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        T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Monday, August 6, 2007, Vol. 10, No. 153

                            Headlines

A U S T R A L I A

BAYVIEW HOTEL: Commences Liquidation Proceedings
CPC FOODS: Members and Creditors to Meet on August 17
GETTY IMAGES: Earns US$33.7 Million in Quarter Ended June 30
GLOBAL NETWORKS: Creditors Resolve to Wind Up Operations
JANONA INVESTMENTS: Placed Under Voluntary Wind-Up

KENDLE INTERNATIONAL: Earns US$4.3 Million in 2007 Second Qtr.
LYPPARD HOLDINGS: Now Under Liquidation
PRICE JOVIC: Members Decide to Liquidate Business
REFRIGERATION & GENERAL: Sets Final Meeting for August 9
SURREY PTY: Members Opt to Shut Down Business

WARTHAM HOLDINGS: Placed Under Voluntary Liquidation
WESTWATER CORPORATION: Undergoes Liquidation Proceedings


C H I N A   &   H O N G  K O N G

ACTIVE ALLIANCE: Members to Receive Wind-Up Report on Sept. 6
ANDREW CORP: Inks Third Amendment to Credit Agreement
ASAT HOLDINGS: Interest Payment Delay Cues S&P's Junk Rating
ASAT HOLDINGS: Moody's Downgrades Corporate Family Rating to Ca
BALLY TOTAL: Wants to Access Prepetition Cash Collateral

BALLY TOTAL: Inks US$292MM DIP Financing Pact w/ Morgan Stanley
BALLY TOTAL: Wants Plan Confirmation Hearing Date Set
BALLY TOTAL: Gets Court Okay to Conduct Rights Offering
BANK OF CHINA: Taps Walter and Alice as Liquidators
BETTER ASSETS: Members to Hold General Meeting on Sept. 7

CELLON HONG KONG: Inability to Pay Debts Prompts Wind-Up
CITIC PACIFIC: Unit's 1st Half Profit Up 35% on Strong Demand
CO-MANAGEMENT: Placed Under Voluntary Liquidation
GOOD TECHNOLOGY: Member's Final Meeting Set for Sept. 3
JETSWOOL DEVELOPMENT: Creditors' Proofs of Debt Due on August 31

JIANGXI COPPER: Obtains Regulator's Nod to Raise US500 Million
MULTIDATA INDUSTRIAL: Members to Meet on September 5
VAN-MEITETSU: Members' Final Meeting Slated for Sept. 6


I N D I A

BAUSCH & LOMB: Advance Medical Withdraws Acquisition Bid
PRIDE INTERNATIONAL: Moody's Affirms Ba1 Corporate Family Rating
RPG LIFE SCIENCES: Books INR25.6-Mil. Net Profit in 1st Quarter
SAURASHTRA CEMENT: Net Profit Up 322% to INR535-Mil. in FY2007
SHYAM TELECOM: Net Profit Climbs to INR49MM in 1st Qtr. FY2008

SPICEJET LTD: Turns Around With INR18.5 Cr. Profit in 1st Qtr.
SPICEJET LTD: Board Appoints Siddharta Sharma as Exec. Chairman
VISTEON CORP: June 30 Balance Sheet Upside-Down by US$102 Mil.


I N D O N E S I A

ALCATEL-LUCENT: Dresdner Kleinwort Reaffirms Share Sell Rating
ALCATEL-LUCENT: Incurs EUR336 Mil. Net Loss in Second Quarter
ANEKA TAMBANG: Discloses Report for Quarter Ended June 30
GENERAL NUTRITION: Posts Second Quarter 2007 Financial Results
GENERAL NUTRITION: Parent Brings in Expert Medical Advisors

GOODYEAR TIRE: Matrix Research Downgrades Firm's Shares to Sell
HILTON HOTELS: Reports US$165 Mil. Net Income in Second Quarter
INCO LTD: Sales Up 232% to US$859 Million in 2nd Qtr. FY2007


J A P A N

FORD MOTOR: Sales Plunge 19% to 195,245 Vehicles in July
MISUZU AUDIT: Disbands After Accounting Scandal
GOODWILL GROUP: Comsn Starts Selection of Buyers
TIMKEN COMPANY: Earns US$55.6 Million in Second Quarter 2007


M A L A Y S I A

ARMSTRONG WORLD: Shareholders Approve AHI Dissolution Plan
MANGIUM INDUSTRIES: Inks Deal to Sell Unit for US$6.025 Million
PAXELENT CORP: Securities Commission Rejects Plan Proposals
TRANSOCEAN HOLDINGS: Plan Filing Deadline Extended to Aug. 18


N E W  Z E A L A N D

ARTIST TRADERS: Wind-Up Petition Hearing Set for Sept. 20
BRIDGECORP INVESTMENTS: Enters Wind-Up Proceedings
ELAINE'S 2002: Taps Damien Grant as Liquidator
EXOTIC GROUP: Faces Wind-Up Petition from Chapman Tripp
FLETCHER BUILDING: To Close Hardboard and Softboard Business

FOSSIL ROCK: Accepting Proofs of Debt Until August 12
J K MANAGEMENT: Fixes August 15 as Deadline to File Claims
KT CONSTRUCTION: Names Damien Grant as Liquidator
POSEIDON LIMITED: Creditors' Proofs of Debt Due on Oct. 6
RUATAHI HOLDINGS: Wind-Up Petition Hearing Set for Today

XTREME CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 9


P H I L I P P I N E S

BANGKO SENTRAL: 3.3%-3.8% Inflation Forecast for 2007 Unchanged
BANGKO SENTRAL: Inflation Rate Sink May Harm Economy, Study Says
LAND O'LAKES: Second Quarter Net Income Rises to US$104 Million
MIRANT CORP: Court Authorizes Lori Bulhoes to Liquidate Claims
PHIL AIRLINES: Expects US$30-Mil. Profit; To Exit Rehab in 2008

SAN MIGUEL: Chairman Compelled to Report on Class B Shares Sale
TOWER RECORDS: Chap. 11 Liquidating Plan Gets Court Approval
* Oil Firms Expects PHP1/Liter Hike Due to Pump Price Adjustment
* Peso May Gain Strength After US Subprime Mortgage Crisis Ends


S I N G A P O R E

AAROHI CLASSIC: Creditors' Proofs of Debt Due on Sept. 3
CHEMTURA CORP: Closes Organic Peroxides Biz Sale to PERGAN
L&M GROUP: Creditors to Meet on August 13
LAZARD LTD: Paying US$0.09 Per Share Qtrly Dividend on Aug. 31
LAZARD LTD: Buys Australian Fin'l Advisory Firm Carnegie Wylie


T H A I L A N D

* Fitch Releases Thai Servicers Rating Criteria

     - - - - - - - -

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

BAYVIEW HOTEL: Commences Liquidation Proceedings
------------------------------------------------
Bayview Hotel Pty Ltd went into liquidation on June 29, 2007,
through a special resolution passed by the members.

Richard Judson was tapped as liquidator.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin
         Victoria 3189
         Australia

                      About Bayview Hotel

Bayview Hotel Pty Ltd, which is also trading as Locanda Venta,
operates hotels and motels.  The company is located in South
Melbourne, Victoria, Australia.


CPC FOODS: Members and Creditors to Meet on August 17
-----------------------------------------------------
The members and creditors of CPC Foods (Pacific) Pty Ltd will
meet on August 17, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         C. P. White
         HLB Mann Judd Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne, Victoria 3000
         Australia


GETTY IMAGES: Earns US$33.7 Million in Quarter Ended June 30
------------------------------------------------------------
Getty Images Inc. reported net income of US$33.7 million for the
second quarter ended June 30, 2007, compared to net income of
US$23.2 million for the same period in 2006.  Results for the
second quarter of 2006 included a total of US$14.1 million after
taxes for a restructuring charge and a loss on the sale of
short-term investments.  Excluding these items, net income for
the second quarter of 2006 was US$37.3 million or US$0.59 per
diluted share.

