TCRAP_Public/071203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, December 3, 2007, Vol. 10, No. 239

                            Headlines

A U S T R A L I A

ABSOLUTE CAPITAL: Placed in Voluntary Administration
BABCOCK & BROWN LTD: To Set Up JPY100BB Fund with Bank of Tokyo
CITIGOLD CORP: Incurs AU$10.05-Million Net Loss for FY2007
CITIGOLD CORP: Capital Raising Oversubscribed
COLES GROUP: Moody's Withdraws Issuer & Short-term Ratings

CRESCENT GOLD: Incurs AU$4.29-Million Net Loss for FY2007
CRESCENT GOLD: Spins Off Copper-Uranium Assets
CYMBIS FINANCE: Fitch Puts 'B' Ratings on Negative Watch
JABIRU METALS: Posts Third Annual Net Loss at AU$14.51 Million
JABIRU METALS: Made First Delivery in Sept. 30 Quarter

MARRICKVILL RSL: Gov't Begins Probe Due to State of Finances
MINERAL DEPOSITS: Third Annual Net Loss Rises at AU$20.82 Mil.
MINERAL DEPOSITS: Files Preliminary Prospectus for TSX Listing
PERSERVERANCE CORP: Ernst and Young Raises Going Concern Doubt
PERSERVERANCE CORP: Calls Meeting of Noteholders on Dec. 17

PERSERVERANCE: Northgate Buys Shares and Debts for AU$$282 Mil.
SANCY FASHIONS: Sets Final Meeting for Dec. 4
SPICER SPORTSWEAR: Members and Creditors to Meet on Dec. 4
THE MOVIE CHANNEL: Members to Receive Wind-Up Report on Dec. 3
TIFFANY FABRICS: Liquidator to Present Wind-Up Report on Dec. 4

TRENNELL PTY: Final Meeting Slated for December 4
TRICOM SYSTEMS: Members to Have Meeting on December 3
WESTERN LODGEL: Placed Under Voluntary Liquidation
WINEGROVE INVESTMENTS: Commences Wind-Up Proceedings


C H I N A   &   H O N G  K O N G

ASIA PREMIUM: Plans to Expand and Change Name to P Phone Inc
CHINA EASTERN AIRLINES: Shares Soar on Air China Merger Reports
CHINA SOUTHERN AIR: Enters into Code Share Deal w/ Malaysia Air
CITY TELECOM: Turns Around w/ HKD28.87-Mln Net Profit for FY2007
DANA CORP: Indiana and Pine Tree Object to Plan Confirmation

DANA CORP: Creditors Group Supports Appaloosa Settlement Pact
DANA CORP: Noteholders Balk at Appaloosa Settlement Agreement
ELEPHANT TALK: Sept. 30 Balance Sheet Upside-Down by US$8.1 Mln.
EMI GROUP: S&P Withdraws B+ Ratings at Company's Request
PETROLEOS DE VENEZUELA: May Finalize Bahama Unit Sale in 10 Days

* China Orders 7 Banks to Reduce Outstanding Loans in 4th Qtr


I N D I A

BALLARPUR INDUSTRIES: Bombay Court Approves Reorg Sheme w/ BILT
TATA STEEL: Signs JV with Rivesdale Mining for Coal Project


I N D O N E S I A

ALCATEL-LUCENT: Deploys Optical Network Solution in Hong Kong
DIRECTED ELECTRONICS: Moody's Cuts Corporate Family Rating to B2
GOLDEN-AGRI: Shareholders Raise SGD400.5MM from Combined Sale
GOLDEN-AGRI: Nine Mos. Ended Sept. 30 Revenue Up 47% to US$1.2BB
GOLDEN-AGRI: Unit Acquires PT Sinar Mas' 56,019,000 Shares

HILTON HOTELS: Closes US$500-Million Unsec. Floating Rate Notes
INDOSAT: Asia Mobile Holdings to Contest KPPU's Ruling
INDOSAT: Signs US$228.5 Contract w/ HSBC to Finance Satellite
MOBILE-8: To Expand into Four Indonesian Provinces
MEDIA NUSANTARA: Moody's Affirms 'B1' Corporate Family Rating


J A P A N

ALL NIPPON: To Integrate Smart Cards with East Japan Railway
MAZDA MOTOR: Posts 7.6% Boost in Global Output for October 2007
NIPPON SHEET: To Sell 50% Stake in NH Techno Glass, Nikkei Says
SANYO ELECTRIC: Unveils 2008-2010 Midterm Business Plan
SANYO ELECTRIC: Ties Up with Aeon to Develop Home Electronics

SANYO ELECTRIC: To Make New Fuel Cell Company with Nippon Oil
* Stable Rating Outlook for Japanese P&C insurers, Moody's Says


K O R E A

EUGENE SCIENCE: Opens New Office in Los Angeles
HYNIX SEMICOMDUCTOR: Deal w/ TSMC Stalled Due to Disagreements
HYNIX SEMICOMDUCTOR: Welcomes WTO Ruling Against Japanese Duties


M A L A Y S I A

ARK RESOURCES: Court Schedules Creditors' Meeting on Dec. 21
CNLT (FAR EAST): Incurs MYR2.3MM Net Loss in Qtr. Ended Sept. 30
EKRAN BERHAD: Incurs MYR40,000 Net Loss in Qtr. Ended Sept. 30
HARVEST COURT: Sept. 30 Balance Sheet Upside-Down by MYR17 Mil.
SOLUTIA INC: Ruling on Sinorgchem's Exclusion Bid Still Pending

SOUTH MALAYSIA INDUSTRIES: RAM Ratings Reaffirms B2 Rating
SUNWAY: Aims to Complete Restructuring by 2008 1st Quarter


N E W  Z E A L A N D

ARMADA COOPERATION: Fixes Dec. 14 as Last Day to File Claims
BETA PROPERTIES: Creditors' Proofs of Debt Due on December 8
DENNY'S INC: Credit Repayment Cues S&P to Revise Rating to BB
EQUITABLE LIFE INSURANCE: Gets S&P's 'BB+/B' Credit Ratings
EQUITABLE MORTGAGES: S&P Assigns 'BB+/B' Issuer Credit Ratings

EVOLUTION HOLDINGS: Court to Hear Wind-Up Petition on Dec. 3
FIVE STAR: Creditors' Proofs of Debt Due on December 6
HOT CHILLI: Taps McCloy and Fatupaito as Liquidators
MACNICOL LOGGING: Court to Hear Wind-Up Petition Today
MERCHANT IT: Requires Creditors to File Proofs of Debt by Feb. 1

PACIFIC EDGE: Offers Share Purchase Plan to NZ Shareholders
ROYALE PASSENGER: M.G. Hollis and J.H. Ross Named Liquidators
SERVICE ONE: Creditors Proofs of Debt Due on Feb. 1
STAR CHALLENGER: Appoints John Francis Managh as Liquidator


P H I L I P P I N E S

ACESITE(PHILS): To Reacquire 1.500 Million Shares in Auction
EIB REALTY: Turns Around with PHP2.5-Mil. Profit for 3rd Quarter
IPVG CORP: To Invest in a 40% Stake in Sabiclub's New Subsidiary
NAT'L POWER: PSALM Plans to Prepay US$180-Mil. Worth of Loans
* Gov't Posts 3rd Quarter Economy Results; Shows 6.6% Growth


S I N G A P O R E

ODYSSEY RE: Board Declares US$0.0625 A Share Quarterly Dividend
REFCO INC: Judge Drain Approves Settlement Agreement with SPhinX
REFCO INC: RCM Distributes US$279.5 Million from SPhinX Proceeds
REFCO INC: RJM Wants Settlement Pact with FXCM Parties Approved
SEA CONTAINERS: Court Approves Payment of Diligence Fees

SEA CONTAINERS: Wants Exclusive Period Extended to February 20


T H A I L A N D

KUANG PEI SAN: Board Authorizes Sale of Kuang Holding Shares
NATURAL PARK: Peerapong Thungkasemwathana Resigns as Director
POWER-P: Shareholders' Meeting Postponed, Moved to December 11
TRUE CORP: Discloses Results of Warrants Exercise

     - - - - - - - -

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

ABSOLUTE CAPITAL: Placed in Voluntary Administration
----------------------------------------------------
Absolute Capital Group has been put into administration after
a sharp decline in revenues in the wake of the U.S. subprime
mortgage crisis, various reports say.

Absolute Capital's board of directors, according to a company-
issued statement, has appointed Tony McGrath and Joseph Hayes,
of McGrathNicol, saying that the appointment relates only to the
Absolute Capital Group corporate entities and not to its core
products such as the Yield Strategies Fund.

In a July 25, 2007 company statement, ACG had to temporarily
close its Yield Strategies Funds to protect investors due to
the current lack of liquidity in global structured credit
markets particularly the collaterized-debt obligation debt
market backed by senior secured loans where the company invests
in.  

The company's decision related to the two funds of the company,
Absolute Capital Yield Strategies Fund and the Absolute Capital
Yield Strategies Fund NZD.

The two funds, which have approximately AU$200 million in
invested funds, have investment exposure to structured credit
assets including CDO, credit opportunity funds and Australian
asset backed securities.

Stuart Washington of The Sydney Morning Herald reports that in
Absolute's latest update in October, the company estimated that
the value of the fund had fallen about 11% in the three months
to September 30, but had paid distributions to investors.

ACG blamed the prolonged illiquidity in global and local credit
markets for the reduction in fees paid to the corporate entity
from a number of its investment products which impacted the
long-term viability of the business.

Mr. McGrath said, "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."

A meeting of creditors will be held on December 3, 2007, where
the creditors will be provided with an update on the financial
position of the group.

SMH notes that it was not clear whether Absolute Capital
managing director, Deon Joubert, was working with the
administrators.  Mr. Joubert, according to the report, has
previously said that the decision to freeze redemptions was
made in an environment in which forced selling of structured
debt products, in which the fund invests, would result in a
poor outcome.

Absolute Capital, explains Reuters, is not related to the
London-listed firm Absolute Capital Management Holdings Ltd.

Absolute Capital Group --
http://www.absolutecapital.com.au/home.htm-- is an Australian-
based specialist structured credit investment manager offering a
range of investment products to institutional and retail
investors.

           Level 30, 25 Bligh Street
           Sydney NSW 2000
           Australia


BABCOCK & BROWN LTD: To Set Up JPY100BB Fund with Bank of Tokyo
---------------------------------------------------------------
Babcock & Brown Pty. Ltd. and Bank of Tokyo-Mitsubishi UFJ,
partnered to make investments in infrastructure projects in
Asia, Thomson Financial News Limited, citing the Nikkei business
daily, reports.

According to the report, both companies will set up a fund to
focus on investment in infrastructure assets and operations
such as roads, harbour facilities and power plant facilities in
Japan, Singapore, Thailand, Malaysia, South Korea, Hong Kong,
China, India among others.

Babcock & Brown, states Thomson Financial, will provide about
JPY30 billion in the fund, while the core unit of Mitsubishi
UFJ Financial Group will invest about JPY10 billion.

Aiming to develop a JPY100 billion fund that will have an
investment period of 10 years, the two firms will also solicit
other investors through brokerages, relates Thomson Financial.

Babcock & Brown Limited is an international investment banking
company that provides underwriting, synidcation, advisory,
investment managment, asset management and investment services.  
The Company's services are provided through its real estate,
infrastructure and project finance, operating leasing,
structured finance and investment/funds management groups.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
Column on November 13, 2007, listed Babcock & Brown Pty. Ltd.'s
bond, with a 8.500% coupon and a December 31, 2049 maturity
date, as trading at 9.50% on the New Zealand dollar.


CITIGOLD CORP: Incurs AU$10.05-Million Net Loss for FY2007
----------------------------------------------------------
Citigold Corporation Limited reported a net loss of
AU$10.05 million for the year ended June 30, 2007, an increase
of 135.92% from the AU$4.26-million net loss reported for the
year ended June 30, 2006.

The company had sales of AU$2.76 million for fiscal year 2007,
and cost of sales amounted to AU$3.21 million, giving the
company a gross loss of AU$0.45 million.

As of June 30, 2007, the company had total assets of
AU$191.28 million, total liabilities of AU$13.71 million, and
accumulated losses of AU$51.77 million.


Milton, Australia-based Citigold Corporation Limited --
http://www.citigold.com/-- is a gold producers engaged in the  
exploration and development of the Charters Towers goldfield.  


CITIGOLD CORP: Capital Raising Oversubscribed
---------------------------------------------
Citigold Corp. Ltd.'s recent shareholder only capital raising
closed with applications 150% above the company's internal
budget, the company said in a corporate disclosure with the
Australian Securities Exchange Ltd.

Share Purchase Plan applications were received from almost 1,800
shareholders and raised a total of AU$7.5 million, well above
the budgeted AU$3.0 million in line with previous plans, the
company said.  Participating shareholders subscribed to a total
of 20,156,946 ordinary shares (including 959,855 bonus shares),
the company added.

The company also disclosed that it has accepted a small private
placement of AU$550,000 at 45 cents per share for a total of
1,222,222 shares.  Furthermore, 119,150 options, previously
issued to shareholders, have been exercised.

In October 2007, Citigold announced to its shareholders that its
regular share purchase plan was being offered to all eligible
shareholders.  The funds raised from the plan will be used to
assist further expansion of gold production at one of its mines.

Milton, Australia-based Citigold Corporation Limited --
http://www.citigold.com/-- is a gold producers engaged in the  
exploration and development of the Charters Towers goldfield.  

The company incurred net losses of AU$10.05 million,
AU$4.26 million, and AU$5.91 million for the years ended
June 30, 2007, 2006 and 2005.


COLES GROUP: Moody's Withdraws Issuer & Short-term Ratings
----------------------------------------------------------
Moody's Investors Service has withdrawn the Baa1 issuer rating
assigned to Coles Group Limited and the P-2 short-term rating
assigned to the wholly-owned finance entity, Coles Group Finance
Limited.

The Baa1 senior unsecured rating assigned to the AU$400mm of
medium-term notes is not affected by this rating action and is
affirmed.  The terms of the MTNs have been amended to ensure
that the group guarantees provided to debt holders at the
Wesfarmers Ltd (rated Baa1) level are substantially the same as
those for debt holders at the Coles level.  These amendments
include common events of default, cross-guarantees and financial
covenants.


Coles Group, based in Melbourne, is one of Australia's largest
retailers.  Approximately 80% of its revenues are obtained from
its core supermarkets division, which encompasses the retailing
of food and groceries, liquor and fuel.  The company also
operates a number of other retail formats, including Kmart and
Target (which retail general merchandise and apparel), and
Officeworks.

Wesfarmers Limited, based in Perth, has a diversified portfolio
of businesses in Australia and New Zealand.  These include
interests in home improvement products and building supplies,
coal mining, gas processing and distribution, industrial and
safety product distribution, chemicals and fertilizers
manufacture and insurance.


CRESCENT GOLD: Incurs AU$4.29-Million Net Loss for FY2007
---------------------------------------------------------
Crescent Gold Ltd. reported a net loss of AU$2,074,000, cutting
by more than half the AU$4,289,000 net loss recorded for the
year ended June 30, 2006, primarily due to the increase in
activities as the company carries out commissioning of its
Laverton Gold Plant using low grade stock piles.

The company had revenue income from interest only of AU$979,000
(2006: AU$452,000).  During the 12 months to June 30, 2007, the
company incurred finance costs of AU$1,213,000, compared to
AU$674,000 for the 12 months to June 30, 2006.

Directors’ fees for the 12 months to June 30, 2007, was
AU$328,000.  The increase in costs is mainly from share-based
payments, which consist of the issue of options to directors.

Exploration expenditure written off for the 12 months to
June 30, 2007, amounted to AU$328,000 (2006: AU$1,361,000).

The company realized a loss on its hedge book on the close out
of the right to sell 100,000 oz at AU$750 resulting in a
Realised Hedge Loss of AU$1,878,000 being recognized in the
profit and loss account.

The company for the first time took up tax losses carried
forward which resulted in a credit to the profit and loss of
AU$6,806,000.

Headquartered  in Perth, Australia, Crescent Gold Limited's --
http://www.crescentgold.com/-- assets comprises mineral  
exploration tenements and agreements concerning 58 tenements and
three tenement applications covering an area of 8,592 square
kilometers within Australia.  The principal metal commodity
exploration emphasis is on gold in Western Australia, gold
copper-uranium in South Australia, and uranium in the Northern
Territory. The Company’s subsidiaries include RAB Projects Pty
Ltd, RAB Mining Ltd, Xinjiang Tianau Joint Venture Company,
Uranium West Holdings Ltd, Laverton Nickel Pty Ltd, RAB Tian
Shan Ltd and RAB Altay Shan Ltd.  The company had total assets
of AU$198.38 million as of June 30, 2007.


CRESCENT GOLD: Spins Off Copper-Uranium Assets
----------------------------------------------
Crescent Gold Ltd. is set to spin off its copper-uranium assets
in South Australia and the Northern Territory into a separately
listed vehicle, The Age reports.

The Age relates that the move would realize unrecognized value
in the assets, which were held in a 100%-owned subsidiary,
Uranium West Pty Ltd.

The report says that under the proposal, Crescent would become a
pure gold play and distribute Uranium West shares to Crescent
shareholders on a pro-rata basis.

Crescent director and acting chairman Roland Hill will be
Uranium West's managing director.  

The report adds that preliminary investigations into the planned
listing of Uranium West will be completed before the end of
2007.

Headquartered  in Perth, Australia, Crescent Gold Limited's --
http://www.crescentgold.com/-- assets comprises mineral  
exploration tenements and agreements concerning 58 tenements and
three tenement applications covering an area of 8,592 square
kilometers within Australia.  The principal metal commodity
exploration emphasis is on gold in Western Australia, gold
copper-uranium in South Australia, and uranium in the Northern
Territory. The Company’s subsidiaries include RAB Projects Pty
Ltd, RAB Mining Ltd, Xinjiang Tianau Joint Venture Company,
Uranium West Holdings Ltd, Laverton Nickel Pty Ltd, RAB Tian
Shan Ltd and RAB Altay Shan Ltd.  The company had total assets
of AU$198.38 million as of June 30, 2007.

The company incurred net losses of AU$2.06 million,
AU$4.29 million, and AU$2.82 million for the years ended
June 30, 2007, 2006 and 2005.


CYMBIS FINANCE: Fitch Puts 'B' Ratings on Negative Watch
--------------------------------------------------------
Fitch Ratings has placed the ratings of Cymbis Finance Australia
Limited on Rating Watch Negative, following this morning's
announcement regarding the appointment of receivers to its
associated NZ finance company, Capital + Merchant Finance
Limited.  The ratings placed on RWN are as follows: Long-term
foreign currency Issuer Default Rating 'B', Short-term foreign
currency IDR 'B', Individual 'D', Support '5' and Support Rating
Floor 'NF'.

