TCRAP_Public/071205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, December 5, 2007, Vol. 10, No. 241

                            Headlines

A U S T R A L I A

A. BICKERTON: Members Hear Wind-Up Report
ABSOLUTE CAPITAL: Large Investors May See Little Returns
AED OIL: Wants to Quell Fears About Puffin Project
ATCO ELECTRONIC: Liquidator Presents Wind-Up Report
BRIGHTPOINT INC: Appoints Three Executive Officers

CHRYSLER LLC: Invests US$48 Million to Support New Production
CHRYSLER LLC: Overall November 2007 U.S. Sales Down 2 Percent
CLOUGH LTD: Indonesian Unit Expands Contract Mining Activities
CONSOLIDATED BULK: Members to Receive Wind-Up Report on Dec. 7
CRESCENT GOLD: Issues 1.3 Million Employee Options

CUSTOMERS LIMITED: Hunter Hall Increases Stake to 18.87%
DIROSI PTY: Members and Creditors Receive Wind-Up Report
ERG LTD: Sees AU$10 Million Loss for Year Ended June 30, 2008
JABIRU METALS: Wants to Expand Oxiana Deal
KIMBERLEY DIAMOND: Releases Quarterly Activities Report

MINERAL DEPOSITS: Gets OK to Develop Zircon Project in Senegal
NEW HOPE: Liquidator to Give Wind-Up Report on Dec. 7
PAN AUSTRALIAN: Phu Kham Mine Still Within US$241-Mil. Budget
PEABODY ENERGY: Names Director of International Gov't Relations
PERSERVERANCE: Posts Activities Report for September Quarter

PERSERVERANCE CORP: Chairman Details Firm's Struggles
PLESSEY DUCON: Members Hear Liquidator's Report
QUEENSLAND GAS: Enters into Hedge Deal with AGL Energy
RIP CAP: To Declare First Dividend on December 14
SILVER CEDAR: Members Agree to Voluntary Liquidate Operations

TRANSURBAN GROUP: US Operations Earn US$4 Mil. in Sept. Quarter
U BUILD AUSTRALIA: Members & Creditors Receive Wind-Up Report
WESTERN AREAS: Finds High Grade Ore at Flying Fox Mine


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Establishes Investment-Banking Department
BANK OF OVERSEAS CHINESE: Citigroup Completes Acquisition
BELTON INDUSTRIAL: Commences Liquidation Proceedings
CAPITAL ACE: Members Final Meeting Slated for Dec. 31
CONNECTIVE EMPIRE: Commences Liquidation Proceedings

DEEPER CHRISTIAN LIFE: Commences Liquidation Proceedings
DURA DUCT: Members Appoint Chan Kin Hang as Liquidator
FASTUP GARMENT Creditors' Proofs of Debt Due on Jan. 4
FUYAO GROUP: Goldman Sachs Wants to Buy 10% Stake for CNY890 Mln
GREENTOWN CHINA: Land Buys Cue S&P to Downgrade Rating to 'BB-'

HAI XIN: Commences Liquidation Proceedings
HENDERSON STRATECH: Members to Have Final Meeting on Dec. 31
HONG KONG SKI: Creditors' Proofs of Debt Due on Dec. 21
JDC CORPORATION: Pays Second Ordinary Dividend on Dec. 12
KAUFMANN CONTINENTAL: Members Final Meeting Fixed on Dec. 10

KOWLOON-CANTON: Creditors' Proofs of Debt Due on Dec. 31
KYOTO JAPAN: Liquidator Ng Kwok Wai Quits
LAURENTIAN ASIA: Liquidators Quit Post
LEHMAN BROTHERS: Commences Liquidation Proceedings
LOHART TRADING: Liquidator Quits Post

M.H.-U.D.G.: Members Final Meeting Slated for Dec. 31
M & T INTERNATIONAL: Members Final Meeting Fixed on Dec. 20
NEW JAPAN: Members to Hold Final Meeting on Dec. 31
ORIENTFIELDS ENTERPRISES: Members Receive Wind-Up Report
QI CAPITAL: Commences Liquidation Proceedings

ROBERTSON PRODUCTS: Liquidators Quit Post
SENTROL LIFESAFETY: Commences Liquidation Proceedings
SOUND YEAR: Liquidator Quits Post
STAR YIELD: Members Final Meeting Slated for December 31
VIDGO TRADING: Creditors' Proofs of Debt Due on Dec. 28


I N D I A

DCM SHRIRAM: Auditors Disclose Observations on Limited Review
DRESSER-RAND: Employees Back to Work at Painted Post Facility
EMCO LTD: Postpones Considering Preferential Issue to Promoter
ESSAR OIL: NSE Bans Trading in Stock Futures
GARWARE POLYESTER: Schedules 15th AGM on December 18

HINDUSTAN COPPER: To Consider Preferential Allotment to Pres.
IFCI LTD: Resolves Issues on Conversion of Zero-Coupon OCDs
IFCI LTD: Four Shortlisted Bidders Carry Out Due Diligence
QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction
RYERSON INC: Plans to Restructure Chicago Business by Late 2008

RYERSON INC: To Gradually Restructure Chicago Operations by 2008
TATA STEEL: Not Into Hostile Takeovers, Managing Director Says


I N D O N E S I A

BANK MANDIRI: Plans to Acquire Bank Sinar Harapan
GARUDA INDONESIA: May Seek KLM Air's Help on EU Safety Standards
INDOSAT: Lawyer's Group Slams Competition Watchdog's Ruling


J A P A N

ALITALIA SPA: Ryanair Suing European Commission over Volare Aid
ALL NIPPON: To Use Cash in Buying Boeing to Limit Debt
DELPHI CORP: Reserves US$120MM at 3Q07 for Probe & Cleanup
DELPHI CORP: Seeks 3-Month Extension of Excl. Plan Filing Period
FORD MOTOR: Overall November 2007 U.S. Sales Up 0.4 Percent

LOPRO CORP: Fitch Lowers Rating to B- with Negative Outlook
MAZDA MOTOR: Planned Sales Consolidation Will Not Push Through
NOVA CORP: G.education to Continue Nova's "Satellite Classes"
SHINGINKO TOKYO: Incurs H1 After-Tax Loss of JPY8.7 Billion
* Japanese Government Unveil Banks' Subprime Exposures

* Japan Regional Turnaround Body to Buy Up JPY2 Tril. in Loans


K O R E A

BURGER KING: Board Declares US$0.0625 Per Share Common Stock
C&M CO: Macquarie Group Joins MBK Partners to Buy 61.17% Stake
EVEREX: Adjusts Price of Sixth Bonds w/ Warrants to KRW900 each
FRESH DEL MONTE: Names Elias Hebeka as Director on Board
KAFCO C&I: Signs KRW99.22-Million Contract w/ Consulting Company

KAFCO C&I: Signs KRW97.9-Million Contract w/ PCA Life Insurance
KAFCO C&I: Discloses Change in Shareholding Structure


M A L A Y S I A

ARK RESOURCES: Sept. 30 Balance Sheet Upside-Down by MYR87.7MM
EKRAN BERHAD: Discloses Default in Payment for November 2007
FCW HOLDINGS: Turns Around with MYR1.35MM Profit for 1st. Qtr.
SOLUTIA INC: Court Confirms Consensual Reorganization Plan
SYARIKAT KAYU: Inks Purchase Agreement with Harta & Langkawi


N E W  Z E A L A N D

C B COLLECTIONS: Commences Liquidation Proceedings
CAFE CON LECHE: Court to Hear Wind-Up Petition on January 24
CARECLEAN SERVICES: Wind-Up Hearing Set for Feb. 28, 2008
GULF HARBOUR: Fixes Dec. 13 as Last Day to File Proofs of Debt
HILLWEST GROUP: Shareholders Agree on Voluntary Liquidation

INDIAN FOOD: Creditors' Proofs of Debt Due on December 15
INDONZ ENTERPRISES: Appoints Shephard & Dunphy as Liquidators
SEALEGS CORP: Books NZ$545,907 Loss in Half-Year Ending Sept. 30
T & J HEADLAND: Shareholders Resolve to Liquidate Business
VIKING STONE: Court to Hear Wind-Up Petition on Dec. 13

* New Zealand Finance Company Asset Growth at Eight-Year Low


P H I L I P P I N E S

EXPORT AND INDUSTRY: Posts Net Loss of PHP166.634 Mil. for 2006
EXPORT AND INDUSTRY: 2nd Qtr. Net Loss Dips 56.8% to PHP112 Mil.
EXPORT AND INDUSTRY: 3rd Qtr. Net Loss Up 146% to PHP132 Million
PHILCOMSAT HOLDINGS: PCGG Group Seeks to Void New Board Election
PHIL LONG DISTANCE: Board Approves Proposed Management Changes

WARNER MUSIC: Sept. 30 Balance Sheet Upside-Down by US$36 Mln
* Local Currency Reaches PHP42.27 per US$1 Level on Remittances


S I N G A P O R E

ALLIANCE SERTECH: Court to Hear Wind-Up Petition on January 18
KEN AGENCIES: Pays First Dividend to Creditors
PROGEN: Creditors and Contributories to Meet on December 13
SEA CONTAINERS: SCSL Panel Hires Attride-Stirling as Counsel
SEA CONTAINERS: Marathon Discloses 10.7% Equity Stake


T H A I L A N D

KRUNG THAI: Third Quarter Net Income Dips 78.81% to THB1.07 Bil.


V I E T N A M

VIETCOMBANK: IPO Scheduled on Dec. 26 at US$6.20 Per Share


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

A. BICKERTON: Members Hear Wind-Up Report
-----------------------------------------
During a meeting on November 30, 2007, the members of AB
Bickerton Pty. Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Graham Archdall
          c/o Cooper Grace Ward Lawyers
          GPO Box 834
          Brisbane, Queensland 4001
          Australia
          Telephone:(07) 3231 2562
          Facsimile:(07) 3231 8562

                       About A. Bickerton

A. Bickerton Pty Ltd is involved in the business of beef cattle
feedlots.  The company is located at Kumbia, in Queensland,
Australia.


ABSOLUTE CAPITAL: Large Investors May See Little Returns
--------------------------------------------------------
One of Absolute Capital Group Ltd.'s administrators, Tony
McGrath, is optimistic the company will be able to find a buyer,
Katherine Jimenez writes for The Australian.

Mr. McGrath, however, also cautions that large investors are
likely to see only a small return on the debts, the report says.

The report explains that some 50 corporations, including Westpac
Banking, are owed up to AU$5 million, and the 50% owner of
Absolute -- ABN Amro -- has not voiced any interest in acquiring
the rest.

The company has fund assets of about AU$350 million, but had
been affected by the deterioration of the U.S. sub-prime
mortgages market, The Australian adds.

The Troubled Company Reporter-Asia Pacific reported on Nov. 30,
2007, that Absolute Capital had to temporarily freeze
redemptions in mid-2007 on its yield strategies fund product,
due to the global credit crisis.  The company used
collateralized debt obligations for about half of its
investments.

The TCR-AP report also stated that administrators McGrath Nicol
may attempt to divest the fund products to a new owner.

                   About Absolute Capital

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

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

The Troubled Company Reporter-Asia Pacific reported on Dec. 3,
2007, that Absolute Capital has been put into administration
after a sharp decline in revenues in the wake of the U.S.
subprime mortgage crisis.  Absolute Capital's board of directors
has appointed Tony McGrath and Joseph Hayes, of McGrathNicol.


AED OIL: Wants to Quell Fears About Puffin Project
--------------------------------------------------
AED Oil Limited has moved to allay fears that it had reservoir-
related problems at its Puffin project in the Timor Sea, the
Sydney Morning Herald reports.

AED revealed continuing commissioning problems at its Puffin
North-East field and an expected delay to first production from
its Puffin South-East project, the SMH says.

According to the SMH report, the company said that Puffin North-
East, which was expected to produce about 30,000 barrels of oil
per day, would only achieve a flow rate of 20,000 bpd without
the drilling of more wells.

SMH quotes AED Chief Operating Officer Peter Behrenbruch as
explaining that the problems at Puffin North-East were not
related to the reservoir or reduced reserves.

Mr. Behrenbruch said the company was aiming to drill additional
wells at Puffin North-East next year in a bid to lift production
rates to 30,000 bpd, the report notes.

SMH relates that first production was slated originally for the
first half of 2008.

The company had earlier reported in a corporate disclosure that
drilling at the Puffin-10 well intersected minor sand-bearing
oil.

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

The company has incurred net losses of AU$20.56 million,
AU$4.53 million and AU$0.91 million for the years ended June 30,
2007, 2006 and 2005.


ATCO ELECTRONIC: Liquidator Presents Wind-Up Report
---------------------------------------------------
On November 27, 2007, the members of Atco Electronic Controls
Pty Ltd had their final meeting and received the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company has been undergoing liquidation since April 12,
2006.

The company's liquidator is:

          A. Thomas Fernandez
          Fernandez Partners Pty Ltd
          Chartered Accountant
          PO Box 711
          Glen Waverley, Victoria 3150
          Australia
          Telephone:(03) 9886 1200

                       About Atco Electronic

Atco Electronic Controls Pty ltd is a distributor of electronic
components.  The company is located at Tullamarine, in Victoria,
Australia.


BRIGHTPOINT INC: Appoints Three Executive Officers
--------------------------------------------------
Brightpoint Inc., in connection with its ongoing integration
following its transaction with Dangaard Telecom, the duties and
responsibilities of certain executives are modified effective
immediately:

  -- Jac Currie has been appointed as the company's Chief
     Information Officer and will lead the company's global IT
     team.

  -- R. Bruce Thomlinson will continue in his role of
     President, Asia Pacific but will have his scope expanded
     to include the Middle East, Africa and India.

  -- David O'Connell has been appointed as Chief Financial
     Officer for Brightpoint Europe.

Prior to his appointment as CIO, Mr. Currie had been President
of Emerging Markets since January 2006.  From August 2002 to
December 2005, Mr. Currie was the chairman and chief executive
officer of Persequor Limited, a holding company for investments
in wireless telecommunications that the Company subsequently
acquired and which is now one of the Company's wholly owned
subsidiaries.  From January 1998 to August 2002, Mr. Currie
served as the managing director of Brightpoint Middle East FZE,
then one of the Company's wholly owned subsidiaries.  Mr. Currie
also serves on the board of directors of several of the
Company's subsidiaries.  Mr. Currie is a wireless industry
veteran, having been involved in the industry since 1988.  Prior
to joining Brightpoint, he was employed by Deutsche Telecom in
the Philippines.  He also worked with Millicom International
Cellular from 1988 to 1995, in various senior marketing and
management roles throughout Europe, Asia and Latin America.

Mr. Thomlinson has served the Company in various capacities,
most recently as President, Asia-Pacific.  Prior to the
integration with Dangaard, Mr. Thomlinson served as President,
International Operations from August 2005.   Previously, he
served as President of the Company's Asia-Pacific division from
October 1998 and as Managing Director of Brightpoint Australia
since October 1996, when Brightpoint acquired Hatadicorp Pty
Ltd.  Prior to that time, Mr. Thomlinson held the position of
Managing Director for Hatadicorp.  He has been engaged in the
wireless communications industry since 1989.

Prior to his appointment as CFO for Brightpoint Europe, Mr.
O'Connell served as Vice President Integration and Communication
since November 2006.  Prior to that, Mr. O'Connell served as
Vice President of Taxation, Global Credit and Risk Management
for Brightpoint since April of 2003.  From August of 1997 to
April of 2003 he was the company's Director of Taxation.  Prior
to joining the Company, Mr. O'Connell was Tax Manager for
Allison Engine Company (now Rolls-Royce) in Indianapolis,
Indiana.  Prior thereto, he held various tax positions with
Ernst & Young.

                     About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and  
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                       *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


CHRYSLER LLC: Invests US$48 Million to Support New Production
-------------------------------------------------------------
Production of the all-new 2008 Dodge Ram 4500 and 5500 Chassis
Cabs is underway at Chrysler LLC's Saltillo Assembly Plant in
Saltillo, Mexico.  To support new commercial vehicle production,
Chrysler recently invested an additional $48 million into the
plant, resulting in a 120,000 square-foot expansion that allows
the plant to produce commercial vehicles and accommodate new
frame configurations.  This follows an additional US$210 million
investment into the plant for production of the all-new 2006
Dodge Ram Mega Cab in 2005.  Dodge Ram 4500/5500 production got
underway in July 2007, with the first vehicles reaching Dodge
commercial vehicle dealerships in November.

The Saltillo Plant, which also produces the Dodge Ram Mega Cab,
Dodge Ram Power Wagon, Dodge Ram Heavy Duty 2500 and 3500
models, and Dodge Ram 3500 Chassis Cab, takes on production of
the Dodge Ram 4500 and 5500 Chassis Cabs as part of Chrysler's
Flexible Manufacturing Strategy.

In addition to increased production capacity, the expansion
enables the plant to manage the greater complexity of the all-
new 2008 Dodge Ram 4500 and 5500 Chassis Cabs.  This includes
commercial-grade chassis and suspensions, four wheelbases and
cab-axle lengths, regular cab and Quad Cab(R) configurations,
two-wheel-drive and four-wheel-drive models, and three trim
lines' SLT, SLT and Laramie.  All models are 'Job-rated,'
meaning they are designed, engineered, tested and built to meet
the rigid standards of commercial truck buyers.

"A continuous showcase of advanced manufacturing capability and
adaptability, the Saltillo facility is one of our most versatile
plants and a great example of Chrysler's flexible manufacturing
ability," Frank Ewasyshyn, Executive Vice President -  
Manufacturing, said.  "Even with the added complexities of
commercial vehicle production, we're not only able to adjust
operations to better respond to customer needs, but we're also
better positioned to build a positive business case for new
products and derivatives as each plant is able to maximize
production capacity."

The Saltillo Assembly Plant has 2,100 employees working on two
shifts and is one of five Chrysler production facilities in
Mexico.

                 Flexible Manufacturing Strategy

Chrysler's Flexible Manufacturing Strategy allows the company to
produce a high-quality product faster and at a lower cost.  In
order to balance production with demand, the FMS approach allows
the company to efficiently build lower-volume vehicles that take
advantage of market niche and to quickly shift production
volumes between different models within a single plant or among
multiple plants.

FMS has been implemented product-by-product and plant-by-plant
across the Chrysler manufacturing enterprise.  Creating enhanced
efficiencies, new investment is introducing state-of-the-art
technology to Chrysler plants, enabling the company to produce
more than one vehicle on a production line and conduct rolling
launches of new models.  Chrysler's workforce is also becoming
more flexible with the implementation of team concepts and an
increased emphasis on supporting assembly line operators.

                   Dodge Commercial Vehicles

Dodge continues to increase the breadth of its commercial
products and offers a comprehensive array of vehicles and
services designed with business customers in mind. Along with
the Dodge Ram 2500/3500 Box-Off models and the Dodge Ram 3500,
4500 and 5500 Chassis Cabs -- the Class 3-5 segments' most
powerful, capable and upfit-friendly work-trucks -- Dodge Grand
Caravan cargo vans complement a growing Dodge commercial lineup
that includes the class-leading Dodge Sprinter, which continues
its legacy and leadership as the top-performing commercial van
in the marketplace.