"Soon after we founded Getty Images in 1995, we recognized that
the breadth of creators and users of digital imagery would
expand.  This trend continues and we remain the leader in all
areas and categories of the visual content industry from
traditional stock photography to microstock.  Furthermore, we
are extending our leadership position in editorial imagery,
footage and our imagery-related products and services, all of
which have excellent growth potential," said Jonathan Klein, co-
founder and chief executive officer.  "We are making wonderful
strides with some of our newer businesses, including commercial
music licensing and the opportunity for growth in the consumer
market while remaining focused on stabilizing our traditional
creative stills business."

The company disclosed that revenue increased 6.5 percent to
US$218.0 million from US$204.6 million in the second quarter of
2006.  Excluding the effects of changes in currency exchange
rates, revenue grew 2.4 percent.  Growth in almost all areas of
the business was partly offset by a decline in traditional
creative stills imagery revenue.

As a percentage of revenue, cost of revenue was 26.7 percent,
compared to 24.8 percent in the prior year due primarily to
revenue growth in certain of the company's product lines with
average royalties that are higher than traditional creative
stills imagery, in particular in editorial and microstock
imagery.

Selling, general and administrative expenses (SG&A) totaled
US$84.1 million or 38.6 percent of revenue for the second
quarter of 2007, compared to US$77.9 million or 38.1 percent of
revenue in the second quarter of 2006.

Excluding US$1.3 million of non-recurring professional fees, the
effects of changes in currency exchange rates, and SG&A
associated with acquired companies, SG&A declined on a year over
year basis.

Income from operations was US$53.1 million or 24.4 percent of
revenue in the second quarter of 2007 compared to
US$41.2 million in the second quarter of 2006.  Results for the
second quarter of 2006 included a restructuring charge of
approximately US$16.5 million.  Excluding this charge, income
from operations for the second quarter of 2006 was
US$57.7 million, or 28.2 percent of revenue.

Cash balances were US$288.6 million at June 30, 2007.  Net cash
provided by operating activities during the second quarter of
2007 was US$48.8 million.  During the quarter, the company spent
a total of US$248 million for acquired businesses, of which
US$120 million was financed through the company's senior credit
facility and the remaining US$128 million paid from existing
cash balances.

                     Business Outlook

The following forward-looking statements reflect Getty Images'
expectations as of Aug. 1, 2007.  The company currently does not
intend to update these forward-looking statements until the next
quarterly results announcement.

The company has announced a restructuring and related reduction
in workforce of about 100 employees that will result in a charge
of approximately US$4.0 million in the third quarter of 2007 and
is expected to result in annualized savings of approximately
US$20 million in staff and staff related costs.  The company
continues to focus on managing costs effectively while investing
in the areas of the business that provide the best opportunities
for growth.

For the third quarter of 2007, the company expects revenue of
approximately US$210 million and diluted earnings per share of
US$0.43.  Excluding approximately US$0.04 for restructuring
costs, diluted earnings per share would be US$0.47.

For full year 2007, the company expects revenue of approximately
US$855 million and earnings per share of approximately US$2.18.  
Excluding approximately US$0.04 for restructuring costs in the
third quarter of 2007, diluted earnings per share would be
US$2.22.

Guidance for 2007 assumes just over 60 million fully diluted
shares for both the third quarter and for the full year.


Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 18, 2007, Standard & Poor's Ratings Services said revised
its CreditWatch implications on Getty Images Inc. to positive
from developing, following the company's filing of its SEC 10-Q
forms for its first and third quarters, and its 2006 Form 10-K.  
The corporate credit rating on the company remains at 'B+'.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Moody's Investors Service affirmed the Ba1
Corporate Family Rating and Ba2 rating on the USUS$265-million
of convertible subordinated debentures of Getty Images, Inc.  
The rating outlook remains stable.

Moody's affirmed these ratings:

  -- US$265-million series B convertible subordinated notes
     due 2023, Ba2 (LGD 5, 77% from LGD 5, 71%);

  -- Corporate family rating, Ba1; and

  -- Probability of default rating, Ba1.


GLOBAL NETWORKS: Creditors Resolve to Wind Up Operations
--------------------------------------------------------
On July 2, 2007, the creditors of Global Networks (Aust) Pty Ltd
agreed to wind up the company's operations.

Adrian Lawrence Brown and John Ross Lindholm were tapped as
liquidators.

The Liquidators can be reached at:

         Adrian Lawrence Brown
         John Ross Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4922
         Facsimile:(03) 9642 5887

                      About Global Networks

Global Networks (Aust) Pty Ltd is a distributor of electronic
parts and equipments.  The company is located in Melbourne,
Victoria, Australia.


JANONA INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
Janona Investments Pty Ltd went into liquidation on June 29,
2007, and Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin
         Victoria 3189
         Australia

                    About Janona Investments

Janona Investments Pty Ltd operates offices of holding
companies.  The company is located in Toorak, Victoria,
Australia.


KENDLE INTERNATIONAL: Earns US$4.3 Million in 2007 Second Qtr.
--------------------------------------------------------------
Kendle International Inc. disclosed its financial results for
second quarter 2007.

Net service revenues for second quarter 2007 were US$97.8
million, an increase of 58 percent over net service revenues of
US$62.1 million for second quarter 2006.  Net income per diluted
share of US$0.29 for second quarter 2007 includes a charge for
amortization of acquired intangibles related to the August 2006
acquisition of the Phase II-IV clinical services business of
Charles River Laboratories International, Inc.  Excluding this
amount, which is detailed in the Condensed Consolidated
Statements of Income, earnings per share (EPS) for second
quarter 2007 was US$0.34 per diluted share.  Interest expense in
the second quarter was approximately US$4.3 million (or about
US$0.18 per diluted share), primarily related to debt incurred
to finance the Charles River Clinical Services acquisition,
compared to interest expense of US$51,000 in second quarter
2006.  EPS for second quarter 2006 was US$0.29 per diluted
share.

Income from operations for second quarter 2007 was approximately
US$10.9 million.  Excluding the amortization charge referenced
above, proforma income from operations was approximately
US$11.9 million, or 12.2 percent of net service revenues,
compared to income from operations of approximately
US$6.4 million in second quarter 2006.  Net income was
approximately US$4.3 million in both the second quarter of 2007
and 2006.

Net service revenues by geographic region for the second quarter
were 50 percent in North America, 42 percent in Europe, 5
percent in Latin America and 3 percent in the Asia/Pacific
region.  The top five customers based on net service revenues
accounted for 28 percent of net service revenues for second
quarter 2007 compared to 29 percent of net service revenues for
second quarter 2006.

New business awards were US$165 million for second quarter 2007,
which represents a 96 percent increase over the same quarter
last year.  Contract cancellations for the quarter were
approximately US$13 million.  Total business authorizations,
which consist of signed backlog and verbally awarded business,
totaled US$758 million at June 30, 2007, up 8 percent from
March 31, 2007.

"Kendle delivered a strong performance for the second quarter,"
commented Chairman and Chief Executive Officer Candace Kendle,
PharmD.  "Revenues, backlog and new business awards were all
record highs, demonstrating the continued strength of our
growing global organization.  Our ability to build strategic
relationships is being increasingly recognized as a key
differentiator, with Kendle recently being named the 'Top CRO to
Work With' in the Thomson CenterWatch 2007 survey of U.S.
investigative sites."

Dr. Kendle continued, "Our completion of the recent convertible
note offering further enhances our financial position.  Kendle
has never been stronger and we look forward to the remainder of
2007 with great confidence."

Reimbursable out-of-pocket revenues and expenses were US$41.4
million for second quarter 2007 compared to US$19.8 million in
the same quarter a year ago.

Cash flow from operations for the quarter was a positive
US$9.9 million.  Cash and marketable securities totaled
US$25.1 million, including US$1.0 million of restricted cash.  
Days sales outstanding in accounts receivable were 42 and
capital expenditures for second quarter 2007 totaled
US$4.3 million.

Net service revenues for the six months ended June 30, 2007,
were US$193.2 million, an increase of 59 percent over net
service revenues of US$121.8 million for the six months ended
June 30, 2006.  Net income per diluted share of US$0.57 for the
six months ended June 30, 2007, includes a charge for
amortization of acquired intangibles related to the August 2006
acquisition of the Phase II-IV clinical services business of
Charles River Laboratories International, Inc. Excluding this
amount, which is detailed in the Condensed Consolidated
Statements of Income, earnings per share (EPS) for the six
months ended June 30, 2007, was US$0.66 per diluted share.