Fitch's rating action reflects its concern that CFAL may be
negatively impacted by the failure of C+M.  Although domiciled
in different countries, the owners of CFAL and C+M are linked
and there is a degree of operational interaction between the
companies.  Both businesses operate similar business models in
which retail deposit funds are primarily lent for relatively
high-risk property development purposes.  Liquidity pressures in
New Zealand's finance company sector have resulted in 13 company
failures during the past 18 months, and Fitch notes that an
escalation in CFAL's retail deposit redemptions in Australia
would materially weaken its current business model.

Fitch expects to resolve the RWN once it has determined how the
failure of C+M might impact CFAL and its investors.

CFAL is a privately-owned finance company established in August
2004, domiciled in Queensland, Australia.  It lends primarily
for property development projects in Queensland, which are
typically viewed as a more risky form of lending.  CFAL's
ratings reflect its small size, limited trading history and the
relatively high risk nature of its core lending activities.  The
company reported total assets of AU$121 million as at June 30,
2007.


JABIRU METALS: Posts Third Annual Net Loss at AU$14.51 Million
--------------------------------------------------------------
Jabiru Metals Ltd. reported a net loss of AU$14.51 million for
the year ended June 30, 2007, a 168.21% increase from the
AU$5.41-million net loss recorded for the year ended
June 30, 2006.

The company had recorded a net loss of AU$7.39 million for
fiscal year 2005.  

The company posted other revenues of AU$1.25 million for FY2007.

As of June 30, 2007, the company had total assets of
AU$169.07 million, total liabilities of AU$58.16 million, and
accumulated losses of AU$45.63 million.


Headquartered in West Perth, Australia, Jabiru Metals Limited.
-- http://www.jabirumetals.com.au/-- is engaged in mineral  
exploration and mining of base metals.
  

JABIRU METALS: Made First Delivery in Sept. 30 Quarter
------------------------------------------------------
Jabiru Metals Ltd. achieved production of its first marketable
concentrate early in the quarter ended Sept. 30, 2007, the
company said in its quarterly report for the period ended
Sept. 30, 2007.

On July 31, the first zinc concentrate was delivered into the
Geraldton port under the shared marketing and offtake agreement
with Oxiana Ltd.  The first copper concentrate was delivered on
September 21, the company said.

The company added that by the end of the quarter 5,136 tonnes of
zinc (dmt) concentrate at 45.35% Zn and 1,439 dmt of copper
concentrate at 19.9% Cu and 481g/t Ag was stockpiled in
Geraldton ready for the first ship (scheduled in late October).

                         First Revenue

In line with the Oxiana concentrate agreement the first payments
for concentrate deliveries were received by Jabiru on September
20, the company reported.  The sum of US$2.5 million was
received under the arrangement where 90% of the notional value
of the metal delivered to port with the final 10% due under
normal commercial terms once delivery to the final buyer has
been effected, the company explained.

               Underground Ore Stoping Commenced

Jabiru said that during the quarter the underground mine
completed development of the first four stoping blocks and
production from two of these commenced late in the quarter.  
This was the final outstanding KPI and means that the project
now has two independent sources of high grade ore at Jaguar.

The company further said that to support the increased
production, Jabiru took delivery of its third underground truck,
installed the stope tele-remote production loading system and
commissioned both this and the emergency escape way/primary
ventilation system

The company related that these achievements are significant
because it now means that Jabiru have a steady high grade stream
of ore available for treatment in the concentrator. This will
underpin future concentrate production and therefore revenue
against budget targets.

The company's full quarterly report may be viewed at no charge
at: http://bankrupt.com/misc2/JBLQTRLY.pdf


Headquartered in West Perth, Australia, Jabiru Metals Limited.
-- http://www.jabirumetals.com.au/-- is engaged in mineral  
exploration and mining of base metals.  

The company suffered net losses of AU$14.51 million,
AU$5.41 million, and AU$7.39 million for the years ended
June 30, 2007, 2006 and 2005.


MARRICKVILL RSL: Gov't Begins Probe Due to State of Finances
------------------------------------------------------------
Marrickville RSL Club Ltd., which is on the verge of
bankruptcy, is being investigated by the State Government's
gaming authority due to its finances, Clare Masters of The
Daily Telegraph reports.

The report states that the club's chief executive, Dalley
Robinson, paid himself more than AU$600,000, included a
AU$3.1-million exit clause in his contract, and set up a
AU$900,000 overseas travel fund for board members.

The club, which is set out to close, blames the impending
closure on the government's anti-smoking laws and not fiscal
responsibility by board members, claiming it has an
income drop of AU$800,00, relates Daily Telegraph.

Mr. Robinson, states the Daily Telegraph, said that club
members had voted to cease trading on December 31, sell the
premises and reopen on a smaller site, and added that the club
was "doing the right thing."  

According to Mr. Robinson, they had to start selling off the
poker machine entitlements to keep the club afloat and was able
to shed about AU$3 million worth of poker machine
entitlements -- approximately 168 entitlement at AU$18,000
each.

However, The Daily Telegraph learns that while he was selling
the equipment, Mr. Robinson was taking home a salary of
AU$416,000.

Terry Condon, chief executive of the Club Managers Association,
confirms that the average salary for a club executive is
AU$122,000.

As for the multi-million termination clause in his contract and
the overseas travel, Mr. Robinson defended that they were
"normal procedure."  The AU$90,00 set aside was agreed upon by
the board members to be used for the "professional development
and education of directors" which "may involve overseas
travel."

Clubs New South Wales spokesman Jeremy Bath contests that
Sydney-based Marrickville was the only club in the state to
refuse to sign the industry code of practice and adds that the
establishment was a stark contrast to typical modern "family
friendly" venues.

RSL means Returned & Services League of Australia, as defined by
TheFreeDictionary.  While MSN Encarta briefly defines RSL as an
Australian veterans' organization established in Australia in
1916 to provide help for former members of the armed forces and
their families.


MINERAL DEPOSITS: Third Annual Net Loss Rises at AU$20.82 Mil.
--------------------------------------------------------------
Mineral Deposits Limited reported a AU$20.82-million net loss
for the year ended June 30, 2007, an astounding 1,901.92%
increase against the net loss of AU$1.04 million recorted for
the year ended June 30, 2006.

The company also reported a AU$7.15-million net loss for the
year ended June 30, 2005.

For fiscal year 2007, the company had other income of
AU$5.92 million.  Administration expenses jumped to
AU$23.37 million from AU$7.31 million a year before.

As of June 30, 2007, the company had total assets of
AU$193.12 million, total liabilities of AU$9.77 million and
accumulated losses of AU$52.39 million.


Headquartered in Melbourne, Australia, Mineral Deposits Limited
-- http://www.mineraldeposits.com.au/-- is a producer of  
mineral sands commodities, principally zircon and rutile.  The
company operates mainly in Australia and Senegal, west Africa.


MINERAL DEPOSITS: Files Preliminary Prospectus for TSX Listing
--------------------------------------------------------------
Mineral Deposits Limited has filed a preliminary prospectus in
connection with its initial public offering of ordinary shares
in Canada, the company said in a corporate disclosure.

The syndicate of underwriters for the offering will be co-led by
CIBC World Markets Inc. and BMO Capital Markets.

The terms of the offering are yet to be determined.

The company said that it plans to use the proceeds to further
the recommended programs of its Sabodala Gold Project and Grande
Cote Zircon Project, as well as for general working capital
purposes.

The offering is subject to the approval of the company's
directors and shareholders, along with all regulatory agencies.

The company had earlier announced on May 14 that it was seeking
a listing on the Toronto Stock Exchange and has engaged Cassels
Brock & Blackwell to assist.


Headquartered in Melbourne, Australia, Mineral Deposits Limited
-- http://www.mineraldeposits.com.au/-- is a producer of  
mineral sands commodities, principally zircon and rutile.  The
company operates mainly in Australia and Senegal, west Africa.

The company suffered net losses of AU$20.82 million,
AU$1.04 million, and AU$7.15 million for the years ended
June 30, 2007, 2006 and 2005.


PERSERVERANCE CORP: Ernst and Young Raises Going Concern Doubt
--------------------------------------------------------------
Perseverance Corporation Limited incurred a net loss of
AU$19.74 million for the year ended June 30, 2007, a 66.56%
improvement against the AU$59.03-million net loss recorded for
the year ended June 30, 2006.

The company had total revenues of AU$117.22 million for fiscal
year 2007, 83.30% more than total revenues of AU$63.95 million a
year earlier.  Cost of sales, on the other hand, amounted to
AU$66.57 million, giving the company a gross profit of
AU$50.65 million.

As of June 30, 2007, the company had total assets of
AU$191.00 million, total liabilities of AU$148.10 million and
accumulated losses of AU$134.24 million.  The company's balance
sheet also showed strained liquidity with total current
liabilities of AU$71.72 million exceeding total current assets
of AU$30.29 million.

After reviewing the company's financial statements for FY2007,
Brett Croft at Ernst and Young, the company's independent
auditors, raised an inherent uncertainty regarding the company's
ability to continue as a going concern, citing these reasons:

   * The company and consolidated group current forecasts
     indicate that operating surpluses in the short term may be
     insufficient to fund the activity that is planned including
     investment in mine development;

   * The company and the consolidated group expects to be cash
     flow negative in the 2007/2008 year.  Cash on hand as at
     June 30, 2007, together with the capital raising of
     AU$25.5 million (after costs) completed on August 30, 2007,
     may not be sufficient to fund all planned activities,
     including exploration activity and maintain an adequate
     working capital base; and

   * The company and members of the consolidated group may be
     required to:

        1. restructure existing finance facilities with its
           bankers, the ANZ Banking Group Limited;

        2. increase borrowings;

        3. raise additional equity capital;
        
        4. consider alternate financial instruments; or
        
        5. a combination of the foregoing.

If operational and financial performance does not meet
expectations and the efforts to facilitate a fund raising or a
restructuring of finance facilities are unsuccessful, both the
company and the consolidated group may not be able to continue
as a going concern.


Fosterville, Australia-based Perseverance Corporation Limited --
http://www.perseverance.com.au/-- is a gold mining and  
exploration company.  The company owns and operates gold mines
at Fosterville and Stawell in Victoria, Australia, and has
exploration tenements covering over 7,000 square kilometers
along the Victorian goldfields.


PERSERVERANCE CORP: Calls Meeting of Noteholders on Dec. 17
-----------------------------------------------------------
Perseverance Corporation Limited will be holding a meeting of
noteholders on Dec. 17, 2007, the company said in a corporate
disclosure lodged with the Australian Securities Exchange.

The company has called on the holders of the its AU$37,000,000
6.75% convertible subordinate notes due 2012 to seek their
approval, inter alia, on the:

   a. change of the definition of "maturity date" in condition 2
      of the notes' terms and conditions,

   b. insertion of the definition of "share scheme", and

   c. amendments to condition 11.

Fosterville, Australia-based Perseverance Corporation Limited --
http://www.perseverance.com.au/-- is a gold mining and  
exploration company.  The company owns and operates gold mines
at Fosterville and Stawell in Victoria, Australia, and has
exploration tenements covering over 7,000 square kilometers
along the Victorian goldfields.

The company suffered net losses of AU$20.82 million,
AU$1.04 million, and AU$7.15 million for the years ended
June 30, 2007, 2006, and 2005.

After reviewing the company's financial statements for FY2007,
Brett Croft at Ernst and Young, the company's independent
auditors, raised an inherent uncertainty regarding the company's
ability to continue as a going concern.


PERSERVERANCE: Northgate Buys Shares and Debts for AU$$282 Mil.
---------------------------------------------------------------
Perseverance Corporation Limited and Northgate Minerals
Corporation have signed a Merger Implementation Agreement,
Perserverance said in a corporate disclosure filed with the
Australian Securities Exchange Ltd.

Bloomberg News explains that Northgate Minerals, a Canadian gold
producer, agreed to buy Perseverance for about AU$282 million,
including debt.

Perserverance explains that under the schemes, a wholly owned
subsidiary of Northgate will acquire all of the outstanding
fully paid ordinary shares at AU$0.20 per share in Perseverance
and the company’s options will be canceled.  Bloomberg adds that
Northgate Minerals is also offering AU$0.08 for each option and
AU$100,000 plus accrued interest for each convertible note.

                  Northgate Acquires All Debts

Northgate Minerals has also agreed to acquire all of
Perseverance’s existing bank debt, amounting to AU$33.50
million, Perseverance Corp. relates.  

In addition, Northgate Minerals is set to provide a new bridging
facility of up to AU$25.00 million, and will also acquire the
bank’s exposure of approximately AU$48.00 million to
Perseverance’s gold hedges.

Northgate Minerals with then close out this hedge position.

Under the terms of the debt assumption and loan agreements, all
debt held by Northgate will be in a first secured position and
the interest on bridge financing will be deferred up to the date
of successful conclusion of the Transaction or termination of
the MIA, Performance Corp. explains.


Fosterville, Australia-based Perseverance Corporation Limited --
http://www.perseverance.com.au/-- is a gold mining and  
exploration company.  The company owns and operates gold mines
at Fosterville and Stawell in Victoria, Australia, and has
exploration tenements covering over 7,000 square kilometers
along the Victorian goldfields.

The company suffered net losses of AU$20.82 million,
AU$1.04 million, and AU$7.15 million for the years ended
June 30, 2007, 2006, and 2005.

After reviewing the company's financial statements, Brett Croft
at Ernst and Young, the company's independent auditors, raised
an inherent uncertainty regarding the company's ability to
continue as a going concern.


SANCY FASHIONS: Sets Final Meeting for Dec. 4
---------------------------------------------
The members and creditors of Sancy Fashions Pty Ltd will have
their final meeting on December 4, 2007, at 2:15 p.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

                       About Sancy Fashions

Sancy Fashions Pty Ltd is a distributor of women's, misses' and
juniors' outerwear.  The company is located at Huntingdale,
Victoria, Australia.


SPICER SPORTSWEAR: Members and Creditors to Meet on Dec. 4
----------------------------------------------------------
Spicer Sportswear Consolidated Pty Ltd, which is in liquidation,
will hold a final meeting for its members and creditors on
December 4, 2007, at 2:30 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 Spicer Sportswear

Spicer Sportswear Consolidated Pty Ltd is a distributor of mens
and boys clothing.  The company is located at Brunswick East, in  
Victoria, Australia.


THE MOVIE CHANNEL: Members to Receive Wind-Up Report on Dec. 3
--------------------------------------------------------------
The Movie Channel Pty Ltd, which is in liquidation, will hold a
meeting for its members on December 3, 2007, at 1:30 p.m.

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

The Liquidator can be reached at:

          John Georgakis
          Ernst & Young
          8 Exhibition Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9288 8000

                      About The Movie Channel

Located at South Melbourne, in Victoria, Australia, The Movie
Channel Pty Ltd is an investor relation company.


TIFFANY FABRICS: Liquidator to Present Wind-Up Report on Dec. 4
---------------------------------------------------------------
A final meeting will be held for the members and creditors of  
Tiffany Fabrics Pty Ltd on December 4, 2007, at at 3:45 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 commenced liquidation proceedings on June 29, 2007.

The Liquidator can be reached at:

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

                      About Tiffany Fabrics

Tiffany Fabrics Pty Ltd is a distributor of piece goods and
notions.  The company is located at Hawthorn East, in Victoria,
Australia.


TRENNELL PTY: Final Meeting Slated for December 4
-------------------------------------------------
The members and creditors of Trennell Pty Ltd will meet on
December 4, 2007, at 4:00 p.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 7, 2006.

The company's liquidator is:

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

                        About Trennell Pty

Trennell Pty Ltd is a distributor of  durable goods.  The
company is located at Ormond, in Victoria, Australia.


TRICOM SYSTEMS: Members to Have Meeting on December 3
-----------------------------------------------------
A final meeting will be held for the members of Tricom Systems
Pty Ltd, which is in liquidation, on December 3, 2007, at
2:30 p.m.

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

The Liquidator can be reached at:

          John Georgakis
          Ernst & Young
          8 Exhibition Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9288 8000

                      About Tricom Systems

Tricom Systems Pty Ltd operates offices of holding companies.  
The company is located at Bendigo, in Victoria, Australia.


WESTERN LODGEL: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on October 11, 2007,
the members of Western Lodge Supported Residential Services Pty
Ltd resolved to voluntarily liquidate the company's business.

Christopher Fawcett was appointed as liquidator.

The Liquidator can be reached at:

          Christopher Fawcett
          WHK Armitage Downie
          31 Grey Street
          Traralgon, Victoria 3844
          Australia

                       About Western Lodge

Western Lodge Supported Residential Services Pty Ltd provides
residential care.  The company is located at Footscray, in
Victoria, Australia.


WINEGROVE INVESTMENTS: Commences Wind-Up Proceedings
----------------------------------------------------
During a general meeting held on October 10, 2007, the members
of Winegrove Investments Pty Ltd resolved to voluntarily
liquidate the company's business.

James Patrick Downey was named as liquidator.

The Liquidator can be reached at:

          James Patrick Downey
          J P Downey & Co
          Level 1, 22 William Street
          Melbourne, Victoria 3000
          Australia

                   About Winegrove Investments

Winegrove Investments Pty Ltd is a dealer of new and used cars.   
The company is located at Ferntree Gully, in Victoria,
Australia.


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

ASIA PREMIUM: Plans to Expand and Change Name to P Phone Inc
------------------------------------------------------------
Asia Premium Television Group, Inc. , a China-based marketing
and ad sales company, today announced plans to expand into
China's mobile sector and change its name from Asia Premium
Television Group, Inc. to P Phone, Inc. in order to reflect its
enhanced business strategy.

On November 23, 2007, the company entered into an agreement with
the China Mobile and Communications Association to acquire 100%
of the P Phone Project (the "P" in "P Phone" stands for
personalization and payment), a business venture that is
developing P Phone, a mobile-based solution that will enable
Personal Media and Mobile Payment on cell phones in Mainland
China.

Based in Beijing, CMCA is China's leading association of
Telecoms with strong mobile service development and distribution
capabilities.  Its members include China Mobile, China Telecom,
China Unicom, China Netcom, China Railcom, China Satcom and most
of the leading telecom-related product manufacturers and
distributors in China.

Under the terms of agreement, ATVG will acquire from CMCA 100%
of the rights to the P Phone Project for an aggregate
consideration of US$2.8 million.  The consideration will be
satisfied through the issuance of 700,000 shares of ATVG common
stock, valued at US$4 per share.  (ATVG's stock closed at US$4
on November 21, 2007.)  30% of these 700,000 consideration
shares will be issued to CMCA and 70% of the shares will be
issued to CEC Unet plc, CMCA's strategic partner in the
development of the P Phone.

