TCRAP_Public/071204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, December 4, 2007, Vol. 10, No. 240

                            Headlines

A U S T R A L I A

A.M.H. TOOLING: Liquidator Gives Liquidation Report
BIOTECH PROJECTS: Will Declare Dividend on December 4
CHRYSLER LLC: Likely to Lose $1 Billion in 2007, Sales Exec Says
CITIGOLD CORP: Releases Report for September 30 Quarter
CITIGOLD CORP: Shareholders Re-Elect John Foley as Director

CLOUGH LIMITED: CEO John Smith Bares Plans
CONSTELLATION BRANDS: Fitch Puts BB- Rating on US$500-Mil. Notes
CRESCENT GOLD: Shareholders Re-Elects All Directors
ELONG BAY: Liquidator Gives Wind-Up Report
EMPEROR MINES: To Focus Projects on Asia Pacific and America

ERG LIMITED: Westpac Divests ERG Shares
JABIRU METALS: Second Zinc Shipment Leaves Oxiana Facility
JIM'S WATER: Director & Wife Bank Accounts Frozen Until Dec. 13
KIMBERLEY DIAMOND: Gem Diamond Now Has 82.38% of Shares
LEETON PEAK: Liquidator Gives Wind-Up Report

METROPOLITAN DISTRIBUTION: Liquidator Presents Wind-Up Report
NEW DUTCH PAINTING: Liquidator Presents Wind-Up Report
NRG ENERGY: Named Company of the Year by Platts Global Awards
PALADIN RESOURCES: Incurs US$14.5MM Loss for Quarter to Sept. 30
PALADIN RESOURCES: Changes Name to Paladin Energy

PALADIN RESOURCES: Settles All Litigation in Malawi
PERSERVERANCE CORP: Robert Flew Assumes Board Chairmanship
PKJS (VIC) PTY: Members and Creditors Hold General Meeting
OLD J C&I: Members and Creditors Receive Wind-Up Report
OLD MECAL: Members' Final Meeting Slated for December 5

QUEENSLAND GAS: Rakes in AU$13MM for Quarter Ended Sept. 30
TRANSURBAN: Names Former BHP Billiton Exec. Chris Lynch as CEO
TRANSURBAN GROUP: Hills M2 Revenue Rise 16% in Sept. 2007 Qtr.
TRANSURBAN GROUP: Westlink Revenues Rise 20% in Sept. 2007 Qtr.
TRANSURBAN GROUP: M5 Revenues Rise 10.6% in Sept. 2007 Quarter

TRANSURBAN GROUP: M4 Revenues Rise 3.8% in Sept. 2007 Quarter
TRANSURBAN GROUP: Names KPMG's Lindsay Maxsted as New Director
URS CORP: Unveils Washington Stockholders' Elections Results
WARBROOK EQUIPMENT: Members & Creditors Hear Wind-Up Report
WARRENMANG LTD: ASIC Moves to Protect IPO Investors

WHANAU TRANSPORT: Members and Creditors Hear Wind-Up Report


C H I N A   &   H O N G  K O N G

BEIJING SHOUGANG: Mulls Over CNY6.4-Billion Cold-Rolled Steel JV
BOMBARDIER INC: Planned Debt Repurchase Cues Fitch's Pos. Watch
CUMMINS INC: Andrew Penca Named as President's Assistant
DANA CORP: Indiana and Pine Tree Object to Plan Confirmation
ENERSYS INC: To Sell 5,000,000 Common Stock Shares to Jefferies

FERRO CORP: Hires Judy DeForest as Chief Tax Officer
HAINAN AIR: Parent May Allow 2 Foreign Investors Take 49% Stake
QUINTAIN STEEL: Incurs TWD604.8-Mil. Loss for First 3 Quarters
QUINTAIN STEEL: Posts 9.1% Rise in October Sales
SMITHFIELD FOODS: Reports US$18.7-Million Income from Operations

SRE GROUP: Moody's Affirms B1 Ratings; Outlook Stable
TYCOONS GROUP: Incurs TWD51MM Loss for 9 Months Ended Sept. 30
TYCOONS GROUP: October 2007 Sales Rise 53.0% Year-on-Year
TYCOONS GROUP: Builds US$1.8-Billion Plant in Vietnam
UNION INSURANCE: Fitch Upgrades Financial Strength Rating to BB-


I N D I A

BHARTI AIRTEL: To Pilot Mobile Money Transfer w/ Western Union
DCM SHRIRAM: Shareholders OK Preferential Warrant Allotment
DRESSER-RAND GROUP: Implements Terms of the New Union Contract
GULFMARK OFFSHORE: S&P Raises Corp. Credit Rating to BB- from B+


I N D O N E S I A

BANK MANDIRI: Nine-Month Net Profit Up 168% to IDR3.18 Trillion
BANK NISP: Targets 30% Increase in 2008 Lending
BANK UOB: To Issue Bonds and Sell Shares for Accreditation
CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28
GARUDA INDONESIA: Opens Nusa Dua Bali Service Center

GARUDA INDONESIA: Partners Bank Rakyat for E-Payment Service
TELKOM INDONESIA: SAT-GE Provides Satellite Capacity


J A P A N

ALITALIA SPA: Bidders Have Until Dec. 6 to Submit Offers
ALL NIPPON: Sees JPY3BB Annual Revenue Increase on New Service
ALL NIPPON: Expands Code-share Agreement with Malaysia Air
AMR CORP: Low Stock Price Cues FL Group to Cut Stake by 8%
DELPHI CORP: Delays Hearing on Chapter 11 Disclosure Statement

JAPAN AIRLINES: To Launch First-Class Service on Nat'l Flights
KOJIMA CO: R&I Lowers Issuer Rating from BBB- to BB+
MITSUBISHI MOTORS: Changes Ownership Structure in Indonesia Unit
SANYO ELECTRIC: To Invest JPY350 Billion to Bring Back Growth
SANYO ELECTRIC: Fitch Keeps BB+ Ratings on Negative Watch

SPANSION INC: Gets MicroStrategy for Reporting & Analytics Job


K O R E A

BURGER KING: Moody's Affirms Ba2 Corporate Family Rating
HANAROTELECOM: SK Telecom Buys Stake for  KRW1.09 Trillion


M A L A Y S I A

CNLT BHD: Reprimanded by BUrsa for Breach of Listing Requirement


N E W  Z E A L A N D

114 DOMINION: Creditors Receive Wind-Up Report
ARAI FARMS: Names Ronald Leslie Bavage as Liquidator
BEKAYEM FARMS: Placed Under Voluntary Liquidation
CAPITAL + MERCHANT: Placed in Receivership on Agreement Breach
COUNTIES POWDERCOATERS: Fixes Feb. 7 as Last Day to File Claims

FRANKLIN BUSINESS: Undergoes Liquidation Proceedings
J.W. HARMAN: Requires Creditors to File Claims by Feb. 7
KINLOCH GOLF: Commences Liquidation Proceedings
MARCHILL LTD: Taps Sharon Wedlock as Liquidator
NORTHRIDGE CONSTRUCTION: Fixes Feb. 1 as Last Day to File Claims

NZ INVESTMENT TRUST: Liquidates Firm; Names Roll-Over Options
THOM CONTRACTORS: Creditors' Proofs of Debt Due on Feb. 1


P H I L I P P I N E S

BENPRES HOLDINGS: Buys Debts for PHP32.3 Million and PHP5.8 Mil.
CHIQUITA BRANDS: Sanctioned for Banana Cartel by European Union
DEL MONTE: European Union Sanctioning Firm for Banana Cartel
DEL MONTE: Earns US$25.9 Million in Second Quarter Ended Oct. 28
FILSYN CORP: Elects Directors and Officers for 2007-2008

IPVG CORP: Proposes to Buy PeopleSupport for Cash
LODESTAR INVESTMENT: Taps Chan Kok Bin as Independent Director
NAT'L POWER: Confident of Meeting Privatization Targets for 2007
PHIL LONG DISTANCE: Declares Cash Dividend of PHP1 Per Share
RIZAL COMMERCIAL: To Issue PHP5-Bil. Worth of Tier 2 Debt Notes

TYCO INTERNATIONAL: Incurs US$1.7-Billion Net Loss in Year 2007


S I N G A P O R E

AVAGO TECH: Incurs US$2-Mln Net Loss in Qtr. Ended Oct. 31
INFORMATICS: Incurs SGD1.25MM Net Loss in Qtr. Ended Sept. 30
REFCO INC: Ch. 7 Trustee Wants Nod on MF Global Settlement Pact
REFCO INC: Mayer Brown Wants US$245 Million Lawsuit Dismissed
REFCO INC: U.S. Court Approves Settlement Agreement with SPhinX

SEMITECH ELECTRONICS: SGX-ST Approves Sky One Acquisition


T H A I L A N D

FEDERAL-MOGUL: Expected Chap. 11 Exit Cues Moody's (P)Ba3 Rating
THAI PROPERTY: Expects to Submit 2nd Qtr. Financials on Dec. 25
TRUE CORP: Proposals For Stockholders' Meet Agenda Due Jan. 31

* BOND PRICING: For the Week 03 December to 07 December 2007

     - - - - - - - -

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

A.M.H. TOOLING: Liquidator Gives Liquidation Report
---------------------------------------------------
The members and creditors of A.M.H. Tooling Pty Ltd, which is in
liquidation, met on Nov. 29, 2007, and received the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Richard Judson
          Judson & Co
          Chartered Accountants
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia
          Telephone:(03) 9585 5227

                       About A.M.H. Tooling

A.M.H. Tooling Pty Ltd is a distributor of electrical
machineries, equipments and supplies.  The company is located at
Clayton, in Victoria, Australia.


BIOTECH PROJECTS: Will Declare Dividend on December 4
-----------------------------------------------------
Biotech Projects Pty Ltd, which is in liquidation, will declare
dividend today, Dec. 4.

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

The company's liquidator is:

          Bruce Mulvaney
          Bruce Mulvaney & Co
          1st Floor, 613 Canterbury Road
          Surrey Hills, Victoria 3127
          Australia

                     About Biotech Projects

Biotech Projects Pty Ltd provides business services.  The
company is located at Clifton Hill, in Victoria, Australia.


CHRYSLER LLC: Likely to Lose $1 Billion in 2007, Sales Exec Says
----------------------------------------------------------------
Steve Landry, Chrysler LLC's executive vice president of North
American sales, revealed that the company expects to lose
US$1 billion this year in costs, according to Andrea MacDonald
of The Daily News.

Mr. Landry, the paper reports, told marketing and business
students of Saint Mary's University in Halifax, Nova Scotia,
that Chrysler's 2007 revenue is expected at US$64 billion and
costs at around US$65 billion.

The Daily News relates that Mr. Landry recounted Chrysler's
business aim to recover costs next year and to yield a huge
profit in 2009 and 2010, slashing about 8 models from its
lineup.  Mr. Landry adds that Chrysler has plans to launch a
Chrysler Aspen-Dodge Durango hybrid to entice environment-
concerned customers.

The top sales executive came to the Halifax university to donate
US$100,000 for two yearly scholarships from Chrysler Canada,
according to The Daily News.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital  
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  The
outlook is negative.


CITIGOLD CORP: Releases Report for September 30 Quarter
-------------------------------------------------------
Citigold Corporation Limited has released its quarterly report
for the period ended Sept. 30, 2007.

Highlights:

   * Gold produced -- up 52%

   * Revenue -- up 53% to AU$3.2 Million

   * Tonnes milled -- up 43%

   * Underground development -- up 7%

   * Mill recovery -- 98%

   * Cash Operating Cost -- AU$469.94 per ounce

   * Average gold revenue -- AU$807.50 per ounce

   * Major drill contract granted to increase reserves

The company said that this was another quarter of strong gains
for Citigold's Charters Towers operations.  Gold from production
was again up an impressive 52% quarter on quarter to 3,945
ounces.  Gold production continues to be predominately
development ore and therefore as the mine expands, the ounces
produced and average ore grades to the mill will increase as the
stope ore increases. The average mine grade of the ore in the
September quarter remains strong at 10.1 g/t Au.

The Charters Towers operations are projected to reach a
production rate of 100,000 ounces a year, the company added.

The ore reserve drilling contracts have recently been expanded
and are undertaking a major program that aims to see ore
reserves increase to a contained 1,000,000 ounces in 2008
through an infill drilling program within the Company's large
gold resources.

The company related that the average actual cash operating cost
of AU$470 per ounce is encouraging for Citigold's first cash
cost to recover gold.  As gold production builds up later in
2008 it is expected the cost of production will decrease towards
AU$350 per ounce due to economies of scale.  Average gold
revenue per ounce was up slightly at AU$807.50.

At the end of the quarter the cash balance was over
AU$1.7 million, revenue from goldsales was up over 50% and the
company remained debt free, the company reported.

The company's full quarterly report may be viewed at:

http://www.citigold.com/viewasxrelease.asp?Releasenumber=229


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 had 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.


CITIGOLD CORP: Shareholders Re-Elect John Foley as Director
-----------------------------------------------------------
Citigold Corp. Ltd.'s shareholders has re-elected John Foley as
director of the company, the company said in a corporate
disclosure with the Australian Securities Exchange Ltd.

The re-election was held during the company's annual general
meeting, where shareholders also approved the company's director
remuneration report and appointed BDO Kendalls as auditor,
replacing Nexia Court $ Co.

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 had 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.


CLOUGH LIMITED: CEO John Smith Bares Plans
------------------------------------------
Clough Ltd. expects to return to profitability in fiscal 2008,
after two legal battles hampered earnings last financial year,
The Age reports.

According to the Troubled Company Reporter-Asia Pacific, Clough
Limited reported a net loss of AU$105.3 million for the year
ended June 30, 2007, the figure comprising improved underlying
earnings of AU$25.4 million on ongoing operations offset by
provisions against two prior year contracts.

The Age explains that the AU$130-million provision for both
legal issues are subject to negotiations.  

The Age also recounts that Clough Chief Executive Officer John
Smith said that he hoped there would be no need for further
provisioning in fiscal 2008.

The Age quotes Mr. Smith as saying that Clough aims to focus on
its transition into an upstream oil and gas industry
engineering, procurement and construction contractor, from the
wellhead to the refinery gate.  Mr. Smith added that Clough was
seeking to secure contracts for major oil and gas projects
including Inpex's Icthys liquefied natural gas development, for
which it has been slated as the preferred engineering,
procurement, construction and management contractor, and
construction of the export jetty at Woodside Petroleum's Pluto
LNG project.

It also hopes to secure work at Chevron's massive Gorgon gas
project, Apache Corporation's Devil Creek gas plant and
Wesfarmers' small scale LNG project, The Age relates.

The report also says that the company plans to:

   * selectively target non oil and gas EPC projects in
     Australia;

   * venture into a new desalination plant in Perth; and

   * increase its labor force.

Perth, Australia-based Clough Limited --
http://www.clough.com.au/-- is an engineering and construction  
contractor providing full project lifecycle solutions primarily
to the oil and gas industry in Australia and South East Asia.  
Its services range from front-end engineering design,
construction, installation and commissioning to long-term
operations and asset management.

The company incurred net losses of AU$105.26 million,
AU$15.08 million, and AU$57.64 million for the years ended
June 30, 2007, 2006, and 2005.


CONSTELLATION BRANDS: Fitch Puts BB- Rating on US$500-Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the note registered
by Constellation Brands, Inc. to fund the purchase price of Beam
Wine Estates, Inc, a subsidiary of Fortune Brands, Inc:

-- US$500 million 8.375% senior unsecured note due
    Dec. 15, 2014.

The rating outlook is negative.

The rating reflects Constellation Brands' leading market share
in most of the major wine markets around the globe and a
diversified alcoholic beverage portfolio.  The rating also
considers the company's willingness to operate at higher
leverage levels and its appetite for acquisitions.  The
company's leverage has increased due to successive debt-financed
acquisitions and stock repurchases.  Required debt repayment
over the next five years is expected to be well beyond the
company's cash-generating capabilities.  It is noted that the
company currently maintains adequate liquidity and access to the
capital markets as shown by this financing.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an  
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Chile, Australia and
New Zealand.  The company has more than 250 brands in its
portfolio, sales in approximately 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.


CRESCENT GOLD: Shareholders Re-Elects All Directors
---------------------------------------------------
Crescent Gold Limited has released the results of its annual
general meeting held on Nov. 28, 2007.

Aside from getting shareholders' approval on the company's
remuneration report for the year ended June 30, 2007, Martin
Belvisi, Jose Garcia Esteban, Franco Cavallini, Geoffrey
Stanley, and Renatto Barbieri were re-elected as directors.

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.


ELONG BAY: Liquidator Gives Wind-Up Report
------------------------------------------
The members and creditors of Elong Bay Pty Ltd met on Nov. 27,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on February 28,
2007.

The company's liquidator is:

          Leonard A. Milner
          Venn Milner & Co Chartered Accountants
          Suite 1, 43 Railway Road
          Blackburn, Victoria 3130
          Australia

                         About Elong Bay

Elong Bay Pty Ltd, which is also trading as Trivelli Cake Shop,
operates retail bakeries.  The company is located at Coburg, in
Victoria, Australia.


EMPEROR MINES: To Focus Projects on Asia Pacific and America
------------------------------------------------------------
Emperor Mines Ltd. will focus taking on projects in the Americas
and the Asia-Pacific region, ruling out Africa, Europe, China or
Russia, the Australian Associated Press reports.

Emperor Mines Chief Executive Officer Brad Gordon, in the
shareholders annual meeting, revealed that the company would
maintain its primary focus on gold and that its Tujuh Bukit
gold, silver and copper project in Java was a "potential company
maker," relates AAP.

Emperor, states the report, was forced to sell all its producing
assets, namely its Vatukoula gold mine in Fiji and its stake in
the Porgera gold mine in Papua New Guinea, as part of a recent,
radical restructure due to the mines' poor performance and
consecutive losses.

Mr. Gordon, told AAP that the company would look at other metals
if such projects "could add significant value" and added that
this is one of the things that attracted the company to the
Indonesian project.

Emperor, according to Mr. Gordon, was selling its last producing
asset, the Tolukuma gold mine in Papua New Guinea, where the
site workforce has been reduced by 20%.  In its September
report, Mr. Gordon, explains AAP, said the sale of Tolukuma
would free up management and other resources to concentrate on
implementing the company's growth strategy.

Mr. Gordon added that the sell down had opened up the share
register and provided stock liquidity.  "Emperor's management
team have successfully delivered a major transformation of
Emperor, through the closure of Vatukoula, the sale of (the
stake in) Porgera for US$255 million, the pay down of debt and
hedging, and the capital return of US$52 million," Mr. Gordon is
quoted by AAP as saying.

                        Intrepid Merger

Mr. Gordon's comments came as Emperor mergers with Canada's
Intrepid Mines Ltd., reports AAP.

According to AAP, the troubled gold miner agreed to merge with
Intrepid in September and is set to become a multi-metal play
through Intrepid's Casposo gold and silver project in Argentina,
Taviche gold-silver project in Mexico and Paulsens gold mine in
Western Australia.

AAP quotes Mr. Gordon as saying, "We see significant upside at
both Paulsens and Casposo, and we will be expecting the start of
the good news from the first quarter of next year.  We expect
improved performance at Paulsens starting December quarter this
year and we'll have some news on the approvals and development
of Casposo within the next few months."

Through a statement with the Australian Stock Exchange, Emperor
Mines has announced that it has already lodged with the
Australian Securities & Investments Commission its draft Scheme
Booklet in respect of the proposed scheme of arrangement between
Emperor and Intrepid.

A hearing date for approval of the Scheme documentation has been
obtained for December 13, 2007 and is intended that the Scheme
Booklet will be dispatched to the shareholders in mid-January
2008.

AAP notes that Emperor shareholders will be receiving one
Intrepid share for every 4.25 Emperor shares held and the
implementation of the merger is expected on March 3.

Mr. Gordon, adds AAP, said the merger would allow Emperor
shareholders to benefit from Intrepid's low-cost production and
listing on the Toronto Stock Exchange as well its substantial
project-development pipeline.

"The 'new Intrepid' will have the balance sheet strength and
depth of management skills to fully exploit the opportunities
available to it," recounts AAP.

                    About Emperor Mines

Based in Sydney, Australia, Emperor Mines Limited --  
http://www.emperor.com.au/-- is engaged in the exploration,  
development and exploitation of gold deposits.

The Troubled Company Reporter-Asia Pacific, on November 30,
2007, included in its "Large Companies With Insolvent Balance
Sheets" Column Emperor Mines Ltd., with US$50.63 million in
stockholders' equity deficit.


ERG LIMITED: Westpac Divests ERG Shares
---------------------------------------
Westpac Banking Corp. has reduced its stakeholding in ERG
Limited to 77,390,672 ordinary shares from 82,950,733, ERG said
in a corporate disclosure with the Australian Stock Exchange.

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

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


JABIRU METALS: Second Zinc Shipment Leaves Oxiana Facility
----------------------------------------------------------
Jabiru Metals Limited advised that the second shipment of zinc
has left from Oxiana Ltd's facility, MineWeb.Com reports.

Approximately 5,300 tonnes of zinc concentrate left the port on
November 22, 2007, MineWeb says.

Jabiru has also accumulated approximately 3,000 tonne of
saleable grade copper concentrate which is expected to be
shipped as part of a 5,000 tonne parcel in the New Year, the
report continues.

Zinc and copper concentrate shipments will occur more regularly
in 2008 in line with the Jaguar production ramp up, and more
stoping ore becomes available from the underground mining, the
report relates.  The process of optimizing blasting and mining
of the stopes is now taking place as more stoped ore is provided
to the concentrator.


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.