Interest expense in the six months ended June 30, 2007, was
approximately US$8.7 million (or about US$0.37 per diluted
share), primarily related to debt incurred to finance the
Charles River Clinical Services acquisition, compared to
interest expense of US$114,000 in the first six months of
2006.  EPS for the six months ended June 30, 2006, was US$0.62
per diluted share.

Income from operations for the six months ended June 30, 2007,
was approximately US$23.4 million.  Excluding the amortization
charge, proforma income from operations was approximately
US$25.5 million, or 13.2 percent of net service revenues,
compared to income from operations of approximately
US$13.7 million in the first six months of 2006.  Net income
for the first six months of 2007 was approximately
US$8.5 million compared to net income of US$9.2 million in the
first six months of 2006.  Net service revenues by geographic
region for the six months ended June 30, 2007, were 50 percent
in North America, 43 percent in Europe, 4 percent in Latin
America and 3 percent in the Asia/Pacific region.  The top five
customers based on net service revenues accounted for 26 percent
of net service revenues for the first half of 2007 compared to
30 percent of net service revenues for the first half of 2006.

Cash flow from operations for the six months ended June 30,
2007, was a positive US$24.4 million.  Capital expenditures for
the six-month period totaled US$7.4 million.

Kendle also updated full-year 2007 guidance.  Net service
revenue guidance for the full-year 2007 remains in the
previously-provided range of US$400 to US$420 million with
revenues expected to be at the lower end of this range.  
Operating margin on both a GAAP and proforma basis remains
unchanged from previous guidance and is expected to be between
12 and 14 percent and 13 and 15 percent, respectively.  Kendle
now expects GAAP EPS in the range of US$1.32 to US$1.52, which
represents an US$0.18 reduction primarily related to the non-
cash charge of the write-off of term debt financing fees.  The
write-off of financing fees results from the debt payments made
in July with proceeds from the convertible note offering.
The company has increased its guidance for proforma EPS
(excluding the financing fee write-off as well as the intangible
amortization from the Charles River Clinical Services
acquisition) by US$0.04 from previously issued guidance and now
projects proforma EPS to be in the range of US$1.72 to US$1.92.

                          About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions -- North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.

Kendle has existing operations in Australia, China and India.

                          *     *     *

As of July 3, 2007, the company carries Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  Moody's said the outlook is stable.

In addition, the company also carries Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook is
stable.


LYPPARD HOLDINGS: Now Under Liquidation
---------------------------------------
Lyppard Holdings Pty Ltd went into liquidation on June 29, 2007.
Richard Judson was appointed as liquidator for the company.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin
         Victoria 3189
         Australia

                     About Lyppard Holdings

Lyppard Holdings Pty Ltd is a distributor of medical and
hospital equipments.  The company is located in Cheltenham,
Victoria, Australia.


PRICE JOVIC: Members Decide to Liquidate Business
-------------------------------------------------
During a general meeting held on June 29, 2007, the members of
Price Jovic & Co Pty Ltd agreed to voluntarily liquidate the
company's business and appointed Gregory Stuart Andrews as
liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         c/o G. S. Andrews & Associates
         22 Drummond Street, Carlton 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                        About Price Jovic

Price Jovic & Co Pty Ltd operates gift, novelty and souvenir
shops.  The company is located in Armadale, Victoria, Australia.


REFRIGERATION & GENERAL: Sets Final Meeting for August 9
--------------------------------------------------------
A final meeting will be held for the members of Refrigeration &
General (Wholesale) Pty Ltd on August 9, 2007, at 10:00 a.m.

At the meeting, R. D. M. Smith, the company's liquidator, will
give a report about the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

         R. D. M. Smith
         126 George Street
         Morwell, Victoria 3840
         Australia

                  About Refrigeration & General

Refrigeration & General (Wholesale) Proprietary Limited is a
distributor of durable goods.  The company is located in
Warragul, Victoria, Australia.


SURREY PTY: Members Opt to Shut Down Business
---------------------------------------------
The members of Surrey Pty Ltd met on June 29, 2007, and agreed
to shut down the company's business.

Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin
         Victoria 3189
         Australia

                        About Surrey Pty

Surrey Pty Ltd, which is also trading as Spar Biggera Waters,
operates grocery stores.  The company is located in Acacia
Ridge, Queensland, Australia.


WARTHAM HOLDINGS: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on June 29, 2007, the
members of Wartham Holdings Pty Ltd resolved to voluntarily
liquidate the company's business.

John Georgakis and Kathryn Warwick of Ernst & Young were
appointed as liquidators.

The Liquidators can be reached at:

         Kathryn Warwick
         John Georgakis
         c/o Ernst & Young
         Level 27, 8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9655 2611

                     About Wartham Holdings

Wartham Holdings Pty Ltd, which is also trading as Cunningham's
Home Hardware, operates household appliance stores.  The company
is located in Coffs Harbour, New South Wales, Australia.


WESTWATER CORPORATION: Undergoes Liquidation Proceedings
--------------------------------------------------------
The creditors of Westwater Corporation Pty Ltd met on June 28,
2007, and agreed to liquidate the company's business.

George Georges of Ferrier Hodgson was appointed as liquidator.

The Liquidator can be reached at:

         George Georges
         c/o Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4922
         Facsimile:(03) 9642 5887


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

ACTIVE ALLIANCE: Members to Receive Wind-Up Report on Sept. 6
-------------------------------------------------------------
The members of Active Alliance Limited will meet on September 6,
2007, at 3:00 p.m., to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The meeting will be held on the 20th Floor of Golden Centre at
No. 188 Des Voeux Road in Central, Hong Kong.


ANDREW CORP: Inks Third Amendment to Credit Agreement
-----------------------------------------------------
Andrew Corporation entered into a third amendment to its credit
agreement, effective as of June 30, 2007, with certain financial
institutions named in the third amendment and Bank of America,
National Association, as Administrative Agent, for the Lenders
and as l/c issuer.

The Third Amendment amends in certain respects Andrew's Credit
Agreement dated as of Sept. 29, 2005, which was filed as Exhibit
99.2 to Andrew's Form 8-K filed on Oct. 5, 2005, as amended by a
First Amendment to Credit Agreement dated as of June 16, 2006,
which was filed as Exhibit 10.1 to Andrew's Form 8-K filed on
June 20, 2006, and a Second Amendment to Credit Agreement dated
as of July 13, 2007, which was filed as Exhibit 10.1 to Andrew's
Form 8-K filed on July 18, 2007.

The Third Amendment amended the Credit Agreement in order to
revise the definition of "Consolidated EBITDA" solely for
purposes of calculating compliance with the financial covenants
set forth in Section 6.2.2 of the Credit Agreement.

In addition, the Administrative Agent and Lenders also waived
any event of default under the credit facility occurring due to
a change of control of Andrew resulting from any agreement
entered into between Andrew and CommScope in furtherance of the
CommScope Merger Transaction until the earlier to occur of the
date of the consummation of the CommScope Merger Transaction and
March 31, 2008.

                        About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries, including China.

                          *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Andrew Corp. to 'BB-' from 'BB' and placed the rating
on CreditWatch with negative implications, following
announcement of the merger.


ASAT HOLDINGS: Interest Payment Delay Cues S&P's Junk Rating
------------------------------------------------------------
On Aug. 3, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'D'
from 'CCC'.  At the same time, it lowered the issue rating on
US$150 million 9.25% senior notes due 2011 to 'D' from 'CCC'.

The notes were issued by New Asat (Finance) Ltd. and guaranteed
by ASAT.
     
The downgrades are based on ASAT's announcement on Aug. 1, 2007
that it did not make the semi-annual interest payment on its
9.25% senior notes.
     
"Given its extremely tight liquidity, we believe there is a low
likelihood that ASAT will make the interest payment within the
30-day grace period that starts from the Aug. 1, 2007 due date,"
said Standard & Poor's credit analyst Michael Petit.
     
Standard & Poor's has very limited access to the company's
management and financial information.  The rating is based on
publicly available information.
     
Although ASAT has indicated that it has available funds to make
the interest payment, doing so would make it difficult to
support its ongoing business requirements over the near term.
     