                          Dodge Brand

With a U.S. market share of 6%, Dodge is Chrysler's best-selling
brand and the fifth largest nameplate in the U.S. automotive
market.  In 2006, Dodge sold more than 1.3 million vehicles in
the global market.  Dodge continues to lead the minivan market
with a 20% market share in the U.S.  In the highly competitive
truck market, Dodge has an 18% market share.  Dodge is also
entering key European volume segments with Nitro, Caliber and
Avenger.

                        About Chrysler

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.


CHRYSLER LLC: Overall November 2007 U.S. Sales Down 2 Percent
-------------------------------------------------------------
Chrysler LLC dealers delivered 161,088 new vehicles to U.S.
customers in November 2007, down 2% compared with a year ago.  
All sales figures are reported as unadjusted.

"Despite consumer concerns, Chrysler LLC sales are off only 2%
showing customers are still purchasing quality and value.  High
fuel prices and falling home prices continue to impact vehicle
sales in November which remain below trend," Darryl Jackson,
Vice President – U.S. Sales, said.  "We remain optimistic moving
into December due to the growing availability of new models,
including Chrysler Town & Country, Dodge Grand Caravan and the
Jeep Liberty."

Chrysler brand car sales were led by the Sebring Convertible,
which increased sales to 2,039 units compared with 195 units a
year ago, up 946%.  Chrysler Town & Country sales rose 10% to
12,629 units versus November 2006 with 11,507 units.

High fuel prices impacted Jeep(R) brand results, down 2% versus
November of last year.  Large SUVs saw the greatest impact with
Jeep(R) Commander down 45% at 4,391 units versus November 2006.

Dodge brand car sales increased 75% over last year by steady
sales of the Dodge Charger with 10,341 units delivered.

"The recently launched 'Event of a Lifetime' program has
resonated well with customers and will be continued through
January 2, 2008," Michael Keegan, Vice President – Volume
Planning and Sales Operations, said.  "We continue to offer
customers a great value package and on select 2008 models we
will extend the 0% APR through 60 months."

Chrysler finished the month with 480,424 units of inventory, or
an 75-day supply.  Inventory is down by 4% compared to November
2006 when it was at 499,036 units.

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.


CLOUGH LTD: Indonesian Unit Expands Contract Mining Activities
--------------------------------------------------------------
Clough Limited's Indonesian subsidiary, PT Petrosea Tbk, has
reached an agreement with PT Sanga Coal Indonesia to expand
contract mining activities at the Sanga Sanga Operations, the
company said in a corporate disclosure with the Australian Stock
Exchange.

The company says that this follows SCI's acquisition of
additional mining areas adjacent to the current mining
operation.

The requirements of the amended contract schedule will see the
overburden and coal targets increasing by approximately 70% on
an annualized basis, with revenues increasing by approximately  
US$36 million over the remaining life of the Sanga Sanga Coal
Mining Project.

“Petrosea continues to enjoy strong demand for its mining and
mine development capabilities.  This contract extension is
pleasing and demonstrates Petrosea's proven capability to
deliver real value to its clients,” Clough Chief Executive
Officer John Smith said.

The company adds that Petrosea will expand its mining fleet with
investment in US$16 million of new plant and equipment to
support the contract extension.  Additional revenues from the
extension contract will start immediately.

The company explains that Petrosea initially commenced a four-
year Mine Services Contract at the Sanga Sanga Mine Site with PT
Mitra Internusa Persada in September 2005.  In agreement with
Petrosea, the Mine Services Contract was assigned by MIP to SCI
in July 2006.  SCI coal is primarily shipped to offshore
customers within the Asian region.


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.


CONSOLIDATED BULK: Members to Receive Wind-Up Report on Dec. 7
--------------------------------------------------------------
The members of Consolidated Bulk Handling Pty Ltd will have a
meeting on December 7, 2007, at 9:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company declared dividend on November 22, 2007.  Only
creditors who were able to file their proofs of debt by the
Nov. 21 deadline were included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 19, 2007.

The company's liquidator is:

          Ian Richard Hall
          PricewaterhouseCoopers
          Riverside Centre
          123 Eagle Street
          Brisbane, Queensland 4001
          Australia

                     About Consolidated Bulk

Consolidated Bulk Handling Pty Ltd operates miscellaneous
business credit institutions.  The company is located at  
Brisbane, in Queensland, Australia.


CRESCENT GOLD: Issues 1.3 Million Employee Options
--------------------------------------------------
Crescent Gold Limited has issued 1,275,000 employee options
exercisable at either AU$0.35 or AU$0.40 until Nov. 30, 2010.

Employee options are given pursuant to the terms and conditions
of employment contracts and the company's employee option plan,
the company says.

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.


CUSTOMERS LIMITED: Hunter Hall Increases Stake to 18.87%
--------------------------------------------------------
Hunter Hall Investment Management Limited and its affiliates
have increased its stakeholding in Customers Limited from
216,160,669 ordinary shares to 232,014,444 ordinary shares.

The Hunter Hall Group, composed of HHIM, Hunter Hall
International Limited, Hunter Hall Global Value Ltd., Hampshire
Assets and Services Pty. Ltd, and Peter James Hall, now has
18.87% of the company's issued shares.

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

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


DIROSI PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Dirosi Pty Ltd, which is in
liquidation, met on Nov. 26, 2007, and heard the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Morgan Lane
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                        About Dirosi Pty

Dirosi Pty Ltd is involved with the trucking business, except
local.  The company is located at Carole Park, in Queensland,
Australia.


ERG LTD: Sees AU$10 Million Loss for Year Ended June 30, 2008
-------------------------------------------------------------
ERG Ltd. has repeated its prediction of a AU$10-million loss for
the current financial year ending June 30, 2008, the Sydney
Morning Herald reports.

The Troubled Company Reporter-Asia Pacific reported that ERG
incurred a net loss of AU$14.84 million for the year ended
June 30, 2007, a decrease against the net loss of
AU$74.77 million for the year ended June 30, 2006.  The company
also reported accumulated losses of AU$597.32 million as of
June 30, 2007.

ERG Chairman Colin Henson acknowledged that "most shareholder
interest will be in the Sydney project and on the sensitivity of
the company's position to the continuation of that project," the
Sydney Morning Herald writes.  SMH explains that the Tcard
project remains under a cloud after the New South Wales
Government made public its decision to issue the company with a
notice of intention to terminate after lengthy project delays.

The card was to have been fully tested and delivered by November
last year but is now not expected to be widely available until
2009, SMH explains further.


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


JABIRU METALS: Wants to Expand Oxiana Deal
------------------------------------------
Jabiru Metals Limited hopes to extend its shared marketing and
offtake agreement with Oxiana Ltd beyond its Jaguar zinc, copper
and silver mine in Western Australia to a new exploration
project in Victoria, The Age reports.

Jabiru managing director Gary Comb says that "it made good sense
to eventually bring the Stockman zinc-copper project, which was
previously known as Benambra, under the same agreement as the
Jaguar mine", The Age relates.

Under the Jaguar agreement, zinc and copper concentrates are
trucked from Jaguar to the Port of Geraldton, along with
concentrates from Oxiana's Golden Grove base and precious metals
mine, for export to China, The Age explains.  

In a statement last month, Jabiru said the agreement has
provided significant marketing and shipping advantages as well
as efficient loading and shipping processes, The Age relates.


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.


KIMBERLEY DIAMOND: Releases Quarterly Activities Report
-------------------------------------------------------
Kimberley Diamond Company NL has released its quarterly
activities report for the period ended Sept. 30, 2007.

Highlights:

   * 1,542,000 tonnes treated and 114,900 carats produced during
     the quarter for an average grade of 7.5 carats per hundred
     tonnes (cpht);

   * Run-of-mine sales average A$163 per carat generating
     revenue of A$18.7 million for the quarter;

   * The strong AUD against the USD continues to adversely
     impact results and the Company; and

   * Continuing downward trends in unit site operating costs.

The company's quarterly report may be obtained from its Web site
at:

http://www.kimberleydiamondco.com.au/PDFS/KDC%20SEPT%2007%20QTLY.pdf


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

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

                      Going Concern Doubt

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


MINERAL DEPOSITS: Gets OK to Develop Zircon Project in Senegal
--------------------------------------------------------------
Senegal President Abdoulaye Wade has signed a presidential
decree granting Mineral Deposits Ltd. a concession for its
Grande Cote Zircon Project, Mineral Deposits said in a corporate
disclosure filed with the Australian Securities Exchange Ltd.

The presidential decree enables the company to start the
investment and development phase of the project.  

The company expects the GCZP to have an annual output of some
85,000 tonnes of zircon and will enjoy a competitive freight
advantage given Dakar's proximity to principal markets in
Europe.

The company also announced that it is currently establishing a
company to operate the GCZP, to be named Grande Cote Operations
SA.  The Republic of Senegal is entitled to a 10% non-
contributing interest in the new entity, while the MDL Group
will hold the remaining 90%.


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

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


NEW HOPE: Liquidator to Give Wind-Up Report on Dec. 7
-----------------------------------------------------
The members of New Hope Finance Pty Ltd, which is in
liquidation, will meet on December 7, 2007, at 9:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company declared dividend on November 22, 2007.  Only
creditors who were able to file their proofs of debt by the
Nov. 21 deadline were included in the company's dividend
distribution.

The company's liquidator is:

          Ian Richard Hall
          PricewaterhouseCoopers
          Riverside Centre
          123 Eagle Street
          Brisbane, Queensland 4001
          Australia

                       About New Hope

New Hope Finance Pty Ltd is involved with functions related to
deposit banking.  The company is located at Ipswich, in
Queensland, Australia.


PAN AUSTRALIAN: Phu Kham Mine Still Within US$241-Mil. Budget
-------------------------------------------------------------
Pan Australian Resources Ltd. managing director Gary Stafford
answers questions from the Australian Stock Exchange regarding
the latest on the company's Phu Kham Copper-Gold Mine in Laos.

Mr. Stafford, according to the ASX interview, attributes the
success of the US$241-million Phu Kham Copper-Gold Mine in Laos
for recruiting a high quality management team through the
feasibility study that they have delivered on the schedule for
construction of the project, but have also turned around the
heap leach gold operation, achieving record levels of gold
production.

When asked regarding the risks to meeting the schedule of the
Laos project, Mr. Stafford recognizes that fact that the mining
company has to put a big effort into operational readiness
through the recruitment of highly experienced team of operators
to takeover the operation through the commissioning and
ramp-up phases.

As for the budget, Mr. Stafford admits that there is only a
remote risk that they will run over the US$241 million budget
given the fact that most commitments have been made and
construction is nearly complete.

Jesse Riseborough of the Bloomberg News that the Phu Kham mine
is estimated to produce 50,000 metric tons of copper, 50,000
ounces of gold and 400,00 ounces of silver next year.

In a separate statement by the company, the completion of date
for the expansion of the Phu Kham mine has been brought forward
by six months to the December quarter 2009 after Citic Heavy
Machinery Company Limited China placed an order for a ball mill
and the confirmation of an earlier than anticipated delivery
date for this long lead item.

                Accelerating Phu-Kham Project

In order to finance the acceleration of the Laos mine's
expansion, Pan Australian has agreed terms for a US$75 million
subordinated debt facility with Goldman Sachs JBWere.  The
subordinated revolving facility will also provide the company
with funding flexibility through the first year of production.

According to the statement, US$40 million will be used for the
capital works of the Phu Kham expansion, while US$30 million
will be used up for the company's substantially increased
expenditure on exploration and evaluation for future projects.

     Terms of the US$75 million Subordinated Debt Facility

The revolving debt facility with Goldman Sachs JBWere will have
a term of 12 months and will be subordinated to the Phu Kham
Project debt finance.  The subordinated facility is subject to
due diligence, documentation and the approval of the Project
debt financiers.

The Phu Kham Copper-Gold Mine is expected to generate
significant cash-flow by mid-2008 although most of that
cash-flow will be initially directed to retire Project debt.  
The US$75 million facility will therefore provide the necessary
funding for Pan Australian’s growth projects through 2008 and
provide the Company funding flexibility until such time as the
Project debt becomes non-recourse to Pan Australian in late
2008.  At that time, 55% of the free cash-flow from Phu Kham can
be directed to fund non-Project activities.

Under the facility agreement, five million share options in Pan
Australian will be issued to Goldman Sachs JBWere on the date of
entering into the facility agreement.  A second five million
tranche of share options will be issued on the date that
drawings under the facility exceed US$25 million or on June 30,
2008 (whichever is the earlier date); and a third final five
million tranche of share options will be issued should drawings
under the facility exceed US$50 million.

The exercise price for all options will be established at a 10%
premium to the VWAP (volume weighted average price) for shares
traded on ASX over the five days up to and including the issue
date.  All of the options will have a term of 12 months.  Should
all 15 million options be issued and exercised under the
facility agreement, then the additional shares would increase
the current shares on issue by approximately 1%.

                    About Pan Australian

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

The company has incurred net losses of AU$4.52 million,
AU$4.99 million, AU$1.21 million, and AU$0.84 million for the
years ended Dec. 31, 2006, 2005, 2004, and 2003.


PEABODY ENERGY: Names Director of International Gov't Relations
---------------------------------------------------------------
L. Cartan Sumner, Jr. has been named to the new position of
Director of International Government Relations for Peabody
Energy Corp.  Mr. Sumner will be responsible for working with
governments to create a policy friendly framework for the
greater use of coal to meet growing global energy needs.  He
will report to Senior Vice President of Government Relations
Fredrick D. Palmer.

Coal has been the world's fastest-growing fuel the past five
years.  Coal use is expected to increase nearly 75 percent over
the next 25 years, driven by huge growth in China and India.
Peabody Energy is increasing its commercial presence to serve
Asia markets through its Australia growth platform and expanded
coal trading, coal marketing and business partnerships.

Mr. Sumner previously served as Director of Corporate
Development, participating in Peabody Energy's recent
international expansion efforts.  Prior to joining the company,
he held corporate development positions with RPM, Inc., a
specialty chemicals holding company based near Cleveland, Ohio,
and its St. Louis-based subsidiary Carboline Company.  He also
was an attorney in private practice in St. Louis.

Mr. Sumner has a Bachelor of Arts from Vanderbilt University in
Nashville, Tennessee, a Master of Business Administration from
the John M. Olin School of Business at Washington University in
St. Louis, and a Juris Doctorate from the Washington University
School of Law.  Mr. Sumner is a member of the Missouri Bar and
the Illinois State Bar Association, and he is admitted to
practice before the United States Supreme Court.

                       About Peabody

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch has affirmed these ratings for Peabody
Energy Corporation's:

-- Issuer Default Rating at 'BB+';

-- Senior unsecured notes at 'BB+';

-- Senior unsecured revolving credit and term loan at 'BB+';

-- Convertible junior subordinated debentures due 2066 at
   'BB-'.

Fitch's outlook is stable.


PERSERVERANCE: Posts Activities Report for September Quarter
------------------------------------------------------------
Perseverance Corporation Limited released its activities report
for the quarter ended Sept. 30, 2007.

Highlights:

   * The company's merger with Northgate Minerals Corp.;

   * Gold production for the September quarter was 43,391 oz at
     a cash cost of AU$597 per oz;

   * Fosterville:

     -- Underground development 1,676 meters of decline and
        lateral development.

     -- Total gold production 19,981 oz, an increase of 23% over
        the previous quarter.

     -- Cash cost AU$677 per oz, an increase of 9% over the
        previous quarter.

   * Stawell:

     -- Gold production 23,410 oz, a decrease of 8% against the
        previous quarter. Gold production was in line with mine
        plans.

     -- Cash cost AU$529 per oz, a reduction of 8% from the
        previous quarter.

   * Exploration:

     -- Resources increased by 23% over the 12 months to the end
        of June 2007 to 37.8 million tonnes at 3.1 g/t Au
        containing 3,723,000 oz gold. Company Reserves (within
        Resources) grew by 12% to 8.1 million tonnes at 4.3 g/t
        Au containing 1,121,000 oz of gold.

     -- At Stawell ongoing drilling has further extended the
        high-grade GG6 mineralization.  Results received during
        the September quarter include 11.3 meters at 13.1 g/t Au
        in hole MD5094 and 24.7 meters at 7.1 g/t Au in hole
        MD5078.

     -- Underground drilling at Fosterville has identified a new
        mineralized zone between the Fosterville Fault and the
        Phoenix Fault, the Shamrock Zone.  Drilling has extended
        the known strike of this zone to 150 meters with recent
        intersections including 12.4 meters at 23.2 g/t Au
        in hole UD051 and 11.7 meters at 18.9 g/t Au in hole
        UD109.

The company's full report is available for download at:

           http://bankrupt.com/misc/PCLSeptQtr07.pdf


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

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

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


PERSERVERANCE CORP: Chairman Details Firm's Struggles
-----------------------------------------------------
Perseverance Corporation Limited said that it had been through a
difficult period since June 2007, Egoli News reports.

Egoli explains that the company has been experiencing liquidity
problems, changes to the board and management and a change of
emphasis in the development of its Fosterville underground mine.  
The company said, however, that it had made some progress since
then.

Perseverance Chairman J.C. Quinn said the company has made
significant progress with the new mine plan at Fosterville,
which is meeting its operating schedule, Egoli relates.  
Mr. Quinn adds that the development at its Phoenix orebody is
being accelerated and is therefore weighing on cashflows.

The Egoli report relates that the company's Stawell operation
reported a decrease in gold output compared to the June quarter,
attributable to lower grades from stoping blocks in the period.  
Mr. Quinn, however, noted that grades are currently showing a
marked improvement.

Egoli explains that exploration activities were constrained by
cash availability with drilling limited to the GG6 and Falcon
North areas, despite a relatively upbeat exploration and
production results.

Egoli adds that the company continues to be cash flow negative.


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.


PLESSEY DUCON: Members Hear Liquidator's Report
-----------------------------------------------
The members of Plessey Ducon Australia Pty Ltd met on Nov. 27,
2007, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          A. Thomas Fernandez
          Fernandez Partners Pty Ltd
          Chartered Accountant
          PO Box 711
          Glen Waverley, Victoria 3150
          Australia
          Telephone:(03) 9886 1200

                      About Plessey Ducon

Plessey Ducon Australia Pty Ltd is a distributor of electronic
capacitors.  The company is located at Tullamarine, in Victoria,
Australia.


QUEENSLAND GAS: Enters into Hedge Deal with AGL Energy
------------------------------------------------------
Queensland Gas Company Limited has entered into a hedge with AGL
Energy for approximately 66% of the Condamine Power Station
output for the first three years, the company said in a press
release.

The strike price for the hedge takes advantage of the current
strength in the electricity market by locking in pricing for
three years that is approximately 40% higher than pricing
assumed for financing purposes, the company said.

