Once the two airlines are separated, it is expected that they
will operate pursuant to a mutually beneficial air services
agreement under which American Eagle will continue to provide
American with regional flying of a scope and quality comparable
to that provided prior to the separation and on terms that
reflect today's market for those services.

AMR evaluates the form of the divestiture, which may include a
spin-off to AMR shareholders, a sale to a third party, or some
other form of separation from AMR.  The company expects to
complete the divestiture in 2008; however, the completion of any
transaction and its timing will depend on a number of factors,
including general economic, industry and financial market
conditions, well as the ultimate form of the divestiture.

"The decision comes after a careful and deliberate evaluation of
the strategy that will best enable us to continue to create
value for our shareholders," Gerard Arpey, AMR Chairman and CEO,
said.  "We have worked hard over the years to build a regional
airline that is fully capable of standing on its own and is well
positioned to pursue growth opportunities outside of the AMR
corporate structure."

Mr. Arpey noted that, in addition to AMR having put in place an
independent American Eagle management structure, with a chief
executive officer and chief financial officer, American Eagle
also has a well-formed operational structure and organization
and has produced independently audited financial results for the
past several years.  

Earlier this year, American and American Eagle entered into a
new regional flying agreement between the airlines that reflects
market-based rates, which ensures that American continues to
have access to quality feed on competitive terms.

Mr. Arpey added that AMR's divestiture of American Eagle and the
regional airline's ability to provide quality feed at
competitive rates to other carriers, well as American, will
better position American Eagle to compete for new customers
and growth opportunities in the future.

American Eagle is a fully developed operating unit providing a
full range of regional airline services with excellent employees
and a modern fleet.  It operates approximately 300 aircraft,
with approximately 1,700 daily flights to more than 150 cities
throughout the United States, Canada, the Bahamas, the Caribbean
and Mexico.  In 2007, American Eagle expects to
generate annual revenues of approximately US$2.3 billion.

The planned divestiture would include both American Eagle
Airlines Inc., which feeds American Airlines hubs throughout
North America, and its affiliate, Executive Airlines Inc., which
carries the American Eagle name throughout the Bahamas and the
Caribbean from bases in Miami and San Juan, Puerto Rico.

                     About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger    
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia.  AMR also flies to
Japan American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2007,
Fitch Ratings affirmed the debt ratings of AMR Corp. and its
principal operating subsidiary American Airlines Inc., as:
(i)AMR: issuer default rating at 'B-'; and senior unsecured debt
at 'CCC'/RR6'; (ii)American Airlines: issuer default rating at
'B-'; secured bank credit facility at 'BB-/RR1'.

The Rating Outlook for both AMR and American has been revised to
positive from stable.


EMAGIN CORP: Sept. 30 Balance Sheet Upside-Down by US$3.6  Mil.
---------------------------------------------------------------
eMagin Corp.'s consolidated balance sheet at Sept. 30, 2007,
showed US$7,068,000 in total assets and US$10,724,000 in total
liabilities, resulting in a US$3,656,000 total shareholders'
deficit.

The company reported a net loss of US$12,651,000 on total
revenue of US$5,071,000 for the third quarter ended Sept. 30,
2007, compared with a net loss of US$3,769,000 on total revenue
of US$2,292,000 in the same period a year ago.

Higher revenue was primarily due to increased microdisplay
demand and increased availability of finished displays due to
manufacturing improvements.

For the three months ended Sept. 30, 2007, the change in the
derivative liability was a loss of approximately US$1.5 million,
as compared to US$177,000 for the three months ended Sept. 30,
2006.

On July 23, 2007, the company recorded a loss on extinguishment
of debt of approximately US$10.7 million.  This loss was in
relation to   amended agreements the company entered into with
the note holders of the original notes issued July 21, 2006, and
March 28, 2007.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for  free at http://researcharchives.com/t/s?25d2

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 19, 2007,
Eisner LLP expressed substantial doubt on eMagin Corp.'s ability
to continue as a going concern after auditing the company's
annual report for the year ended Dec. 31, 2006.  Eisner reported
that the company has had recurring losses from operations which
is likely to continue, and has working capital and capital
deficits at Dec. 31, 2006.

                        About eMagin Corp.

Headquartered in Bellevue, Washington, eMagin Corporation (AMEX:
EMA) -- http://www.emagin.com/-- designs, develops,  
manufactures, and markets virtual imaging products which utilize
OLEDs, or organic light emitting diodes, OLED-on-silicon
microdisplays and related information technology solutions.

The company offers its products to OEMs in the
military, industrial, medical, and consumer market sectors
through direct technical sales in North America, Japan, and
Europe.


GAP INC: Board Declares US$0.08 Per Share Quarterly Dividend
------------------------------------------------------------
The board of directors of Gap Inc. voted a quarterly dividend of
US$0.08 per share payable on Jan. 30, 2008, to shareholders of
record at the close of business on Jan. 9, 2008.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an         
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                            *   *   *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


HERBALIFE LTD: Taps Shankar Suryanarayanan as Sr. Vice President
----------------------------------------------------------------
Herbalife Ltd. has appointed Shankar Suryanarayanan as senior
vice president of global operations to lead the strategic
development of the company's manufacturing, strategic sourcing,
supply chain, and process improvement efforts on a global basis.

Having worked in India, Europe, Asia, and the U.S., Mr.
Suryanarayanan's experience well suits Herbalife's global
business model.  He joins the company from Sandoz, a division of
Novartis, where he was head of global sourcing and purchasing,
based in Germany, responsible for an annual spend of over US$1
billion on direct materials, licensed products and manufacturing
services from over 1,000 suppliers.

Previously, Mr. Suryanarayanan served as head of global
technical operations and leadership team member for Roche
Consumer Health out of Switzerland.  With responsibility for
leading a team of 1,200 associates in engineering, quality,
procurement, manufacturing and logistics, he is credited with
streamlining processes to reduce time to market, fully
integrating technical operations into the consumer health
business, and establishing systems to obtain licenses from
multiple regulatory agencies.

Before moving to Europe, Suryanarayanan was a senior consultant
in the operations management practice of Monitor Group, where he
led teams that used economic modeling to determine competitive
positions of clients' businesses.

Earlier in his career, he spent over a decade at Fisher Controls
International, a division of Emerson Electric, in positions of
progressive responsibility, first in the company's Asia Pacific
headquarters, and later in the global headquarters in the U.S.
Mr. Suryanarayanan also gained experience as a manufacturing
engineer at General Motors.

He holds a master of science in management from MIT Sloan School
of Management, a master of science in mechanical and aerospace
engineering from University of Missouri, and a bachelor of
technology in mechanical engineering from Indian Institute of
Technology in Kharagpur, India.

                    About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--  
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                       *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


L&G K.K.: To Start Court-Led Bankruptcy Procedures
--------------------------------------------------
The Tokyo District Court has decided to commence bankruptcy
procedures against L&G K.K., which allegedly run a fraudulent
investment scheme using its own "Enten" currency, Kyodo News
reports.

The report states that the Court's decision was in line with a
request filed on October 31 by a group of lawyers on behalf of
individuals who suffered losses under the company's scheme.

According to the report, the defendants' lawyers claim that L&G
has a bank account savings in excess of JPY100 million.

The first creditors' meeting is scheduled for July 2008, conveys
Kyodo News.

According to a separate Kyodo News report, the bedding supplier
was suspected by the police of falsely promising its
investigators that it will pay high dividends, which is in
violation of the investment law.

The investment law, explains Kyodo News, bans entities other
than banks or other authorized financial institutions from
obtaining money from the public and guaranteeing the principal.

L&G, according to Kyodo News, collected more than JPY100 billion
from about 50,000 individual investors nationwide, but the firm
was believed to be effectively bankrupt.

Police believed the firm reached the point of paralysis after
using most of the investment money to pay dividends, relates
Kyodo News.

The Shinjuku Ward firm also collected funds by issuing its own
currency, known as Enten, and pledging to pay at least
JPY100,000 worth of Enten every year for deposits of at least
JPY100,000 in cash, explains the report.

The company organized bazaars at hotels in which food items and
clothes could be bought with Enten and boasted that it had 1,000
member stores nationwide in which goods could be purchased using
the currency, notes the report.

The company, adds Kyodo News, would later reimburse the stores
at a rate of JPY1 for every four Enten.

In January, the firm told its members it would switch to paying
dividends in Enten and stopped member stores from redeeming the
currency.  It eventually stopped making dividend payments,
states the report.


METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend
------------------------------------------------------------
Methanex Corp.'s Board of Directors has declared a quarterly
dividend of US$0.14 per share that will be payable on
Dec. 31, 2007 to holders of common shares of record on
Dec. 17, 2007.

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged  
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex".  The company has locations in Belgium, Chile,
China, Japan, Trinidad and the United Kingdom, among others.

                       *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


ORIENT CORP: Determined to Return to TSE's First Section
--------------------------------------------------------
Orient Corporation President Yoshimasa Nishida said that the
company aims to resume its stock listing on the first section of
the Tokyo Stock Exchange in mid-2008, Jiji Press relates.

Mr. Nishida, in a press conference, revealed that he hopes to
return to the TSE first section after the company's earnings
report for fiscal year ending March 31, 2008, states Jiji Press.

According to the report, Orient's shares were demoted to the
second section of the TSE in August after the company fell into
excess debt as of the end of March 2007.

The Tokyo-based consumer finance firm, notes Jiji Press,
eliminated its negative net worth at the end of September by
replenishing its depleted capital through share issuance.

