TCRAP_Public/071206.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

          Thursday, December 6, 2007, Vol. 10, No. 242

                            Headlines

A U S T R A L I A

AGRIBUSINESS PRODUCTS: Members Opt to Shut Down Business
AGRIBUSINESS PTY: Commences Liquidation Proceedings
ALLSTATE EXPLORATIONS: Emerges from Administration
GILPEAR NOMINEES: Placed Under Voluntary Liquidation
GRACIA PTY: Declares First & Final Dividend

HOLLYWOOD WIGS: Liquidator Presents Wind-Up Report
HUDSON HAULAGE: Members & Creditors Receive Liquidator's Report
INDEPENDENT TRADING: Commences Wind-Up Proceedings
LAFAYETTE MINING: Prospect Investor Declines Option Arrangement
LIFECARE SERVICES: ASIC Obtains Orders Against 2 Illegal Schemes

O'CONNOR AIR: Placed in Voluntary Administration
OFFICE IDEALS: To Declare Priority Dividend on December 28
PAUL WILLS: Declares First Dividend
WESTPOINT GROUP: Court Orders Asset Preservation Until February
YORK THERMFRESH: Members Receive Wind-Up Report

* Mother Nature Dampens Australia's Utilities, S&P Says


C H I N A   &   H O N G  K O N G

ASSET PROFIT: Members to Receive Liquidation Report on Jan. 4
AU OPTRONICS: May Enter Joint Venture with Prodisc, 3M, Sumitomo
CHAODA MODERN: Moody's Changes Ba2 Rating Outlook to Stable
DESIGN: Court to Hear Dentsu's Wind-Up Petition on January 16
EAST WEST: Members to Receive Liquidation Report on January 4

FAIRWIND SHIPPING: Court to Hear Wind-Up Petition on December 12
HEATHCOTE ENTERPRISE: Members Final Meeting Set for Dec. 31
HONG KONG JIN: Court to Hear Wind-Up Petition on January 9
HUNG FUNG: Creditors' Proofs of Debt Due on December 18
LEAN GIAP: Members to Hold Final Meeting on December 31

LEEDKEEN INDUSTRIAL: Pays Second Ordinary Dividend on Dec. 3
NANO COMPOSITE: Court to Hear Wind-Up Petition on January 9
ONWAY ENGINEERING: Court to Hear Wind-Up Petition on January 16
PETROLEOS DE VENEZUELA: Commences Tender Offer for Cerro Bonds
QUANTA COMPUTER: Denies Reports of Balda Partnership

RESEARCH INT'L: Members Final Meeting Slated for Jan. 3, 2008
RICH SMART: Court to Hear Wind-Up Petition on January 16
SAN MEIJI: Court to Hear Wind-Up Petition on January 2
SUN YUEN: Creditors' Proofs of Debt Due on December 17
TARZAN CONTRACTORS: Members Final Meeting Scheduled for Dec. 28

UFJ INT'L: Members to Receive Liquidation Report on Dec. 31
VICTORY (HK) LIMITED: Court to Hear Wind-Up Petition on Jan. 2
ZHCT LIMITED: To Pay Second Ordinary Dividend on Dec. 28
* Former Regulatory Body Spokesman Jailed for Corruption


I N D I A

AES CORP: Somerset Seeks Judge's Disqualification in Lawsuit
AFFILIATED COMPUTER: Fitch Affirms BB- Rating on Secured Notes
GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ
TATA MOTORS: November Vehicle Sales Down 4% in 2007


I N D O N E S I A

AFC ENTERPRISES: Frank Belatti Retires as Board's Chairperson
ALCATEL-LUCENT: Deploys Contact Center Software for Telecom
ANIXTER INT'L: Has Up to 1 Mil. Shares Under Repurchase Program
BANK DANAMON: Targets More Than 20% Growth in Lending Next Year
FOSTER WHEELER: Chilean Unit Bags Contract from UTE CT

GOODYEAR TIRE: James Firestone Joins Board of Directors


J A P A N

FUJI HEAVY: Net Income Down 32.5% for First Half of FY2007
KOJIMA CO: Posts 94.5% Slide in Net Income for 1st Half of FY07
SAPPORO HOLDINGS: Launches New Drink; Targets 350,000 Cases
SOFTBANK CORP: Sees Alibaba-related Q3 Profit of JPY55 Billion


K O R E A

DAEWOO ELECTRONICS: Buys Moore Microprocessor Patent(TM)
EDS CORP: Completes US$420-Million Buyout of Saber Corp.'s Stake
KENERTEC CO: Signs KRW8.14-Billion Deal with POSCO
KENERTEC: Receives Patent on Solid Carbonizing Fuels Preparation
KENERTEC CO: Establishes New Subsidiary in Cambodia

LEADCORP: Completes Private Placement of Common Shares


M A L A Y S I A

LITYAN HOLDINGS: Loan Default Reaches MYR26.3 Mil. at Nov. 30
LITYAN HOLDINGS: Sept. 30 Balance Sheet Upside Down by MYR85MM
MANGIUM INDUSTRIES: Unit Defaults on MYR17.4 Million in Payment
MEGAN MEDIA: Will Hold General Meeting on December 18
OCI BHD: Reprimanded by Bursa for Breach of Listing Requirement

OCI BERHAD: Incurs MYR2.01-Mil. Net Loss for Qtr. to Sept. 30
OCI BERHAD: Resolves to Undertake Restructuring Scheme


N E W  Z E A L A N D

451237 LTD.: Appoints Official Assignee as Liquidator
3-TIER.COM LTD: Fixes Dec. 13 as Last Day to File Claims
ALTITUDE SCIENCE: Commences Liquidation Proceedings
CLEAR CHANNEL: Provides Update on Bain Capital/THLP Merger
CLEAR CHANNEL: Paying US$0.1875 Quarterly Dividend January 15

EFKEROS LTD: Court to Hear Wind-Up Petition on February 8
INTERNATIONAL PEOPLE: Creditors' Proofs of Debt Due December 13
LIGHTFOOT INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 13
MORGANS BAR: Taps Levin and Vance as Liquidators
SAFEQUIP LTD: Appoints Graham and Gibson as Liquidators

SOFENIS LABOUR: Fixes Feb. 8 as Last Day to File Proofs of Debt
VTL SECURITY: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

FASTECH SYNERGY: 2006 Net Loss Dips 18% to US$5.8 Million
FASTECH SYNERGY: 1st Qtr. Net Loss Drops 31.8% to US$1.038 Mil.
FASTECH SYNERGY: 2nd Quarter Net Loss Dips 20.7% to US%1.06 Mil.
NAT'L POWER: PSALM to Pre-Pay US$1-Billion Worth of Debts
PHIL LONG DISTANCE: Loses Regulatory Fee Case Against NTC

* Inflation Outlook Still Favorable Despite High Price Index


S I N G A P O R E

AVAGO TECH: Incurs US$2MM Net Loss in Quarter Ended Oct. 31
INFORMATICS: Incurs SGD1.25MM Net Loss in Qtr. Ended Sept. 30
REFCO INC: Ch. 7 Trustee Wants Nod on MF Global Settlement Pact
REFCO INC: Mayer Brown Wants US$245-Million Lawsuit Dismissed
SEMITECH ELECTRONICS: SGX-ST Approves Sky One Acquisition


T H A I L A N D

SIAM CITY BANK: Fitch Affirms BB and B Foreign Currency Ratings
TMB BANK: Cabinet Approves Finance Ministry's Purchase of Shares
TTL INDUSTRIES: FY2007 Net Loss Drops 29.24% to THB36.389 Mil.

     - - - - - - - -

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

AGRIBUSINESS PRODUCTS: Members Opt to Shut Down Business
--------------------------------------------------------
The members of Agribusiness Products Pty Ltd, on October 8,
2007, passed a resolution to voluntarily liquidate the company's
business.

A. T. Macgillivray was tapped as liquidator.

The Liquidator can be reached at:

          A. T. Macgillivray
          c/o Provimi Australia Pty Ltd
          PO Box 15
          Macclesfield, South Australia 5153
          Australia

                   About Agribusiness Products

Agribusiness Products Pty Ltd is a distributor of prepared
feeds.  The company is located at Macclesfield, in South
Australia, Australia.


AGRIBUSINESS PTY: Commences Liquidation Proceedings
---------------------------------------------------
On October 8, 2007, members resolved to voluntarily wind up
Agribusiness Pty Ltd's operations.

A. T. Macgillivray was appointed as liquidator.

The Liquidator can be reached at:

          A. T. Macgillivray
          c/o Provimi Australia Pty Ltd
          PO Box 15
          Macclesfield, South Australia 5153
          Australia

                     About Agribusiness Pty

Agribusiness Pty Ltd provides business services.  The company is
located at Spring Hill, in Queensland, Australia.


ALLSTATE EXPLORATIONS: Emerges from Administration
--------------------------------------------------
Allstate Explorations NL has already come out of administration,
but is under a different company, its chairman revealed during
its Annual General Meeting.

The chairman's statement, filed with the Australian Stock
Exchange, revealed that Allstate is now approximately 90% owned
by Beaconsfield Gold and is reliant on the continued financial
support of its new parent.

In a separate statement with the ASX, the company said that as
part of the ownership restructure, Beaconsfield agreed to
arrange novation of, or to pay out, Allstate's gold hedging
contracts held with Macquarie Bank Ltd. with novation being
Beaconsfield's preferred option.

Allstate, through its two subsidiaries, remains a participant
and manager in the Beaconsfield Mine Joint Venture.

The company in its statement said that in the short term, the
Allstate group will remain totally dependent on the financial
support of its parent Beaconsfield.  The longer term, added the
company, will be dependent on the financial success of the BMJV.


Allstate was placed under administration in 2004.

As of June 30, 2007, the company's balance sheet showed total
assets of AU$21.41 million and total liabilities of
AU$71.73 million, resulting in a capital deficiency of
AU$50.32 million.


GILPEAR NOMINEES: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on October 19, 2007,
the members of Gilpear Nominees Pty Ltd resolved to voluntarily
liquidate the company's business.

Kimberley Andrew Strickland and David Ashley Norman Hurt were
appointed as liquidators.

The Liquidators can be reached at:

          Kimberley Andrew Strickland
          David Ashley Norman Hurt
          SimsPartners
          Level 12, 40 St George's Terrace
          Perth, Western Australia 6000
          Australia

                     About Gilpear Nominees

Located at West Perth, in Western Australia, Australia, Gilpear
Nominees Pty Ltd is an investor relation company.


GRACIA PTY: Declares First & Final Dividend
-------------------------------------------
Gracia Pty Ltd declared its first and final dividend on Nov. 23,
2007.

Only creditors who were able to file their proofs of debt by
November 8, 2007, will be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 30, 2005.

The company's liquidator is:

          Kim Holbrook
          Holbrook & Associates
          Chartered Accountants
          Level 2, 19 Pier Street
          GPO Box M925
          Perth, Western Australia 6001
          Australia

                        About Gracia Pty

Gracia Pty Ltd is involved with freight transportation
arrangement.  The company is located at Bellevue, in Western
Australia, Australia.


HOLLYWOOD WIGS: Liquidator Presents Wind-Up Report
--------------------------------------------------
The members and creditors of Hollywood Wigs & Hairpieces Pty Ltd
met on November 30, 2007, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jason Bettles
          Worrells Solvency & Forensic Accountants
          Level 6, 50 Cavill Avenue
          Surfers Paradise, Queensland 4217
          Australia
          Web site: http://www.worrells.net.au

                      About Hollywood Wigs

Hollywood Wigs And Hairpieces Pty Ltd is a distributor of  
nondurable goods.  The company is located at Woolloongabba, in
Queensland, Australia.


HUDSON HAULAGE: Members & Creditors Receive Liquidator's Report
---------------------------------------------------------------
On November 27, 2007, the members and creditors of Hudson
Haulage (Western Australia) Pty Ltd met and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kim David Holbrook
          Holbrook & Associates
          Chartered Accountants
          Level 2, 19 Pier Street
          GPO Box M925
          Perth, Western Australia 6001
          Australia

                       About Hudson Haulage

Hudson Haulage (Western Australia) Pty Ltd is involved with
trucking business, except local.  The company is located at  
Beckenham, in Western Australia, Australia.


INDEPENDENT TRADING: Commences Wind-Up Proceedings
--------------------------------------------------
During a general meeting held on August 3, 2007, the members of
Independent Trading Co Pty Ltd agreed to voluntarily liquidate
the company's business.

Angela Ann Gaffney was appointed as liquidator.

The Liquidator can be reached at:

          Angela Ann Gaffney
          c/o RSM Bird Cameron
          4th Floor, 8 St Georges Terrace
          Perth, Western Australia 6000
          Australia

                     About Independent Trading

Independent Trading Co Pty Ltd, which is also trading as The
Fish Factory, is involved in the fish and seafoods business.  
The company is located at Morley, in Western Australia,
Australia.


LAFAYETTE MINING: Prospect Investor Declines Option Arrangement
---------------------------------------------------------------
Lafayette Mining Ltd. shares have been halted from trading on
the Australian Stock Exchange since December 4.

In a statement lodged with the ASX, the mining company requested
to have its shares suspended from trading while it continues to
hold discussions with its key stakeholders regarding a new plan
that can provide a viable basis for the company and its Rapu
Rapu project to move forward.

The Troubled Company Reporter-Asia Pacific reported on Nov. 29,
2007, that Lafayette is in negotiations with a major
potential investor who had until November 30 to exercise an
option to pay off its debt.