The hedge is on an as available “generation following” basis
which reduces the risk to QGC if it is unable to generate
electricity at any particular time, and applies to only “sent
out” electricity which preserves all potential value available
through Gas Electricity Certificates.


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.


RIP CAP: To Declare First Dividend on December 14
-------------------------------------------------
Rip Cap Closure Systems Pty Ltd, which is in liquidation, will
declare its first dividend on December 14, 2007.

Creditors who were not able to file their proofs of debt by the
November 15 deadline will be excluded from the company's
dividend distribution.

The company's liquidator is:

          V. R. Dye
          Dye & Co. Pty Ltd
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                          About Rip Cap

Rip Cap Closure Systems Pty Ltd is a distributor of die-cut
paper and paperboard and cardboard.  The company is located at
Seaford, in Victoria, Australia.


SILVER CEDAR: Members Agree to Voluntary Liquidate Operations
-------------------------------------------------------------
On October 15, 2007, the members of Silver Cedar Pty Ltd
resolved to voluntarily liquidate the company's business.

K.L. Sutherland was appointed as liquidator.

The Liquidator can be reached at:

          K.L. Sutherland
          Bent & Cougle Pty Ltd
          Chartered Accountants
          332 St Kilda Road
          Melbourne, Victoria 3004
          Australia

                       About Silver Cedar

Located at Balwyn North, in Victoria, Australia, Silver Cedar
Pty Ltd is an investor relation company.


TRANSURBAN GROUP: US Operations Earn US$4 Mil. in Sept. Quarter
---------------------------------------------------------------
Transurban Group's revenue for its Pocahontas Parkway operations
went up 8.9% year-on-year to US$3.5 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 (US$)          37,872       34,787           8.9%

Average Workday
Trips (US$)            19,239       17,640           9.1%

Average Daily
Trips (US$)            17,620       16,173           8.9%

   * 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 has 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.  


U BUILD AUSTRALIA: Members & Creditors Receive Wind-Up Report
-------------------------------------------------------------
The members and creditors of U Build Australia Pty Ltd met on
October 23, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

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 U-Build Australia

U-Build Australia Pty Ltd is a dealer of lumber and other
building materials.  The company is located at  Campbellfield,
VIC, Australia.


WESTERN AREAS: Finds High Grade Ore at Flying Fox Mine
------------------------------------------------------
Western Areas NL's board of directors announced that the Flying
Fox mine has reached the high grade T1 nickel ore body, the
company said in a press release.

Massive nickel sulphide exposed in the first ore face at T1 is  
approximately 4.7m wide with an estimated average grade of 7.7%
nickel based on Niton analyses.  Ore widths in the T1 ore body
reach up to 10m in some areas.

Delivery of ore from T1 to Norilsk's Lake Johnston concentrate
plant has already commenced.  Production is expected to ramp up
rapidly to reach the target of 15,000 tonnes of ore per month as
ore drives are established into T1.  Ground conditions in the
mine continue to be very good.

Perth, Australia-based Western Areas NL --  
http://www.westernareas.com.au/-- is an international mid-tier  
nickel sulphide producer.  The company's core asset is the 100%-
owned Forrestania Nickel Project, located 400 kilometers east of
Perth, Western Australia.  The company has offices in Australia
and Canada

The company incurred net losses of AU$12.11 million,
AU$4.84 million, and AU$3.19 million for the years ended
June 30, 2007, 2006, and 2005.


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

AGRICULTURAL BANK: Establishes Investment-Banking Department
------------------------------------------------------------
Agricultural Bank of China has established an investment-banking
department and is seeking full cooperation with a foreign
company, the Wall Street Journal reports.

According to WSJ, the official Xinhua news agency quoted
Agricultural Bank President Xiang Junbo as saying that an
investment-banking group will help the bank "develop business
related to the capital market and boost its strategic transition
in its operation."  The creation of an investment-banking
department expands the purview of an institution that was set up
to help serve China's rural masses, WSJ notes.

In addition, WSJ cites a statement posted on the bank's Web site
as disclosing that Mr. Xiang signed a memorandum of
understanding a week ago with Credit Agricole SA on "overall
cooperation."  The statement, WSJ notes, did not provide further
information.

Despite the bank's latest developments, WSJ says, its officials
and executives at other related parties all said that the
Cabinet has yet to approve its stockholding-overhaul proposal.

WSJ recounts that since 2006, the Chinese Government has been
studying a plan to overhaul the debt-ridden lender.  Agricutural
Bank is the only one of the country's four major state banks
that has not listed shares.

Agricultural Bank, WSJ explains, is expected to hold an initial
public offering after completing the overhaul.  The overhaul
includes a proposed capital injection from state-owned China
Central Huijin Investment Co. and introducing strategic
investors.


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

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

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

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

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


BANK OF OVERSEAS CHINESE: Citigroup Completes Acquisition
---------------------------------------------------------
Citigroup Inc. has completed its acquisition of Bank of Overseas
Chinese, Yu-huay Sun writes for Bloomberg News.  Bloomberg
relates that Citigroup paid NTD13.9 billion (US$431 million), or
NTD11.63 per share, for the acquisition.

According to Reuters, Citigroup said that it sees strong growth
in its Taiwan banking business in 2008 after it completed the
acquisition.  "Citi (in Taiwan) is poised for growth stronger
than ever," Reuters quotes Stephen Bird, chief executive of
Citi's global consumer group in Asia Pacific, as saying.

Bloomberg notes that Citigroup's takeover of BOOC bolstered the
number of Citigroup branches in Taiwan to 66 from 11, bringing
access to 1 million additional clients.

Citigroup has also announced acquisitions in Japan and China as
it competes with international banks including Standard
Chartered Plc in Asia, Bloomberg adds.

According to the report, Taiwan's financial regulator said that
Citigroup earned NTD4.85 billion before tax in Taiwan last year,
almost three times as much as its nearest overseas rival,
JPMorgan Chase & Co.


Headquartered in Taipei, Taiwan, Bank of Overseas Chinese --
http://www.booc.com.tw/-- is a commercial bank that provides a   
range of financial services and products for individuals and
corporations.

The bank has had four consecutive net losses of TWD1.4 billion,
TWD2.5 billion, TWD783.4 million, and TWD1.3 billion for the
years ended Dec. 31, 2003 through 2006.


BELTON INDUSTRIAL: Commences Liquidation Proceedings
----------------------------------------------------
Belton Industrial (International) Limited commenced liquidation
proceedings on November 23, 2007.

The company's liquidators are:

         Stephen Liu Yui Keung
         Chan Wai Hing
         18th Floor, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


CAPITAL ACE: Members Final Meeting Slated for Dec. 31
-----------------------------------------------------
The members of Capital Ace Development Limited will have their
final general meeting on December 31, 2007, at 10:10 a.m., at
the 76th Floor of the Two International Finance Centre, in 8
Finance Street, Central Hong Kong.

During the meeting, the company's liquidator, Chun Pak Chee,
Patrick, will give a report on the company's wind-up proceedings
and property disposal.

The company has been undergoing liquidation since June 15, 2007.

The Liquidator can be reached at:

          Chu Pak Chee, Patrick
          Two International Finance Centre, 72-76th Floor
          8 Finance Street, Central
          Hong Kong


CONNECTIVE EMPIRE: Commences Liquidation Proceedings
----------------------------------------------------
Connective Empire Company Limited commenced liquidation
proceedings on November 20, 2007.

The company's liquidators are:

         Law Pui Cheung
         Wai Lin Winnie
         Room 1021 Sun Hung Kai Centre
         30 Harbour Road,
         Wanchai, Hong Kong


DEEPER CHRISTIAN LIFE: Commences Liquidation Proceedings
--------------------------------------------------------
Deeper Christian Life Ministry (H.K.) Limited commenced
liquidation proceedings on November 21, 2007.

The company's liquidator is:

         Kwok Lai Ngor
         Unit 805-6, 8th Floor
         Swire & Maclaine House
         19-23, Austin Avenue
         Tsimshatsui, Kowloon
         Hong Kong


DURA DUCT: Members Appoint Chan Kin Hang as Liquidator
------------------------------------------------------
The members of Dura Duct International Limited appointed Chan
Kin Hang on November 14, 2007, as the company's liquidator.

The Liquidator can be reached at:

          Chan Kin Hang
          Room 2301, 23rd Floor, Ginza Square
          565-567 Nathan Road, Yaumatei
          Kowloon, Hong Kong


FASTUP GARMENT Creditors' Proofs of Debt Due on Jan. 4
------------------------------------------------------
The creditors of Fastup Garment Factory Limited are required to
file their proofs of debt by January 4, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2007.

The company's liquidator is:

         Sze Sau Wan
         Room 602, 447 Lockhart Road
         Hong Kong


FUYAO GROUP: Goldman Sachs Wants to Buy 10% Stake for CNY890 Mln
----------------------------------------------------------------
Goldman Sachs Group, a global investment banking and securities
firm, plans to buy a 10% stake in Fuyao Group Glass Industries
<600660> for CNY890 million (US$113 million), China Knowledge
reports.

China Knowledge, citing a statement filed by Fuyao with the
Shanghai Stock Exchange, relates that Goldman Sachs intends to
buy 111.28 million Fuyao shares valued at CNY8 each,
representing 19.9% lower than the closing price of CNY9.99 on
Nov. 28.  

According to reports, Goldman Sachs will hold Fuyao's shares for
the next three years.

The report notes that Goldman Sachs purchases strategic stakes
in publicly traded Chinese companies with aims to expand in the
world's fastest-growing major car market.


Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on June 29, 2005.


GREENTOWN CHINA: Land Buys Cue S&P to Downgrade Rating to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Greentown China Holdings Ltd. to
'BB-' from 'BB'.  The outlook is stable.  At the same time,
Standard & Poor's lowered the long-term debt ratings on the
company's US$400 million senior unsecured notes and its
CNY2.31 billion convertible notes to 'BB-' from 'BB'.

"We have downgraded Greentown to reflect its increasingly
aggressive land acquisitions, which together with a delay across
some projects have contributed to the company's key financial
metrics weakening beyond a level consistent with the previous
rating," said Standard & Poor's analyst Peter Sikora.

Greentown's aspirations to improve key credit metrics over the
next few years are dependent on property market conditions
remaining favorable.  Any improvement would also be reliant on
the company maintaining its sound brand and market positioning
in order to achieve strong sales targets and profit
margins across property development projects.

In addition, Greentown continues to display a strong appetite
for adding to its land bank holdings, which could further delay
any anticipated improvement in the company's financial metrics.
The progressive introduction of new government regulations aimed
at stemming further overheating of the property market could
affect Greentown's operating performance, particularly as many
recently introduced government measures have been aimed at the
high end of the market, a key focus for Greentown.

The rating on Greentown continues to recognize the company's
strong presence in Hangzhou, the capital city of Zhejiang
province; its experience in other first- and second-tier cities;
its large, well-located land bank; and diverse development
projects.  These strengths are partly offset by the
above-average risks facing residential property developers in
China, including the cyclical nature of the real estate market,
evolving government regulations and tightening policies, and
fierce competition.  Other major risks include the company's
rapid expansion plan, concentrated activities in Zhejiang
province, a lack of stable recurring income, and high use of
borrowings to fund business expansion.


HAI XIN: Commences Liquidation Proceedings
------------------------------------------
Hai Xin Investment Limited commenced liquidation proceedings on
November 19, 2007.

The company's liquidator is Law Ka Lok C.P.A.


HENDERSON STRATECH: Members to Have Final Meeting on Dec. 31
------------------------------------------------------------
The members of Henderson Stratech Limited will have their final
general meeting on December 31, 2007, at 11:45 a.m.

During the meeting, the company's liquidator, Lee King Yue, will
give a report on the company's wind-up proceedings and property
disposal.

The meeting will be held at the 76th Floor of the Two
International Finance Centre, in 8 Finance Street, Central Hong
Kong.

The Liquidator can be reached at:

         Lee King Yue
         Two International Finance Centre, 72-76th Floor
         8 Finance Centre, Central
         Hong Kong


HONG KONG SKI: Creditors' Proofs of Debt Due on Dec. 21
-------------------------------------------------------
The creditors of Hong Kong Ski Club Limited are required to file
their proofs of debt by December 21, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 20,
2007.

The company's liquidator is:

         Wu Wallen
         7th Floor, Hong Kong Trade Center
         161-167 Sed Voeux Road
         Central Hong Kong


JDC CORPORATION: Pays Second Ordinary Dividend on Dec. 12
---------------------------------------------------------
JDC Corporation, which is in liquidation, will pay its second
ordinary dividend on December 12, 2007.

The company's liquidator is:

          Kong Chi How, Johnson
          25th Floor, Wing On
          Centre, 11 Connaught
          Road Central, Hong Kong


KAUFMANN CONTINENTAL: Members Final Meeting Fixed on Dec. 10
------------------------------------------------------------
The members of Kaufmann Continental Limited will have their
final general meeting on December 10, 2007, at 2:00 p.m.

The meeting will be held at Room B, 14th Floor, Wah Hen
Commercial Centre, in 383 Hennessy Road, Wanchai.

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

The company's liquidator is:

          Lee Chi Fai
          Room B, 14th Floor
          Wah Hen Commercial Centre
          383 Hennessy Road, Wanchai
          Hong Kong


KOWLOON-CANTON: Creditors' Proofs of Debt Due on Dec. 31
--------------------------------------------------------
The creditors of Kowloon-Canton Railway Athletic and Social
Club, which is in liquidation, are required to file their proofs
of debt by December 31, 2007, to be included in the company's
dividend distribution.

The company's liquidators are:

         Chan Wah Tip, Michael
         Ho Man Kei, Keith
         600 Prince's Building
         Charter Road, Central
         Hong Kong


KYOTO JAPAN: Liquidator Ng Kwok Wai Quits
-----------------------------------------
On August 24, 2007, Ng Kwok Wai stepped down as liquidator for
Kyoto Japan Restaurant Limited.

The company has been under a Court-ordered liquidation since
July 6, 2005.

The former liquidator can be reached at:

         Ng Kwok Wai
         Unit A, 14/F., JCG Building
         16 Mongkok Road, Mongkok
         Kowloon, Hong Kong


LAURENTIAN ASIA: Liquidators Quit Post
--------------------------------------
On November 19, 2007, Yeung Betty Yuen and Chung Miu Yin Diana
stepped down as liquidators for Laurentian Asia Limited.

The company has been undergoing liquidation proceedings since
April 20, 2007.

The former liquidators can be reached at:

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


LEHMAN BROTHERS: Commences Liquidation Proceedings
--------------------------------------------------
Lehman Brothers South Asia Limited commenced liquidation
proceedings on November 21, 2007.

The company's liquidators are:

         Messrs. Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


LOHART TRADING: Liquidator Quits Post
-------------------------------------
On November 30, 2007, Tsang Chi Fai, Peter, stepped down as
liquidator for Lohart Tradong (H.K.) Company Limited, which is
undergoing liquidation.

The former liquidator can be reached at:

         Tsang Chi Fai
         Unit 701, 7/F.
         Join-in Hang Sing Centre
         71-75 Container Port Road
         Kwai Chung, New Territories
         Hong Kong


M.H.-U.D.G.: Members Final Meeting Slated for Dec. 31
-----------------------------------------------------
The members of M.H.-U.D.G. (Far East) Limited will have their
final general meeting on December 31, 2007, at 10:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at the 8th Floor of the Gloucester
Tower, The Landmark, in 15 88 Queen's Road, Hong Kong.


M & T INTERNATIONAL: Members Final Meeting Fixed on Dec. 20
-----------------------------------------------------------
The members of M & T International Limited will have their final
general meeting on December 20, 2007, at 2:30 p.m., while the
company's creditors will meet at 3:00 p. m. on the same day.

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

The meeting will be held at 2nd Floor. Wing Yee Commercial
Building, in 5 Wing Kut Stree, Central Hong Kong.


NEW JAPAN: Members to Hold Final Meeting on Dec. 31
---------------------------------------------------
The members of New Japan Securities International (Hong Kong)
Limited will hold their final general meeting on December 31,
2007, at 9:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at 35th Floor, One Pacific Place, in 88
Queensway, Hong Kong.


ORIENTFIELDS ENTERPRISES: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Orienfield Enterprises Limited met on
November 30, 2007, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mo Pui Lam
         Champion Building, Flat E
         15th Floor
         Nos. 287-297 Des Voeux Road, Central
         Hong Kong


QI CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
QI Capital (HK) Limited commenced liquidation proceedings on
November 15, 2007.

The company's liquidators are:

         Rainier Hok Chung Lam
         John James Toohey
         22nd Floor, Prince's Building
         Central, Hong Kong


ROBERTSON PRODUCTS: Liquidators Quit Post
-----------------------------------------
On November 20, 2007, Alan C W Tang and Wong Kwok Man stepped
down as liquidators for Robertson Products Limited, which is
undergoing liquidation.


SENTROL LIFESAFETY: Commences Liquidation Proceedings
----------------------------------------------------
Sentrol Lifesafety China Limited commenced liquidation
proceedings on November 20, 2007.

The company's liquidators are:

         Yeung Betty Yuen
         Ying Hing Chui
         Level 28, Three Pacific Place
         1 Queen's Road East, Hong Kong


SOUND YEAR: Liquidator Quits Post
---------------------------------
On November 23, 2007, Tai Hay Yuen stepped down as
liquidator for Sound Year International Limited.

The company has been undergoing liquidation since April 26,
2007.

The former liquidator can be reached at:

         Tai Hay Yuen
         Tai Kong Corporate Advisory Limited
         Chinachem Tower, 21st Floor
         34-37 Connaught Road
         Central, Hong Kong


STAR YIELD: Members Final Meeting Slated for December 31
---------------------------------------------------------
The members of Star Yield Development Limited, which is in
liquidation, will have their final general meeting on Dec. 31,
2007, at 10:15 a.m.  

During the meeting, the company's liquidator, Chu Pak Chee,
Patrick, will give a report on the company's wind-up proceedings
and property disposal.

The meeting will be held at 76th Floor of the Two International
Finance Centre, in 8 Finance Street, Central Hong Kong.