Mr. Nishida plans to work hard to boost Orient's stock market
capitalization to JPY100 billion or more, a condition required
for the return to the TSE's first section, reports Jiji Press.

Jiji Press notes that for the six-month period ended Sept. 30,
2007, Orient recorded an operating revenue of JPY144.50 billion,
down 6.1% from a year earlier; an operating profit of
JPY5.56 billion, down 62.7% year-on-year; and a net profit of
JPY4.62 billion, down 49.4% year-on-year.

                     About Orient Corp.

Headquartered in Tokyo, Japan, -- http://www.orico.co.jp --  
Orient Corporation's principal activity is the provision of
consumer financing services including consumer credits, credit
cards, guarantee and loan agent services, commercial financing
and direct cash loans.  The Group's other activities include
real estate management, help supply, economy trend
research/analysis, sale of goods, textiles manufacturing and
golf courses.  The operations are carried out through the
following divisions: Financial services, Non-Financial Services,
Financial Income (interests and dividends) and Other.

The Troubled Company Reporter-Asia Pacific's "Large Companies
With Insolvent Balance Sheets" on November 23, 2007, listed
Orient Corp., with US$1,109.02 million in stockholders' equity
deficit on total assets of US$37,956.19.


* Fitch Affirms Japanese Major Banks After Posting H1 Results
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Tokyo-
Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking Corporation,
Mizuho Financial Group, and subsidiary banks Mizuho Bank (MHBK),
Mizuho Corporate Bank and Mizuho Trust and Banking, Sumitomo
Mitsui Financial Group, Sumitomo Mitsui Banking Corporation,
Sumitomo Trust and Banking and Chuo Mitsui Trust & Banking
Company, as follows:

BTMU, MUTB, MHFG, MHBK, MHCB, MHTB, SMFG, SMBC:

Long-term foreign and local currency Issuer Default Ratings
(IDRs) at 'A+'; Short-term foreign and local currency IDRs
affirmed at 'F1'; Individual rating 'B'; Support Rating and
Support Rating Floor affirmed at '1' and 'A-' (A-minus),
respectively.  The Outlook is Stable.

Sumitomo Trust:

Long-term foreign and local currency IDRs at 'A'; Short-term
foreign and local currency IDRs affirmed at 'F1'; Individual
rating 'B/C'; Support Rating and Support Rating Floor affirmed
at '2' and 'BBB+', respectively.  The Outlook remains Positive.

Chuo Mitsui Trust:

Long-term foreign and local currency IDRs at 'BBB+'; Short-term
foreign and local currency IDRs affirmed at 'F2'; Individual
rating 'C/D'; Support Rating and Support Rating Floor affirmed
at '2' and 'BBB+', respectively.  The Outlook remains Positive.

Major Japanese banks have posted results for their fiscal year
first half, covering the six months to September 30th 2007, and
these banks have seen a decline in bottom-line profitability
from the previous year when the banks reported record net
income.  Aggregate net income for the banks mentioned above
declined by 35% y/o/y owing to losses on specific areas of
lending and investment, namely sub-prime investments and CDOs,
ongoing problems in the consumer finance sector in Japan, as
well as declines in reversals of loan loss reserves from which
the banks benefited the previous year.  Bankruptcy rates in
Japan have shown a slight uptick but outside these specific
areas, asset quality remains good.  While their bottom line has
been adversely impacted, their underlying profitability has
remained stable due to higher net interest revenue, that has
been in most cases, helped by better loan to deposit margins in
addition to mostly flat fees and commissions.

Fitch views the banks' overall risk profile and performance as
being commensurate with their ratings which are in the range of
'A+' to 'BBB+'.  We are therefore affirming our ratings.  We
will be publishing a longer report on banks' results and problem
exposures in the coming weeks.


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

BHK INC: Decides to Get KRW3 Billion Bank Loan
----------------------------------------------
BHK Inc. has decided to get KRW3-billion bank loan, Reuters Key
Developments reports.

According to the report, the company will use the amount to
secure its operational funds.

Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 14, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


E-NET: Sets Price of 14-Million Common Shares at KRW825 Each
------------------------------------------------------------
E-Net Corporation has decided the final offering price for the
rights issue of its 14 million common shares is at KRW 825 each,
Reuters Investing Keys Developments reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2007, E-Net Corporation initially decided to offer its
14,000,000 common shares at KRW955 each.

According to Reuters, the initial announcement regarding the
rights issue was made on October 12, 2007.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of   
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter-Asia Pacific reported on
March 16, 2007, that Korea Ratings gave E-Net Corporation's
fifth unregistered/unsecured overseas convertible bonds issuance
of US$10 million with warrants a 'B-' rating with a stable
outlook on March 6, 2007.


E-NET: Signs KRW4-Billion Contract with Korean Meat Wholesaler
--------------------------------------------------------------
E-Net Corporation has signed a contract with a Korea-based meat
wholesaler to supply imported meat products, Reuters Investing
Keys Developments reports.

According to the report, the contract between the two companies  
is worth KRW4 billion.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of   
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter-Asia Pacific reported on
March 16, 2007, that Korea Ratings gave E-Net Corporation's
fifth unregistered/unsecured overseas convertible bonds issuance
of US$10 million with warrants a 'B-' rating with a stable
outlook on March 6, 2007.


EG SEMICON: Board of Directors Decides Issuance of Bonus Shares
---------------------------------------------------------------
EG Semicon Co. Ltd.'s Board of Directors has decided the
issuance of bonus shares to all shareholders in the ratio of
0.5:1 (0.5 bonus shares for each share held), Reuters Investing
Keys Developments reports.

According to the report, the company will issue 22,810,632 new
common shares of par value KRW500 each, as bonus shares to the
shareholders of record on December 13, 2007.

The listing date of the new shares is January 9, 2008, the
report adds.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures  
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On October 23, 2007, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


EG SEMICON: Changes Shareholding Structure
------------------------------------------
EG Semicon Co. Ltd. disclosed that Jung Ha Soo and an individual
have acquired a combined total of 3,450,589 shares of the
company, Reuters Investing Keys Developments reports.

According to the report, Mr. Soo and the individual now
represents a 7.54% stake in EG Semicon.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures  
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On October 23, 2007, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


EG SEMICON: Plans to Sell Land & Plant for KRW1.1 Billion
---------------------------------------------------------
EG Semicon Co. Ltd. will sell its land and a plant to KMC LTD
for KRW1.1 billion, Reuters Investing Keys Developments reports.

According to the report, this company move aimed to improve the
company's financial structure.

The report notes that the transaction was expected to settle on
November 20, 2007.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures  
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On October 23, 2007, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


HANAROTELECOM: Corporate Watchdog Studies Deal With SK Telecom
--------------------------------------------------------------
South Korea's corporate regulator is studying the possible
effects of SK Telecom Co.'s plan to purchase hanarotelecom Inc.,
various reports say, citing  Vice Chairman of the Fair Trade
Commission Kim Byung-bae.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 16, 2007, hanarotelecom named SK Telecom as the preferred
bidder  for a controlling stake in the company.

TCR-AP related that American International Group and Newbridge
Capital, a consortium that bought hanaracom shares for US$500
million in 2003, is looking to sell its 40% stake.

SK Telecom, Antara News relates,  holds more than half of South
Korea's 41 million mobile phone subscribers.

Mr. Byung-bae told Antara that they are currently collecting
data and studying how a possible deal (between the two
companies) could affect the telecommunications market and
monopolization.

The possible deal, if signed, must be reviewed and approved by
the commission in order to go into effect, The Korean Times  
points out.

Analysts say the acquisition would pave the way for SK Telecom
to expand its leading position beyond the mobile communications
market, and help it prepare for the future convergence between
fixed-line and mobile communications sectors, The Times adds.

                      About hanarotelecom

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

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2007, Fitch Ratings has placed the 'BB' Long-term
foreign currency IDR of Hanaro Telecom on Rating Watch Positive.  
The rating action follows the announcement that SK Telecom has
been selected as the preferred bidder to purchase a controlling
stake in Hanaro Telecom, currently held by a consortium of
American International Group Inc. and Newbridge Capital LLC.

On Nov. 22, 2007, Standard & Poor's placed on CreditWatch with
positive implications its 'BB' long-term corporate credit and
senior unsecured debt ratings on Hanarotelecom Inc.  These
rating actions followed the recent announcement that SKT has
been selected as the preferred bidder to take over a 38.9% stake
in Hanaro from AIG-Newbridge-TVG consortium.

Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt 'Ba2' ratings.


KOREA EXPRESS: NACF Considers Bidding
-------------------------------------
The National Agricultural Cooperative Federation is considering
to bid for Korea Express Co. Ltd, in a deal which analysts have
said could fetch US$2.2 billion, Reuters reports.

As reported by the Troubled Company Reporter-Asia Pacific on
November 28, 2007, Korea Express Co invited potential buyers to
submit preliminary  bids for the company.  According to TCR-AP,
the bidders will have until Dec. 11 to submit their bids.

The TCR-AP reported that Korea Express, which has been under
court receivership since November 2000, plans to find a new
owner by selling new shares equal to 50% of enlarged capital
plus one share.

"We are mulling buying the company," the official of Nonghyup,
National Agricultural Cooperative Federation In Korean, told
Reuters.

TCR-AP noted that potential buyers will have a chance to carry
out preliminary due diligence by Jan. 4.  The buyer will be
selected in late February after a preferred bidder is picked in
the middle of January, the report added.