However, the investor, according to the ASX statement by
Lafayette, chose not to exercise their rights under and option
agreement with the Rapu Rapu bank group.


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

The TCR-AP's "Large Companies with Insolvent Balance Sheets"
column on November 30, 2007, reflected Lafayette Mining Limited
as having a US$190.86 million equity deficit, on total assets of
US$105.24 million.


LIFECARE SERVICES: ASIC Obtains Orders Against 2 Illegal Schemes
----------------------------------------------------------------
Australian Securities & Investments Commission has obtained
orders in the Supreme Court of Queensland in relation to two
illegal managed investment schemes associated with property
developments, known as Varsity Lodge and Wahroonga Manors in
Ipswich, Queensland (the Varsity Lodge scheme), and Kallangur
Mews in Kallangur, Queensland, (the Kallangur Mews scheme).

ASIC alleged that between January 1, 2004, and September 13,
2006, the Varsity Lodge scheme and the Kallangur Mews scheme
raised approximately AU$2.9 million from investors for property
developments including a proposed development of student
accommodation and a unit development in Ipswich, and the
development of an aged care facility at Kallangur.

ASIC alleged the Varsity Lodge scheme and the Kallangur Mews
scheme were promoted to investors on behalf of Lifecare Services
Australia Pty. Ltd.  At the time of the investment offerings the
directors of Lifecare, Robert Thomas Adcock, Colin Graham
Francis and David Joseph Stoyakovich were either jointly or
individually the directors/secretary and shareholders of the
respondent companies (being Varsity Lodge Pty. Ltd., Varsity
Lodge Ipswich Pty. Ltd., Lifecare, Jacaranda Properties
Australia Pty. Ltd. and Kallangur Mews Pty. Ltd.)

The Court made declarations that during the above period the
respondents (the abovenamed directors and companies) operated
the Varsity Lodge scheme and the Kallangur Mews scheme, when
they were not registered in accordance with the Corporations
Act.  The Court further declared that the respondents carried on
a financial services business without holding an Australian
financial services license.

The Court ordered that the Varsity Lodge scheme and the
Kallangur Mews scheme be wound up and appointed Justin Dennis
Walsh of Ernst & Young as liquidator of the schemes and trustee
of the Varsity Lodge Ipswich Unit Investment Trust and the
Kallangur Mews Unit Trust.

The Court also granted injunctions permanently restraining the
respondents from dealing in financial products or carrying on a
financial services business.


O'CONNOR AIR: Placed in Voluntary Administration
------------------------------------------------
O'Connor Air Services Pty. Ltd., a regional airline, has been
placed in voluntary administration at the request of the
company's directors, states a media release from McGrathNicol.

Sam Davies and Colin Nicol of McGrathNicol have been appointed
as voluntary administrators to O'Connor and a number of other
companies which operate as O'Connor.

Mr. Davies, who is seeking other regional operators to acquire
the whole O'Connor business, said he understood the collapse of
the airline had been caused by the significant competition on
some routes resulting in price discounting which had in turn
caused cash losses, among others.

The administrators are hopeful of a going concern sale in which
their immediate priority was to identify and secure all assets
of O'Connor for the benefit of creditors and assess whether the
airline can viably continue its current operations.

"We will work closely with key stakeholders including employees,
customers, creditors, CASA and the South Australian Government
throughout the course of the administration in an attempt to
maximise the outcomes for O'Connor Airlines creditors."

A meeting of creditors was held on November 28.

In a separate McGrathNicol statement, Mr. Davies said that
"significant interest" had been shown in the Mount Gambier-based
company by internationally-based and other existing regional
airline operators looking to establish a footprint in Australia.

Mr. Davies is quoted as saying, "This level of interest in the
airline so early in the administration is very pleasing and we
are hopeful of a going concern sale."

O'Connor, despite the ongoing administration, will continue to
operate as normal.

O'Connor Airlines -- which has been providing regional airline
services for 34 years -- operates flights under an exclusive
licence from Adelaide to Port Augusta as well as servicing the
Mildura and Mount Gambier routes.


OFFICE IDEALS: To Declare Priority Dividend on December 28
----------------------------------------------------------
Office Ideals Qld Pty Ltd, which is in liquidation, will declare
its first dividend for priority creditors on Dec. 28, 2007.

Creditors who were not able to file their proofs of debt by the
November 22, 2007 deadline will be excluded from the company's
dividend distribution.

The company's liquidator is:

          M. G. Mccann
          Grant Thornton
          Ground Floor, Grant Thornton House
          102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3222 0200
          Facsimile:(07) 3222 0446

                       About Office Ideals

Office Ideals Qld Pty Ltd is involved in the business of local
trucking with storage.  The company is located at West End, in
Queensland, Australia.


PAUL WILLS: Declares First Dividend
-----------------------------------
Paul Wills Pty Ltd, which is in liquidation, declared its first
dividend on December 5.

Only creditors who were able to file their proofs of debt by the
November 20 deadline were included in the company's dividend
distribution.

The company's liquidator is:

          Gary Anderson
          PO Box 1661
          West Perth, Western Australia 6872
          Australia
          Telephone:(08) 9486 7822
          Facsimile:(08) 9226 4250
          e-mail: garya@iinet.net.au

                       About Paul Wills

Paul Wills Pty Ltd is a distributor of scrap and waste
materials.  The company is located at Maddington, in Western
Australia, Australia.


WESTPOINT GROUP: Court Orders Asset Preservation Until February
---------------------------------------------------------------

Justice Barrett of the Supreme Court of New South Wales made
orders against the sole director of Palentia Pty. Ltd., formerly
known as Kebbel (NSW) Pty. Ltd.


Neil Austin Burnard, the sole director of Palentia, reportedly
promoted Westpoint schemes to investors.  Mr. Burnard, through
Palentia, helped raise more than AU$100 million for Westpoint
from small investors.

The Court ordered that asset preservation orders continue
against Mr. Burnard and Palentia until February 11, 2008.

The orders prevent Mr. Burnard and Palentia from disposing of
any assets subject to Mr. Burnard and Palentia paying certain
expenses including ordinary living and operating expenses,
school fees for Mr. Burnard's children, and legal expenses.

The Court also ordered Mr. Burnard and Palentia, except to the
extent that a claim of privilege against self-incrimination or
exposure to a civil penalty is made, to deliver to ASIC a full
and detailed affidavit setting out details of all assets and
liabilities.

The proceedings have been stood over to 10:00am on Monday
February 11, 2008.

The parties have liberty to apply to the Supreme Court in
relation to the orders.

ASIC's investigations are continuing.

                         Background

On 30 July 2007, the Supreme Court of New South Wales extended
orders against Mr. Burnard, Palentia formerly known as Kebbel
(NSW) Pty. Ltd., Ms. Robins and BDI Pty. Ltd. (BDI).  These
orders were extended by consent and without admissions to
August 20, 2007.

On August 27, 2007, the Supreme Court of New South Wales
extended orders against the Burnard parties.  These orders were
extended by consent until the delivery of Justice Barrett's
judgment on October 31, 2007.

On October 31, 2007, the Court discharged the orders against Ms.
Robins and BDI but indicated that asset preservation orders
would continue against Mr. Burnard and Palentia, pending the
finalization of orders in accordance with the reasons for
judgment.

                      About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property   
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings.  ASIC contends that Westpoint projects
are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments.  ASIC also sought
wind-up orders after the Westpoint companies failed to comply
with its requirement to lodge accounts for certain financial
years.  These wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


YORK THERMFRESH: Members Receive Wind-Up Report
-----------------------------------------------
The members of York Thermfresh Pty Ltd met on November 30, 2007,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Patrick Cronin
          McGrathNicol
          Level 14, 145 Eagle Street
          Brisbane, Queensland 4000
          Australia
          Telephone:+61 7 3333 9800
          Web site: http://www.mcgrathnicol.com

                     About York Thermfresh

York Thermfresh Pty Ltd operates manufacturing industries.  The
company is located at Clayton, in Victoria, Australia.


* Mother Nature Dampens Australia's Utilities, S&P Says
-------------------------------------------------------
Adverse weather conditions continue to restrain the profit
margins and credit profile of Australia's utilities sector,
according to a report published today by Standard & Poor's
Ratings Services, titled "Rain Eases Pressure, But Australian
Utilities Not Out Of The Woods Yet."

The report highlights the risks facing the industry resulting
from the ongoing drought conditions, and examines the fallout
from the buoyant M&A activity in the sector over the past six
months.  It also discusses the credit implications of recent
regulatory decisions on the sector, as well as our concerns
relating to the rising presence of listed funds in the market.

"Despite recent rain across parts of Australia, the lingering
drought remains a significant credit factor for the
competitive generation and retail segments of the nation's
utilities industry," said Standard & Poor's credit
analyst Richard Creed.  "Meantime, M&A activity in the utility
infrastructure sector shows no sign of abating and is at the
forefront of factors shaping the industry's creditworthiness."


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

ASSET PROFIT: Members to Receive Liquidation Report on Jan. 4
-------------------------------------------------------------
The members of Asset Profit Limited will have their final
general meeting on January 4, 2008, 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 Two
International Finance Centre, 8 Finance Street, in Central Hong
Kong.

Stephen Liu Yiu Keung is the company's liquidator.


AU OPTRONICS: May Enter Joint Venture with Prodisc, 3M, Sumitomo
----------------------------------------------------------------
AU Optronics Corp. may set up a venture to make optical film, a
component in liquid-crystal display production, Bloomberg News
reports, citing the Commercial Times.

The report says that Prodisc Technology Inc. is a possible
partner in the venture, while 3M Co. of the U.S. and Japan's
Sumitomo Chemical Co. may also take part, the report relates.  


Taiwan-based AU Optronics Corp. -- http://www.auo.com/--  
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.
AU Optronics' long-term local and foreign currency issuer
default carries Fitch Ratings' BB rating.

CHAODA MODERN: Moody's Changes Ba2 Rating Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has revised the outlook to stable from
negative for Chaoda Modern Agriculture (Holdings) Ltd's Ba2
corporate family rating and foreign currency debt rating.  This
rating action follows the company's full-year result
announcement for FY07 with an unqualified auditors' opinion.

"We note the clean bill of health issued by Chaoda's auditors
for its FY07 accounts, and the delivery of another year of
strong financial performance, which is in line with our
expectations," says Ken Chan, Moody's lead analyst for the
company.

"Furthermore, Chaoda has demonstrated its execution capability
in managing its growth strategy in various parts of China over
the last few years," says Chan, adding, "The company
successfully expanded its overall plantation area by around 30%
in FY07, while keeping capex within guidance."

Moody's expects the company to continue growing its plantation
base and revenue by around 20-30% per annum, and keep its capex
to CNY2.0-2.5 billion per annum over the next 1-2 years.

On the other hand, corporate governance and financial discipline
remains crucial to Chaoda's ratings, given material related-
party transactions as well as an ongoing expansion plan.

The stable outlook reflects Moody's expectation that the company
will continue to execute its expansion strategy, while
maintaining its financial discipline to focus on its core
business.

Downward rating pressure would emerge if:

    1) there is evidence of cash leakage to fund related
       companies;

    2) there are further issues regarding its financial audits,
       such as the resignation of auditors or receipt of a
       qualified opinion on its financial accounts;

    3) the company pursues a more aggressive debt-funded
       expansion plan or investment in non-core businesses;
       and/or

    4) there are significant margin erosion and deterioration in
       Chaoda's financial profile as the business expands, such
       that adjusted EBIT margin declines to 35-40% and retained
       cash flow/adjusted debt decreases to 20-25%.

Upward rating pressure is limited in the near term.  An
improvement in its corporate governance structure and
demonstration of financial prudence in pursuing its growth
strategy and, at the same time, maintenance of its strong
financial profile with positive free cash flow generation would
be important factors for considering any rating upgrade.

Chaoda Modern Agriculture (Holdings) Ltd is a vertically
integrated agricultural company.  It produces and distributes
fruit and vegetables in China.  It is also involved in livestock
breeding and sales.


DESIGN: Court to Hear Dentsu's Wind-Up Petition on January 16
-------------------------------------------------------------
On November 6, 2007, Dentsu Engineering Company Limited filed a
petition to have Design & Construction Company Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Kong & Chang
          Office No. 601, 6th Floor
          China Insurance Group Building
          141 Des Voeux Road, Central
          Hong Kong


EAST WEST: Members to Receive Liquidation Report on January 4
-------------------------------------------------------------
The members of East West Intellectual Property Limited will have
their final general meeting on January 4, 2007, at 10:00 a.m.,  
to hear the liquidators' report on the company's wind-up
proceedings and property disposal.

The meeting will be held at Suites 2205-06, Island Place Tower,
510 king's Road, in North Point, Hong Kong.

The company's liquidators are:

         Lam Kwai Ming
         Chang Lai Ying
         Island Place Tower, Suites 2205-06
         510 King's Road, North Point
         Hong Kong


FAIRWIND SHIPPING: Court to Hear Wind-Up Petition on December 12
----------------------------------------------------------------
The High Court of Hong Kong will convene at 9:30 a.m. on
December 12, 2007, to hear TAL International Container
Corporation's petition to have the operations of Fairwind
Shipping Company Limited wound up.

TAL filed the petition on October 2, 2007.