The Liquidator can be reached at:

          Chu Pak Chee, Patrick
          Two International Finance Centre, 72-76th Floor
          8 Finance Street, Central
          Hong Kong


VIDGO TRADING: Creditors' Proofs of Debt Due on Dec. 28
-------------------------------------------------------
The creditors of Vidgo Trading (HK) Company Limited, which is in
liquidation, are required to file proofs of debt by December 28,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Lau Siu Hung
         2nd Floor, Wing Yee Commercial Building
         5 Wing Kut Street, Central Hong Kong


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

DCM SHRIRAM: Auditors Disclose Observations on Limited Review
-------------------------------------------------------------
The auditors of DCM Shriram Industries Ltd in their limited
review report of the company for the quarter ended Sept. 30,
2007, made these observations:

   1. The auditors observation in the audit report on July 30,
      2007, on the accounts for the year ended March 31, 2007,
      which has not been resolved is summarized as:

         There are various issues relating to sales tax, income-
         tax, interest etc. arisen / arising out of the
         reorganisation arrangement of the undivided DCM Ltd
         which will be settled and accounted for in terms of the
         Scheme of Arrangement of DCM Ltd as and when the
         liabilities / benefits are finally determined. The
         ultimate effect of these is not ascertainable at this
         stage. (refer note 3(a) of the accompanying statement)

   2. As per the policy followed by the company for preparation
      of quarterly results, the sugar off-season expenditure
      amounting to INR12.57 crore and INR17.67 crore for the
      quarter and half year ended Sept. 30, 2007 respectively
      have been deferred for inclusion in the cost of sugar to       
      be produced in remaining part of the financial year.  Had
      the company charged expenditure so incurred to the
      accounting period in which such expenses were incurred,
      the decrease in stock in trade would have been higher by
      INR13.39 crore and INR17.67 crore for the quarter and half
      year ended Sept. 30, 2007, respectively and loss after tax
      would have been higher by INR8.83 crore and INR11.66 crore
      for the quarter and halt-year ended Sept. 30, 2007,
      respectively.

As previously reported by the Troubled Company Reporter-Asia
Pacific,  DCM Shriram reported a net loss in the quarter ended
Sept. 30, 2007, compared to the net profit booked in the same
period in 2006.

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: Employees Back to Work at Painted Post Facility
-------------------------------------------------------------
Dresser-Rand Group Inc. has began an orderly process of calling
bargaining unit employees back to work after a 17 week work
stoppage involving approximately 400 employees at its Painted
Post facility in New York State.  On Nov. 29, 2007, the company
announced that, after reaching impasse in its negotiations with
IUE-CWA Local 313, it was implementing the terms of its last
offer and inviting bargaining unit employees to return to work.
The union offered, on behalf of its membership to end the strike
by unconditionally offering to return to work under the terms of
the implemented company offer.  The company has released its
temporary workforce.

According to Dan Meisner, "Total production from all sources is
expected to continue at pre-strike levels as we replace
temporary workers and subcontracted work with returning
employees.  Approximately 75 employees are expected to return to
work on Tuesday, Dec. 4.  Additional employees will be scheduled
to return to work over the next few days and weeks as we
identify and fill vacancies.  We look forward to the return of
our employees."

Doug Rich, Director of Operations, said, "We recognize that this
has been a difficult situation for all of us that have been
affected by the work stoppage -- our employees who have been on
strike and their families, the Painted Post community and our
salaried and new employees who have been working tremendous
hours to continue providing uninterrupted service to our
clients.  We now have an opportunity to move forward and forge a
bright future by working together in an environment of mutual
respect, cooperation and teamwork."

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
Inc. (BB-/Stable/--).


EMCO LTD: Postpones Considering Preferential Issue to Promoter
--------------------------------------------------------------
A meeting of Emco Ltd's Preferential Issue Committee, supposedly
set on Nov. 28, is postponed to an undetermined date pending the
in-principle approval from regulatory authorities, the company
said in a filing with the Bombay Stock Exchange.

The Committee was supposed to consider at the meeting the
allotment of 17,00,000 warrants to Promoter Shailesh Jain who is
also the company's managing director.  The warrants carry an
option to acquire equivalent number of equity shares at a price
of not less than INR1,150 as per Guidelines for Preferential
Issues — Chapter XIII of the SEBI (Disclosure and Investor
Protection) Guidelines, 2000.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India. Through its
Transformer Division, Emco offers power transformers,
specialized rectifier transformers, furnace transformers, and
locomotive and traction transformers. Through its Meters
Division, the company offers metering solutions like tamper-
proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions. Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects. It
also undertakes entire industrial electrification work from
designing to execution. Emco offers information technology
solutions for power distribution management. Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


ESSAR OIL: NSE Bans Trading in Stock Futures
--------------------------------------------
India's National Stock Exchange has banned the trading in stock
futures of Essar Oil along with seveno other firms, the Press
Trust of India reports.

They have crossed the 95% of market-wide position limit, hence
restricted from making any fresh contracts, NSE explained.

The derivative contracts in the underlying Essar Oil, state-run
Bongaigoan Refinery, Tata Teleservices (Mah), JP Hydro, Reliance
Petroleum Ltd, NIIT Technologies, IFCI and Adlabs Film are also
banned, PTI relates.

According to the news agency, NSE will only allow shareholders
to trade in the derivative contracts of Tata Teleservices,
JPHydro, RPL, NIIT Tech, IFCI, Adlabs Films and GMR
Infrastructure only to decrease their positions through
offsetting positions.   Any increase in open positions would
merit appropriate penal and disciplinary action, the stock
exchange warned.


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

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


GARWARE POLYESTER: Schedules 15th AGM on December 18
----------------------------------------------------
Garware Polyester Ltd informed the Bombay Stock Exchange that it
will hold the 15th annual general meeting of its members on
Dec. 18, 2007.

Among others, the shareholders will consider these businesses at
the meeting:

   1. To receive, consider and adopt the company's audited
      balance sheet as at March 31, 2007, and the Profit and
      Loss Account for the year ended on that date and the
      related reports of the directors and the auditors.

   2. To appoint directors in place of M. Garware Modi, Gautam
      Doshi and N. P. Chapalgaonkar, who retire by rotation and,
      being eligible, offers themselves for re-appointment.

   3. To appoint auditors and to fix their remuneration.

   4. To appoint Sonia Garware, Dilip J. Thakkar, Nimish G.
      Pandya as directors, liable retire by rotation.

   5. To re-appoint A. B. Bhalerao to the office of whole-time
      director designated as director-technical for a period
      commencing from Oct. 1, 2006, to May 31, 2007, on
      remuneration, terms and conditions.

   6. To appoint M. S. Adsul:

      a. as a director, liable to retire by rotation; and

      b. to the office of whole-time director designated as       
         director-technical for a period from Aug. 1, 2007. for
         a tenure of five years, on remuneration, terms and
         conditions.

   7. To the approval of the Central Government, Article 117(b)
      of the Articles of Association of the Company be altered
      by substituting the word "twelve" with the words
      "fifteen".

Headquartered in Aurangabad, India, Garware Polyester Ltd. --
http://www.garwarepoly.com/-- produces polyester film.  Its      
products range includes films that cater to the solar control
industry, packaging industry and reprographic industry.  In
addition, the company's bi-axially oriented polyethylene
teraphthalate film range includes sun control films, overhead
projector films and film for packaging, cable insulation,
audiotapes, tracing and drafting.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Credit Rating Information Services of India Limited
has reaffirmed its 'D' rating on Garware's non-convertible
debenture programme.  The rating continues to indicate that the
instrument is in default.  The arrears on interest and principal
repayments have not been entirely cleared.


HINDUSTAN COPPER: To Consider Preferential Allotment to Pres.
-------------------------------------------------------------
Hindustan Copper Ltd's shareholders will consider, on their 40th
annual general meeting set on Dec. 24, 2007, the issuance of
15,70,00,000 shares of INR5 each in the share capital of the
company to the President of India on preferential allotment
basis, a filing filed with the Bombay Stock Exchange says.  

The shares is proposed to be issued for cash at par aggregating
to INR78.50 crore against conversion of govt. loan into equity
for INR50 crore and plan equity support of INR28.50 crore
received from the government upon receipt of approval for
capital reduction from the Ministry of Corporate Affairs,
Government of India, subject to necessary provisions &
approvals.

Also during the AGM, the shareholders will consider transacting
these businesses:

   1. To receive, consider and adopt the audited balance sheet
      as on March 31, 2007, and the profit and loss account for
      the year ended March 31, 2007, together with the
      directors' report, auditors' report and C&AG's comments.

   2. To fix the remuneration of the auditors.

   3. To appoint Sanjiv Kumar Mittal as director on the board
      with effect from April 18, 2007, in terms of Ministry of
      Mines order dated April 18, 2007.

   4. To appoint Kailash Dhar Diwan as director (operations) of
      the company with effect from Sept. 14, 2007, in terms of
      Ministry of Mines order dated June 28, 2007.

   5. To alter the existing article no. 69 of the Article of
      Association of the company to read as:

      69. The number of directors of the Company shall not be
      less than three and more than fourteen. The Directors are
      not required to hold any qualification shares.

Based in Kolkata, India, Hindustan Copper Limited --  
http://www.hindustancopper.com/-- is an undertaking of the     
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


IFCI LTD: Resolves Issues on Conversion of Zero-Coupon OCDs
-----------------------------------------------------------
IFCI Ltd says its board of directors, at its meeting on Dec. 1,
2007, has resolved issues issues relating to recompensation and
conversion of INR1,479 crore held in the form of Zero Coupon
Optionally Convertible Debentures by banks and financial
institutions repayable on April 1, 2022.

As previously reported by the Troubled Company Reporter-Asia
Pacific, IFCI's board on Oct. 15, 2007, proposed
the conversion of part of the company's 0% OCDs into equity.  

Public sector banks and insurance firms, who hold a combined
INR1,479 crore in zero-coupon debentures that they provided to
to IFCI in 2002 to restructure liabilities, weren't happy with
the proposal.  

In light of the plan to induct a strategic investor through sale
of fresh equity amounting to 26% on a post-diluted basis, IFCI
believed a need had arisen to obtain clarity on convertibility
and recompensation clauses.  Accordingly, a meeting was held,
under the aegis of the government, presided by the Joint
Secretary to Government of India in October.  Thereafter, a
consensus among those banks and insurance firms regarding
convertibility and recompensation of the ZCOCDs was sought to be
achieved through one-on-one meetings and finally a meeting of
the financial institutions on IFCI.

In a regulatory filing with the Bombay Stock Exchange, IFCI
disclosed the consensus that emerged in those meetings:

   (i) Life Insurance Corp., General Insurance Corp. and
       associates agreed to convert that part of ZCOCDs into
       equity, which would retain their holding in IFCI in
       percentage terms at existing levels.  The balance amount
       held by LIC and other financial institutions would carry
       an interest rate of 75 basis points below 15 year G—Sec
       from the first three years and 75 basis points above 15
       years G-Sec, after three years post induction of
       strategic investors.

  (ii) Public sector banks have agreed to convert their entire
       holdings in ZCOCDs into equity.

IFCI's board of directors has approved the arrangement.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


IFCI LTD: Four Shortlisted Bidders Carry Out Due Diligence
-----------------------------------------------------------
IFCI Ltd informed the Bombay Stock Exchange that four of the
eight shortlisted bidders for the 26% stake in the company have
carried out due diligence.  The four firms are:

   1. Sterlite Industries and Morgan Stanley and Co.

   2. WL Ross, US Capital Partners VI Fund, Standard Chartered
      Bank and HDFC.

   3. Cargill Financial Services Corporation and Texas Pacific
      Group

   4. Shinsei Bank Ltd, PNB and JC Flowers & Co.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 8, 2007, IFCI invited expressions of interest for a
strategic investor in whom the company will divest the 26%
stake.   IFCI wants to raise as much as US$250 million from the
sale of the stake.  Out of of the 10 applications received,
eight were shortlisted.  The last date of submission for
financial bids has been fixed at Dec. 14, 2007.

IFCI further informed BSE that it is also in discussion with
multilateral institutions to take a stake in the company.  
“However, the firm did not mention the name of the institutions
or the stake it wants to offer,” Reuters observed.

Reuters, citing The Economic Times as source, said that IFCI's
board has decided to bring in International Finance Corp who
will hold less than 20%.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction
-----------------------------------------------------------
In light of media reports and questions from some Members of
Parliament, Quebecor Media Inc. issues this statement:

"Quebecor Media Inc. and its subsidiary, Videotron Ltd., fully
respected the integrity of the public consultation process
concerning the establishment of rules to be applied to the
auction of spectrum for mobile wireless services.  All
representations made to various government authorities were
conducted by persons who were duly registered as lobbyists."

"In addition, Quebecor Media Inc. confirms that its President
and Chief Executive Officer, Mr. Pierre Karl Peladeau, met on
two occasions with the Hon. Maxime Bernier when he was Minister
of Industry to discuss different issues including the company's
perspective on the wireless file, specifically that it is in the
interest of Canadian consumers to have greater competition in
this area.  The meetings were organized by company
representatives who were duly recorded in the Lobby Registry, as
were Mr. Peladeau and individuals who accompanied him to these
meetings.  The two meetings took place in the winter and the
summer of 2006."

"Mr. Peladeau and other senior officials of the company and its
subsidiaries also met with other members of the Cabinet, of the
public service as well as MPs including members from opposition
parties.  All individuals involved in the organization of these
meetings and in the meetings themselves acted in accordance with
the applicable legislation."

"Quebecor Media Inc. is pleased with the decision announced
earlier this week by the Minister of Industry, the Hon. Jim
Prentice, that allows new competitors to enter the wireless
market since this decision is clearly in the interest of all
Canadian consumers."

Quebecor Media Inc., a subsidiary of Mortsel, Belgium-based,
Quebecor Inc. -- http://www.quebecor.com/-- owns operating  
companies in numerous media-related businesses: Videotron Ltd.,
a cable operator in Quebec and a major Internet Service Provider
and provider of telephone and business telecommunications
services; Sun Media Corporation, Canada's chain of tabloids and
community newspapers; TVA Group Inc., operator of French-
language general-interest television network in Quebec, a number
of specialty channels, and the English-language general-interest
station Sun TV; Canoe Inc., operator of a network of English-
and French-language Internet properties in Canada; Nurun Inc., a
major interactive technologies and communications agency with
offices in Canada, the United States, Europe and Asia; companies
engaged in book publishing and magazine publishing; and
companies engaged in the production, distribution and retailing
of cultural products, namely Archambault Group Inc., chain of
music stores in eastern Canada, TVA Films, and Le SuperClub
Videotron ltee, a chain of video and video game rental and
retail stores.

Headquartered in Montreal, Canada, the company has global
facilities in India, France and Argentina.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service rated Quebecor Media
Inc.'s US$700 million add-on senior unsecured note issue B2.
Ratings on the underlying 7.75% senior unsecured notes due in
March of 2016 were affirmed at the same B2 level.  At the same
time, QMI's Ba3 corporate family rating and stable ratings
outlook were affirmed.


RYERSON INC: Plans to Restructure Chicago Business by Late 2008
---------------------------------------------------------------
Ryerson Inc. has disclosed plans to restructure its Chicago
operations in a series of carefully phased moves by the end of
2008.  These moves bring the company closer to its customers
with improved service levels.

The companu will keep its corporate headquarters in the Chicago
area and would maintain at least 500 jobs in the Chicago area.

The transition of Ryerson's Chicago business to its other
locations would result in the phased reduction of its processing
and distribution operations in Chicago by the end of 2008.  The
company will work with the Mayor's Office of Workforce
Development to identify new opportunities for impacted
employees.

"We are taking these steps to enhance our long-term viability
and be a stronger corporate citizen in Chicago," said Ryerson
President and Chief Operating Officer, Steve Makarewicz.  "We
are confident that these moves will improve our customer service
levels and make us a more nimble competitor."

                    About Ryerson Inc.

Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI)
-- http://www.ryerson.com/-- is a distributor and processor of  
metals in North America.  The company services customers through
a network of service centers across the United States and in
Canada, Mexico, India, and China.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Ryerson Inc., including its 'B+' corporate credit rating.  S&P
removed all ratings from CreditWatch, where they had been placed
with negative implications on July 24, 2007, after the company
after it has agreed to be acquired by Platinum Equity for around
US$2 billion.


RYERSON INC: To Gradually Restructure Chicago Operations by 2008
----------------------------------------------------------------
Ryerson Inc. plans to restructure its Chicago operations in a
series of phased moves by the end of 2008.  Ryerson expects that
these moves will bring it closer to its customers with improved
service levels.

Ryerson will keep its corporate headquarters in the Chicago area
and would maintain at least 500 jobs in the Chicago area.

The transition of Ryerson's Chicago business to its other
locations would result in the phased reduction of its processing
and distribution operations in Chicago by the end of 2008.
Ryerson will work with the mayor's office of workforce
development to identify new opportunities for impacted
employees.

"We are taking these steps to enhance our long-term viability
and be a stronger corporate citizen in Chicago," said Steve
Makarewicz, president and chief operating officer of Ryerson.
"We are confident that these moves will improve our customer
service levels and make us a more nimble competitor."

                        About Ryerson Inc.

Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI)
-- http://www.ryerson.com/-- is a distributor and processor of  
metals in North America.  The company services customers through
a network of service centers across the United States and in
Canada, Mexico, India, and China.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
The affiliates of Platinum Equity LLC completed their
acquisition of Ryerson Inc. in a transaction valued at
approximately US$2 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Ryerson Inc., including its 'B+' corporate credit
rating.  S&P removed all ratings from CreditWatch, where they
had been placed with negative implications on July 24, 2007,
after the company after it has agreed to be acquired by Platinum
Equity for around US$2 billion.


TATA STEEL: Not Into Hostile Takeovers, Managing Director Says
--------------------------------------------------------------
Tata Steel Ltd will never go for hostile takeovers, The Hindu
quotes B. Muthuraman, the company's managing director, as
saying.

The statement came after the steel maker and Riversdale Mining
Ltd signed an agreement to establish a special purpose joint
venture vehicle to develop a hard coking and thermal coal
project at key coal exploration tenements held by the Australian
firm in Mozambique.  Pursuant to the terms of the pact, Tata
will pay AU$100 million to acquire a 35% Project Interest.  For
this consideration, Tata secures a key position in the JV formed
to develop the Mozambique Coal Project, as well as a 40% share
of the off-take for coking coal.

Tata Steel does not believe in acquiring a company which does
not want to be acquired, Mr. Muthuraman continued adding that
the company is currently eying at West Africa for iron ore.

On BHP Billiton Ltd.'s proposed US$134-billion bid for Rio Tinto
Group, Tata Steel's Corus unit believes it's not good for the
steel industry, Mark Herlihy and Brett Foley of Bloomberg News
says.  The BHP move is believed to result in the continued
increase in iron-ore prices, one of the major elements in steel
manufacturing.


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

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

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

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


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

BANK MANDIRI: Plans to Acquire Bank Sinar Harapan
-------------------------------------------------
PT Bank Mandiri agreed to acquire control of PT Bank Sinar
Harapan Bali, aiming to boost lending to small and medium-sized
enterprises, Bloomberg News reports.

According to the report, the company said that is is actively
involved in non-organic growth by acquiring banks to boost its
business.

Indonesia's central bank, the report relates, is prodding the
country's 131 banks to combine and boost capital after it spent
KRW450 trillion to bail out the industry following the
1997-1998 Asian financial crisis.

The Denpasar, Bali-based Bank Sinar Harapan had total assets of
IDR220 billion at the end of September 2007, the report adds.

                      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.

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.


GARUDA INDONESIA: May Seek KLM Air's Help on EU Safety Standards
----------------------------------------------------------------
PT Garuda Indonesia may seek the help of KLM Royal Dutch
Airlines, the Dutch arm of Air France KLM, to comply with
European Union air safety standards, which could open the door
for Garuda to cover European routes, Reuters reports, citing
Indonesia's vice president, Jusuf Kalla.