      About National Agricultural Cooperative Federation

The National Agricultural Cooperative Federation --
http://www.nonghyup.com/-- and its member cooperatives were  
established in 1961 to enhance the social and economic status of
member farmers and balance the development of the national
economy.  It operates under the directive of the Ministry of
Agriculture & Forestry but its banking business operates under
the Banking Act of Korea.  The Cooperatives main business
activity is the provision of specializes agricultural and
commercial credit and banking services.

                    About Korea Express Co.

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

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

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

Korea Investors Service gave the company a BB rating.


RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million
---------------------------------------------------------------
Rhodia S.A. released financial results for the third quarter
ended Sept. 30, 2007.

                   Third Quarter 2007 Results
             Confirm Solid Free Cash Flow Generation

Another quarter of profitable growth drives solid EBITDA and
Free Cash Flow generation

    * Net Sales up 7% to EUR1.3 billion

    * recurring EBITDA* up 20% to EUR192 million versus EUR160
      million in the third quarter 2006, despite the EUR(22)
      million negative impact of foreign exchange.

    * recurring EBITDA margin up to 15.2% versus 13.6 % in the
      third quarter 2006

    * a positive Free Cash Flow of EUR53 million versus EUR(10)
      million in the third quarter 2006

    * free Cash Flow for the first 9 months of 2007 of EUR41
      million, compared to a cash outflow of EUR(124) million    
      for the same period in 2006

Key highlights

    * 9% volume growth with strong demand levels

    * solid pricing +3%

    * unfavorable foreign exchange, raw material and energy cost
      environment

    * organics' restructuring continues

Accelerated delivery on financial commitments

    * Free Cash Flow generation of more than EUR100 million
      expected in 2007

    * financial leverage of Net Debt on Recurring EBITDA ratio
      below 2 times expected at the end of 2007

"Our strong leadership positions in growing markets give us full
confidence that we will continue to generate sustainable and
profitable growth," Jean-Pierre Clamadieu, chief executive
officer of Rhodia, said.  "We expect to generate more than
EUR100 million of Free Cash Flow in 2007 and to be one year
ahead in the delivery of our financial leverage commitment."

* Before restructuring and other operating income and expenses

Net Sales rose by 7% to EUR1.3 billion in the third quarter of
2007, from EUR1.2 billion a year earlier.  This increase was
driven by a significant 9% volume growth (4.4% excluding CERs)
and a 3% positive impact from price increases.  Foreign exchange
had a 4.4% negative impact, due to the continued weakness of the
US dollar.

Recurring EBITDA grew by 20% to EUR192 million, benefiting from
the good volume trends, in spite of the negative impact of
foreign exchange (EUR22 million).  Solid pricing in local
currency continued to offset the impact of increases in raw
material and energy costs.  CER sales generated EUR39 million of
recurring EBITDA in the third quarter of 2007.

The recurring EBITDA margin rose to 15.2% in the third quarter
2007 from 13.6% in the third quarter 2006.

Operating Profit rose by 2.7% to EUR115 million, versus EUR112
million for the third quarter 2006 which was favorably impacted
by a EUR27million exceptional gain.

The Financial Result improved to EUR(43) million compared to
EUR(62) million in the third quarter 2006, as the Group now
fully benefits from the lower interest costs resulting from the
refinancing initiatives realized over the past year.

The Net Profit Group Share for the third quarter 2007 totaled
EUR45 million, compared to a profit of EUR70 million in the
third quarter 2006, which was favorably impacted by a EUR34
million recognition of US deferred tax assets.

At Sept. 30, 2007, the Group's consolidated balance sheets
showed EUR4.5 billion in total assets, EUR4.7 billion in total
liabilities and EUR226 in stockholders' deficit.

Operating Cash Flow totaled EUR115 million in the third quarter
2007.

The ratio of Working Capital Requirements on total sales stood
at 12.9%.  Capital Expenditure totaled EUR83 million.

Free Cash Flow* was EUR53 million, versus EUR(10) million in the
third quarter 2006 and now stands at EUR41 million for the first
nine months compared to a negative of EUR(124) million for the
same period in 2006.

Consolidated Net Debt totaled EUR1.6 billion on Sept. 30, 2007,
a EUR25 million decrease from June 30, 2007.

Thanks to the strength of Rhodia's business portfolio, Net Sales
grew 7%, with 9% volume growth and a 3% positive impact from
price increases.

Polyamide, Silcea and Novecare are high margin leadership
businesses well positioned in growing markets.  Investments are
under way to support the growth of these businesses.

Acetow is finalizing its action plan to improve margins to
compensate for the unfavorable foreign exchange environment.

Organics focuses on the development of its leadership position
in Diphenols and continues its restructuring in fine organics.
Recently it announced plans to end Paracetamol manufacturing at
its Roussillon site in France and to end all operations at its
Avonmouth site in the U.K.

Eco Services continues to generate very high margins and Energy
Services benefits from the ongoing sales of CERs.

* Defined as "net cash provided by operating activities" plus
"non recurring refinancing cash costs" minus Capital
Expenditure"

                             Outlook

The level of demand is expected to remain favorable in most
regions, with strong volumes and a solid pricing power, in an
environment still influenced by high raw material and energy
costs.  The foreign exchange environment should remain
unfavorable.

Rhodia confirms its 2007 outlook of a strong growth in recurring
EBITDA and expects to generate more than EUR100 million positive
Free Cash Flow for the full year 2007.

One year ahead of its commitment, Rhodia expects to achieve a
Net Debt on Recurring EBITDA ratio below 2 at the end of 2007.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil and Korea.

                        *     *     *

As reported in the TCR-Europe on Nov. 28, 2007, Moody's
Investors Service affirmed Rhodia S.A. Corporate Family
Rating at Ba3.  Moody's said the outlook has been changed to
Positive from Stable.

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia
S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable.  Fitch has assigned Rhodia SA's proposed
issue of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
rating.

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


RHODIA SA: Implements Global Price Increases for All Products
-------------------------------------------------------------
Rhodia S.A. has disclosed worldwide price increases in the range
of 7% to 15% depending on product line on Nov. 22, 2007.

Although Rhodia has put into place a number of action plans over
the past few years to improve productivity and reduce costs, the
price increases are required to help respond to the dramatic and
simultaneous rising costs of energy, raw materials and
transport, and to defend Rhodia's margins at a time when the
demand for specialty chemicals is strengthening worldwide.

                         About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil and Korea.

                        *     *     *

As reported in the TCR-Europe on Nov. 28, 2007, Moody's
Investors Service affirmed Rhodia S.A. Corporate Family
Rating at Ba3.  Moody's said the outlook has been changed to
Positive from Stable.

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia
S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable.  Fitch has assigned Rhodia SA's proposed
issue of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
rating.

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


SEJI CO: IC Corporation & Two Persons Acquire 18.91% Stake
----------------------------------------------------------
Seji Co Ltd. disclosed that IC Corporation and two other persons
have acquired 14,446,342 shares of common stock of the company,
Reuters Investing Keys reports.

According to the report, IC Corporation and the two other
persons now hold 18.91% of the Seji Co replacing Digital Inside
Co. Ltd as the largest shareholder of the company.

Headquartered in Korea, Seji Company Limited specializes in the
field of environmental engineering.  The Company develops and
manufactures sludge collectors, screens and filters, dehydrators
and other related equipment. It also carries out work from
design to manufacturing, installation, testing of water, air and
waste treatment facilities and their automatic control devices.

Seji Co' balance sheet as of November 23, 2007, showed total
assets of US$37.25 million and total liabilities of
US$37.56 million, resulting to a shareholder's deficit of
US$0.31 billion.

The company had been suffering net losses of KRW3.25 trillion,
KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from
2003 through 2006.


SEJI CO: Made Changes to Private Placement of Common Shares
-----------------------------------------------------------
Seji Co Ltd. has made amendments to its private placement of
common shares, Reuters Investing Keys reports.

According to the report, the placement of shares was initially
announced on October 18, 2008.  The amended details are as
follows:

   -- issuance of 14,515,058 common shares

   -- raising KRW3,557,529,000 in proceeds.

Headquartered in Korea, Seji Company Limited specializes in the
field of environmental engineering.  The Company develops and
manufactures sludge collectors, screens and filters, dehydrators
and other related equipment. It also carries out work from
design to manufacturing, installation, testing of water, air and
waste treatment facilities and their automatic control devices.

Seji Co' balance sheet as of November 23, 2007, showed total
assets of US$37.25 million and total liabilities of
US$37.56 million, resulting to a shareholder's deficit of
US$0.31 billion.

The company had been suffering net losses of KRW3.25 trillion,
KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from
2003 through 2006.


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

FOREMOST HOLDINGS: Shareholders Approve Resolutions at EGM
----------------------------------------------------------
At an extraordinary general meeting held on November 26, 2007,  
the shareholders of Foremost Holdings Berhad approved all these
proposals:

   * Par Value Reduction and Proposed Share Premium Reduction;
   * Proposed Amendments;
   * Proposed Exemption;
   * Proposed Rights Issue of Shares with Warrants; and
   * Proposed Debt Settlement.

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.


MBF HOLDINGS: Subsidiary Placed Under Voluntary Wind-Up
-------------------------------------------------------
Permodalan MBf Sdn Bhd, a wholly owned subsidiary of MBf
Holdings Berhad, was placed under members' voluntary wind-up on
Nov. 15, 2007.  

Tam Kok Meng of Messrs Advent Management Services Sdn Bhd, which
is formerly known as Tam & Associates Corporate Services Sdn
Bhd, was appointed as Permodalan's liquidator.