CEC Unet (AIM: CECU) is a leading Chinese mobile payment company
that provides mobile top-up payment services to Chinese mobile
users.  It is playing a key role in developing and operating the
P Phone mobile solution.  It is also contributing access to its
50,000 retail sales outlets and 7 million mobile consumers in
Mainland China and is fast expanding throughout China.

P Phone technology is expected to play a crucial role in helping
mobile companies such as CEC Unet convert their customers into
loyal community members.  For example, CEC Unet will be able to
convert its 7 million mobile consumer base from occasional top-
up consumers, who only access CEC Unet's (or any other service
provider's) mobile media and e-payment services on average once
every two months, to loyal P Phone users who access their mobile
e-payment and personal media services on a daily basis.  This
will enable the company to build a loyal P Phone portal and user
community for mobile payment and media consumption.

The company's purchase of the P Phone Project includes the
following key terms:

   (1) CMCA will invest up to US$1.8 million into the P Phone
       Project and manage its operations;

   (2) CMCA will undertake on a best efforts basis to reach at
       least 25 million users throughout China within 36 months
       of the signing of the agreement;
   (3) CEC Unet will contribute its 50,000 outlets and 7 million
       consumers for the distribution of the P Phone solution;
       and

   (4) The Company will issue to CMCA 200,000 bonus shares of
       ATVG common stock for every additional 5 million P Phone
       users CMCA attains for the company (beyond the initial 25
       million user target).  The maximum number of bonus shares
       that can be issued is 800,000.

Pending completion of the agreement, CMCA and CEC Unet will both
become significant shareholders of P Phone, Inc. (a.k.a. ATVG).
They will provide operational support to the Company as it
deploys its P Phone solution as the backbone of its integrated
online-offline marketing services to corporations.

               About the P Phone Mobile Solution

P Phone is a mobile solution that, once embedded in mobile
phones, will provide users with: (1) Personal Media and (2)
Mobile Payment.

The Personal Media function will be powered by PIMIE (PIMIE
stands for personal, intelligent, mobile, Internet, explorer),
an innovative mobile phone technology that the Company intends
to acquire in the future.  PIMIE has the ability to
intelligently learn a user's interests and browsing behavior and
then deliver pre-loaded content and search results based on this
behavior.

The Mobile Payment function will be powered by mobile payment
technology, developed and supplied by CMCA's strategic partner,
CEC Unet, as well as others.

The Company plans to launch P Phone in Fiscal 2008 through the
following methods:

   (a) Co-Branding. The Company will co-brand with existing
       mobile phone brands by embedding the P Phone technology
       into their chips.  This distribution method will enable
       the Company to capture market share of new cell phones
       entering into the market.

   (b) SIM Card and Smart Film Distribution.  The Company will
       distribute P Phone by selling P Phone SIM cards and
       P Phone smart film, a specialized data film that is
       applied to the back of a normal mobile SIM card.  The
       Company will sell these P Phone products through existing
       mobile SIM cards and payment networks such CEC Unet's
       network of 50,000 sales outlets.  This distribution
       method will enable P Phone to capture market share from
       cell phones already existing in the market.

Once establishing a P Phone presence in the market, the Company
plans to generate revenue through mobile-marketing, commissions
on bill payments and eventually mobile commerce.

Mr. Li Li, Chairman of Asia Premium Television Group, Inc.
commented on these developments, "We have acquired the P Phone
Project and changed our company name to P Phone, Inc. in order
to best reflect our enhanced business strategy for Fiscal 2008
and beyond.  By expanding our existing brand marketing
operations to include mobile phone-based marketing and commerce
services, we are positioning ourselves for long-term, scalable
growth. At the same time, we are staying true to our original
objectives -- to most effectively connect brands and content
with their target consumers in Mainland China."

P Phone, Inc. will continue to be quoted on the NASDAQ OTC
Bulletin Board under the symbol "ATVG" until further notice.


Beijing-based Asia Premium Television Group was incorporated in
Nevada in 1989 and is operating in China.  The company's ASTV,
together with its subsidiaries, operates as a single segment
business and provides advertising, media and marketing solutions
to product manufacturers, service providers and other clients
located in China.

Asia Premium Television Group, Inc., provides marketing, brand
management, advertising, media planning, public relations and
direct marketing services to clients in the People's Republic of
China.  The Company's primary operating activities are
publishing advertisements as agents for clients; Media
consulting services; and Advertising production.

                       Going Concern Doubt

At Sept. 30, 2006, the company had a working capital deficiency
of US$3,470,665.  The company's management expressed substantial
doubt about the company's ability to continue as a going concern
due to liquidity problems.  However, management believes the
going concern is mitigated because of these factors:

   a) convertible notes payable in the amount of  US$4,000,000
      is included in current liabilities but the note is held by
      a significant shareholder and will be repaid by conversion
      into common stock;

   b) the Company has shown a net profit in each of the two most
      recent fiscal years and expects the trend to continue; and
      the Company has generated positive cash flows in each of
      the two most recent fiscal years and expects the trend to
      continue.


CHINA EASTERN AIRLINES: Shares Soar on Air China Merger Reports
---------------------------------------------------------------
Shares in China Eastern Airlines Corp Ltd (SHA: 600115; HK:
0670; NYSE: CEA) were sharply higher in Shanghai on speculation
that the airline company could be acquired by Air China Ltd
(SHA: 601111; HK: 753), Trading Markets reports.

According to Trading Markets, local media reported that Air
China probably will propose a new plan to merge with China
Eastern ahead of the Air China shareholder meeting scheduled for
Jan. 8, 2008.

At 10:55 a.m. on Nov. 29, China Eastern was up CNY1.32 or 9.05%
at CNY15.90, the report says.  Air China added CNY1.33 or 6% to
reach CNY23.29.

Trading Markets points out that airline stocks have outperformed
the market recently due to the continued appreciation of the
Chinese yuan and retreating oil prices.

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

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

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


CHINA SOUTHERN AIR: Enters into Code Share Deal w/ Malaysia Air
---------------------------------------------------------------
China Southern Airlines has signed a code share agreement with
Malaysia Airlines, eTravel Blackboard reports.

The code share deal, eTravel notes, aims to give the airlines'
customers more choice and to streamline travel to destinations
served by both airlines.

The agreement commenced Nov. 27 and will provide customers of
both airlines with a total of 35 weekly flights between Kuala
Lumpur and Guangzhou, Shanghai and Beijing.  The agreement will
also allow China Southern Airlines' customers flying into Kuala
Lumpur to connect to all domestic points served by Malaysia
Airlines and MASwings, paving the way for Kuala Lumpur to be
seen as the gateway for Chinese travelers into Malaysia.  Both
carriers also plan to add to the agreement, enabling their
frequent flier members to earn and redeem miles when they travel
on each other's services.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of    
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.

The Troubled Company Reporter-Asia Pacific reported in April
2006 that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


CITY TELECOM: Turns Around w/ HKD28.87-Mln Net Profit for FY2007
----------------------------------------------------------------
City Telecom (H.K.)Limited (Nasdaq: CTEL; HKEx: 1137) announced
that it has filed its Annual Report on Form 6-K for the year
ended August 31, 2007, with the United States Securities and
Exchange Commission.

For the fiscal year ended August 31, 2007, City Telecom booked a
net profit of HKD28,865,000, a turnaround from the HKD92,241,000
net loss recorded for the fiscal year ended August31, 2006.

The company posted an operating profit of HKD118,395,000 for
FY2007, against the HKD10,848,000 operating loss it incurred for
FY2006.

City Telecom's consolidated balance sheet as of end-August 2007
showed total current assets of HKD854,293,000 and total current
liabilities of HKD303,992,000.  The company's balance sheet also
reflected total assets of HKD2,161,133,000 and total liabilities
of HKD1,257,251,000, resulting in total equity of
HKD903,882,000.

The company Annual Report for FY2007 is available for free at
its Web site: http://www.ctigroup.com.hk/

In a press release, City Telecom informs its ADR holders that
they may receive a hard copy of the Annual Report on Form 6-K,
which includes the company's audited financial statements, free
of charge upon request.  Written request should be sent to City
Telecom (H.K.) Limited, Investor Relations, Level 39, Tower 1,
Metroplaza, No. 223 Hing Fong Road, Kwai Chung, New Territories,
Hong Kong.

                     About City Telecom

Hong Kong-based City Telecom (H.K.) Limited --
http://www.ctihk.com/-- is engaged in the provision of    
international telecommunications services (IDD) and fixed
telecommunications network services (FTNS) to customers in Hong
Kong and Canada.  The Company operates in two segments:
international telecommunications, which is engaged in the
provision of international long-distance calls services, and
fixed telecommunications network, which is engaged in the
provision of dial up and broadband Internet access services,
local voice-over-Internet protocol services and Internet
protocol television (IP-TV) services. City Telecom (H.K.)
Limited's wholly owned subsidiaries include Attitude Holdings
Limited, Automedia Holdings Limited, City Telecom (B.C.) Inc.,
City Telecom (Canada) Inc., City Telecom Inc., City Telecom
International Limited, Credibility Holdings Limited, CTI
Guangzhou Customer Services Co. Ltd., CTI Marketing Company
Limited, Golden Trinity Holdings Limited, Hong Kong Broadband
Network Limited and IDD 1600 Company Limited.

Moody's Investors Service on Feb. 1. 2007, affirmed its B2
corporate family rating and senior unsecured bond rating for
City Telecom Ltd, and at the same time has revised the company's
rating outlook to positive from stable.

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006 that Fitch Ratings assigned a Long-term
foreign currency Issuer Default rating of 'B+' to Hong Kong-
based City Telecom (HK) Limited.  The Outlook on the rating is
Stable.  At the same time, Fitch assigned an instrument rating
of 'BB-' to the US$125 million senior unsecured notes due 2015
issued by CTI on the expectation of good recovery prospects
given default as denoted by the agency's recovery rating of
'RR3'.


DANA CORP: Indiana and Pine Tree Object to Plan Confirmation
------------------------------------------------------------
As of November 27, 2007, two parties have filed objections to
confirmation of Dana Corp. and its debtor-affiliates' Third
Amended Joint Plan of Reorganization.  Objections are due
November 28.  The Debtors will submit the Plan for confirmation
on Dec. 10, 2007.

(a) Indiana Environment Department

The Indiana Department of Environmental Management objects to
all portions of the Plan as might be construed to limit or
prohibit its exercise of police or regulatory powers, if and as
necessary, to compel Dana Corp. to address ongoing environmental
violations existing at sites located in the State as a result of
the company's prior operations at those sites.

The Department has filed a US$14,000,000 claim against the
Debtors based on the Sites and, to the extent quantifiable, the
estimated cleanup costs at each site.   

Elizabeth A. Whelan, Esq., the state's Deputy Attorney General,
relates that the Debtors and the Department have been exchanging
cleanup information in a good faith attempt to resolve
potentially disputed claims.

The goal of the settlement discussions is to reach an agreed-
upon dollar value of the Department's claims, thus allowing
payment pursuant to the terms of the Plan, Ms. Whelan says.

(b) Pine Tree ISD, et al.

Pine Tree Independent School District, Longview Independent
School District, Hallsville Independent School District, and the
county of Harrison, each have claims against the Debtors, which
are included in the class of claims described as Class 2A Claims
under the Third Amended Joint Plan of Reorganization.

Michael Reed, Esq., at McCreary, Veselka, Bragg & Allen, P.C.,
in Round Rock, Texas, relates that the secured claims arise from
property taxes for the tax years 2005-2007 due on the Debtors'
real and business personal property located in Texas.

According to the laws of the state of Texas, the tax liens
securing property taxes are superior claims over any other claim
or lien against the property.  

Mr. Reed points out that the Plan provisions dealing with the
secured claims fail to provide fair and equitable treatment to
the Creditors' secured claims as required by Section 1129(b)(1)
and (2)(A) of the Bankruptcy Code, in that their secured claims
are entitled to express retention of all property tax liens,
including those for postpetition taxes, until all taxes,
penalties and interest protected by those liens have been paid.

Mr. Reed also points out that the Plan fails to provide for
interim interest as required by Section 506(b), at the statutory
rate provided in Section 511, being 1% per month as required by
the Texas Property Tax Code.  The interest must be paid in cash
in full as a component part of the Creditors' Tax Claims,
calculated through the Effective Date of the plan and to be
paid on the Effective Date, he contends.

To the extent the Tax Claims not be paid for any reason, on the
Effective Date, Mr. Reed asserts that post-Effective Date
interest at the same statutory rate of 1% per month must be
provided for the Claims.

To the extent that prepetition penalty has attached to any of
the Tax Claims, that prepetition penalty is entitled to be
considered a part of the Claims and must be paid in cash, in
full on the Effective Date, he further asserts.

Furthermore, to the extent any claims for administrative expense
are not timely paid as provided in the Plan, the Tax Claims will
be entitled to interest and penalty to be paid in full in cash
on the ultimate resolution and payment of these claims as
provided in Section 503.

Pine Tree, et al., also object to the bar date for objections to
claims being 150 days after the Effective Date.

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 63; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).   


DANA CORP: Creditors Group Supports Appaloosa Settlement Pact
-------------------------------------------------------------
The Official Committee of Unsecured Creditors supports Dana
Corp. and its debtor-affiliates' settlement with Appaloosa
Management, L.P.

As reported in the Troubled Company Reporter on Nov. 28, 2007,
the Debtors asked the Court to approve a settlement that
resolves their disputes with Appaloosa, which had lost a bid to
provide equity exit financing to the company.  Under the
settlement, Dana agreed to reimburse up to US$2,000,000 for out-
of-pocket expenses Appaloosa Management incurred in the Chapter
11 cases, in exchange for its support to Dana's Joint Plan of
Reorganization.

The Creditors Committee was party to the Settlement and was
involved in the negotiation of its terms.  It believes that the
provisions of the Settlement are fair, reasonable, and
appropriate under the circumstances.

Among other things, the Settlement will resolve potential
obstacles to confirmation of the Debtors' plan of reorganization
and permit Appaloosa to acquire unsecured claims prior to the
Trade Claims Record Date, the Creditors Committee says.

Moreover, while the Creditors Committee has agreed to support
US$2,000,000 in reasonable fees and expenses incurred by
Appaloosa in the Debtors' bankruptcy cases, the panel says
Appaloosa must still file an application that will be subject to
Court review and approval pursuant to Section 503(b) of the
Bankruptcy Code.

                           About Dana

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

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

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

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

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

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


DANA CORP: Noteholders Balk at Appaloosa Settlement Agreement
-------------------------------------------------------------
The Ad Hoc Committee of Dana Noteholders tells the U.S.
Bankruptcy Court for the Southern District of New York that,
initially, Dana Corp. and its debtor-affiliates have brought the
Appaloosa settlement to the panel but it was summarily rejected
because the panel saw that the settlement was nothing more than
a gift in exchange for the removal of a hollow threat, which in
this case, is Appaloosa's appeal.

The Ad Hoc Committee, whose membership currently consists of
holders of approximately US$1,400,000,000 of Dana Corp.'s
unsecured bonds, believes that it is inappropriate at this point
for the Creditors Committee to support an application by
Appaloosa under Section 503(b) for reimbursement of its
expenses, particularly when the contents of those fee
applications are unknown.

The Ad Hoc Committee contends that those fee applications cannot
be supported on the bases of Appaloosa having made a
"substantial contribution" to the Debtors' bankruptcy cases.

Furthermore, the Ad Hoc Committee points out that the Debtors
and the Creditors Committee, who is not a party to the Plan
Support Agreement, cannot unilaterally waive Appaloosa's breach
of the Plan Support Agreement to permit it to participate in the
Series B preferred offering because the terms of the Plan
Support Agreement require the consent of all its parties.

As reported in the Troubled Company Reporter on Nov. 28, 2007,
the Debtors asked the Court to approve a settlement that
resolves their disputes with Appaloosa, which had lost a bid to
provide equity exit financing to the company.  Under the
settlement, Dana agreed to reimburse up to $2,000,000 for out-
of-pocket expenses Appaloosa Management incurred in the Chapter
11 cases, in exchange for its support to Dana's Joint Plan of
Reorganization.

                           About Dana

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

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

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

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

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

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


ELEPHANT TALK: Sept. 30 Balance Sheet Upside-Down by US$8.1 Mln.
----------------------------------------------------------------
Elephant Talk Communications Inc.'s consolidated balance sheet
at Sept. 30, 2007, showed US$23.6 million in total assets,
US$31.4 million in total liabilities, and US$271,549 in minority
interest, resulting in an US$8.1 million total shareholders'
deficit.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$9.3 million in total current
assets available to pay US$28.7 million in total current
liabilities.

The company reported a net loss of US$1.0 million on revenues of
US$11.6 million for the third quarter ended Sept. 30, 2007,
compared with a net loss of $3.1 million on revenues of
US$29,521 in the same period last year.

Revenues for the three months ended Sept. 30, 2007, were derived   
primarily from the premium rate services provided by the
company's subsidiary Elephant Talk Communication Holding AG to
its customers.

Cost of revenues was US$11.6 million for the three months ended
Sept. 30, 2007, compared to US$26,956 for the same period in
2006.  Cost of revenues includes depreciation & amortization
directly attributable to revenue.

Gross margins for the three months ended Sept. 30, 2007, was a
loss of US$27,846 as compared to a profit of US$2,565 for the
same period in 2006.

Selling, general and administrative expenses were US$704,010 for
the three months ended Sept. 30, 2007, compared to US$1.7
million for the same period in 2006.

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?25dd

                      Going Concern Doubt

As reported in the Troubled Company Reporter on May 2, 2007,
Kabani & Company Inc. expressed substantial doubt about Elephant
Talk Communications Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended Dec. 31, 2006.  The auditing firm pointed to the
company's loss of US$4,829,665, working capital deficit of
US$3,181,589, accumulated deficit of US$16,962,100, and cash
used in operations of US$1,330,061.

                      About Elephant Talk

Based in Orange, California, Elephant Talk Communications Inc.
(OTC BB: ETLK) -- http://www.elephanttalk.com/-- until recently  
was engaged in the long distance telephone business in China and
the Special Administrative Region Hong Kong.  The company
currently operates a switch-based telecom network with national
licenses and direct fixed line interconnects with the
Incumbents/National Telecom Operators in eight (8) European
countries, one (1) in the Middle East (Bahrain), licenses in
Hong Kong and the U.S.A. and partnerships with telecom operators
in Scandinavia, Poland, Germany and Hong Kong.


EMI GROUP: S&P Withdraws B+ Ratings at Company's Request
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+' long-
term and 'B' short-term corporate credit ratings on U.K.-based
music group EMI Group PLC, at the company's request.  The
ratings were on CreditWatch with negative implications at the
time of the withdrawal.