According to the report, the European Commission updated on
November 28 the list of airlines banned from flying to Europe.  
Garuda and 50 other Indonesian airlines are included in the
blacklist.

As reported by the Troubled Company Reporter-Asia Pacific on
July 17, 2007, the European Union sent safety experts to
Indonesia to review the EU ban on Indonesian airlines.  Fifty-
one Indonesian airlines have been barred from European airspace
due to safety concerns.  The report said that Indonesian
officials had argued that the ban was not informed since it has
failed to account the improvements made by the airlines this
year.

Indonesia, Reuters recounts, has suffered from airline accidents
in recent years, raising questions about safety standards and
leading to the commission's ban.

As reported by the TCR-AP on March 8, 2007, Garuda Airline
Boeing 737-400 plane carrying 140 people burst into flames upon
landing at Yogyakarta airport.  Rescuers had evacuated 97 people
but 23 people have died in the crash.  The TCR-AP also noted two
recent plane crashes in Indonesia.  In January, a PT Adam
Skyconnection Airlines Boeing Co. 737-300 plane plunged into the
ocean off the coast of Indonesia's Sulawesi island and another
plane broke upon landing in February.

Transport Minister Jusman Syafi'i Djamal told Reuters that an EU
team would visit Indonesia again in three months' time to
conduct another review.  "They want proof that the improvement
already achieved by Indonesian airlines and the Indonesian
regulator is sustained, not temporary," he said.

Muhamad Al Azhari and Ahmad Pathoni of Reuters write that as
part of its safety improvements, Indonesia has signed an
agreement with the International Civil Aviation Organization,
established an independent regulator, and streamlined air
traffic control.

The country, the report adds, has also been working to improve
the skills and pay for airline industry workers, as well as to
set up an independent and capable accident investigating agency.

                    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 Sept. 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.


INDOSAT: Lawyer's Group Slams Competition Watchdog's Ruling
-----------------------------------------------------------
The Union of People's Lawyers, a group representing some 100
lawyers, has slammed the Business Competition Supervisory
Commission's (KPPU) recent ruling against Temasek Holdings and
its subsidiaries,  The Jakarta Post reports.

According to the report, the group said the ruling was seriously
flawed and would ultimately damage the interests of the
Indonesian people.

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

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

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

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

Temasek Holdings, TCR-AP pointed out, had denied the charges of
cross-ownership, maintaining that its subsidiaries have their
own board of directors who make their own operational decisions.
Temasek and STT pledged to appeal to the Jakarta district court,
a move that was supported on Sunday by the group, which calls
itself the Union of People's Lawyers, The Post relates.

Teguh Rahardjo, secretary-general of group, told The Post that
the KPPU decision was legally flawed as the commission had based
its decision mainly on an "unfinished" study by a university
institute.  

Arief Poyono, chairman of the Federation of State Enterprise
Labor Unions, said the study, which he revealed was commissioned
by PT APCO Indonesia, a public relations firm hired by the
Indonesian unit of Russia's Altimo Business Group, was only
completed on May 7, but the KPPU had already issued a document
making reference to the report on April 26, The Post points out.

Mr. Poyono also told The Post that the ruling would hurt
competition in the telecoms industry, and could in fact give
rise to a duopoly situation.  "If the two biggest operators
(Telkomsel and Indosat) are ordered to lower their tariffs, the
other smaller operators will find it hard to compete,” he said.   
The Post adds that this will have an adverse impact on the
overall industry.

                        About Indosat

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

                       *     *     *

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

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

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


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

ALITALIA SPA: Ryanair Suing European Commission over Volare Aid
---------------------------------------------------------------
Ryanair is suing the European Commission for failing to act on
its complaint against state aid given to Volare S.p.A., a unit
of Alitalia S.p.A., Jonathan Saul of Reuters reports.

"The Italian government's recurring attempts to protect Italian
aviation include the bailout of Volare and its subsequent
transfer to Alitalia," Ryanair CEO Michael O'Leary was quoted by
Reuters.

"The write-off of some EUR20 million of airport debts is a
blatant abuse of EU state aid rules, yet the Commission has
refused to do anything about this since 2005," Mr. O'Leary
added.

Ryanair added it has no choice but to challenge the Commission's
inaction by lodging a case with the European Court of First
Instance.

As reported in the TCR-Europe on Nov. 27, 2007, Ryanair has
filed a case against the European Commission in the European
Court for the latter's inaction on complaints against
approximately EUR500 million in illegal state aid continually
given to Olympic Airlines S.A.

Ryanair has also hit the Commission's inaction on state aids
given to Deutsche Lufthansa AG and Air France-KLM.

                        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 Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina, China and
Japan.

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: To Use Cash in Buying Boeing to Limit Debt
------------------------------------------------------
All Nippon Airways Co., Ltd., the first customer for Boeing
Co.'s Dreamliner, will pay cash for at least 20% of the cost for
its 50-plane order to keep borrowing at a 15-year low, Hiroshi
Matsui and Chris Cooper write for Bloomberg News.

ANA's senior vice president for finance and accounting, Eiji
Kanazawa, revealed to Bloomberg in an interview that the airline
will spend at least JPY140 billion from the cash it raised
selling hotels for the Boeing planes.  In addition to this, ANA,
according to Mr. Kanazawa, will also sell bonds and use loans
backed by the state-run Japan Bank for International Cooperation
to fund the order.

Mr. Kanazawa was quoted by Bloomberg as saying, "We're not going
back to the days of more than JPY1 trillion in debt."

Analyst Yasuhiro Matsumoto of Shinsei Securities Co. expressed,
"[ANA] has enough of a cash cushion to accelerate the
purchasing.  By replacing older planes with new aircraft they
will be able to cut fuel costs."

The order of the 787s, due to arrive over eight years starting
in November 2008, will cut ANA's fuel usage, which is the
carrier's biggest expense, says Bloomberg.

The 787 order is valued at JPY660 billion, according to ANA when
it announced the deal in 2004 and the Tokyo-based airline raised
cash for the order by selling 13 hotels in June for
JPY281.3 billion, recalls Bloomberg.

                    Cutting Debt and Fuel

In the April-September period, ANA's interest-bearing debt
lowered by 11% to JPY981.7 billion.

According to Bloomberg, ANA rejected buying the 787 on leases
because of the long-term costs and it is also a less flexible
form of borrowing than bonds and loans.

Mr. Kanazawa is quoted by Bloomberg as saying, "The biggest
reason for avoiding leases is the long time it takes for us to
own the planes."

Along with ordering Boeing's 787, ANA is accelerating the
depreciation and retirement of its older aircraft.  Phasing out
older planes will also cut the air carrier's fuel usage amid
record oil prices.  In April, the airline said it would retire
three 747-400s in the fiscal year ending March 31, up from two
previously, states Bloomberg.  The 787 will help cut costs as
they are 20 percent more fuel efficient than similarly sized
planes, according to Boeing's Web site.

                      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.


DELPHI CORP: Reserves US$120MM at 3Q07 for Probe & Cleanup
----------------------------------------------------------
Delphi Corp., as of Sept. 30, 2007, had reserves of US$120
million for environmental investigation and remediation compared
with US$118 million at Dec. 31, 2006.

The company is in various stages of investigation and cleanup at
its manufacturing facilities where contamination has been
discovered.

Additionally, the Company received notices that it is a
potentially responsible party in proceedings at various sites,
including the Tremont City Landfill Barrel Site located in
Tremont, Ohio, which is alleged to involve groundwater
contamination.

The company said it completed a number of environmental
investigations during 2006 as it continues to pursue its
transformation plan, which contemplates significant
restructuring activity, including the sale or closure of
numerous facilities.

These assessments identified previously unknown conditions and
led to new information that allowed Delphi to update its
estimate of required remediation for previously identified
conditions and resulted in Delphi recording an adjustment to its
environmental reserves.

As of Dec. 31, 2006, US$3 million of the company's environmental
reserve was recorded in liabilities subject to compromise.

The company said the reserves reflect the fact that GM Corp.
retained the environmental liability for inactive sites as part
of the company's separation from GM.

The company was a subsidiary of GM Corp. until its separation in
1999.

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 CORP: Seeks 3-Month Extension of Excl. Plan Filing Period
----------------------------------------------------------------
Delphi Corporation and its debtor affiliates and subsidiaries
ask the U.S. Bankruptcy Court for the Southern District of New
York to further extend their exclusive periods to:

   (a) file a plan of reorganization through and including
       March 31, 2008; and

   (b) solicit acceptance of that plan through and including
       May 31, 2008.

The Debtors' current Exclusive Plan Proposal Period will expire
on December 31, 2007.

"A further extension of the Exclusive Periods is justified by
the significant progress the Debtors have made toward
reorganization since they last sought an extension of the
Exclusive Periods," John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, asserts.

The Debtors' good-faith progress towards reorganization,
according to Mr. Butler, is most convincingly demonstrated by
the filing of the Joint Plan of Reorganization and Disclosure
Statement on Sept. 6, 2007.  The Plan and Disclosure Statement
were the products of a series of intense negotiations involving
the Debtors, the Plan Investors led by Appaloosa Management
L.P., the Statutory Committees, and General Motors Corp., Mr.
Butler avers.

As a result of the turbulence in the capital markets, however,
the Debtors were required to negotiate potential amendments to
the Plan and Disclosure Statement with certain stakeholders,
Mr. Butler relates.  Nonetheless, the Plan provides for full
payment at Plan value to creditors and a distribution for equity
holders, he notes.  "All of these negotiated amendments
represent the Debtors' continuing efforts to emerge from Chapter
11 protection as quickly as possible so that they can maximize
value for all their stakeholders," Mr. Butler assures the Court.

In addition to the significant progress toward confirming a
plan, Mr. Butler points out that that the Debtors have
substantially achieved the goals of their transformation plan
by, among other things, negotiating amended collective
bargaining agreements with their labor unions and comprehensive
settlement and restructuring agreements with GM; continuing to
divest non-core assets and businesses; and obtaining the second
of two pension funding waivers from the Internal Revenue
Service.

The unresolved contingencies relating to fully committed exit
financing, solicitation, and confirmation of the Plan, as well
as the size and complexity of the Debtors' cases also justify a
further extension of the Exclusive Periods, Mr. Butler adds.  
"The size and complexity of the Debtors' chapter 11 cases alone
constitute sufficient cause to extend the Exclusive Periods," he
asserts.

Accordingly, the Debtors seek an extension of the Exclusive
Periods to give them sufficient time to complete the Plan
solicitation and confirmation processes in a timeframe that will
allow them to emerge from bankruptcy in the first quarter of
2008.

The Debtors are not using their Exclusive Periods to pressure
stakeholders to submit to their reorganization demands,
Mr. Butler clarifies.  The Debtors, he explains, are actively
utilizing the Periods to resolve remaining issues in good faith
with their diverse constituencies.  In addition, the Debtors'
request is without prejudice to any party's right to request a
termination of exclusivity for cause at any time under Section
1121(d) of the Bankruptcy Code.

The Debtors said the requested extension was precautionary.  The
Debtors continue to expect that they will emerge from Chapter 11
during the first quarter of 2008.

The Detroit News notes that Delphi, in November 2007, said if
its plan isn't in place by Dec. 31, it could owe the U.S.
Internal Revenue Service US$1,400,000,000, when the waiver on
funding of the auto-parts supplier's pension obligations expires
and would compel the company to pay taxes and penalties to the
IRS.  The IRS, according to the report, could extend the waiver.

                        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. 99; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


FORD MOTOR: Overall November 2007 U.S. Sales Up 0.4 Percent
-----------------------------------------------------------
Continued growth in crossover sales and increased demand for
hybrids, fuel-efficient cars and Ford's industry-exclusive SYNC
in-car connectivity technology drove Ford Motor Company’s sales
in November.  Company sales totaled 182,951, up 0.4% versus a
year ago.  November marked the first sales increase following 12
months of declines.

"It is encouraging to see our newest cars, crossovers, hybrids
and industry-first SNYC technology resonating with customers,"
Mark Fields, president, The Americas, said.  "Continuing to
deliver more quality products that people really want and
carefully gauging customer demand in the months ahead will help
ensure we stay on track with our plan."

Consumer demand continues to grow for the all-new Ford Edge and
Lincoln MKX crossover utility vehicles.  Edge sales were 12,594
and Lincoln MKX sales were 3,360.   Total sales of crossover
utilities, including the redesigned Ford Escape, Ford Taurus X,
and Mercury Mariner were 33,271, up 119% compared with a year
ago.  Escape Hybrid and Mariner Hybrid models set November sales
records.

Sales of the new 2008 Ford Focus were up 18% compared with a
year ago.  Focus is one of 12 Ford, Lincoln and Mercury models
equipped with SYNC, an affordable, industry-exclusive in-car
connectivity technology that fully integrates most Bluetooth-
enabled cell phones and MP3 players into a customer’s driving
experience.

"All of our SYNC-equipped models are turning quickly," Mr.
Fields said.  "Affordable technology that integrates mobile
communication and entertainment devices appears to be resonating
with consumers.  Beyond that, SYNC appears to be changing
opinions about Ford and elevating consideration for our products
and brands."

Ford Fusion and Mercury Milan also contributed to the company’s
November sales increase.  Fusion sales were up 39% and Milan
sales increased 43%.

Lincoln continued its winning streak in November as retail sales
climbed 4%.  November marked the 14th straight month of higher
retail sales for the premium brand.  Total Lincoln sales in
November were down 7%, reflecting lower fleet sales.

In November, Ford, Lincoln and Mercury sales to individual
retail customers were 3% lower than a year ago.  Sales to daily
rental companies were down 6%, but sales to commercial fleet and
government customers were up 25%.

                   North American Production

In the first quarter of 2008, the company plans to produce
685,000 vehicles in North America.  This is the initial forecast
of first quarter production.  In the first quarter of 2007, the
company produced 740,000 vehicles.  Fourth-quarter 2007
production is 645,000 units, unchanged from the previously
announced plan.

                        About Ford Motor

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

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

                          *     *     *

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


LOPRO CORP: Fitch Lowers Rating to B- with Negative Outlook
-----------------------------------------------------------
Fitch Ratings has downgraded the Long- term foreign and local
currency Issuer Default Ratings of Lopro Corporation to 'B-'
from 'BB-'.  Its Outlook remains Negative.  Short-term foreign
and local currency IDRs were affirmed at 'B'.

The rating actions reflect, despite a high proportion of equity
funding, the further deterioration in Lopro's risk profile and
financial flexibility because of its weak access to funding and
deteriorating pre-provision earnings.  As Lopro has not been
able to obtain adequate funding for loan growth, its receivables
have been declining, thereby weakening its already modest
franchise, while non-performing assets have continued to grow.

Pre-provision operating earnings were just JPY1.6 billion in the
interim six month period to end-September 2007, having been
JPY5.5 billion in H1FYE07.  After credit costs, Lopro reported a
loss of JPY5.6 billion in H1 FYE08, which followed a poor
financial year ended March 2007, when Lopro needed to make a
large provision for reimbursement claims over the grey-zone
interest.  Like all Japanese consumer finance companies, Lopro
continues to face the challenge from reimbursement of the grey-
zone interest and pressure of reducing loan rates voluntarily
even before the formal implementation of the lower rate cap
under the revised Money Lending Business Law, which is scheduled
for late 2009.  Lopro introduced a restructuring program in
November 2007, including further reduction in branches and
employees by voluntary retirement.

Established in 1970, Lopro provides loans to small businesses.
Its core products are loans on notes and promissory note
discounting.  Headquartered in the Kyoto Prefecture, the company
has 66 branches across Japan which, because of the restructuring
program, will be reduced to 46 by the end of this year.  At end-
September 2007, it had loans and notes of JPY120 billion.  Its
funding consists of securitization (c.50% of total funding),
borrowing (nearly 30%), including syndicated loans, and bonds
(nearly20%).


MAZDA MOTOR: Planned Sales Consolidation Will Not Push Through
--------------------------------------------------------------
Mazda Motor Corp.'s China unit has recently named its chief
operating officer, Noriaki Yamada, as head of its marketing and
sales in China, reports SinoCast China Transportation Watch.

According to the report, Mazda, which planned to consolidate its
sales operations in China into only FAW Mazda Automobile Co.,
Ltd., failed to make the plan come true.

Originally, Mazda China will take charge of the sales operation
in China with two sales networks in FAW Mazda and Chang'an Ford
Mazda Automobile Co., Ltd. in order to support Mazda's plan to
enrich its products portfolio in the country, states the report.

SCTW relates that the plan was Mazda's strategy to sell
Mazda-branded cars that would be made in China in future via FAW
Mazda, Mr. Yamada, former president of FAW Mazda, disclosed when
the Japanese auto giant formed the sales venture in 2005 in
partnership with China FAW Group Corp. and its subsidiary FAW
Car Co., Ltd.

However, Chang'An Auto Group, another Chinese partner of Mazda,
opposed to the proposition.  Mazda, its controlling shareholder
Ford Motor Co., joined hands with Chang'An Auto to form Chang'an
Ford Mazda, recalls the report.

After discussions, Chang'an Ford Mazda, Mazda Motor and FAW
reached accord that Mazda 3 and the future models to be made in
Chang'an Ford Mazda would only be available in the new sales arm
of Chang'an Ford Mazda.


                      About Mazda Motor

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

                       *     *     *

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

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

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


NOVA CORP: G.education to Continue Nova's "Satellite Classes"
-------------------------------------------------------------
Nova Corporation's sponsor, G.education Co., plans to continue
"satellite classes" using TV-phone technology in early December,
Kyodo News reports.

According to the report, G.education President Takashi Ono said
that the classes will be initially offered to students at 18
cram schools operated by G.education and later to students
enrolled with the original Nova chain.

Mr. Ono is optimistic that the reborn Nova business "seems
likely to turn profitable in May or June next year" and added
that the number of Nova schools will reach 116 by the end of
this year, expanding the business' earnings base by covering
some 90% of the 47 prefectures in Japan, relates Kyodo News.

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

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

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


SHINGINKO TOKYO: Incurs H1 After-Tax Loss of JPY8.7 Billion
-----------------------------------------------------------
ShinGinko Tokyo Ltd., a bank set up by the Tokyo metropolitan
government in April 2005, reported that it incurred an after-tax
loss of about JPY8.7 billion in the first fiscal half ended
Sept. 30, racking up JPY93.6 billion of accumulated deficits,
various reports say.

The losses, according to various reports, are equivalent to
nearly 80% of the JPY118.7 billion start-up capital of the bank
which focuses on lending to small and mid-size companies.

ShinGinko Tokyo, states Jiji Press, reported an unconsolidated
net loss of JPY8,7 million on higher-than-expected defaults
involving clients, though the loss narrowed from JPY15.4 million
a year before.