The petitioners' solicitor can be reached at:

          Clyde & Co
          18th Floor, CITIC Tower
          1 Tim Mei Avenue Central Hong Kong


HEATHCOTE ENTERPRISE: Members Final Meeting Set for Dec. 31
-----------------------------------------------------------
The members of Heathcote Enterprises Limited, which is in
liquidation, will have their final general meeting on Dec. 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 office B, 26th Floor, United Centre,
in 95 Queensway, Hong Kong.


HONG KONG JIN: Court to Hear Wind-Up Petition on January 9
----------------------------------------------------------
The High Court of Hong Kong will convene at 9:30 a.m. on
January 9, 2007, to hear Global Matrix Holdings Limited's
petition to have the operations of Hong Kong Jin Sheng
Industrial Group Limited wound up.

Global Matrix filed the petition on October 16, 2007.

The petitioners' solicitor can be reached at:

          Lovelss
          23rd Floor, Cheung Kong Center
          2 Queen's Road
          Central, Hong Kong


HUNG FUNG: Creditors' Proofs of Debt Due on December 18
------------------------------------------------------
The creditors of Hung Fung Holdings Limited, which is in
liquidation, are required to file proofs of debt by December 18,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Joseph Kin Ching Lo
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


LEAN GIAP: Members to Hold Final Meeting on December 31
-------------------------------------------------------
The members of Lean Giap Investment Limited, which is in
liquidation, will hold their final general meeting on Dec. 31,
2007, at 10:10 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Caroline Centre, Lee gardens Two, 28
Yung Ping Road, in Causeway Bay, Hong Kong.


LEEDKEEN INDUSTRIAL: Pays Second Ordinary Dividend on Dec. 3
------------------------------------------------------------
Leadkeen Industrial Limited, which is in liquidation, will pay
its second ordinary dividend on December 3, 2007.

The company's liquidators can be reached at:

          
          Roderick John Sutton
          Desmond Chung Seng Chiong
          14th Floor, Hong Kong Club Building
          3A Charter Road Central Hong Kong


NANO COMPOSITE: Court to Hear Wind-Up Petition on January 9
-----------------------------------------------------------
On October 29, 2007, Ma Chi Ming filed a petition to have Nano
Composite Materials Technology Limited's operations wound up.

The High Court of Hong Kong will then convene at 9:30 a.m. on
January 9, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung
          34th Floor Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


ONWAY ENGINEERING: Court to Hear Wind-Up Petition on January 16
---------------------------------------------------------------
On November 20, 2007, Chinney Construction Company Limited filed
a petition to have Onway Engineering Limited's operations wound
up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear Chinney's petition.

The petitioners' solicitor can be reached at:

          Wong & Fok
          Room 605, Admiralty Centre, Tower 1
          18 Harcourt Road, Admiralty Hong Kong


PETROLEOS DE VENEZUELA: Commences Tender Offer for Cerro Bonds
--------------------------------------------------------------
Petroleos de Venezuela S.A. has commenced, on Nov. 29, 2007, a
cash tender offer for any and all of the outstanding:

  -- 7.33% bonds due 2009 (CUSIP Nos. 156877AA0/G2025MAA9;
     ISIN No. USG2025MAA92),

  -- 7.90% bonds due 2020 (CUSIP Nos. 156877AB8/G2025MAB7;
     ISIN No. USG2025MAB75) and

  -- 8.03% bonds due 2028 (CUSIP Nos. 156877AC6/G2025MAC5;
     ISIN No. USG2025MAC58) issued by Cerro Negro Finance, Ltd.
     in connection with the Cerro Negro extra-heavy crude oil
     project in the Orinoco Belt region.

There are currently outstanding approximately US$82.0 million,
US$350.0 million and US$50.0 million in aggregate principal
amount of the 2009 Bonds, the 2020 Bonds and the 2028 Bonds,
respectively.  The tender offer will expire at midnight, New
York City time, on Dec. 27, 2007, unless extended or terminated
by PDVSA.

In conjunction with the tender offer, PDVSA is soliciting
consents of the holders of the Bonds to certain proposed
amendments and waivers to:

   (i) eliminate substantially all of the restrictive covenants
       and events of default in the indenture pursuant to which
       the Bonds were issued and the common security agreement
       and other financing documents related to the Bonds
       (other than arising from payment defaults and failure to
       comply with provisions of the indenture as amended or
       the Bonds),

  (ii) release all of the collateral and security interests
       securing the Bonds,

(iii) eliminate certain other covenants in the common security
       agreement and the other financing documents,

  (iv) terminate the common security agreement and other
       financing documents,

   (v) waive any and all prior and existing defaults under the
       indenture, the common security agreement and the other
       financing documents, and

  (vi) rescind any prior or existing notices of default
       delivered pursuant to the indenture and the common
       security agreement.

The consent of holders of Bonds representing more than 75% in
aggregate principal amount of all outstanding Bonds will be
sufficient to approve all of the Proposed Amendments.  PDVSA has
reserved the right to amend, extend or terminate the tender
offer and consent solicitation at any time.

The tender offer and consent solicitation are being made
pursuant to an Offer to Purchase and Consent Solicitation
Statement, dated Nov. 29, 2007 and related Consent and Letter of
Transmittal.  As described in more detail in the Offer to
Purchase, the purchase price per US$1,000 principal amount of
Bonds validly tendered and accepted for purchase by PDVSA will
be par plus a premium calculated two business days prior to the
payment date based upon:

   (i) for the 2009 Bonds, a fixed spread of 30 basis points
       over the yield of the 4.75% U.S. Treasury Note due
       Feb. 28, 2009,

  (ii) for the 2020 Bonds, a fixed spread of 50 basis points
       over the yield on the 4.25% U.S. Treasury Note due
       Nov. 15, 2017 (or if there is an issuance of a 10-year
       U.S. Treasury security after Nov. 29, 2007, based upon
       the yield of such security) and

(iii) for the 2028 Bonds, a fixed spread of 50 basis points
       over the yield on the 5.00% U.S. Treasury Note due
       May 15, 2037, together with any accrued but unpaid
       interest up to but not including the payment date for
       the Bonds (or if there is an issuance of a 30-year U.S.
       Treasury security after Nov. 29, 2007, based upon the
       yield of such security).

The premium is approximately equivalent to 33% of the redemption
premium that would be payable on Bonds of each Series under the
indenture pursuant to which the Bonds were issued if such Bonds
were to be redeemed.  Holders must validly tender their Bonds on
or before the Expiration Date in order to be eligible to receive
the applicable purchase price.

Consummation of the tender offer and consent solicitation, and
payment of the tender offer consideration, are subject to the
satisfaction or waiver of various conditions, as described in
the Offer to Purchase, including:

   (i) the tender of Bonds representing not less than 75% in
       aggregate principal amount of all outstanding Bonds and
       the delivery of the related consents in the tender offer
       and consent solicitation and

  (ii) the compliance by certain holders of Bonds with their
       obligations under a lock-up agreement with PDVSA
       pursuant to which they have made a commitment to tender
       their Bonds and deliver consents in the tender offer and
       consent solicitation, subject to their right to
       terminate the agreement in the event of the failure of
       certain conditions or of a material breach by PDVSA.

Such holders have indicated that they own (or represent the
owners of) approximately 79% of all outstanding Bonds.  Subject
to the rights of the holders under the lock-up agreement, PDVSA
has reserved the right to amend, extend or terminate the tender
offer and consent solicitation at any time on the terms and
conditions specified in the Offer to Purchase.

Lazard Freres & Co. LLC is the Dealer Manager and Solicitation
Agent for the tender offer and consent solicitation and may be
contacted at (312) 407-6674 (call collect).  Requests for
documents may be directed to Global Bondholder Services
Corporation, the Information Agent, at (212) 430-3774 (call
collect) or (866) 470-3700 (toll free).

PDVSA expects to finance the purchase of Bonds pursuant to the
tender offer with funds from internal sources.

               About Petroleos de Venezuela

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

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


QUANTA COMPUTER: Denies Reports of Balda Partnership
----------------------------------------------------
Quanta Computer Inc. and Asustek Computer Inc. have denied a
newspaper report that they approached Balda AG, a German maker
of mobile-phone parts, for a possible strategic partnership,
Bloomberg News relates.

Bloomberg explains that Qunata and Asustek are among the four
Asian electronics makers that were reported by Handelsblatt as
being attracted by Balda's know-how in the production of touch-
screen components.  The Handelsblatt report also mentioned
Flextronics International Ltd. and Foxconn International
Holdings Ltd. as also being interested in a partnership with
Balda.


Headquartered in Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the  
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.


RESEARCH INT'L: Members Final Meeting Slated for Jan. 3, 2008
-------------------------------------------------------------
The members of Research International China (HK) Limited will
have their final general meeting on January 3, 2007, at
3:00 p.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at Shop Unit 9, Expo Galleria, Hong
Kong Convention and Exhibition Centre, 1 Expo Drive, in Wanchai,
Hong Kong.

The company's liquidator is:

         Cheung Chun Kwok
         Shop Unit 9, Expo Galleria
         Hong Kong Convention and Exhibition Centre
         1 Expo Drive, Wanchai
         Hong Kong


RICH SMART: Court to Hear Wind-Up Petition on January 16
--------------------------------------------------------
The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2007, to hear a petition seeking to have Rich Smart
Development Holdings Limited's operations wound up.

The petitioners' solicitor is:

          Knight & Ho
          Room 904B, 9th Floor
          Admiralty Centre, Tower 1
          No. 18 Harcourt Road
          Admiralty
          Hong Kong


SAN MEIJI: Court to Hear Wind-Up Petition on January 2
------------------------------------------------------
On October 17, 2007, WU Tin Yan filed a petition to have San
Meiji Logistic Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 2, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung
          34th Floor Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


SUN YUEN: Creditors' Proofs of Debt Due on December 17
------------------------------------------------------
The creditors of Sun Yuen Cheong Cafe (B)Limited, which is in
liquidation, are required to file their proofs of debt by
December 17, 2007, to be included in the company's dividend
distribution.

The company's liquidators is:

         E.T. O Connell
         10th Floor, Queensway
         66 Queensway, Hong Kong


TARZAN CONTRACTORS: Members Final Meeting Scheduled for Dec. 28
---------------------------------------------------------------
The members of Tarzan Contractors Limited will have their final
general meeting on December 28, 2007, at 9:30 a.m., while the  
creditors will meet at 10:00 a.m. on the same date, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Units 3307-3312, 33th Floor, West
Tower, Shun Tak Centre, 168-200 Connaught Road, in Central, Hong
Kong.


UFJ INT'L: Members to Receive Liquidation Report on Dec. 31
-----------------------------------------------------------
The members of UFJ International Finance Asia Limited will have
their final general meeting on December 31, 2007, at 11:00 a.m.,  
to hear the liquidators' report on the company's wind-up
proceedings and property disposal.

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

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark, 15 Queen's Road Central
         Hong Kong


VICTORY (HK) LIMITED: Court to Hear Wind-Up Petition on Jan. 2
--------------------------------------------------------------
On October 15, 2007, China Merchant Bank Co. filed a petition to
have Victory (HK) Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 2, 2008, to hear China Merchant's petition.

The petitioners' solicitor can be reached at:

          Dibb Luptop Alsop
          40th Floor, Bank of China Tower
          1 Garden Road
          Central Hong Kong


ZHCT LIMITED: To Pay Second Ordinary Dividend on Dec. 28
--------------------------------------------------------
ZHCT Limited, which is in liquidation, will pay its second
ordinary dividend on December 28, 2007.

The company's liquidators are:
     
          Baker Tilly Hong Kong
          12th Floor, China Merchants Tower
          Shun Tak Centre
          168-200 Connaught Road
          Central Hong Kong


* Former Regulatory Body Spokesman Jailed for Corruption
--------------------------------------------------------
Former Financial Supervisory Commission spokesman Lin Chung-
cheng was sentenced to 16 years in jail by the Taipei District
Court in his first corruption trial, Taipei Times reports.

Mr. Lin was found guilty of accepting bribes and illegally
lobbying for several companies, including China Development
Financial Holding Corp. during its hostile takeover bid for
Taiwan International Securities Corp., Taipei Times says.

The ruling said Lin accepted bribes in return for insider stock
market information to which he had access as a FSC official,
Taipei Times relates.  The Times explains that Mr. Lin and his
secretary, Su Jun-ji accepted money, valuable gifts and a cabin
in Sijhih, Taipei County, worth between TWD3 million and
TWD5 million, the ruling said.

Mr. Su and Tsuei Mei-lan, an official from China Development
Financial, were also charged with corruption and offenses
relating to the protection of trade secrets, the Times adds.

The Times adds that Mr. Su will be serving probation instead of
his two-year sentence, while Mr. Tsuei was sentenced to 15
months in jail.


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

AES CORP: Somerset Seeks Judge's Disqualification in Lawsuit
------------------------------------------------------------
The Buffalo News reports that the Town of Somerset has sought
the disqualification of State Supreme Court Justice Richard C.
Kloch Sr. from the lawsuits against the AES Corp.'s planned
power plant.

According to the Buffalo News, Somerset claimed that Judge Kloch
made several statements in open court prejudging the result of
the cases and "slamming the attorneys for the town."
Shoemaker's partner, Robert S. Roberson, signed the motion.  It
asserts that Judge Kloch made several statements in court during
hearings in June 2007 on the tax break that indicated that he
had decided how he would rule on the power plant assessment case
if he had to do so.

The Buffalo News notes that as indicated by a courtroom
transcript, Judge Kloch said on June 11, 2007, "Only one person
really knows the value, and that's myself, and that's without
the benefit of hearing all the proof."  The judge also admitted,
"I have a recurring nightmare, and the nightmare is that I have
to, in fact, try these [assessment] proceedings."