JIM'S WATER: Director & Wife Bank Accounts Frozen Until Dec. 13
---------------------------------------------------------------
On November 26,2007, the Supreme Court of Queensland (by
consent) extended, until December 13, 2007, orders freezing bank
accounts held by director Alan Jorgensen, Linya Jorgensen and
Jim’s Water Tanks Pty. Ltd. and restraining Mr. Jorgensen, Mrs.
Jorgensen and JWT from dealing with payments from JWT customers.  
The Court also extended orders restraining Mr. Jorgensen and
Mrs. Jorgensen from withdrawing money from or otherwise dealing
with funds held in a St. George’s bank account held in the name
of JWT Marketing.  The matter returns to court on December 13,
2007.

The Australian Securities & Investments Commission has sought
these orders to preserve the funds that it has identified are
being held by JWT, while it conducts its investigation into the
conduct of Mr. Alan Jorgensen and JWT.  This investigation has
led to ASIC having real concerns that JWT may be insolvent and
that customers of JWT might never see their tanks delivered.  
ASIC therefore wants to ensure that, in the event JWT is wound
up, the funds identified are available for distribution to
creditors of JWT.  ASIC's action will, in part, safeguard the
funds to allow for an orderly and equitable distribution to
creditors in the event that a winding up takes place.

ASIC has, since early September 2007, been awaiting evidence
from Mr. Jorgensen and JWT that JWT is not in fact insolvent,
that water tanks (in sufficient numbers to satisfy JWT's
unfilled orders) are being/have been constructed and that there
is a real prospect that JWT will comply with its obligations to
customers, by delivering tanks to customers in a timely manner.

                    Getting Money Back

Customers who have paid a deposit by credit card should also
contact their bank to discuss their options.  Under some
circumstances, individuals who have paid for goods with their
credit card, may get their money back through charge-back
arrangements.


KIMBERLEY DIAMOND: Gem Diamond Now Has 82.38% of Shares
-------------------------------------------------------
Kimberley Diamond Company NL has released its quarterly
activities report for the period ended Sept. 30, 2007.

Monterrey Investment Management Ltd. has ceased to be a
substantial stakeholder of Kimberley Diamond Company NL,
Kimberley Diamond said in a corporate disclosure filed with the
Australian Securities Exchange.

Monterrey Investment has accepted Gem Diamond Australia Pty.
Ltd.'s AU$0.70-per share cash offer.  Macquaries Investment's
sold holdings are:

   * 16,289,000 held by HSBC Custody Nominees (Australia) Ltd.

   * 9,106,005 held by UBS Nominees Pty. Ltd.

   * 17.173,000 held by Citicorp Nominees Pty. Ltd.

In another corporate disclosure, Kimberley Diamond discloses
that Gem Diamond Australia now has 82.38% of the company's
ordinary shares after shareholders sold 112,264,938 ordinary
shares in acceptance to Gem Diamond's takeover offer.

The Troubled Company Reporter-Asia Pacific reported that Gem
Diamonds Australia agreed to a AU$0.70 per share cash offer on
July 19, 2007.  The report added that once Gem Diamonds
Australia acquires 90% of the issued shares in Kimberley, it
intends to compulsorily acquire the remaining 10% of the shares
and delist Kimberley from the Australian Stock Exchange, and
also withdraw its admission to trade on London Stock Exchange's
AIM Market.

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

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

                      Going Concern Doubt

After reviewing the company's annual financial statements for
2007, DP McComish at KPMG raised significant uncertainty on the
company's ability to continue as a going concern citing
uncertainty in the outcomes of the company's funding sourcing
activities.


LEETON PEAK: Liquidator Gives Wind-Up Report
--------------------------------------------
On November 30, 2007, the members and creditors of Leeton Peak
Pty Ltd met and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on March 8, 2007.

The company's liquidator is:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                        About Leeton Peak

Leeton Peak Pty Ltd is a distributor of textile goods.  The
company is located at Preston, in Victoria, Australia.


METROPOLITAN DISTRIBUTION: Liquidator Presents Wind-Up Report
-------------------------------------------------------------
On November 29, 2007, the members and creditors of Metropolitan
Distribution Systems Pty Ltd had a meeting and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Judson
          Judson & Co
          Chartered Accountants
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia
          Telephone:(03) 9585 5227

                  About Metropolitan Distribution

Metropolitan Distribution Systems Pty Ltd provides courier
services except by air.  The company is located at Boronia, in
Victoria, Australia.


NEW DUTCH PAINTING: Liquidator Presents Wind-Up Report
------------------------------------------------------
On November 29, 2007, the members and creditors of New Dutch
Painting Services Pty Ltd met and received the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company commenced liquidation proceedings on January 11,
2006.

The company's liquidator is:

          Richard Judson
          Judson & Co
          Chartered Accountants
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia
          Telephone:(03) 9585 5227

                      About New Dutch Painting

New Dutch Painting Services Pty Ltd is a distributor of
paintings and paper hangings.  The company is located at  
Ferntree Gully, in Victoria, Australia.


NRG ENERGY: Named Company of the Year by Platts Global Awards
-------------------------------------------------------------
Houston-based NRG Energy, the international power generator,
snared two top awards -- "Energy Company of the Year" and the
"Industry Leadership Award" -- at the 9th annual Platts Global
Energy Awards.

Platts' prestigious "CEO of the Year" award went to Duke
Energy's Jim Rogers, known for his advocacy of energy
efficiency.

"Congratulations to NRG Energy and to Jim Rogers," said Platts
President Victoria Chu Pao.  "NRG is a true global pioneer, and
the judges were impressed by the company's vision, sense of
corporate responsibility and leadership.  NRG Energy has
transformed itself into a powerhouse -- and was recognized as
one of the fastest growing companies in the Platts Top 250
awards announced earlier this year."

"Duke Energy's Jim Rogers has been a leader, an innovator and an
implementer.  The judges honored Rogers as a leading voice and
visionary for an entire industry," said Ms. Chu Pao.

Platts' annual awards showcase extraordinary accomplishments by
energy businesses and individuals worldwide.  Finalists and
winners are determined by an independent international panel of
judges.

This year's "Energy Company of the Year" winner, NRG Energy,
less than two decades old, has one of the industry's most
diverse portfolios, with a breadth of interests that span
geographies, fuel sources and dispatch mechanisms.  In addition
to its current US$16 billion environmental and efficiency
spending plans, the energy provider is the first independent
power producer in the United States in decades to apply to build
a nuclear power station.

As a leader in demonstrating environmental responsibility, NRG
Energy has been spearheading innovative research and development
programs, including algae-based CO2 recycling.

Duke Energy's Chief Executive Officer James Rogers, winner of
this year's "CEO of the Year" award, has been a noted
inspirational leader throughout his career.  In addition to his
role heading the United States' third largest coal burner, Mr.
Rogers has served as chairman of the Edison Electric Institute,
the national association for investor-owned electric companies,
and has led the U.S. Climate Action Partnership, a coalition of
businesses and other groups calling for a nationwide limit on
CO2 emission.  Mr. Rogers' outspoken advocacy of energy
efficiency and conservation prompted his appointment as co-chair
of two pivotal organizations -- the Alliance to Save Energy and
the National Action Plan for Energy Efficiency.  He has also
participated in President Clinton's Global Initiative meetings.

More than 500 top executives from more than a dozen countries
gathered in New York City for the gala event tonight at Cipriani
Wall Street.  The evening dinner and ceremony was preceded by
the Platts Lecture, in which industry leaders, market analysts,
and academic scholars discussed energy sustainability issues
against the backdrop of the global debate about climate change.
Mr. Rogers, together with Gene Sperling, former White House
National Economic Advisor and former Director of the National
Economic Council, were the key speakers at the event.

The 2007 Platts Global Energy Awards were co-sponsored for the
fifth year by Capgemini and for the second year by Bracewell &
Giuliani and also included sponsors:  Standard & Poor's,
Panasonic Computer Solutions Company and Spectra Energy
Corporation.

The Global Energy Awards recognize excellence and innovation by
companies and executives in more than a dozen sectors within the
global energy industry.  Platts received more than 200
nominations this year from energy companies around the world.

The winners in each awards category are:

Commercial Technology of the Year:
Shell Global Solutions B.V./Criterion Catalysts & Technologies

Community Development Program of the Year:
Attock Refinery Limited

Downstream Business of the Year:
Valero Energy Corporation

Energy Company of the Year:
NRG Energy

Energy Efficiency Initiative of the Year:
Toronto Hydro-Electric System Limited-Peaksaver Program

Energy Transporter of the Year:
Sovcomflot

Energy Engineering Project of the Year:
Nexen Inc.

ENR Energy Construction Project of the Year:
Tennessee Valley Authority

Green Energy Innovator of the Year:
Applied Materials, Inc.

Hydrocarbon Producer of the Year:
Chesapeake Energy Corporation

Industry Leadership Award:
NRG Energy

Lifetime Achievement Award:
Lord Ernest Ronald Oxburgh

Marketing Campaign of the Year:
E Wie Einfach/E.ON

Power Company of the Year:
MidAmerican Energy Holdings Company

Rising Star Award:
AED Oil Limited

Risk Management Innovator of the Year:
OpenLink Financial

CEO of the Year:
Duke Energy CEO James Rogers

Next year's Platts Global Energy Awards Gala and events will be
held on Dec. 3, 2008 in New York City.

                       About Platts

Platts -- http://www.platts.com--, a division of The McGraw-
Hill Companies, is a global provider of energy and commodities
information.  With nearly a century of business experience,
Platts serves customers across more than 150 countries.  From 14
offices worldwide, Platts serves the oil, natural gas,
electricity, nuclear power, coal, petrochemical, emissions, and
metals markets.  Platts' real time news, pricing, analytical
services, and conferences help markets operate with transparency
and efficiency.  Traders, risk managers, analysts, and industry
leaders depend upon Platts to help them make better trading and
investment decisions.

              About The McGraw-Hill Companies

Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) --
http://www.mcgraw-hill.com-- is a leading global information  
services provider meeting worldwide needs in the financial
services, education and business information markets through
leading brands such as Standard & Poor's, McGraw-Hill Education,
BusinessWeek and J.D. Power and Associates.  The corporation has
more than 280 offices in 40 countries.  Sales in 2006 were
US$6.3 billion.

                      About NRG Energy

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

                       *     *     *

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


PALADIN RESOURCES: Incurs US$14.5MM Loss for Quarter to Sept. 30
----------------------------------------------------------------
Paladin Resources Ltd. reported a net loss of US$14.5 million
for the quarter ended Sept. 30, 2007, almost four times the
US$3.9-million net loss reported for the quarter ended Sept. 30,
2006.

The company had total revenues of AU$28.3 million.

The main activities undertaken during the quarter ended
Sept. 30, 2007 were:

   * Langer Heinrich Uranium Project

     -- Ramp up and remediation making good progress -- one
        remaining bottleneck expected to be rectified in
        December 2007.

     -- Production of 274,360lb for the quarter.

     -- Uranium delivered to all three conversion facilities.

     -- Sales revenue of US$26M -- sales volume of 333,000lb
        U3O8 at an average realized price of US$78/lb.

     -- Design of Stage II expansion 2.6Mlb to 3.7Mlb underway.

   * Kayelekera Uranium Project -- construction work
     accelerating with Paladin community relations and
     agricultural specialists team established in Karonga.

   * Valhalla/Skal Uranium Deposits -- resource drilling and
     evaluation re-commences at Skal; baseline environmental
     studies and preliminary metallurgical testing begins for
     Valhalla and Skal deposits.

   * More encouraging results from drilling program at Bigryli
     Uranium Joint Venture.

   * Deep Yellow Limited -- increase in shareholding to
     159,058,461 (14.34% interest) after participation in an
     entitlement issue and subscription for shortfall shares.

   * Corporate -- settlement of proceedings commenced by Summit
     Resources (Aust) Pty Ltd (ultimately 81.9% owned by the
     Company) against the wholly owned subsidiary, Mt Isa
     Uranium Pty Ltd and unrelated Resolute Ltd in relation to
     alleged breaches of confidentiality provisions in the Mt
     Isa Uranium Project joint venture agreement.  Areva NC
     (Australia) Pty Ltd has advised that it intends to apply to
     the Supreme Court of Western Australia for orders under
     Section 237 of the Corporations Act 2001 to be granted
     leave to intervene in the court proceedings which is not
     significant to the Company, as a consequence of the
     indemnity given by Resolute Ltd and the fact that the
     Company holds an ultimate 81.9% interest in Summit
     Resources (Aust) Pty Ltd.


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

The company reported net losses of AU$37.6 million,
AU$5.5 million and AU$7.1 million for the years ended June 30,
2006, 2005 and 2004.


PALADIN RESOURCES: Changes Name to Paladin Energy
-------------------------------------------------
Paladin Resources has changed its name to Paladin Energy, Ltd.,
Paladin managing director John Borshoff informs the Australian
Stock Exchange.

Mr. Borshoff says that the company has been advised by the ASX
that the change will be effective on Nov. 27, 2007.


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

The company reported net losses of AU$37.6 million,
AU$5.5 million and AU$7.1 million for the years ended June 30,
2006, 2005 and 2004.


PALADIN RESOURCES: Settles All Litigation in Malawi
---------------------------------------------------
The board of directors of Paladin Resources Ltd. announced that
all six Malawian Civil Society Organisations that commenced
legal proceedings against Paladin Africa Ltd. and the Government
of Malawi have now settled their action on a positive and
amicable basis, the company said in a corporate disclosure filed
with the Australian Stock Exchange.

The company said that each party to the settlement has released
each other from all actions and claims associated with the
litigation and each Party has agreed to not recommence
litigation, while court proceedings will be formally withdrawn.

In reaching the settlement, the parties that have settled
engaged in constructive dialogue which was facilitated by the
Paramount Chief and the Chiefs of the Karonga Region.

Members of Parliament for the Karonga Region assisted in
ensuring that the settlement discussions addressed the matters
of concern to the people of Karonga.

Under the settlement arrangements:

   1. The Government of Malawi is to establish a working group
      to:

      a. review and make recommendations to amend the Mines and
         Minerals Act; and

      b. develop appropriate legislation with respect to the
         handling and transport of radioactive substances, in
         order to ensure Malawi has in place legislation which          
         is to international best practice by the time mining
         operations commence at Kayelekera.  The CSOs are to be
         fully engaged in this process in order to obtain their
         views and opinions.  Paladin readily accepts these
         arrangements, as they reflect the company's stated
         objective to meet international best practice in all
         its mining operations.

   2. The Government of Malawi is to invite representatives of
      the CSOs to join the monitoring team which is to be
      established to monitor Paladin's environmental and health
      obligations.

   3. At the request of the Karonga community, the Government
      and Paladin have agreed to amend the Social Responsibility
      Programme which had been agreed in the Development
      Agreement.  It is now agreed that US$8.2 million of the
      US$10 million which was to be spent on a school and
      boarding facilities three years after the commencement of
      production, is to be applied to the upgrading of the
      community water supply at Karonga.  Physical work will
      commence after detailed planning and tendering has been
      completed. Paladin has agreed to immediately spend
      US$50,000 on emergency repairs.

   4. All parties have agreed that, in going forward they will
      engage in constructive dialogue so as to ensure that there
      is a good understanding of the issues affecting each
      group.


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

The company reported net losses of AU$37.6 million,
AU$5.5 million and AU$7.1 million for the years ended June 30,
2006, 2005 and 2004.


PERSERVERANCE CORP: Robert Flew Assumes Board Chairmanship
----------------------------------------------------------
Perseverance Corporation Limited has appointed Robert Flew as
non-executive chairman of the board on Nov. 14, 2007, the
company said in a corporate disclosure with the Australian
Securities Exchange.

In another filing, the company also announced that Mark Mitchell
will be stepping down as the company's executive general manager
on Jan. 4, 2008.  Mr. Mitchell has accepted a senior executive
appointment in another mining company.

In yet another filing, the company announced the re-election of
Christopher Linden Roberts, Brian Marshall Phillips, and John
Rowe as directors of the company's board.

The re-elections were held during the company's annual general
meeting where shareholders also adopted the company's
remuneration reported, and approved the increase in directos'
fees.

Three motions, however, were disapproved: performance rights
plan, insertion of proportional takeover approval provisions,
employee option plan.

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.


PKJS (VIC) PTY: Members and Creditors Hold General Meeting
----------------------------------------------------------
On November 30, 2007, the members and creditors of PKJS (Vic)
Pty Ltd met and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on on October 4,
2006.

The company's liquidator is:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                       About PKJS (Victoria)

PKJS (Victoria) Pty Ltd is involved with plastering, drywall,
acoustical and insulation work.  The company is located at  
Essendon, in Victoria, Australia.


OLD J C&I: Members and Creditors Receive Wind-Up Report
-------------------------------------------------------
The members and creditors of Old J C&I Pty Ltd met on Nov. 29,
2007, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on January 19,
2006.

The company's liquidator is:

          Richard Judson
          Judson & Co
          Chartered Accountants
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia
          Telephone:(03) 9585 5227

                          About Old J C&I

Old J C&I Pty Ltd is a distributor of durable goods.  The
company is located at Footscray, in Victoria, Australia.


OLD MECAL: Members' Final Meeting Slated for December 5
-------------------------------------------------------
Old Mecal Pty Ltd will hold a final meeting for its members on
December 5, 2007, at 10:00 a.m.

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

The company commenced liquidation proceedings on April 20, 2007.

The company's liquidator is:

          Ian Cattanach
          9 Rockwood Street, Balwyn North
          Victoria 3104
          Australia

                          About Old Mecal

Old Mecal Pty Ltd provides engineering services.  The company is
located at West Footscray, in Victoria, Australia.


QUEENSLAND GAS: Rakes in AU$13MM for Quarter Ended Sept. 30
-----------------------------------------------------------
Queensland Gas Company Limited reported total revenues of
AU$13 million for the quarter ended Sept. 30, 2007.

The company said in its quarterly report that the above-
expectations revenue was due to strong production and a higher
average sales price for its products.  

Other highlights for the quarter include:

   * Gas sales improved by 16% -- Gas sales for the September
     quarter totaled 4.8 petajoules (PJ), which represents an
     increase of 16% on the June quarter result;

   * Reserves upgrade announced -- On August 16, 2007, QGC
     announced a 20%upgrade of its proved and probable (2P)
     reserves following an independent review of its gas
     production and exploration activities to June 30, 2007;

   * Production increased as planned -- Daily gas production
     reached the equivalent of 26.0 PJ a year by the end of
     September 2007 and had exceeded the equivalent of 28.5 PJ a
     year by the end of October;

   * Compression capacity boosted -- In late September, QGC
     commissioned additional gas processing plant at Berwyndale
     South that increased production capacity by 70% with
     minimal impact on daily production activities; and

   * Construction commenced on power station -- A ground
     -breaking ceremony was held on Oct. 17, 2007 to celebrate
     the start of construction for the 140 MW Condamine Power
     Station, which is due to commence electricity sales to the
     National Electricity Market in February 2009.

Headquartered in Brisbane, Australia, Queensland Gas Company
Limited -- http://www.qgc.com.au/-- is a coal seam gas  
producer.  The company's principal activities consisted of the
ongoing development of the Berwyndale South producing area, the
development of the Berwyndale, Bellevue and Kenya-Argyle
producing area, and the ongoing exploration and appraisal for
coal seam gas in the Surat Basin in southern Queensland.

The company incurred net losses of AU$12.22 million,
AU$6.25 million, and AU$12.17 million for the years ended
June 30, 2007, 2006 and 2005.


TRANSURBAN: Names Former BHP Billiton Exec. Chris Lynch as CEO
--------------------------------------------------------------
The Transurban Group has appointed Chris Lynch as its new chief
executive officer, the company said in a press release.

Mr. Lynch will be joining the company in February 2008 and will
succeed the current Managing Director, Kim Edwards, when he
retires from the business in July 2008.

Mr. Lynch joins Transurban after seven years with BHP Billiton
where he was an Executive Director and Group President-Carbon
Steel Materials from April 2006 to August 2007.  Before that, he
was BHP Billiton's Chief Financial Officer for five years.


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

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


TRANSURBAN GROUP: Hills M2 Revenue Rise 16% in Sept. 2007 Qtr.
--------------------------------------------------------------
Transurban Group's revenue for its Hills M2 operations went up
16.4% year-on-year to AU$30.1 million for the quarter ended
Sept. 30, 2007, the company said in a regulatory filing with the
Australian Stock Exchange.

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

                    Quarter Ending September    
                        2007       2006       % Change
                      --------   --------     ---------
Average Daily
Revenue (AU$)          327,571    281,387         16.4%

Average Workday
Trips                  100,456     95,624          5.1%

Average Daily
Trips                   91,072     87,397          4.2%

   * The Lane Cove Tunnel opened on 25 March 2007, with tolling
     commencing one month later. This has had a positive impact
     on traffic at the Main toll point in the quarter.
     Transurban remains confident of its forecast of an
     additional 5,000 ADT on Hills M2 post Lane Cove Tunnel ramp
     up.

   * Revenue for the September quarter 2007 was impacted by the
     toll for Class 2 vehicles (cars) at the Main toll point
     increasing from AU$3.80 to AU$4.40 (including GST) on  
     Oct. 1, 2006, and the toll for Class 4 vehicles (trucks) at
     the Pennant Hills toll point increased from AU$4.90 to
     AU$5.50 (including GST) on Jan. 1, 2007.

   * The September quarter 2007 had one less workday than the
     corresponding period last year due to the public holiday
     declared for the APEC conference.

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

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


TRANSURBAN GROUP: Westlink Revenues Rise 20% in Sept. 2007 Qtr.
---------------------------------------------------------------
Transurban Group's revenue for its Westlink M7 Motorway
operations went up 19.8% year-on-year to AU$41.0 million for the
quarter ended Sept. 30, 2007, the company said in a regulatory
filing with the Australian Stock Exchange.