The Yomiuri Shimbun writes that as the bank's management will be
pushed into a corner if the accumulated losses exceed the
start-up capital, the bank is to try to rehabilitate itself by
expanding a downsizing program and other means.

In addition,ShinGinko has no plans to replenish its capital, at
least for now, and ruled out the possibility of integrating
operations with other financial institutions, notes Jiji Press.

ShinGinko Tokyo, recounts The Yomiuri Shimbun, started operating
in April 2005.  As many uncollateralized loans for small and
midsize firms became uncollectible, the bank had to set aside
huge loan-loss reserves, resulting in the accumulated deficits
reaching JPY84.9 billion in March's account settlement.  While
the bank has been consolidating branches to cut operating costs
since April, it had to deal with the disposal of the
nonperforming loans due to the declining business conditions of
borrowers, resulting in it falling into the red in its midterm
settlement.

The bank was established in line with an election campaign
promise made by Tokyo Gov. Shintaro Ishihara while running for
his second term, adds The Yomiuri Shimbun.


* Japanese Government Unveil Banks' Subprime Exposures
------------------------------------------------------
According to the Financial Services Agency, Japanese banks'
total exposures to U.S. subprime mortgage backed securities and
derivatives totaled JPY1.33 trillion at the end of September,
writes Toshio Aritake of the Bankruptcy Law Daily.

The FSA, states the report, said that the banks' latent
investment losses resulting from owning the U.S. MBS at the end
of September--which have yet to be written off -- totaled
JPY107 billion and that the amount actually written off during
the six-month ended September 30, came to JPY226 billion.

The FSA official expressed to Mr. Aritake that the banks losses
are likely to increase as prices of subprime-derived MBS have
continued to fall since late September.

An extraordinary survey, which did not cover Nomura Holdings,
other securities companies, as well as Shinsei Bank and Aozora
Bank, conducted by the FSA revealed that the 10 leading banks
held JPY1.2 trillion worth of exposures to subprime-related
securities, reports BLD.

FSA conducted the survey to 10 leading banks, 111 regional
banks, and 455 community and credit union-like banks.

Financial Services Minister Yoshimi Watanabe, in a news
conference, said that Japanese banks' exposures to subprime
mortgages and derived securities are limited and can be disposed
of with the banks' provisions against losses and will not pose
"any serious risk to Japanese banks," notes BLD.  

The report added that Mr. Watanabe said he cannot comment on how
to cope with the subprime troubles because it is a U.S. domestic
issue.

Independent banking industry analyst Yushiro Ikuyo opined to BLD
that the FSA figures were smaller than the banks' earlier own
estimates and is quoted as saying, "The differences between what
the FSA disclosed and the banks released earlier indicates how
difficult it is to accurately grasp subprime-related damages."

According to Mr. Ikuyo, one reason for the differences, stemmed
from the fact that the FSA survey covered the banks' investments
in subprime-related securities alone, while the six banks'
calculated investments were in residential mortgage-backed
securities, relates BLD.

One example of the difference is found in Mizuho Financial
Group's figures.  At the end of September, Mizuho's exposures to
subprime-derived securities totaled JPY100 billion, while it
held JPY800 billion worth of RMBS as a whole, including
subprime-related securities, says the report.

BLD says that analyst Mr. Ikuyo, said that among few options for
Japanese banks to snap their business downfall is to expand
overseas lending and investments, like U.S. and European
banks have done and now emulated by Middle East nation
banks, but is skeptical about this option.

The report notes that it was the first time that the Japanese
government disclosed banks' subprime exposures and losses.

Mr. Ikuyo further added that the problem is that Japanese banks'
losses would increase if RMBS prices decline or if U.S. property
prices drop, added BLD.


* Japan Regional Turnaround Body to Buy Up JPY2 Tril. in Loans
--------------------------------------------------------------
A proposed Japanese agency will buy JPY2 trillion worth of loans
extended to troubled quasi-public corporations and midsize
private firms as part of efforts to revitalize the nation's
regional economies, a Jiji Press report says, cited by Bloomberg
News.

Bloomberg News reports that the regional version of now-defunct,
state-backed Industrial Revitalization Corp. of Japan will
select rescue targets within three years of its establishment in
fiscal 2008 which starts next April, according to the draft plan
obtained by Jiji Press.

The new agency will buy JPY450 billion in loans in the initial
year, JPY1.25 trillion in the second year and JPY300 billion in
the third year, Bloomberg relates

The agency, expected to swing into a profit in the third year,
will be in operation for five years, Bloomberg says.

Bloomberg adds that the agency is likely to be capitalized at
JPY30 billion.  The Cabinet Office, which drafted the plan,
seeks a capital injection of JPY10 billion each from the banking
industry and municipal governments.

The report also says that the Cabinet Office aims to have the
proposed agency nurse battered regional economies back to health
by rescuing debt-ridden quasi-public corporations, but the plan
may face resistance from regional banks and municipalities,
major shareholders in those corporations, because they
could suffer losses, such as debt waivers, from the bailout.


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

BURGER KING: Board Declares US$0.0625 Per Share Common Stock
------------------------------------------------------------
Burger King Holdings Inc.'s board of directors has declared a
quarterly dividend of US$0.0625 per share of common stock.  The
dividend is payable on Dec. 27, 2007 to shareholders of record
at the close of business on Dec. 11, 2007.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,000  
restaurants in more than 60 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.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


C&M CO: Macquarie Group Joins MBK Partners to Buy 61.17% Stake
--------------------------------------------------------------
Australia's Macquarie Group and private equity fund MBK Partners
have signed a joint agreement to buy a 61.17% stake in C&M Co
Ltd, various reports say.

Antara News says that Macquarie Bank and MBK Partners will
acquire the 61. 17% stake in C&M from its chairman, Lee Min-joo,
and his wife.

Reuters says that the deal could be valued at around
KRW1.3 trillion if done under terms comparable to a separate
deal reached earlier this year.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2007, Macquarie Bank has signed an agreement to buy a
30% stake in C&M Co Ltd from Goldman Sachs Group Inc. for
KRW625 billion.  Citigroup handled the deal.

Kim Yeon-hee and Jessica Kim of Reuters write that the previous
deal for a 30% stake by Macquarie had valued the unlisted
company at KRW2.08 trillion and put each C&M subscriber's value
at KRW815,000, according to Reuters calculations.   The figure
was above analysts' forecasts of KRW700,000 based on its forward
earnings, Reuters relates.

Reuters points out that, assuming the Macquarie-MBK joint deal
had valued C&M at a similar price to the earlier transaction,
the 61.17% stake in C&M would fetch KRW1.3 trillion.

The deal has to win approval from the Ministry of Information
and Communication and the Korean Broadcasting Commission under
domestic laws as it would make the cable TV operator the first
Korean company owned by private equity funds, Reuters adds.

                        About C&M Co

C&M Co Ltd offers cable television services.  The company
operates in Seoul and in Kyunggi Province, Korea.

In January 2006, Moody's Investors Service assigned a
provisional foreign currency senior unsecured long-term debt
rating of (P)Ba2 to the proposed US$550 million Notes issue, due
2011 and 2016, of C&M Finance Ltd., backed by C&M Co. Ltd. and
its operating subsidiaries.


EVEREX: Adjusts Price of Sixth Bonds w/ Warrants to KRW900 each
---------------------------------------------------------------
Everex Inc. has adjusted the exercise price of its sixth bonds
with warrants from KRW 1,250 per share to KRW900 per share,
Reuters Investing Keys reports.

According to the report, the company's move took effect on  
December 1, 2007.

The initial announcement regarding the bond issuance was made on
April 13, 2006, the report recounts.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter-Asia Pacific reported on
November 30, 2007, that Everex Inc. has a shareholders' deficit
of US$5.10 million on assets of US$23.15 million.


FRESH DEL MONTE: Names Elias Hebeka as Director on Board
--------------------------------------------------------
Fresh Del Monte Produce Inc.'s Board of Directors has appointed
Dr. Elias K. Hebeka to serve as a director to the company until
the 2008 Annual General Meeting of Shareholders when he will be
considered for election to the board by the company's
shareholders.  Dr. Hebeka's appointment increases the board to
nine members, five of whom are independent directors.  Dr.
Hebeka is currently serving as a consultant to several
organizations and companies, including The World Bank and
Callaway Golf.

Dr. Hebeka has previously held various senior executive
management and academia positions.  At Revlon Inc. he served as
President Worldwide Operations and Technical Affairs, Executive
Vice President, Operations Worldwide, and Executive Vice
President, Operations.  Prior to joining Revlon, Dr. Hebeka was
President and Chief Executive Officer of Liberty Science Center
and he held various management positions with Warner Lambert
Company for over 25 years.  Prior to his business career, Dr.
Hebeka served as a Professor at the University of Cairo. He
currently serves as a Vice Chair of the board of trustees with
The American University in Cairo.  Dr. Hebeka also serves on the
boards of two non-profit organizations.

Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief
Executive Officer, said, "Dr. Hebeka brings to Fresh Del Monte a
wealth of academia and business experience.  He has a tremendous
amount of international business knowledge and his extensive
familiarity and insight into emerging markets will be of great
value to Fresh Del Monte in achieving its global growth
strategy."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading  
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Services has affirmed
its 'BB-' corporate credit rating on Fresh Del Monte Produce
Inc., and removed the rating from CreditWatch, where it was
placed with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.


KAFCO C&I: Signs KRW99.22-Million Contract w/ Consulting Company
----------------------------------------------------------------
Kafco C&I Co., Ltd., has signed a KRW99,220,000 contract with a
Korea-based consulting company, Reuters Key Developments
reports.

According to the report, under the agreement, Kafco C&I will
supply the database application performance related consulting
services to the latter company.

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20-billion bond a CCC
rating with negative outlook, as of April 18, 2006.


KAFCO C&I: Signs KRW97.9-Million Contract w/ PCA Life Insurance
---------------------------------------------------------------
Kafco C&I Co., Ltd., has signed a business contract with PCA
Life Insurance Co. Ltd, Reuters Investing Keys reports.

According to the report, the company will supply storage systems
to PCA Life.

The business deal is worth KRW97,900,000, the report adds.


Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20 billion bond a CCC
rating with negative outlook, as of April 18, 2006.


KAFCO C&I: Discloses Change in Shareholding Structure
-----------------------------------------------------
Kafco C&I Co., Ltd., disclosed that Lim Dong Soo has sold off  
his 1,008,569 shares of the company, Reuters Key Developments
reports.

According to the report, Mr. Soo's shares had an equivalent of
8.19% stake in the company.

Following the transaction, the report relates, Mr. Soo no longer
holds any shares of Kafco C&I.


Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20 billion bond a CCC
rating with negative outlook, as of April 18, 2006.


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

ARK RESOURCES: Sept. 30 Balance Sheet Upside-Down by MYR87.7MM
--------------------------------------------------------------
ARK Resources Berhad's unaudited balance sheet as of Sept. 30,
2007, went upside down by MYR87.7 million, on total assets of
MYR9.6 million and total liabilities of MYR97.33 million.

For the quarter ended September 30, 2007, the company posted a
net profit of MYR25.25 million on MYR579,000 in revenues, a
turnaround from the MYR28.46-million net loss on MYR2.97 million
in revenues recorded in the same quarter in 2006.


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

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


EKRAN BERHAD: Discloses Default in Payment for November 2007
------------------------------------------------------------
Pursuant to Practice Note 1/2001 of the Listing Requirements of
Bursa Malaysia Securities Berhad, Ekran Berhad disclosed its
default in payment for November 2007.

  Bankers             Claimed amount      Description
  -------               --------------      -----------
  Pengurusan Danaharta  MYR28,426,953.08    Original Loan with
  National Sdn Bhd        +            Pacific Bank Berhad.
                            Interest        Loan recalled.

  Danaharta Managers     MYR1,217,535.25    Original Loan with
   Sdn Bhd                     +            Public Merchant Bank
                            Interest   Berhad.
                                            Loan recalled.

  Danaharta Urus        MYR29,535,045.28    Original Loan with
  Sdn Bhd                      +            Bumiputra-Commerce
                            Interest        Bank Berhad.
                                            Loan recalled.

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

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


FCW HOLDINGS: Turns Around with MYR1.35MM Profit for 1st. Qtr.
--------------------------------------------------------------
FCW Holdings Berhad has posted a net profit of MYR1.35 million
for the quarter ended September 30, 2007, a turnaround from the
MYR259,000 net loss recorded for the same period in 2006.

Revenues for the first quarter totaled MYR1.79 million, compared
with the MYR1.65 million recorded in the first quarter of 2006.

As of September 30, 2007, the company's balance sheet showed
MYR21.25 million of current assets available to pay
MYR1.88 million of current liabilities coming due within the
next 12 months.


Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

FCW Holdings is a Practice Note 17 company.  It has been
incurring continuous losses since 1999.  The Troubled Company
Reporter-Asia Pacific reported that for the quarter ended
March 31, 2006, the Company's accumulated losses has hit
MYR135,469,000, from MYR134,410,000 accumulated losses in
March 31, 2005.  The Company is also facing possible delisting
by Bursa Malaysia Securities Berhad if it fails to submit a plan
to regularize its financial condition.


SOLUTIA INC: Court Confirms Consensual Reorganization Plan
----------------------------------------------------------
Judge Prudence Carter Beatty of the U.S. Bankruptcy Court in the
Southern District of New York confirmed Solutia Inc.'s
consensual plan of reorganization at a hearing held Nov. 29,
2007, in Manhattan.

Solutia anticipates that the Plan will become effective in the
late December or January timeframe.

The Plan was co-proposed by the Official Committee of Unsecured
Creditors, the Official Committee of Equity Security Holders,
and the Official Committee of Retirees in Solutia's bankruptcy
case.

On Oct. 31, 2007, Solutia received a fully underwritten
commitment for US$2,000,000,000 of exit financing from Citigroup
Global Markets Inc., Goldman Sachs Credit Partners L.P. and
Deutsche Bank Securities Inc., who would act as joint lead
arrangers and joint bookrunners for the exit facility.  Solutia
would use the loan to pay certain creditors upon its emergence
from Chapter 11 and for the ongoing operations of the company
after emergence.

The exit financing package includes a US$400,000,000 senior
secured asset-based revolving credit facility, a
US$1,200,000,000 senior secured term loan facility, and a
US$400,000,000 senior unsecured bridge facility.

Solutia also has entered into an agreement with UBS Securities
LLC, Merrill Lynch & Co. Inc., a General Motors Corp. pension
fund, and hedge funds Highland Capital Management, Longacre Fund
Management and Southpaw Asset Management to backstop the
company's US$250,000,000 rights offering.  Solutia would use the
proceeds to fund its obligations for retiree benefits and
retained legacy liabilities.

Pursuant to the rights offering, eligible general unsecured
creditors, noteholders and equity holders, who exercise their
claim transfer rights, will have the opportunity to purchase
15,936,703 shares of new common stock of Reorganized Solutia, on
a pro rata basis, at an exercise price of around US$13.33, which
represents a 33.33% discount to the implied US$20 per share
value of the New Common Stock.  The investors would purchase all
unsubscribed shares.  The investors have the option to buy
2,812,359 shares of New Common Stock under a direct purchase
option.  Otherwise, the 2,812,359 shares would be added to the
Rights Offering pool.

"While this has been a long process, we have used our time in
Chapter 11 to truly transform and revitalize Solutia -- shaping
a strong portfolio of businesses, shedding US$1.3 billion in
liabilities, and growing the company by US$1 billion in sales
while more than doubling our earnings.  We will emerge from
Chapter 11 as a growing, vibrant company that is positioned for
success," said Jeffry N. Quinn, chairman, president and CEO of
Solutia.

"We are pleased to have gained confirmation of a plan of
reorganization that was supported by all of the major
constituents in our case and that provides for significant
creditor recoveries," Mr. Quinn added.

                      About Solutia Inc.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.


SYARIKAT KAYU: Inks Purchase Agreement with Harta & Langkawi
------------------------------------------------------------
Syarikat Kayu Wangi Berhad, on November 27, 2007, inked a
purchase agreement with Harta Binaan Sentosa Sdn. Bhd. and
Langkawi Vision Berhad.

The company will acquire Harta’s Sentosa Regency Hotel for
MYR22 million and Langkawi’s lands title: GM 2997 Lot 896, GM
2998 Lot 897 and GM 1931 Lot 698 all in the Mukim of Derga
District of Kota Setar, Kedah Darul Aman for MYR8.65 million.

The company will pay the total price consideration through the
issuance of the number of new ordinary shares of MYR1 in the
company’s share capital, credited as fully paid up at MYR1 each
or other issue price as may be approved by the Securities
Commission.


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

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

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


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

C B COLLECTIONS: Commences Liquidation Proceedings
--------------------------------------------------
C B Collections Ltd. commenced liquidation proceedings on
November 6, 2007.

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

The company's liquidator is:

          Roderick Thomas Mckenzie
          McKenzie & Partners Limited
          Level 1, 484 Main Street
          PO Box 12014, Palmerston North
          New Zealand
          Telephone:(06) 354 9639
          Facsimile:(06) 356 2028


CAFE CON LECHE: Court to Hear Wind-Up Petition on January 24
------------------------------------------------------------
On October 15, 2007, Milverton International Investments Limited
filed a petition to have Cafe Con Leche Company Ltd.'s
operations wound up.

The petition will be heard before the High Court of Auckland on
January 24, 2008, at 10:00 a.m.

Milverton's solicitors are:

          Christine Mary Meechan
          Bell Gully
          Vero Centre, Level 22
          48 Shortland Street
          Auckland
          New Zealand


CARECLEAN SERVICES: Wind-Up Hearing Set for Feb. 28, 2008
---------------------------------------------------------
The Commissioner of Inland Revenue filed on  September 17, 2007,
a petition to have Careclean Services Ltd.'s operations wound
up.

The High Court at Auckland will hear the petition on Feb. 28,
2008, at 10:00 a.m.

The CIR's solicitor is:

          Julia Beech
          Inland Revenue Department
          Legal and Technical Services
          Ground Floor Reception
          518 Colombo Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0809
          Facsimile:(03) 977 9853


GULF HARBOUR: Fixes Dec. 13 as Last Day to File Proofs of Debt
--------------------------------------------------------------
The creditors of Gulf Harbour Foundation are required to file
their proofs of debt by December 13, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

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


HILLWEST GROUP: Shareholders Agree on Voluntary Liquidation
-----------------------------------------------------------
The shareholders of Hillwest Group Ltd. met on October 25, 2007,
and appointed Iain Bruce Shephard and Christine Margaret Dunphy
as the company's liquidators.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


INDIAN FOOD: Creditors' Proofs of Debt Due on December 15
---------------------------------------------------------
The creditors of Indian Food Factory Ltd. are required to file
their proofs of debt by December 15, 2007, to be included in the
company's dividend distribution.

The company entered wind-up proceedings on November 8, 2007.