All of EMI's public debt has been repaid.  Debt ratings on EMI
Group PLC and related entities were withdrawn following EMI's
acquisition by Maltby Ltd.


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.


PETROLEOS DE VENEZUELA: May Finalize Bahama Unit Sale in 10 Days
----------------------------------------------------------------
The sale of Venezuelan state-run oil firm Petroleos de Venezuela
SA unit Bahamas Oil Refining Co. aka BORCO in Grand Bahama could
be finalized in 10 days, Courtnee Romer at The Bahama Journal
reports, citing a BORCO official.

The official confirmed to The Journal that BORCO has been sold
but didn't disclose the new owners of the unit.

The Journal relates that Morgan Stanley was reportedly the
leading bidder for the oil storage and bunkering terminal from
Petroleos de Venezuela.  Bidders also included:

         -- Nu Star Energy,
         -- Glencore,
         -- Vitol,
         -- PetroChina, and
         -- Petrobas.

Meanwhile, sources told Reuters that BORCO could still be bought
as early as this weekend by private equity fund First Reserve
Corp.

Reuters explains that First Reserve wasn't included in the
initial list of bidders for BORCO.

First Reserve could pay up to US$700 million for BORCO, Nassau's
morning news daily Tribune says, citing the sources.

Reuters notes that First Reserve wouldn't resume BORCO's oil
refining capabilities, "which were mothballed in the mid-1980s"
after Petroleos de Venezuela took over the firm.  Purchasers
wanted to exploit the 208 acres of BORCO's 500-acre site that
have never been developed.

The official told The Journal that BORCO's 164 workers shouldn't
be affected by the sale.  BORCO is a profitable entity and the
sale was not due to "slow business."

According to published reports in September 2007, Petroleos de
Venezuela had postponed the sale of BORCO "after Venezuelan
officials had indicated that no sale was planned and that the
supposed offer had been an exercise to determine BORCO's worth."

Petroleos de Venezuela would get more than the previous US$700-
million estimate for BORCO due to the "potential for future
expansions and the existing condition of the facility."

The buyers were committing to invest up to US$700 million in
BORCO's expansion, Reuters states, citing the sources.

                      About Morgan Stanley

Headquartered in New York, USA, Morgan Stanley is a global
financial services firm that, through its subsidiaries and
affiliates, provides its products and services to customers,
including corporations, governments, financial institutions and
individuals.  It operates in four business segments:
Institutional Securities, Global Wealth Management Group, Asset
Management and Discover.

                      About First Reserve

First Reserve Corporation is a private equity firm that invests
in mid-market energy companies, and currently manages about
US$12.5 billion in four funds.  Its typical investment ranges
from US$50 million to US$500 million.  Included in the firm's
portfolio are Dresser, Quintana Maritime, and T-3 Energy
Services.  First Reserve fund investors are primarily
corporations, endowments, foundations, and public retirement
funds.  In 2004 First Reserve acquired Dresser-Rand Group, which
it took public in 2005.  Later that year, it acquired engineered
products maker Chart Industries.

                           About BORCO

Bahamas Oil Refining Company International Limited aka BORCO was
purchased by Petroleos de Venezuela in 1990 and runs a terminal
with 20 million barrels crude oil and products.  It had shut
down its refining operations in mid-1985 in response to the oil
glut on the world market.  BORCO continued its oil transshipment
operations, however, importing large quantities of oil from the
Middle East and Africa for transshipment and for domestic use.
In the Bahamas, oil exploration by several international
companies began in the early 1980s; marine geologists believed
vast deposits of oil and natural gas might be found.

                   About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  As
reported on March 28, 2007, Standard & Poor's Ratings Services
assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.



* China Orders 7 Banks to Reduce Outstanding Loans in 4th Qtr
-------------------------------------------------------------
The Chinese government has issued a circular requiring seven
banks to reduce the total level of their outstanding loans
within the fourth quarter, Thomson Financial News reports,
citing the official Shanghai Securities News.

The report identifies the seven banks as:

   1. China Development Bank,
   2. Agricultural Development Bank of China,
   3. Export-Import Bank of China,
   4. Agricultural Bank of China,
   5. China Everbright Bank,
   6. Guangdong Development Bank, and
   7. Shenzhen Development Bank.

Thomson Financial says that in addition, the government has
required most joint-stock commercial banks to hold their
outstanding loan levels within a specified limit through the end
of the current quarter.


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

BALLARPUR INDUSTRIES: Bombay Court Approves Reorg Sheme w/ BILT
---------------------------------------------------------------
The High Court of Bombay, Nagpur Branch, approved on Nov. 30,
2007, the Scheme of Arrangement and Reorganization between
Ballarpur Industries Ltd and BILT Graphic Paper Products Ltd.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Ballarpur's shareholders and creditors gave their nods
to the Scheme on Oct. 19, 2007.  As part of the scheme, it would
be mandatory for the investors to sell 40% of their holdings
back to the company at a price of INR125 per share.

Pursuant to the restructuring, Moneycontrol.com relates, BILT is
transferring its three units to its subsidiary BPH for a cash
consideration of INR19.5 billion.  It will utilize
INR9.4 billion for the compulsory buy-back of shares and
INR10.1 billion for repaying debt.  Before the buy-back, share
capital of BILT will be split into '5' shares of face value of
INR2 each from the current face value of INR10.  BPH
(Netherland) is an 80% owned subsidiary of BILT, while 20% is
held by JP Morgan.

BPH already holds Sabah Forest Industries.  BILT is transferring
three units under BPH, which in turn will raise funds in the
form of debt & private equity to pay BILT for its plants.  This
is expected to reduce the JP Morgan's stake from 20% to 4% and
BILT's stake to 77%.  The balance 19% stake will be held by the
private equity.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of Dec. 2, 2007, the company
still carry those ratings.


TATA STEEL: Signs JV with Rivesdale Mining for Coal Project
-----------------------------------------------------------
Riversdale Mining Limited and Tata Steel Limited have signed an
agreement to establish a special purpose joint venture vehicle
to develop a hard coking and thermal coal project at key coal
exploration tenements held by Riversdale in Mozambique.

Under the terms of the agreement, Tata will pay AU$100 million
(approximately US$88.2 million) to acquire a 35% Project
Interest.  For this consideration, Tata secures a key position
in the JV formed to develop the Mozambique Coal Project, as well
as a 40% share of the off-take for coking coal.

Tata will also have the option to participate above this level
of tonnage, and may participate with Riversdale in future
opportunities on Riversdale's surrounding tenements.

The JV comprises two licences (the Benga and Tete licenses) and
covers an area of 24,960 hectares (approximately 96.7 square
miles).  Riversdale Mining holds a total acreage of over 290,000
hectares (1,120 square miles) in Mozambique.

Riversdale Mining had recently announced a major coal resource
in the Benga Licence. Based on the drilling results undertaken
by Riversdale, the total Resource is estimated at 1.225 billion
tonnes categorized as Inferred Resources and is in accordance
with the JORC Code 2004.  Of this, a total of 720 million tonnes
is considered to have the potential to be extracted by open-cut
methods.

The coking coal derived from this project will be supplied to
the Tata Steel Group's facilities in Europe, Asia and elsewhere.

At the signing ceremony in Sydney on Nov. 30, 2007, Riversdale
Chairman and CEO Mr. Michael O'Keeffe said that the formation of
the Joint Venture with the global steel major Tata Steel would
ensure the coal project in Mozambique was well positioned to
exploit the full potential of the Moatize region.  The value of
Tata's on-the-ground experience should not be under-estimated
for a project of this scale.  This was a major consideration for
Riversdale, and we look forward to working with Tata as the
project advances.

"The JV with Tata Steel represents the best possible outcome for
these tenements in Mozambique.  The global steel business of
Tata has an increasing need to source coal, and the Mozambique
Coal Project is well positioned to help meet their future
demands for hard coking coal."  Riversdale recently announced a
capital raising that will see up to AU$235 million
(approximately US$206.988 million) of additional funds available
to develop the company's projects in Mozambique.  "We are in an
extremely strong position to develop into a regional force in
the coal markets.  Riversdale now has an extensive portfolio of
tenements in Mozambique of over 290,000 hectares (1,120 square
miles), an initial JORC Code compliant inferred resource of over
1.2 billion tonnes of coal, a strategic partner in Tata Steel,
and over AU$300 million (approximately US$264.24 million) of
funding to advance its interests in the region," Mr. O'Keeffe
said.

"Riversdale has a dominant land holding in a coal region of
increasing global significance, a supportive government and
strategic joint venture partner of similar standing in Tata
Steel.  Our overall position and timing could not be better,"
Mr. O'Keeffe said.

Mozambique is fast-becoming a region of global significance for
the coal sector.  In addition to Riversdale and Tata Steel's
involvement, one of the world's largest mining groups, Companhia
Vale do Rio Doce has also invested significantly in plans to
advance a massive coal project next to Riversdale's tenements in
Moatize.

The Managing Director of Tata Steel Limited, Mr. B Muthuraman
said: "Tata Steel is very pleased to have signed this agreement.
Tata Steel has vast experience of coal mining spanning over
several decades and will be contributing technical expertise to
the Joint Venture".  Mr. Muthuraman further stated that this
investment is a significant step in Tata Steel's initiatives for
raw material security.  It gives Tata Steel an opportunity to
participate in the development of the region as a coal resource
for its global operations.  This will enhance Tata Steel's long
term competitiveness.  Mr. Muthuraman further added that it is
Tata philosophy to participate and be a part of a country's
development process and Tata Steel through its well known and
well acknowledged social initiatives will make a positive impact
on improving the quality of life of the people of Mozambique.

                    About Riversdale Mining

Riversdale Mining Limited, incorporated in 1986, is engaged in
mining activities and is listed on the Australian Stock
Exchange.  The company owns a 74% share of two anthracite
projects in South Africa.  In October 2006, the company acquired
Africoal Mozambique Limitada through its 100% subsidiary
Riversdale Energy (Mauritius) Limited, and thereby the ownership
of large coal tenements in Mozambique in the Zambezi basin.  The
company recently acquired coal tenements from Aquila Resources
Limited, located in the Tete province, contiguous with tenements
already held in Mozambique by Riversdale.  The acquisition
positions Riversdale as the largest tenement holder in Tete-
Moatize, with an extensive area capable of supporting long life
operations in this emerging and highly prospective region.

                        About Tata Steel

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

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

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

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


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

ALCATEL-LUCENT: Deploys Optical Network Solution in Hong Kong
-------------------------------------------------------------
Alcatel-Lucent and Hong Kong Broadband Network Limited, a wholly
owned subsidiary of City Telecom (HK) Limited have deployed the
first Gigabit Passive Optical Network in Hong Kong.  The
collaboration contract also includes network maintenance.
Alcatel-Lucent's Fiber-to-the-Home solution will enable the
broadband company to deliver advanced triple play services to
its subscribers and enlarge its FTTH network coverage in Hong
Kong.  The new network is expected to be in service in January
2008.

The demand for advanced multimedia and data services in Hong
Kong is expected to increase substantially in the coming years,
driven by services such as high definition TV (HDTV) and
enhanced multimedia applications.  According to the FTTH
Councils of Asia-Pacific, Europe and North America, Hong Kong is
the world leader in percentage of homes wired with broadband
communications over direct fiber optic connections, followed by
South Korea and Japan.  Hong Kong Broadband Network Ltd., the
first provider in Hong Kong to launch fiber-to-the-home 100Mbps
and 1Gbps services in 2005, plans to increase its coverage from
1.4 million to 2 million home passed within three years.

"After an intensive trial of Alcatel-Lucent's GPON solution, we
are pleased with the maturity and performance of the
technology," said Hong Kong Broadband Network Ltd. Chief
Executive Officer, Paul Cheung.  "By leveraging Alcatel-Lucent's
market- leading expertise in FTTH, we will continue to deploy
new and advanced service offerings, providing seamless and
premium connectivity services catering to our customers'
requirements."

"We are proud to partner with HKBN delivering the first GPON
network in Hong Kong," said President of Alcatel-Lucent's
activities for North East Asia, Sean Dolan.  "We are committed
to the local market, providing our best of breed solutions and
global expertise, helping Hong Kong to maintain its technology
leadership -- in this case advance broadband deployment."

Under the terms of the agreement, Alcatel-Lucent will deploy the
7342 Intelligent Services Access Manager Fiber-to-the-Home
solution.  The system is designed specifically for packet-based
voice convergence and triple play services and delivers maximum
bandwidth and QoS over a fiber access network.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris
and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides
solutions that enable service providers, enterprises and
governments worldwide to deliver voice, data and video
communication services to end users.  Alcatel-Lucent maintains
operations in 130 countries, including, Austria, Germany,
Hungary, Italy, Netherlands, Ireland, Canada, United States,
Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru,
Venezuela, Indonesia, China, Australia, Brunei and Cambodia.  On
Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service has downgraded to Ba3
from Ba2 the Corporate Family Rating of Alcatel-Lucent.  The
ratings for senior debt of the group were equally lowered to Ba3
from Ba2 and the trust preferred notes of Lucent Technologies
Capital Trust I have been downgraded to B2 from B1.  At the same
time, Moody's affirmed its Not-Prime rating for short term debt
of Alcatel-Lucent.  Moody's outlook for the ratings is stable.


DIRECTED ELECTRONICS: Moody's Cuts Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service downgraded Directed Electronics'
corporate family rating to B2 from B1 and the probability of
default rating to B3 from B2 following continued softness in the
company's operating performance.  At the same time, the ratings
on the senior secured credit facility (term loan and revolver)
were also downgraded to B2 from B1 and the ratings were placed
under review for further possible downgrade.  LGD assessments
are also subject to change.

"The downgrade reflects the softness in Directed's operating
performance, highlighted by a 42% decrease in satellite radio
product sales, and the failure to delever following the Polk
Audio acquisition in September 2006" said Kevin Cassidy, Vice
President/Senior Credit Officer at Moody's Investors Service.    
"The downgrade also reflects a general deterioration in credit
metrics since the Polk acquisition, which Moody's believes will
not materially recover in the near term, with adjusted leverage
for the twelve months ended September 2007 increasing by more
than a turn to over 5x and interest coverage falling a half-turn
to below 2x" said Cassidy.

"The review for possible downgrade will focus on the company's
ability to comply with or amend its financial covenants and
demonstrate improvement in its business during the critical
holiday shopping season and, if improved, Moody's view of the
sustainability of the improvement, given the continued softness
in consumer spending for discretionary items" said Cassidy.  The
review will also focus on the uncertainty surrounding the SIRIUS
satellite radio and XM Radio merger, including yesterday's
announcement that Directed's contract with SIRIUS was extended
through August 2008.

These ratings were downgraded:
  -- Corporate family rating to B2 from B1;
  -- Probability of default rating to B3 from B2;
  -- $306 million senior secured term loan, due 2011, to B2
     (LGD 3, 34%) from B1 (LGD 3, 32%);
  -- US$100 million senior secured revolver, due 2010, to B2
     (LGD 3, 34%) from B1 (LGD 3, 32%)

                   About Directed Electronics

Directed Electronics, Inc. (Nasdaq: DEIX) --
http://www.directed.com/-- is the largest designer and marketer    
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radioproducts.  As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers.  Directed's mobile audio
products include speakers, subwoofers, and amplifiers.  Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names.  Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base.  The company has Asian Sales offices, including
in Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.


GOLDEN-AGRI: Shareholders Raise SGD400.5MM from Combined Sale
-------------------------------------------------------------
Golden Agri-Resources Ltd.'s two shareholders raised a combined
SGD400.5 million (US$277 million) from the sale of company
shares, FinanceAsia reports.

The report relates that Singapore's independent brokerage and
investment group CLSA arranged the placement, which attracted
good interest due to a strong demand for crude palm oil and
rising CPO prices, ended about 1.6 times covered.  The demand
allowed upsize option of 45 million shares to be exercised, the
report says.  However, the report relates, one of the vendors
had wanted a minimum price of at least USS$1.80 per share, and
decided not to sell any additional paper, it resulted  to a
final size  equal to the base size of 225 million shares.

The shares were offered in a range between SGD1.76 and SGD1.85,
priced at SGD1.78 as the positive sentiment surrounding the
sector was up against a growing reluctance among many investors
to increase their exposure in the current volatile markets, the
FinanceAsia points out.  Furthermore, the latter was reflected
by the fact that the indicative price range represented a wide
discount range of 6.1% to 10.7%, the report notes.  

The final price, FinanceAsia adds, translated into a 9.6%
discount versus Nov. 29's close of SGD1.97.

                   About Golden Agri-Resources

Golden Agri-Resources Ltd, headquartered in Jakarta, is the
largest privately-owned oil palm plantation company in
Indonesia.  Listed on the Singapore Stock Exchange in 1999, it
operates in Indonesia and China and is 48% owned by the Widjaja
family.

The Troubled Company Reporter - Asia Pacific reported on
Jul. 25, 2007, that Moody's Investors Service has affirmed
Golden Agri-Resources Ltd's Ba3 corporate family rating.  At the
same time, Moody's has assigned Aa3.id national scale corporate
family rating to GAR.   The ratings outlook is stable.


GOLDEN-AGRI: Nine Mos. Ended Sept. 30 Revenue Up 47% to US$1.2BB
----------------------------------------------------------------
Golden Agri-Resources Ltd. disclosed results for the third
quarter and nine months ended 30 September 2007.

                  Group Financial Performance

The Group delivered strong revenue growth of 47% to reach
US$1.2 billion for the nine months ended 30 Sep 2007, in line
with the upward price trend of crude palm oil  and related
products.  Revenue for the three months ended 30 September 2007
was up an impressive 83% year-on-year to US$534 million.

Gross profit increased 101% for the nine months as selling
prices increased much higher than cost.  EBITDA doubled from
US$171 million in the previous period to US$364 million.  In
particular, compared to the same quarter in 2006, EBITDA for the
three months ended 30 September 2007 improved by a significant
181% to US$153 million.

Net profit attributable to shareholders rose 36% to US$591
million for the nine months, in line with the increase in
EBITDA. Earnings per share was USD 13 cents for the period.

Mr Franky Widjaja, Chairman and CEO for Golden Agri-Resources
Ltd, said "We are very pleased with the results.  The strong
performance is the result of our strategy to invest in
management expertise, advanced technology, and R&D.  Our
vertically integrated operations, combined with the age profile
of our trees, favorably positions GAR to capture the upside in
CPO prices."

                     Operational Performance

Revenue from the Indonesia Agri-business, which makes up 75% of
Group revenue, improved 57% to US$910 million.  The average
international CPO (CIF Rotterdam) price during the period was
US$727 per ton, about 60% higher as compared to the average of
US$454 per ton for the prior period.  As at 12
November 2007, the CPO price (CIF Rotterdam) has reached US$950
per ton.