Westlink M7 Motorway recorded the following traffic and revenue
information for the September Quarter 2007:

                    Quarter Ending September    
                        2007        2006          % Change
                    -----------  -----------      --------
Average Daily
Revenue (AU$)          446,019      372,161         19.8%

Average Workday
Trips                  126,135      107,184         17.7%

Average Daily
Trips                  112,145       96,211         16.6%

Average Daily
Tolled Vehicle KMs
Travelled            1,435,529    1,227,039         17.0%

Average Daily
Total Vehicle
KMs Travelled        1,736,356    1,483,990         17.0%

   * Westlink M7 is a distance based toll road with a trip cap
     at 20km. The September quarter 2007 trip cap was AU$6.21
     and the Average Daily Tolled Vehicle Kilometres Travelled
     was calculated using the September quarter 2007 toll price
     of AU$0.3107 per km.

   * Average tolled trip length was 12.80 km for the September
     quarter 2007.

   * Transurban owns 47.5% of Westlink M7.

   * The September quarter 2007 had one less workday than the
     corresponding period last year due to the public holiday
     declared for the APEC conference.

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

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


TRANSURBAN GROUP: M5 Revenues Rise 10.6% in Sept. 2007 Quarter
--------------------------------------------------------------
Transurban Group's revenue for its M5 operations went up 10.6%
year-on-year to AU$39.2 million for the quarter ended Sept. 30,
2007, the company said in a regulatory filing with the
Australian Stock Exchange.

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

                    Quarter Ending September    
                        2007        2006          % Change
                    -----------  -----------      --------
Average Daily
Revenue (AU$)          426,122      385,350         10.6%


Average Workday
Trips                  120,739      119,717          0.9%


Average Daily
Trips                  114,963      112,443          2.2%


   * Revenue for the September quarter 2007 was impacted by the
     toll for cars increasing from AU$3.30 to AU$3.80 (including
     GST) in August 2006.

   * Transurban owns 50.0% of M5.

   * The September quarter 2007 had one less workday than the
     corresponding period last year due to the public holiday
     declared for the APEC conference.

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

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


TRANSURBAN GROUP: M4 Revenues Rise 3.8% in Sept. 2007 Quarter
-------------------------------------------------------------
Transurban Group's revenue for its M4 operations went up 3.8%
year-on-year to AU$22.2 million for the quarter ended Sept. 30,
2007, the company said in a regulatory filing with the
Australian Stock Exchange.

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

                    Quarter Ending September    
                        2007        2006          % Change
                    -----------  -----------      --------
Average Daily
Revenue (AU$)          241,444      232,508          3.8%


Average Workday
Trips                  117,157      114,993          1.9%


Average Daily
Trips                  110,401      106,413          3.7%

   * Transurban owns 50.61% of M4.

   * The September quarter 2007 had one less workday than the
     corresponding period last year due to the public holiday
     declared for the APEC conference.

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

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


TRANSURBAN GROUP: Names KPMG's Lindsay Maxsted as New Director
--------------------------------------------------------------
Lindsay Maxsted will join Transurban Group's board of directors
starting on March 2008, the company said in a corporate
disclosure filed with the Australian Stock Exchange.

Mr. Maxsted will take up the appointment following his
retirement as chief executive officer of KPMG Australia.

The company added that Mr. Maxsted would immediately join
Transurban's audit committee.

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

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


URS CORP: Unveils Washington Stockholders' Elections Results
------------------------------------------------------------
URS Corporation announced the results of the elections made by
stockholders of Washington Group International, Inc. as to the
form of merger consideration to be received in the Nov. 15, 2007
acquisition by URS.

The results of the elections are:

  a) Cash Elections: Washington Group stockholders who validly
     elected to receive all cash will receive US$95.11656000 in
     cash for each share of Washington Group common stock with
     respect to which that election was made;

  b) Stock Elections: Washington Group stockholders who validly
     elected to receive all URS common stock will receive
     1.14588411 shares of URS common stock and US$29.78008168
     in cash for each share of Washington Group common stock
     with respect to which that election was made; and

  c) Mixed Elections and Non-Elections: Washington Group
     stockholders who validly elected the mixed merger
     consideration or did not make a valid election will
     receive US$43.80 in cash and 0.90 of a share of URS common
     stock for each share of Washington Group common stock held
     immediately prior to the merger.

The all-cash and all-stock elections were subject to proration
calculations to preserve an overall per share mix of US$43.80 in
cash and 0.90 of a share of URS common stock for all outstanding
shares of Washington Group common stock taken together.  Under
the terms of the merger agreement, cash will be issued in lieu
of fractional shares.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive  
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit rating on URS Corp. to 'BB' from 'BB+' and
removed the ratings from CreditWatch, where they were placed
with negative implications on May 29, 2007.  In addition, S&P
affirmed the 'BB+' bank loan rating and left the '2' recovery
rating unchanged on the company's senior secured debt (composed
of a US$700 million revolving credit facility, a USUS$1.1
billion term loan A, and a US$300 million term loan B), and
withdrew the ratings on the company's previous USUS$300 million
revolving credit facility and US$350 million term loan.


WARBROOK EQUIPMENT: Members & Creditors Hear Wind-Up Report
-----------------------------------------------------------
On November 30, 2007, the members and creditors of Warbrook
Equipment Pty Ltd met and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on August 8, 2006.

The company's liquidator is:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                      About Warbrook Equipment

Warbrook Equipment Pty Ltd, which is also trading as Dome
Chadstone Victoria, operates eating places.  The company is
located at Chadstone, in Victoria, Australia.


WARRENMANG LTD: ASIC Moves to Protect IPO Investors
---------------------------------------------------
As a result of proceedings brought by the Australian Securities
& Investments Commission, investors in the failed Warrenmang
Limited (in liquidation) initial public offer may now receive a
refund of their application monies.

On November 28, 2007, the Federal Court of Australia approved
the terms of settlement, agreed to by all the parties to the
proceeding, including a representative of the Warrenmang IPO
investors.  The payment is to come from the proceeds of the sale
of a house previously owned by the Chairman of Warrenmang.

Pursuant to the terms of settlement approved by the Order of the
Federal Court of Australia:

1.Persons who subscribed to the Warrenmang IPO and paid
application monies in the period from December 12, 2003 to
January 19, 2004 and who have not had their application
monies refunded in full may now have their application
monies refunded in full.  A maximum of AU$170,000 has been
set aside to meet claims made by these investors.

2.Persons who subscribed to the Warrenmang IPO and paid
application monies in the period from January 20, 2004 to
July 8, 2005 and who have not had their application monies
refunded in full may be entitled to a partial refund of
their application monies.  A maximum of AU$135,000 has
been set aside for distribution to these investors on a
pro-rata basis.

   3. The liquidator of Warrenmang, Colin Nicol of McGrathNicol
+ Partners will write to persons who he has identified as
being persons who subscribed to the Warrenmang IPO and
paid application monies in the period between
December 12, 2003 to July 8, 2005 and who have not had
their application monies refunded in full.

   4. Any persons who do not make a claim to the liquidator
      within 30 days of the date of the liquidator’s letter will
      not be able to claim against the funds available for  
      distribution to eligible Warrenmang investors.

   5. Any persons who make a claim to the liquidator and whose
      claim is rejected by the liquidator will have a right of
      appeal to the Federal Court of Australia.


Persons who subscribed to the Warrenmang IPO and paid
application monies in the period between December 12, 2003 to  
July 8, 2005 and who have not had their application monies
refunded in full and who have not received a letter from the
liquidator within 21 days should contact the liquidator as a
matter of urgency and state their claim.

Background

This action arises out of ASIC’s ongoing investigation into
Warrenmang.  In October 2006, ASIC received complaints alleging
that Warrenmang had not refunded all the application monies owed
to subscribers following Warrenmang’s unsuccessful public float.

Warrenmang was incorporated on September 1, 2003 as a vehicle to
acquire wine businesses in Victoria.

Warrenmang issued a prospectus in December 2003 to raise a
minimum of AU$6 million with a view to listing the company on
the Australian Stock Exchange (ASX).  This prospectus stated
that the funds raised would be used to acquire and consolidate
various wine and vineyard businesses.  Warrenmang failed to
raise the minimum subscription and list on the ASX.

In March 2004, a supplementary prospectus was issued to extend
the offer period for a further three months.  Warrenmang was
again unsuccessful in raising the minimum amount and the planned
public float never took place.

The law requires that application money raised from subscribers
to an IPO must be held in trust until the securities are issued
or the money is returned to the subscribers.

Following an application by ASIC, Warrenmang was placed into
liquidation on December 19, 2006.

On June 29, 2006, the Federal Court of Australia made further
orders that Robert Graeme Pritchard, the former Chairman of
Warrenmang, had contravened the Corporations Act by failing to
appropriately deal with the money raised by the IPO.

ASIC’s ongoing investigation is not related to the Warrenmang
Vineyard and Resort in Bendigo, Victoria.


WHANAU TRANSPORT: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
On November 29, 2007, the members and creditors of Whanau
Transport Pty Ltd met and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on on Sept. 19,
2005.

The company's liquidator is:

          Richard Judson
          Judson & Co
          Chartered Accountants
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia
          Telephone:(03) 9585 5227

                      About Whanau Transport

Whanau Transport Pty Ltd is involved with trucking business,
except local.  The company is located at Croydon, in Victoria,
Australia.


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

BEIJING SHOUGANG: Mulls Over CNY6.4-Billion Cold-Rolled Steel JV
----------------------------------------------------------------
Beijing Shougang Co <000959> is mulling over a CNY6.4-billion
(US$867 million) cold-rolled steel venture to cater to China's
burgeoning auto industry, Market Avenue reports.  

The report says that the proposed joint venture would involve
Beijing Shougang's parent company, Shougang Corp, and state-
controlled Beijing Automobile Investment Co. Ltd, a partner with
Hyundai Motor Corp since 2003.

Under the joint venture agreement, the cold-rolled steel
production would be carried out at a new plant scheduled for
operations this year in Shunyi, eastern Beijing.

Market Avenue recounts that Beijing Shougang was reportedly
planning to acquire about 24% stake in Beijing Automobile
Investment last year.

The report cites unidentified sources as saying that Beijing
Shougang will have a 70.3% controlling stake in the venture,
while its parent will have 9.7% and Beijing Automobile will own
20%.  The company is targeting to achieve an output of 700,000
tons of cold-rolled sheets from hot-rolled steel for 2008.

Market Avenue says that Shougang, which is currently the only
Beijing-based steel company, announced in 2005 that its steel
plants and blast furnaces would be completely shifted outside
the city by 2010, in anticipation of the Olympics Games in 2008.


Based in Beijing, China, Beijing Shougang Co., Ltd. --
http://www.sggf.com.cn/index-1.asp-- is principally engaged in    
the iron and steel industry.  The company mainly produces steel
wire rods, square steel billets, steel plates, chemical
products, gas, coke, pig iron and granulating slag.  The company
also provides compact discs, software, color-coated boards and
building materials, through its subsidiaries.  As of Dec. 31,
2005, the company had three major subsidiaries and three major
associates.

The company has been widely accused of being one of Beijing's
major polluters.  Beijing Shougang carries Xinhua Far East China
Ratings BB+ issuer credit rating.


BOMBARDIER INC: Planned Debt Repurchase Cues Fitch's Pos. Watch
---------------------------------------------------------------
Fitch Ratings has placed these ratings of Bombardier Inc. and
Bombardier Capital Inc. on Rating Watch Positive:

Bombardier Inc.
  -- Issuer Default Rating 'BB-';
  -- Senior unsecured debt 'BB-';
  -- Preferred stock 'B'.

Bombardier Capital Inc.
  -- IDR 'BB-';
  -- Senior unsecured debt 'BB-'.

The action reflects BBD's announcement that it intends to
repurchase approximately US$1.1 billion of debt by Jan. 31,
2008.

The ratings cover outstanding debt and preferred stock totaling
approximately US$5.7 billion as of Oct. 31, 2007.  Due to the
existence of a support agreement and demonstrated support by the
parent, BC's ratings are linked to those of BBD.

The Positive Rating Watch primarily reflects the reduction in
leverage that would result from BBD's intended repurchase of
debt.  Fitch expects to resolve the Rating Watch within the next
two to three months.  Should the ratings be upgraded in that
time period, Fitch expects the IDR's and unsecured debt ratings
to remain in the 'BB' category.  The Positive Rating Watch and
longer-term rating trends are also supported by expectations for
continued margin improvement, sales growth, and solid cash
generation.  Strong orders in all of BBD's businesses and a
large backlog support projections for continued improvement.  
These factors could potentially lead to further long term
improvement in BBD's credit profile.

As indicated by BBD in a press release, the debt targeted to be
repurchased includes approximately US$408 million of Euro-
denominated 5.75% notes due in February 2008, US$623 million of
BC's Sterling-denominated 6.75% notes due in May 2009, and
US$26 million of other long term debt.  This debt amounts to
approximately 20% of BBD's consolidated debt.  All of BC's
remaining debt would be retired.

Factors supporting the ratings include BBD's diversification,
leading market positions, the health of the business jet and
turboprop markets, cash balances, debt maturity schedule, BT's
successful restructuring, and large backlog.  Rating concerns
include the elevated but improving consolidated gross debt
levels compared to EBITDA; relatively low operating margins;
business jet market cyclicality; the pension plan deficit; the
impact of exchange rate volatility on margins, financial
results, and planning; and several RJ concerns, including
uncertainty regarding development of new aircraft models and
contingent obligations related to past aircraft sales, although
these contingent obligations are spread out over time and are
not a near-term concern.  BBD's eventual decision about its
potential entry into the mainline aircraft market could have an
impact on its financial and operating profile.  Fitch believes
the recent performance issues with one operator's Q400 aircraft
are not a significant credit concern at this time.

At Oct. 31, 2007 the company had US$3.6 billion of unrestricted
cash balances, not including US$1.3 billion of restricted cash
related to its letter of credit facility.  Restricted cash
balances are not available for liquidity purposes or for the
benefit of unsecured bond holders.  Bombardier's unrestricted
cash balances are the company's sole source of liquidity because
the LOC facility is not available on a revolving credit basis.  
Free cash flow has been solid, supporting the increase of
roughly US$400 million in BBD's net cash balances during the
fiscal third quarter.  Upon completion of the expected debt
reduction, cash balances would be nearly US$2.6 billion on a pro
forma basis which Fitch considers to be sufficient to support
BBD's liquidity requirements.

Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, Australia and China.


CUMMINS INC: Andrew Penca Named as President's Assistant
--------------------------------------------------------
Cummins Inc. has named Andrew Penca, Commissioner of Indiana
Workforce Development, as the company's assistant to President
Joe Loughrey, effective Dec. 3.  Mr. Penca's duties will be
split between Cummins project work and supporting Loughrey's
efforts as Chairman of Conexus Indiana, a statewide advanced
manufacturing and logistics initiative.  Conexus' primary goal
is to attract and educate young people in the state as they
pursue careers in advanced manufacturing and logistics.

Mr. Penca joined Indiana Workforce Development in early 2005 and
has served as Commissioner since October 2006.  In his role with
the state, Mr. Penca was instrumental in working with employers
and state and local government officials to develop and
implement programs and policies aimed at raising the education
and skill levels of Indiana's workforce.

Mr. Penca also brings extensive auto-related experience to
Cummins.  He spent roughly six years at Honda R&D Americas, Inc.
in the advanced product planning and concept development
department where he served in roles ranging from research
analyst to senior specialist.  During his time with Honda, he
led concept teams responsible for the development of the current
Acura TL, Honda Element, and Honda's first ever pickup, the
Ridgeline.

Mr. Penca, a native of Peoria, Ill., earned his bachelor's
degree in Business Administration, with honors in International
Management, from Butler University in 1996 and his MBA in
finance and accounting from the University of Southern
California in 2003.  He currently lives in Carmel with his wife,
Laurie, and their two sons, Andrew and Landon.

                       About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes  
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                       *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


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 USUS$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).   


ENERSYS INC: To Sell 5,000,000 Common Stock Shares to Jefferies
---------------------------------------------------------------
EnerSys Inc. and certain of its stockholders, including
affiliates of Metalmark Capital LLC and certain other
institutional stockholders, have agreed to sell 5,000,000 shares
of its common stock to Jefferies & Company, Inc.  All net
proceeds from the sale of the common stock will be received by
the selling stockholders.  EnerSys will not receive any of the
proceeds.

The shares are being sold by the selling stockholders pursuant
to an effective shelf registration statement.

The copy of the prospectus relating to these securities may be
obtained, when available, from Jefferies & Co., Inc., Capital
Markets, 520 Madison Avenue, New York, NY 10022: (888) 449-2342.

For more information, please contact:

         Richard Zuidema
         Executive Vice President
         EnerSys
         P.O. Box 14145
         Reading, PA 19612-4145
         Tel: 800-538-3627

                       About EnerSys

EnerSys Inc. -- http://www.enersys.com/-- (NYSE: ENS)  
manufactures industrial battery through 21 manufacturing and
assembly facilities worldwide.  Headquartered in Reading,
Pennsylvania, the company is uniquely positioned to provide
expertise in designing, building, installing and maintaining a
comprehensive stored energy solution for industrial applications
throughout the world.  The company's products and services are
focused on two primary markets: Motive Power (North & South
America) or (Europe) and Reserve Power (Worldwide), (Aerospace &
Defense) or (Speciality Batteries).  The company's facilities
are located at China, France, Mexico, Germany, and the United
Kingdom, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services revised its
outlook on industrial battery manufacturer EnerSys to stable
from negative.  Standard & Poor's also affirmed all its ratings
on the company, including its 'BB' corporate credit rating.


FERRO CORP: Hires Judy DeForest as Chief Tax Officer
----------------------------------------------------
Ferro Corporation has appointed Judy DeForest as its Chief Tax
Officer.

Ms. DeForest has senior management responsibility for Ferro's
tax operations and planning and reports to Vice President &
Chief Financial Officer Sallie Bailey.  She is based at Ferro's
worldwide headquarters in Cleveland.

Ms. DeForest was most recently with Pittsfield, Massachusetts-
based specialty toy retailer KB Toys, Inc., where she was
director of tax.  In her six years at KB Toys, she was
responsible for tax planning and strategy, as well as
supervision of the company's transactional and income tax
departments.

Previous to her corporate experience, Ms. DeForest spent 16
years in positions of increasing responsibility at three major
public accounting firms.  She was Tax Managing Director and
Senior Tax Manager at KPMG in Atlanta before moving to KB Toys.
In her roles at KPMG, she provided tax planning and compliance
services for multi-national clients in the manufacturing, retail
and distribution sectors.

Ms. DeForest received her Bachelor of Science degree in Business
Administration, with an accounting concentration, from Western
New England College.

                     About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of  
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were USUS$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's USUS$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


HAINAN AIR: Parent May Allow 2 Foreign Investors Take 49% Stake
---------------------------------------------------------------
HNA Group, Hainan Airlines' parent, has won the official
approval of the commerce ministry to allow two foreign investors
to take 49% of its airport company, Cargonews Asia reports.

Pacific Investment Partners and Global Infrastructure Partners,
a joint venture between Credit Suisse and GE Infrastructure,
will invest US$200 million in HNA Airport Holding, the report
says, citing HNA Group Chairman Chen Feng.

Mr. Chen said that the deal will help the airport company focus
on the development of regional airports and those in China's
northwest, where funding is badly needed, Cargonews relates.

HNA Airport Holding currently owns nine airports across China,
with four in the northwest province of Gansu.

Mr. Chen, Cargonews notes, also announced that Grand China Air,
a carrier formed out of the merger of Hainan Airlines and three
small airliners, will launch its first flight on Dec. 7, 2007,
from Beijing to the coastal city of Dalian in the northeast.

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 31, 2005.


QUINTAIN STEEL: Incurs TWD604.8-Mil. Loss for First 3 Quarters
--------------------------------------------------------------
Quintain Steel Co., Ltd., incurred a net loss of
TWD604.8 million for the nine months ended Sept. 30, 2007, an
astounding 1922.74% increase from the TWD29.9-million net loss
for the nine-month period ended Sept. 30, 2006.

The company reported net sales of TWD3.9 billion for the nine
months ended Sept. 30, 2007, but operating expenses amounted to
TWD4.0 billion, giving the company an operating loss of
TWD144.0 million.

The company also incurred a TWD362.3 net non-operating loss for
the period in review.

Tainan, Taiwan-based Quintain Steel Co., Ltd. --
http://www.quintain.com.tw/-- is engaged in the manufacture and  
distribution of steel wire rods, spheroiditic steel wires,
galvanized steel wires and black iron wires.  The company
distributes its products in the domestic market and to overseas
markets, including the United States, mainland China, Southeast
Asia and Japan.

The company incurred net losses of TWD86.2 million and
TWD232.2 million for the years ended Dec. 31, 2006 and 2005.


QUINTAIN STEEL: Posts 9.1% Rise in October Sales
------------------------------------------------
Quintain Steel Co., Ltd.'s sales in October 2007 rose 9.1% year-
on-year to TWD439.9 million from TWD403.3 million, according to
data obtained from Bloomberg News.

The company's year-to-date sales amounted to TWD4.4 billion, a
7.5% increase year-on-year from TWD4.1 million.

The company's September 2007 sales rose 9.3% year-on-year to
TWD418.3 million while August 2007 sales amounted to
TWD350.1 million, a 6.6% year-on-year fall.


Tainan, Taiwan-based Quintain Steel Co., Ltd. --
http://www.quintain.com.tw/-- is engaged in the manufacture and  
distribution of steel wire rods, spheroiditic steel wires,
galvanized steel wires and black iron wires.  The company
distributes its products in the domestic market and to overseas
markets, including the United States, mainland China, Southeast
Asia and Japan.

The company incurred net losses of TWD86.2 million and
TWD232.2 million for the years ended Dec. 31, 2006 and 2005.