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          Insolvency Practitioners
          PO Box 259059, Greenmount
          East Tamaki, Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


INDONZ ENTERPRISES: Appoints Shephard & Dunphy as Liquidators
-------------------------------------------------------------
The High Court of Wellington, at November 8, 2007, appointed
Iain Bruce Shephard and Christine Margaret Dunphy as liquidators
for Indonz Enterprises Ltd.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


SEALEGS CORP: Books NZ$545,907 Loss in Half-Year Ending Sept. 30
----------------------------------------------------------------
Sealegs Corporation Limited, despite earning a record
consolidated operating revenue figure for the half year ending
Sept. 30, 2007, incurred a negative bottom line.

Sealegs reported trading revenue for the six month period of
NZNZ$4,463,817, an increase of 71% on the same period last year
of NZNZ$2,614,594.

A change in New Zealand International Financial Reporting
Standards, however, meant that the profit from operations of
NZNZ$46,893 was adversely affected by unexercised share options
of NZNZ$592,800, resulting in a NZNZ$545,907 loss.

There was a NZNZ$2,129,726 increase in the company's net assets
to NZ$7,426,979 for the period, due to investment in stock and
plant as a result of ramping-up monthly production output at the
new Albany factory.

Chief Executive Officer, David McKee Wright says "this result
once again reflects the growing demand and sales of our
amphibious boats and the earnings flow which is coming from
these boats. We are continuing to move forward with revenue
growth and deficit reduction."

Further to this, Mr. McKee Wright said "over the reported
period, Sealegs strengthened its management team, manufacturing
capacity and product range."

A total of 54 amphibious boats were shipped, compared to 34 in
the previous half year period.  Worldwide recreational sales
continue to grow with 90 new boat orders taken in the period
valued at NZ$8.1 million.

Sealegs recently announced that it is progressing in both
Malaysia and South Korea in building an additional future
revenue stream from the sales of its amphibious boats into the
Flood and Rescue markets.

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


T & J HEADLAND: Shareholders Resolve to Liquidate Business
----------------------------------------------------------
On November 6, 2007, the shareholders of T & J Headland Builders
Ltd. resolved to voluntarily liquidate the company's business.

Craig Speakman was appointed as liquidator.

The Liquidator can be reached at:

          Craig Speakman
          PO Box 9687, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 630 3808
          Facsimile:(09) 630 3970


VIKING STONE: Court to Hear Wind-Up Petition on Dec. 13
-------------------------------------------------------
The High Court of Dunedin will hear on December 13, 2007, at
10:00 a.m., a petition to have Viking Stone Ltd.'s operations
wound up.

The Commissioner of Inland Revenue filed the petition on Oct. 4,
2007.

The CIR's solicitor is:

          Julia Beech
          Inland Revenue Department
          Legal and Technical Services
          Ground Floor Reception
          518 Colombo Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0809
          Facsimile:(03) 977 9853


* New Zealand Finance Company Asset Growth at Eight-Year Low
------------------------------------------------------------
New Zealand finance companies and other non-bank lenders posted
the slowest asset growth in eight years amid company failures,
Tracy Withers writes for Bloomberg News, citing a report by
accounting firm KPMG.


Ms. Withers relates that, according to the KPMG survey, asset
growth of finance companies and savings institutions slowed to
7% in 2007 after seven years.

The report also says that 13 finance companies have failed the
past two years as slowing economic growth and rising borrowing
costs crimped borrowers' ability to pay back loans on cars and
appliances.  The report adds that a global credit crisis led
investors to withdraw funds from the industry, creating a
shortage of liquidity that led to bankruptcies.

The report quotes KPMG deputy chairman Godfrey Boyce as saying
that "fundamental changes" are happening in the finance and
lending industry "in terms of company failures, the depth of the
debenture market and the impact of new regulation."  Mr. Boyce
adds that KPMG expects that the country's original 49 sizable
companies will undergo mergers and takeovers, resulting in a
reduction to around 20 significant participants.


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

EXPORT AND INDUSTRY: Posts Net Loss of PHP166.634 Mil. for 2006
---------------------------------------------------------------
Export and Industry Bank Inc. has posted a consolidated net loss
of PHP166.634 million in fiscal year 2006, its third annual net
loss following a PHP1.691-billion loss in 2005 and a
PHP459.07-million loss in 2004.

For the year ending December 31, 2006, the bank posted interest
income of PHP905.783 million, comprising of PHP105.616 million
from loans, PHP54.204 million from trading and investment
securities and PHP9.542 million in other sources of interest
income.  On the other hand, it incurred interest expenses of
PHP1.54 billion from PHP918.099 million deposit liabilities and
PHP622.872 million in bills payable and other borrowings.

The bank also earned other income of PHP3.057 billion while
incurring PHP1.207 billion in other expenses.  It also recorded
PHP58.768 million in tax expenses.

As of December 31, 2006, the bank has PHP34.545 billion in
assets and PHP29.010 billion in liabilities, resulting in
capital funds of PHP5.535 billion.

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

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

Headquartered in Makati City, Manila, Export and Industry Bank,
Inc. -- http://exportbank.com.ph/-- has 50 branches and has  
revived former Urban Bank unit under new names.  Its principal
activity is the provision of commercial banking services such as
deposit taking, loans and trade finance, domestic and foreign
fund transfers, treasury, foreign exchange and trust services.

The bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. extends annual financial aid of
PHP600 million to the bank.


EXPORT AND INDUSTRY: 2nd Qtr. Net Loss Dips 56.8% to PHP112 Mil.
----------------------------------------------------------------
Export and Industry Bank Inc. has posted a PHP112.466-million
net loss for the second quarter of 2007, a 56.81% decrease from
the PHP260.426-million net loss it reported for the same period
in 2006.

For the quarter ended June 30, 2007, the bank posted interest
income of PHP342.796 million, on income from loans valuing
PHP109.067 million, PHP196.656 million in trading and investment
securities, and PHP37.073 million from other sources.  The
company also posted interest expenses of PHP288.611 million,
comprising of PHP208.639 million in deposit liabilities, and
PHP79.792 million in bills payable and other borrowings.

The bank also posted PHP112.956 million in other income and
PHP264.584 million in other expenses.

The bank's first half net loss for 2007 also went down 26.04%
from last year's PHP260.426 million to this year's
PHP192.611 million.

For the first half of 2007, the bank earned interest income of
PHP643.711 million and interest expenses of PHP577.733 million,
as well as PHP319.446 million in other income and incurring
other expenses of PHP562.868 million.

As of June 30, 2007, the bank had PHP38.174 billion in total
assets and PHP33.165 billion in total liabilities, resulting in
capital funds of PHP5.009 billion.

The company's second-quarter and first half financial statements
for the quarter and first half periods to June 30, 2007, can be
downloaded free of charge at:

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

Headquartered in Makati City, Manila, Export and Industry Bank,
Inc. -- http://exportbank.com.ph/-- has 50 branches and has  
revived former Urban Bank unit under new names.  Its principal
activity is the provision of commercial banking services such as
deposit taking, loans and trade finance, domestic and foreign
fund transfers, treasury, foreign exchange and trust services.

The bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.  

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. extends annual financial aid of PHP600
million to the bank.

The company also posted a net loss of PHP166.634 million for
2006, aside from its PHP1.66-billion net loss in 2005 and
PHP459.07 million net loss in 2004.


EXPORT AND INDUSTRY: 3rd Qtr. Net Loss Up 146% to PHP132 Million
----------------------------------------------------------------
Export and Industry Bank Inc.'s third quarter net loss has
climbed 146.22% from a year ago's PHP53.978 million to the
current year's PHP132.906 million.

For the quarter ended September 30, 2007, the bank posted
PHP352.662 million in interest income, comprising of a
PHP240.294-million income from interest in loans,
PHP75.987 million interest from trading and investment
securities, and PHP36.382 million in other interest income.  The
bank also incurred interest expenses of PHP204.486-million from
deposit liabilities and PHP110.399 million from bills payable
and other borrowings.

The bank also earned PHP113.030 million in other income while
incurring other expenses of PHP285.671 million.

The bank also reported a PHP325.525-million net loss for the
nine-month period ending September 30, 2007, a 5.65% increase
from the PHP308.117 million net loss reported for the same
period last year.

For the January-September 2007 period, the bank earned
PHP996.434 million in interest income while incurring interest
expenses of PHP892.618 million.  The bank also reported other
income of PHP432.476 million and other expenses of PHP848.539
million.

As of September 30, 2007, the company had total assets of
PHP44.291 million and total liabilities of PHP39.493 million,
resulting in a capital fund of PHP4.798 million.

The company's third quarter and nine-month financial statements
for FY2007 can be downloaded for free at:

           http://researcharchives.com/t/s?2600

Headquartered in Makati City, Manila, Export and Industry Bank,
Inc. -- http://exportbank.com.ph/-- has 50 branches and has  
revived former Urban Bank unit under new names.  Its principal
activity is the provision of commercial banking services such as
deposit taking, loans and trade finance, domestic and foreign
fund transfers, treasury, foreign exchange and trust services.

The bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.  

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. extends annual financial aid of PHP600
million to the bank.

The company also posted a net loss of PHP166.634 million for
2006, aside from its PHP1.66-billion net loss in 2005 and
PHP459.07 million net loss in 2004.


PHILCOMSAT HOLDINGS: PCGG Group Seeks to Void New Board Election
----------------------------------------------------------------
Philippine Overseas Telecommunications Corp. and Philippine
Communications Satellite Corp. director and vice president
Concepcion Poblador is seeking to have the results of a
November 19, 2007 meeting that installed a new set of government
nominees nullified, the Philippine Daily Inquirer reports.

Ms. Poblador is also seeking to stop the Presidential Commission
on Good Government from recognizing the new set of company
directors, the article adds.

POTC is the parent company of Philcomsat Holdings Corp.

According to the article, Ms. Poblador's complaint lodged with
the Sandiganbayan alleged that no such meetings were authorized
by the two companies and said that the November 19 meeting was
illegal.  PCGG cannot recognize the results of the meetings, the
complaint said, because recognizing it would be "tantamount to a
ratification of the acts of dissipation and depletion of
sequestered assets, done with the connivance of former PCGG
comptrollers and asset monitors, in violation of the mandate of
the commission to preserve sequestered assets."


Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


PHIL LONG DISTANCE: Board Approves Proposed Management Changes
--------------------------------------------------------------
The Board of directors has approved during a special meeting on
December 1 the organizational charges proposed by senior
management in order to achieve the company's strategic goal of
turning into a new generation communications company.

According to a disclosure with the Philippine Stock Exchange,
the Board approved these organizational charges:

    * While remaining president and CEO of Smart Communications
      Inc., Napoleon L. Nazareno will focus on managing the
      changes to the group's Fixed Line business while it
      upgrades its systems to an all-IP Next Generation Network.

    * Beginning January 2008, the Fixed-Line organization will
      be realigned to consolidate all revenue generation and
      customer relationship initiatves under the Customer Sales
      and Marketing Group to be headed by Ernesto R. Alberto,
      who is currently head of PLDT's Corporate Business Group.

    * A customer service assurance group will be created to
      oversee all customer fulfillment services including
      customer service and network engineering, to be headed by
      Rolando G. Pena who is currently Head of Network Services   
      at SMART.

    * The creation of a Business Transformation Office to be led
      by current Head of the Human Resources Group Victorico P.
      Vargas to oversee the overall change-management
      initiatives.

    * The creation of the position of Chief Wireless Adviser,
      which will be taken by SMART founder Orlando B. Vea, to  
      support Mr. Narazeno's discharging of responsibilities at
      SMART.

Ray Espinosa remains President and CEO of PLDT.  Also, in order
to ensure shareholder support to Mr. Nazareno and his team, Mr.
Nazareno will be nominated as a non-Executive Director to the
Board of PLDT's parent First Pacific Co. Ltd. in Hong Kong.

                         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.


WARNER MUSIC: Sept. 30 Balance Sheet Upside-Down by US$36 Mln
-------------------------------------------------------------
Warner Music Group Corp.'s consolidated balance sheet at
Sept. 30, 2007, showed US$4.57 billion in total assets and
US$4.61 billion in total liabilities, resulting in a
US$36 million total shareholders' deficit.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$1.20 billion in total current
assets available to pay US$1.88 billion in total current
liabilities.

The company disclosed Thursday last week its full-year and
fourth-quarter financial results for the period ended Sept. 30,
2007.

                    Fourth Quarter Results

Net income was US$5 million for the fourth quarter ended
Sept. 30, 2007.  Net income in the fourth quarter of 2006 was
US$12 million. As of Sept. 30, 2007, the company reported a cash
balance of US$333 million, total long-term debt of
US$2.27 billion and net debt  of US$1.94 billion.

Fourth-quarter results for fiscal year 2007 include US$9 million
in restructuring and implementation expenses related to the
company's realignment initiatives; and a US$12 million benefit
in Recorded Music from the final allocation of royalty payable
balances to artist accounts in connection with the settlement
with Bertelsmann AG regarding Napster.

In fiscal year 2006, the results for the fourth quarter included
a US$13 million benefit in Recorded Music related to the
settlement regarding Kazaa.

For the fourth quarter 2007, revenue grew 1.8% to US$869 million
from US$854 million in the prior-year quarter, and fell 1.5% on
a constant-currency basis.  This constant-currency decline was
driven by a challenging Recorded Music industry environment as
the shift in consumption patterns from physical sales to new
forms of digital music continues.  On a constant-currency basis,
revenue gains in the U.S. and flat European results were more
than offset by declines in the Latin America and Asia Pacific
regions. Domestic revenue increased 5.9% while international
revenue was down 2.5%, or 8.0% on a constant-currency basis.

Operating income for the quarter rose 7.6% to US$71 million from
US$66 million in the prior-year quarter and operating margin
improved 0.5 percentage points to 8.2%.  Operating income before
depreciation and amortization for the quarter increased 6.3% to
US$134 million from US$126 million in the prior-year quarter and
OIBDA margin expanded by 0.6 percentage points to 15.4%.  The
increase in OIBDA and OIBDA margins primarily reflects an
increase in higher-margin digital sales and a decrease in annual
bonus compensation.  These benefits were partially offset by the
decline in physical sales, resulting in fixed costs spread over
a smaller revenue base, increased product costs and the costs
associated with our realignment plan.

"As expected, this has been a challenging quarter, reflecting
the difficulties in any industry transformation of this scale.  
But we remain confident for two primary reasons: continued
growth in the broader music market that our long-term strategy
targets, and the disciplined creative leadership shown by WMG to
expand our music business model," said Edgar Bronfman, Jr.,
Warner Music Group's chairman and chief executive officer.  
"Despite the difficult global recorded music environment, we
outperformed the market again this quarter while continuing to
lay the foundation for future growth."

Michael Fleisher, Warner Music Group's executive vice president
and chief financial officer, added: "Even as we redefine our
role in the overall music industry, we maintain our focus on
financial discipline.  Our realignment initiatives announced in
May were completed on schedule and resulted in total
restructuring and implementation charges of US$63 million in
this fiscal year, better than the previously announced range of
US$65 million to
US$80 million."

                       Fiscal 2007 Results

For the full year 2007, revenue fell 3.7% to US$3.38 billion
from US$3.52 billion last year, or fell 6.8% on a constant-
currency basis.  Total revenue in 2007 was split 49% domestic
and 51% international.  Domestic revenue declined 1.8% over the
prior year while international revenue dropped 5.8%, or 11.3% on
a constant-currency basis.  Total digital revenue rose 30% year-
on-year to US$460 million, was split 68% domestic and 32%
international and represented 13.6% of total revenue for the
fiscal year.  Recorded Music sales were challenged by fewer
high-volume sellers and a weaker physical sales backdrop, with
digital gains failing to compensate for physical declines as the
Recorded Music industry continues to be in transition.

The company's operating income of US$215 million decreased from
US$283 million in the last fiscal year and operating margin
contracted 1.6 percentage points to 6.4%.

OIBDA for the fiscal year amounted to US$461 million compared to
US$518 million last year and OIBDA margin contracted by 1.1
percentage points to 13.6%.  The decline in OIBDA margin
primarily reflects negative operating leverage from lower sales
on a similar fixed cost base that was particularly evident early
in the fiscal year, higher product costs and costs associated
with the company's  realignment plan.  This was partially offset
by an increase in higher-margin digital sales, the benefit from
a legal settlement and a decrease in annual bonus compensation.

Net loss this fiscal year was US$21 million, compared to net
income of US$60 million for the 2006 fiscal year.

Results for the fiscal year 2007 includes US$63 million in
restructuring and implementation expenses related to the
company's realignment initiatives; a US$64 million benefit from
the settlement with Bertelsmann AG regarding Napster; and
US$9 million in expenses incurred in connection with the
previously disclosed proposed acquisition of EMI Group plc.

In fiscal year 2006, results included a US$13 million benefit
for Recorded Music related to the settlement regarding Kazaa.

                          Liquidity

For the fiscal year 2007, net cash provided by operating
activities was US$302 million.  Free cash flow amounted to
US$22 million compared to free cash flow of US$172 million in
fiscal year 2006.  Unlevered after-tax cash flow was
US$158 million, compared to US$313 million in fiscal year 2006.  
Free cash flow and unlevered after-tax cash flow for fiscal 2007
include the previously disclosed investments of US$110 million
in Front Line Management and US$65 million in Roadrunner as well
as US$63 million in restructuring-related charges and
US$110 million in cash received from the settlement with
Bertelsmann AG regarding Napster.  Free Cash flow and unlevered
after-tax cash flow for fiscal 2006 included a previously
disclosed investment of US$63 million in Rykodisc.

Full-text copies of the company's consolidated financial
statements for the fiscal year ended Sept. 30, 2007, are
available for free at http://researcharchives.com/t/s?25e2  

                    About Warner Music Group

Headquartered in New York, Warner Music Group Corp. (NYSE: WMG)
-- http://www.wmg.com/-- is a stand-alone music company which  
is home to a collection of the best-known record labels in the
music industry including Asylum, Atlantic, Bad Boy, Cordless,
East West, Elektra, Lava, Nonesuch, Reprise, Rhino, Roadrunner,
Rykodisc, Sire, Warner Bros. and Word.  Warner Music
International, a leading company in national and international
repertoire, operates through numerous international affiliates
and licensees in more than 50 countries.  Warner Music maintains
international operations in Argentina, Australia, Brazil,
Canada, Croatia, Denmark, France, Germany, Greece, Hong Kong,
Hungary, India, Ireland, Malaysia, Mexico, Philippines,
Thailand, and the United Kingdom, among others.  Warner Music
Group also includes Warner/Chappell Music, one of the world's
leading music publishers, with a catalog of more than one
million copyrights worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Fitch Ratings affirmed Warner Music Group Corp.'s 'BB-' Issuer
Default Rating.  The Rating Outlook is Stable.


* Local Currency Reaches PHP42.27 per US$1 Level on Remittances
---------------------------------------------------------------
The peso reached its highest so far in seven and a half years,
closing at PHP42.27 against the US dollar on Monday due to high
dollar remittances from overseas Filipino workers and due to
banks getting rid of their holdings of the greenback, the Manila
Bulletin reports.