The Buffalo News says that the motion also claims that Judge
Kloch made critical comments about Mr. Roberson and Shoemaker in
court.

The complainants commented to the Buffalo News, "Various actions
and statements of Justice Kloch . . . were improper, establish
actual impropriety as well as create the appearance of
impropriety on behalf of Justice Kloch, [and] establish bias on
the part of Justice Kloch toward the town and its attorneys."

The report says that the motion demanding that Judge Kloch
remove himself from the assessment cases would be heard before
him on Jan. 24, 2007.

Town Attorney Edwin J. Shoemaker told the Buffalo News that he
is positive the complainants will win the appeal on the tax
break case.

The motion was "obviously without foundation, and highly ironic,
because Judge Kloch has ruled against AES in every instance [in
the assessment cases]," the Buffalo News says, citing Mark
McNamara, the attorney for AES.  Judge Kloch was citing other
cases.

"Since when does looking at legal precedent rise to the level of
bias?"  Mr. McNamara commented to the Buffalo News.

The assessment suits were dismissed but could be reinstated once
the town and the Barker Central School District succeed in their
appeals on Judge Kloch's ruling that a tax break for the AES
plant was legal, the Buffalo News states.

AES Corp. -- http://www.aes.com/-- is a global power company.  
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


AFFILIATED COMPUTER: Fitch Affirms BB- Rating on Secured Notes
--------------------------------------------------------------
Fitch Ratings has removed Affiliated Computer Services, Inc.
from Rating Watch Negative and affirmed these ratings:

-- Issuer Default Rating 'BB';
-- Senior secured revolving credit facility at 'BB';
-- Senior secured term loan at 'BB';
-- Senior notes at 'BB-'.

The rating outlook is stable.

Approximately US$3.4 billion of debt, including the US$1 billion
revolving credit facility, is affected by Fitch's action.

Fitch's removal of Affiliated Computer from Rating Watch
Negative reflects the conclusion of the company's review of
strategic alternatives, which ultimately resulted in no
modification of the existing capital structure attributable to a
leveraged buyout or other change of ownership.

The ratings are supported by the company's:

-- Consistent free cash flow due to a significant recurring
    revenue base from long-term outsourcing contracts (85% of
    total revenue);

-- Diverse business lines, several of which are insulated or
    countercyclical to U.S. economic growth, with minimal
    exposure (5%-10% of revenue) to discretionary IT spending,
    such as consulting;

-- Solid growth prospects for the business process outsourcing
    services market (75% of total revenue);

-- Established and geographically diverse offshore delivery
    model that reduces the effect of currency fluctuations
    and/or salary inflation in individual offshore markets; and

-- Material and sustained improvement in renewal rates.

Rating concerns continue to center on:

-- The lack of visibility with respect to the company's long-
    term capital structure plans, which could include further
    debt-financed stock buybacks;

-- Acquisitive nature, which could be debt-financed going
    forward;

-- Decline of new commercial contract bookings (60% of
    revenues), which fell approximately 30% year-over-year for
    the latest 12 months ended Sept. 30, 2007;

-- The ongoing Securities and Exchange Commission and
    Department of Justice investigations, and several
    derivative lawsuits, all of which relate to the company's
    timing of historical stock option grants.

The ratings may be downgraded in the event of:

-- Aggressive resumption of debt-financed share buybacks.
    Although Fitch believes some flexibility exists in the
    current ratings for incremental debt-financed share
    repurchases, full utilization of the company's remaining
    US$2 billion uncommitted term loan accordion feature to buy
    back shares would lead to negative rating actions.

-- A material reduction of liquidity if the pending court
    decision rules that the company's failure to timely file
    its 10-K for fiscal year 2006 constitutes an event of
    default for the senior notes; and

-- Continued declines in new commercial contract bookings.

The ratings may be upgraded in the event of:

-- Greater company transparency with respect to long-term
    capital structure targets;

-- Material debt reduction; and

-- Strong and sustainable growth of free cash flow.

The rating of 'BB-' for the senior notes incorporates the fact
that the secured credit facilities have the sole rights to
Affiliated Computer's accounts receivable, which represented
approximately 23% of total assets and 46% of tangible assets as
of Sept. 30, 2007, despite the notes being equally and ratably
secured with the senior secured credit facilities under the
terms of the related indenture.  The credit facility is secured
by a first priority perfected pledge of all notes owned by the
borrowers and guarantors, all capital stock of predominantly all
domestic subsidiaries and certain foreign subsidiaries of the
company, and a first priority perfected security interest in all
other assets owned by the company, including tangible and
intangible assets.

As of June 30, 2007, the financial covenant ratios contained in
the credit facility, which are based on a quarterly schedule
that becomes more restrictive over time relative to the amount
of covenant adjusted debt outstanding, consist of bank-defined
maximum consolidated senior leverage ratio of 3 times, maximum
consolidated total leverage ratio of 4.0 and interest coverage
covenant of 4.5.  Fitch estimates leverage (total debt/operating
EBITDA) declined slightly year-over-year to 2.3 as of
Sept. 30, 2007, from 2.5 due to growth in operating EBITDA.
Fitch estimates interest coverage (operating EBITDA/ gross
interest expense) declined to 5.8 for the LTM ended
Sept. 30, 2007, compared with nearly 10 in the year-ago period
due to increased interest expense from higher average debt
levels.

Fitch believes Affiliated Computer's liquidity is adequate and
was supported by approximately US$246 million of cash at
Sept. 30, 2007, and US$818 million of availability on its US$1
billion secured revolving credit facility expiring 2012.  The
credit facility also includes an uncommitted accordion feature
enabling the company to increase the size of the revolver by up
to US$750 million for general corporate purposes under certain
circumstances.  Liquidity is further supported by the company's
consistent free cash flow, which increased to US$378 million in
fiscal 2007 despite increased interest expense.

Total debt as of Sept. 30, 2007 was approximately US$2.4
billion, consisting primarily of US$1.8 billion of secured term
loans due 2013 and US$250 million of senior notes due in June
2010 and June 2015.  The company's near-term debt maturities are
manageable as the next material debt obligations of US$275
million occur in fiscal year 2010.  However, if the company's
failure to timely file its 10-K for fiscal 2006 is ruled an
event of default by the court, Fitch believes the company will
utilize its US$1 billion revolver to refinance the US$500
million of senior notes that would become immediately due at par
value plus accrued interest.

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


GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ
------------------------------------------------------------
General Motors Corp. has submitted a formal bid for a stake in
Russian carmaker OAO AvtoVAZ, The Wall Street Journal reports.

GM spokesman Marc Kempe described the offer as "competitive",
without specifying how large a stake the company is bidding or
how much it is willing to pay, WSJ relates.

Mr. Kempe told WSJ that the bid was part of its effort to extend
its presence in Russia, where foreign-brand cars posted a 60%
rise in sales.

GM expects this year's sales to reach 250,000 vehicles, compared
to 132,000 units in 2006, WSJ relates.  GM's Chevrolet and Opel
brands are Russia's best-selling foreign and fastest-growing
brands respectively.

WSJ cites some industry analysts as saying that Russia will
become Europe's second-biggest car market by number of new cars
sold as early as the end of 2007.

GM and AvtoVAZ operate a joint venture that manufactures the
Chevrolet Niva and the Chevrolet Viva.  The companies'
relationship, however, soured in 2005 after the Russian
government took over AvtoVaz.

GM may face Fiat S.p.A. and Renault S.A. in the bidding process,
WSJ relates.  Fiat has an existing memorandum of understanding
with Avtovaz to explore ways in which the two companies could
share technology, parts and platforms.

"All of these auto makers are building their sales and
production networks [in Russia] organically, but it's not going
quickly enough to meet the targets they've set [for Russia],"
Ivan Bonchev at Ernst & Young Moscow told WSJ.

                          About Avtovaz

Headquartered in Toliatti, Russia, Avtovaz OAO --
http://www.lada-auto.ru/-- manufactures passenger cars under   
brand names LADA, VAZ and NIVA.  Through its subsidiaries and
associates, the Company manufactures automobile components,
distributes automobiles and spare parts and operates automobile
service centers.


                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- wmanufactures cars and trucks in 33  
countries, including the United Kingdom, Germany, France,
Russia, Brazil and India.  In 2006, nearly 9.1 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn and Vauxhall.  GM employs about 280,000
people around the world

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  S&P said the outlook is stable.


TATA MOTORS: November Vehicle Sales Down 4% in 2007
---------------------------------------------------
Tata Motors reported a total sale of 46,947 vehicles (including
exports) for the month of November 2007, a decline of 4%
compared to 49,061 vehicles sold in November last year.
Cumulative sales for the company at 3,59,251 units, grew by 0.3%
over last year.  The domestic market continues to be sluggish,
due to the high interest rate regime, continuing to affect
retails.

Commercial Vehicles

The company's sales of commercial vehicles in November 2007 in
the domestic market were 26,895 units, a growth of 4% compared
to 25,793 vehicles sold in November last year.  Medium and Heavy
Commercial Vehicle sales stood at 14,426 units, a growth of 0.2%
over November 2006, whileLight Commercial Vehicle sales were
12,469 units, a growth of 10% over November 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 1,86,869 units, a growth of 2% over last
year.  Cumulative M&HCV sales stood at 97,182 units, a decline
of 7% over last year, while LCV sales for the fiscal were 89,687
units, an increase of 14% over last year.

Passenger Vehicles

The passenger vehicle business achieved total sales of 16,322
vehicles in the domestic market in November 2007, a decline of
16% over November 2006.  The Indica reported sales of 10,488
units, a decline of 19.6% over November 2006.  The Indigo family
registered sales of 2,014 units, a decline of 29.5% over
November 2006.  November 2006 had a high base month for car
sales in view of the full supply impact post the restoration of
the company's paint shop, which had got damaged in a fire in
late September 2006.  The Sumo and Safari accounted for sales of
3,820 units, a growth of 7% over November 2006.  The new Safari
Dicor 2.2 VTT recorded a 55% growth with sales of 1,775 units

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,36,820 units, a decline of 2.6% over the
same period last year.  Cumulative sales of the Indica at 90,614
units, reported a decline of 1.3%.  Cumulative sales of the
Indigo family were 18,679 units, a decline of 12%.  The company
reached the landmark of producing a million vehicles off the
Indica platform in November 2007, in a period of just under nine
years.  Cumulative sales of Sumo and Safari were flat at 27,527
units.  The Safari recorded a 25% growth with sales of 10,695
units.

Exports

The company's sales from exports at 3,730 vehicles in November
2007 declined by 1.7% compared to 3,793 vehicles in November
2006.  The cumulative sales from exports in the current period
at 35,562 units have recorded a growth of 4% over the previous
year.


                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


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

AFC ENTERPRISES: Frank Belatti Retires as Board's Chairperson
-------------------------------------------------------------
AFC Enterprises, Inc. has announced the retirement of Frank J.
Belatti as Chairperson of the Board of Directors and appointed
John M. Cranor as new the Chairperson.

Mr. Belatti, who is retiring as Chairperson, founded AFC
Enterprises in 1992 and served as the Chief Executive Officer
from 1992-2005.  Mr. Belatti was instrumental in the growth of
the company's portfolio of brands, its initial public offering
in March 2001, and the subsequent strategic divestitures of the
company's Church's Chicken, Cinnabon and Seattle Coffee Company
brands, leading to its current stand alone ownership of Popeyes
Chicken & Biscuits.  Mr. Belatti will now assume a full time
role as Managing Partner, Equicorp Partners, LLC, an Atlanta
based investment firm.  Mr. Belatti also serves as an adjunct
professor at the Mendoza College of Business at the University
of Notre Dame where he teaches Microventuring, as part of the
Gigot Center Social Entrepreneurship Initiative.

Mr. John Cranor, a member of the AFC Board since November 2006,
has been appointed to succeed Mr. Belatti as Chairperson of the
Board of Directors.  Previously, Mr. Cranor served as
Chairperson, President and Chief Executive Officer of Long John
Silver's Restaurants, Inc., a position he held from 1996-1999.
Prior to that, Mr. Cranor was President and CEO of KFC
Corporation from 1989-1994.  Mr. Cranor has more than 30-years
of management experience in the food service and retail
industries including senior executive positions with Pepsi-Cola
North America, Taco Bell Corporation, Wilson Sporting Goods, and
Frito-Lay Company.  Since 2003, Mr. Cranor has also served as
the President and CEO of the New College Foundation, affiliated
with New College of Florida in Sarasota.  Mr. Cranor holds a
Bachelor's of Arts degree from New College of Florida and a
Master's of Business Administration from Harvard University.

"After 15 years building a successful enterprise, I will miss
AFC, especially all the wonderful and talented people throughout
the organization.  I am proud to have John as our new
Chairperson. John is a highly regarded leader with substantial
experience in the food industry.  His expertise in our quick
service sector will be of great benefit to the Popeyes brand.
We have great confidence in his ability to work with our new
CEO, Cheryl Bachelder, to lead the company to future growth,"
stated Mr. Belatti.

                    About AFC Enterprises Inc.