SMITHFIELD FOODS: Reports US$18.7-Million Income from Operations
----------------------------------------------------------------
Smithfield Foods, Inc. has reported income from continuing
operations for the second quarter of fiscal 2008 of
US$18.7 million, or US$.14 per diluted share, versus income from
continuing operations of US$46.4 million, or US$.41 per diluted
share last year.  Sales were US$3.5 billion, compared to
US$2.8 billion a year ago.

Second quarter results include approximately US$13 million of
after tax charges related to the previously-announced disease
outbreak in the company's Romanian operations and an after tax
loss of US$25 million related to the effects of foreign currency
fluctuations.  These charges and foreign currency losses totaled
US$.28 per diluted share.

Second quarter results in the pork segment rose significantly,
reflecting a significant expansion in packaged meats margins, a
much-improved fresh pork environment late in the quarter and the
contribution of Premium Standard Farms, acquired in May.
Packaged meats profit margins more than doubled.  Total volume
of key packaged meats categories, including pre-cooked bacon and
sausage, boneless and spiral sliced ham and dry sausage, grew 37
percent, primarily the result of the contribution of Armour-
Eckrich, acquired in October 2006.  These product categories now
represent 33 percent of the company's total domestic packaged
meats business compared to 29 percent last year.  Excluding the
impact of Armour-Eckrich, packaged meats volume grew five
percent.

Smithfield Foods continued acceleration of its marketing
programs, accomplishing national rollouts of several Paul Deen
brand specialty products.  Pre-cooked entrees Healthy Ones and
Sizzle 'n Serve also reached national distribution.

Beef segment results were below those of a year ago.  However,
the company believes that it has maintained a strong competitive
position even as industry economics remained a challenge.  Beef
processing posted a slight gain in spite of higher cattle
prices.  Cattle feeding operations recorded a modest profit
although feed costs were well above last year.

Hog production profits declined significantly, the result of
lower live hog market prices and considerably higher raising
costs.  Live hog market prices averaged US$46 per hundredweight
versus US$50 per hundredweight a year ago.  Raising costs rose
to US$49 per hundredweight from US$41 per hundredweight last
year on higher grain costs.  In addition, the company
experienced write-downs of US$13 million in Romania due to the
liquidation of livestock inventory and cleanup costs associated
with the previously-announced outbreak of classical swine fever
at three of the company's farms.  During the quarter results
also were negatively impacted by US$19 million in foreign
currency translation losses.

In the Other segment, earnings rose at the company's joint
venture turkey operation, Butterball, LLC, acquired in October
2006.  Increased feed costs at the company's growing operations
partially offset strong gains in turkey processing.

International meat processing operating earnings rose sharply,
as Groupe Smithfield and Poland operations continued their
strong contributions.  Results of Groupe Smithfield, a 50
percent-owned joint venture formed through an acquisition in
August 2006, almost doubled.  The Animex meat processing
operations in Poland demonstrated continued earnings improvement
on higher volumes and margins in packaged meats.  The profit
increase more than offset the negative impact of US$6 million in
foreign currency translation losses.

"The decline in earnings this quarter was almost entirely in the
hog production segment, as most of our other businesses
performed well," said president and chief executive officer, C.
Larry Pope.  "Unquestionably, the highlight of the quarter was
the dramatic improvement in packaged meats margins due to an
improved product mix and our continuing effort to drive out
costs. Additionally, our international meat processing
operations have become consistent, growing contributors to
profitability," he said.

"We currently are in the middle of our peak holiday ham season.
It looks to be another good year for this sector of the
business," said Mr. Pope.

"Looking forward, the futures markets indicate continued near-
term losses in hog production, but an improving environment as
we move into our fiscal fourth quarter and beginning of fiscal
2009," said Mr. Pope.  "Meanwhile, fresh pork margins remain
healthy and I expect a continued strong performance from our
packaged meats business," he said.

Smithfield Foods, Inc., (NYSE: SFD) --
http://www.smithfieldfoods.com-- headquartered in Smithfield,  
Virginia, is the largest vertically integrated producer and
marketer of fresh pork and processed meat in the US and has
operating subsidiaries and joint ventures in France, Poland,
Romania, the UK, Brazil, Mexico, and China.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services assigned its
'BB' rating to Smithfield Foods Inc.'s shelf drawdown of US$500
million senior unsecured notes due 2017.


SRE GROUP: Moody's Affirms B1 Ratings; Outlook Stable
-----------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family and
senior unsecured ratings of SRE Group Limited.  The outlook of
the ratings remains stable.

The affirmation follows the company's announcement of a
reorganization of its investment property portfolio with China
Edifice, a subsidiary of SRE, acquiring the remaining 49%
interest in Huarui Asset Management from the minority
shareholders by issuance of consideration shares, worth HKD1,987
million.  SRE will also transfer its 100% interest in Shanghai
Richgate Shopping Mall into China Edifice.

As a result of this transaction, SRE's effective interest in the
investment properties of Shenyang Richgate will increase to 62%
from 51%, while its equity stake in Shanghai Richgate will lower
to 62% from 100%.

"While SRE's share of rental income from Shanghai Richgate will
be reduced, the shortfall is expected to be covered by the
additional share of rental income from the Shenyang properties,"
says Kaven Tsang, Moody's lead analyst for SRE.

"SRE's debt service coverage metrics will also be largely
unaffected, as the acquisition is fully equity funded with no
cash outlays or additional debt incurrence," adds Tsang.

SRE Group Limited was established in 1993 and listed on the Hong
Kong Stock Exchange in 1999.  The company focuses on mid-to-
high-end residential development in Shanghai and Shenyang. It
currently possesses a land bank of about 1.4 million sqm in
Shanghai and about 1.9 million sqm in Shenyang, sufficient for
five years of development.

Huarui Asset Management holds the Shenyang Richgate Shopping
Mall (gross floor area (GFA) 242,000 sqm) and Shenyang Lexington
Huafu Hotel (GFA 54,900 sqm) (together the "investment
properties of Shenyang Richgate").


TYCOONS GROUP: Incurs TWD51MM Loss for 9 Months Ended Sept. 30
--------------------------------------------------------------
Tycoons Group Enterprise Co. posted a net loss of
TWD51.3 million for the nine months ended Sept. 30, 2007, a
73.54% improvement against the net loss of TWD193.9 million
posted for the nine months ended Sept. 30, 2006.

The company had net sales of TWD742.4 million, while cost of
goods sold and operating expenses amounted to TWD689.2 million
and TWD67.2 million, giving the company an operating loss of
TWD14.0 million.


Tycoons Group Enterprise Co., Ltd. manufactures screws and
fasteners.  The company's main products are chipboard screws,
concrete screws, drywall screws, hex head cap screws, hex head
machine bolts, machine screws, self drilling screws, self
tapping screws and bolts, stainless steel hex head cap screws,
wood screws, as well as annealing wire and rods.

The company reported net losses of TWD399.8 million and
TWD161.4 million for the years ended Dec. 31, 2006 and 2005.


TYCOONS GROUP: October 2007 Sales Rise 53.0% Year-on-Year
---------------------------------------------------------
Tycoons Group Enterprise Co. Ltd.'s sales for October 2007 rose
53.0% year-on-year to TWD156.7 million from TWD102.4 million,
according to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD899.1 million, a
26.1% decrease year-on-year.

Tycoons Group Enterprise Co., Ltd. manufactures screws and
fasteners.  The company's main products are chipboard screws,
concrete screws, drywall screws, hex head cap screws, hex head
machine bolts, machine screws, self drilling screws, self
tapping screws and bolts, stainless steel hex head cap screws,
wood screws, as well as annealing wire and rods.

The company reported net losses of TWD399.8 million and
TWD161.4 million for the years ended Dec. 31, 2006 and 2005.


TYCOONS GROUP: Builds US$1.8-Billion Plant in Vietnam
-----------------------------------------------------
Tycoons Group Enterprise Co. and E-United Group plan to spend an
estimated US$1.8 billion over the next three years building a
steel plant in Vietnam, Bloomberg News reports.

The mill, with E-United holding 90% and Tycoons the remainding
10%, will have an annual capacity of 2 million metric tons of
crude steel, Bloomberg says, citing E-United's vice president,
Tseng Jung-ching.

The factory will supply the partners' plants in Taiwan and
Vietnam, Mr. Tseng adds.

"Start-up of production is expected in three years," Mr. Tseng
says.

Bloomberg relates that the partners may expand the Vietnam
project further after three years.  

Bloomberg also cites Vietnam News as saying that the partners
will increase their initial investment to US$3.3 billion.

According to Vietnam News, Bloomberg notes, initial capacity of
the factory will be 3 million tons a year, increasing to 5
million tons in the second phase.

                      About E-United Group

E-United controls Yeh United Steel Corp., Southeast Asia's
biggest integrated stainless steel mill.

                      About Tycoons Group

Tycoons Group Enterprise Co., Ltd. manufactures screws and
fasteners.  The company's main products are chipboard screws,
concrete screws, drywall screws, hex head cap screws, hex head
machine bolts, machine screws, self drilling screws, self
tapping screws and bolts, stainless steel hex head cap screws,
wood screws, as well as annealing wire and rods.

The company reported net losses of TWD399.8 million and
TWD161.4 million for the fiscal years ended Dec. 31, 2006 and
2005.


UNION INSURANCE: Fitch Upgrades Financial Strength Rating to BB-
----------------------------------------------------------------
Fitch Ratings upgraded the ratings of Taiwan-based Union
Insurance Company and simultaneously removed them from Rating
Watch Evolving where they were placed on January 26, 2007.  The
upgrades are as follows:

Insurer Financial Strength upgraded to 'BB-' from 'B+' and
National Insurer Financial Strength upgraded to 'BBB (twn)' from
'BB+ (twn)'.  The Outlook for the ratings is Stable.

The rating action follows the completion of a TWD1.5 billion
capital infusion by Union's new shareholding group, Want Want
Group (a leading food-processing conglomerate in mainland China
with origins in Taiwan), at end-August 2007, as well as the
company's recent board reorganisation in November to reflect the
company's new ownership.  The new nine-member board of directors
is made up of professionals from the local financial and legal
industries and includes two independent directors and two from
Union's existing senior management team.  With an aim to raise
corporate governance standards, the low level of which had
contributed to the company's previous financial crisis, Union
has appointed a new financial controller, installed an audit
department which reports directly to the board, and upgraded its
actuarial and product development functions.

Following the latest recapitalization, Union raised its
statutory Risk-Based Capital ratio to about 300% (above the
minimum regulatory requirement of 200%).  Fitch notes that
underwriting results are weak owing to high loss and cost ratios
which were mainly attributable to the substantial decrease of
the company's premium volumes in 2007.  Gross written premiums
(GWP) shrank 38% yoy in the first nine months of 2007 as
customers lost confidence in the company's financial credibility
and defected to competing insurers; this was after Union's
previous shareholder, the Rebar Group, went into financial
distress in January 2007.

Nonetheless, Union's business appears to be stabilizing after
the company started bringing in new investors and capital.
Monthly GWP in Q107 fell to as low as 37%-50% of the volume a
year ago, but recovered to 65% in Q307 and 70% in October 2007.
Fitch expects the company to increase underwriting volumes and
results in 2008 following its latest reorganization efforts,
although bottom-line profitability remains challenging due to
the competitive nature of the Taiwanese general insurance market
and the company's still weak investment results.  Improvement in
underwriting performance and consistent progress in internal
capital accumulation will be crucial, in Fitch's view, for the
company to achieve a higher rating level.

Union was once the third-largest property and casualty insurer
by direct written premiums in Taiwan, before the Rebar Group's
default crisis.  Its ranking fell to the 12th spot following the
crisis, but has recently recovered to the eighth position with a
market share at about 5%.


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

BHARTI AIRTEL: To Pilot Mobile Money Transfer w/ Western Union
--------------------------------------------------------------
Bharti Airtel Ltd and Western Union have decided to jointly
develop and pilot a Mobile Money Transfer service in India.  
This pioneering agreement will usher in the possibility of
sending money to India via the mobile phone.  Western Union
agents presently provide cash remittance services in India.  The
mobile money transfer service is subject to regulatory approval.

According to The World Bank, the number of immigrants globally
is in the region of 200 million -- approximately 3% of the
world's population.  The World Bank also identifies India as the
number one remittance recipient market.  Statistics from the
Reserve Bank of India suggest that the inward annual remittance
into India stood at over US$26 billion for the financial year
2006-2007, accounting for 10% of global inward remittance
market, which stands at US$260 billion.

"We are delighted to work with Western Union in this path-
breaking initiative and be at the forefront of enabling
international remittance over the mobile for our 50 million
mobile phone customers in India. This will help us move
remittances via the mobile in a fast and convenient way,
supporting low value transactions," said Gopal Vittal, Director
Marketing & Communications, Bharti Airtel Ltd.

Bharti Airtel has an extensive footprint across India and
Western Union, together with its affiliates Orlandi Valuta and
Vigo, has more than 320,000 agent locations in more than 200
countries and territories. I n India, Western Union operates
through 45,000 agent locations, including 8,500 post offices and
more than 14,000 bank branches across 5000 towns and cities.
This programme will enable Indians living abroad to send
remittances to their dependents in India in an easy and
convenient fashion through the vast networks of both the
Companies.

The reach and accessibility of mobile networks in developing
economies create new opportunities to extend the benefits of
financial services to many families for the first time.  Mobile
networks now cover the majority of the world's population.
Applications that allow a mobile subscriber to view and manage
funds on their handset are emerging in select countries as
foundation for phone-based financial services.

The relationship with Bharti Airtel developed follows a landmark
agreement between Western Union and the GSM Association, a
global trade association representing over 700 GSM mobile phone
operators, to facilitate the development of cross-border mobile
money transfer services.  Bharti Airtel chairs the GSM
Association's Mobile Money Transfer steering committee, a group
of 35 mobile network operators committed to development, trials
and commercialization of mobile remittance services.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.

                         *     *      *

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

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


DCM SHRIRAM: Shareholders OK Preferential Warrant Allotment
-----------------------------------------------------------
DCM Shriram Industries Ltd's shareholders gave their nods to the
proposed allotment of warrants preferentially to the company's
promoters, a filing with the Bombay Stock Exchange says.

The shareholders approved the special resolution on the
preferential allotment, by way of postal ballot, with requisite
majority.

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

On Nov. 19, HB Stockholdings made an open offer to DCM Shriram's
stockholders to acquire up to 35,00,000 shares, or 22.88% of the
company's stock, at INR70 per share in cash.  HB Stockholdings'
questioned the promoters proposed preferential allotment and
asked India's Company Law Board to stay the move.  The CLB,
however, turned down the request.  HB has appealed the CLB's
decision to the Delhi High Court .

The struggle for DCM intensified as seen from the increased
offers from both sides.  After HB's INR70-per-share offer, the
promoters raised to INR90 from INR52 per share the price at
which the shares will be issued through the preferential
warrants.

In a Nov. 29 report, Reuters said HB raised the open offer price
for 22.88% of DCM to INR120 a share.  With the shareholders'
approval of the resolution on the preferential allotment,
however, it looks like the promoters' stake will increase to
40.68%.

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

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


DRESSER-RAND GROUP: Implements Terms of the New Union Contract
---------------------------------------------------------------
Dresser-Rand Group Inc., after reaching impasse in its
negotiations with the IUE-CWA Local 313 union representatives
for the company's Painted Post facility in New York State, the
company has implemented the terms of its last offer and has
invited bargaining unit employees to immediately return to work.
At the time of the strike on Aug. 4, 2007, there were
approximately 400 bargaining unit employees.  However, since the
strike began, the company has hired over 90 permanent
replacement workers, subcontracted approximately 35% of its
work, and continued to augment production with approximately 130
temporary employees.  It is anticipated that temporary employees
will continue to be reduced by additional new hires, employees
returning to work, and increased subcontracting.

"This is a major event in the evolution of this facility because
the contract language governing our operating policies is now
consistent with contemporary standards, and the employee
benefits will be more in line with the vast majority of what
already exists among Dresser-Rand U.S.-based union and non-union
employees," said Dresser-Rand President and Chief Executive
Officer, Vincent R. Volpe, Jr.

"While it is unfortunate that we collectively had to endure a
sixteen week strike, it is equally clear that this was an
investment in the future of the Painted Post facility.
Throughout the course of the strike, our replacement workers and
our salaried employees, as well as the strikers who returned to
work, did an outstanding job because of their dedication and
their extended work hours in helping the business move forward,"
said Mr. Volpe.

On Nov. 13, 2007, the Union and the company agreed to meet for 3
more days of bargaining and then to meet every day beginning
Nov. 26, 2007, in continuous negotiating sessions on consecutive
days thereafter.  On Nov. 19, 2007, the union made an offer to
return to work under the expired contract.  This followed 32
sessions of negotiations between the company and the union and a
sixteen-week strike.  The company elected not to accept the
union's offer.  During the first two days of negotiations
following the Thanksgiving holiday, both parties expressed their
unwillingness to change their negotiating position.  The union
then informed the company that it was unavailable to meet for
the remainder of the week, and ended the negotiations at
approximately noon on Nov. 27, 2007.

According to Vice President and Chief Administrative Officer
Elizabeth Powers, "The Union has filed several unfair labor
practice charges against the company which will be decided over
the course of the next several months.  The company has fully
cooperated with the National Labor Relations Board's
investigation of these charges.  However, the company, together
with our external labor counsel, are confident that every
precaution has been taken to ensure that the company has
followed the law properly and fully respected the rights of the
Union, the employees, and the bargaining process."

Over the sixteen week strike, Painted Post shipped 42 complete
compressor units, the majority of which were delivered on time
or early to clients.  During the months of the strike, from
August through November 2007, the parts business in Painted Post
exceeded shipment levels compared to August through November
2006.

During the strike, Lloyds Registry recertified the Painted Post
facility for both ISO 9001 and ISO 14001, despite the fact that
the entire workforce of temporary and permanent replacement
workers was new.

According to Director of Operations for the Painted Post
facility, Doug Rich, "The past several weeks have resulted in a
culture change and a tremendous amount of teamwork within the
facility as all of our employees -- both management and
production employees -- have worked together to accomplish our
goal of providing uninterrupted service to our clients.  We are
proud of the effort and results of our employees during this
strike."

Mr. Volpe said, "We are now looking forward to welcoming back
many of our employees into a rejuvenated atmosphere of
collaboration and teamwork, where positive energy is expended on
satisfying our clients".

"This company, with the support of its board and shareholders,
never wavered in its resolve to obtain what we considered to be
the principal operational objectives that have now been
achieved" according to Mr. Volpe.  "As a result, clients of our
reciprocating compressor products, principally manufactured in
Painted Post New York, should be better served."

The company currently does not believe that this recent
development warrants any change in its earnings guidance for
2007 and 2008 disclosed at its Oct. 31, 2007 conference call
which followed the report of the company's third quarter 2007
results.

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
3.Inc. (BB-/Stable/--).
4.

GULFMARK OFFSHORE: S&P Raises Corp. Credit Rating to BB- from B+
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit rating on GulfMark Offshore Inc. to 'BB-' from 'B+'.  At
the same time, S&P raised the senior unsecured rating on the
company to 'B+' from 'B.'  The outlook is stable.  As of
Sept. 30, 2007, the company had about US$160 million of debt.

"The upgrade reflects GulfMark's improved credit measures and
favorable industry trends that should result in solid financial
performance as it expands its fleet," said S&P's credit analyst
Paul B. Harvey.  "We also considered GulfMark's enhanced fleet
quality and ability to readily deploy its vessels in various
international markets outside the North Sea."

The ratings on GulfMark Offshore are based on its position in
the volatile and cyclical marine services industry, its
aggressive growth strategy, and regional concentration, with 62%
of its fleet based in the North Sea region.

Ratings also incorporate GulfMark Offshore's improving fleet
composition, low debt leverage, and favorable near-term market
conditions.  Contracted EBITDA of around US$105 million in 2008
also benefits the ratings.  The company has contracted to
construct 12 new vessels for roughly US$250 million, to both
modernize and grow its fleet.

GulfMark Offshore, Inc. -- http://www.gulfmark.com/--    
headquartered in Houston, Texas, is a provider of offshore
marine services primarily to oil and gas exploration production
firms in India, Brazil and West Africa, among others.


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

BANK MANDIRI: Nine-Month Net Profit Up 168% to IDR3.18 Trillion
---------------------------------------------------------------
PT Bank Mandiri's audited nine-month net profit increased 168%
to IDR3.179 trillion from the IDR1.187 trillion earned in the
corresponding period of 2006, various reports say.

which has total assets of around IDR274 trillion,

Reuters points out that the the jump in earnings came despite a
relatively weak 11.9% rise in its loan growth, compared to
around 20% at its rivals.

According to The Jakarta Post, the increased net profit was due
to an increase in the bank's lending.  Bank  Mandiri, Reuters
says, has been increasing its lending to the corporate sector
and funding construction of toll roads along with other banks.  
However, the bank, has not been able to grow its lending by 20%,
in line with the central bank's forecast, Reuters relates.

The increase in the bank's net profit was also supported by its
larger proportion of low-cost funds, up from  IDR91.809 trillion
to IDR122.308 trillion, which reduced the interest it had to pay
to depositors, The Post notes.

Bank Mandiri's non-performing loan, the report relates,
decreased to 3.8% this year from 13.6% in the same period last
year.  The Post says that the decline in the NPL is helped by
settlements reached with some of the bank's large debtors, which
include settlement of a IDR235-billion debt owed by PT Bahana
Sysfo Utama, and a IDR68-billion debt owed by PT Morawa Inawood.