According to the article, foreign exchange practitioners are
agreed that the peso's strength was not only because of the
overall market sentiment of a weaker dollar but also because of
the high volume of OFW remittances that will continue well into
the Christmas holidays.  The dollar-selling of banks and other
financial institutions especially local lenders added to the
rise of the peso, they said.

The article also cites a source within the treasury of a foreign
bank saying that the peso weakened on Thursday because of the
takeover by Sen. Antonio Trillanes IV and a group of supporters
of the Manila Peninsula Hotel, but with its quick resolution
banks who took a long dollar position reinstated their position
in favor of the peso.

The reinstatement, the source said, resulted in heavy dollar-
selling activity that strengthened the peso further against the
dollar.  A domestic bank trader also told the Tribune that the
three-day long weekend due to the Andres Bonifacio holiday
caused an accumulation of dollar remittances that pumped
additional adrenalin to the peso when trading resumed on Monday.


                          *     *     *

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

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

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


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

ALLIANCE SERTECH: Court to Hear Wind-Up Petition on January 18
--------------------------------------------------------------
The High Court of Singapore will hear on January 18, 2008, at
10:00 a.m., a petition to have Alliance Sertech Pte. Ltd.'s
operations wound up.

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

Hong Leong's solicitor is:

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


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

The company paid 9.0% to all received claims.

The company's liquidator is:

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


PROGEN: Creditors and Contributories to Meet on December 13
-----------------------------------------------------------
The creditors and contributories of Progen Engineering Pte Ltd
will meet on December 13, 2007, at 2:00 p.m., at 18 Cross Street
#08-01, in Marsh & McLennan Centre (China Square Central),
Singapore 048423.

At the meeting, the creditors and contributories will be asked
to:

   -- receive an update on the status of liquidation;

   -- seek financial supports to pursue claims via legal
      proceedings;

   -- consider and if thought fit to appoint a committee of
      inspection; and

   -- discuss other business.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


SEA CONTAINERS: SCSL Panel Hires Attride-Stirling as Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave the
Official Committee of Unsecured Creditors of Sea Containers
Services Ltd., authority to retain Attride-Stirling & Woloneicki
as its "Bermuda Counsel", nunc pro tunc to Aug. 13, 2007.

James C. Carignan, Esq., at Pepper Hamilton LLP, in Wilmington
Delaware, relates that the SCSL Committee has selected Attride-
Stirling to serve as Bermuda counsel because the firm's
attorneys have extensive experience and knowledge in the field
of Bermuda insolvencies, Bermuda liquidations, and Bermuda-
related banking, finance, litigation, and corporate advisory
work, among others.

Kehinde A. L. George, head of Insolvency at Attride-Stirling,
will coordinate the firm's representation in the Debtors'
Chapter 11 cases, Mr. Carignan says.  

According to Mr. Carignan, Mr. George has over 15 years of
experience in insolvency, corporate restructuring, and related
matters.

As Bermuda Counsel, Attride-Stirling will:

   (a) provide legal advice with respect to the SCSL Committee's
       rights, powers , and duties in the Bermuda Proceedings;

   (b) represent the SCSL Committee at negotiations, hearings,
       and other Bermuda Proceedings, as required;

   (c) advise and assist the SCSL Committee in discussions with
       the provisional liquidators, Debtors and other parties in
       interest, as well as professionals retained by any of the
       parties, regarding the overall administration of the
       Bermuda Proceedings;

   (d) interface and coordinate with the provisional liquidators
       and any analogous parties that may be appointed under the
       laws of the various jurisdictions, as permitted or
       required;

   (e) appear before the Bermuda Supreme Court, the Bermuda
       Court of Appeal, Bermuda Magistrate Courts and Bermuda
       regulatory bodies, and protecting the interests
       represented by the SCSL Committee before the courts and
       regulators, as required;

   (f) assist the SCSL Committee's investigation of the assets,
       liabilities, and financial condition of the Debtors,
       and of the operations of the Debtors' businesses;

   (g) assist and advise the SCSL Committee with respect to its
       communications with other creditors as the   
       communications relate to the Bermuda Proceedings;

   (h) review and analyze on behalf of the SCSL Committee all
       pleadings, orders, statements of operations, schedules,
       and other legal documents filed in the Bermuda
       Proceedings;

   (i) prepare on behalf of the SCSL Committee all pleadings,
       motions, orders, reports, and other papers in furtherance
       of the Committee's interests and objectives in the
       Bermuda Proceedings;

   (j) advise the SCSL Committee on matters of Bermuda corporate
       law and governance;

   (k) attend to the meetings of SCSL Committee, if requested;
       and

   (l) perform all other legal services for the SCSL Committee
       that may be necessary and proper.

Attride-Stirling's professional services will be paid based on
its standard hourly rates:

     Kehinde George -- Partner             US$550.00
     Jan Woloniecki -- Senior Counsel      US$632.50
     Larry Mussenden -- Associate          US$440.00

The firm will also be reimbursed for necessary out-of-pocket
expenses.

Mr. George assures the Court that the members and associates of
his firm do not represent or hold an interest adverse to the
Debtors, their creditors, or any other party-in-interest.  
Accordingly, Attride-Stirling is a "disinterested person" as
that term is defined under the Bankruptcy Code.

                   About Sea Containers

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

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

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

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


SEA CONTAINERS: Marathon Discloses 10.7% Equity Stake
-----------------------------------------------------
Marathon Asset Management LLC disclosed in a regulatory filing
with the Securities and Exchange Commission dated November 16,
2007, that it beneficially owns 2,790,000 shares of Class A
Common Stock of Sea Containers Ltd.

The 2,790,000 shares, par value US$0.01 per share, are held by
Marathon Special Opportunity Master Fund, Ltd.

Marathon Asset serves as the investment manager of the Fund
pursuant to an Investment Management Agreement.  In its capacity
as investment manager of the Fund, Marathon Asset has sole power
to vote and direct the disposition of all Class A Common Shares
held by the Fund.

Thus, for the purposes of Reg. Section 240.13d-3, Marathon Asset
is deemed to beneficially own 2,790,000 shares, or 10.7% of the
deemed issued and outstanding Sea Containers Class A Common
Shares as of November 16, 2007.  Marathon Asset's interest in
the securities is limited to the extent of its pecuniary
interest in the Fund, if any.

                  About Sea Containers

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

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

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

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


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

KRUNG THAI: Third Quarter Net Income Dips 78.81% to THB1.07 Bil.
----------------------------------------------------------------
Krung Thai Bank PCL has posted a net income of THB1.075 billion
for the quarter ended September 30, 2007, 78.81% lower than the
THB5.078 billion reported for the same period in 2006.

For the third quarter of 2007, the bank earned a net interest
and dividend income of THB11.845 billion on gross interest and
dividend income of THB16.859 billion and interest expenses of
THB5.014 billion.  Non-interest income for the period is at
THB2.571 billion and non-interest expenses is at
THB6.683 billion.

The bank's nine-month income also dipped 56.21%, from last
year's THB13.65 billion to this year's THB5.978 billion.  Net
interest and dividend income for the January-September period is
at THB33.048 billion, on gross interest and dividend income of
THB50.764 billion and interest expenses of THB17.715 billion.  
Non-interest income is at THB8.615 billion, while non-interest
expenses is at THB20.953 billion.

As of September 30, 2007, the bank had THB1.257 trillion in
total assets and THB1.162 trillion in total liabilities,
resulting in a THB95.492-billion shareholders' equity.

The company's 2007 third quarter and nine-month financial
statements can be downloaded for free at:

           http://researcharchives.com/t/s?2604


Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation     
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


=============
V I E T N A M
=============

VIETCOMBANK: IPO Scheduled on Dec. 26 at US$6.20 Per Share
----------------------------------------------------------
The Commercial Joint Stock Bank for Foreign Trade of Vietnam --
Vietcombank -- has set a starting share price of VND100,000
(US$6.20) for each of the 97.5 million shares on offer at an
auction on Dec. 26, at the Ho Chi Minh Stock Exchange, Reuters
reports.

This places the value of the bank at US$9.3 billion, Reuters
says.

The 97.5 million shares to be put up for sale makes up 6.5% of
the bank's total 1.5 billion shares.  Reuters recounts that the
auction, initially slated for October, got postponed and the
bank has asked the government to conduct the offering in
December.

According to the report, Vietcombank, Vietnam's fourth largest
lender, is one of four banks the government has earmarked for
partial privatization this year, but the offerings have been
delayed.

The central bank only allows foreign investors to buy 30%, or
29.25 million shares, at the IPO, the report explains.

                          *     *     *

Vietcombank, or the Bank for Foreign Trade of Vietnam, is one of
four state-run banks earmarked for partial privatization in
2007.  According to reports, the bank is Vietnam's third-largest
lender by assets, with assets of US$11.3 billion at the end of
June 2007.

The Troubled Company Reporter-Asia Pacific reported on Feb. 14,
2007, that Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit ratings on Vietcombank.  The outlook
is stable.  Standard & Poor's also assigned a Bank Fundamental
Strength Rating of 'D' on the bank.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
December 5, 2007
  Turnaround Management Association
    TMA/ACG Holiday Party
      Marriott Downtown, Orlando, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

December 5, 2007
  Turnaround Management Association
    Joint Holiday Networking Event with TMA/CFA
      TBA, Philadelphia, Pennsylvania
        Telephone: 215-657-5551
          Web site: http://www.turnaround.org/

December 6, 2007
  Turnaround Management Association
    Seattle Holiday Party
      Athletic Club, Seattle, Washington
        Telephone: 206-223-5495
          Web site: http://www.turnaround.org/

December 6-8, 2007
  American Bankruptcy Institute
    Winter Leadership Conference
      Westin Mission Hills Resort, Rancho Mirage, California
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

December 10, 2007
  Turnaround Management Association
    Holiday Party
      Guy Anthony's Restaurant, Merrick, New York
        Telephone: 631-251-6296
          Web site: http://www.turnaround.org/

December 10, 2007
  Turnaround Management Association
    Holiday Party
      Guy Anthony's Restaurant, Merrick, New York
        Telephone: 631-251-6296
          Web site: http://www.turnaround.org/

December 10, 2007
  Turnaround Management Association
    TMA/CFA Joint Holiday Party
      Maryland Club, Baltimore, Maryland
        Telephone: 215-657-5551
          Web site: http://www.turnaround.org/

December 12, 2007
  Turnaround Management Association
    Joint Holiday Networking Event with TMA/CFA
      Loews Hotel, Philadelphia, Pennsylvania
        Telephone: 215-657-5551
          Web site: http://www.turnaround.org/

December 13, 2007
  Turnaround Management Association
    Colorado Chapter Annual Brew Pub & Pool Social
      Wynkoop Brewing Company, Denver, Colorado
        Telephone: 303-847-5026
          Web site: http://www.turnaround.org/

December 13, 2007
  Turnaround Management Association
    Holiday Extravaganza - TMA & CFA
      Georgia Aquarium, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

December 13, 2007
  Turnaround Management Association
    Holiday Extravaganza - TMA & CFA
      Georgia Aquarium, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

December 19, 2007
  Lexisnexis Conferences
    Mealey's Asbestos Bankruptcy Conference
      Four Seasons Hotel, Miami, Florida
        Web site: http://www.lexisnexis.com/

December 19, 2007
  Turnaround Management Association
    South Florida Dinner
      TBA, South Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

January 10, 2008
  Turnaround Management Association
    Distressed Debt Panel
      University Club, Jacksonville, Florida

January 10, 2008
  Turnaround Management Association
    NJTMA Holiday Party
      Iberia Tavern & Restaurant, Newwark, New Jersey
        Telephone: 908-575-7333
          Web site: http://www.turnaround.org/

January 11, 2008
  Turnaround Management Association
    Annual Lenders Panel
      Westin Buckhead, Atlanta, Georgia
        Web site: http://www.turnaround.org/

January 16, 2008
  Turnaround Management Association
    Current Outlook: Workouts, Lending and Turnarounds
      Marriott North, Fort Lauderdale, Florida
        Web site: http://www.turnaround.org/

January 17-18, 2008
  American Bankruptcy Institute
    Caribbean Insolvency Symposium
      Westin Diplomat, Hollywood, Florida
        Web site: http://www.abiworld.org/

January 28, 2008
  Turnaround Management Association
    Finding Money: Int'l Asset Search and
      Recovery Methods for Collecting Judgments
        Centre Club, Tampa, Florida
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    PowerPlay
      Philips Arena, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    Breakfast Event
      Carnelian Room, San Francisco, California
        Telephone: 510-346-6000 ext 226
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    PowerPlay
      Philips Arena, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

February 14-16, 2008
  American Bankruptcy Institute
    13th Annual Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colorado
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

February 22, 2008
  American Bankruptcy Institute
    Bankruptcy Battleground West
      Fairmont Miramar, Santa Monica, California
        Web site: http://www.abiworld.org/

February 23-26, 2008
  Norton Institutes on Bankruptcy Law
    Bankruptcy Litigation Seminar I
      Park City, Utah
        Web site: http://www.nortoninstitutes.org/

February 26, 2008
  Turnaround Management Association
    Retail Panel
      Citrus Club, Orlando, Florida
        Web site: http://www.turnaround.org/

February 27-28, 2008
  Euromoney Institutional Investor
    6th Annual Distressed Investing Forum
      Union League Club, New York, New York
        Web site: http://www.euromoneyplc.com/

March 6-8, 2008
  ALI-ABA
    Fundamentals of Bankruptcy Law
      Mandalay Bay Resort, Las Vegas, Nevada
        Web site: http://www.ali-aba.org/

March 8-10, 2008
  American Bankruptcy Institute
    Conrad Duberstein Moot Court Competition
      St. John's University School of Law, New York
        Web site: http://www.abiworld.org/

March 19, 2008
  Turnaround Management Association
    South Florida Dinner
      Bankers Club of Miami, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

March 25, 2008
  Turnaround Management Association
    Luncheon - Maggie Good
      Centre Club, Tampa, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

March 27-30, 2008
  Norton Institutes on Bankruptcy Law
    Bankruptcy Litigation Seminar II
      Las Vegas, Nevada
        Web site: http://www.nortoninstitutes.org/

April 3, 2008
  International Women's Insolvency & Restructuring Confederation
    Annual Spring Luncheon
      Renaissance Hotel, Washington, District of Columbia
        Telephone: 703-449-1316
          Web site: http://www.iwirc.org

April 3, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - East
      The Renaissance, Washington, District of Columbia
        Web site: http://www.abiworld.org/

April 3-6, 2008
  American Bankruptcy Institute
    26th Annual Spring Meeting
      The Renaissance, Washington, District of Columbia
        Web site: http://www.abiworld.org/

April 25-27, 2008
  National Association of Bankruptcy Judges
    NABT Spring Seminar
      Eldorado Hotel & Spa, Santa Fe, New Mexico
        Web site: http://www.nabt.com/

May 1-2, 2008
  American Bankruptcy Institute
    Debt Symposium
      Hilton Garden Inn, Champagne/Urbana, Illinois
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 9, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - NYC
      Alexander Hamilton U.S. Custom House, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12, 2008
  American Bankruptcy Institute
    New York City Bankruptcy Conference
      Millennium Broadway Hotel & Conference Center, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 13-16, 2008
  American Bankruptcy Institute
    Litigation Skills Symposium
      Tulane University, New Orleans, Louisiana
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 18-20, 2008
  International Bar Association
    14th Annual Global Insolvency & Restructuring Conference
      Stockholm, Sweden
        Web site: http://www.ibanet.org/

June 4-7, 2008
  Association of Insolvency & Restructuring Advisors
    24th Annual Bankruptcy & Restructuring Conference
      J.W. Marriott Spa and Resort, Las Vegas, Nevada
        Web site: http://www.airacira.org/

June 12-14, 2008
  American Bankruptcy Institute
    15th Annual Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Michigan
        Web site: http://www.abiworld.org/

June 19-21, 2008
  ALI-ABA
    Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
      Drafting, Securities, and Bankruptcy
        Omni Hotel, San Francisco, California
          Web site: http://www.ali-aba.org/

June 26-29, 2008
  Norton Institutes on Bankruptcy Law
    Western Mountains Bankruptcy Law Seminar
      Jackson Hole, Wyoming
        Web site: http://www.nortoninstitutes.org/

July 10-13, 2008
  American Bankruptcy Institute
    16th Annual Northeast Bankruptcy Conference
      Ocean Edge Resort
        Brewster, Massachussets
          Web site: http://www.abiworld.org/events

July 31 - Aug. 2, 2008
  American Bankruptcy Institute
    4th Annual Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay
        Cambridge, Maryland
          Web site: http://www.abiworld.org/

August 16-19, 2008
  American Bankruptcy Institute
    13th Annual Southeast Bankruptcy Workshop
      Ritz-Carlton, Amelia Island, Florida
        Web site: http://www.abiworld.org/

August 20-24, 2008
  National Association of Bankruptcy Judges
    NABT Convention
      Captain Cook, Anchorage, Alaska
        Web site: http://www.nabt.com/

September 4-5, 2008
  American Bankruptcy Institute
    Complex Financial Restructuring Program
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 4-6, 2008
  American Bankruptcy Institute
    Southwest Bankruptcy Conference
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 24-26, 2008
  International Women's Insolvency & Restructuring Confederation
    IWIRC 15th Annual Fall Conference
      Scottsdale, Arizona
        Web site: http://www.ncbj.org/

September 24-27, 2008
  National Conference of Bankruptcy Judges
    National Conference of Bankruptcy Judges
      Desert Ridge Marriott, Scottsdale, Arizona
        Web site: http://www.iwirc.org/

October 9, 2008
  Turnaround Management Association
    TMA Luncheon - Chapter 11
      University Club, Jacksonville, Florida
        Web site: http://www.turnaround.org/

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

Dec. 3-5, 2008
  American Bankruptcy Institute
    20th Annual Winter Leadership Conference
      Westin La Paloma Resort & Spa
        Tucson, Arizona
          Web site: http://www.abiworld.org/

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

May 7-10, 2009
  American Bankruptcy Institute
    27th Annual Spring Meeting
      Gaylord National Resort & Convention Center
        National Harbor, Maryland
          Web site: http://www.abiworld.org/

June 11-13, 2009
  American Bankruptcy Institute
    Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa
        Traverse City, Michigan
          Web site: http://www.abiworld.org/

June 21-24, 2009
  International Association of Restructuring, Insolvency &
    Bankruptcy Professionals
      8th International World Congress
        TBA
          Web site: http://www.insol.org/

July 16-19, 2009
  American Bankruptcy Institute
    Northeast Bankruptcy Conference
      Mt. Washington Inn
        Bretton Woods, New Hampshire
          Web site: http://www.abiworld.org/

September 10-12, 2009
  American Bankruptcy Institute
    17th Annual Southwest Bankruptcy Conference
      Hyatt Regency Lake Tahoe, Incline Village, Nevada
        Web site: http://www.abiworld.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

December 3-5, 2009
  American Bankruptcy Institute
    21st Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, California
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                         *********

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

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

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


                            *********


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

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