The Group also enjoyed a recovery in CPO production yield, after
the El Nino weather effect impacted CPO production during the
first half.  Palm products production increased about 9% between
the second and third quarter of 2007.

This coincided with the recent surge in CPO price. With the
recovery in production, the Group expects to achieve its normal
fourth quarter production volume which is usually the highest
for the year.

The China Agri-business, which makes up the remaining 25% of
Group revenue, saw a revenue increase of 24% for the nine
months, to US$306 million, primarily due to improved revenue
from higher selling price for refined edible oil products.

                        Financial position

The Group continued to exhibit continuous growth in total assets
with a low gearing ratio.  Total assets increased 40% or
US$1.2 billion from end 2006 to US$4.2 billion as at 30
September 2007.  This was due in part to a US$734 million
increase in plantation assets and US$130 million increase in
inventory over the period.  Total shareholders' fund was US$2.7
billion as at 30 September 2007, representing a 60% growth from
end 2006.  Rising free cash flows from plantations operations
and controlled capital expenditure resulted in falling net debt.
The net debt-to-equity ratio as at 30 September 2007 was 0.09
times compared to 0.20 times as at end 2006 Growth Achievements
and Developments.

As of September 2007, the Group's total planted area was 352,000
hectares, of which 83% was mature estates.  The Group originally
targeted an additional planted area of 40,000 hectares for
financial year 2007 but has exceeded this target as of September
2007, achieving an additional planted area of 45,000 hectares.

Other downstream developments during the nine-month period
include:

   -- A new specialty fat factory was completed in Ningbo, China
      with capacity of 44,000 tonnes per year.

   -- In April 2007, the Surabaya and Medan refineries
      successfully converted their energy source from diesel to
      coal.

   -- Additional specialty fat and CPO refinery facilities are
      under construction in Indonesia.

Between July to November 2007, GAR through PT Purimas Sasmita
increased its ownership in PT SMART Tbk from 83.9% to 92.7% at a
total cost of US$124 million.  The acquisition will give
immediate earnings benefit in the light of favourable palm oil
industry and SMART's well established business supported by its
approximately 123,400 hectares of planted area.

                          Conclusion

Mr Widjaja said, "We believe that current high price of palm oil
will be sustainable, driven by strong demand from both food and
energy consumption.

Palm oil price is highly correlated to crude oil price. As a key
player in the market, Golden Agri-Resources is well positioned
to benefit from this increase in price and demand.

"In Indonesia, we are committed to increase production through
plantation expansion and higher operational efficiency by
improving plantation management techniques, transportation
infrastructure and construction of additional CPO mills.

"In China, amidst a highly competitive operating environment and
rising commodity prices, we will strive to manage our cost and
increase sale of palm-based products in order to expand our
presence in the market."

                   d About Golden Agri-Resources

Golden Agri-Resources Ltd, headquartered in Jakarta, is the
largest privately-owned oil palm plantation company in
Indonesia.  Listed on the Singapore Stock Exchange in 1999, it
operates in Indonesia and China and is 48% owned by the Widjaja
family.

The Troubled Company Reporter - Asia Pacific reported on
Jul. 25, 2007, that Moody's Investors Service has affirmed
Golden Agri-Resources Ltd's Ba3 corporate family rating.  At the
same time, Moody's has assigned Aa3.id national scale corporate
family rating to GAR.   The ratings outlook is stable.


GOLDEN-AGRI: Unit Acquires PT Sinar Mas' 56,019,000 Shares
----------------------------------------------------------
Golden Agri-Resources Ltd acquired PT Sinar Mas Agro Resources
and Technology's (SMART) 56,019,000 shares at a  nominal value
of IDR200 each.  This represents approximately 1.95% of the
shareholding in SMART, at IDR319,297,096,200.

The purchase consideration, which was based on a willing buyer
willing seller basis, was fully settled in cash and funded by
internal resources.

Following this transaction, Purimas' ownership in SMART
increased to 92.74% from 90.79%.

                     About Golden Agri-Resources

Golden Agri-Resources Ltd, headquartered in Jakarta, is the
largest privately-owned oil palm plantation company in
Indonesia.  Listed on the Singapore Stock Exchange in 1999, it
operates in Indonesia and China and is 48% owned by the Widjaja
family.

The Troubled Company Reporter - Asia Pacific reported on
Jul. 25, 2007, that Moody's Investors Service has affirmed
Golden Agri-Resources Ltd's Ba3 corporate family rating.  At the
same time, Moody's has assigned Aa3.id national scale corporate
family rating to GAR.   The ratings outlook is stable.


HILTON HOTELS: Closes US$500-Million Unsec. Floating Rate Notes
---------------------------------------------------------------
Hilton Hotels Corporation has completed its previously announced
sale of an aggregate principal amount of US$500 million of
unsecured Floating Rate Notes due 2013.

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2007, the notes will bear interest equal to three
month LIBOR plus 4.50% per year, adjusted quarterly.  The
proceeds of the sale of the Notes will be used to repay an equal
amount of Hilton's secured mezzanine loans incurred in
connection with the funding of the acquisition of Hilton by
investment funds affiliated with The Blackstone Group and
related transactions.

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

                    About Hilton Hotels

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

                       *     *     *

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


INDOSAT: Asia Mobile Holdings to Contest KPPU's Ruling
------------------------------------------------------
PT Indosat Tbk's largest shareholder telecoms investment
company, Asia Mobile Holdings, will contest the Business
Competition Monitoring Commission (KPPU)'s recent ruling,
various reports say.

Channel News explains that Asia Mobile, which holds 41.9% in
Indosat is owned by Temasek's unit ST Telemedia and Qatar
Telecom.  ST Telemedia holds a 75% stake in Asia Mobile, while
Qatar Telecom holds the remaining 25% stake, CNN MOney relates.

ST Telemedia told Reuters that its Indonesian investment was for
the long-term, and it would seek justice from Indonesian and
international courts to protect the investment.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2007, Temasek Holdings was found guilty by KPPU of  
violating Indonesia's anti monopoly laws.  KPPU said that
Temasek Holdings violated the country's anti-monopoly laws
through its ownership in two large mobile telecommunication
operators.

The TCR-AP pointed out that Temasek's subsidiaries own a 42%
stake in Indosat and a 35% stake in Telkomsel.  The two mobile
operators dominate 80% of the GSM cellular phone market in
Indonesia.

The TCR-AP related that KPPU ruled that Temasek must
sell its minority stake in either Telekomunikasi Selular or
Indosat.  Syamsul Maarif, KPPU commission assembly chairman,
reportedly said the shares must be sold within two years at the
maximum since the decision has legal grounds.

KPPU also ruled that Temasek's units should also
pay IDR25 billion in fines.  Furthermore, Mr. Maarif said   
Temasek should also let go of the voting rights and the right to
install a commissioner director in one of the companies to be
released.

Channel News notes that ST Telemedia and Qatar Telecom
reiterated their position on KPPU's anti-monopoly ruling in an
hour-long news briefing.

          Qatar Telecom Remains Committed to Partner

Qatar Telecom, CNN Money relates, remains committed to its
partnership with ST Telemedia despite the legal difficulties
faced by their investment in Indosat.

Qatar Telecom Director for Business Development Guy Norman told
CNN News that they will work closely with ST Telemedia to ensure
their continued investment.

Furthermore, CNN Money notes that Mr. Norman said Qatar
Telecom's partnership with ST Telemedia is a mutually exclusive  
one, dismissing suggestions that Qatar Telecom would pursue
Asian investments on its own as a result of ongoing legal
problems in Indonesia.

                ST Telemedia VP Gives Argument

ST Telemedia's executive vice president told Channel News that,
"On the strength of the assurance by the government of Indonesia
that all regulatory approvals were obtained, ST Telemedia took a
huge risk and paid a premium of more than 50% over the then
prevailing market price for our shares in Indosat."   He also
added that according to the Indonesian government, the KPPU was
consulted and it had raised no objections, the report adds.

Channel News recounts that ST Telemedia was one of the 41
companies approached by the government of Indonesia to tender
for stake in Indosat in 2002.

"Now, five years on, when Indosat has proven itself to be a
financially stable and dynamic telecoms player, the KPPU decided
to question ST Telemedia's shareholding in the company," said
Sio, Channel News relates.

Legal councel Shanmugam told Channel News that the KPPU
responded now by saying that the fact that they were consulted
by the government in 2003 did not mean that they approve.

According to Channel News, ST Telemedia is insistent that its
stake in Indosat is not going to change for now.

ST Telemedia and Qatar Telecom are currently reviewing all their
legal options, Channel News adds.

                         About Indosat

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

                       *     *     *

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

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

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


INDOSAT: Signs US$228.5 Contract w/ HSBC to Finance Satellite
-------------------------------------------------------------
PT Indosat Tbk has signed a US$228.5 million financing agreement
with HSBC to acquire a new satellite, Reuters News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
July 3, 2007, Indosat is set to launch its second satellite,
Palapa-D, in the third quarter of 2009 to replace the first one,
the Palapa-C2 Satellite, which will be switched off in 2011.

According to the TCR-AP, the satellite project will have a
useful lifespan of 15 years.   Compared to Palapa-C2,
the new satellite will have 40 transponders and will have a
footprint that covers Indonesia, the countries of ASEAN, the
Middle East, Asia and Australia

The financing by HSBC, Reuters points out, comprises of a
12-year export credit scheme and and a nine-year commercial
loan.  Both of the finance deals will have a two-year grace
period, the report adds.

Another TCR-AP report on July 5, 2007, said,  Indosat had
appointed French firm Thales Alenia Space France to help in the
construction and launch of its new satellite.  The said project
will cost between US$200 million and US$300 million, Reuters
relates.

The satellite will be launched into orbit by a Chinese rocket
made by Beijing Talentway Technology Corporation in September
2009, Reuters adds.

                         About Indosat

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

                        *     *     *

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

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

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


MOBILE-8: To Expand into Four Indonesian Provinces
--------------------------------------------------
PT Mobile-8 Telecom Tbk is planning to expand its network into
the major cities of four provinces, namely West Sumatra, Riau,
Lampung and North Sulawesi, TMCnet News reports.

Meenakshi Shankar of TMCnet News writes that Mobile-8 has seen
growing demand for its services and solutions.  As the market
heats up, Mobile-8 is set to bring a world-class telecom
experience to its subscribers, the report relates.

Merza Fachys, Mobile-8 director and chief of corporate affairs,
told the news agency that the company is hoping to have 4
million customers by the end of this year, and 8 million by the
end of 2008.  "If each city can contribute 30,000 to 50,000
activations per month, I'm optimistic that we can meet the
target," he added.

The company has plans to launch its service in 15 more areas in
Java, Sumatra and Kalimantan, the report adds.

                     About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.

                          *     *     *

The Troubled Company Reporter-Asia Pacific on Sep 18, 2007, that
Moody's Investors Service has affirmed the B2 corporate family
rating of PT Mobile-8 Telecom Tbk.  At the same time, Moody's
has affirmed the B2 rating for the US$100m senior unsecured
11.25% bond due 2013 issued by Mobile-8 Telecom Finance Company
BV and guaranteed by Mobile-8 following the completion of the
bond issuance.  Both ratings have had their provisional status
removed. The outlook on the ratings is stable.

On July 19, 2007, Standard and Poors assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed
US$150 million senior unsecured notes to be issued by Mobile-8
Telecom Finance B.V., a wholly owned subsidiary of Mobile-8.


MEDIA NUSANTARA: Moody's Affirms 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed PT Media Nusantara
Citra's B1 corporate family rating and guaranteed notes rating.
The outlook on the ratings remains positive.

This rating action follows MNC's announcement that the company
will gain management control of Linktone Ltd by acquiring no
less than 51% of Linktone's outstanding shares for US$3.8 per
ADS, or for a total consideration of approximately US$80-90m.

At the same time, PT Moody's Indonesia has assigned an A1.id
national scale rating to MNC with a positive outlook.

"Moody's expects there to be minimal impact to MNC's financial
profile from this cash-funded acquisition despite the loss
making status of Linktone," says Moody's lead analyst for the
company, Wonnie Chu, adding, "MNC's year-to-date operating
performance is ahead of expectation and the company has strong
liquidity profile with over US$100m cash on hand post
acquisition."

Furthermore, this alliance may potentially allow the two
companies to diversify their revenue base and leverage each
other's expertise in areas with growth potential, such as the
advertising market in China and the wireless value-added
services market in Indonesia.  Of note, Linktone is debt free
with cash on hand of US$43m as at September 07.

The B1/A1.id ratings recognize MNC's leading position in
Indonesia's free-to-air TV market and its integrated platform,
which includes TV, radio and print media.  The favorable
industry outlook, which takes into account solid growth
potential for advertising expenditure in Indonesia together with
the group's strong content library, also supports the ratings.

In addition, the ratings incorporate the execution risks
associated with MNC's aggressive expansion plan both
domestically and internationally, in view of the company's short
track record of integrating acquisitions under its present
corporate structure.  Furthermore, both the Indonesian and
Chinese media industries are highly fragmented and becoming
increasingly competitive against the backdrop of relatively new
and evolving regulatory regimes.

The positive outlook reflects MNC's improved capital structure
and liquidity profile after raising US$270m from its IPO earlier
this year.  Its financial profile -- adjusted debt/EBITDA of
approximately 2x and EBITDA/interest of 4 - 5x over the next 2
years -- strongly positions the company at the current B1/A1.id
level.

Any rating upgrade will depend upon the company successfully
executing its business plan and integrating its new acquisitions
(thereby establishing a sustainable track record of achieving
projected results), while maintaining its currently strong
financial profile.

However, the outlook could revert to stable if:

   -- there is a downturn in MNC's core business; and/or

   -- Linktone's operating performance deteriorates further and
      requires capital supports from MNC; and/or

   -- its expansion plan proves too aggressive and is not
      accompanied by a corresponding increase in cash inflows,
      such that adjusted debt/EBITDA trends above 3x.

PT Media Nusantara Citra, headquartered in Jakarta, Indonesia,
is an integrated media company with operations in television,
radio and the print media.  It is the leader in Indonesia's FTA
TV market, owning 3 out of 11 FTA TV networks, and accounted for
the largest combined shares of audience and advertising
expenditure in 2006.


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

ALL NIPPON: To Integrate Smart Cards with East Japan Railway
------------------------------------------------------------
All Nippon Airways Co., Ltd., and East Japan Railway Co. will
issue a card next summer integrating the functions of JR East's
Suica e-money cards and ANA's mileage cards, sources revealed
to Kyodo News.

By combining the convenience of their respective electronic
cash cards and ANA's frequent-flier service, both firms hope to
boost customer numbers, relates Kyodo News.

According to the report, a traveler will be able to go home
from home to the airport and board a flight using one card by
using the new card combined with the function of JR East's
Suica card, which can also be used interchangeably with the
Pasmo card for trains and buses in the Tokyo area.

ANA, adds Kyodo, will fully eliminate the use of paper tickets
for all domestic flights by the end of next month, switching to
smart-chip cards that will serve as electronic tickets.

                       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.


MAZDA MOTOR: Posts 7.6% Boost in Global Output for October 2007
---------------------------------------------------------------
Mazda Motor Corporation has released its production and sales
results for October 2007.

Global production climbed 7.6% year-on-year to 118,769 units.  
Domestic production increased 10.9% for a total of 93,302 units
mainly due to the additional production of the all-new Demio
bound for Europe and the CX-9 among other models.  Overseas
production went down to 25,467 units, or an equivalent of 3.1%
due to the end of the production of Familia and Premacy models
in China.

Due to the new model effect of the Mazda2 or known overseas as
the Demio, and Mazda5 or Premacy, domestic sales went up 5.5%
as compared to October 2006.

Mazda's registered vehicle market share climbed 5.3%, up 0.1
points over October 2006, with a 2.7% share of the micro-mini
segment (up 0.4 points) and a 4.5% total market share, which is
up 0.3 points over last year's results.

                       About Mazda Motor

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

                       *     *     *

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

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

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


NIPPON SHEET: To Sell 50% Stake in NH Techno Glass, Nikkei Says
---------------------------------------------------------------
Nippon Sheet Glass Co., Ltd., is looking to sell its 50% stake
in a joint venture with Hoya Corp., as it quits production of
motherglass used in liquid crystal display televisions,
Reuters, citing the Nikkei business daily, reports.

The Nikkei, according to Reuters, stated that Tokyo-based
Nippon Sheet plans to sell its stake in NH Techno Glass Corp
due to plunging prices and the burden of large upfront
investments.

The report added that the sale was likely to fetch tens of
billions of yen and will draw bids from both foreign and
domestic funds.

However, Nippon Sheet, in a company statement, said that the
Nikkei report was not based on any public announcement made by
the glass maker.

Nippon Sheet admits that although it has been considering every
possibility and option in its all business areas to improve
profit performance, including structural reforms, withdrawals
through divesture and business alliance, it confirms it has not
made any decision on this matter.

                     About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business   
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The company has operations in Argentina, the United States, and
Austria.

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


SANYO ELECTRIC: Unveils 2008-2010 Midterm Business Plan
-------------------------------------------------------
Sanyo Electric Co., Ltd., announces a new "Mid-term Business
Strategy", in preparation for a new three-year 'Mid-term
Management Plan' which will be outlined in more detail at a
future date for the period of FY2008 to FY2010.

Sanyo, as outlined in its current 'Mid-term Management Plan'
implemented from FY2005 to FY2007, has been focusing on
structural transformation aimed at revitalizing and reforming
the company and, as a result, the fruits of these activities
are certainly beginning to show in earning power, financial
strength, etc.  Looking forward to the next three-year period,
Sanyo will be fully revitalized as it makes advances to
furthering its aim to become a truly global company, based on
the 'Master Plan'.

The 'Master Plan' is a summary of the future direction of the
Sanyo Group and includes:
   
   1) management goals set in the new 'Mid-term Management      
      Plan';

   2) emphasized and concentrated investments based on          
      Group-wide business strategy;

   3) improve earning power of the finished goods business and  
      creating the necessary structure to strengthen business   
      expansion overseas;

   4) maintain a sound financial structure through thorough     
      cash flow management.

Based on the objectives outlined in the 'Master Plan', Sanyo
will create a new three-year 'Mid-term Management Plan'.  In
the new plan, each business will be converted into a profitable
business entity, enabling Sanyo to grow and progress as it
becomes a truly global company.

      Outline of the 'Master Plan' for FY2008-FY2010

Mid-term Management Policies

Establish the foundation for a highly profitable company
capable of regaining public trust and reputation while becoming
'a leading provider of Environment- and Energy-related
products'.