The wind up of Permodalan's operations followed after its
disposal of an entire 100% equity interest comprising 8,319,502
ordinary shares of SGD1 in MBf Investments Pte Ltd for a
consideration price of SGD10,000 or equivalent to MYR23,350.

The consideration was arrived at on a willing buyer and willing
seller basis.

The transaction was part of Mbf Holdings' rationalization and
streamlining exercise.

                      About Permodalan

Permodalan is incorporated in Malaysia and its principal
activities are that of investment holding.  The authorized share
capital of Permodalan is MYR26,000,000 divided into 26,000,000
shares of MYR1.00 each of which 25,500,000 shares have been
issued and fully paid-up.

Permodalan had ceased its operations and been dormant for more
than 5 years.

As at June 30, 2007, Permodalan had a shareholder's deficit of
MYR42,673,511.

                       About MBf Corporation

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development.  Other activity include investment holding.

The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


MBF HOLDINGS: Unveils Changes to Audit Committee
------------------------------------------------
Martin Richard Haeger quit as member of MBF Holdings Berhad's
audit committee.

Mr. Haeger is a registered UK architect and has been a resident
in Asia since 1990.  He was appointed as the company's Executive
Director on October 18, 2002.  He has established a professional
Design Consultancy firm in Malaysia, which has an associated
office in Australia.  His company has been responsible for
numerous successful retail, commercial and residential projects
throughout South East Asia. His key role in the firm is in
project development strategy and business development.

Meanwhile, Datuk Azizan Bin Abd Rahman was appointed to replace
Mr. Haeger in the Audit Committee.

Mr. Rahman  holds a degree of Bachelor of Arts from the
University of Malaya in 1973.  He started his career as a
Shipping Executive in Harper Gilfillan (M) Sdn Bhd.  He joined
MISC in 1975 and served as Branch Manager in Johor and Penang
before becoming the Marketing Manager in Kuala Lumpur.  In 1981,
he was attached to Panocean Tankers Limited in London as their
Chartering Manager.  He joined JF Apex Securities Berhad in 1982
as an Executive Director and launched his career in stockbroking
and finance.  Mr. Rahman left Apex in 1995 to pursue his private
business.  He was an active member of the stockbrokers
fraternity and had held the post of Chairman of the Association
of Stockbroking Companies of Malaysia from 1994 to 1995.  Since
then, he has held directorships in Apex Equity Holdings Berhad
and TH Plantations Berhad.  He is also currently the Chairman of
Eastern and Oriental Berhad, Gefung Holdings Berhad, Investment
Panel of Lembaga Tabung Haji and Isyoda Corporation Berhad.

The company's Audit Committee now composes of:
  
   * Tunku Dato Seri Iskandar Bin Tunku Abdullah – Chairman;
   * Abdul Rahman Bin Achmed – Member; and
   * Datuk Azizan Bin Abd Rahman – Member

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development.  Other activity include investment holding.

The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


MBF HOLDINGS: Earns MYR25.7 Mil. in 3rd Qtr. Ended Sept. 30
-----------------------------------------------------------
MBF Holdings Berhad posted profit after tax of MYR25.7 million
in the third quarter ended September 30, 2007, lower by
MYR52 million compared with the recorded profit after tax of
MYR78 million in the second quarter of 2006.

The company's revenue increased by MYR78 million from the
MYR379.68 recorded in the third quarter of 2006 to
MYR458.45 million in the third quarter of the current year.

As of September 30, 2007, the company's balance sheet showed
MYR1.84 billion in total assets and MYR1.45 billion in total
liabilities, resulting in a shareholders' equity of
MYR392 thousand.

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development.  Other activity include investment holding.

The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


MYCOM BERHAD: Ministry of International Trade OKs Share Issue
-------------------------------------------------------------
Mycom Berhad, on November 15, 2007, received an approval from  
the Ministry of International Trade & Industry to issue and
allot the second tranche of the special issue shares comprising
of 54,268,208 new ordinary shares of MYR1.00 each in the
company's capital to approve Bumiputras under the Scheme to be
completed and implemented by April 26, 2008.

The Securities Commission has given the company approval to
implement the issuance of the balance of special issue shares
within 12 months from the completion of the Scheme.

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

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


SHAW GROUP: Environmental Unit Bags Deal from U.S. Army Corps
-------------------------------------------------------------
The Shaw Group Inc.'s Shaw Environmental & Infrastructure Group
has been awarded a task order contract by the United States Army
Corps of Engineers under its USACE Sacramento Environmental
Remediation Services contract.  The value of Shaw's task order
contract, already included in the company's previously announced
backlog, was not disclosed.

Shaw will provide environmental remediation services at the 14
Comprehensive Environmental Response, Compensation and Liability
Act sites at Vandenberg Air Force Base, located in California.
In the fulfillment of its contract, Shaw will be responsible for
implementing its proprietary SDC-9(TM) microbial culture for in
situ bioremediation of trichloroethylene and perchlorate in
groundwater, as well as soil excavation.

"Our presence for the last 10 years at Vandenberg Air Force Base
has proven Shaw's expertise and leadership on large-scale
projects requiring a broad base of diverse skills," said J.M.
Bernhard Jr., Shaw's chairman, president and chief executive
officer.  "We are pleased to continue our work with the Army
Corps of Engineers and to apply Shaw's proprietary technology on
challenging projects of this type."

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


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

BARROSSA LTD: Fixes Dec. 5 as Last Day to File Proofs of Debt
-------------------------------------------------------------
The shareholders of Barrossa Ltd., on November 2, 2007,
appointed Laurence George Chilcott and Peter Charles Chatfield
as the company's liquidators.

Messrs. Chilcott and Chatfield are accepting creditors' proofs
of debt until December 5, 2007.

The Liquidators can be reached at:

          Laurence George Chilcott
          Peter Charles Chatfield
          Smith Chilcott Bertelsen Harry
          Chartered Accountants
          Shortland Tower One, Level 11
          51-53 Shortland Street
          PO Box 5545, Auckland
          New Zealand
          Telephone:(09) 379 8035
          Facsimile:(09) 307 8892


EXOTIC GROUP: Shareholders Resolve to Liquidate Business
--------------------------------------------------------
On October 31, 2007, the shareholders of Exotic Group Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          John Albert Price
          Christopher Robert Ross Horton
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 366 3700
          Facsimile:(09) 366 7276
          e-mail: jprice@hortonprice.co.nz


GOODFOUR LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
John Michael Gilbert was named liquidator of Goodfour Limited on
October 31, 2007.

Creditors who were not able to file their proofs of debt by
October 31, 2007, will be excluded from the company's dividend
distribution.

The Liquidator can be reached at:

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


GOODTHREE LIMITED: Commences Wind-Up Proceedings
------------------------------------------------
Goodthree Limited went into liquidation on Oct. 31, 2007.

Only creditors who were able to file their proofs of debt by the  
October 31 due date will be included in the company's dividend
distribution.

The company's liquidator is:

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


GOODTWO LTD: Commences Liquidation Proceedings
----------------------------------------------
On October 31, 2007, John Michael Gilbert was named liquidator
of Goodtwo Ltd.

Creditors who were not able to file their proofs of debt by
October 31, 2007, will be excluded from the company's dividend
distribution.

The Liquidator can be reached at:

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


KA PAI CONSTRUCTION: Names Parsons and Kenealy as Liquidators
-------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators of Ka Pai Construction Ltd. on November 5, 2007.

The Liquidators can be reached at:

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


MILLENNIUM RESIDENTIAL: Creditors' Proofs of Debt Due Today
-----------------------------------------------------------
The High Court at Auckland, on November 1, 2007, appointed  
Henry David Levin and David Stuart Vance as liquidators for
Millennium Residential Properties Ltd.

Messrs. Levin and Vance set November 29, 2007, as deadline for
creditors' proofs of debt.

The Liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


NZ GARDEN: Court Hears Wind-Up Petition
---------------------------------------
A petition to have NZ Garden Supermarkets Ltd.'s operations
wound up was heard before the High Court of Auckland yesterday,
November 29, 2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition 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


ROYALE PASSENGER: Creditors' Proofs of Debt Due Today
-----------------------------------------------------
Malcolm Grant Hollis and John Howard Ross Fisk were named
liquidators of Royale Passenger Transport Ltd. on Oct. 29, 2007.

Messrs. Hollis and Fisk accepting creditors' proofs of debt
until today, November 30, 2007.

The Liquidators can be reached at:

          Malcolm Grant Hollis
          John Howard Ross Fisk
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          New Zealand
          Telephone:(03) 374 3000
          Facsimile:(03) 374 3001


SHANE ENGLISH: Wind-Up Petition to be Heard on Jan. 24
------------------------------------------------------
The High Court Auckland will hear on January 24, 2007, at
10:00 a.m., a petition to have Shane English School (New
Zealand) Ltd.'s operations wound up.

Apex Properties Limited filed the petition on October 3, 2007.

The Petitioner's solicitor is:

          C. C. H. Allan
          Grove Darlow & Partners
          Tower One, Level 10, The Gosling Chapman Tower
          51-53 Shortland Street
          Auckland
          New Zealand


THE LOADED HOG: Court to Hear Wind-Up Petition on December 3
------------------------------------------------------------
On October 25, 2007, Waiviata Pty Limited filed a petition to
have The Loaded Hog Franchise Company Ltd.'s operations wound
up.

The petition will be heard before the High Court of Wellington
on December 3, 2007, at 10:00 a.m.