ASAT has asked the bond holders to amend or waive certain
conditions that constitute defaults and events of defaults that
may have occurred or may occur.
     
Based on the company's fiscal 2007 results, announced on Aug. 1,
2007, ASAT had a shareholders' deficit of US$88.3 million at the
end of April 2007.

The company had about US$7.3 million in unrestricted cash,
inadequate to cover its semi-annual interest due Aug. 1, 2007 of
US$6.9 million for the bond and short-term debt due within one
year of US$3.8 million.
     
Standard & Poor's assigns a 'D' rating when payments on an
obligation are not made on the date due even if the applicable
grace period has not expired, unless Standard & Poor's believes
that such payments will be made during such grace period.
     
ASAT is a small operator in the highly fragmented and
competitive semiconductor sector.

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.

ASAT's advanced package portfolio includes standard and high
thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and
flip chip.  ASAT was the first company to develop moisture
sensitive level one capability on standard leaded products.  The
Company has operations in the United States, Asia and Europe.   
Its Asian presence is in Hong Kong and China.


ASAT HOLDINGS: Moody's Downgrades Corporate Family Rating to Ca
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of ASAT Holdings Ltd to Ca from Caa1.

At the same time, Moody's also downgraded to Ca from Caa1 the
senior unsecured rating for New ASAT (Finance) Limited's US$150
million in senior notes, maturing in 2011, which are guaranteed
by ASAT. The outlook for both ratings is negative.

"The rating action follows ASAT's failure to make the semi-
annual interest payment on its 9.25% senior notes," say Wonnie
Chu, lead analyst for ASAT, adding, "The Ca rating reflects the
low expected recovery rate for debt holders."

Although ASAT has a 30-day grace period to service the interest
payment, and is in the process of obtaining approval from its
bond holders to relax financial covenants, the company's ability
to service its debt obligations in the near-to-medium term is
questionable, given its extremely tight balance sheet liquidity
and continued loss-making status.

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.

ASAT's advanced package portfolio includes standard and high
thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and
flip chip.  ASAT was the first company to develop moisture
sensitive level one capability on standard leaded products.  The
Company has operations in the United States, Asia and Europe.   
Its Asian presence is in Hong Kong and China.


BALLY TOTAL: Wants to Access Prepetition Cash Collateral
--------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor --
affiliates seek authority from the U.S. Southern District of New
York in Manhattan to use the cash collateral securing repayment
of their obligations to their prepetition lenders and to provide
the lenders with adequate protection in connection with the use
of the cash collateral.

The Debtors also seek permission to use the cash collateral on
an interim basis pending final approval of their request.

Prior to bankruptcy filing, Bally Total borrowed money under an
Amended and Restated Credit Agreement dated Oct. 16, 2006,
arranged by JPMorgan Chase Bank, N.A., as administrative agent
for the lending parties, and Morgan Stanley Senior Funding Inc.,
as syndication agent.  As of bankruptcy filing, the principal
amount of the Debtors' Prepetition Obligations was roughly
US$284,000,000.

Under a Guarantee and Collateral Agreement, dated November 18,
1997, as amended, the Debtors granted JPMorgan for the benefit
of the Lenders, perfected, valid and enforceable first priority
liens and security interests on substantially all of their
assets to secure their obligations under the Prepetition Credit
Agreement.

According to Don R. Kornstein, Bally's interim chairman and
chief restructuring officer, the company is too highly
leveraged.

As of May 31, 2007, the Debtors' total consolidated debt,
excluding trade debt, was more than US$812,641,000:

                                       Amount Outstanding
                                       ------------------
   Prepetition Credit Agreement           US$284,000,000

   10-1/2% Senior Notes Due 2011          US$235,000,000

   9-7/8% Series B Senior Subordinated    US$300,000,000
     Notes and 9-7/8% Series D Senior
     Subordinated Notes due 2007

   Various capital leases                   US$8,520,000

   Other secured debt                       US$6,500,000

For the next 30 days following bankruptcy filing, the Debtors
estimate cash receipts and disbursements, net cash gain or loss,
and obligations and receivables expected to accrue but remain
unpaid, other than professional fees, on a consolidated basis,
to be:

                                        Estimated Amount
                                        ----------------
   Cash Receipts                           US$67,551,000
   Cash Disbursements                      US$62,873,000
   Net Cash Gain (Loss)                     US$4,678,000
   Unpaid Obligations                    US$57,538,00030
   Unpaid Receivables                   Not Applicable

The Debtors also expect to incur these expenses during the next
30 days:

                                        Estimated Amount
                                        ----------------
   Payroll to Employees                    US$22,200,000

   Payroll to Directors, Officers             US$860,000
     Stockholders and Partners

   Financial Consultants
     AlixPartners LLP                         US$375,000
     Jefferies & Company                      US$205,000
     Deloitte Financial Advisory              US$500,000
       Services LLP
     Deloitte Tax LLP                         US$250,000
     Tatum, LLC                                US$27,300

Mr. Kornstein says the Debtors require access to their cash and
the proceeds of existing accounts receivable to operate their
businesses and preserve their value as going concerns.  Without
immediate access to cash collateral, the Debtors' business
operations would grind to an almost immediate halt, which would
seriously jeopardize, and may destroy, the going concern value
of the Debtors' businesses, Mr. Kornstein explains.  Immediate
access to cash collateral will enable the Debtors to operate in
the ordinary course on a postpetition basis, Mr. Kornstein adds.

Mr. Kornstein notes that the Debtors and JPMorgan have reached
an agreement regarding the Debtors' use of Cash Collateral
during the period from the date of entry of an interim order
until the earliest to occur of:

   (a) September 14, 2007;

   (b) consummation of a refinancing with proceeds sufficient to
       repay the Prepetition Obligations, any unpaid adequate
       protection obligations and any other unpaid amounts owing
       under the Interim Order in full; or

   (c) upon written notice by JPMorgan to the Debtors after the
       occurrence and continuance of any Event of Default.


Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, Caribbean,
and the United Kingdom under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  
(Bally Total Fitness Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000).


BALLY TOTAL: Inks US$292MM DIP Financing Pact w/ Morgan Stanley
---------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates ask the U.S. Southern District of New York in
Manhattan permission to obtain postpetition secured financing
from Morgan Stanley Senior Funding Inc.

Don R. Kornstein, interim chairman and chief restructuring
officer of Bally Total Fitness Holding Corporation, relates that    
the Debtors' reorganization efforts hinge on obtaining access to
postpetition and exit financing.  The Debtors, Mr. Kornstein
explains, require additional additional funds for working
capital necessary to allow them to, among other things, continue
operating their businesses in the ordinary course of business
during the Chapter 11 cases.

"[T]he Debtors must instill their employees, vendors, service
providers and members with confidence in the Debtors' ability to
seamlessly transition their business to chapter 11, operate
normally in that environment and ultimately to reorganize in a
successful and expedient manner," Mr. Kornstein says.

Beginning in June 2007, the Debtors and Morgan Stanley commenced
negotiation of a proposed postpetition facility to be entered
into among Bally Total Fitness Holding, as borrower, the other
Debtors, as guarantors, Morgan Stanley or one of its affiliates,
as lead arranger and sole bookrunner, and as administrative
agent and collateral agent.

Morgan Stanley agreed to arrange a US$292,000,000 DIP facility
comprised of a US$50,000,000 revolving facility and a
US$242,000,000 term loan facility.

The Debtors decided to pursue the Morgan Stanley financing
proposal after undertaking a rigorous process under which they
solicited proposals from several well-known financial
institutions.  According to Mr. Kornstein, the Morgan Stanley
DIP Facility was particularly attractive to the Debtors because
it enables them to enter into an exit financing facility upon
consummation of their plan of reorganization in an identical
amount, with identical pricing, with no additional fees
whatsoever.  The revolver under the exit facility would have up
to a five-year term and the term loans up to a six-year term,
Mr. Kornstein says.