Bank Mandiri told Reuters that the increase in its profit should
bode well for the bank's plans to sell US$300 million of bonds
soon.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 20, 2007, the bank is planning to raise US$300 million in
bonds between October and January, to help refinance its debts
and fund an expansion.  Mandiri President Director Agus
Martowarodojo said the bank would wait for the proper time to
issue the subordinated debt, as the global credit market has
been hit by problems in the United States subprime market.

The TCR-AP noted that Bank Mandiri had short listed Barclays,
BNP Paribas, Credit Suisse, Citibank and Deutsche Bank to
underwrite the issue.

                     About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is     
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on  Oct 19,
2007, that Moody's Investors Service has raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

   -- The foreign currency senior/subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook

The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


BANK NISP: Targets 30% Increase in 2008 Lending
-----------------------------------------------
PT Bank NISP Tbk expects to increase next year's lending by up
to 30% and to extend at least 50% of this to small and medium
enterprises operating in the manufacturing and services sectors,
The Jakarta Post reports.

President Director Pramukti Surjaudaja told the news agency that
the company estimated that their total lending will amount to
IDR22 trillion by the end of this year and will increase by IDR5
trillion to IDR7 trillion by the end of 2008.

Bank NISP's outstanding lending in the third quarter, rose 29 %
to IDR17.97 trillion as of the end of September from IDR13.94
trillion during the same period in 2006, the report relates.

According to the report, Mr. Surjaudaja said the bank is
optimistic about meeting next year's lending expansion target.

      Bank Plans to Increase Funds from Third Parties

The bank plans to increase the total funds it raises from third
parties next year from the IDR27 trillion it estimates it will
raise this year, The Post says.

The Post relates that the bank's total funds from third parties
amounted to IDR20 trillion as of the end of September.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 2, 2007, Bank NISP's net profit for the first nine months
of 2007, increased 20% to IDR206.3 billion from the
IDR171.5-billion profit booked in the same period last year

                         About Bank NISP

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html  
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Feb. 1, 2007, that Fitch Ratings affirmed all the ratings of
PT Bank NISP Tbk as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '3'.

The Outlook for the ratings was revised to Positive from Stable.


BANK UOB: To Issue Bonds and Sell Shares for Accreditation
----------------------------------------------------------
PT Bank UOB Buana plans to issue subordinated bonds and new
shares to satisfy the minimum capital requirement to gain
"national bank" accreditation, The Jakarta Post reports citing
Managing Director Safrullah Hadi Saleh.

According to the report, the bank expected to raise up to IDR2
trillion from the sale of the bonds and  further funds will be
raised from the sale of shares.  The bond and share sales would
likely take place some time in 2009, the report adds.

Under Bank Indonesia regulations, The Post explains, a bank is
required to have a minimum capitalization of IDR10 trillion by
the end of 2010 if it wants to be designated as a "national
bank".

According to its latest financial report, UOB Buana's capital
totaled IDR3.72 trillion as of the end of September, an increase
of 8.69% from IDR3.42 trillion as of the same period last year.

President Director Armand Bachtiar Arief told the news agency
said that the bank would strengthen its treasury, foreign
exchange and cash management services in 2008 in order to
increase its non-interest income.

According to The Post, the bank's total lending as of the end of
September had increased 6.89 % to IDR11.97 trillion from
IDR10.24 trillion as of the end of September last year, while
its total third-party funds rose 2.91% to IDR12.72 trillion from
IDR12.38 trillion.

Furthermore, the report relates, the bank's unaudited net profit
amounted to IDR357 billion during the third quarter, an increase
of 9.5% from IDR326 billion during the same period last year.  

Bank UOB's total assets rose by 8.02% to IDR18.19 trillion from
IDR16.84 trillion last year, the report adds.

                      About Bank UOB Buana

Headquartered in Jakarta, PT Bank UOB Buana Tbk., formerly PT
Bank Buana Indonesia Tbk. -- http://www.bankbuana.com--    
provides public deposits, investment  portfolio, and other
financial services, including: demand, savings and time
deposits, Bank Indonesia promissory notes, bonds, consumer
loans, retail commercial loans, and corporate loans.  Other
financial services include exports, imports, transfers,
collection, issuing of bank guarantees and foreign currency
transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007,Fitch Ratings affirmed all the ratings of the bank
as follows:

   * Long-term foreign and local currency Issuer Default ratings
     BB-,

   * Short-term rating B,

   * Individual C/D, and

   * Support 3.


CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28
--------------------------------------------------------------
CA Inc.'s Board of Directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on Dec. 28, 2007 to stockholders of record at the close of
business on Dec. 14, 2007.

                       About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

    -- Issuer Default Rating at 'BB+';

    -- Senior unsecured revolving credit facility expiring 2008
       at 'BB+';

    -- Senior unsecured debt at 'BB+'.


GARUDA INDONESIA: Opens Nusa Dua Bali Service Center
----------------------------------------------------
PT Garuda Indonesia  has built a new Garuda Indonesia Service
Center at Nusa Dua, Bali, as part of their continuing efforts to
provide greater convenience for their customers.

The service center was formally inaugurated by Minister of
Culture and Tourism Jero Wacik, Garuda Indonesia's EVP Services
Arya R. Suryono, and Garuda Indonesia's EVP Sales Agus Priyanto.

It is expected that this new facility will provide even greater
ease and convenience to Garuda Indonesia customers through its
integrated ground services, comprising reservation services,
ticketing, city check-in, GFF, information services using IT,
Garuda shop, and other services related to Garuda Indonesia
flight operations.

The officers on duty will also provide advice and offer
solutions to customers regarding their tourism travel
activities.  

According to Emirsyah Satar, the presence of this new service
center is part of Garuda's commitment to improving the quality
of its service to its customers. "This facility will make it
even easier for tourists and business people in Bali to use
Garuda Indonesia flights."

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--       
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


GARUDA INDONESIA: Partners Bank Rakyat for E-Payment Service
------------------------------------------------------------
PT Garuda Indonesia partnered Bank Rakyat Indonesia to launched
a payment service for Garuda Indonesia tickets (E-Payment)
through BRI automated teller machines, effective from 12
September 2007.

Through this E-Payment service, the functions of the Garuda Call
Center have been upgraded; it now provides not only information
services, reservations and  customer care but has been expanded
to serve as a transaction facility integrated with the banking
network.  This provides much greater convenience to Garuda
Indonesia customers, by offering integrated information,
communication, and transportation services.

Currently, the Garuda Call Center receives 25,000 incoming calls
per day, with an "abandoned call" rate of only 5%.  Incoming
calls total 550,000 per month.  Ticket sale transactions have
grown significantly,  by around 188% per year, while the value  
of ticket sales has also grown by 137% per year, toI DR 8.7
billion.  ATM ticket sale facilities are already provided in
cooperation with Bank Mandiri, Bank Central Asia, Bank Negara
Indonesia, Bank Niaga, Lippobank, and PermataBank.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--       
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


TELKOM INDONESIA: SAT-GE Provides Satellite Capacity
----------------------------------------------------
SAT-GE, a provider of unique C and Ku-band satellite coverage
stretching across the Pacific Ocean Region from coast-to-coast,
disclosed the provision of satellite capacity across Eastern
Indonesia for PT Telekomunikasi Indonesia Tbk.

Using multiple transponders on the GE-23 satellite, PT Telkom
are able to rapidly extend their GSM/CDMA network and other
services over Eastern Indonesia, providing connectivity deep
into Papua, Maluku and Sulawesi.

GE-23 was chosen as the best satellite for the job, with a prime
position over Papua it delivers a unique coverage of Eastern
Indonesia and its power capability is ideal for high bandwidth
trunking and backhaul.

"With a subscriber base growing at double digits month-on-month
we needed a combination of bandwidth, coverage and rapid
deployment.  Satellite was the ideal solution for our expansion
in Eastern Indonesia, and GE-23 meets our needs" said Mr Dani
Indra Widjanarko - Satellite General Manager, "It has been
a pleasure to work with SAT-GE, their responsiveness and the
higher power capability of GE-23 opens many opportunities for us
for Eastern Indonesia".

Andrew Jordan, General Manager of SAT-GE commented, "We are
delighted to be able to assist PT Telkom in their pursuit of
growth and the roll-out of communications across Indonesia.   
GE-23 supports voice, video and data applications and PT Telkom
have chosen a platform that will be able to grow with their
objectives and aspirations."

                           About SAT-GE

SAT-GE provides satellite capacity on GE-23 across the Pacific
basin, encompassing 6 individual beams, 5 Ku-band and 1 C-band,
that give almost total coverage of both land mass and ocean from
Perth in Australia to Los Angeles in the USA and from Alaska to
South New Zealand.  GE-23 offers Ku-band cross connectivity  
capability between multiple beams and, in C-band, a single
trans-Pacific beam allows simultaneous uplink and downlink from
anywhere within the beam.  The GE-23 satellite located at 172
degrees east was manufactured by Alcatel Space, a series 4100
spacecraft, with a minimum useful life of 15 years.  Launched on
29 December 2005, GE-23 delivers internet applications, VSAT,
data and telecommunications services, and cable and broadcast
programming.


                    About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long            
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service has changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable.  At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.

On Sep. 12, 2007, Fitch Ratings has affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.


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

ALITALIA SPA: Bidders Have Until Dec. 6 to Submit Offers
--------------------------------------------------------
The Board of Directors of Alitalia S.p.A. informed that during a
meeting on Nov. 28, 2007, based on information provided by
advisor Citi, the Board took note of the outcome of interviews
and contacts with those taking part in the Company’s project to
rapidly select industrial and financial subjects committed to
restructuring, developing and re-launching Alitalia and,
accordingly, to acquire a majority shareholding in the Company.

In particular, advisor Citi stated that contacts and discussions
with the subjects involved are still being pursued; consequently
it is foreseen that any possible proposals should be made by
Dec. 6, 2007.

The Company will immediately announce the number of proposals
received and the names of the subjects who have made them.

As reported in the TCR-Europe on Nov. 29, 2007, Italian Prime
Minister Romano Prodi believes a buyer will be chosen for the
government's 49.9% stake in Alitalia by Dec. 25, 2007.

Transport Minister Alessandro Bianchi said on Nov. 26, 2007,
that Italy has no plans to postpone the stake sale to 2008.

Three parties remain in contention for Italy's controlling stake
in Alitalia:

   -- Air France-KLM,
   -- Deutsche Lufthansa AG, and
   -- AP Holding S.p.A.

OAO Aeroflot will not participate in the process while Cordata
Baldassarre's bid was deemed "no longer compatible" to the sale.
TPG Capital, meanwhile, was unable to finalize an Italian-led
consortium, but will continue to follow the developments of the
sale.

Alitalia has extended to Dec. 5, 2007, the deadline for
submission of non-binding offers and may commence exclusive
negotiations with the chosen bidder within the first half of
December 2007.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for  
passengers and air transport of cargo on national, international
and inter-continental routes.  The company also operates in
Argentina, China, and Japan.  The Italian government owns
49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ALL NIPPON: Sees JPY3BB Annual Revenue Increase on New Service
--------------------------------------------------------------
All Nippon Airways Co., Ltd., is introducing luxury seats on
domestic flights to attract wealthy passengers in the tough
competitive domestic travel market, Yasufumi Kado writes for
The Asahi Shimbun.

ANA, the report relates, is scheduled to start the Premium
Class service in the first full-scale upgrade of the top-class
seats in 23 years.

The airline expects to increase revenue by JPY3 billion a year
with the new service, which, according to The Asahi Shimbun,
will be available on 70 routes.

ANA President Mineo Yamamoto said in a news conference that
the Premium Class Service will compete head-to-head with Japan
Airlines International Co. Ltd.s first-class service in
quality, states the report.

JAL, according to the report, will launch the First-Class
service on Saturday between Tokyo's Haneda Airport and Osaka's
Itami Airport and the first company to set-up first-class seats
on Japanese domestic routes.

The report notes that ANA's survey about 8,000 mileage service
subscribers, conducted this year, discovered that many want
spacious seats, in-flight meals and admission to waiting
lounges.

In the Premium Class service, the distance from the back of one
seat to the next will be 127 cms., up from 97 cms. in the
current Super Seat Premium service, which started in December
2004, and passengers will be offered light meals instead of tea
and sweets during hours other than the times for breakfast,
lunch and dinner, The Asahi Shimbun says.

The extra charge will be raised to JPY6,000-JPY7,000 from
JPY5,000 for the Super Seat Premium service, adds the report.

                      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.


ALL NIPPON: Expands Code-share Agreement with Malaysia Air
----------------------------------------------------------
All Nippon Airways Co., Ltd. and Malaysia Airlines will extend
their code-sharing agreement to include domestic sectors within
both countries, from December 1 this year.

In the second expansion since they began code-sharing in March
2004 on flights between Malaysia and Japan, ANA will carry
Malaysian Airlines’ flight code, MH, on journeys between Tokyo
and Fukuoka, and Tokyo and Nagoya, while Malaysia Airlines will
carry the ANA flight code, NH, on journeys between Kuala Lumpur
and the Malaysian destinations of Langkawi, Kuching, Penang and
Kota Kinabalu.

"ANA passengers will have the convenience of travelling to even
more destinations in Malaysia - including the ever popular
resorts of Penang and Langkawi - using just ANA’s flight code
and a single e-ticket," said Keisuke Okada, ANA’s executive vice
president International Relations. "With through baggage and on-
line booking, it will make their journeys simpler and smoother,"
he continued.

Malaysia Airlines Managing Director/CEO, Datuk Sri Idris Jala
said, "The further enhancement of this code share agreement
strengthens our hub-and-spoke business strategy that allows our
customers access to many destinations in Japan.  As both
carriers provide seamless passenger connections to more domestic
destinations in Japan and Malaysia, we are optimistic that our
load factor on the Malaysia-Japan return routes will further
improve and contribute to our bottomline."

"The strategy of developing hub-and-spoke is a crucial part of
our Business Turnaround Plan.  To date, we are seeing yield and
load factor improvements on routes which we do hub-and-spoke,"
he added.

    About Malaysia Airlines and All Nippon Airways Code Share  
                          Agreement

In February 2004, Malaysia Airlines and All Nippon Airways (ANA)
signed the first code share agreement on air routes between
Japan and Malaysia on a "block seat" arrangement basis where a
pre-determined passenger seat inventory of Malaysia Airlines was
marketed by ANA.

Currently, Malaysia Airlines operates 14 weekly return services
between Kuala Lumpur and Tokyo with two return services operated
via Kota Kinabalu.  It also operates daily services between
Kuala Lumpur and Osaka with two flights from Osaka to Kuala
Lumpur operated via Kota Kinabalu.  All these flights are
operated using a 282 seater Boeing 777-200 aircraft.  It also
operates 3 weekly services between Kuala Lumpur and Nagoya using
a 229 seater Airbus 330-200 aircraft.

ANA operates two daily flights on the Tokyo Narita - Nagoya and
Tokyo Narita - Fukuoka routes.  One each of those flights will
carry the Malaysia Airlines flight code.  A copy of the details
for the scheduled flights and aircraft types is available for
free at the company's website:      

      http://www.ana.co.jp/eng/aboutana/press/index_sm.html

                      About All Nippon

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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


AMR CORP: Low Stock Price Cues FL Group to Cut Stake by 8%
----------------------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission, FL Group hf. disclosed that as of the close of
business on Nov. 29, 2007, it beneficially owned 2,658,000
shares of common stock of AMR Corporation.   

FL Group's stake constitutes approximately 1.1% of outstanding
shares of common stock of AMR (based on 249,121,904 shares
outstanding on Oct. 12, 2007, as reported in AMR's Quarterly
Report on Form 10-Q for the quarter ended Sept. 30, 2007).

FL Group previously owned a total of 22,658,000 shares of AMR
common stock, which represented approximately 9.1% of the
outstanding shares of AMR common stock.  The shares included
20,458,000 shares held by FL Group's wholly owned subsidiary, FL
Group Holding Netherlands B.V.

On Nov. 28, 2007, FL Group's wholly owned subsidiary sold
17,800,000 of the 20,458,000 shares it held.  The wholly owned
subsidiary holds the remaining 2,658,000 Shares.

                      Swap Transactions

On Dec. 4, 2006,  FL Group entered into an ISDA Master Agreement
with Morgan Stanley & Co. International plc, relating to shares
of common stock of AMR.  FL Group entered into a series of swap
transactions executed in September 2007 under the MSC Master
Agreement, relating to a total of 2,200,000 shares of AMR common
stock.  Under the MSC Master Agreement and confirmation letters
relating to the specific transactions effected under the MSC
Master Agreement, FL Group had the right to elect to settle the
swap transactions by taking delivery of the 2,200,000 shares of
common stock.  Accordingly, FL Group was deemed to beneficially
own the 2,200,000 shares of common stock.

The September Swap Transactions were scheduled to expire on
Nov. 16, 2007, and were subsequently extended on the same terms.  
On Nov. 28, 2007, FL Group divested its interest in the
2,200,000 shares which were the subject of the November 2007
swap extensions.

FL Group ceased to be the beneficial owner of more than 5% of
AMR common stock on Nov. 28, 2007.

                     Reason for Cutting Stake

According to The Wall Street Journal, FL Group cited lack of
progress by AMR in boosting shareholder value as the main reason
for cutting its stake in the airline company.

In September, WSJ said, FL Group urged AMR to consider strategic
alternatives, such as divesting itself of assets such as the
frequent-flier program or, secondarily, its American Eagle
regional airline business.

                     Divesting American Eagle

As reported in the Troubled Company Reporter on Nov. 29, 2007,
AMR said it plan to divest American Eagle to:

   -- provide the company with the structure, incentives and
      opportunities to win new business and provide new
      opportunities for American Eagle's employees; and

   -- focus on the company's mainline business, while ensuring
      continued access to cost-competitive regional feed.

American Eagle, which provides regional airline services,
operates approximately 300 aircraft, with approximately 1,700
daily flights to more than 150 cities throughout the United
States, Canada, the Bahamas, the Caribbean and Mexico.  In 2007,
American Eagle expects to generate annual revenues of
approximately US$2.3 billion.

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

                        FL Group Comments

WSJ relates that FL Group agrees with AMR's plan, however, it
said more was needed to boost the airline company's stock price.

"With AMR's focus now on divesting American Eagle, we don't
expect them to move on any other strategic initiatives to create
shareholder value over the mid-term.  As such, we believe there
are more interesting investment opportunities for our portfolio
at the current time," spokesman Halldor Kristmannsson told WSJ.

                      About AMR Corporation

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 30, 2007,
following the announcement by AMR Corp. that it intends to
divest its American Eagle Holding Corp. subsidiary in 2008,
Fitch expects no near-term impact on the debt ratings of AMR and
its principal operating subsidiary, American Airlines Inc.  
Fitch affirmed both entities' Issuer Default Ratings at 'B-' on
Nov. 13, 2007, while revising the Rating Outlook for AMR to
Positive.


DELPHI CORP: Delays Hearing on Chapter 11 Disclosure Statement
--------------------------------------------------------------
As widely reported, Delphi Corp. and its debtor-affiliates asked
the U.S. Bankruptcy Court for the Southern District of New York
to reschedule to December 6, 2007, the hearing to consider
approval of the disclosure statement explaining the terms of
their Joint Plan of Reorganization.

The hearing on the Disclosure Statement, which has been moved
three times, was last scheduled for November 29, 2007.  Delphi
needs to obtain the Court's approval of the document before it
could begin soliciting votes from creditors entitled to vote on
the Plan.

According to Dow Jones Newswire, Delphi spokesman Lindsey
Williams said that the delay won't affect the company's plan to
emerge from Chapter 11 in the first quarter of 2008.  The auto-
parts supplier sought a postponement to resolve objections to
proposed amendments to the Plan.

Delphi on October 30 and November 14 disclosed the potential
amendments, which will (i) reduce the amount of financing it
will obtain to exit Chapter 11, (ii) amend terms of its
investment agreement with Appaloosa Management L.P.-led
investors, and (iii) provide for less cash available for use as
"currency" in the Plan.

The Official Committee of Equity Security Holders, which,
together with General Motors Corp. and certain of the Debtors'
unions, supported the original terms of the Plan, has expressed
opposition to the proposed amendments.  Bonnie Steingart, Esq.,
at Fried, Frank, Harris, Shriver & Jacobson LLP, in New York,
notes, among other things, that under the proposed amendments,
equity holders will receive less, while Appaloosa, et al., will:

  -- double their immediate return on their minimum investment
     of US$975,000,000, from 27.5% to 54.8% under the proposed
     amendment to the investment agreement; and

  -- nearly triple their immediate return on their maximum
     investment of US$2,550,000,000, from 20.8% to 58.5%.

The Equity Committee says that the Disclosure Statement is
devoid of any legitimate rationale for the grant of that
extraordinary windfall to the Plan Investors.

The Official Committee of Unsecured Creditors, which members
will receive shares of new common stock of reorganized Delphi,
also said it will no longer support the Plan.  It notes that
while proposed recovery to unsecured creditors has been reduced
(the original Plan contemplated on providing these claimants a
combination of cash and stock), consideration to the Plan
Investors has been increased.  The Creditors Committee says that
unsecured creditors will likely reject the Plan and the Debtors
will not be able to have the Plan confirmed absent support from
these creditors.

General Motors, which will recover US$2,700,000,000 in cash,
notes and stock, has expressed support to the potential
amendments to the Plan.

                    About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle  
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 98; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


JAPAN AIRLINES: To Launch First-Class Service on Nat'l Flights
--------------------------------------------------------------
Japan Airlines International Co., Ltd., will be introducing a
new service on domestic flights to attract wealthy passengers in
the competitive domestic travel market, Yasufumi Kado of The
Asahi Shimbun reports.

JAL, according to the report, will launch the First-Class
service on Saturday between Tokyo's Haneda Airport and Osaka's
Itami Airport.  It is the first company to set up first-class
seats on Japanese domestic routes.