Headquartered in Atlanta, Georgia, AFC Enterprises Inc. (NASDAQ:
AFCE) -- http://www.afce.com/-- owns, operates and franchises  
Popeyes Chicken & Biscuits quick service restaurants.  As of
July 15, 2007, AFC owned and operated 61 restaurants and
franchised 1,817 restaurants in 44 states, the District of
Columbia, Puerto Rico, Guam and 23 foreign countries, inclusing
Indonesia.  The Popeyes concept features a New Orleans Cajun-
style menu, with regional items such as spicy fried chicken
pieces, chicken sandwiches and strips, fried shrimp, jambalaya
and red beans & rice.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Moody's Investors Service changed AFC
Enterprises Inc.'s rating outlook to stable from positive.
Concurrently, Moody's affirmed all the debt ratings of AFC,
including its B1 corporate family rating and probability of
default rating at B2, while upgrading the senior secured credit
facilities rating to Ba3 from B1.


ALCATEL-LUCENT: Deploys Contact Center Software for Telecom
-----------------------------------------------------------
Alcatel-Lucent said in a statement that it will install an
Internet protocol contact center software for Telecom Personal.

According to Alcatel-Lucent's statement, the software is based
on the firm's OmniPCX platform and OmniGenesys contact center.
It offers personalized communications for clients through:

         -- 24-hour access,
         -- short messaging service or E-mail interaction,
         -- real time and historic custom statistics,
         -- workforce forecast, and
         -- voice portal services.

Business News Americas relates that the software also includes:

         -- new Internet protocol telephony infrastructure,
         -- Internet protocol phones, and
         -- software for softphones.

"[Telecom] Personal Paraguay handles more than 1.3mn customer
transactions a month.  It was important for us to find a
solution that would deliver faster linkage of people, processes
and resources for our more than 280 customer service
representatives to provide global service," Telecom Personal's
information technology manager Mario Bort told BNamericas.

                     About Telecom Personal

Telecom Personal is the wireless provider of Telecom Argentina
SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated
30% market share in Argentina and a customer mix of 66% prepaid
and 34% postpaid as of June 30, 2006.

                     About Alcatel-Lucent

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

                        *      *      *

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


ANIXTER INT'L: Has Up to 1 Mil. Shares Under Repurchase Program
---------------------------------------------------------------
Anixter International Inc. has announced a share repurchase
program under which the company may repurchase up to 1 million
of its outstanding shares with the exact volume and timing
dependent on market conditions.  Anixter noted that this program
is in addition to all previously announced share repurchase
programs that have been completed, including the one announced
on Nov. 2, 2007.

Anixter currently has approximately 36.4 million shares
outstanding.

                       About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the  
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Fitch Ratings has affirmed these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc.:

Anixter International Inc.

-- Issuer Default Rating 'BB+';
-- Senior unsecured debt 'BB-'.

Anixter Inc.

-- Issuer Default Rating  'BB+';
-- Senior unsecured notes 'BB+';
-- Senior unsecured bank credit facility at 'BB+'.


BANK DANAMON: Targets More Than 20% Growth in Lending Next Year
---------------------------------------------------------------
PT Bank Danamon Indonesia Tbk aimed to increase lending by more
than 20% next year, Reuters reports.

Danamon Chief Financial Officer Vera Eve Lim said even though
inflation may come in above the central bank's forecast next
year, Danamon still expects to see strong loan growth, the
report relates.

Mr. Lim told the news agency that the bank's loan growth will
not be affected much by inflation as it is catering to the mass
market segment which still has strong demand.  He said they will
watch the impact on interest rates due to high oil prices, the
report says.

The report adds that Bank Danamon, which has total assets of
IDR88 trillion, is forecasting inflation of around 6.5% in 2008,
Lim said, which is above the central bank's target of 4-6%.

                      About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

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

   -- The foreign currency subordinated debt rating was raised
      to Ba2 from Ba3

   -- Foreign currency long-term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

On Aug. 15,2007, Fitch Ratings upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:

   * Long term foreign currency Issuer Default Rating (IDR)
     'BB-' with a Positive Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.


FOSTER WHEELER: Chilean Unit Bags Contract from UTE CT
------------------------------------------------------
Foster Wheeler Ltd.'s Chilean subsidiary, Foster Wheeler Chile,
S.A., part of its Global Engineering and Construction Group, has
been awarded a lump-sum detailed engineering contract by the
Spanish company UTE CT Mejillones, which is owned by Cobra
Instalaciones y Servicios S.A., part of the ACS Group, for a new
power facility at the Andino power plant at Mejillones, northern
Chile.

The Foster Wheeler contract value was not disclosed.  The
project will be included in the company's fourth-quarter 2007
bookings.

Foster Wheeler Chile will undertake the detailed engineering for
the entire facility, which will include a 165 MWe (gross
megawatt electric) circulating fluidized-bed (CFB) boiler and a
steam turbine.  As previously announced on Sept. 18, 2007,
Foster Wheeler's Global Power Group has been awarded a design
and supply contract for the CFB boiler island.

"These two awards from Cobra demonstrate our customer's
confidence not only in the flexible, reliable and
environmentally responsible solution offered by our CFB boilers,
but also in the quality of our engineering expertise," commented
Ramon Zubizarreta, managing director of Foster Wheeler Chile,
S.A.

The utility company, Central Termoelectrica Andino S.A., a
subsidiary of the Suez Energy International Group, will operate
the new power plant, which is expected to commence operation in
2010.  Cobra is Suez's contractor.

                      About Foster Wheeler

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--  
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


GOODYEAR TIRE: James Firestone Joins Board of Directors
-------------------------------------------------------
James A. Firestone, president, Xerox North America, has been
elected to the Board of Directors of The Goodyear Tire & Rubber
Company.

"Jim has a wealth of managerial experience with a diverse group
of respected companies, including Xerox, IBM and American
Express," said Goodyear Chairman and Chief Executive Officer
Robert J. Keegan.  "We are confident that he will contribute
significantly to Goodyear's continued growth."

Mr. Firestone is an executive vice president of Xerox
Corporation and has led the company's North American operations
since 2004.  He has also served as head of Xerox's channels
group and was the company's chief strategy officer.

Before joining Xerox in 1998, Mr. Firestone worked for the IBM
Corporation as general manager of the Consumer Division and for
the Ameritech Corporation as president of Consumer Services.  He
began his business career in 1978 with American Express, where
during his 15-year tenure he ultimately rose to President,
Travelers Cheques.

Mr. Firestone holds a Bachelor of Science Degree in
international economics from Georgetown University School of
Foreign Service and a Master of public and private management
from the Yale University School of Management.

The election of Firestone brings the size of Goodyear's board to
13 members.

                      About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest    
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.

                       *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.


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

FUJI HEAVY: Net Income Down 32.5% for First Half of FY2007
----------------------------------------------------------
Fuji Heavy Industries Ltd. posted its financial results for the
first half of the current fiscal year.

The manufacturer of Subaru-brand vehicles reported a 32.5%
decrease in its net income for the six-month period ended
September 30, 2007, to JPY78 million from the JPY116 million
recorded in the same period last year.

Operating income increased 4.3% year-on-year to JPY189 million
from JPY181 million.  Ordinary income inched up 2.0%
to JPY142 million year-on-year.

Net sales for the 2007 first half climbed 1.5% to JPY7.1 billion
from last year's JPY7.0 billion.  Domestic sales slid 11.3% to
JPY99 million, while overseas sales gained 9.8% to
JPY172 million as compared to the JPY157 million of last year
with North America contributing JPY90 million, followed by
Europe with JPY38 million and Other with JPY44 million.

                    October U.S. Sales

Reuters reported on the vehicle sales of Subaru for the month of
October saying that revenues dropped 6.5% year-on-year.  

A total of 14,979 vehicles were sold by the month of October
2007, compared to the 15,404 units of October 2006.

                       About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four  
business segments.  The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles.  The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment.  The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates.  The Company distributes its products
in both domestic and overseas markets.  As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


KOJIMA CO: Posts 94.5% Slide in Net Income for 1st Half of FY07
---------------------------------------------------------------
Kojima Co. Ltd reported half-year group earnings results for the
six-month period ended September 30, 2007.

Net income plummeted 94.5% to JPY64 million as compared to the
same period last year's JPY1.2 billion.  Operating loss narrowed
to JPY3.2 billion from the previous year's JPY2.6 billion.

Revenue inched up 0.3% to JPY254.9 billion, and current profit
dipped down 57.2% to JPY940 million year-on-year.

Reuters Key Development reports that Kojima lowered its
consolidated full-year financial results due to
lower-than-expected sales of DVD-R products, personal computers
and air conditioners.

Net profit, which was originally estimated to reach
JPY2.6 billion, is now seen to be at JPY1.2 billion.  Revenue
from JPY529.7 billion to JPY517.4 billion.  Operating profit
from a loss is now forecasted to be at JPY5.1 billion from a
loss of JPY4.4 billion, relates Reuters.

                      About Kojima Co.

Kojima Co., Ltd., -- http://www.kojima.net/-- headquartered in  
Tochigi Prefecture, is a Japan-based retailer of home electric
appliances. The Company sells computers and peripheral
equipment, computer software, audiovisual (AV) equipment,
information devises, health equipment, lighting, clocks, office
equipment, games and others. The Company also offers its
products through its own online retail stores. Through its
subsidiaries, Kojima is also engaged in the operation of halls
and the provision of restaurant services, as well as the travel,
real estate leasing, life and non-life insurance agency and
advertising businesses.

               2-1-8 Hoshigaoka
               Utsunomiya-shi,  TCG  320-8528
               JPN +81-28-6210001 (Phone)

                     *     *     *

The Troubled Company Reporter-Asia Pacific reported on December
4, 2007, that Rating and Investment Information Inc. has
downgraded the issuer rating of Kojima from 'BBB-' to 'BB+' with
a stable outlook.  According to R&I, the company has undertaken
reforms for improving its competitiveness through consolidation
and elimination of outlets and opening large stores.  However,
sales have not grown despite the expanded sales floor
areas, and recovery of profit is lagging behind.


SAPPORO HOLDINGS: Launches New Drink; Targets 350,000 Cases
-----------------------------------------------------------
Sapporo Holdings Ltd. said it is set to launch a new beerlike
alcoholic beverage featuring a fruity aroma, report Japan Times.

According to the report, Draft One Sparkling Aroma, which hit
the stores on Wednesday, is made from aroma-rich hops and tastes
like a cross between beer and sparkling wine.

The brewery, states Japan Times, is targeting sales of 350,000
cases for the new drink this winter, where one case contains 20
bottles.

The report added that Sapporo retuned its Draft One beverage,
making the taste lighter and sharper.

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--      
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As of May 16, 2007, the company carries Standard & Poor's
Rating Service's 'BB' Long-Term Foreign Issuer Credit and Long-
Term Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on March 14,
2006.


SOFTBANK CORP: Sees Alibaba-related Q3 Profit of JPY55 Billion
---------------------------------------------------------------
Softbank Corp. expects to post an equity-method investment
profit related to Alibaba.com Ltd. of JPY55 billion in the
current quarter ending December 31, Kiyoshi Takenaka writes for
Reuters.

Reuters relates that Softbank, on the day of Alibaba.com's
trading debut, said it would book an investment profit in
connection with the market listing.

Softbank, Reuters notes, owns one-third of Alibaba Group
Holdings, parent company of Alibaba.com, which made its market
debut in Hong Kong on November 6 after raising US$1.49 billion
in Hong Kong's popular initial public offering.

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was
JPY163.3 billion.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.
The outlook for the long-term credit rating is stable.

Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone
K.K.


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

DAEWOO ELECTRONICS: Buys Moore Microprocessor Patent(TM)
--------------------------------------------------------
Patriot Scientific Corporation disclosed that Daewoo Electronics
Corporation has purchased a Moore Microprocessor Patent
(TM)(MMP) Portfolio license from The TPL Group.  Daewoo
Electronics, the first Korean licensee to purchase an MMP
license.  Daewoo Electronics is the 26th licensee to date.

"Daewoo will benefit significantly by their decisive action to
purchase an MMP License," said Carl Silverman, vice president,
Licensing for Alliacense.  "Daewoo joins a long and growing list
of forward-thinking companies who have been agile enough to
secure a significant jump on their competition."

While the MMP Portfolio Licensing Program has been in place for
over two years, 30% of the license purchases have followed the
favorable "Markman" ruling issued earlier this summer,
confirming the strength of the MMP Portfolio, and enhancing the
momentum of the Licensing Program.

The sweeping scope of applications using MMP design techniques
continues to encourage manufacturers of end-user products from
around the globe to become MMP licensees.  Since January 2006
more than twenty companies have purchased MMP Portfolio
licenses.

                  About Patriot Scientific

Patriot Scientific is a leading intellectual-property licensing
company that develops, markets, and enables innovative
technologies that satisfy the demands of fast-growing markets
for wireless devices, smart cards, home appliances, network
gateways, set-top boxes, entertainment technology, automotive
telematics, biomedical devices, industrial controllers and more.
Headquartered in Carlsbad, Calif., information about the company
can be found at http://www.ptsc.com.

                  About the MMP Portfolio

The Moore Microprocessor Patent (MMP) Portfolio contains
intellectual property that is jointly owned by the privately
held TPL Group and publicly held Patriot Scientific Corporation
(OTCBB:PTSC). The portfolio includes seven U.S. patents as well
as their European and Japanese counterparts. It is becoming
widely recognized that the jointly-owned patents protect
fundamental technology used in designing microprocessors,
microcontrollers, digital signal processors (DSPs), embedded
processors and system-on-chip (SoC) devices. The MMP portfolio
is exclusively managed by Alliacense, a TPL Group Enterprise.