Goals of Mid-term Management

   1. Set a goal/challenge to achieve JPY100 billion or more    
      in consolidated operating profit by the end of FY2010.
      Consolidated sales of JPY2,250 billion, consolidated      
      operating profit of JPY90 billion (operating profit ratio
      of 4%);

   2. In 1,000 days (three years), convert each business into a
      profitable business entity.

Essential Business Strategies

   1. Business Grouping

      Sanyo will classify its group business fields into the
      following three categories according to the business
      direction and associated technology: 'Energy',
      'Electronics', and 'Ecology'.  These three business areas
      will become the engine for fulfilling the revitalization  
      of Sanyo, and pave the way for the challenge of FY2010 to   
      be the most profitable year in Sanyo's history.

   2. An image of Sanyo's overall business strategy is available
      at the company's Web site:

            http://ResearchArchives.com/t/s?25e5

   3. Individual Business Strategy

      Considering the company's customers, the marketplace, and
      various business models, etc. from an overall Group  
      Management Strategy point of view, the company will divide
      its business fields into two groups: the 'Component
      Business Group' and the 'Finished Goods Business Group'.  
      Business strategies applicable to either group will be
      implemented.

      Component Business Group
      ------------------------
      Over three years, a facilities investment of JPY350         
      billion will be conducted; however, approximately 70% of        
      these investments will be concentrated on rechargeable          
      batteries, solar, and electronic devices.

      Rechargeable battery business

      Implement an investment of an approximately JPY100              
      billion over the next three years to expand lithium-ion         
      battery production capacity and challenge the HEV market        
      in earnest in the near future, aiming for further                
      growth.

      Solar business

      Implement an investment total of approximately JPY80              
      billion over the next three years, and increase               
      production capacity by 2010 to 650 MW.

      Electronic device business

      Emphasize investments in top share products such as             
      condensers, optical pickups, vibration motors (for              
      mobile handsets), etc.

      Semiconductor business

      Through the fruits of structural transformation, it has         
      been converted into a unit able to produce a positive           
      operating profit; however, in order to hereafter create         
      a stable revenue base, Sanyo will make use of its               
      proprietary know-how in analog technology and the like          
      to further streamline and improve operations.

      Finished Goods Business Group
      -----------------------------
      Sanyo will pursue the optimization of domestic                
      businesses and strengthening overseas expansion to   
      stabilize and secure profit.  As for strengthening
      overseas expansion and development, along with setting
      sales goals of Sanyo-branded finished goods, an
      executive-class staff member will be placed in each
      region overseas, enabling the global sales structure to
      be made more robust.

      Digital business

      Strengthen business-to-business operations (OEM, etc.)  
      and other special client arrangements.

      Commercial business

      Along with increasing profitability by pursuing thorough
      optimization in the domestic market, resources will be
      shifted to focus on opportunities overseas to expand and
      grow the business.

      White goods/Home electronics business

      Along with strengthening product appeal based on Sanyo's
      unique technology such as those related to the
      environment, sales and distribution costs will be
      reevaluated, and through optimizing sales companies and
      sales networks overseas, the sales division will be able
      to act more effectively, raising profitability.

   4. Financial Strategy

      With the efforts made over the past three years to achieve
      financial stability, interest-bearing debt is expected to
      be reduced to JPY530 billion by March 2008, JPY720 billion         
      down from the first half of FY2005.  Sanyo will enhance
      its efforts toward cash flow-focused management over the
      next three years.

                     About Sanyo Electric

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

                          *     *     *

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


SANYO ELECTRIC: Ties Up with Aeon to Develop Home Electronics
-------------------------------------------------------------
Sanyo Electric Co., Ltd., said it will jointly develop home
electronics to sell under Aeon Co.'s private brand to revive
its struggling business, Yuko Inoue writes for Reuters.

The report states that Aeon, under its "Top Value" brand, will
start selling Sanyo's refrigerators, rice cookers and other
home electronics at its 500 stores throughout the nation in
May.

Sanyo, which is in the midst of a turnaround process with the
help of shareholder Goldman Sachs, earlier said that it will be
focusing on its cash cow operations like rechargeable batteries
and lithium-ion batteries but will not withdraw from from its
home appliances business, relates Reuters.

Reuters quotes Sanyo Electric's president Seiichiro Sano as
saying, "We will strengthen ecology-friendly consumer
electronics by hearing the voice of Aeon's customers.  The
partnership with Aeon is a good opportunity for us."

In line with this, Aeon, according to the report, will install
Sanyo's eco-friendly products like display cases and air
conditioners.

The Troubled Company Reporter Asia-Pacific reported on Nov. 29,
2007, that Sanyo reported a JPY16.0-billion net profit for the
6-month period ended September 30, 2007, of the current fiscal
year due to cost reductions and stronger sales in the digital
camera and components business.

In its three-year midterm business plan, Sanyo aims to achieve
a JPY100 billion operating profit by the year ending March 2010.

                     About Sanyo Electric

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

                          *     *     *

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


SANYO ELECTRIC: To Make New Fuel Cell Company with Nippon Oil
-------------------------------------------------------------
Sanyo Electric Co., Ltd. and Nippon Oil Corporation have agreed
to create a new company for stationary fuel cell systems
planned for establishment in April 2008.

Sanyo and Nippon Oil, who have been partners in fuel cell
development for years, aim to enhance efforts to shorten the
development period, improve performance and reliability of the
systems, and reduce costs through optimal production
efficiency.

Kyodo News, in its report, states that the envisioned fuel
cells will involve producing electricity by making the oxygen
they take in from the atmosphere react chemically with hydrogen
extracted from kerosene or liquefied petroleum gas.

Fuel cells, Kyodo adds, have drawn close attention in industry
circles because the sole byproduct from oxygen-hydrogen
reactions is water and they do not emit carbon dioxide,
believed to be one of the leading causes of climate change.

Sanyo, will first establish and spin off a new company
dedicated to stationary fuel cell business and then Nippon Oil
will acquire 81% of the shares issued.

Kyodo News reports that Sanyo will start the fuel-cell
operations as an independent company on April 1.

The joint venture will develop, plan, system design and product
manage the fuel cell systems.  However, the production and
assembly will be consigned to Sanyo Tokyo Manufacturing Co.,
Ltd., then Nippon Oil will purchase the systems from the new
company and sell them to customers.

The name of the company has yet to be determined.

Senior Vice President of Sanyo, Company President of Clean
Energy Company, Tadao Shimada is quoted as saying, "Hereafter,
by combining the strengths of both companies, and increasing
the pace of a low-cost, highly reliable stationary fuel cell
system, home-use fuel cell systems will become commercialized
more quickly."

                     About Sanyo Electric

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

                          *     *     *

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


* Stable Rating Outlook for Japanese P&C insurers, Moody's Says
---------------------------------------------------------------
In a new report, Moody's Investors Service says that credit
trends for the Japanese property and casualty (P&C) insurance
industry are stable.  Insurers' portfolios are concentrated on
domestic auto insurance products, which have a relatively low
risk of deviation from pricing expectations -- which is
reflected as a positive factor in company ratings.  This is,
however, offset somewhat by insurers' relatively high-risk asset
holdings and stagnating profitability.

The report, "Japanese Property and Casualty Insurance: Outlook
is stable; Profitability and asset quality remain unchanged,"
comments that because of the stagnating Japanese population, the
number of automobiles owned in Japan is unlikely to keep
increasing.  Given the difficulty of achieving any earnings
growth in this business in the medium term, one option insurers
have would be to shift their focus from auto insurance to
attaining a more diversified portfolio.  One example would be
liability insurance, the premium growth of which may be driven
by a rising sensitivity to risk management at Japanese
companies, as this segment is not affected by Japan's stagnating
population.

"If the liability insurance business keeps growing, insurers'
risk could become more correlated to social and legal changes,
not just natural disasters or car accidents.  Liability
insurance in general is complicated by the difficulty of
estimating ultimate insurance payments.  Although ultimate
payments for domestic liability insurance have rarely diverged
greatly from estimates (unlike liability insurance covering
liability overseas), the situation will be monitored." says
Masahiko Miwa, a Moody's AVP-Analyst and the author of the
report.

Finally, the portfolios of the major Japanese P&C insurers'
investment portfolio retain high equity exposures.  Thus, any
significant losses in the equity markets would mean that a great
deal of the companies' capital would disappear -- even without
losses stemming from natural disasters (earthquakes, typhoons),
car accidents, or liability insurance payments.  And even though
insurers are selling some of their business-relationship equity
holdings, they continue to make pure (i.e., non-business
relationship) investments in equity.  These investment-related
risks, which are vulnerable to equity market drops, have been
taken into account in the ratings as a negative factor.


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

EUGENE SCIENCE: Opens New Office in Los Angeles
-----------------------------------------------
Eugene Science Inc. has opened a U.S. headquarters office in Los
Angeles.  The new office will support sales and marketing in
North America, Latin America and Europe.  The Company's Asian
markets will continue to be served through the company's
corporate offices in Seoul, Korea.

Eugene Science is in the process of launching a number of new
sales and marketing initiatives in both North and South America
and is experiencing strong traction with its new business
development in both regions.  Establishing the new office will
advance the Company's global expansion plans and reflects
management's commitment to providing current and new customers
with excellent service and support.

                    About Eugene Science, Inc.

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

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

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

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


HYNIX SEMICOMDUCTOR: Deal w/ TSMC Stalled Due to Disagreements
--------------------------------------------------------------
Hynix Semiconductor Inc.'s second-hand equipment deal between
Taiwan Semiconductor Manufacturing Company might break down,
Digitimes News reports.

The report points out that both companies are unable to reach a
mutual consensus on pricing and related after-sales terms,
according to sources at equipment suppliers.

TSMC told the news agency that it is to be in talks with Hynix
about a potential second-hand equipment purchase.

As reported by the Troubled Company Reporter-Asia Pacific on
Jun 6, 2007, Hynix is in talks with Taiwan Semiconductor
to sell low-margin eight-inch and M9 DRAM production lines.  The
move, TCR-AP noted, is seen as an effort by Hynix to streamline
its production amid a continued slide in DRAM chip prices.

Earlier plans to also procure equipment from Hynix' fab in Wuxi,
China, reportedly fell through when the equipment was sold to
China Resources Holdings, the parent company of China-based
foundry CSMC Technologies.

Although TSMC has officially denied the potential equipment
purchase, Digitimes points out, sources contend that both
parties have indeed moved to the price negotiation stage.
However, a consensus on price has not been reached as TSMC is
only looking for equipment while Hynix hopes to sell
corresponding peripheral facilities, the sources added.

According to Diginews, Hynix is not only in talks with TSMC for
the equipment deal but is also negotiating with spun-off company
MagnaChip Semiconductor.  It is believed that Hynix will give
priority to MagnaChip in order to feed its expansion demand, the
report adds.

              About Hynix Semiconductor Inc.

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

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

                          *     *     *

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

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

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

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


HYNIX SEMICOMDUCTOR: Welcomes WTO Ruling Against Japanese Duties
----------------------------------------------------------------
Hynix Semiconductor Inc. welcomed the World Trade Organisation's
ruling that Japan's punitive tariffs on imports of its
semiconductors are illegal under international trade rules,
Agence France-Presse reports.

The report recounts that Japan imposed 27.2% tariffs in January
2006 on dynamic random access memory (DRAM) chips produced by
Hynix.  Furthermore, Japan also accused Hynix of selling
subsidised products, the report says.

South Korea, AFP relates, insisted the duties breached world
trade rules.  The World Trade Organization's appellate body made
its ruling on November 28.

Hynix spokeswoman Kim Ah-Young told the news agency that they
will ask Japan to accept the WTO's ruling.  If our request is
rejected, Japanese firms may face retaliatory measures in South
Korea, he added.

The report recounts that Hynix was rescued in December 2002 by a
huge bailout by bank creditors.  The United States and European
Union also imposed duties on Hynix products in 2004 after
claiming that the bailout was arranged with the help of
government-controlled banks and so constituted a payment of
subsidies, AFP says.

However, the report points out, the South Korean government has
denied any role in arranging a bailout.

                  About Hynix Semiconductor Inc.

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

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

                          *     *     *

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

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

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

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


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

ARK RESOURCES: Court Schedules Creditors' Meeting on Dec. 21
------------------------------------------------------------
Pursuant to Section 176(1) of the Companies Act, 1965,
the High Court of Malaya has directed a meeting for ARK
Resources Berhad’s unsecured scheme creditors class 1, on
December 21, 2007, at 10:00 a.m., at the Boardroom of ARK,Suite
3A.02, Level 3A, Wisma E &C, No 2, Lorong Dungun Kiri, in
Damansara Heights, 50490 Kuala Lumpur.

At the meeting, the creditors will be asked to consider and if
thought fit, agree on the scheme of arrangement proposed between
them and the company.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
It was, therefore, required to submit and implement a plan to
listed issuer under the Bourse's Practice Note 17/2005 category.
regularize its financial condition.


CNLT (FAR EAST): Incurs MYR2.3MM Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
CNLT (Far East) Berhad filed with the Bursa Malaysia Securities
Berhad its interim financial results for the quarter ended
September 30, 2007.

The company incurred a MYR2.36-million net loss in the 2007 3rd
quarter, a reversal from the MYR38-million net profit in the
same quarter last year.

Revenues for the third quarter was MYR10 million, a decrease
from the recorded MYR15.8 million in the third quarter of 2006.  
The company also incurred a MYR6.1-million loss before taxation,
as compared with the MYR3.67-million figure a year ago.

As of September 30, 2007, the company's balance sheet showed
MYR162.2 million in total assets and MYR160.5 million in total
liabilities, resulting in a MYR1.7-million shareholders' equity.

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

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

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


EKRAN BERHAD: Incurs MYR40,000 Net Loss in Qtr. Ended Sept. 30
--------------------------------------------------------------
Ekran Berhad filed with the Bursa Malaysia Securities Berhad its
unaudited financial results for the quarter ended September 30,
2007.

The company incurred a MYR40,000 net loss in the first quarter
of 2007, compared with the MYR5.67-million net loss in the same
quarter last year.

Revenues for the first quarter totaled MYR19.87 million, an
increase from the MYR2.5-million figure recorded in the first
quarter last year.

As of September 30, 2007, the company's consolidated balance
sheet showed MYR1.07 billion in total assets and MYR352 million
in total liabilities, resulting in a MYR726-million  
shareholders' equity.


Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


HARVEST COURT: Sept. 30 Balance Sheet Upside-Down by MYR17 Mil.
---------------------------------------------------------------
Harvest Court Industries' unaudited balance sheet as of
Sept. 30, 2007, went upside down by MYR17 million, on total
assets of MYR36.07 and total liabilities of MYR53.68 million.

For the third quarter ended September 30, 2007, the company
incurred a net loss of MYR1.12 million on MYR2.22 million in
revenues, as compared with a net loss of MYR3.11 million on  
MYR539,000 in revenues recorded in the same period in 2006.

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

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

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


SOLUTIA INC: Ruling on Sinorgchem's Exclusion Bid Still Pending
---------------------------------------------------------------
The U.S. Court of Appeals for the Federal Circuit has yet to
rule on Sinorgenchem Co. Shangdong's appeal over the U.S.
International Trade Commission's limited exclusion order on 4-
aminodiphenylamine and its derivatives.

Oral arguments were heard in September 2007.

In February 2005, Flexsys America LP requested the ITC to
investigate Sinorgchem, Korea Kumho Petrochemical Co., and the
third party distributors of Sinorgchem. Flexsys claims that the
process Sinorchem used to make 4-ADPA and 6PPD, its importation
to the U.S. and sale infringe Flexsys' patents. Flexsys
requested a limited exclusion order.

Flexsys is a 50/50 joint venture between Solutia Inc. and Akzo
Nobel BV. The joint venture supplies chemicals to the rubber
industry.

In February 2006, an Administrative Law Judge of the ITC
determined that Flexsys' patent were valid, that the process
used by Sinorgchem was covered by these patents, and that
Sinorgchem and its distributor (not Korea Kumho) violated
Section 1337 of the U.S. Tariff Act.

In July 2006, the ITC upheld the Administrative Law Judge's
decision and issued a limited exclusion order against Sinorgchem
and its distributor.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  A hearing to
consider confirmation of the Debtors' Reorganization Plan is
scheduled for Nov. 29, 2007.


SOUTH MALAYSIA INDUSTRIES: RAM Ratings Reaffirms B2 Rating
----------------------------------------------------------
Rating Agency Malaysia has reaffirmed the B2 rating of South
Malaysia Industries Berhad's MYR183.5 million Redeemable
Convertible Secured Loan Stocks, with a stable outlook.

SMI is principally an investment-holding company involved in
property development, manufacturing and trading of assorted
metal wires and zinc sheets, as well as leisure and
entertainment.  Its property projects are located in Taman
Kelana Indah in the Klang Valley as well as Taman Ipoh Jaya,
Taman Saikat and Bandar Meru Raya in Ipoh.

In February 2007, SMI proposed to extend the maturity of its
RCSLS by three years, from December 2007 up to and including
December 2010.  This was approved by the RCSLS holders the same
month, with a Supplemental Trust Deed inked in July 2007.

RAM Ratings notes that this extension allows SMI the opportunity
to beef up its cashflow and, consequently, its debt-servicing
ability.  The Group, meanwhile, is not expected to generate
sufficient cashflow from its current operations to meet the full
redemption of its outstanding RCSLS upon maturity in December
2010.

As at end-December 2006, outstanding RCSLS amounted to
MYR159.8 million.  In view of this, SMI will have to rely on the
disposal of pledged securities or the conversion of RCSLS.

In FYE 31 December 2006, SMI's performance was mainly supported
by its TKI development in the Klang Valley.  The Group's
projects in TKI are represented by Sterling@PJ and Zenith
Corporate Park.  The Sterling@PJ condominiums have been fully
sold and are expected to be handed over to their purchasers by
next year.  Meanwhile, Zenith, the latest and final phase within
TKI, was launched in July 2007 with a total gross development
value of MYR279 million; the project includes shop offices,
retail lots, serviced apartments and a corporate office
building. Looking ahead, SMI's longer-term prospects are deemed
limited as Sterling@PJ and Zenith are its only major
developments at this juncture. Moreover, the Group's other
projects in Ipoh are not expected to contribute significantly
given their weaker potential and relatively small scale.

Meanwhile, SMI plans to venture into China's property market;
the Group is currently scouting for potential projects/land over
there.  While details of such plans are still vague, RAM Ratings
has a cautious view on this potential overseas endeavour as such
a new market -- where the business environment is less certain -
may heighten the Group's credit risk.  This is evident from
SMI's unfavourable track record vis-a-vis foreign ventures, i.e.
leisure and entertainment operations in China as well as
investments (via a Hong Kong-based subsidiary) in a property-
development project in New Zealand; both have been incurring
losses to date.

Moving forward, SMI's performance will also hinge on its ability
to replenish its land bank with more strategically located
parcels.  At present, about 96% (or 732 acres) of SMI's existing
land bank is located in Simpang Renggam, Johor, where
development prospects are viewed to be less favorable.