The Tokyo-based airline expects to make an additional
JPY4 billion in annual revenue from the new service after
expanding it to flights between Haneda and Fukuoka and between
Haneda and New Chitose Airport near Sapporo next spring, relates
The Asahi Shimbun.

Seven of JAL's 15 round-trip flights between Haneda and Itami a
day will feature 14 first-class seats each, at an extra cost of
JPY8,000 per passenger, states Mr. Kado.

JAL official, Koji Tsuchiya, who developed the seats, claims it
will not be easy for rivals to come up with seats that offer the
same degree of comfort.  The first-class seats are upholstered
with white leather, has a seat-to-seat space of about 130
centimeters between the rows, about 50 cms. wider than standard
seats and reclines at 27 degrees in the normal position to
provide greater comfort during take-offs and landings.

A JAL official in charge of product and service planning
revealed to The Asahi Shimbun that the most affluent customers
often chose rival All Nippon Airways Co., Ltd.'s Super Seat
Premium service, saying they are annoyed by voices of nearby
passengers.  Along with this, a partition between the two seats
in a row is designed to better ensure privacy enabling
passengers to avoid the eyes of next-door passengers when the
seat is reclined.

A JAL survey of about 3,000 high-profile customers, mostly
corporate executives, found that an overwhelming majority want
comfortable seats that ensure privacy.  The second-largest
number of respondents wanted in-flight meals at any time,
followed by those who wanted to use exclusive airport lounges.

Rival ANA, adds The Asahi Shimbun, in April, is scheduled to
start its Premium Class service in the first full-scale upgrade
of its top class seats in 23 years.

                     About Japan Airlines

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

                        *     *     *

As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
The outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.  The
rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


KOJIMA CO: R&I Lowers Issuer Rating from BBB- to BB+
----------------------------------------------------
Rating and Investment Information, Inc., has downgraded the
issuer rating Kojima Co., Ltd. from 'BBB-' to 'BB+' with a
stable outlook.

Kojima Company, Ltd. is a mass retailer of home electronic
appliances mainly centered in Kanto area and has stores
throughout Japan.  The company has undertaken reforms for
improving its competitiveness through consolidation and
elimination of outlets and opening large stores.
However, sales have not grown despite the expanded sales floor
areas, and recovery of profit is lagging behind.  This is partly
because large stores are not contributing much as projected, and
the results of structural reform have not been brought about as
estimated.  While major rival retailers are greatly expanding
their sales and profit, Kojima's diminishing presence in the
market is noticeable.

Consolidated debt to EBITDA (before interest, tax and
amortization) including charges for sales promotion as of fiscal
term ended in March 2007 is at about 8x.  This is excessive
given the harsh market environment with constant openings of new
stores.  R&I sees the capital expenditure in the near term will
be rather constrained as Kojima has finalized the consolidation
and elimination of stores.  However, R&I considers Kojima needs
to scrutinize its store strategies.  Inventory reduction is
delayed which not only increases financial burden but also
influences the new product lineups.  As product life is
generally shortening and the risk of inventory devaluation is
increasing, the control of inventory is becoming even more
important.

Kojima propels reforms to enhance its competitiveness by
introducing a new system which offers the same product lineup at
every outlet.  However, R&I considers it takes considerable time
before the company sees a significant upturn in profitability
that could bolster its financial base given the harsh business
environment.  In consideration of the above, R&I has downgraded
the Issuer Rating from BBB- to BB+ and Rating Outlook is Stable.  
R&I will follow the outcome of reforms.


MITSUBISHI MOTORS: Changes Ownership Structure in Indonesia Unit
----------------------------------------------------------------
Mitsubishi Motors Corporation announced that an agreement has
been reached among several Indonesia- and Japan-based companies:
P.T. Krama Yudha; Mitsubishi Corporation and its 100% subsidiary
MC Automobile Holding Asia B.V; Mitsubishi Fuso Truck and Bus
Corporation; and MMC; regarding share participation in P.T.
Krama Yudha Tiga Berlian Motors of Indonesia and P. T.
Mitsubishi Krama Yudha Motors and Manufacturing of Indonesia.  
Transactions based on this agreement have been closed.

The agreement principally calls for MFTBC to acquire equity
positions in KTB and MKM.  At the same time, MMC will take a
stake in KTB, while transferring share of MKM to MFTBC.  The new
shareholding structure of KTB is 40% by MCAH, 40% by KY, 18% by
MFTBC, 2% by MMC.  The new shareholding structure of MKM is
32.28% by MC, 32.28% by MFTBC, 17.22% by KTB, and 18.22% by KY.

The new ownership structure of KTB and MKM is expected to bring
strategic advantages to all parties related to MMC's vehicle and
MFTBC's truck business in Indonesia.

KTB is a sales organization, marketing MMC vehicles and MFTBC
trucks in Indonesia.  MKM is a production company that makes
several components and stamping parts for local assembly of MMC
and MFTBC products for the Indonesian market.

Indonesia is MMC's one of the most important markets among ASEAN
countries, accounting for over 200,000 unit sales in the past
five years.  MMC is one of the major car manufacturers in the
Light Commercial Vehicle segment in Indonesia, with market share
more than 30%. MMC sold 23,591 units in the first ten months of
2007 which was a 29% increase over the same period last year.  
MMC's local product lineup includes light commercial vehicle as
well as minivans and sedans.

Under the new business structure, MMC will continue its strong
commitment to the Indonesian market via locally produced light
commercial vehicles as well as passenger vehicles and one-ton
pickup trucks built in Thailand.  MMC will also expand the
product line-up according to local market needs and move forward
growing its business base.

                    About Mitsubishi Motors

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

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

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

                         *     *     *

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


SANYO ELECTRIC: To Invest JPY350 Billion to Bring Back Growth
-------------------------------------------------------------
Sanyo Electric Co., Ltd., will invest JPY350 billion in its
operations to revive earnings growth, Hiroshi Suzuki of
Bloomberg News reports.

Of the total amount, which will be spent during the three years
starting April 1, Sanyo will invest JPY100 billion for
rechargeable lithium-ion batteries, used in devices including
mobile phones; JPY110 million on semiconductors, digital
products and appliances; JPY60 billion on electronic components
and JPY80 billion on solar-power batteries, relates Bloomberg.

The expansion, states Bloomberg, is aimed at increasing the
company's share of the US$4.5 billion battery market after it
exited unprofitable units like flat panels and prepares to sell
the mobile phone business.

After announcing Sanyo's three-year midterm plan, stocks surged
as much as 7.3% in the Nikkei 225 stock, while Sanyo's shares
rose 6.2% to JPY188 on the Tokyo Stock Exchange, adds the
report.

According to the report, Moody's Investors Service analyst
Shinsuke Tanimoto expressed before Sanyo's business plan
announcement that, "Focusing on areas the company is good at
would please investors.  Sanyo's battery business is strong."

Sanyo reported a net income of JPY16 billion for the 6-month
ended September 30 of the current fiscal year as compared to a
loss of JPY3.62 billion the same period last year, notes
Bloomberg.

                     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: Fitch Keeps BB+ Ratings on Negative Watch
---------------------------------------------------------
Fitch Ratings has announced that Sanyo Electric Co., Ltd.'s
Long-term foreign currency Issuer Default Rating, Long-term
local currency IDR and senior unsecured ratings of 'BB+' remain
on Rating Watch Negative.

Fitch is holding Sanyo's ratings on RWN given that the
investigation by Japan's Securities and Exchange Surveillance
Commission into the company's past accounting practices is
continuing.  Fitch originally placed Sanyo's ratings on RWN on
23 February 2007 after the SESC started the investigation.  
Fitch says that although the accounting issue relates to
evaluation losses in investments on the parent-alone financial
statements and does not affect the consolidated accounts, any
negative conclusion by the authority could potentially affect
Sanyo's credibility and confidence in its financial disclosure.  
Sanyo will likely complete the necessary amendments to its past
financial figures (for the six fiscal periods leading up to and
including the fiscal year ended March 2006 (FYE06)) by the end
December 2007.  Fitch expects the SESC's conclusion on the
matter to be made in succession.

On November 27, Sanyo announced its consolidated financial
results for the first half of the fiscal year ending March 2008
(H108).  In addition, the company announced a new three-year
'Mid-term Management Plan', in which the company aims to achieve
over JPY100 billion in consolidated operating profit in FYE11 -
of which JPY90 billion is considered by the company as a "must
accomplish" goal.  In H108, its operating performance improved
considerably with increased earnings at largely every level.  
Due to the substantial amount of positive free cash flow
generated, the company was able to further reduce its debt and
accordingly, its balance sheet has become healthier.  Going
forward, Fitch expects the main contributor to group earnings
will continue to be devices including rechargeable batteries and
solar cells, where around 70% of its capital investments for the
coming three years will be made.  Meanwhile, the company has
decided to keep its consumer electronics operations including
audio visual and white goods, for which Fitch views their
competitiveness against much larger and stronger competitors as
uncertain.

Sanyo's total debt fell to JPY573.5 billion at H108,
JPY105.4 billion lower than H107's amount and compares favorably
with JPY1,213.9 billion of debt at the end of FYE05.  The
company plans to reduce its consolidated debt to JPY530 billion
at the end of FYE08.  At the end of September 2007, Sanyo had
JPY351.1 billion in cash and cash equivalents.  As part of its
current restructuring plan to further improve its financial
profile, Sanyo is also considering the divestment of some
divisions including its mobile handset operations.

Sanyo is a major Japanese consumer electronics manufacturer,
with its business segmented into three groups, namely consumer,
commercial and components.  For FYE07, the company recorded
sales of JPY2,215.4 billion and a net loss of JPY45.4 billion.


SPANSION INC: Gets MicroStrategy for Reporting & Analytics Job
--------------------------------------------------------------
Spansion LLC has selected MicroStrategy software for enterprise
reporting and analytics.

Using MicroStrategy, executives at Spansion will be able to
obtain timely insights into critical areas of the business with
at-a-glance information dashboards.  MicroStrategy's Dynamic
Enterprise Dashboards(TM) enable Spansion's management to
monitor and analyze important financial metrics and drill into
detailed reports to view underlying data.  MicroStrategy was
selected for its ease-of-use, Web-based interface, and the
extensive visualization capabilities of its dashboards.

"Following a thorough evaluation of business intelligence
products, we selected MicroStrategy for our executive
dashboards," said Spansion vice president of Information
Technology and Chief Information Officer, Hannelore Stoebbe.
"MicroStrategy's expressive dashboards enhance the
interpretation and analysis of financial data, and will give our
management team greater visibility into key performance
metrics."

"Leading technology and manufacturing companies, like Spansion,
are choosing MicroStrategy for improved insights and
transparency into their operations," said MicroStrategy's Chief
Operating Officer, Sanju Bansal.  "MicroStrategy's dashboards
present a tremendous amount of information in an easy to use and
highly visual manner, which helps companies quickly identify
performance trends and drivers."

                   About MicroStrategy

Founded in 1989, MicroStrategy (Nasdaq: MSTR) --
http://www.microstrategy.com-- is a global leader in business  
intelligence technology.  MicroStrategy provides integrated
reporting, analysis, and monitoring software that helps leading
organizations worldwide to make better business decisions.
Companies choose MicroStrategy for its advanced technical
capabilities, sophisticated analytics, and superior data and
user scalability.

MicroStrategy and MicroStrategy Dynamic Enterprise Dashboards
are trademarks or registered trademarks of MicroStrategy
Incorporated in the United States and certain other countries.
Other product and company names mentioned herein may be the
trademarks of their respective owners.

                      About Spansion

Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),  
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012.  The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.

Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt.  Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.'  In
conjunction with the refinancing, Fitch has affirmed these
ratings:

   -- Issuer Default Rating of 'B-';

   -- US$250 million of 11.75% senior unsecured notes due 2016
      at 'CCC+/RR5'; and

   -- US$207 million of 2.25% convertible senior subordinated
      debentures due 2016 at 'CCC/RR6'.

Fitch said the rating outlook remains negative.  Approximately
US$1.1 billion of total debt is affected by Fitch's actions.


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

BURGER KING: Moody's Affirms Ba2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of Burger King Corporation. Moody's also affirmed the Ba2
rating assigned to the company's US$250 million senior secured
term loan A, US$1.1 billion senior secured term loan B, and
US$150 million senior secured revolving credit facility.  In
addition, Moody's changed the outlook for Burger King to stable
from negative.

The Ba2 corporate family rating reflects Burger King's strong
brand recognition, the meaningful scale and geographic diversity
of system-wide restaurants, as well as improved operating
performance and good liquidity.  However, the rating also
incorporates the company's relatively weak credit metrics for
the current rating category and somewhat aggressive growth plans
that are driven largely by franchisees.  The ratings also
incorporate the intense competitive environment within the
United States restaurant industry, increasing margin pressures
related to historically high commodity costs and wages, and a
more financially challenged consumer.

The stable outlook reflects Moody's expectation that a continued
improvement in operating performance, driven by positive traffic
and average check, should further strengthen debt protection
metrics and liquidity.  The outlook also expects that management
will exercise a prudent treasury policy with shareholder-based
initiatives supported by excess free cash flow and not by non-
operating cash flows, asset sale proceeds, or additional debt.

Headquartered in Miami, Florida, The Burger King (NYSE: BKC) --
http://www.burgerking.com/-- operates more than 11,000  
restaurants in more than 69 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.  Beginning in 1982, BK and its franchisees began
operating stores in several East Asian countries, including
Japan, Taiwan, Singapore and Korea.


HANAROTELECOM: SK Telecom Buys Stake for  KRW1.09 Trillion
----------------------------------------------------------
South Korean Mobile Operator SK Telecom had agreed to buy a
hanarotelecom Inc. for KRW1.09 trillion in cash, a near 50%
premium on pre-acquisition talks, Reuters reports.  Korea
Investment's Yang told Bloomberg News that the offer price is in
line with market expectations.

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

According to Reuters, the price values shares of hanarotelecom
at KRW11,900 each, slightly lower than the latest closing price
of KRW12,200, but represents a 46% premium from the stake's
valuation before talk of an SK bid started in early November.

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

Marie-France Han and Kim Soyoung of Reuters writes that SK
Telecom will become hanarotelecom's largest shareholder with
43.6% after the deal.

According to Bloomberg, hanaro would give SK Telecom access to a
quarter of online users in a market where nine out of 10 homes
have high-speed Internet connections.  The purchase, subject to
regulatory approval, would also enable SK Telecom to expand into
markets such as Internet television programming and offer
products that combine fixed-line and wireless services, the
report notes.

Yang Jong In, who has a "buy" rating on SK Telecom as a
telecommunications analyst at Korea Investment & Securities Co.
in Seoul, told Bloomberg that "the positive effects from this
tie-up would more than offset the cost for the acquisition."

Bloomberg relates that Edwin Chan, a Hong Kong-based analyst UBS
AG raised its credit rating on Hanaro's debt to "buy" because of
SK Telecom's "superior" finances.  Lehman Brothers Holdings Inc.
analyst Stanley Yang recommended investors buy Hanaro shares,
the report adds.   

                      About hanarotelecom

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

                          *     *     *

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

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


===============
M A L A Y S I A
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CNLT BHD: Reprimanded by BUrsa for Breach of Listing Requirement
----------------------------------------------------------------
The Bursa Malaysia Securities Berhad has reprimanded CNLT (Far
East) Berhad for breach of Paragraph 9.23 of Bursa Securities’
Listing Requirement:

   -- under Paragraph 9.23(b) for failure to submit its annual
      audited accounts for the financial year ended December 31,
      2006, on or before April 30, 2007.  The 2006 annual
      audited accounts was submitted on July 13, 2007, after a
      delay of 51 market days; and

   -- under Paragraph 9.23(a) for failure to submit its annual
      report for the financial year ended December 31, 2006, on
      or before 30 June 2007.  The 2006 Annual Report was
      submitted on August 7, 2007, after a delay of 26 market
      days.

Bursa Securities’ Listing Requirement stipulates that a listed
issuer must ensure that the issuance of the annual audited
accounts and annual report by a listed issuer will be:

   -- issued to the listed issuer’s shareholders and given to
      Bursa Securities within a period not exceeding six months
      from the close of the financial year of the listed issuer;
      and

   -- that the annual audited accounts together with the
      auditors’ and directors’ reports will be given to Bursa
      Securities for public release, within a period not
      exceeding four months from the close of the financial year
      of the listed issuer unless the annual report is issued
      within a period of four months from the close of the
      financial year of the listed issuer.

CNLT’s list of directors at the material time are:

   * Man Mohan Thapar;
   * Dato’ Prem Krishna Sahgal;
   * Dato’ Izham bin Mahmud;
   * Datin Ishah binti Ismail;
   * Tiny Kesang Lingstang; and
   * Mahesh Sahai

                         About CNLT

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

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

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


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

114 DOMINION: Creditors Receive Wind-Up Report
----------------------------------------------
The creditors of 114 Dominion Rd Ltd. met on November 20, 2007,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company has been under voluntary liquidation since Oct. 18,
2007.

The company's liquidator is:

         Mike Lamacraft
         Meltzer Mason Heath
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


ARAI FARMS: Names Ronald Leslie Bavage as Liquidator
----------------------------------------------------
Arai Farms Ltd. started to liquidate its business on November 6,
2007.

Ronald Leslie Bavage was appointed as liquidator.

The Liquidator can be reached at:

          Ronald Leslie Bavage
          Bavage Chapman Limited
          Chartered Accountants
          142 Rodney Street
          PO Box 23, Wellsford
          New Zealand
          Telephone:(09) 423 8143 (extension 220)
          Facsimile:(09) 423 7226
          e-mail: ron@bavagechapman.co.nz


BEKAYEM FARMS: Placed Under Voluntary Liquidation
-------------------------------------------------
On November 6, 2007, members resolved to voluntarily liquidate
Bekayem Farms Ltd.'s operations.

Ronald Leslie Bavage was named as liquidator.

The Liquidator can be reached at:

          Ronald Leslie Bavage
          Bavage Chapman Limited
          Chartered Accountants
          142 Rodney Street
          PO Box 23, Wellsford
          New Zealand
          Telephone:(09) 423 8143 (extension 220
          Facsimile:(09) 423 7226
          e-mail: ron@bavagechapman.co.nz


CAPITAL + MERCHANT: Placed in Receivership on Agreement Breach
--------------------------------------------------------------
Capital + Merchant Finance Ltd and Capital + Merchant
Investments Ltd have gone into receivership due to breaches in
respect of general security agreements issued by the companies
in favor of creditor Fortress Credit Corporation (Australia) 11
Pty Ltd.

Receivers have been tapped.  Fortress appointed Tim Downes and
Richard Simpson of Grant Thornton, chartered accountants, while
trustee Perpetual Trust have called in KordaMentha,  the New
Zealand Press Association relates.

Grant Thornton said they are currently working to gather as much
information as possible and are unsure at this stage as to any
outcome for investors.

KordaMentha will finish up once Grant Thornton has secured money
for Fortress, NZPA cites Perpetual Trust Chief Executive Louise
Edwards as saying.

According to reports, Capital + Merchant owes about
NZ$190 million to 7,000 investors.  Fortress reportedly has a
prior charge over assets and was owed around NZ$70 million in
total.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 3, 2007,  Fitch Ratings has placed the ratings of Capital +
Merchant's Australian subsidiary, Cymbis Finance Australia Ltd,
on Rating Watch Negative, following the appointment of C+M's
receivers.

Although domiciled in different countries, the owners of the two
companies are linked and there is a degree of operational
interaction between the companies, Fitch said in a rating
release.  “Both businesses operate similar business models in
which retail deposit funds are primarily lent for relatively
high-risk property development purposes.”

The Capital + Merchant companies predominantly lend to the
property and property development sector.

                Consumers' Institute's Statement

The mandatory requirement for finance companies to have approved
credit ratings should be brought forward following the collapse
of Capital + Merchant Finance, the Consumers' Institute said in
a press release.

Capital + Merchant, operating in property finance, was one of
the bigger finance companies in this country, yet mum and dad
investors had little way of knowing or measuring the risk of
what they were putting their money into.

“The government has promised mandatory ratings in 2010 but 13
finance company failures in 18 months should be a strong enough
signal that the industry needs to be more tightly regulated
now,” Consumer CEO Sue Chetwin said.

This month Consumer launched a fixed interest Web site,
http://www.consumersaver.org.nz/terminvestments,aimed at  
helping people make sensible fixed-term investment decisions.
“Interestingly Capital + Merchant Finance wouldn't respond to
requests for information,” Ms. Chetwin said.

However, it was obvious from its prospectus that it was in
trouble.  Finance companies that lend in the property sector
should have a debt equity ratio of about six.  Capital +
Merchant Finance with NZ$219 million of assets had a debt equity
ratio of 17.7.

Consumer also believed the move to regulate who was allowed to
be a director of a finance company should be brought forward.


COUNTIES POWDERCOATERS: Fixes Feb. 7 as Last Day to File Claims
---------------------------------------------------------------
Counties Powdercoaters Limited requires its creditors to file
their proofs of debt by February 7, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

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


FRANKLIN BUSINESS: Undergoes Liquidation Proceedings
----------------------------------------------------
On November 8, 2007, Franklin Business Park Ltd. went into
liquidation.

Creditors who were not able to file their proofs of debt by
December 1, 2007, will be excluded from the company's dividend
distribution.

The company's liquidator is:

          Robin Winston Hargrave
          PO Box 6004, Wellesley Street
          Auckland
          New Zealand


J.W. HARMAN: Requires Creditors to File Claims by Feb. 7
--------------------------------------------------------
On November 7, 2007, Vivian Judith Fatupaito and David Murray
Blanchett were appointed liquidators of J.W. Harman Engineering
Specialist Ltd.