                       About Alliacense

Alliacense is a TPL Group Enterprise executing best-in-class
design and implementation of Intellectual Property (IP)
licensing programs. As a cadre of IP licensing strategists,
technology experts, and experienced business
development/management executives, Alliacense focuses on
expanding the awareness and value of TPLís IP portfolios.
Founded in 1988, The TPL Group has emerged as a coalition of
high technology enterprises involved in the development,
management and commercialization of proprietary product
technologies as well as the design, manufacture and sales of
proprietary products based on those technologies and
corresponding IP assets. For more information, visit
http://www.alliacense.com.

                    About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer     
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


EDS CORP: Completes US$420-Million Buyout of Saber Corp.'s Stake
----------------------------------------------------------------
EDS Corp. has completed the acquisition of an approximate 93%
equity interest in Saber Corp., including majority shareholder
Accel-KKR.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
EDS Corp. has agreed to purchase an approximate 93% equity
interest in Saber Holdings Inc., including majority shareholder
Accel-KKR, for approximately US$420 million in cash.

Saber's chief executive officer Nitin Khanna and president and
chief operating officer Karan Khanna will retain an approximate
7% interest in Saber and continue to lead the company after the
closing.

                    About Saber Holdings Inc.

Headquartered in Portland, Oregon, Saber Holdings Inc. --
http://www.sabercorp.com/-- is a privately held company that  
has customer relationships with state and local government
entities across the country.  Founded in 1997, the company
provides software and services that underpin essential functions
such as voter registration, election management, public
retirement programs, human services, public health services,
motor vehicles, unemployment insurance, and forms and document
processing.

                        About Accel-KKR

Accel-KKR - http://www.accel-kkr.com/-- is a technology-focused  
private equity firm that invests in technology businesses.
Accel-KKR has a particular focus on the following transactions:
Recapitalizations of family-owned or closely-held private
companies, divisional buyouts of larger companies, and going-
private transactions.

                         About EDS Corp.

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services  
company delivering business solutions to its clients.  EDS
founded the information technology outsourcing industry more
than 40 years ago.  EDS delivers a broad portfolio of
information technology and business process outsourcing services
to clients in the manufacturing, financial services, healthcare,
communications, energy, transportation, and consumer and retail
industries and to governments around the world.

EDS has locations in Argentina, Australia, Brazil, China, Chile,
Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico,
Singapore, Taiwan, Thailand and South Korea.

                       *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


KENERTEC CO: Signs KRW8.14-Billion Deal with POSCO
--------------------------------------------------
Kenertec Co., Ltd. has signed a contract with POSCO, Reuters
Investing Keys reports.

According to the report, under the business agreement,  the
company will construct a furnace for POSCO.  The contract is
worth KRW8,140 million, the report adds.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial       
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KENERTEC: Receives Patent on Solid Carbonizing Fuels Preparation
----------------------------------------------------------------
Kenertec Co., Ltd. has been granted a patent on November 20,
2007, Reuters Investing Keys reports.

According to the report, the company gets exclusive rights to
use the solid carbonizing fuels using wood biomass preparation  
method.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial       
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KENERTEC CO: Establishes New Subsidiary in Cambodia
---------------------------------------------------
Kenertec Co Ltd. has established a wholly owned subsidiary  in
Cambodia, Reuters Keys Investing reports.

According to the report, the unit is named Kenertec Resources
Co., Ltd.

The new subsidiary, the report relates,  will be mainly engaged
in the biomass co-generations businesses.  The parent company
has invested US$3 billion in the said project, which took effect
since November 14, 2007, the report adds.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial       
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.


LEADCORP: Completes Private Placement of Common Shares
------------------------------------------------------
The Leadcorp, Inc. has completed issuance of 1,343,288 common
shares at an offer price of KRW3,273 per share through a private
placement, Reuters Investing Keys reports.

According to the report, this brings the total number of the
company's outstanding common shares to 27,414,056.

The confirmed listing date of the new shares was on November 6,
2007, the report adds.

Seoul, Korea-based The LEADCORP, Inc. is engaged in the
provision of oil and consumer financial service.  The company
operates its business under three main sectors: oil, gas station
and resting place, and consumer financial service.  Its oil
business supplies gasoline, lamp oil, light oil and other
related products predominantly in Jeolla Province, Korea.  Its
gas station and resting place business operates Cheon Ahn
resting place in Chungcheong Province, Korea.  The consumer
financial service business offers loan service primarily through
the Internet with its 10 domestic branches.

On June 28, 2006, Korea Investors Service affirmed the company's
straight bonds series 13's 'BB-' rating with a stable outlook.


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

LITYAN HOLDINGS: Loan Default Reaches MYR26.3 Mil. at Nov. 30
-------------------------------------------------------------
Lityan Holdings Berhad updated the Bursa Malaysia Securities
Berhad of the company's default status to various credit
facilities as of November 30, 2007.

As of end-November 2007, Lityan Holdings owes its creditors
MYR26.28 million in aggregate:

                                            Total Principal and
   Lender             Type of Facility      Interest in Default
   ------             ----------------      -------------------
RHB Bank Berhad       Overdraft Facility          MYR313,817.34
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility             629,192.75
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit            14,993,526.40
Berhad Labuan         Facility/Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10 mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-            8,962,359.07
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility           1,384,625.46
                      of MYR1 million          ----------------
                                               MYR26,283,521.02

Based on its current financial position, Lityan is deemed
insolvent.  The company unveiled that the court hearing for
Lityan's ex-parte application for leave for Judicial Review of
Securities Commission's decision on Proposed Restructuring
Scheme has been adjourned to January 15, 2008.  In the interim,
Bursa Malaysia Securities Berhad has agreed to a stay of the de-
listing until January 15, 2008.

Lityan is concurrently also looking into other business
opportunities within its core activities and also actively
taking steps to dispose the Group's non-core investments and
non-operating assets to address its current financial position.

The company's three subsidiaries, which have defaulted in
various credit facilities to the financial institutions, Lityan
Systems Sdn Berhad, Digital Transmission Systems Sdn Bhd and
Lityan (L) Incorporated are not major subsidiaries.

                    About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides      
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

Lityan Holdings Bhd's unaudited balance sheet as of March 31,
2007, went upside down with an equity deficit of
MYR83.07 million, from total assets of MYR62.01 million and
total liabilities of MYR145.08 million.


LITYAN HOLDINGS: Sept. 30 Balance Sheet Upside Down by MYR85MM
--------------------------------------------------------------
Lityan Holdings Berhad's unaudited balance sheet as of Sept. 30,
2007, went upside down by MYR85.31 million, on total assets of
MYR73.01 million and total liabilities of MYR158.69 million.

For the third quarter ended September 30, 2007, the company
posted a net profit of MYR1.82 million on MYR30.64 million in
revenues, as compared with a net profit of MYR4.57 million on
MYR9.89 million in revenues in the same quarter in 2006.

                    About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides      
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


MANGIUM INDUSTRIES: Unit Defaults on MYR17.4 Million in Payment
---------------------------------------------------------------
Mangium Industries Bhd's wholly owned subsidiary -- Mangium
Sawmill Sdn Bhd -- has not paid, and is deemed to have defaulted
on MYR17.41 million in repayments on facilities granted by
Standard Chartered Bank Malaysia Berhad and CIMB Bank Berhad,
which are unsecured.

The default in payment was due to the unfavorable timber market
and depressed prices for timber and related products throughout
Asia.  Since the financial crisis in 1997, many of the Groupís
buyers were adversely affected and are facing financial
difficulties leading to their inability to settle their
outstanding balances despite efforts made by the management to
collect these outstanding debts with the Group.  As a result,
the cash flow generated from operations was not sufficient to
service the interest and principal obligations to the lenders as
and when they fell due.

The company is currently working on other alternatives to
address the default since the abandonment of the Proposed Debt
Settlement & Restructuring Scheme on February 27, 2007.

                   About Mangium Industries

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital.  As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.

Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million.  Shareholders' equity deficit totaled
MYR46.11 million.


MEGAN MEDIA: Will Hold General Meeting on December 18
-----------------------------------------------------
Megan Media Holdings Berhad will hold an extraordinary general
meeting on December 18, 2007, at 9:30 a.m., at Selangor 2
Ballroom, Lobby Level, Sheraton Subang Hotel and Towers, in
SS12/1 Subang Jaya, 47500 Selangor Darul Ehsan.

At the meeting, the members will be asked to accept the
resignation of KPMG as the company's auditors and in place of
them, appoint Shamsir Jasani Grant Thornton as the company's
auditors for the financial year ended April 30, 2007, and to
hold office until the conclusion of the next annual general
meeting.

Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products such as
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia has downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.

The BaIDS carries a corporate guarantee from MTSB's holding
company, Megan Media Holdings Berhad.  Concurrently, RAM has
lifted the Rating Watch (with a negative outlook) that had been
placed on MTSB on May 9, 2007, following the failure of MTSB and
MJC (Singapore) Pte Ltd, another wholly owned subsidiary of
Megan Media, to repay their trade facilities amounting to
MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


OCI BHD: Reprimanded by Bursa for Breach of Listing Requirement
---------------------------------------------------------------
On November 29, 2007, the Bursa Malaysia Securities Berhad
publicly reprimanded OCI Berhad for breach of Paragraph 9.22(1)
of Bursa Securitiesí Listing Requirement and imposed a fine of
MYR52,500.

The company has breached paragraph 9.22(1) for failure to submit  
its Fourth Quarterly Report for the financial period ended
June 30, 2007, on or before August 31, 2007.  The company only
submitted the 2007 4th quarter results to Bursa Securities for
public release on October 31, 2007.

Paragraph 9.22(1) of the Bursa's Listing Requirement stipulates
that a listed issuer must give Bursa for public release, an
interim financial report that is prepared on a quarterly basis,
as soon as the figures have been approved by the board of
directors of the listed issuer, and in any event not later than
two months after the end of each quarter of a financial year.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa's Listing Requirement after taking into
consideration all facts and circumstances of the matter and upon
completion of due process.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


OCI BERHAD: Incurs MYR2.01-Mil. Net Loss for Qtr. to Sept. 30
-------------------------------------------------------------
OCI Berhad reported a net loss of MYR2.01 million for the  
quarter ended September 30, 2007, as compared to MYR282,000 net
profit in the same period last year.

For the first quarter, the company recorded MYR175,000 of total
revenues, a decrease from the revenues of MYR16.45 million
recorded in the same quarter of 2006.

As of September 30, 2007, the company's balance sheet showed
strained liquidity with MYR3.37 million of current assets
available to pay MYR57.85 million of current liabilities coming
due within the next twelve months.

The company's balance sheet as of end-September also showed
MYR26.96 million in total assets and MYR60.23 million in total   
liabilities, resulting in a MYR33.26-million shareholders'
equity deficit.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


OCI BERHAD: Resolves to Undertake Restructuring Scheme
------------------------------------------------------
The Troubled Company Reporter-Asia Pacific reported on Sept. 5,
2007, that the Bursa Securities Bhd has extended, to January 31,
2008, the filing  of OCI Berhad's regularization plans.

In an update, the company's Board of Directors has resolved to
undertake a restructuring scheme with the intention of restoring
OCI back onto stronger financial footing via a special purpose
vehicle to be identified to facilitate the implementation of the
Proposed Restructuring Scheme.

The Proposed Restructuring Scheme will comprise of:

   * Proposed Scheme of Arrangement with Shareholders;

     The company proposes to undertake a share exchange of its
     entire issued and paid-up share capital of MYR43,147,500
     comprising 43,147,500 ordinary shares of MYR1.00 each in
     OCI for 8,629,500 new ordinary shares of MYR1.00 each in
     NewCo at an issue price of MYR1.00 per share on the basis
     of one NewCo Share for every five existing OCI Shares held.

     The Proposed Scheme of Arrangement with shareholders will
     be effected pursuant to Section 176 of the Companies Act,
     1965.  The 8,629,500 new NewCo Shares to be issued pursuant
     to the Proposed Scheme of Arrangement with Shareholders
     will rank pari passu in all respects with the existing
     NewCo Shares except that they will not be entitled to any
     rights, dividends, allotment and/or other distributions for
     which the relevant entitlement date precedes the relevant
     issue date of the said shares.

     OCI will be a wholly-owned subsidiary of NewCo upon the
     completion of the Proposed Scheme of Arrangement with
     shareholders.

     As part of the Proposed Scheme of Arrangement with
     shareholders, the OCI Groupís core adhesive and sealant
     business including the machinery but excluding the Adhesive
     Business Assets will be transferred to NewCo or its
     proposed wholly-owned subsidiary. NewCo will execute the
     necessary documents with its then wholly-owned subsidiary,
     OCI to effect the Proposed Business Transfer (if required).

   * Proposed Rights Issue;

     Upon completion of the Proposed Scheme of Arrangement with
     Shareholders, NewCo will implement a renounceable rights
     issue of 21,573,755 new NewCo Shares at an issue price of
     MYR1.00 per Rights Share on the basis of five Rights Shares
     for every two NewCo Shares held after the Proposed Scheme
     of Arrangement with Shareholders, to the shareholders of
     NewCo whose names appear on the Record of Depositors on a
     date to be determined and announced later by the Board.

     -- The issue price of MYR1.00 per Rights Share was arrived
        at after taking into account these:

        (a) the regularization of the financial position of the
            OCI group of companies via NewCo and its proposed
            subsidiaries after the Proposed Restructuring
            Scheme;

        (b) the enhanced earnings potential of the NewCo Group
            after the Proposed Restructuring Scheme; and

        (c) the par value of ordinary shares in NewCo of
            MYR1.00.