SUNWAY: Aims to Complete Restructuring by 2008 1st Quarter
----------------------------------------------------------
Sunway Infrastructure Bhd targets the first quarter of 2008 to
complete the restructuring of its Islamic bonds, The Star Online
reports.

The company is merely waiting for the approval of its exercise,
the report says, citing Sunway's executive chairman, Tan Sri
Jeffrey Cheah.

As reported by the Troubled Company Reporter-Asia Pacific on
August 9, 2007, the company received a proposal from Affin
Investment Bank Berhad that will make the company pay
MYR50 million cash plus relinquishing all economic rights to its
36% stake in SunInfra in consideration for the termination/
cancellation of the Letter of Undertaking -- granted
by Sunway at the time of issuance of the BaIDS -- as part of the
restructuring of the existing BaIDS.

In addition, the Affin banking group would pump in up to
MYR220 million, with a minimum 64% of the bondholders
participating in the restructuring scheme, which was accepted by
the bondholders, The Star Online recounts.

Mr. Cheah said that he rather not pre-empt all these things,
adding that it is possible for the company to be lifted from
PN17 status by December, as it had submitted a proposal to the
Securities Commission, the report adds.

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

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

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


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

ARMADA COOPERATION: Fixes Dec. 14 as Last Day to File Claims
------------------------------------------------------------
The creditors of Armada Cooperation Ltd. are required to file
their proofs of debt by December 14, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Peri Micaela Finnigan
          John Trevor Whittfield
          McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508


BETA PROPERTIES: Creditors' Proofs of Debt Due on December 8
------------------------------------------------------------
On October 31, 2007, Jeffrey Philip Meltzer and Lloyd James
Hayward were named liquidators of Beta Properties Ltd.

Creditors who can file their proofs of debt by Dec. 8, 2007,
will be included in the company's dividend distribution.

The Liquidators can be reached at:

         Jeffrey Philip Meltzer
         Lloyd James Hayward
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


DENNY'S INC: Credit Repayment Cues S&P to Revise Rating to BB
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its bank loan rating
on Denny's Inc.'s US$350 million bank facility to 'BB', two
notches above the corporate credit rating on parent Denny's
Corp. (B+/Stable/--), from 'BB-'.  S&P have also revised the
recovery rating on this debt issue from '2' to '1', reflecting
our expectation for very high (90%-100%) recovery of principal
in the event of a payment default.

"The action reflects a meaningful repayment of the credit
facility using proceeds from asset sales as well as free cash
flow," said Standard & Poor's credit analyst Diane Shand.  For
the year to date Sept. 26, 2007, the company has repaid about
US$45.2 million of debt.  As of Sept. 26, 2007, the outstanding
amount under the total credit facility totaled about US$245
million.  Concurrently, S&P affirmed the 'B+' corporate credit
rating on Denny's Corp. and the 'B-' rating on the company's
senior unsecured notes.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a
full-service family restaurant chain in the U.S., with 521
company-owned units and 1,024 franchised and licensed units,
with operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.


EQUITABLE LIFE INSURANCE: Gets S&P's 'BB+/B' Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services, on Nov. 30, 2007, assigned
its 'BB+' long-term and 'B' short-term issuer credit ratings to
Equitable Life Insurance Co. Ltd.  The outlook is stable.

ELIC is one of the core companies within the New Zealand
Equitable group, a NZ non-bank financier with long-standing
expertise in commercial-property lending.  Strengths
underpinning the ratings on the NZ Equitable companies include:

   -- the group's good asset quality,
   -- supportive shareholder, and
   -- manageable and decreasing related-party lending.

Offsetting these strengths are:

   -- NZ Equitable's concentration in large counterparty
      borrowers and commercial property assets;

   -- declining profitability and interest margins; and

   --  rudimentary but improving risk-management practices.

“NZ Equitable is considered to be one of the more financially
sound non-bank deposit-taking companies in New Zealand,” said
Standard & Poor’s credit analyst Shaun Evans.  “Despite the
difficult conditions experienced in the NZ NBDT sector this
year, NZ Equitable has demonstrated considerable flexibility and
attention to matters impacting its financial strength, evidenced
by the recent sourcing of two additional bank funding lines
totaling NZ$125 million.”

The stable outlook reflects Standard & Poor's expectation that
ELIC will remain core to NZ Equitable, and that NZ Equitable's
financial characteristics, measured growth strategy, and strong
shareholder support will be maintained in the medium term.  NZ
Equitable may be challenged to increase profitability,
considering that some contraction of interest margins, higher
costs, and possibly some higher level of credit provisions are
anticipated.  Nevertheless, we expect that NZ Equitable's future
profitability, taking into account its risk profile, should
remain generally consistent in the medium term with ratings
assigned.


EQUITABLE MORTGAGES: S&P Assigns 'BB+/B' Issuer Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services, on Nov. 30, 2007, assigned
its 'BB+' long-term and 'B' short-term issuer credit ratings to
Equitable Mortgages Ltd.  The outlook is stable.

EML one of the core companies within the New Zealand Equitable
group, a NZ non-bank financier with long-standing expertise in
commercial-property lending.  Strengths underpinning the ratings
on the NZ Equitable companies include:

   -- the group's good asset quality,
   -- supportive shareholder, and
   -- manageable and decreasing related-party lending.

Offsetting these strengths are:

   -- NZ Equitable's concentration in large counterparty
      borrowers and commercial property assets;

   -- declining profitability and interest margins; and

   --  rudimentary but improving risk-management practices.

“NZ Equitable is considered to be one of the more financially
sound non-bank deposit-taking companies in New Zealand,” said
Standard & Poor’s credit analyst Shaun Evans.  “Despite the
difficult conditions experienced in the NZ NBDT sector this
year, NZ Equitable has demonstrated considerable flexibility and
attention to matters impacting its financial strength, evidenced
by the recent sourcing of two additional bank funding lines
totaling NZ$125 million.”

The stable outlook reflects Standard & Poor's expectation that
EML will remain core to NZ Equitable, and that NZ Equitable's
financial characteristics, measured growth strategy, and strong
shareholder support will be maintained in the medium term.  NZ
Equitable may be challenged to increase profitability,
considering that some contraction of interest margins, higher
costs, and possibly some higher level of credit provisions are
anticipated.  Nevertheless, we expect that NZ Equitable's future
profitability, taking into account its risk profile, should
remain generally consistent in the medium term with ratings
assigned.


EVOLUTION HOLDINGS: Court to Hear Wind-Up Petition on Dec. 3
------------------------------------------------------------
The High Court of Wellington will hear on December 3, 2007, at  
10:00 a.m., a petition to have Evolution Holdings 2005 Ltd.'s
operations wound up.

Gerard Thornley filed the petition on October 23, 2007.

Gerard Thornley's solicitor is:

          Jonathan Robert Parker
          Morrison Kent, Solicitors
          Morrison Kent House, 19th Floor
          105 The Terrace, Wellington
          New Zealand


FIVE STAR: Creditors' Proofs of Debt Due on December 6
------------------------------------------------------
The shareholders of Five Star Debenture Nominee Ltd., on Nov. 5,
2007, appointed Paul Graham Sargison as the company's
liquidator.

Creditors who can file their proofs of debt by Dec. 6, 2007,
will be included in the company's dividend distribution.

The Liquidator can be reached at:

          Paul Graham Sargison
          Gerry Rea Partners
          PO Box 3015, Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098


HOT CHILLI: Taps McCloy and Fatupaito as Liquidators
----------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were named
liquidators of Hot Chilli Properties Limited on November 1,
2007.

Only creditors who can file their proofs of debt by Feb. 1,
2008, will be included in the company's dividend distribution.

The Liquidators can be reached at:

          Colin Thomas McCloy
          Vivian Fatupaito
          PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street
          Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


MACNICOL LOGGING: Court to Hear Wind-Up Petition Today
------------------------------------------------------
The High Court of Hamilton will hear today, December 3, 2007, at
10:45 a.m., a petition to have Macnicol Logging Ltd.'s
operations wound up.

Accident Compensation Corporation filed the petition on Oct. 23,
2007.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald's Building, 2nd Floor
          PO Box 50555, Porirua City
          New Zealand


MERCHANT IT: Requires Creditors to File Proofs of Debt by Feb. 1
----------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were tapped
liquidators of Merchant IT Limited on November 1, 2007.

Creditors are required to file their proofs of debt by Feb. 1,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Colin Thomas McCloy
          Vivian Fatupaito
          PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street
          Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


PACIFIC EDGE: Offers Share Purchase Plan to NZ Shareholders
-----------------------------------------------------------
Pacific Edge Biotechnology Ltd, in a regulatory filing with the
New Zealand Stock Exchange, discloses the details of its Share
Purchase Plan.  The company is now offering the Share Plan to
enable all its New Zealand shareholders to participate in
further capital raising, Pacific Edge Chairman Chris J. Swann
says.

Under the terms of the Share Plan, all persons registered as
holders of shares in the company at 5:00 p.m. on Nov. 30, 2007,
with a registered address in New Zealand are entitled to
subscribe for a maximum of 38,760 shares in the company.  
Subject to certain certification requirements and other
conditions, if the Eligible Shareholder is also a custodian, he
may subscribe for a maximum of 38,760 shares in
the company in respect of each beneficial owner on behalf of
whom the custodian holds shares.  Eligible Shareholders may
elect to subscribe for less than 38,760 shares, but not
less than a minimum of 7,752 shares.

All Eligible Shareholders are now offered shares for
subscription under the Share Plan.

                      Details of Share Plan

Issue Price

In compliance with the Securities Act (NZX-Share and Share
Purchase Plans) Exemption Notice 2005 ("Exemption Notice"), the
issue price for shares to be issued under the Share Plan
has been set by the company at NZ$0.129 per share.  The issue
price represents the company's shares' average end-of-day market
price, sold on the NZSX over the period Nov. 5-16, 2007.
This period is specified as a reference period for determining
the issue price in the Exemption Notice.  The issue price is
also less than the NZSX closing price of shares in the company
on Nov. 30, 2007.

The market price of shares in the company may change between the
date of this offer and the date on which shares are issued under
the Share Plan.  As the issue price has been fixed at NZ$0.129
per share, changes to the market price of shares in the company
after the date of the offer will not have any effect on the
price of the shares to be issued under the Share Plan.  This
means that the price paid under the Share Plan may be different
from the price at which shares in the company are trading on the
NZSX at the time the shares are issued under the Share Plan, and
that the market value of shares in the company on the date of
issue may be higher or lower than the issue price paid under the
Share Plan.

Custodians
A shareholder:

   (a) that

         (i) is a trustee corporation or a nominee company; and

        (ii) holds shares in the company by reason only of
             acting for another person in the ordinary course of
             business of that trustee corporation or nominee
             company; or

   (b) that holds shares by reason only of being a bare trustee
       of a trust to which the shares are subject; is a
       custodian.  A Custodian may subscribe for more than
       38,760 shares in aggregate if:

   (a) the Custodian certifies in writing to the company:

         (i) that the Custodian holds shares in the Company as a
             Custodian for beneficial owners;

        (ii) the number of those beneficial owners;

       (iii) in respect of each of those beneficial owners, how
             many shares under the Share Plan the Custodian has
             instructions to accept; and

        (iv) that the Custodian undertakes not to accept on
             behalf of any of those beneficial owners in any 12
             month period, shares to be issued under the Share
             Plan and/or any subsequent share purchase plan the
             total issue price of which is more than NZ$5,000;
             and

   (b) the company is reasonably satisfied that in any 12 month
       period the total issue price of shares issued to any        
       beneficial owner under the Share Plan and/or any
       subsequent share purchase plan is, or will be, not more
       than NZ$5,000.

Closing Date

The close of the offer is on Dec. 31, 2007, at 5:00 p.m.
Applications received after that date will only be accepted at
the company's discretion.

Date for Issue

It is anticipated that shares in the company subscribed for
under the Share Plan will be issued on or about Jan. 9, 2008.
The company will write to each Eligible Shareholder who has
applied for shares to inform that Eligible Shareholder of the
number of shares that have been issued to them.

                        About Pacific Edge

Dunedin, New Zealand-based  Pacific Edge Biotechnology Limited
-- http://www.pacificedgebiotech.com/-- is a biomedical company  
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing
protein/antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.  

The company has booked at least two consecutive annual net
losses -- NZ$1,880,836 for the year ended March 31, 2007, and
NZ$2,516,838 for the year ended March 31, 2006.


ROYALE PASSENGER: M.G. Hollis and J.H. Ross Named Liquidators
-------------------------------------------------------------
Malcolm Grant Hollis and John Howard Ross Fisk were named
liquidators of Royale Passenger Transport Ltd. on Oct. 29, 2007.

Messrs. Hollis and Fisk had accepted creditors' proofs of debt
until 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


SERVICE ONE: Creditors Proofs of Debt Due on Feb. 1
---------------------------------------------------
Service One NZ Ltd. commenced wind-up proceedings on Nov. 1,
2007.

Creditors are required to file their proofs of debt by Feb. 1,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Colin Thomas McCloy
          Vivian Fatupaito
          PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street
          Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


STAR CHALLENGER: Appoints John Francis Managh as Liquidator
-----------------------------------------------------------
On November 5, 2007, the shareholders of Star Challenger Ltd.
appointed John Francis Managh as the company's liquidator.

The Liquidator can be reached at:

          John Francis Managh
          50 Tennyson Street
          PO Box 1022, Napier
          New Zealand
          Telephone/Facsimile:(06) 835 6280


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

ACESITE(PHILS): To Reacquire 1.500 Million Shares in Auction
------------------------------------------------------------
Acesite (Philippines) Hotel Corp.'s Board of Directors had
authorized the company to reacquire up to 1.500 million shares
that have been put into auction by the Makati Regional Trial
Court.

The shares will be bought at its maximum price of PHP9 each.


Formerly known as Delbros Hotel Corporation, Acesite (Phils.)
Hotel Corporation -- http://www.manilapavilion.com.ph/-- is a
foreign-owned domestic corporation incorporated to engage in
hotel operations and investing.  DHC owns the Holiday Inn Manila
Pavilion Hotel, a deluxe hotel situated along United Nations
Avenue in Manila.  The operations of the latter are being
managed by Holiday Inn Worldwide.  A major customer of the hotel
is the Philippine Amusement and Gaming Corporation, which
operates the Casino Filipino - Pavilion.

                 Debt Default and Restructuring

An event of default occurred with respect to the Acesite's
payment of its US$15 million loan with the Singapore Branch of
the Industrial and Commercial Bank of China, which matured on
March 31, 1998.  On June 3, 2003, the loan was restructured by
ICBC, which stipulated six semi-annual installment payments of
principal and interest until April 2006.  In July 2004, the
company's new management requested for a reprieve on loan
principal payments due for the period, which the company
suggested to be placed at the end of the term of the Amended
Agreement.  The outstanding principal balance of the ICBC loan
as of March 31, 2006, is US$9.18 million.  Management is still
negotiating with ICBC for a rescheduling of payment on the
remaining principal balances.

                       Material Lawsuits

Acesite is party to a case that involves a PHP30.15 million
petition for the Bureau of Internal Revenue to refund Extended
Value Added Tax payments made from July 1996 to October 1997.
Both the Court of Tax Appeals and then later the Court of
Appeals ruled in favor of Acesite, and ordered the BIR to refund
PHP30.05 million.  The case is presently with the Supreme Court
on further appeal by the BIR.

Acesite also has a PHP5.26 million petition for the City
Treasurer of Manila to refund local taxes payments made on
April 19, 2002.  The case is still pending with the Regional
Trial Court in Manila, Branch 15.


EIB REALTY: Turns Around with PHP2.5-Mil. Profit for 3rd Quarter
----------------------------------------------------------------
EIB Realty Developers Inc. has posted a net income of
PHP2.529 million for the quarter ended September 30, 2007, a
turnaround from the PHP128.5-million net loss recorded for the
same period in 2006.

For the July-September period, the company earned revenues
amounting to PHP6.148 million, while spending PHP3.618 million
in operational expenses.

The quarterly income has caused the company's nine-month loss to
drop 85% from last year's PHP128.74 million to this year's
PHP15.805 million, on revenues of PHP7.23 million and expenses
of PHP15.805 million.

As of September 30, 2007, the company had PHP529.773 million in
total assets and PHP223.167 million in total liabilities,
resulting in an equity of PHP306.606 million.

The company's third quarter and nine-month financial statements
can be downloaded for free at:

             http://researcharchives.com/t/s?25e3

                        About EIB Realty

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

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


IPVG CORP: To Invest in a 40% Stake in Sabiclub's New Subsidiary
----------------------------------------------------------------
IPVG Corp. will invest in a 40%-stake subsidiary of Sabiclub.com
Corp. that is yet to be in incorporated, a company disclosure
with the Philippine Stock Exchange reports.

The disclosure recalls that on November 26, 2006, IPVG's Board
of Directors approved the plan to invest in a 49% stake in
Sabiclub.  However, the company and Sabiclub inked a deal that
the company will invest for 40% of Sabiclub's new subsidiary.  
Therefore, instead of the original plan to invest in a 49%
ownership in Sabiclub, the company will now invest in 40% of
Sabiclub's subsidiary for an amount of at most US$385,000.


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.


NAT'L POWER: PSALM Plans to Prepay US$180-Mil. Worth of Loans
-------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp., the
state firm assigned to privatize the National Power Corp.'s
assets, is planning to prepay around US$180 million worth of
NAPOCOR's yen-denominated loans, the Philippine Star reports.

According to PSALM's president, Jose Ibazeta, the loan is part
of the US$2.46-billion in debts of NAPOCOR which the PSALM board
approved to be prepaid in the early part of next year.  The
US$180-million component includes loans from the Overseas
Economic Cooperation Fund/Japan Bank for International
Cooperation, he said, adding that the move would allow PSALM to
capitalize on the current low interest rates and strengthening
peso.

PSALM is now seeking the approval of the Bangko Sentral ng
Pilipinas and the Department of Finance, and has notified JBIC
of the plan as well, Mr. Ibazeta said.


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

                          *     *     *

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

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

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


* Gov't Posts 3rd Quarter Economy Results; Shows 6.6% Growth
------------------------------------------------------------
The Philippine economy has grown 6.6% during the period starting
July until September 2007 due to higher consumer spending and
increased farm output, the Philippine Star reports.

According to Socioeconomic Planning Secretary Augusto Santos
said the growth in the gross domestic product was expected
judging from the strong growth in the past two quarters.  He
also said the Philippines can easily reach 7% for the full year,
although economists are doubting such sentiment because of high
oil prices, weak exports and financial turmoil.