Waiviata's solicitor is:

          P. M. Smith
          Fortune Manning
          Gen-I Tower, Level 12
          66 Wyndham Street
          PO Box 4139, Auckland
          New Zealand


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

BANCO DE ORO-EPCI: IFC Injects PHP4 Bil. Into Lower Tier 2 Notes
----------------------------------------------------------------
The World Bank's private sector arm -- the International Finance
Corp. -- has infused PHP4 billion into the lower tier 2 capital
issuance of Banco de Oro-EPCI Inc., the BusinessWorld reports.

According to IFC's associate investment officer for global
financial markets, Aileen Ruiz-Zarate, the IFC's participation
in the issuance is in line with the aim of boosting development
of local capital markets.

BDO had issued PHP10-billion worth of lower Tier 2 capital
earlier this month to raise capital for the financing of its
integration with Equitable PCI Bank, the report recounts.

                   About Banco de Oro-EPCI

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


CHINA BANKING: No Plan to Integrate Manila Bank, Vice Chair Says
----------------------------------------------------------------
The management of China Banking Corp. has no plans to
consolidate the bank with Manila Banking Corp., which it
acquired recently, Chinabank's Vice Chairman Hans Sy told the
Manila Bulletin.

"They have two different cultures," Mr. Sy said, adding that
they have yet to complete the plans for the two banks' merger.

The Bangko Sentral ng Pilipinas has already approved the merger
last week, the article adds.

"Chinabank will be able to use some of the Manila Bank branches
to increase their network. On the other hand they will also
increase Manila Bank's consumer banking (operations) as a
subsidiary and use its (branches) for distributing retail
products," BSP Deputy Governor Nestor A. Espenilla Jr. said.

China Banking Corporation -- http://www.chinabank.com.ph/--is
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

The bank's long-term issuer default carries Fitch's BB rating.


IPVG CORP: PSE Approves Change in Stock Symbol to "IP"
------------------------------------------------------
The Philippine Stock Exchange has approved IPVG Corp.'s request
to change its stock trading symbol from "IPVG" to "IP" effective
tomorrow, December 7.

The company submitted its request on Tuesday, November 28.

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

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

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


JG SUMMIT: Joins With Units to Offer New House Financing Scheme
---------------------------------------------------------------
JG Summit Holdings Inc. has teamed up with subsidiaries
Robinsons Land Corp. and Robinsons Savings Bank to offer a
financing scheme exclusive to buyers of its Amisa mixed-use
residential and hotel resort in Mactan, Cebu, ABS-CBN News
reports.

The scheme, dubbed "Super Easy Home Straight Payment," offers a
single monthly installment amount from downpayment period with
Robinson Land until the end of the loan term with Robinsons
Savings Bank, with no interest, the report reveals.  ABS-CBN
then notes that it means a buyer will be paying the same amount
straight up to a 15-year maximum loan term.

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.

At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


LIBERTY TELECOM: Replaces RCBC with ERT as Stock Transfer Agent
---------------------------------------------------------------
Liberty Telecom Holdings Inc. has terminated the services of
Rizal Commercial Banking Corp. as its Stock Transfer Agent
effective December 31, 2007, a disclosure with the Philippine
Stock Exchange says.

Instead, the company opted to tap the services of Emerald
Registry & Transfers Corp. as its new stock transfer agent
effective January 1, 2008.

Headquartered in Makati City, Liberty Telecoms Holdings
Incorporated was incorporated in January 1994 primarily to
engage in real and personal property businesses; to deal in
stocks, bonds and other securities or evidence of indebtedness
of any entity; and to acquire all or any part of the business of
any entity.  LIB's business strategy is to offer products and
services to meet the telecommunication needs of its various
customers.

The company, in its effort to stop continuing losses, decided to
temporarily close down the nationwide telecommunications
business operations of subsidiaries Liberty Broadcasting Network
Inc and Skyphone Logistics Inc sometime in April 2005.  The
decision became inevitable due to the inability of the company
to meet interest payments and principal repayments on the
financial obligations to creditor banks and private creditors.  

As early as December 2004, LBNI has been receiving default and
acceleration notices and demand for payments from creditors.  On
August 16, 2005, Liberty Telecoms Holdings together with its
subsidiaries, Liberty Broadcasting Network and Skyphone
Logistics filed a Petition for Rehabilitation and Suspension of
Payments with the Regional Trial Court of Makati City in Metro
Manila.

                    Corporate Rehabilitation

On August 11, 2005, as part of the company's plan to resolve and
to continue normal operations, the Board of Directors of the
company and its subsidiaries namely, Liberty Broadcasting
Network, Inc. and Skyphone Logistics, Inc., approved to file a
petition for the corporate rehabilitation and a petition for
suspension of payments.

The Group filed on August 15, 2005, with the Regional Trial
Court in Makati City the petition to seek rehabilitation with
the objectives of:

   (a) maintaining its business as healthy on-going concerns,
       thereby securing the jobs of its employees and of its
       business partners and allowing the resumption of public
       service through the telecommunications services that it
       offers to the entire nation;

   (b) settling its obligations to its secured and unsecured
       creditors;

   (c) giving its stockholders a chance to realize a fair return
       on their investments.

The petition is still pending before the Regional Trial Court.

Liberty Telecoms Holdings Inc. posted a consolidated net loss of
PHP482.81 million for the year ended December 31, 2006, its
third annual consecutive loss since 2004.  Its capital deficit
also increased from PHP351.59 million in 2005 to
PHP834.40 million as of December 31, 2006.


LODESTAR INVESTMENT: Five More Board Members Resign
---------------------------------------------------
Five more members of Lodestar Investment Holdings Corp.'s Board
of Directors have resigned their appointments effective
Wednesday, November 28.

According to a disclosure with the Philippine Stock Exchange,
these directors have quit their posts in the company:

    * Ignatius F. Yenko     - Director, Corporate Information
                              Officer

    * Michael B. Tantoco    - Director

    * Noel T. de Leon       - Independent director

    * Arturo M. Hilado      - Treasurer

    * Ma. Amaya MYB Soriano - Corporate Secretary

During the special meeting held Wednesday, the remaining members
of the Board appointed these individuals to serve the remaining
terms of office of the directors who have resigned:

   * Geraldine U. Gaisano  - Director
   * Johnny S. Anggala     - Director
   * Tan Tian Siong        - Independent Director

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.


LODESTAR INVESTMENT: PSE Bars Stocks from Trading Until Dec. 3
--------------------------------------------------------------
Lodestar Investment Holdings Corp.'s shares are currently
suspended from trading, and will resume trading on Monday,
December 3.

In a letter addressed to the PSE dated November 28, the company
requested the PSE to enforce a voluntary suspension on its
shares from November 29 until December 3 pending relevant
disclosures that it will submit to the PSE.

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.


SAN MIGUEL: Chairman Keeps 20% Ownership, Sandiganbayan Says
------------------------------------------------------------
The Sandiganbayan has ruled in favor of Eduardo Cojuangco Jr. in
a case involving Mr. Cojuangco's 20%-ownership in San Miguel
Corp. which the Presidential Commission on Good Government
alleged were ill-gotten wealth, the Philippine Daily Inquirer
reports.

According to the Sandiganbayan's Associate Justice Diosdado
Peralta, the PCGG failed to present evidence that Mr. Cojuangco
used coconut levy funds to purchase 16,276,879 shares in SMC.  

The funds were imposed by the late President Ferdinand Marcos in
the 1970s and 1980s on coconut farmers and assigned under
Cojuangco as administrator, the Inquirer recounts.

In the course of the case, the Inquirer says, the PCGG cited
three Marcos decrees to show that Mr. Cojuangco's shares
belonged to the public and should be returned to the government
like they did in order to recover San Miguel shares held by six
member companies of the Coconut Industry Investment Fund.  
However, the Sandiganbayan rejected this argument, saying that
the decrees referred only to the CIIF block of shares.

They will appeal the ruling to the Supreme Court, the PCGG told
the Inquirer.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation.  This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion.  The
rating outlook remains stable.

The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp.  The outlook remains
negative.

The affirmation comes after San Miguel announced the sale of its
Australian dairy and juice subsidiary National Foods Ltd. to the
Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch Neg/--), for
AU$2.8 billion.


TYCO INTERNATIONAL: Receives Notice of Default from Bank of NY
--------------------------------------------------------------
In its annual report filed Tuesday with the Securities and
Exchange Commission, Tyco International Ltd. said that on
Nov. 8, 2007, The Bank of New York, bond holder, delivered to
the company a notice of events of default.

The notice claims that the actions taken by the company in
connection with its separation into three public entities
constitute events of default under the indentures.  The claims
made in the notice of events of default are the same as those
alleged by BONY in a litigation filed in the United States
District Court for the Southern District of New York in June
2007.

The company continues to believe that no default or event of
default has occurred.

The indentures provide for a 90-day cure period following
delivery of the notice of default, after which BONY could
declare any outstanding amounts under the indentures immediately
due and payable.  The company said it would contest the
acceleration.

Tyco International Group SA, Tyco International Finance SA and
Tyco continue to believe that the separation and the proposed
supplemental indentures are permitted under the indentures and
that no "make-whole" amount is payable.  The company intends to
vigorously defend the claims of default and believes it will
prevail in legal proceedings.

The companies said that if it did not have liquidity available
to repay the outstanding debt under the 1998 and 2003 indentures
under our 364-day bridge facility, an acceleration of the
outstanding notes would have permitted a majority of the lenders
under each of their bank and letter of credit facilities to
demand repayment of amounts outstanding under those facilities,
and to terminate their commitments to extend additional credit
thereunder.