     -- The Rights Shares will, upon allotment and issue, rank
        pari passu in all respects with the existing NewCo
        Shares, save and except that they will not be entitled
        to any dividends, rights, allotments and/or other
        distributions, the entitlement date of which is prior to
        the date of allotment of the Rights Shares.

     -- Contrarian Holdings Sdn Bhd holds directly 1,734,400
        shares after the Proposed Scheme of Arrangement with  
        shareholders, with 20.1% issued share capital.

     -- The Proposed Rights Issue is expected to raise gross
        proceeds of MYR21.574 million, which will be utilized
        for:

                        Timeframe for utilization
                        from the completion
                        of the Proposed                MYR
Proposed Utilization    Restructuring Scheme          (million)
----------------------  --------------------          ---------
(a) Business expansion       24 months                  8.000

(b) Acquisition of the        6 months                  5.000
    OCI Groupís factory
    building

(c) Working capital          24 months                  7.000

(d) Expenses relating to      3 months                  1.574
    the Proposed                                        -----
    Restructuring Scheme                               21.574


   * Proposed Exemption;

     Upon completion of the Proposed Rights Issue, the
     collective shareholdings of Wijoto Tjiptodihardjo together
     with persons acting in concert with him namely, Contrarian
     and Putra Pacific Holdings Pte Ltd amounting to 27.2% of
     the issued and paid-up share capital of NewCo after the
     Proposed Scheme of Arrangement with Shareholders may
     increase above 33% as a result of Contrarianís obligations
     under the Entitlement Undertaking and Additional
     Undertaking.  In accordance with Paragraph 6(1) of Part II
     of the Code, the Concert Parties will be obliged to
     undertake a mandatory general offer for all the remaining
     NewCo Shares they do not hold.

     An application will be made to the SC to exempt the
     obligations of the Concert Parties pursuant to Practice
     Note 2.9.1 of the Code.

   * Proposed Scheme of Arrangement with Creditors;

     OCI proposes to implement a formal scheme of arrangement
     and compromise pursuant to Section 176 of the Act in
     respect of the amounts owing to the creditors of OCI
     aggregating MYR72.2 million as at June 30, 2007.  The
     settlement mechanism will be principally based on orderly
     realization of collateral assets of the OCI group of
     companies and the proposed issuance of up to 10,000,000 new
     NewCo Shares based on these:

     -- Secured Creditors

        It is proposed that the secured Scheme Creditors, which
        are owed in aggregate approximately MYR34.7 million as
        at the Cut-off Date to be settled in:

        (a) Accrued interest, if any, up to June 30, 2007, will
            be capitalized together with the principal
            outstanding amount as total debts to be settled.

        (b) All interest, if any, penalties, costs, fees and
            other charges or accruing or incurred after June 30,
            2007, will be waived.

        (c) Planned orderly disposal of the encumbered assets
            will be undertaken with the proceeds realized
            therefrom be distributed to the Secured Creditors
            based on their respective legal and contractual
            entitlement(s) to such proceeds.

        (d) For purposes of determining the security value of
            the encumbered assets, the appraised values of the
            encumbered assets will be used.

        (e) Any shortfall between the Recognised Security Value
            and the recognized debt amount under the Proposed
            Scheme of Arrangement with Creditors will be
            classified together with the unsecured Scheme
            Creditors and settled by way of issuance of
            Settlement Shares.

        (f) In the event the actual sale proceeds from the
            disposal of the encumbered assets exceed the
            Recognized Security Value, the surplus proceeds will
            be applied.

     -- Unsecured Creditors

        It is proposed that the unsecured Scheme Creditors which
        are owed in aggregate approximately MYR37.5 million as
        the Cut-off Date will be settled through:

        (a) Accrued interest, if any, up to June 30, 2007, will
            be capitalized together with the principal
            outstanding amount as total debts to be settled.

        (b) All interest, if any, penalties, costs, fees and
            other charges or accruing or incurred after June 30,
            2007, will be waived.

        (c) The outstanding amount due to the Unsecured
            Creditors will be settled by way of issuance of
            Settlement Shares.

   * Proposed Transfer of Listing Status

     It is proposed that the entire issued and paid-up share
     capital of OCI will be de-listed from the Official List of
     the Second Board of Bursa Securities and that the entire
     issued and paid-up share capital of NewCo be admitted to
     the Official List of the Second Board of Bursa Securities.

   * Proposed Disposal

     NewCo proposes to dispose its entire issued and paid-up
     share capital of OCI comprising 43,147,500 OCI shares held
     after the Proposed Scheme of Arrangement with Shareholders
     to a separate special purpose company for a nominal cash
     consideration of MYR1.00.


OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


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

451237 LTD.: Appoints Official Assignee as Liquidator
-----------------------------------------------------
The official assignee was appointed liquidator of 451237 Ltd. on
November 1, 2007.

The Liquidator can be reached at:

          Official Assignee
          Insolvency and Trustee Service
          Private Bag 4714, Christchurch
          New Zealand
          Telephone:0508 467 658
          Web site: http://www.insolvency.govt.nz


3-TIER.COM LTD: Fixes Dec. 13 as Last Day to File Claims
--------------------------------------------------------  
On November 8, 2007, Henry David Levin and David Stuart Vance
were named liquidators of 3-Tier.com Ltd.

Messrs. Levin and Vance are accepting creditors' proofs of debt
until December 13, 2007.

The Liquidators can be reached at:

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


ALTITUDE SCIENCE: Commences Liquidation Proceedings
---------------------------------------------------
Altitude Science Ltd. commenced liquidation proceedings on
November 8, 2007.

Grant Robert Graham and Brendon James Gibson were named
liquidators for the company.

The Liquidators can be reached at:

          Grant Robert Graham
          Brendon James Gibson
          KordaMentha
          Level 16, 45 Queen Street
          PO Box 982, Auckland
          New Zealand
          Telephone:(09) 307 7865
          Facsimile:(09) 377 7794

CLEAR CHANNEL: Provides Update on Bain Capital/THLP Merger
----------------------------------------------------------
Clear Channel Communications, Inc. provided an update on the
status of its merger with an affiliate of a private equity group
co-led by Bain Capital Partners, LLC and Thomas H. Lee Partners,
L.P.  Both parties continue to actively pursue the satisfaction
of the conditions to closing of the merger.  The remaining
material condition to be satisfied is obtaining the expiration
or termination of the waiting period under the Hart Scott Rodino
Act.

As reported in the Troubled Company Reporter on May 21, 2007,
Clear Channel entered into a second amendment to its merger
agreement with a private equity group co-led by Thomas
H. Lee Partners, L.P. and Bain Capital Partners, LLC.  Under the
terms of the merger agreement, as amended, Clear Channel
shareholders will receive $39.20 in cash for each share they own
plus additional per share consideration, if any, if the closing
of the merger occurs after December 31, 2007.  This is an
increase from the previous cash consideration of $39.00 per
share.

As an alternative to receiving the $39.20 per share cash
consideration, Clear Channel's unaffiliated shareholders were
offered the opportunity on a purely voluntary basis to exchange
some or all of their shares of Clear Channel common stock on a
one-for-one basis for shares of Class A common stock in the new
corporation formed by the private equity group to acquire Clear
Channel (subject to aggregate and individual caps), plus the
additional per share consideration, if any.

Clear Channel is confident that the necessary regulatory
condition will ultimately be satisfied.  However, it is not
expected that these conditions can be satisfied in time to allow
for a closing of the merger prior to the end of 2007.

Clear Channel intends to exercise its right to extend the
Termination Date on Dec. 12, 2007 in accordance with the
provisions of the Merger Agreement.  Once extended, the new
Termination Date will be June 12, 2008.

Subject to the receipt of the requisite regulatory approval and
customary closing conditions, Clear Channel expects the closing
of the merger will occur during the first quarter 2008.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Fitch Ratings said it expects to downgrade Clear Channel
Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'.  
The rating outlook is expected to be stable.  Existing ratings
remain on rating watch negative pending the closing of the
merger transaction and review of final documentation.


CLEAR CHANNEL: Paying US$0.1875 Quarterly Dividend January 15
-------------------------------------------------------------
Clear Channel Communications, Inc.Board of Directors declared a
quarterly cash dividend of US$0.1875 per share on its Common
Stock.  The dividend is payable on or before January 15, 2008 to
shareholders of record at the close of business on December 31,
2007.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Fitch Ratings said it expects to downgrade Clear Channel
Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'.  
The rating outlook is expected to be stable.  Existing ratings
remain on rating watch negative pending the closing of the
merger transaction and review of final documentation.


EFKEROS LTD: Court to Hear Wind-Up Petition on February 8
---------------------------------------------------------
The High Court of Auckland will hear on February 8, 2007, at
10:00 a.m., a petition to have Efkeros Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition on
September 6, 2007.

The CIR's solicitor is:

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


INTERNATIONAL PEOPLE: Creditors' Proofs of Debt Due December 13
---------------------------------------------------------------
International People Solutions Limited requires creditors to
file their proofs of debt by December 13, 2007.

Failure to file proofs of debt by the due date will exclude a
creditor from the company's dividend distribution.

The company's liquidators are:

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


LIGHTFOOT INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 13
---------------------------------------------------------------
The creditors of Lightfoot Investments Limited are required to
file their proofs of debt by December 13, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


MORGANS BAR: Taps Levin and Vance as Liquidators
------------------------------------------------
On November 8, 2007, Henry David Levin and David Stuart Vance
were appointed liquidators of Morgans Bar Limited.

Creditors who can file their proofs of debt by December 13,
2007, will be included in the company's dividend distribution.

The company's liquidators are:

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


SAFEQUIP LTD: Appoints Graham and Gibson as Liquidators
-------------------------------------------------------
On November 8, 2007, Safequip Ltd. was placed under voluntary
liquidation.

Grant Robert Graham and Brendon James Gibson were named
liquidators for the company.

The Liquidators can be reached at:

          Grant Robert Graham
          Brendon James Gibson
          KordaMentha
          Level 16, 45 Queen Street
          PO Box 982, Auckland
          New Zealand
          Telephone:(09) 307 7865
          Facsimile:(09) 377 7794


SOFENIS LABOUR: Fixes Feb. 8 as Last Day to File Proofs of Debt
---------------------------------------------------------------
The creditors of Sofenis Labour Hire 2006 Ltd. are required to
file their proofs of debt by February 8, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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


VTL SECURITY: Subject to CIR's Wind-Up Petition
-----------------------------------------------
On August 21, 2007, the Commissioner of Inland Revenue filed a
petition to have VTL Security Services Ltd.'s operations wound
up.

The High Court at Auckland will hear the petition on January 31,
2007, at 10:00 a.m.

The CIR's solicitor is:

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


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

FASTECH SYNERGY: 2006 Net Loss Dips 18% to US$5.8 Million
---------------------------------------------------------
Fastech Synergy Ltd. has posted a US$5.807-million net loss for
the year ending December 31, 2006, 18.18% lower than the
PHP7.097-million net loss reported for 2005.

For the year 2006, the company earned revenues of
US$13.345 million against a US$15.034-million cost of goods
sold, resulting in a gross loss of US$1.689 million.  Other
income for the period is at US$103,631 while other expenses is
at US$192,938.  The company also recorded US$285,452 in sales
and marketing expenses, US$399,386 foreign currency losses and a
net interest and bank charge of US$830,957.  General
administrative expenses for 2006 totaled US$2.383 million.

As of December 31, 2006, the company had US$18.513 million in
total assets and US$12.907 million in total liabilities,
resulting in total equity of US$5.606 million.  The company's
balance sheets also showed strained liquidity as its current
liabilities of US$8.99 million exceeded current assets of
US$3.29 million.

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

   http://fastechsynergy.com/downloads/Fastech_AR2006.pdf

                  About Fastech Synergy

Based in Laguna, in the Philippines, Fastech Synergy Ltd is a
provider of outsourced manufacturing and technology services to
the semiconductor and radio frequency (RF)/microwave components
industry. The Company provides assembly and test solutions for
semiconductor, and RF/Microwave components used in
telecommunications equipment, personal computers, office
automation equipment, consumer electronics, medical equipment,
automotive and industrial systems.  During the year ended
December 31, 2006, the semiconductor component division and
RF/Microwave division accounted for 72% and 28% of the Company's
revenue, respectively.The Company operates through its three
subsidiaries: FASTECH Microassembly & Test, Inc., FASTECH
Advanced Assembly, Inc. and FASTECH Electronique, Inc.  The
Company and its subsidiaries operate mainly in the Philippines.


FASTECH SYNERGY: 1st Qtr. Net Loss Drops 31.8% to US$1.038 Mil.
---------------------------------------------------------------
Fastech Synergy Ltd.'s first quarter net loss for 2007 has
dipped 31.8% to US$1.038 million from last year's
US$1.522 million.

The lower net loss for the quarter reflects a 3.4% year-on-year
increase to US$3.301 million and a 2.4% year-on-year decrease in
revenues to US$3.562 million, resulting in a gross loss of
US$261,000, itself a 42.7% year-on-year decrease from last
year's US$455,000 gross loss.  Other income rose 372.9% from
last year's US$20,000 to this year's US$95,000.  Sales and
marketing expenses also dipped 13.2% to US$50,000, from the
US$58,000 in the first quarter 2006.  The bank also recorded
decreases in interest and bank charges at 9.5% to US$186,000,
and in general and administrative expenses at 12.9% to
US$590,000.