Pursuant to a Superpriority Secured Debtor-in-Possession
Financing Agreement among the parties, the DIP loan proceeds
will be used to:

   (a) repay obligations owed to the Debtors' prepetition
       secured lenders under their US$284,000,000 Amended and
       Restated Credit Agreement dated October 16, 2006, with
       JPMorgan Chase Bank, N.A., as administrative agent for
       the lenders party, and Morgan Stanley, as syndication
       agent; and

   (b) fund the Debtors' working capital and general corporate
       needs in Chapter 11.

The DIP Facility will terminate on the earlier of:

   (i) March 31, 2008;

  (ii) the effective date of a plan of reorganization in the
       Debtors' cases; and

(iii) the date on which the acceleration of the loans and the
       termination of the commitments in accordance with the
       DIP Facility occurs.

The Debtors' obligations under the DIP Facility will be:

   -- entitled to super-priority claim status in the Chapter 11
      cases;

   -- secured by a perfected first priority lien on all
      unencumbered property and assets of the Debtors;

   -- secured by a perfected junior lien on all property and
      assets of the Borrower that are subject to valid and
      perfected liens in existence on the Petition Date; and

   -- secured by perfected senior priming liens on all property
      and assets of the Debtors that secure obligations under
      the Prepetition Credit Facility, senior to the liens
      securing the Prepetition Credit Facility to the extent not
      repaid, and any liens that are junior to those liens.

The DIP Liens, however, are subject to a carve-out for:

   (a) United States Trustee fees payable pursuant to 28 U.S.C.
       Section 1930;

   (b) fees of the Clerk of the Bankruptcy Court;

   (c) fees of a Chapter 7 trustee of up to US$350,000 if a
       chapter 7 trustee is appointed; and

   (d) the payment of allowed and unpaid professional fees and
       disbursements incurred by the Debtors, the ad hoc
       committee of prepetition senior noteholders and
       prepetition senior subordinated noteholders, and any
       statutory committees appointed in the Chapter 11 cases.

Advances outstanding under the Revolving Credit Facility will
bear interest, at the Borrower's option, at either (a) the Base
Rate plus 100 basis points per annum or (b) at the LIBOR Rate
plus 200 basis points per annum.

Advances outstanding under the Term Loan Facility will bear
interest, at the Borrower's option, at either (a) the Base Rate
plus 325 basis points per annum or (b) at the LIBOR Rate plus
425 basis points per annum.  The Term Loan Facility will also be
subject to original issue discount of 1.5% -- that is, in
addition to the interest and fees and the fees set forth in a
Fee Letter, US$3,630,000 of the proceeds of the Term Loan
Facility will be paid to the Lenders.

The Debtors also seek the Court's permission to pay a variety of
fees to Morgan Stanley:

   1. a letter of credit fee under the Revolving Credit Facility
      payable quarterly at a rate of 200 basis points per annum
      times the amount of all outstanding letters of credit,
      minus a fronting fee;

   2. a letter of credit issuance fee -- plus bank issuance
      charges -- equal to 25 basis points of the face amount of
      all letters of credit;

   3. an Unused Revolving Credit Facility Fee of 0.50% times an
      amount equal to the difference between (a) US$50,000,000
      and (b) the sum of the amount of outstanding advances plus
      letters of credit issued under the Revolving Credit
      Facility;

   4. additional fees set forth in a Fee Letter dated June 29,
      2007, which is filed with the Court under seal.

During the continuance of an Event of Default, all obligations
will bear interest at the otherwise applicable rate plus 200
basis points per annum.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, Caribbean,
and the United Kingdom under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  
(Bally Total Fitness Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000).


BALLY TOTAL: Wants Plan Confirmation Hearing Date Set
-----------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates seek authority from the U.S. Southern District of New
York in Manhattan to set (i) the hearing to consider
confirmation of their proposed Plan of Reorganization at least
40 days after their bankruptcy filing and (ii) a date at least
10 days prior to the Confirmation Hearing by which all
objections to the Disclosure Statement and Plan must be filed.

The Debtors further ask the Court to find at the Confirmation
Hearing that the Disclosure Statement accompanying the Plan
contains adequate information as defined in Section 1125 of the
Bankruptcy Code.

The Debtors will mail a copy of a notice of confirmation to the
Debtors' creditor matrix and all equity holders of record as
quickly as possible after the entry of a scheduling order.

Don R. Kornstein, interim chairman and chief restructuring
officer of Bally Total Fitness Holding Corporation, relates that
the Confirmation Notice contains a brief summary of the Plan,
the date of the Confirmation Hearing, and the deadline and
procedures for objecting to the Disclosure Statement and the
Plan.  The Debtors have set August 1, 2007, as the record date
for determining which non-Voting Creditors and other equity
holders are entitled to receive the Confirmation Notice.

The Confirmation Notice will also be served on (i) the Office of
the U.S. Trustee for the Southern District of New York, (ii) the
Securities and Exchange Commission, (iii) the Office of the
United States Attorney for the Southern District of New York,
(iv) the District Director for the Internal Revenue Service, (v)
counsel for the administrative agent to the Prepetition Lenders
and proposed postpetition lenders, (vi) counsel to the
Prepetition Noteholder Committee, and (vii) any party-in
interest requesting notice in the Chapter 11 Cases.

The Debtors will mail to each appropriate creditors a copy of a
notice alerting each creditor that it is a party to an executory
contract or unexpired lease that the Debtors intend to reject.  
The Rejection Claims Confirmation Notice contains a brief
summary of the Plan, the date of the Confirmation Hearing and
the deadline and procedures for objecting to the Disclosure
Statement or the Plan.

Prior to the Confirmation Hearing, the Debtors will publish the
Confirmation Notice twice in each of (a) the national edition of
The Wall Street Journal and (b) the USA Today.  The initial
publication will be at least 25 days prior to the Confirmation
Hearing, with the subsequent publication occurring approximately
seven to 10 days after.

The Debtors ask the Court to determine that they are only
required to provide publication notice of the Confirmation
Hearing to their current and former members and customers which
exceeds 6,400,000.

              Solicitation and Tabulation Procedures

Prior to bankruptcy filing, the Debtors solicited votes on the
Plan from holders of Claims in Classes 5 and 6-A.  Mr. Kornstein
discloses that more than two-thirds in amount and one-half in
number of the creditors in Classes 5 and 6-A voted to accept the  

Plan pursuant to Section 1126 of the Bankruptcy Code:

Amount   % of Amount       Amount   % of Amount
Class      Accepting       Voted    Rejecting         Voted
-----     ----------   -----------    ---------    ----------
5   $276,532,800     (98.931%)   $2,988,000      (1.069%)
6    203,877,690     (99.999%)        2,000     (0.0001%)

The Debtors believe the acceptances are sufficient to confirm
the Plan pursuant to Section 1129 of the Bankruptcy Code and the
Debtors do not believe additional solicitation is required.

Against this backdrop, the Debtors ask the Court to (i)
determine that the prepetition solicitation procedures utilized
were in compliance with the Bankruptcy Code and applicable non-
bankruptcy law governing the adequacy of disclosure in
connection with the solicitation and in accordance with Section
1126(b), and (ii) approve the vote tabulation methodology
utilized.

The Solicitation Packages specified that June 22, 2007, was the
record date for determining the creditors entitled to vote to
accept or reject the Plan.  The Debtors commenced solicitation
of votes for approval of the Plan on June 27.  The Debtors
established 4:00 p.m. (prevailing Eastern Time) on July 27, as
the Voting Deadline.  

The Debtors transmitted to the Voting Creditors a solicitation
package containing the Disclosure Statement, the Plan, a Ballot
and a letter explaining the contents of the Solicitation
Package.  The Ballot stated in clear and conspicuous language
that all ballots must be properly executed, completed, and
delivered to MacKenzie Partners, Inc. -- the solicitation agent
-- so that they were received no later than the Voting Deadline.  
The holders of Classes 5 and 6-A Claims were given the
opportunity to return their Ballots by mail, overnight courier,
or facsimile to the Solicitation Agent.

             Non-Transmission of Disclosure Statement

Proposed counsel for the Debtors, David S. Heller, Esq., at
Latham & Watkins LLP, in Chicago, says it is not appropriate to
transmit a copy of the Solicitation Package to the holders of
claims or interests other than the Voting Creditors because the
Debtors have solicited acceptances and rejections of the Plan
prepetition.  