                 Additional $4 Billion Bridge Loan

As a result, on Nov. 27, 2007, the company secured additional
firm commitments from certain of its lenders under the bridge
facility, providing the company with additional borrowings of up
to $4.0 billion to repay such notes.

The additional commitments expire on, and any borrowings under
the facility would mature on, Nov. 25, 2008.  The facility may
only be used to repay, settle or otherwise extinguish the
amounts required to be paid in connection with the litigation
with BONY.

As reported in the Troubled Company Reporter on May 18, 2007,
on Jan. 13, 2006, Tyco's Board of Directors approved a plan to
separate the company into three separate, publicly traded
companies -- Tyco Healthcare, Tyco Electronics and a combination
of Tyco Fire and Security and Engineered Products and Services.

The company intended to accomplish the proposed separation
through tax-free stock dividends to Tyco shareholders.  
Following the proposed separation, Tyco's shareholders will own
100% of the equity in all three companies.

On June 4, 2007, The Bank of New York, as indenture trustee
under the indentures dated as of June 9, 1998 and Nov. 12, 2003,
of TIGSA, a wholly-owned subsidiary of Tyco, commenced an action
against TIGSA and Tyco in the U.S. District Court for the
Southern District of New York.  BONY served an amended complaint
on Oct. 18, 2007, which added TIFSA as an additional defendant.  
As amended, the complaint alleges that the deparation breached
the indentures and seeks damages on behalf of noteholders in
excess of $4.1 billion.

                            About Tyco

Based in Pembroke, Bermuda, Tyco International Ltd. (NYSE: TYC)
(BSX: TYC) -- http://www.tyco.com/-- provides vital products  
and services to customers in four business segments:  
Electronics, Fire & Security, Healthcare, and Engineered
Products & Services.  With 2006 revenue of $41 billion, Tyco
employs approximately 240,000 people worldwide.


ZEUS HOLDINGS: Elects Directors, Auditor and Committees for 2008
----------------------------------------------------------------
Zeus Holdings Inc.'s stockholders have elected the members of
its Board of Directors and appointed its external auditor for
calendar year 2008 during the annual meeting held on Wednesday,
November 28.

The stockholders elected these individuals as directors for
calendar year 2008:

    * Felipe U. Yap
    * Yuen Po Seng
    * Jose G. Cervantes
    * Augusto C. Villaluna
    * Stephen Y. Yap
    * Daisy L. Parker
    * Ronald P. Sugapong
    * Jesus Clint O. Aranas    - Independent director
    * Rhea A. Jaro             - Independent director

The stockholders also re-appointed Punongbayan & Araullo as
external auditor for calendar year 2008.

The Board of Directors then elected these as officers during the
organizational meeting held after the stockholders' meeting:

    * Felipe U. Yap         - Board Chairman

    * Yuen Po Seng          - President

    * Augusto C. Villaluna  - Vice-President

    * Ronald P. Sugapong    - Treasurer, Compliance Officer

    * Daisy L. Parker       - Corporate Secretary, Compliance
                              Officer

    * Alvin T. Pagayatan    - Asst. Corporate Secretary

Mr. Sugapong is the compliance officer under the company's anti-
money laundering manual while Ms. Parker is the compliance
officer under the company's manual on corporate governance.

These Board committees were also set up during the meeting:

    NOMINATION COMMITTEE

    * Felipe U. Yap
    * Yuen Po Seng
    * Jesus Clint O. Aranas

    COMPENSATION AND REMUNERATION COMMITTEE

    * Felipe U. Yap
    * Yuen Po Seng
    * Jesus Clint O. Aranas
    
    AUDIT COMMITTEE

    * Stephen Y. Yap
    * Ronald P. Sugapong
    * Jesus Clint O. Aranas
    
                    About Zeus Holdings


Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business.  After 15 years, the company
diversified into other businesses and closed its garment
operations.  It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company.  Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.

The company has not declared any cash dividend for the last two
fiscal years.

                          *     *     *

After reviewing Zeus Holdings Inc.'s 2006 annual financials,
Mailene Sigue-Bisnar at Punongbayan & Araullo, the company's
independent auditors, raised a significant doubt on the
company's ability to continue as a going concern, citing that:

   * the company incurred net losses of PHP498,490; PHP554,657;
     and PHP421,293 for the years 2006, 2005 and 2004,
     respectively;

   * the company has a capital deficiency of PHP1.28 million,
     PHP0.78 million and PHP1.75 million as of Dec. 31, 2006,
     2005 and 2004 respectively.


* Price Hike May Have Cued 3.1% Inflation Rate in November
----------------------------------------------------------
The Bangko Sentral ng Pilipinas is expecting a 3.1%-inflation
rate for November due to price increases in petroleum and food
items following wage adjustments, the Philippine Star reports.

According to BSP's governor Amando M. Tetangco Jr., the actual
inflation rate could be "somewhat higher" than the October rate
of 2.7%.  The BSP is forecasting inflation to be somewhere
between 2.4% to 3.1% for November, the Star notes.

However, Mr. Tetangco said that the BSP expects the inflation
environment to continue to be "favorable," citing the continued
appreciation of the peso's mitigating effect on prices, as well
as the reduction of food prices as the agriculture sector enters
the main harvest season.  But, Mr. Tetangco warned, the BSP
would have to watch out for potential inflationary factors such
as PHP2-increase in fares that is being sought by jeepney
operators as it will eventually affect wages and other economic
prices that determine inflation.

                          *     *     *

On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.  
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


=================
S I N G A P O R E
=================

ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow
--------------------------------------------------------
Advanced Micro Devices Inc. has appointed Phil Rogers to AMD
Corporate Fellow.  In this role, Mr. Rogers will continue
developing advanced architectures and extend AMD's software
capabilities.  Mr. Rogers' emphasis on enhancing graphics
processing unit and central processing unit interoperability
through software and hardware innovations plays a central role
in delivering performance optimization and power reduction
advances for graphics and computing.  Corporate Fellow is the
highest level of technical recognition at AMD, and is reserved
for those who impact AMD's business opportunities and technical
breadth by providing a high degree of expertise, knowledge,
creativity, and tactical and strategic direction.

Mr. Rogers will play a key role in software development for
AMD's "Fusion" technology initiative, where CPUs and GPUs are
combined and integrated to improve energy efficiency and
performance capability.  Rogers will focus on the software
requirements necessary to bring together the GPU and CPU in a
way that optimizes system power and performance, while
maintaining software and application flexibility.

"Software development is a critical tool that AMD uses to create
platform-level solutions to enhance our end-user experience,"
said Ben Bar-Haim, corporate vice president, Software, Graphics
Products Group at AMD.  "Phil's unique talents are instrumental
in accelerating application performance by optimizing the
interaction of hardware and software."

Worldwide, AMD employs more than 1,200 software professionals
who focus on improving the end-user experience and better
enabling customers' platform and application innovations.
Software teams focus on delivering hardware extensions, new
instructions, device drivers, development tools and more.

As the most senior graphics software architect at AMD, Rogers
previously oversaw hardware and software interaction activities,
ensuring that GPU products excel in performance and stability at
launch and beyond, with continuous software updates via AMD's
unified-driver design.  This promotion recognizes the importance
AMD puts on overall platform-level functionality, performance
and stability.

"It's a pleasure to be part of an AMD software team where
revolutionary contributions from engineers are encouraged and
expected," said Mr. Rogers.  "This environment inspires me, and
others, to build platforms that are more visually rich,
increasingly energy efficient and more accessible to the global
community."

Mr. Rogers was instrumental in the development of all of ATI
Radeon GPUs since the introduction of the Radeon series in 2000.
Recently, Rogers contributed to the development, qualification
and delivery of the ATI Radeon HD(TM) 2000 family of advanced
GPUs.

Mr. Rogers joined AMD with the ATI acquisition in 2006, and
became an AMD Senior Fellow shortly thereafter.  Since joining
ATI Technologies in 1994, he served in increasingly senior
architecture positions in the development of DirectX(R) and
OpenGL(R) driver software. Rogers began his career at Marconi
Radar Systems, where he designed digital signal processors for
advanced radar systems.  Mr. Rogers earned his Bachelor's of
Science degree in electronic and electrical engineering from the
University of Birmingham.

              About Advanced Micro Devices Inc.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and  
manufactures microprocessors and other semiconductor products.
The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


ALLIANCE SERTECH: Court to Hear Wind-Up Petition on Jan. 18
-----------------------------------------------------------
A petition to have Alliance Sertech Pte. Ltd.'s operations wound
up will be heard before the High Court of Singapore on Jan. 18,
2007, at 10:00 a.m.

Hong Leong Finance Limited filed the petition on Nov. 15, 2007.

Hong Leong's solicitor is:

          Michael BB Ong & Co
          No. 10 Anson Road
          #19-08A International Plaza
          Singapore 079903


CROWN HOLDINGS: Completes Share Repurchase Deal with BNP Paribas
----------------------------------------------------------------
Crown Holdings Inc. has completed its accelerated share
repurchase agreement with BNP Paribas.  Pursuant to the
agreement, the company purchased 4,234,077 shares of its common
stock for US$100 million.

On Aug. 27, 2007, Crown Holdings has entered into a definitive
agreement with BNP Paribas to purchase shares of its common
stock for approximately US$100 million under an accelerated
share repurchase program.

Pursuant to the agreement, the company has purchased 4,088,068
shares immediately from BNP Paribas and may potentially receive
additional shares upon completion of the transaction.

The final number of shares to be repurchased will be based on
the company's volume-weighted average stock price during the
term of the transaction.

To date in 2007, the company has purchased 4,974,892 shares
for US$118 million.

                    About Crown Holdings Inc.