Creditors who can file their proofs of debt by Feb. 7, 2008,
will be included in the company's dividend distribution.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          David Murray Blanchett
          PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street
          Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


KINLOCH GOLF: Commences Liquidation Proceedings
-----------------------------------------------
Kinloch Golf Course Ltd. commenced liquidation proceedings on
November 6, 2007.

Creditors who were able to file their proofs of debt by Nov. 30,
2007, will be included in the company's dividend distribution.

The company's liquidator is:

          Hamish Robert Giller
          107 Heu Heu Street, Taupo
          New Zealand
          Telephone:(07) 378 7150


MARCHILL LTD: Taps Sharon Wedlock as Liquidator
-----------------------------------------------
On October 31, 2007, the members of Marchill Ltd. resolved to
voluntarily liquidate the company's operations.

Sharon Wedlock was named as liquidator.

The Liquidator can be reached at:

          Sharon Wedlock
          PO Box 504, Christchurch
          New Zealand


NORTHRIDGE CONSTRUCTION: Fixes Feb. 1 as Last Day to File Claims
----------------------------------------------------------------
The creditors of Northridge Construction Limited are required to
file their proofs of debt by February 1, 2008, to be included in
the company's dividend distribution.

The company went into liquidation on November 1, 2007.

The company's liquidators are:

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


NZ INVESTMENT TRUST: Liquidates Firm; Names Roll-Over Options
-------------------------------------------------------------
The New Zealand Investment Trust plc disclosed, in a filing with
the New Zealand Stock Exchange, that it's board of directors has
now formulated proposals for the liquidation of the company.

The move is part of the board's plan for the company to
discontinue as a U.K. investment trust.  The shareholders
approved the proposal at their annual meeting on May 10, 2007.

“The fact that the Company will no longer continue as an
investment trust is not admission of failure as is the case when
most continuation votes fail to pass,” Chairman Donald M.
Campbell said.  “However, tax changes and the constitution of
the Company's shareholder register with a large body of our
investors based in New Zealand means that it is no longer ideal
to operate as an investment trust.”

As part of the proposed liquidation, the company made available
to shareholders options to roll over their investment in the
company into a successor investment vehicle.  The roll-over
options that the board intends to make available, subject to
regulatory constraints  are:

   1. The Brook Tasman Fund, a New Zealand unit trust, managed
      by Brook Asset Management Limited and having a similar
      investment remit to that of the company; and

   2. The CF iimia Growth and Income Fund, a sub-fund of a
      United Kingdom Open-Ended Investment Company managed by
      iimia plc.

Shareholders who so wish will be able to elect for cash in
respect of all or part of their holding and shareholders who
make no election, including those who are prevented from making
an election by law or regulatory constraints, would also receive
cash.  The CF iimia Growth and Income Fund is not expected to be
an option for which shareholders based outside the United
Kingdom will be able to elect and the Brook Tasman Fund is not
expected to be an option for which shareholders based in the
United Kingdom will be able to elect, the regulatory filing
noted.

The proposals will be subject to shareholders' approval and a
shareholder circular setting out details of the board's
proposals and convening meetings of shareholders will be
published early in the new year with a view to the effective
date of the proposals being no later than March 31, 2008.

To save costs, the board has resolved to extend the company's
financial period, originally due to end on Oct. 31, 2007.  To
maintain the company's investment trust status in the United
Kingdom, the Board proposes to declare an interim dividend for
the period ended Oct. 31, 2007, and another interim dividend for
the period up to the expected liquidation of the company.

While the company has received an exemption for its New Zealand
resident shareholders from the Fair Dividend Rate Regime by
which New Zealand residents are taxed on 5% of the value of
their holdings of shares issued by companies not resident in New
Zealand or Australia, the board considers that it would be
against the interests of shareholders as a whole for the company
to continue complying with the conditions to which that
exemption is subject.  Accordingly, the board expects that the
Fair Dividend Rate Regime will apply to those of the company's
New Zealand resident shareholders who are not otherwise exempt
from the Regime, with effect from April 1, 2007.

New Zealand resident shareholders for whom the Fair Dividend
Rate Regime will apply may find little difference in their tax
liability for the year ending March 31, 2008, in that the amount
of dividends received during that year (that would be subject to
tax under the exemption from the Fair Dividend Rate Regime) may
be nearly equal to the amount of deemed income subject to tax
under the Fair Dividend Rate Regime.

On the other hand, New Zealand resident shareholders who are
otherwise exempt from the Fair Dividend Rate Regime (because
they have overseas shareholdings costing NZ$50,000 or less),
despite the loss of the exemption granted to the company, could
have a significantly greater tax burden if they wish to receive
cash for their investment but do not sell their shares prior to
the receipt of cash in the liquidation of the company.  These
investors may be taxable on some of their liquidation proceeds.

Shareholders are advised to await the publication of the
shareholder circular which will contain full details of the
liquidation proposals.  The company advises shareholders to
consult their tax and financial and investment advisers on the
implications of the liquidation of the company and the roll-over
options which may be suitable for their particular
circumstances.


THOM CONTRACTORS: Creditors' Proofs of Debt Due on Feb. 1
---------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were named
liquidators of Thom Contractors Limited on November 1, 2007.

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:

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


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

BENPRES HOLDINGS: Buys Debts for PHP32.3 Million and PHP5.8 Mil.
----------------------------------------------------------------
Benpres Holdings Corp. and Lopez Inc. have purchased a total of
US$43 million worth of debt held by Asian Infrastructure Fund,
and PHP$9.5 million held by 5 LTCP holders.

The AIF debt was bought for US$32.3 million, with Benpres paying
US$25.8 million and Lopez Inc. contributing US$6.4 million.

Benpres bought the LTCP debt for PHP5.8 million.

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation -- http://www.benpres-holdings.com/-- is a 56.22%-   
owned subsidiary of Lopez, Inc.  Both entities were incorporated
in the Philippines.  Benpres Holdings and its subsidiaries are
mainly involved in investment holdings, broadcasting and
entertainment, and water distribution.  The company's associates
are involved in telecommunications, power generation and
distribution, cable television, real estate development and
infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

                      Going Concern Doubt

After reviewing the company's financials for the year ended
Dec. 31, 2006, Ma. Vivian C. Ruiz at Sycip Gorres Velayo and Co.
raised significant doubt on the company's ability to continue as
a going concern, which depends on the success of the company's
Balance Sheet Management Plan.

As of Dec. 31, 2006, the company's total assets stood at
PHP14.87 billion, while total stockholders' equity at year-end
increased by 9%, reducing the deficit to PHP9.23 billion from
PHP10.14 billion, given the PHP4.62 billion net income posted in
2006.

In 2006, Benpres made semi-annual interest payments on its
direct and contingent liabilities that are covered in its
proposed Balance Sheet Management Plan.  The company continues
to negotiate a debt restructuring with its creditors.


CHIQUITA BRANDS: Sanctioned for Banana Cartel by European Union
---------------------------------------------------------------
The European Union told Plenglish.com that it will sanction
Chiquita Brands International, for making a banana cartel in
Europe.

According to Plenglish.com, the union also pointed out these
firms as responsible for banana cartel:

         -- Dole Food,
         -- Del Monte,
         -- Ecuador's Noboa, and
         -- Ireland's Fyffes.

Plenglish.com notes that the companies were allegedly exporting
large amounts of banana to Europe at "artificially high prices."

European Commissioner for Competition Neelie Kroes sent a letter
to the firms to inform them about the sanction, Plenglish.com
states.

                  About Chiquita Brands

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

                       *     *     *

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

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


DEL MONTE: European Union Sanctioning Firm for Banana Cartel
------------------------------------------------------------
The European Union told Plenglish.com that it will sanction Del
Monte for making a banana cartel in Europe.

According to Plenglish.com, the union also pointed out these
firms as responsible for banana cartel:

         -- Dole Food,
         -- Chiquita Brands International,
         -- Ecuador's Noboa, and
         -- Ireland's Fyffes.

Plenglish.com notes that the companies were allegedly exporting
large amounts of banana to Europe at "artificially high prices,"
Plenglish.com states.

European Commissioner for Competition Neelie Kroes sent a letter
to the firms to inform them about the sanction, Plenglish.com
states.

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.  Del
Monte has operations in the Philippines.

As reported by the Troubled Company Reporter-Asia Pacific on
October 4, 2007, Moody's Investors Service affirmed Del Monte
Foods Company's Ba3 corporate family rating, Ba3 probability of
default rating and speculative grade liquidity rating of SGL-2,
following the company's announcement that its board had
authorized the repurchase of up to US$200 million of the
company's stock over the next 36 months.


DEL MONTE: Earns US$25.9 Million in Second Quarter Ended Oct. 28
----------------------------------------------------------------
Del Monte Foods Company reported net income of US$25.9 million
on net sales of US$938.1 million for the three months ended
Oct. 28, 2007, compared to net income of US$23.2 million on net
sales of US$893.5 million for the three months ended
Oct. 29, 2006.

"We delivered solid top-line performance, driven primarily by
strength in new products and organic growth," said Richard G.
Wolford, Chairman and CEO of Del Monte Foods.  "However, our
bottom-line continued to be pressured by aggressive cost
increases, primarily in raw products, due to increased demand
for alternative fuels and challenging fishing conditions.
Looking forward, this severe industry-wide cost environment is
expected to continue with costs increasing at rates greater than
originally anticipated.  Reflecting these higher costs, we are
lowering our earnings estimate for the fiscal year.  Our team
continues to execute against our pricing actions and cost
reduction programs as we work to meet these challenges. We
remain confident in our continued strong cash flow and our
commitment to return value to shareholders; accordingly we
initiated our recently announced three-year, $200 million share
repurchase authorization."

The 5.0% increase in net sales was driven primarily by new
product growth in both Consumer Products and Pet Products, as
well as volume growth primarily in Consumer Products.

The quarter benefited from the absence of 3 cents of purchase
accounting and integration related to the Meow Mix and Milk-Bone
acquisitions as well as 2 cents of lower transformation expense.
Net pricing actions and lower interest expense also contributed
to the increase versus last year.  The quarter was negatively
impacted by significant year-over-year increases in inflationary
and other operational costs, particularly in fish and pet
ingredient costs.

As part of the company's three-year, US$200 million share
repurchase authorization, the company repurchased approximately
238,000 shares of the Company's common stock for approximately
US$2.5 million during the second quarter.  The company began
purchasing shares under this authorization in mid-October 2007.

               Third Quarter Fiscal 2008 Outlook

For the fiscal 2008 third quarter, the company expects to
deliver sales growth of approximately 5% to 7% over net sales of
US$907.2 million in the third quarter of fiscal 2007.  Diluted
EPS from continuing operations is expected to be approximately
US$0.22 to US$0.26, including US$0.03 of transformation-related
expense, as compared to US$0.22 in the third quarter of fiscal
2007, which included US$0.04 of transformation-related expense,
purchase accounting impact, and integration expense.  Benefiting
the third quarter fiscal 2008 is an expected gain from the
recent sale of S&W trademark and related assets in the Eastern
Hemisphere.

                    Fiscal 2008 Outlook

For fiscal 2008, the company continues to expect sales growth of
5% to 7% over fiscal 2007 net sales of US$3,414.9 million.
Fiscal 2008 net sales growth is expected to be driven by growth
across both the Company's Consumer Products and Pet Products
segments.

The company now expects diluted EPS from continuing operations
of US$0.64 to US$0.68 (including US$0.08 of transformation-
related expenses).  This compares to previous EPS guidance at
the low end of US$0.70 to US$0.74 (including US$0.08 of
transformation-related expenses).  The company is reducing its
EPS expectations due to input costs (particularly fish, fats and
oils, transportation, and resin-based packaging costs), which
have continued to escalate to greater-than-anticipated levels.
The company reported US$0.55 diluted EPS from continuing
operations in fiscal 2007, which included US$0.19 of
transformation-related expense, purchase accounting impact and
integration expense.

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.  Del
Monte has operations in the Philippines.

As reported by the Troubled Company Reporter-Asia Pacific on
October 4, 2007, Moody's Investors Service affirmed Del Monte
Foods Company's Ba3 corporate family rating, Ba3 probability of
default rating and speculative grade liquidity rating of SGL-2,
following the company's announcement that its board had
authorized the repurchase of up to US$200 million of the
company's stock over the next 36 months.


FILSYN CORP: Elects Directors and Officers for 2007-2008
--------------------------------------------------------
Filsyn Corp.'s stockholders have elected a new Board of
Directors, who afterwards have elected the company's officers
for the year 2007-2008, during the annual meeting held on
November 29.

These individuals were elected as directors for 2007-2008:

    * David Wang
    * Champion Lee
    * Renato V. Diaz
    * FLorentino M. Herrera III
    * Jaime M. Sto. Domingo
    * Tsung Hung Liu
    * Aristotle L. Villaraza
    * Armando O. Samia
    * Marcelo Tiu Dy
    * Cheng Yu Cheng
    * Belina M. Mariano

These individuals were then elected as officers for the year
2007-2008:

    * Patricio L. Lim,        Chairman Emeritus

    * Florentino M. Herrera,  Chairman and President

    * Jaime M. Sto. Domingo   Executive Vice President

    * Johnny C. Shieh,        Senior Vice President and Auditor

    * David Wang              Audit Committee Chairman and
                              Treasurer

    * Apolinario L. Posio     Vice President-Finance and
                              Accounting

    * Emmanuel C. Paras       Corporate Secretary/CIO

    * Ma. Belina B. Mariano   Asst. Corporate Secretary


                      About Filsyn Corp.

Headquartered in Makati City, Philippines, Filsyn Corporation is
engaged in the manufacture of polyester, supplying polyester
fiber and yarn, a major raw material requirement of the textile
industry.  Also, it ventured into PET bottle production, which
is being supplied to mineral water, softdrinks and condiment
industries.  The PET bottle manufacturing uses Filsyn's
polyester chips, which are converted to Polyester Terephthalate
(PET) resin. Its product lines are polyester chips, polyester
fiber and yarn, PET bottles, and PET chips.  The company's
operations evolved from purely polyester manufacturing into
being involved in various activities that include trading of
polyester products.

                      Going Concern Doubt

Jaime F. Del Rosario at Sycip Gorres Velayo & Co., the company's
independent auditors, raised significant doubt on the company's
ability to continue as a going concern, citing the company's
deficit and net losses for the years 2006 and 2005.


IPVG CORP: Proposes to Buy PeopleSupport for Cash
-------------------------------------------------
IPVG Corp. and AO Capital Partners Ltd. have proposed to
purchase PeopleSupport Inc. for cash, a disclosure with the
Philippine Stock Exchange says.

According to the disclosure, both companies have entered into a
memorandum of agreement to create a special purpose vehicle for
the acquisition of PeopleSupport, and have agreed to infuse and
raise necessary debt and equity funding from internal and
outside sources.


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.


LODESTAR INVESTMENT: Taps Chan Kok Bin as Independent Director
--------------------------------------------------------------
Chan Kok Bin has been elected as independent director OF
Lodestar Investment Holdings Corp. to serve for the remaining
term of Edgar Krohn Jr. who had resigned effective November 29.

The Board also appointed Mia Jazmin M. Ormita as assistant
corporate secretary and assistant corporate information officer,
and authorized company president Alfonso S. Anggala to explore
business opportunities in the mining business.

Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation was originally incorporated as a
mining and natural resources exploration company.  Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991.  On October 3, 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

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


NAT'L POWER: Confident of Meeting Privatization Targets for 2007
----------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. will
meet its 50% target for 2007 in its privatization of the
National Power Corp., as well as its 70%-target for next year,
president Jose Ibazeta told the Philippine Star.

Mr. Ibazeta also said that the continued interest of prospective
bidders for the auction of the 339-Megawatt Palinpinon
geothermal plant and the 146.5-MW Panay diesel power plant is "a
clear indicator of their confidence in [PSALM's] process," in
light of the Joint Congressional Power Commission's recent
allegation of conflict of interest.

When questioned about the case filed by La Costa Development
Corp., Mr. Ibazeta said he was leaving it up to the court to
decide.  He also commented on the issue on whether the Aboitiz
and the President's brother Diosdado Macapagal Jr. had interests
in the Transco conecession, stating that there was nothing on
the documents required from prospective bidders that would link
the Aboitizes or Mr. Macapagal to the Transco bid.

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

                          *     *     *

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

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

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


PHIL LONG DISTANCE: Declares Cash Dividend of PHP1 Per Share
------------------------------------------------------------
The Philippine Long Distance Telephone Co.'s Board of Directors
have declared cash dividends during a meeting held on Dec. 1.

According to PSE's Circular for Brokers, PLDT will pay dividends
at PHP1 per share for shares listed on the PSE.  Record date
will be December 28, 2007, while payment date will be on
January 31, 2008.

                         About PLDT

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

                        *     *     *

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

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


RIZAL COMMERCIAL: To Issue PHP5-Bil. Worth of Tier 2 Debt Notes
---------------------------------------------------------------
The Rizal Commercial Banking Corp. is seeking to raise new
capital by issuing Tier 2 debt notes initially worth PHP5
billion, the Manila Bulletin reports, citing anonymous sources
within the financial market.

The bank will float the notes "within the first semester of
2008," these sources said.  Along with sources within the bank,
they affirmed that the bank is preparing for the issue and has
even engaged the services of HSBC Philippines.  One of them also
told the Bulletin that the debt notes will have a five-year
tenor callable in three years with a step-up provision should
the issuer opts to redeem the instrument in five years.

The new money will allow RCBC to leverage further on its capital
and in support of its expansion program, another source
explained to Manila Bulletin.

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

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

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

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


TYCO INTERNATIONAL: Incurs US$1.7-Billion Net Loss in Year 2007
---------------------------------------------------------------
Tyco International Ltd. reported that its net revenue increased
US$1.4 billion, or 8.3%, to US$18.7 billion for the year ended
Sept. 30, 2007, as compared to US$17.3 billion in 2006 as a
result of growth in all of its segments.  The increase in net
revenue was largely driven by Flow Control as a result of volume
growth from continued strength in most industrial end markets.

Operating income decreased US$3.1 billion for 2007.  Operating
income was primarily impacted by the class action settlement
charge, net of US$2.862 billion.

Tyco incurred a net loss of US$1.7 billion for the year ended
Sept. 30, 2007, as compared with a net income of US$3.6 billion
a year ago.

                         Acquisitions

During 2007, cash paid for acquisitions included in continuing
operations, primarily within ADT Worldwide, Safety Products and
Flow Control, totaled US$31 million.

Cash paid for acquisitions by businesses included in continuing
operations during 2006 and 2005 totaled US$5 million and
US$6 million, respectively.

These acquisitions were funded utilizing cash from operations.

                 Liquidity and Capital Resources

The net change in total working capital was a cash decrease of
US$405 million in 2007.  The significant changes in working
capital included a US$166 million increase in inventories, a
US$128 million increase in accounts receivable, and US$244
million of changes in income taxes, net, which includes a
payment of legacy tax liabilities.

Additionally, working capital includes the collection of
US$38 million related to restitution owed by Mark H. Swartz,
former Chief Financial Officer and Director, and US$98 million
related to the restitution owed by L. Dennis Kozlowski, former
Chairman and Chief Executive Officer.

                         Capitalization

Shareholders' equity was US$15.6 billion or US$31.50 per share,
at Sept. 28, 2007, compared to US$35.4 billion or US$71.06 per
share, at Sept. 29, 2006.  Shareholders' equity decreased
US$19.8 billion primarily due to the distribution of Covidien
and Tyco Electronics to shareholders.  The decrease was also due
to net loss of US$1.7 billion, the repurchase of common shares
by a subsidiary of US$727 million, and dividends declared of
US$668 million, offset by favorable changes in foreign currency
exchange rates of US$883 million.

In connection with the Separation, as approved by the company's
Board of Directors, TYco executed a reverse stock split, and as
a result, four Tyco shares were converted into one share.

As of Sept. 30, 2007, the company's balance sheet showed
US$32.8 billion in total assets and US$17.1 billion in total
debts.

A full-text copy of the company's annual report for 2007 is
available for free at http://ResearchArchives.com/t/s?25da

                          About Tyco

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

                 Notice of Default from BoNY

In its annual report for the year ended Sept. 28, 2007, Tyco
said that on Nov. 8, 2007, The Bank of New York delivered to the
company a notice of events of default.

The notice claims that the actions taken by the company in
connection with its separation into three public entities
constitute events of default under the indentures.


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

AVAGO TECH: Incurs US$2-Mln Net Loss in Qtr. Ended Oct. 31
----------------------------------------------------------
Avago Technologies, on November 29, 2007, released its financial
results for the fourth quarter and fiscal year ended October 31,
2007.

Net revenue of US$391 million represents a US$10-million, or 3%,
increase over the previous quarter, driven by the seasonal
growth in the consumer and computer peripherals and wireless
markets.  Gross profit and corresponding gross margin were
US$129 million and 33% respectively.  Operating expenses were
US$111 million, resulting in a net loss of US$2 million.

Cash balances increased by US$96 million from the previous
quarter to US$309 million at the end of October.  Key
contributors to this increase include US$120 million generated
from operating activities, partially offset by US$15 million
used to repurchase the Company’s Senior Notes.

   * Fourth Quarter Fiscal 2007 Non-GAAP Results

Reflecting the change towards wireless, consumer and computer
peripherals products, gross margin of US$150 million declined
sequentially by 1% to 38.4% of sales.  Operating expenses and
operating margin of US$97 million and 25%, respectively, were
unchanged from the previous quarter.

Benefiting from the strong operating results, non-GAAP net
income improved to 8% of sales, reaching US$31 million, versus
US$26 million last quarter.  Adjusted EBITDA of US$82 million
was essentially even with the prior quarter.