Rule 3017 of the Federal Rules of Bankruptcy Procedure requiring
debtors to mail a copy of the Plan and Disclosure Statement to
holders of creditors and equity interest holders deemed to
accept or to reject the Plan is not applicable as no Disclosure
Statement was "approved," Mr. Heller says.

If the Plan is confirmed within 60 days from bankruptcy filing,
the Debtors ask the Court to enter an order waiving the
requirement to file or provide any periodic operating reports
pursuant to the Bankruptcy Code, Bankruptcy Rules, or Local
Rules.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had $408,546,205 in
total assets and $1,825,941,54627 in total liabilities.  (Bally
Total Fitness Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000).  


BALLY TOTAL: Gets Court Okay to Conduct Rights Offering
-------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor
affiliates obtained authority from the U.S. Southern District of
New York in Manhattan to conduct a rights offering.

Under the Debtors' Plan of Reorganization, holders of (i) claims
arising from or related to the Debtors' 9.875% Senior
Subordinated Notes due 2007, Series B, and the 9.875% Senior
Subordinated Notes due 2007, Series D, issued prior to the
Petition Date; and (ii) unsecured claims arising from the
rejection by Bally Total Fitness Holding Corp. of their
contracts or leases will receive rights to purchase Rights
Offering Senior Subordinated Notes equal to 27.9% of the
claimholders' Allowed Prepetition Senior Subordinated Notes
Claims in Class 6-A and Allowed Rejection Claims against only
Bally in Class 6-B-1 under the Plan.

If any of the Rights provided to holders of Prepetition Senior
Subordinated Notes Claims are not timely exercised by the
applicable recipients, any other holder of a Prepetition Senior
Subordinated Notes Claim who has elected to exercise its share
of the Rights may also elect to oversubscribe for the
Unexercised Rights.

"The Rights Offering is an integral part of the Plan," Don R.
Kornstein, interim chairman and chief restructuring officer of
Bally Total Fitness Holding Corporation, says.

The Rights Offering will commence (i) with respect to any
Prepetition Senior Subordinated Noteholder as soon as possible
after the Petition Date, and (ii) with respect to any holder of
a Rejection Claim against only Bally, on the later of the
effective date of the Plan and the date upon which the Rejection
Claim becomes an Allowed Claim.

The Rights Offering will expire 20 business days after the
Subscription Commencement Date.

The Debtors will send to each holder of a Prepetition Senior
Subordinated Notes Claim -- and to each holder of an Allowed
Rejection Claim against only Bally promptly after allowance of
the Claim:

   (i) a subscription form for the Rights Offering;

  (ii) a signature page to the New Stockholders Agreement;

(iii) a description of the Rights Offering, the New
       Stockholders Agreement and the Rights Offering Senior
       Subordinated Notes; and

  (iv) a letter describing the contents of the Rights Offering
       Package.

The Plan requires each Prepetition Senior Subordinated
Noteholder and Holder of a Rejection Claim against only Bally to
execute and deliver the signature page to the New Stockholders
Agreement prior to receiving any New Common Stock.

Each holder of a Prepetition Senior Subordinated Notes Claim and
each holder of a Rejection Claim against only Bally must return
a duly completed Subscription Form to the applicable disbursing
agent by the Subscription Expiration Date to exercise their
Rights.  The Debtors will announce the Subscription Expiration
Date at a later time.

If, on or prior to the Subscription Expiration Date, the
disbursing agent for any reason does not receive from a given
holder of Rights a duly completed Subscription Form, that holder
is deemed to have relinquished and waived its right to
participate in the Rights Offering.

Each holder must tender the Subscription Price of $1 for each $1
of Rights Offering Senior Subordinated Notes to be purchased to
the disbursing agent so that it is actually received within five
Business Days after the Subscription Notification Date.  In the
event the Debtors receive any payments for the exercise of
Rights prior to the Effective Date, the payments will be held in
a separate account until the Effective Date.  In the event the
conditions to the Effective Date are not met or waived, the
payments will be returned to the people or entities that made
them.

                       Backstop Agreement

The Debtors also sought and obtained the Court's authority to
assume a Subscription and Backstop Rights Purchase Agreement
dated June 27, 2007, with  Anschutz Investment Company, Goldman
Sachs & Co. and various funds advised by Tennenbaum Capital
Partners, LLC.

Although the Debtors will offer all holders of Prepetition
Senior Subordinated Notes Claims and holders of Rejection Claims
against only Bally the opportunity to participate in the Rights
Offering, it is possible that the Debtors will be unable to
obtain sufficient commitments from the holders of Prepetition
Senior Subordinated Notes Claims and the holders of Rejection
Claims against only Bally to purchase $90,000,000of Rights
Offering senior Subordinated Notes.  The Subscription and
Backstop Rights Purchase Agreement protects the Debtors against
this possibility, Mr. Kornstein says.

The backstop parties own 80% in the aggregate of the Prepetition
Senior Subordinated Notes, with the funds advised by Tennenbaum
Capital Partners, LLC owning more than a majority.

Under the Subscription and Backstop Rights Purchase Agreement,
the Debtors are obligated to pay a Backstop Commitment Fee equal
to 4.0% of the applicable Backstop Party's commitment amount.  
The Backstop Commitment Fee was deemed fully earned upon
execution and delivery of the Subscription and Backstop Rights
Purchase Agreement.

No Backstop Commitment Fee will be payable to any Backstop Party
that has breached its obligations under the Subscription and
Backstop Rights Purchase Agreement or the Restructuring Support
Agreement in any material respect at or before the time payment
of the Backstop Commitment Fee is due.

Subject to the terms of the Plan and the Subscription and
Backstop Rights Purchase Agreement, the Backstop Commitment Fee
will be paid in full in cash by the Debtors or Reorganized
Debtors upon the earlier to occur of the Effective Date or the
termination or rejection of the Subscription and Backstop Rights
Purchase Agreement.  If the Plan is consummated, the Backstop
Parties will, on the Effective Date, rebate to the Debtors or
Reorganized Debtors an amount of the Backstop Commitment Fee
equal to 4% of the amount of Rights Offering Senior Subordinated  
Notes that the Backstop Parties subscribe to, but not
oversubscribe to, pursuant to the Subscription and Backstop
Rights Purchase Agreement -- roughly 80% of the Backstop
Commitment Fee.

The Backstop Parties' commitment to fund the New Money
Investment if the Rights Offering is not fully subscribed is
vital to the success of the Chapter 11 cases because it
underwrites the Plan's confirmability, Mr. Kornstein maintains.

Mr. Kornstein also notes that the Subscription and Backstop
Rights Purchase Agreement enables the Debtors to meet the
proposed timetable for confirmation of the Plan.  It is a
condition precedent to the Plan Effective Date that (a) the
Effective Date occur on or before September 30, 2007; and (b) in
connection with the Rights Offering, the Debtors will have
received in cash the aggregate subscription payments that the
Backstop Parties are obligated to pay for their share of the
Rights Offering Senior Subordinated Notes.

If the Debtors do not expeditiously commence the Rights
Offering, it is almost certain that they will not receive the
Backstop Parties' Investment by September 30, 2007, and that the
Debtors will not be able to consummate the Plan, Mr. Kornstein
says.

                          *     *     *

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had $408,546,205 in
total assets and $1,825,941,54627 in total liabilities.  (Bally
Total Fitness Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000).


BANK OF CHINA: Taps Walter and Alice as Liquidators
---------------------------------------------------
Lee Yat Wah Walter and Leung Fung Yee Alice were appointed as
liquidators of Bank of China Group Investment (Beijing) Limited
on July 30, 2007.

The Liquidators can be reached at:

          Lee Yat Wah Walter
          Leung Fung Yee Alice
          Jardine House, 5th Floor
          1 Connaught Place, Central
          Hong Kong


BETTER ASSETS: Members to Hold General Meeting on Sept. 7
---------------------------------------------------------
The members of Better Assets Limited will have their general
meeting on Sept. 7, 2007, at 9:20 a.m., on the 15th Floor of
Manulife Tower at 169 Electric Road in North Point, Hong Kong.

The members will receive, at the meeting, a report about the
company's wind-up proceedings and property disposal.