Based in Philadelphia, Pennsylvania, Crown Holdings Inc. (NYSE:
CCK) -- http://www.crowncork.com/-- through its affiliated  
companies, supplies packaging products to consumer marketing
companies around the world.  In Latin America, the company has
operations in Mexico, and in South and Central America.   The
company also maintains operations in Europe, particularly in the
United Kingdom and France.  In the Asia-Pacific region, the
company has an office in Singapore.  Crown Holdings, Inc.,
through its subsidiaries, is a leading supplier of packaging
products to consumer marketing companies around the world.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$6.949 billion in total assets, US$7.335 billion in
total liabilities, resulting in a US$386 million total
shareholders' deficit.


HERCULES OFFSHORE: Inks Pact w/ Petrex to Offload Land Rig Fleet
----------------------------------------------------------------
Hercules Offshore Inc. has entered into agreements with Petrex
Sudamerica Sucursal de Venezuela S.A. and Saipem Perfuracoes e
Construcoes Petroliferas Lda. for the sale of its nine land rigs
and related assets.  The Land Assets include six land rigs in
Venezuela, one in Trinidad and two in the United States.  The
purchase price is approximately US$107 million and the
transaction is expected to close late in the fourth quarter of
2007.

Randy Stilley, Chief Executive Officer and President of Hercules
Offshore, commented, "In fitting with our long-stated strategy
of focus on shallow water oilfield services, I am pleased we
reached this agreement to sell the land rig fleet, that was
formerly part of TODCO, such a short time after closing on the
acquisition of TODCO.  In the coming months, we expect to
identify attractive opportunities to reinvest the proceeds from
the sale into assets in our core business."

Headquartered in Houston, Texas, USA, Hercules Offshore, Inc.
provides shallow-water drilling and lift boat services to the
oil and natural gas exploration and production industry in the
United States Gulf of Mexico and internationally.  It operates a
fleet of nine jack-up rigs that are capable of drilling in
maximum water depths ranging from 85 to 250 feet and a fleet of
64 lift boats with leg lengths ranging from 105 to 260 feet.
Its services are organized in four segments, Domestic Contract
Drilling Services, International Contract Drilling Services,
Domestic Marine Services and International Marine Services.  The
Company's Domestic Contract Drilling Services and Domestic
Marine Services are conducted in the United States Gulf of
Mexico, its International Contract Drilling Services are
conducted offshore Qatar and India, and its International Marine
Services are conducted in West Africa.

The company also has operations in Venezuela, Trinidad and
Mexico.

                       *     *     *

On June 2007, Standard and Poor's Ratings Services raised the
corporate credit rating on Hercules Offshore Inc. to 'BB-' from
'B'.  The outlook on the long-term issuer credit rating was
stable.  At the same time, the ratings on Hercules Offshore were
removed from CreditWatch with positive implications, where they
were placed on March 19, 2007.

Standard & Poor's also assigned its 'BB' rating and '2' recovery
rating to Hercules Offshore's proposed US$1.05 billion bank
facilities.


KEN AGENCIES: Pays First and Final Dividend
-------------------------------------------
Ken Agencies Pte Ltd, which is in liquidation, paid its first
and final dividend on November 29, 2007.

The company paid 9.% of dividend.

The company's liquidator is:

          Don Ho & Associates
          Certified Public Accountants
          Corporate Advisory & Recoveries
          Equity Plaza
          20 Cecil Street #12-02 & 03
          Singapore 049705
          Telephone: 6532 0320 (8 lines)
          Facsimile: 6532 0331


LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit
------------------------------------------------------------
Levi & Strauss Co. and Jordan Brand, a division of Nike, Inc.,
has announced a collaborative partnership that will create a
limited number of toe-to-head fashion packages for collectors
and fans of both brands.  The resulting, jointly developed
Jordan Levi's(R) Collection will unite classic style with urban
design flair, delivering freshly-interpreted takes on iconic
flagship product from both leaders.  The men's only, specially
designed, co-branded product will be appropriately named the
23/501(R) collection and will arrive in stores starting in March
2008.

As part of the project, the two global icons created an
exclusive collection pairing the Air Jordan Retro 1 style
sneakers with a pair of exclusive, co-branded Levi's(R) Original
501(R) jeans and a signature tee shirt featuring graphic artwork
taken from both brands.  All three pieces will be sold together
as a set and will come enclosed in an innovative, co-branded
package, specially designed for this occasion.  The premium,
selvage denim will be lined with the signature Jordan Brand
elephant print and include a sneaker protector at the cuff,
reducing the transfer of indigo dye to the shoe.  The 501(R)
Jean will feature a gold metallic zipper fly and the Jordan
Brand signature Jumpman logo embroidered on the pockets along
with the Jordan Brand name on the rear leather-measurement
waistband patch.  The Air Jordan Retro 1's will be one-of-a-kind
and will be made from Levi's(R) Original 501(R) denim, printed
with the traditional Jordan Brand elephant graphic design.

"Jordan Brand has always prided itself on being the innovator of
urban, sport fashion and we are proud to partner with a true
fashion icon -- the original inventor of the blue jean-Levi
Strauss & Co.," said Jordan Brand Business Director of Apparel,
Fran Boller.  "We believe that this collaboration with Levi's(R)
is the perfect opportunity to offer this exclusive package to
consumers looking for something truly original and authentic."

Similarly, Levi's(R) Jeanswear Director of Brand Marketing, Doug
Sweeny added:  "Both brands share a kinship given the role each
play within their respective categories.  That is what brought
these brands together.  Like the Air Jordan 1, the Original
501(R) jean is really where it all began.  It has become one of
the most enduring and malleable pieces of apparel ever created."

The collaboration between Levi's(R) Jeanswear and Jordan Brand
represents an opportunity for both brands to further define the
sport-fashion market.  The limited-edition packages will be
available Mar. 1, 2008, at select specialty retailers, Levi(R)
Stores and Niketown locations.

                    About Jordan Brand

A division of Nike, Inc., Jordan Brand --
http://www.Jumpman23.com-- is a premium brand of footwear,  
apparel and accessories inspired by the dynamic legacy, vision
and direct involvement of Michael Jordan.  The Jordan Brand made
its debut in 1997 and has grown into a complete collection of
performance and lifestyle products for both men and women.  The
Jordan Brand remains active in the community by donating a
portion of its proceeds to Jordan Fundamentals, an education
grants program for teachers.

                 About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. -
- http://www.levistrauss.com/-- is a branded apparel company.  
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.  Levi
Strauss & Co. distributes its Levi's and Dockers products
primarily through chain retailers and department stores in the
United States, and through department stores, specialty
retailers and franchised stores abroad.  The company distributes
its Levi Strauss Signature products through mass channel
retailers in the United States and abroad.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 16, 2007
Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co.'s
second amended and restated US$750 million 5-year Asset-Based
Revolving Credit Facility.  The rating outlook is stable.

Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank
Credit Facility rating; and BB- Senior Unsecured Notes rating.


SEMBCORP MARINE: Asks Court to Protect Unit from BNP Liquidation
----------------------------------------------------------------
SembCorp Marine Ltd. asked a Singapore court to protect its unit
from liquidation by France's BNP Paribas SA, the Wall Street
Journal reports.

According to Reuters, the Singapore-based rig-builder is seeking
court injunction to stop BNP Paribas from demanding millions of
dollars in payment from its subsidiary -- Jurong Shipyard -- for
currency trades.

SembCorp, Reuters recalls, has said it lost US$303 million due
to alleged unauthorized currency trades by former finance chief  
Wee Sing Guan, who was terminated in October.  The loss, the
report notes, is the biggest trading loss in Singapore since
2004 when China Aviation Oil lost US$550 million in botched bets
on oil prices.

WSJ says that SembCorp has pledged a US$115.45-million payment
to Societe Generale SA of France, but it remains unclear when it
will settle debts with 10 other banks involved in the illegal
trades.

According to Reuters, SembCorp agreed to pay Societe Generale
after the French lender assured it would refund the amount if it
was proven that the SembCorp subsidiary is not liable for the
losses.

The report recounts that BNP asked SembCorp last week to pay
US$50.7 million to settle BNP's share of the debt.  However,
SembCorp claims that it is not liable for the trades, which were
placed through Jurong Shipyard.

"BNP Paribas's statutory demand is baseless and an abuse of the
winding-up process," WSJ quotes SembCorp as stating.

BNP had previously said that if Jurong Shipyard does not pay the
amount immediately, it would file a case in the court seeking to
have the subsidiary wound up.  Reuters, however, notes that BNP
said it would not file the wind-up application against Jurong
Shipyard until the court has heard the case from SembCorp.


Sembcorp therefore asked Singapore's High Court for protection
from BNP on Nov. 23, and the request will be heard on or after
Jan. 14, WSJ says.

WSJ cites analysts as explaining that it is natural for
creditors to ask for payment on the outstanding debt, which
exceeded the company's entire 2006 net profit of
SGD238.4 million (US$165.1 million).  

"BNP should be asking for the money at this point," said an
analyst.  "If SembCorp wants to hold an investigation, it should
pay all of the banks first -- not just Societe Generale."

SembCorp Marine -- http://www.sembcorp.com.sg/-- is a leading  
global marine engineering group specializing in a full spectrum
of integrated solutions, ranging from ship repair, ship
building, ship conversion, rig building to offshore production
and engineering.  As one of the largest marine engineering
leaders in Asia, SembMarine's global network spans 14 yards in
the four strategic hubs of Singapore, China, Brazil and U.S.A.