“Over the last year we have repositioned our product portfolio,
made significant progress in improving operating and
administrative efficiencies, and strengthened our cash position
while lowering our debt and interest payment obligations,” said
Hock E. Tan, president and CEO of Avago Technologies.  “We are
capitalizing on our demonstrated cash generation capabilities to
redeem US$200 million of our senior floating rate notes,
bringing our total debt down by more than US$1 billion over the
last two years.  The actions implemented over recent quarters
have yielded these encouraging results, and position the company
for better performance as we enter fiscal 2008.”

As of October 31, 2007, the company's balance sheet showed
US$1.95 million in total assets and US$1.27 million in total
liabilities, resulting in a US$684,000 shareholders' equity.

The results reported exclude the contribution from the company’s
IrDA business, which is being sold to Lite-On Technology of
Taiwan. This transaction is expected to close before the end of
the calendar year following the satisfaction of regulatory
requirements and other customary closing conditions.
Fourth Quarter Fiscal 2007 GAAP Results

                        About Avago Tech

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
September 24, 2007, Standard & Poor's Ratings Services assigned
Avago with 'B' corporate credit rating with positive
implications reflecting the company's operational stability,
despite challenging market conditions, and leverage measures
that are strong for the rating.


INFORMATICS: Incurs SGD1.25MM Net Loss in Qtr. Ended Sept. 30
-------------------------------------------------------------
Informatics Education Ltd, has cuts its first half of the year
losses by SGD0.3 million or 9% to SGD3.7 million from
SGD4.0 million compared to the same period last year.  This is
the result of reduction in losses from both quarters.  Losses
for Q2FY08 were reduced by 1% to SGD1.2 million compared to the
same quarter in the previous year.

The operating loss reduction in Q2FY08 was achieved by a 7%
reduction in staff costs, 9% in fixed asset depreciation and 9%
in other operating expense.  The losses were further offset by
income earned from bank interest.

The Group’s operating revenue for the Q2FY08 registered a
decrease of 10% from SGD13.7 million in the same period last
year to SGD12.3 million.  Despite revenue growth in UK
operation, the group’s revenue was affected by ongoing
downsizing of Malaysia’s operation and less encouraging
performance from the Professional Skills Development
segment in Hong Kong.

“The education sector, in which the Group operates, is
characterised by inter-alia increasing global competition and
rising operating cost.  However, the Group is confident that it
will be able to improve its business model to address these
challenges.

As of September 30, 2007, the group's balance sheet showed
strained liquidity with SGD40.19 million of current assets
available to pay SGD48.39 million of current liabilities coming
due within the next 12 months.

                  About Informatics Education

Formerly known as Informatics Holdings, Ltd., Informatics
Education Ltd -- http://www.informatics.edu.sg/-- was
established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled information technology
manpower and knowledge-based workers to build and sustain the
rapid economic development in the region.  Informatics' core
business activities are training and education, IT-related
services and franchise operations.  Informatics was at the
center of a scandal that began in mid-April 2004 when it
admitted that it has overstated profits and understated costs
for the nine months ended December 2003 in its quarterly
financial statement.  The scandal started a string of losses for
the education services provider.

                       Significant Doubt

On July 11, 2006, Ernst and Young, the company's independent
auditors, raised substantial doubt on the company's ability to
continue as a going concern, with The group's net loss of
SG$22,818,000 for the year ended March 31, 2006. As at March 31,
2006, the group was in a net shareholders' deficit position of
SG$14,772,000." E&Y adds: "As at 31 March 2006, the ability of
the group and company to meet its financial obligations and to
continue as going concerns depend on the group's success in
implementing its plans to streamline its business and generating
sufficient positive cash flows from its operations."


REFCO INC: Ch. 7 Trustee Wants Nod on MF Global Settlement Pact
---------------------------------------------------------------
Albert Togut, as Chapter 7 Trustee for Refco, LLC, asks the U.S.
Bankruptcy Court for the Southern District of New York to
approve a settlement and compromise he entered into on behalf of
the Chapter 7 for the estates of Refco LLC and Refco Trading
Services, LLC, with:

   (a) the Reorganized Debtors;

   (b) Reorganized Refco Capital Markets, Ltd.;  

   (c) the plan administrators of the Reorganized Debtors and
       Reorganized RCM;
   
   (d) certain non-debtor Refco affiliates -- Refco (Singapore)
       Pte. Limited, Refco Overseas Ltd., Refco Investment
       Services Pte. Ltd., Refco Securities, LLC, Refco Trading
       Services, Ltd. and CI Investor Services, Ltd.;  

   (e) the litigation trustee under the Refco litigation trust
       established by the Plan; and

   (f) MF Global, Inc., formerly known as Man Financial Inc.

Ronald DeKoven, Esq., at Jenner & Block LLP, in Chicago,
Illinois, reminds the Court that Refco LLC sold its futures
commission merchant business and its international business
lines -- Refco Singapore, Refco Investment Services Pte Ltd.,
Refco Overseas Limited, and the stock in Refco Canada Co. -- to
MFG. MFG paid US$282 million in cash on account of the Sales, as
well as an additional US$1 million in liquidated damages
resulting from MFG's decision not to purchase the assets of
Refco Hong Kong Ltd.

The Chapter 7 Trustee, MFG, and Citibank, N.A., as escrow agent,
executed a Purchase Price Escrow Agreement, wherein MFG
deposited funds equal to 25% of the adjusted purchase price into
an escrow account.

As of September 30, 2007, the balance of the Escrow Account was
US$75,545,000,000 of which US$70.187 million (or 92.91%) was
attributable to proceeds from the Sales (exclusive of Refco
Singapore), and US$5.358 million (or 7.09%) was attributable to
the sale of Refco Singapore.  MFG has asserted significant
claims against the escrowed proceeds, and consequently, the
escrowed proceeds have not been released.  The Chapter 7 Trustee
also have material unresolved claims against MFG.

Following months of negotiations between the Chapter 7 Trustee
and MFG, the Parties have now come to a resolution of the
remaining outstanding claims relating to the Sales, and are
willing to settle all claims against each other.

Among others, the parties agree that:

   1. The balance, including all accrued interest, of the Escrow
      Account maintained at the Escrow Agent will be released by
      the Escrow Agent to the Chapter 7 Trustee;

   2. Approximately 92.91% of the proceeds from the Escrow
      Account will be allocated:

         (i) 87.1% to Refco, LLC;
        (ii) 3.7% the selling shareholders of Refco Canada Co.;
       (iii) 4.5% to Refco Group Ltd.; and
        (iv) 4.7% to Refco Global Holdings, LLC.  

      The remaining 7.09% of the proceeds in the Escrow Account
      are allocable to the sale of Refco Singapore and will be
      distributed to Refco Singapore;

   3. MFG will pay to the Chapter 7 Trustee US$2,191,347 as
      settlement payment representing US$2,900,000, less certain
      tax obligations and the allowed amount of the Man
      Financial Ltd. claim;

   4. The Tax Obligations that will be deemed satisfied upon
      delivery of the MFG Settlement Payment are:

         (i) US$50,007 to satisfy certain of the Refco Entities'
             capital gains tax obligations relating to their
             India operations; and

        (ii) US$306,818 to satisfy certain of the Refco  
             Entities' tax obligations relating to Polaris-Refco
             Futures Co., Ltd.;

   5. Man Financial's Claim No. 409 for US$351,827 against the
      Chapter 7 Debtor will be allowed and satisfied upon
      delivery of the MFG Settlement Payment.

   6. The Refco Entities and MFG each retain their obligations
      and rights under their Facilities Management Agreement;

   7. The superpriority liens and claims granted to MFG pursuant
      to the Chapter 7 Sale Order will be deemed released; and

   8. The parties will exchange mutual releases, except with
      respect to certain obligations.

A full-text copy of the Agreement is available for free at:

     http://bankrupt.com/misc/PartiesSettlementAgreement.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: Mayer Brown Wants US$245 Million Lawsuit Dismissed
-----------------------------------------------------------
The United States and United Kingdom partnerships of Mayer Brown
have both filed with the U.S. District Court for the Southern
District of New York motions to dismiss the US$245,000,000
lawsuit filed in October 2007 by the Refco, Inc. investors, led
by giant bond fund Pacific Investment Management Co., Georgina
Stanley at Legalweek.com reports.

The complaint, which relates to the claim made by former Refco
creditor, Thomas H Lee Partners, accused Mayer Brown and its
partner, Joseph Collins, of knowingly participating in a fraud
that moved bad debt off the company's books at the end of
certain financial periods; allegedly costing innocent investors
hundreds of millions of dollars.

The District Court will rule on the Dismissal Motions early next
year, Ms. Stanley says.

Mayer Brown is also considering its stand on other Refco
disputes, including a US$2,000,000,000 claim filed in August by
Marc Kirschner, Plan Administrator for the Refco Capital
Markets, Ltd., against a number of the company's advisers.

Meanwhile, Ms. Stanley further notes, Mayer Brown has denied an
allegation that the firm and its insurers agreed to pay out
around US$250,000,000 to settle a 1999 claim relating to advice
it gave Commercial Financial Services, saying that it is "not
even in the same ball park."

"We are confident that the firm will not have trouble getting
insurance coverage," Ms. Stanley quoted Mayer brown counsel Mark
McLaughlin as saying.  "We will defend all the cases
vigorously."

                        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/       
or 215/945-7000).


REFCO INC: U.S. Court 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/215/945-7000).


SEMITECH ELECTRONICS: SGX-ST Approves Sky One Acquisition
---------------------------------------------------------
The Singapore Exchange Securities Trading Limited, on Nov. 28,
2007, granted Semitech Electronics Ltd an approval in-principle
for its Proposed Acquisition of the entire issued share capital
of Sky One Network (Holding) Ltd. for SGD38,720,000 and the
listing and quotation of the Consideration Shares , the NRA
Capital Shares and the Consolidated Shares on the SGX-SESDAQ.

The approval is subject to:
   
   -- compliance with the SGX-ST's listing requirements;

   -- compliance with the shareholding spread requirements and
      distribution guidelines;

   -- compliance with the moratorium requirements on the
      Vendors; and

   -- shareholders' approval being obtained in respect of the
      Proposed Transactions.

The Troubled Company Reporter-Asia Pacific reported on Nov. 26,
2007, that Semitech has entered into a second supplemental
agreement with Messrs. Suen and Lau to amend certain terms
in the Injection Agreement to reflect the company's proposal to
undertake a share consolidation of every four ordinary shares in
the company's capital into one consolidated share following the
completion of the Proposed Acquisition and the Disposal.

Presently, the issued share capital of the company is
SGD15,515,542 divided into 246,500,000 shares.  Immediately
following the completion of the Proposed Acquisition, the
Disposal and the Proposed Share Consolidation, the company will
have an issued share capital of approximately SGD55.4 million
divided into 242,791,250 Consolidated Shares.


Headquartered in Singapore, Semitech Electronics Ltd. is
principally engaged in contract equipment manufacturing, trading
and distribution of equipment and providing after sales services
for voice and data communication products. Some of its wholly
owned subsidiaries include SEM Manufacturing Pte Ltd, Semitech
Electronics (Wuxi) Co. Ltd, Semitech Enterprise Pte Ltd and
Semitech Manufacturing Sdn Bhd.

Semitech has incurred SGD0.16 million, SGD2.37 million,
SGD5.1 million, SGD6.5 million annual net losses since 2003
through 2006.


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

FEDERAL-MOGUL: Expected Chap. 11 Exit Cues Moody's (P)Ba3 Rating
----------------------------------------------------------------
Moody's Investors Service has assigned prospective ratings to
the reorganized Federal-Mogul Corporation -- Corporate Family,
(P)Ba3.  In a related action Moody's assigned a (P)Ba2 rating to
new senior secured credit facilities.  The outlook is stable.  
The (P)Ba3 Corporate Family Rating is based on the company's
expected emergence from Chapter 11 with its asbestos liabilities
eliminated and moderately reduced debt levels that should be
readily serviced with the company's strong business in the auto
parts sector.  

The ratings also reflect the continued performance of Federal-
Mogul's businesses throughout the bankruptcy process, largely
supported by new program launches and profit improvement
programs.  The company's diverse business segments, as well as
geographic and customer diversity, have also mitigated the
effect of Big-3 production declines experienced in North
America.  A key consideration in Federal-Mogul's filing for
Chapter 11 in the US and commencement of restructuring
proceedings in the United Kingdom was the company's exposure to
asbestos liabilities; these liabilities have been addressed
through the bankruptcy process and the company will emerge from
bankruptcy with a Federal court injunction that prevents the
assertion of current and future asbestos claims against the
company, and instead directs those claims to an asbestos trust.

The company has used the Chapter 11 and UK Administration
process primarily to eliminate its asbestos liability exposure,
and to lower pension obligations.  Unlike other auto parts
supplier bankruptcies, Federal Mogul has not used the process
primarily to renegotiate major customer or supplier contracts
nor exit major leases.  However, Federal-Mogul has implemented
ongoing restructurings, facility consolidations, and quality
improvement programs.  These efforts have allowed the company to
maintain its customer base, generate new business awards, move
production to low cost countries, and improve profitability.

The stable outlook reflects the benefits derived from the
restructuring process combined with Federal-Mogul's leading
product lines in diverse business segments which are expected to
further improve the company's credit metrics in 2008.  Federal-
Mogul has a diverse customer base with no customer amounting to
more than 7% of revenues. Federal-Mogul's operating profit
margins are about 7% and are expected to improve over the
intermediate term, which would be viewed favorably under Moody's
Auto Supplier Rating Methodology. Based on its improving
margins, the company is also expected to be free cash flow
generative in 2008, which should provide opportunity for debt
reduction. However, marginal revenue growth in 2008, largely
driven by the aftermarket business, combined with moderate
leverage, constrain the company's ratings.

The company's exit financings will be completed in two steps.  
First, the rated senior secured term and revolving loans, a new
unrated senior secured tranche A loan, and a new unrated junior
secured PIK Note will be used to repay outstandings under the
existing US$1.1 billion senior secured DIP facility, bankruptcy
related fees and expenses, prepetition bank and surety debt and,
if necessary, make a US$140 million loan to the U.S. asbestos
personal injury trust.  In the second step of the financing,
which is expected to occur within 60 days, the remaining
US$2,082 million of the rated senior secured delayed drawn term
loans may be used to repay the unrated tranche A term loan, the
unrated junior secured PIK notes, and provide excess cash.  The
unrated facilities are provided for under the company's plan of
reorganization and include interest rate step ups and other
interest rate adjustments.  The company subsequently negotiated
a potential take-out of the unrated facilities.

Under the Plan of Reorganization for the company's emergence
from Chapter 11, all of the asbestos liabilities of the U.S. and
U.K. entities covered by the Plan will be assumed by an asbestos
trust, and the entities covered by the Plan will be discharged
from those liabilities as set forth in the Plan. The asbestos
trust will receive 50.1% of the equity in reorganized Federal-
Mogul, proceeds from Federal-Mogul's asbestos related insurance
policies, certain additional rights enumerated in the Plan of
Reorganization and, under certain circumstances, a
US$140 million loan from reorganized Federal-Mogul.  

An entity affiliated with Carl Icahn will have the option to
purchase the shares of the reorganized Federal-Mogul held by the
asbestos trust within 60 days of Federal-Mogul's emergence for
approximately US$775 million.  Current and future U.S. asbestos
claims that are asserted against the asbestos trust will be
satisfied in accordance with the distribution procedures
established by the Trust.  In November 2006, a separate asbestos
trust was established under company voluntary arrangements
approved in the United Kingdom to resolve asbestos claims that
have or will be brought in the United Kingdom against certain of
Federal-Mogul's U.K affiliates.  Restricted cash balances were
moved in November 2006 to fund the U.K. asbestos trust and the
remainder of the company voluntary arrangements.

Federal Mogul is expected to have good liquidity over the next
twelve months.  The US$540 million asset-based revolver is
expected to be unfunded upon emergence with sufficient
collateral to support the committed amount of the facility. Pro
forma for the two-step exit financing, Federal-Mogul will have
approximately US$700 million of cash on hand.  Post-emergence,
the company is expected to generate positive free cash flow
which should support 1% annual amortization under the term
loans.  After repayment of the unrated senior secured tranche A
term loan, the senior secured exit credit facilities will not
have financial maintenance covenants.  The US$140 million loan,
if made, may be repaid in cash within 60 days of emergence under
certain conditions of the asbestos trust.  

However, Moody's assumes the loan will be repaid with
reorganized Federal-Mogul stock, a condition provided under the
Plan of Reorganization.  Reorganized Federal-Mogul will have
limited alternate liquidity, as the senior secured credit
facilities are secured by essentially all of the company's
domestic subsidiaries' personal property (including 66% of the
stock of certain first-tier foreign subsidiaries) and certain
real property.  For the year ended 12/31/07, pro forma for the
post emergence capital structure, EBIT/interest would
approximate 1.9x and debt/EBITDA would approximate 4.2x (3.4x,
net of cash).

These ratings were assigned:

  -- (P)Ba3 Corporate Family rating;

  -- (P)Ba3 Probability of Default rating;

  -- (P)Ba2 (LGD3, 42%) rating for the US$540 million senior
      secured asset based revolver;

  -- (P)Ba2 (LGD3, 42%) rating for the US$1 billion senior
      secured delayed term loan facility;

  -- (P)Ba2 (LGD3, 42%) rating for the US$1.96 million senior
      secured term loan, which includes a US$50 million senior
      secured synthetic letter of credit facility and a
      US$1.91 billion senior secured delayed draw term loan;

Speculative Grade Liquidity Rating, SGL-2

Future events that have potential to drive Federal-Mogul's
outlook or ratings higher would result from operating
performance leading to improvements in EBIT/Interest coverage to
over 3.0x, or in leverage approaching 3.0x.

Future events that have potential to drive Federal-Mogul's
outlook or ratings lower include decreasing aftermarket volumes
or profitability, production volume declines at the company's
OEM customers, material increases in raw materials costs that
cannot be passed on to customers or mitigated by restructuring
efforts, or deteriorating liquidity.  Consideration for a lower
outlook or rating could arise if any combination of these
factors were to increase leverage, or result in EBIT/Interest
coverage below 1.8x times.

Federal-Mogul Corporation, headquartered in Southfield,
Michigan, is a leading global supplier of vehicular parts,
components, modules and systems to customers in the automotive,
small engine, heavy-duty, marine, railroad, aerospace and
industrial markets.  The company's primary operating segments
are: Powertrain - Energy, Powertrain Sealing and Bearings,
Vehicle Safety and Protection, Automotive Products, Global
Afermarket.  Federal-Mogul offers market-leading products for
original equipment and aftermarket applications.  Annual
revenues approximate US$6.7 billion.

Federal-Mogul has operations in Thailand.


THAI PROPERTY: Expects to Submit 2nd Qtr. Financials on Dec. 25
---------------------------------------------------------------
Thai Property PCL is requesting the Stock Exchange of Thailand
to further extend until December 25 the deadline for its
financial statements for the quarter ended June 30, 2007.

According to a report by the Troubled Company Reporter-Asia
Pacific on September 24, TPROP said its second quarter
financials have been delayed due to the need to audit its
THB300-million investment in Great China Millenium (Thailand)
Co. Ltd.  The company requested an October 15 deadline, the TCR-
AP said.

In its latest disclosure, the company said that it has requested
information regarding Great China's financials statements.  
However, Great China's auditor was on a trip abroad and will not
return until around the first week of December 2007.


Thai Property Public Company Limited was formerly known as
Rattana Real Estate Public Company Limited.  The company
develops real estate for sale and rental including residential,
commercial, and office buildings.

                      Going Concern Doubt

After reviewing the company's financial statements for the first
quarter of 2007, Narong Puntawong at Ernst & Young Office Ltd.
raised doubt on the company's ability to continue as a going
concern.  Mr. Narong pointed out the uncertainty in the ability
of the company's new investor, Great China Millennium (Thailand)
Co. Ltd., to repay to the Company the overdue remuneration of
THB291 million under the reciprocal agreement.  Mr. Narong also
drew attention to the new investor's late progress with
construction, which may affect the real estate development
project for sales of the Company.

The company currently carries the Stock Exchange of Thailand's
SP sign for suspension of trading due to its inability to timely
submit its financial statements for the second quarter of 2007.


TRUE CORP: Proposals For Stockholders' Meet Agenda Due Jan. 31
----------------------------------------------------------------
True Corp. PCL is inviting its minority shareholders to propose
agenda items and nominees for election as director of the
company in preparation for its annual general meeting of
stockholders for the year 2008.

The proposals must be submitted on or before January 31, 2008.


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.


* BOND PRICING: For the Week 03 December to 07 December 2007
------------------------------------------------------------

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

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


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


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

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


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.21
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.42
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.27
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.10
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.96
EG Industries Berhad           5.000%  06/16/10     MYR     0.58
Equine Capital                 3.000%  08/26/08     MYR     1.80
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.53
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.53
Insas Berhad                   8.000%  04/19/09     MYR     0.72
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.35
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.51
Kumpulan Jetson                5.000%  11/27/12     MYR     0.50
Lebuhraya Kajang               2.000%  06/12/22     MYR    63.74
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.58
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.52
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.52
Media Prima Bhd                2.000%  07/18/08     MYR     1.84
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.57
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.25
Pelikan International          3.000%  04/08/10     MYR     1.50
Pelikan International          3.000%  04/08/10     MYR     1.50
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
Ramunia Holdings               1.000%  12/20/07     MYR     1.03
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.22
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.64
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.53
Southern Steel                 5.500%  07/31/08     MYR     1.62
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.98
Tradewinds Corp.               2.000%  02/08/12     MYR     0.95
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.66
TRC Synergy Berhad             5.000%  01/20/12     MYR     2.10
Wah Seong Corp.                3.000%  05/21/12     MYR     6.40
WCT Land Bhd                   3.000%  08/02/09     MYR     3.46
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.80
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.08


SRI LANKA
---------

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




                         *********

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

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

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


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
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