As of March 31, 2007, the company had US$17.646 million in total
assets, and US$13.078 million in total liabilities, resulting in
a total equity of US$4.569 million.  The company is also
illiquid as of March 31, 2007, as its current assets of
US$3.34 million is lower than its current liabilities of
US$9.446 million.

The company's 2007 first quarter financial statements can be
downloaded for free at:

     http://fastechsynergy.com/ir/q12007_financials.pdf

                  About Fastech Synergy

Based in Laguna, in the Philippines, Fastech Synergy Ltd is a
provider of outsourced manufacturing and technology services to
the semiconductor and radio frequency (RF)/microwave components
industry. The Company provides assembly and test solutions for
semiconductor, and RF/Microwave components used in
telecommunications equipment, personal computers, office
automation equipment, consumer electronics, medical equipment,
automotive and industrial systems.  During the year ended
December 31, 2006, the semiconductor component division and
RF/Microwave division accounted for 72% and 28% of the Company's
revenue, respectively.The Company operates through its three
subsidiaries: FASTECH Microassembly & Test, Inc., FASTECH
Advanced Assembly, Inc. and FASTECH Electronique, Inc.  The
Company and its subsidiaries operate mainly in the Philippines.

Fastech Synergy Ltd. has posted a US$5.807-million net loss for
the year ending December 31, 2006.  The company also reported a
PHP7.097-million net loss reported for 2005.


FASTECH SYNERGY: 2nd Quarter Net Loss Dips 20.7% to US%1.06 Mil.
----------------------------------------------------------------
Fastech Synergy Ltd. incurred a net loss of US$1.068 million for
the quarter ended June 30, 2007, a 20.7% decrease from the
US$1.346 million in the same period last year.

For the April-June 2007 period, the company earned revenues of
US$3.761 million, slightly higher than its expenses of
US$3.653 million in costs of goods sold resulting in a gross
income of US$108,000.  The company also posted for the period
US$23,000 in other income, US$77,000 in sales and marketing
expenses, a US$304,000-loss from foreign currency, a net
interest and bank charge of US$208,000, and general and
administrative expenses of US$605,000.

As of June 30, 2007, the company had US$1.749 million in total
assets and US$1.399 million in total liabilities, resulting in
an equity of PHP3.501 million.  The company's balance sheets
also show strained liquidity as its US$10.64 million in current
liabilities exceed its current assets of US$4.007 million.

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

     http://fastechsynergy.com/ir/q22007_financials.pdf

                  About Fastech Synergy

Based in Laguna, in the Philippines, Fastech Synergy Ltd is a
provider of outsourced manufacturing and technology services to
the semiconductor and radio frequency (RF)/microwave components
industry. The Company provides assembly and test solutions for
semiconductor, and RF/Microwave components used in
telecommunications equipment, personal computers, office
automation equipment, consumer electronics, medical equipment,
automotive and industrial systems.  During the year ended
December 31, 2006, the semiconductor component division and
RF/Microwave division accounted for 72% and 28% of the Company's
revenue, respectively.The Company operates through its three
subsidiaries: FASTECH Microassembly & Test, Inc., FASTECH
Advanced Assembly, Inc. and FASTECH Electronique, Inc.  The
Company and its subsidiaries operate mainly in the Philippines.

Fastech Synergy Ltd. has posted a US$5.807-million net loss for
the year ending December 31, 2006.  The company also reported a
PHP7.097-million net loss reported for 2005.


NAT'L POWER: PSALM to Pre-Pay US$1-Billion Worth of Debts
---------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. plans
to pre-pay up to US$1 billion or 14% of the National Power
Corp.'s total debts in light of positive responses to the
privatization of the state-run power firm's assets, the
Philippine Star reports.

"We have identified some loan agreements which allow for pre-
payment and we now have the resources for pre-payment because of
the excellent proceeds generated by the privatization of
Napocorís power plants," PSALM manager for capital markets and
risk management Ferdinand George Florendo said.

Under the Electric Power Industry Reform Act, proceeds from the
privatization of the government's electricity assets will go to
the liquidation of NAPOCOR debts, the article says.

"Prepaying this portion of Napocorís debt, consisting of yen-
denominated loans, at this time will produce optimum benefits
for the Filipino people," Mr. Florendo said.

PSALM and NAPOCOR are considering other options available in the
international financial markets to take advantage of the
privatization's proceeds, Mr. Florendo added, but he also
clarified that this does not mean they will no longer have to
borrow money as the proceeds may be not sufficient to cover all
of the US$7.2-billion debt by NAPOCOR.

PSALM is eager to complete NAPOCOR's privatization successfully
and take care of its debts as soon as possible, the PSALM
official said, as unpaid debts becomes part of the consumers'
electric bill through the universal charge provided by the
EPIRA.  "The continued success of the privatization of Napocorís
power plants and the TransCo concession will result in cheaper
electricity for the Filipino consumers," he added.

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

                         *     *     *

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

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

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


PHIL LONG DISTANCE: Loses Regulatory Fee Case Against NTC
---------------------------------------------------------
The Philippine Long Distance Telephone Co. has lost in its legal
dispute with the National Telecommunications Commission
regarding regulatory fees assessed sometime in 1988,
BusinessWorld reports.

According to the article, the Supreme Court upheld a ruling
rendered in 1999 dictating how the NTC should compute its
supervision and regulatory fees, and mandated that stock
dividends are included in the assessment.

The dispute began in 1988, the report recounts, when the NTC
assessed PLDT PHP7.495 million in SRF computed at PHP0.50 per
PHP100 PLDT outstanding capital stock as of end-1987.  However,
PLDT protested the assessment, saying that it was made to raise
revenue and not reimbursements of actual regulatory expenses.   
PLDT also claimed that the SRF should have been based on the par
value of outstanding capital stock, and challenged the NTC'S
authority to require payment.

The NTC denied PLDT's petition in 1993, as well as a motion for
reconsideration the following year, BusinessWorld recounts.  
PLDT then appealed to the Court of Appeals, which ruled in 1996
that the NTC should have computed the SRF using the par value of
PLDT's subscribed or paid capital stock excluding excluding
stock dividends, premiums or capital in excess of par.  After
the CA rebuffed the appeal, the NTC brought the matter up to the
Supreme Court, which ruled in 1999 that the SRF should be based
neither on the par value or market value of the outstanding
capital stock, but on the value of the stocks subscribed or paid
including the premiums paid therefore.

The SC then ordered the NTC to recompute the SRF.  In February
2000, the report says, NTC sent new assessments that now
included the value of stock dividends issued by the telecom firm
based on a scheduled of issued capital stock.  However, PLDT
again protested, and the NTC sent yet another assessment in
September.  PLDT succeeded in securing a restraining order from
the Court of Appeals the following month.

However, the CA dismissed PLDT's petition and lifted the TRO in
February 2001, subsequently denying a motion for reconsideration
by PLDT the following month.  PLDT then filed a case with the
Supreme Court, arguing that the CA erred in junking its
petition.  

In its latest ruling, the article relates, the Supreme Court
said that PLDT erred in contending that stock dividends are not
included in the assessments because subscribers or shareholders
do not pay for their issuance.  The Supreme Court then said that
"stockholders by receiving stock dividends are forced to
exchange the monetary value of their dividend for capital stock,
and the monetary value they forego is considered the actual
payment for the original issuance of the stocks given as
dividend."

"Therefore, stock dividends acquired by shareholders for the
monetary value they forego are under the coverage of the SRF and
the basis for the latter is such monetary value as declared by
the board of directors," the Supreme Court concluded.

                       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.
  

* Inflation Outlook Still Favorable Despite High Price Index
------------------------------------------------------------
The Bangko Sentral ng Pilipinas still maintains a favorable
outlook on inflation even if the consumer price index rose
higher than expected in November, BSP Deputy Governor Diwa
Guinigundo told the Philippine Daily Inquirer.

According to data from the National Statistics Office, annual
inflation grew to 3.2% in November from October's 2.7% because
of higher food and fuel prices.

The BSP as well as economists had expected the November
inflation to be within a range of 2.4% to 3.1% for November, the
Inquirer recounts, while economists polled by Thomson Financial
predicated around 2.8% to 3%.

"The November headline inflation rate of 3.2 percent was due
mainly to a sizeable uptick in the more volatile items like food
and utilities," Mr. Guinigundo told reporters.  "(But) an
appropriate level of money supply and firm peso helped cushion
the otherwise strong build-up in inflation pressure coming from
high oil prices and weather-related tight supply," he said.

                          *     *     *

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

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

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

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

   * Fourth Quarter Fiscal 2007 Non-GAAP Results

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

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

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

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

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

                       About Avago Tech

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

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

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

                          *     *     *

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


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

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

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

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

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

                  About Informatics Education

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

                       Significant Doubt

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


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

   (a) the Reorganized Debtors;

   (b) Reorganized Refco Capital Markets, Ltd.;  

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

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

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

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

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

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

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

Among others, the parties agree that:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                        About Refco Inc.

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

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

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

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


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

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

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

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

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

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

                        About Refco Inc.

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

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

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/       
or 215/945-7000).


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

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

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

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

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

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

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

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

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


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

SIAM CITY BANK: Fitch Affirms BB and B Foreign Currency Ratings
---------------------------------------------------------------
Fitch affirmed the following ratings of Thailand's Siam City
Bank:

   -- Long-term foreign currency Issuer Default rating at 'BB',
   -- Short-term foreign currency rating at 'B',
   -- National Long-term rating at 'A-(tha)',
   -- National Short-term rating at 'F1(tha)',
   -- Individual rating at 'D',
   -- Support rating at '4', and
   -- Support Rating Floor at 'B+'.

The Outlook on the ratings is Stable.

The ratings of SCIB are affirmed, notwithstanding further asset
quality deterioration over the past year.  In 9M07, SCIB
reported a moderate net loss of THB3.4 billion, affected by a
large loan loss provision of THB6.8 billion.  Due in part to
stricter classification, as well as underlying deterioration in
its portfolio, SCIB's impaired loans rose significantly to
THB21.0 billion or 8.6% of total loans at end-September 2007
(end-2006: THB13.0 billion or 5.6%).  SCIB's loan loss reserve
coverage is in line with its peer group, at over 70% of impaired
loans.  Future asset quality trends depend on an expected
rebound in the Thai economy in 2008, as well as improved
standards in credit origination and collections.  At any rate,
the bank's capital position still appears strong, with a Tier 1
capital ratio of 13.2% of risk-weighted assets at end-September
2007.

The Outlook on the ratings is Stable given SCIB's relatively
strong capital base which provides the bank some buffer in
withstanding the weak operating environment.  A clearer longer
term strategy and shareholding structure, as well as the
strengthening of the bank's franchise, risk controls and
management could improve the ratings in the medium term.  Fitch
also believes that there is a limited probability of state
support for SCIB in the longer term, notwithstanding current
government ownership.

SCIB was nationalized following the country's 1997 financial
crisis, and in 2002, merged with another nationalised bank,
Bangkok Metropolitan Bank.  The central bank's Financial
Institutions Development Fund still retains a 48% stake,
although this is expected to be divested.  The bank has nearly
7000 employees and over 400 branches with a 6% market share, as
well as affiliates in insurance, securities, asset management
and leasing.


TMB BANK: Cabinet Approves Finance Ministry's Purchase of Shares
----------------------------------------------------------------
Cabinet ministers have approved a request by the Finance
Ministry to allow them to purchase 5.5 billion shares in TMB
Bank PCL for THB7.7 billion, the Bangkok Post reports.

According to assistant government spokesman Chodechai
Suwanaporn, the Finance Ministry wanted to subscribe to the
rights issue to strengthen TMB's capital funds.  The Ministry
had argued that failure to participate in TMB's recapitalization
would affect depositor confidence and the financial system's
stability, Mr. Chodechai said.

The capital increase will dilute the Finance Ministry's
shareholdings in TMB to 26.11%, the article says.  

Once TMB had strengthened its operations, Mr. Chodechai
revealed, the Finance Ministry will sell another 5% to ING and
dilute its holdings further to 21.11%.


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

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

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

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


TTL INDUSTRIES: FY2007 Net Loss Drops 29.24% to THB36.389 Mil.
--------------------------------------------------------------
TTL Industries PCL's consolidated income statements show that
the group's net loss for fiscal year ending September 30, 2007,
has dropped 29.24% to THB36.389 million from last year's
THB52.061 billion.

For FY2007, the group earned THB1.156 billion in revenues while
incurring expenses of THB1.93 billion, resulting in a
THB36.401 million-loss before interest expenses of THB437,411.

As of September 30, 2007, the company had THB1.396 billion in
total assets and THB161.047 million in total liabilities,
resulting in a shareholders' equity of THB1.235 billion.

The company's financial statements for FY2007 can be downloaded
for free at:

            http://researcharchives.com/t/s?260a

TTL Industries Public Company Limited is a Thailand-based
company engaged in the textile industry. The Company provides
spinning, weaving, dyeing, and finishing of yarn and fabric made
mostly from two kinds of synthetic fibers, tetoron mixed with
rayon. Its main products include yarn, produced from tetoron
mixed with rayon, and fabric, made from its own produced yarn.
Headquartered in Bangkok, TTL operates its two factories in
Bangkok and Patumthani Provinces. The Company markets its
products in both domestic and overseas markets, including the
United States, Japan and the Middle East.





                         *********

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 ***