CELLON HONG KONG: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
At an extraordinary general meeting held on July 27, 2007, the
members of Cellon Hong Kong Limited decided to liquidate the
company's business due to its inability to pay its debts.

Cosimo Borrelli and G Jacqueline Fangonil Walsh were appointed
as liquidators.

The Liquidators can be reached at:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Admiralty Centre, Tower 1
          1401, Level 14
          18 Harcourt Road
          Hong Kong


CITIC PACIFIC: Unit's 1st Half Profit Up 35% on Strong Demand
-------------------------------------------------------------
CITIC Pacific's wholly owned subsidiary, CITIC 1616 Holdings'
first-half net profit jumped 35% to HK$136 million, fueled by
robust demand for telecom services, The Standard reports.

According to the report, the unit's revenues climbed 8.9% to
HK$692 million from HK$635 million the previous year, with a
total of 2.33 billion voice-call minutes and 846 million text
messages recorded during the first six months ended June 30.

The company declared an interim dividend of 1HK cent per share,
Steven Lee of The Standard notes.

With the experienced growth, CITIC 1616 said mobile value-added
services will be a new niche for revenue growth, after it
recorded satisfactory results from its international mobile
subscriber identity service -- which allows mobile operators'
subscribers to hold multiple overseas cellular phone numbers on
their existing SIM cards -- and mobile roaming call- back
service, the paper relates.

Revenues derived from the mobile VAS services more than doubled
during the period mainly due to contracts signed with mobile
telecom operators in the Philippines and Malaysia for the
provision of mobile VAS services.

The number of telecom carriers that CITIC 1616 serves increased
to 257 as of the end of June from 237 last year, the paper
notes.

Chief executive Norman Yuen Kee-tong was quoted by the paper as
saying he expects to complete an acquisition in six months to
strengthen the company's service coverage in the mainland as
well as the Asia-Pacific region.

Listed on April 3, the company has said it will spend about
HK$240 million on mergers and acquisitions.  The company had
cash and cash equivalents of HK$629 million on hand as at
June 30.

                        About CITIC 1616

CITIC 1616 is a wholly owned subsidiary of CITIC Pacific.  CITIC
1616 Group is principally engaged in the provision of value
added services to telecom operators with a focus on China and
Hong Kong telecom market through the operation of a neutral and
independent telecom hub.  Through its telecom hub, CITIC 1616
Group handles both traditional international voice calls,
roaming voice and advanced Mobile VAS, including SMS and
roaming-enhanced services.

                          *     *     *

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of  
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


CO-MANAGEMENT: Placed Under Voluntary Liquidation
-------------------------------------------------
On July 24, 2007, the members of Co-Management Limited resolved
to voluntarily liquidate the company's business and appointed
Lai Kam Hung as liquidator.

The Liquidator can be reached at:

          Lai Kam Hung
          Flat C, 23rd Floor, Block 11
          City Garden, No. 233 Electric Road
          Hong Kong


GOOD TECHNOLOGY: Member's Final Meeting Set for Sept. 3
-------------------------------------------------------
A final meeting will be held for members of Good Technology (HK)
Limited on Sept. 3, 2007, at 10:00 a.m., at the 8th Floor of
Gloucester Tower, The Landmark at 15 Queen's Road, in Central,
Hong Kong.

Thomas Andrew Corkhill is the company's liquidator.


JETSWOOL DEVELOPMENT: Creditors' Proofs of Debt Due on August 31
----------------------------------------------------------------
Jetswool Development Limited is accepting proofs of debt from
its creditors until August 31, 2007.

The company started to liquidate its business on August 1, 2007.

Jetswool's solicitor is:

          Ho Miu Ki
          Office Tower, Room 4908
          Convention Plaza, 1 Harbour Road
          Wanchai, Hong Kong


JIANGXI COPPER: Obtains Regulator's Nod to Raise US500 Million
--------------------------------------------------------------
Jiangxi Copper Co. Ltd. had received conditional approval from
regulators to offer new A shares in a private placement expected
to raise more than US$500 million, reports say.

According to media reports, Jiangxi announced in March that it
would sell up to 290 million new A shares worth about
CNY4 billion (US$528.3 million) to buy assets from its parent,
raise output and modernize its mines.

The placement with as many as 10 institutional investors will
comprise about 9% of the firm's expanded share capital, of which
44.63% would be issued to its parent, the company announced.

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.  
Jiangxi Copper is a constituent of the Xinhua/FTSE China 200
Index.

On July 18, 2006, Xinhua Far East China Ratings commented that
the likelihood of downward surprises on the issuer rating for
Jiangxi Copper Co., Ltd., was increasing and changed the
Company's rating outlook to negative from stable.  Its issuer
credit rating remains BB+.


MULTIDATA INDUSTRIAL: Members to Meet on September 5
----------------------------------------------------
The members of Multidata Industrial Limited will meet on
Sept. 5, 2007, at 3:00 p.m, at Block E, 3rd Floor of Wang Cheong
Building at 251 Reclamation Street in Kowloon, Hong Kong.

At the meeting, Chiu Chi Kin, the company's liquidator, will
give a report about the company's wind-up proceedings and
property disposal.


VAN-MEITETSU: Members' Final Meeting Slated for Sept. 6
-------------------------------------------------------
A final meeting will be held for the members of Van-Meitetsu
Finance Company Limited on Sept. 6, 2007, at 10:00 a.m., at
MassMutual Tower, 38 Gloucester Tower, in Wanchai, Hong Kong.


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

BAUSCH & LOMB: Advance Medical Withdraws Acquisition Bid
--------------------------------------------------------
Advance Medical Optics withdrew its offer to acquire Bausch &
Lomb Incorporated after Bausch & Lomb's Board of Directors
declined to grant AMO "adequate time" to provide evidence
that AMO stockholder approval on the proposed merger can be
secured.

Bausch & Lomb gave AMO until today (Aug. 3, 2007) to submit
the required evidence.

AMO said in its letter that "[i]t is clear from the way
[Bausch & Lomb] has run the go-shop process and the unrealistic
hurdles that have been uniquely imposed on [AMO] that [Bausch &
Lomb] does not have any interest in providing its shareholders
with the opportunity to receive the US$75 per share offer that
[AMO] proposed."

AMO argued that Bausch & Lomb remained intent on delivering
its business to Warburg Pincus at US$65 per share, a transaction
AMO which says is "inferior to AMO's proposal both in terms of
value and the ability for the Bausch & Lomb shareholders to
participate in the significant synergies that combining AMO
and Bausch & Lomb would create."

                   About Advanced Medical Optics

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures  
and markets ophthalmic surgical and contact lens care products.  
The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.

                        About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).

                          *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


PRIDE INTERNATIONAL: Moody's Affirms Ba1 Corporate Family Rating
----------------------------------------------------------------
Moody's affirmed Pride International, Inc.'s credit ratings
following the company's announcement of the acquisition of a
newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2. The
outlook is stable.

"Pride's recent drillship construction commitments reflect
management's strategy of increasing the ultradeepwater capacity
of its fleet," commented Pete Speer, Moody's Vice-
President/Senior Analyst.  "Although the US$1.4 billion cost and
lack of customer contracts for these drillships are substantial
risks, Pride's contract backlog, along with a favorable near
term outlook for the deepwater drilling sector, appears to
provide sufficient free cash flows to fund the construction
progress payments without significant additional debt.  These
investments will raise the overall quality of the company's
fleet while addressing shareholders' desires for growth or
return of capital.  Moody's considers these drillships to be a
full claim on Pride's free cash flow over the next few years."

The stable outlook is supported by Pride's US$5.7 billion
contract backlog and Moody's expectation that market conditions
will remain supportive for the remainder of 2007 and into 2008,
particularly for the deepwater markets.

The stable outlook also reflects Moody's expectation that the
company will not add any additional newbuild commitments or rig
acquisitions without

  i. substantial equity funding or proceeds from the
     divestiture of its Latin American onshore business or
     other asset sales; and

ii. a customer contract on the additional rig or at least one
     of the new drillships.

If the drillships remain without customer contracts for a
prolonged period the outlook could come under negative pressure.