Singapore-listed SembCorp Industries has a 61% stake in SembCorp
Marine.  SembCorp Industries is in turn 49% owned by Singapore's
state investment firm Temasek Holdings.


SP KATONG: Requires Creditors to File Proofs of Debt by Dec. 26
---------------------------------------------------------------
SP Katong Development Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by December 26, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


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T H A I L A N D
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BANK OF AYUDHYA: Offers New Service for High Net Worth Customers
----------------------------------------------------------------
Bank of Ayudhya PCL has launched a new wealth management service
targeting specifically its 10,000-plus high-net worth customers,
the Bangkok Post reports.

The bank launched its new Exclusive Banking Centre at All
Seasons Place on Wireless Road as a luxury service center for
clients, the report says.

According to the bank's president and chief executive officer,
Tan Kong Khoon, the new service is vital in its mission to
expand its consumer banking business.  Mr. Tan then explained
that the service would offer customers a wide range of products
including bancassurance, local and foreign currency deposits, as
well as alternative investments n bonds, mutual funds and bills
of exchange.

The bank's head of consumer banking, Roy Gunara, added that the
service is aimed at customers investing THB5 million or more.
"As the group is our cream customers, all 10,000 privilege
customers nationwide will be welcome to become members by
invitation from our branch manager or relationship manager.
Invitations won't be made by mail, but in person, to emphasize
the bank's personal touch," Mr. Gunara said.

According to Mr. Gunara, exclusive banking centres and zones
will be expanded nationwide to key branches, and will include
facilities for Internet access, meeting rooms and seminar rooms.  
Customers will then be able to process transactions privately at
the centre without walking walking to branches, and Clients will
receive special fee waivers for bank services, including
preferential rates for foreign exchange services, discounts on
travellers' cheque conversions and benefits from selected
business partners of the bank, he added.

Mr Gunara then said all 10,000 target customers would be given
invitations to the new service by the end of the year, the
report relates.

                     About Bank of Ayudhya

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating.

Fitch Ratings (Thailand) Limited also assigned a National Long-
term rating of 'A+(tha)' to the debentures of Bank of Ayudhya
Public Company Limited (BAY) Tranche 1 due 2010 and Tranche 2
due 2011 of up to THB15 billion each.


DOLE FOOD: S&P Places B Corp. Credit Rating on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed its corporate
credit and other ratings on Dole Food Co. Inc. on CreditWatch
with negative implications, meaning that the ratings could be
lowered or affirmed following the completion of S&P's review.
Total debt outstanding at the company was about US$2.4 billion
as of Oct. 6, 2007.

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2006, Standard & Poor's lowered its ratings on Dole Food
and Dole Holding Co. LLC, including its corporate credit rating,
to 'B' from 'B+'.

"The CreditWatch placement follows third-quarter operating
results and resulting credit measures that did not meet our
prior expectations," said S&P's credit analyst Alison Sullivan.
These expectations included reducing leverage to closer to 8.0
by the end of the third quarter in order to reach 7.0-7.5 by the
end of fiscal 2007.  For the 12 months ended Oct. 6, 2007,
leverage was 8.8.

"While there are no near-term liquidity concerns and performance
has improved modestly over a difficult 2006, credit measures
have not been restored to levels previously expected," said Ms.
Sullivan.  Year-to-date sales grew 12.6% from higher banana
sales, an acquisition, and foreign currency; and adjusted EBITDA
grew close to 6% from lower shipping costs for bananas in North
America and Europe, and lower purchased fruit costs in Europe.

S&P will review Dole's operating and financial plans with
management before resolving the CreditWatch listing.


TMB BANK: Over-all Losses May Reach THB100 Bil. by Year's End
-------------------------------------------------------------
TMB Bank PCL may possibly post an accumulated loss of more than
THB100 billion by year-end from the current THB80 billion,
president Subhak Siwaraksa told the Bangkok Post.

The losses would stem from TMB's decision to set aside
THB25 billion in new provisions against loan losses in the
fourth quarter, Mr. Subhak said.  However, he told the Post that
the bank's overall position would be significantly improved
after it concludes capital increase procedures.

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

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

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

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


TOTAL ACCESS: Plans New Services for High-End Customers in 2008
---------------------------------------------------------------
Total Access Communications PCL plans to launches services
focusing on high-end customers in 2008 as it aims to increase
its market share to 25%, writes Darana Chudasri for the Bangkok
Post.

The new services will offer luxury services such as
international roaming, the Post adds.   

The Post also reports that DTAC brushed off a perceived threat
from a sudden rise in True Move PCL's net subscriber base in the
third quarter of the year, saying that it would result in a
higher financial burden and cash-flow constraints.

True Move had reported a sharp rise of 2.1 million subscribers
in the third quarter, the Post recounts, while DTAC had only
400,000 new users and AIS only 800,000 users in the period.  The
article notes that this translates into a 35% market share and a
total of 12 million subscribers for True Move.

According to Mr. Thana, the increase was merely due to a new
calculation method and acconting changes.  He said that while it
indeed posted a high number of new users, True Move otherwise
posted a decline in revenue while DTAC's revenues grew 3% in the
third quarter.  Mr. True Move also accounts for only 15% in
terms of revenue in the mobile market with its 22% share in
terms of customers, while DTAC accounts for 32% of revenues with
its 31% market share in terms of subscribers.

DTAC's goal was clear, Mr. Thana said, and it is to improve its
bottom line for sustainable growth instead of looking to expand
its subscriber base only.


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

                          *     *     *

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

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

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


  
                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Advance Healthcare Group Ltd      AHG      15.65       -6.78
Austar United Communications
   Limited                        AUN     411.16      -43.72
Emperor Mines Limited             EMP     138.99      -50.63
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      38.40       -6.79
Lafayette Mining Limited          LAF     105.24     -190.86
Renison Consolidated Mines NL     RSN      38.83       -3.94
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07
ViaGOLD Capital Limited           VIA      15.49       -3.11


CHINA AND HONG KONG

Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial  
   Bldg (Group) Co                672      24.47       -2.40
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
  Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial
   Co.Ltd                      600722     496.98      -91.41
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises  
   International Ltd.             121     316.12       -8.92
China Force Oil & Grains
   Industrial Co                 1194      92.02       -7.43
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning International
   Cooperation (Group) Ltd        638      20.46      -41.24
Chongqing Int'l Enterprise  
   Investment Co               000736      19.88      -15.67
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon  
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      14.19       -0.02
Ever Fortune Intl.
   Hldgs. Limited                 875      14.41       -4.03
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Hisense Kelon Electrical  
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group  
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.40       -4.50
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      12.93       -5.39
Lan Bao Technology
   Information Co.,Ltd            631     110.09      -78.89
Loulan Holdings Limited          8039      11.14       -2.21
Mianyang Gao Xin Industrial  
   Dev (Group)                 600139      23.90      -15.65
Orient Power Holdings Ltd.        615     176.86      -64.20
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry  
   Stock Co.,Ltd               600381      55.58      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical  
   & Chem                      000403     218.51       -3.48
Shanghai Worldbest  
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      34.21     -238.76
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -137.55
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92      -53.39
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suncorp Tech Ltd.                1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &  
   Merchant Co, Ltd            600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Ashima Ltd.                     NASHM      96.57      -42.59
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -150.72
Dunlop India Ltd                 DNLP      52.75      -65.30
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      59.44      -0.66
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     316.41     -175.33
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Modi Rubber Ltd                  NMDR      62.67       -9.22
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.20      -75.23
Rollataners Ltd                   RLT      20.68       -3.88
RPG Cables Ltdd                   NRPG      51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Rama Multi Tech Ltd.      NSRMT      79.66       -7.83
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     657.28      -73.89
UB Engineeering                   UBE      47.78       -2.77


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
C4 Technology, Inc               2355      33.71       -1.24
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Tasco System Co., Ltd            2709      48.80      -13.52
Trustex Holdings, Inc.           9374     102.84       -7.81


KOREA

Cosmos PLC Co., Ltd            053170      19.31       -4.95
DaiShin Information &
   Communication Co.            20180     740.50     -158.45
Dong Yang Gang                   1780     108.79       -9.80
E-Rae Electronics Industry
   Co., Ltd                     45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      35.66       -0.66
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.         420      77.37       -4.76
Seji Co., Ltd                   53330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

Boustead Heavy Industries  
   Corp. Bhd                     BHIC      57.34     -152.51
Chin Foh Berhad                  CFOH      53.19      -13.88
FED Furniture                    FFHB      38.27       -5.11
Lityan Holdings Berhad            LIT      18.84      -23.22
Mangium Industries Bhd           MANG      14.24      -12.15
Megan Media Holdings Berhad      MMHB      47.76     -232.89
MP Technology Resources Berhad    MPT      16.89      -16.29
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     181.15     -125.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.76      -85.36
TAP Resources Bhd                 TAP      13.05       -1.33
Techventure Bhd                  TECH      36.31       -6.21
Tenggara Oil Bhd                 TENG      12.87       -0.34
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.               AT      61.14      -16.74
Benguet Corp.                      BC      55.45      -44.94
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49      -64.98
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      18.68      -10.86
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
   Company Inc.                   UNI      14.96      -11.44
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     151.59      -37.48


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.54
Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


TAIWAN

CIS Technology Inc.              2326      33.74      -18.91
Chung Shing Textile              1408     433.43     -100.26
Pacco Tech Co Ltd                5510      16.01       -7.00
Protop Technology Co., Ltd.      2410      55.69      -13.46


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Universal Starch PCL              USC      91.56      -41.24





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

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

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


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

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