Leading Philippine exporters have slashed their 2007 growth
forecast for exports to 4.4 - 5.5 percent from 10 percent
originally and the performance could worsen if the US economy
weakens further, the Star recounts.  However, the country's
agricultural produce rose 5.39% year-on-year in the three months
ended September 30, 2007.  Gross national product also rose 8.2%
in the third quarter because of strong remittances from overseas
Filipino workers.

                          *     *     *

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

ODYSSEY RE: Board Declares US$0.0625 A Share Quarterly Dividend
---------------------------------------------------------------
Odyssey Re Holdings Corp.'s Board of Directors has declared a
quarterly cash dividend of US$0.0625 per common share, payable
on Dec. 28, 2007, to shareholders of record on Dec. 14, 2007.

In addition, the Board of Directors declared a cash dividend of
US$0.5078125 per share on OdysseyRe's 8.125% non-cumulative
Series A preferred shares and US$0.526875 per share on
OdysseyRe's floating rate non-cumulative Series B preferred
shares.  The dividends will be payable on Jan. 20, 2008, to
Series A and Series B preferred shareholders of record on
Dec. 31, 2007.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of
property and casualty treaty and facultative reinsurance, as
well as specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto
and Mexico City.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2006,
Standard & Poor's affirmed its 'BBB-' counterparty credit and
'BB' preferred stock ratings on Odyssey Re Holdings Corp. and
removed them from CreditWatch negative.


REFCO INC: Judge Drain Approves Settlement Agreement with SPhinX
----------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York approved a settlement
and release agreement entered into by:

   -- Refco Inc., and its debtor and non-debtor affiliates; Marc
      S. Kirschner, as the plan administrator for Refco Capital
      Markets, Ltd.; and RJM, LLC, as plan administrator
      for the Reorganized Debtors except RCM; and

   -- SPhinX Managed Futures Fund SPC, its affiliated Segregated
      Portfolios and various affiliated entities; Kenneth M.
      Krys and Christopher Stride, in their capacity as the
      Joint Official Liquidators of SPhinX; the SPhinX Trustee;
      and certain SPhinX investors.

Judge Drain directed the RCM Administrator to distribute the
Settlement Funds to RCM's creditors.

Judge Drain also withdrew the Restraining Order, and waived Rule
6004(h) of the Federal Rules of Bankruptcy Procedure to the
extent applicable.

                SphinX Settlement Agreement

Jessica L. Fink, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
in New York, related that in 2005, the Official Committee of
Unsecured Creditors of the Debtors, on behalf of RCM, sought to
recover US$312,046,266 in preferential transfers to SPhinX and
its affiliated Segregated Portfolios.

To settle the dispute with the Committee, SPhinX had agreed to
pay US$263,000,000 to RCM's estate, which the SPhinX Investors
opposed.  The Bankruptcy Court had approved the SPhinX
Settlement over the objection, ruling that it was in the best
interests of RCM, its estate, and its creditors, and that the
Investors lacked standing to object.  The Investors had appealed
to the District Court for the Southern District of New York, but
the District Court affirmed the Bankruptcy Court's ruling.

Ms. Fink notes that in June 2006, SPhinX went into voluntary
liquidation under the court of the Cayman Islands, and Mr. Krys
and Mr. Stride were appointed as its Joint Official Liquidators.

The Investors, as well as the SPhinX Liquidators, appealed the
District Court Order to the United States Court of Appeals for
the Second Circuit.  The Second Circuit recently affirmed the
District Court's decision, Ms. Fink related.  The Second Circuit
held that the Investors lacked standing to appeal, and that the
Liquidators were precluded from appealing because they were
deemed to be parties to SPhinX.

According to Ms. Fink, the Settlement Funds are currently being
held by the RCM Plan Administrator in a segregated account at
RCM, pending the entry a final order approving the SPhinX
Settlement.

Ms. Fink added that the Settlement and Release Agreement has
been discussed with and approved by customers holding
approximately 50% of the allowed RCM securities customer claims.

The parties have agreed that:

   (a) the RCM Plan Administrator and the SPhinX Liquidators
       will take all steps necessary to seek approval of the
       Agreement by the Cayman Court and the Bankruptcy Court,
       respectively;

   (b) upon approval of the Agreement, the RCM Plan
       Administrator is authorized to release and distribute the
       Settlement Funds;

   (c) the RCM Plan Administrator will pay to the Liquidators,
       on behalf of SPhinX, a US$2,500,000 appeal settlement
       payment;

   (d) the Liquidators, the SPhinX Investors, and the SPhinX
       Trustee will not file further appeals, or any motions for
       reconsideration, of the Settlement Approval Order;

   (e) the Liquidators will withdraw their motion for rehearing,
       currently pending before the Second Circuit;

   (f) Claim Nos. 11387 and 11378, filed by SPhinX against RCM
       will be allowed as general unsecured claims for
       US$4,312,945 and US$10,352,310, respectively, in RCM's
       Chapter 11 case;

   (g) all other claims filed by the parties are deemed
       disallowed and expunged; and

   (h) the parties exchange mutual releases from all claims or
       actions arising from the preferential transfers or the
       appeal of the SPhinX Settlement.

Ms. Fink stated that the Settlement Funds will be distributed to
RCM securities customers, pursuant to the Modified Joint Chapter
11 Plan of Refco Inc. and Certain of its Direct and Indirect
Subsidiaries.  The Appeal Settlement Payment will be deducted
solely from the Settlement Funds, and will not impact recoveries
to non-securities customers.

Ms. Fink maintained that the terms embodied in the Agreement
represents a reasonable settlement of the issues between the
parties, and should be approved.

A full-text copy of the Settlement and Release Agreement between
Refco and SPhinX is available at no charge at:

   http://bankrupt.com/misc/RefcoSphinxSettlementRelease.pdf

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a          
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.   

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).


REFCO INC: RCM Distributes US$279.5 Million from SPhinX Proceeds
--------------------------------------------------------------
Pursuant to a settlement agreement by Refco Capital Markets,
Ltd., all holders of Allowed Class 4 RCM Securities Customer
Claims are entitled to receive their pro rata portion of the
proceeds from the settlement with the SPhinX entities, which has
become available for distribution.

In this connection, Marc S. Kirschner, Plan Administrator for
the Refco Capital Markets, Ltd. estate, notified the U.S.
Bankruptcy Court for the Southern District of New York that on
Nov. 16, 2007, he made the sixth interim distribution of
approximately US$279,500,000 of RCM's Assets in Place, resulting
from the Net Sphinx Proceeds.  Each claimant is entitled to its
pro rata share of the Proceeds.

The RCM Administrator notes that two creditors will be capped at
100% recovery from the Distribution.

To date, the RCM Administrator has made five interim
distributions from Assets in Place, aggregating to recoveries of
US$1,890,000,000, and another two interim distributions from
Additional Property, resulting in recoveries of US$344,700,000.

A list of the claims for the Sixth Interim Distribution is
available at no charge at:

      http://bankrupt.com/misc/Refco6thInterimDistClaims.pdf

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a          
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.   

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).


REFCO INC: RJM Wants Settlement Pact with FXCM Parties Approved
---------------------------------------------------------------
RJM, LLC, as plan administrator to Reorganized Refco Inc. and
its affiliates, and Marc S. Kirschner, as plan administrator to
Refco Capital Markets, Ltd., ask the U.S. Bankruptcy Court for
the Southern District of New York to approve their settlement
agreement with Forex Capital Markets, LLC, Forex Trading LLC,
FXCM Canada Ltd., FXCM LLC, David Sakhai, William Ahdout,
Kenneth Grossman, Michael Romersa, and Edward Yusupov.

Refco Group Ltd., a Reorganized Debtor, holds a 35% equity
interest in Forex Capital Markets, LLC.  Pursuant to the Plan,
RJM has authority to exercise all rights of the Debtors in
respect of RGL's 35% interest in FXCM, including all rights
related to its liquidation or disposition.

Certain entities have agreed to purchase RGL's 35% equity
interest in FXCM.  The names of the entities are withheld for
confidentiality purposes, according to Steven Wilamowsky, Esq.,
at Bingham McCutchen LLP, in New York.  The sale of RGL's
interest is subject to the requirement that certain claims
against the Debtors and RCM be resolved.

The parties' Settlement Agreement provides that:

    a. The Plan Administrators will seek Court approval allowing
       the claims filed by the FXCM Parties:

       1. Claim No. 9140, to be allowed as a Class 6 FXA
          Convenience Class Claim for US$3,290.87;

       2. Claim No. 9870, to be allowed as a Class 5(a) FXA
          General Unsecured Claim for US$8,281,529.63;

       3. Claim No. 9871, to be allowed as a Contributing Debtor
          Class 5(a) General Unsecured Claim for
          US$8,281,529.63.

    b. The Plan Administrators ask Court to expunge FXCM
       Parties' 31 other claims -- Claim Nos. 6629, 6630, 6631,
       6632, 6633, 6634, 6635, 6636, 6637, 7564, 7566, 7568,
       7569, 7570, 7571, 7572, 14268, 14269, 14270, 14271,
       14272, 14273, 14274, 14275, 14276, 14427, 14428, 14429,
       14430, 14431, 14432.

Jeffrey M. Olinsky, Esq., at Bingham McCutchen LLP, in New York,
New York, says the Plan Administrators have carefully reviewed
the claims filed by the FXCM Parties, as well as the books and
records of the Reorganized Debtors and RCM as they relate to the
claims.  The Plan Administrators believe that Claim Nos. 9140,
9870 and 9871 are properly allowable at the amounts set, and the
rest of the FXCM Parties' claims should be expunged.  Mr.
Olinsky says the FXCM Parties agree that the 31 other claims
should be expunged.  "Expunging these other claims will
eliminate 31 claims against the Reorganized Debtors' and RCM's
estates that seek damages based on alleged fraudulent conduct of
the Debtors."

Mr. Olinsky tells the Court the Agreement will result in
proceeds from the sale of RGL's 35% equity interest in FXCM
becoming available for distribution to creditors of the
Contributing Debtors.

A full-text copy of the FXCM Settlement Agreement is available
for free at http://bankrupt.com/misc/FXCMsettlementAgreement.pdf

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a          
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.   

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).


SEA CONTAINERS: Court Approves Payment of Diligence Fees
--------------------------------------------------------
The Hon. Kevin Carey of the U.S. Bankruptcy Court for the
District of Delaware authorized Sea Containers Ltd. and its
debtor-affiliates to pay the due diligence fees or expenses of
potential exit lenders up to a maximum amount of US$500,000 per
lender and US$1,500,000 in the aggregate.

The amount is for reasonable expenses incurred in connection
with financial and legal due diligence and development of exit
financing proposals that relate to taking out the existing DIP
loan upon the Debtors' emergence from Chapter 11.

The Order is entered without prejudice to the Debtors' right to
seek authority to pay additional expenses or fees related to
exit financing as the Debtors believe are reasonable and
necessary, Judge Carey said.

Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, related that the Debtors are in the
process of formulating a Chapter 11 plan and intend to commence
their exit from Chapter 11 by filing their plan, disclosure
statement, and related materials in the near term.

Under any plan scenario, Mr. Morton said, exit financing to
repay the DIP loan and provide going-forward capital is an
essential component of this process.  For these reasons, the
Debtors are currently pursuing exit financing from various
lenders and are aiming to secure a commitment to fund their exit
from Chapter 11.

To make a financing commitment, however, potential exit lenders
will have to conduct extensive due diligence of the Debtors'
assets and operations, thereby incurring significant out-of-
pocket costs and expenses, including fees and expenses of their
legal and other advisors.  To induce potential exit lenders to
undertake the expensive and time-consuming work required for an
exit financing commitment, the Debtors believe it is necessary
to pay the reasonable and actual out-of-pocket costs and
expenses they incur in connection with developing, negotiating,
and documenting the financing commitment.

Without this inducement -- which is a quite common request under
the circumstances -- potential exit lenders will not undertake
the work needed to complete a financing commitment, thus leaving
the Debtors without an exit facility required for their Chapter
11 plan, Mr. Monton explained.  He further noted that the
Debtors have already received interest from Dune Capital LP and
Caspian Capital Partners LP to provide exit financing, but they
are unwilling to proceed further unless they are reimbursed for
their out-of-pocket costs and expenses associated with their due
diligence review ofthe Debtors.  In addition to Dune and
Caspian, the Debtors hope to pursue exit financing negotiations
with other lenders.  Parallel negotiations with multiple
potential exit lenders will ensure that the Debtors obtain
financing with competitive terms, Mr. Monton said.

The Debtors believe that the requested expense reimbursement is
reasonable for the proposed collateral base, which will include
all of the Debtors' assets, including their interests in GE
SeaCo and the large network of foreign and U.S. non-debtor
subsidiaries, and the fact that the expenses routinely are
reimbursed both in and outside of bankruptcy.

                  About Sea Containers

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

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

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

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 31;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SEA CONTAINERS: Wants Exclusive Period Extended to February 20
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend
their exclusive periods to file a Chapter 11 plan through and
including Feb. 20, 2008, and to solicit acceptances of that plan
through and including April 19.

Sean T. Greecher Esq., at Young Conaway Stargatt & Taylor, LLP,
relates that since their last request to extend the exclusive
periods, the Debtors have made substantial progress towards
developing a viable chapter 11 plan.  

In particular, Mr. Greecher says, the Debtors have:

   (a) stabilized their business operations;

   (b) disposed of certain non-core assets, thereby bringing in
       cash proceeds to the estates;

   (c) addressed complex intercompany issues;

   (d) reached a settlement regarding the Company's corporate
       headquarter's lease;

   (e) obtained Court approval for additional funding for Sea
       Containers Treasury Limited, the Company's non-debtor
       vehicle, to fund non-debtor subsidiary operations;

   (f) obtained replacement financing for Sea Containers SPC
       Ltd.'s prepetition securitization facility in the form of
       DIP financing; and  

   (g) obtained approval for exit financing to pay certain
       due diligence fees and expenses.

Nonetheless, Mr. Greecher continues, the resolution of two
critical issues remain to complete preparation of a Plan
Reorganization: (1) settlement of the Debtors' pension scheme
liabilities; and (2) factoring in the upcoming decision on the
change of control arbitration.

Both issues are at the verge of conclusion, Mr. Greecher assures
the Court.  The Debtors have also initiated discussions with the
creditors committees on potential chapter 11 plan alternatives,
Mr. Greecher adds.

To resolve issues with regard to the pension scheme liabilities,
the Debtors have facilitated and mediated discussions among the
creditors committees and the pension trustees, while supplying
all parties with extensive due diligence and other information
regarding the status of the Pension Trustee's claims.

Mr. Greecher reports that negotiation has now reached a critical
juncture.  In fact, recently, the parties have significantly
narrowed their differences on the status of the Pension
Trustee's claims, and intensive discussions are continuing, he
explains.

As for the progress in the change of control arbitration with GE
Capital, the Debtors undertook discovery and prepared for,
defended, and took depositions, related to the change of control
dispute in August and September 2007.  The Debtors' extensive
preparation of the change of control arbitration culminated in
hearings conducted in mid- and late October, ultimately
concluding on November 5.  

The parties now have submitted post-hearing briefs and expect a
decision from the arbitrator no later than mid-December, Mr.
Greecher says.

According to Mr. Greecher, the arbitrator's decision will
influence which of the various plan alternatives the Debtors
will ultimately pursue.  The outcome of the change of control
arbitration will also facilitate the Debtors' efforts to obtain
exit financing by giving the Debtors' potential exit lenders a
better view of the Debtors' exit Plan.

The Debtors believe that continued exclusivity will allow space
to finally resolve the two ongoing issues.  Terminating
exclusivity, and introducing the prospect of a competing plan
will only distract all parties concerned, the Debtors add.

The Debtors further note that the requested extension of the
Exclusive Periods will allow them to reach a final resolution,
and propose a confirmable plan.  Conversely, failure to obtain
the requested extension may unravel the resolutions the Debtors
have worked to obtain and engender costly litigation that would
consume the estate, delay their emergence from chapter 11, and
deplete the funds available for distribution to creditors.

                   About Sea Containers

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

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

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

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of $1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 31;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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

KUANG PEI SAN: Board Authorizes Sale of Kuang Holding Shares
------------------------------------------------------------
Kuang Pei San Foods PCL's Board of Directors has authorized the
sale of the company's ownership of 7,509,866 shares in
subsidiary Kuang Holding to S. Trang Complex Co. Ltd.

The shares are to be sold at THB0.15 per share.

Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.

As of December 31, 2006, the company had a shareholders' equity
deficit of THB408,269,091.16 on total assets of
THB568,886,989.98 and total liabilities of THB977,156,081.14.

                       Going Concern Doubt

After reviewing the company's financial statements for the
second quarter and first half of 2007, Wanraya Puttasatiean at
S.K. Accountant Services Co. Ltd. raised significant doubt on
the company's ability to continue as a going concern.

The auditor pointed out that the company has a working capital
deficit of THB760.39 million and has a shareholders' equity
deficit of THB406.305 million.   Thus the continuity of a going
concern for the company depends largely on its capability to pay
the liabilities under restructuring contract and long-term loans
from financial institution.  Moreover, the company has asset
from defaulted accounts receivable from debt restructuring
agreement from the parent-company.


NATURAL PARK: Peerapong Thungkasemwathana Resigns as Director
-------------------------------------------------------------
Peerapong Thungkasemwathana has resigned as director and member
of Natual Park PCL's audit committee effective on November 29.

Weerawat Wattanatchariya has been appointed as a director to
replace and continue Mr. Peerapong's remaining term of office.


Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


POWER-P: Shareholders' Meeting Postponed, Moved to December 11
--------------------------------------------------------------
Power-P PCL will hold another extraordinary shareholders'
meeting on December 11, 2007, at 10:00 A.M. at the Bacarat Room,
2nd floor, Tawana Hotel, 80 Surawong Road in Bangrak, Bangkok.

On Nov. 24, the company held its extraordinary general
shareholders' meeting but only 57 persons accounting for only
46,944,699 shares or 22.35% of the company were present.  The
absence of a quorom prompted the Board to reschedule the
extraordinary general shareholders' meeting.


Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of    
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.  

The company is currently undergoing debt restructuring.  
Moreover, the company carries the Stock Exchange of Thailand's
SP -- or suspension -- sign for its failure to submit its
financial statements as of March 31, 2007.


TRUE CORP: Discloses Results of Warrants Exercise
-------------------------------------------------
True Corp. said in a disclosure to the Stock Exchange of
Thailand that the holders of its warrants under the employee
stock option plan for 2003 have exercised a total of 357,058
units out of the total of 11,821,314 units exercisable.

The company now has 11,464,256 exercisable warrants units
remaining under the stock option plan.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  

As reported in the TCR-AP on June 12, 2007, True Corp. Moody's
Investors Service downgraded True Corp.'s corporate family
rating to B1.






                         *********

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

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

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


                            *********


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

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