There is limited upside to the rating in the near-to-medium term
due to the substantial funding commitments for the drillships
and little likelihood of further debt reduction.  Further
expansion of Pride's speculative newbuild program, debt-funded
rig or corporate acquisitions that do not include meaningful
equity funding, and/or debt-funded share repurchases could
result in a negative outlook or rating downgrade.

In July, Pride announced that it entered into a contract with
Samsung Heavy Industries Co., Ltd to construct a dual activity,
ultra-deepwater drillship for a cost of US$680 million,
excluding capitalized interest.  The drillship will be capable
of drilling in depths up to 12,000 feet, with total vertical
drilling depth of up to 40,000 feet, and is expected to be
delivered in the third quarter of 2010.

Pride subsequently announced that it had acquired a second
speculative newbuild for about US$675 million that is currently
under construction with Samsung.  The drillship will be capable
of drilling in depths up to 10,000 feet, with total vertical
drilling depth of up to 40,000 feet, and is expected to be
delivered in the first quarter of 2010.

Pride does not have customer contracts for either drillship and
there are many newbuild ultra-deepwater drillships and
semisubmersibles scheduled for delivery in 2008 through 2010.
Both construction contracts have been described as fixed-price,
but there are still risks of construction delays and cost
overruns due to modifications of equipment and design
specifications.

While deepwater demand is currently very strong and there are
indications that this strength will continue, there is still
significant uncertainty in predicting market conditions three
years out.  In addition to the speculative nature of these
newbuilds and the funding of the combined US$1.4 billion cost,
the company's ratings are constrained by the overall size and
quality of Pride's fleet in comparison to its investment grade
competitors.

Although the company owns 60 rigs, including the two newbuilds,
38 are vintage shallow water jackups, mat, barge and other rigs.
Excluding these rigs, the company's 22 remaining rigs are much
smaller than the comparable fleet of Transocean/GlobalSantaFe
(142 rigs), Diamond Offshore Drilling (43), Noble Drilling (57)
and Ensco (48).

The company's smaller number and proportion of premium rigs
could pressure earnings in the next cyclical downturn because
premium equipment tends to keep working, albeit at lower
dayrates, compared to less capable older generation rigs which
often ends up being stacked.  Pride's shallow water jackups, mat
and barge rigs are particularly vulnerable to rapid declines in
utilization and dayrates.

Also, while long-term contracts are beneficial to earnings
stability, there is still a risk that drilling contracts could
be amended or cancelled during industry downturns because of
construction delays, unsatisfactory rig performance or other
competitive considerations.  Additionally, in this high
utilization environment, escalating labor, raw material and
construction costs will continue to pose a challenge for Pride
as well as the rest of the industry in the near-to-medium term.

The ratings are supported by Pride's deepwater assets, which are
comparable in number with several offshore drilling peers and
represent the second largest fleet of dynamically positioned
deepwater rigs.  The company has also steadily reduced its
leverage (Debt/Capitalization of 37% at March 31, 2007 compared
to 55% at Dec. 31, 2004), strengthened the depth and experience
of its management team, and appears to have resolved its
previously persistent internal control issues.

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%);

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.


RPG LIFE SCIENCES: Books INR25.6-Mil. Net Profit in 1st Quarter
---------------------------------------------------------------
RPG Life Sciences Ltd reported a net profit of INR25.6 million
on total income of INR314. million in the first quarter ended
June 30, 2007.  The bottom line is a decline from the
INR33.7-million profit booked in the same quarter last year on
total income of INR318.7 million.  

For the reporting period, the company earned a gross profit of
INR75 million after incurring expenditures totaling
INR239.7 million.  The company also booked interest charges of
INR23 million, depreciation of INR12.2 million and taxes of
INR14.2 million.

A copy of the company's financial results for the first quarter
ended June 30, 2007, is available for free at:

             http://ResearchArchives.com/t/s?2216

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors.


SAURASHTRA CEMENT: Net Profit Up 322% to INR535-Mil. in FY2007
--------------------------------------------------------------
Saurashtra Cement Ltd. recorded a net profit of the
INR535.24 million in the twelve months ended June 30, 2007, up
322% from the INR126.86-million profit booked in the prior
financial year.

The jump in profit is brought about by soaring revenues.  In
FY2007, the company posted total income of INR4.09 billion
compared to the INR2.6 billion a year ago.  Expenditures during
the latest reporting period totaled INR3.4 billion, bringing the
company an operating profit of INR775.71 million.

In FY2007, the company recorded interest charges of
INR233.97 million, depreciation of INR177.36 million and taxes
of INR31.21 million.  The company also booked extraordinary
items of INR202.08 million, which represents interest written
back.

A copy of the company's financial results for the financial year
ended June 30, 2007, is available for free at:

              http://ResearchArchives.com/t/s?2215

The flagship company of The Mehta Group, Saurashtra Cement Ltd.
-- http://www.mehtagroup.com/scement.htm-- manufactures and        
exports cement including Ordinary Portland Cement, Pozzolana
Portland Cement, Sulphate Resistant Cement and Portland Slag
Cement.  SCL markets cement under the brand name "HATHI CEMENT".
The company also exports clinker.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
changed the outstanding rating of Saurashtra Cement's
INR477.6-million Non-Convertible Debenture Issue from 'D' to
'Not Meaningful.'  The revision followed the company's
registration in the Board of Industrial and Financial
Reconstruction as a Sick Industrial Company pursuant to the
SIC (SP) Act, 1985.

Saurashtra Cement is currently restructuring its debts.  Its
proposal for restructuring under the Corporate Debt
Restructuring Mechanism was approved through the letters issued
by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006.


SHYAM TELECOM: Net Profit Climbs to INR49MM in 1st Qtr. FY2008
--------------------------------------------------------------
Despite reduced revenues, Shyam Telecom Limited reported a net
profit of INR49.46 million in the three months ended June 30,
2007, more than twice the INR20.21-million profit earned in the
same period in 2006.

In the April-June 2007 quarter, the company recorded total
income of INR541.33 million, 30% down compared to the
corresponding quarter last year.  Expenditures dipped by 40% to
INR469.47 million, bringing the operating profit to
INR71.87 million.

For the first quarter of FY2008, the company booked interest
charges of INR13.5 million, depreciation of INR8.07 million and
taxes totaling INR84,000.

A copy of the company's financial results for the quarter ended
June 30, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2214

New Delhi, India-based Shyam Telecom Limited --
http://www.shyamtelecom.com/index.html-- and its subsidiaries'   
operations relate to investments, providing telecommunication
and information technology services.  The telecom products and
services segment comprise of manufacturing and services in the
related area.  The turnkey projects and trading services segment
includes the turnkey projects and trading in telecom products.
The investment segment includes investments in the subsidiaries,
which are dealing in telecommunication sectors.  The software
products and services segment includes the services in the area,
including software and information technology related and
information technology enabled services.   It also offers
Internet-related products, including data on wire, data on air
and data on cable.

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that the company has a US$22.80 million equity
deficit.


SPICEJET LTD: Turns Around With INR18.5 Cr. Profit in 1st Qtr.
--------------------------------------------------------------
SpiceJet Limited disclosed, in a press release, its first
quarter results for the period from April to June 2007, which
reflect a net profit for the quarter at INR18.5 crore compared
to a loss of INR3.4 crore in same period previous year.  Total
income for the period registered a robust growth of 77% at
INR311 crore versus INR176 crore same quarter last year.

On operating levels, the company reported an income of INR265
crore and operating expenses of INR246 crore giving an operating
contribution of INR19 crore.

The company has benefited due to net foreign exchange gain on
outstanding liabilities to the tune of INR20.6 crore, which is
part of the Other Income.  Besides, Other Income also includes
Profit on Sale of two aircrafts of INR12.7 crore during the
quarter.

During the reporting period, the company has almost doubled its
average deployed fleet to 11 aircrafts versus 5.7 aircrafts for
comparable previous year.  All operating parameters registered a
huge growth.  Growth in Available Seat Kilometer flown is 88% at
1,244 million from 663 million and the growth in number of
passengers flown also registered a 63% jump at 914 K passengers
from 562 K in comparable previous period.

While announcing the results Partha Sarathi Basu, CFO SpiceJet
said that "The positive result has been achieved due to capacity
addition and constant focus on cost.  We have gained
substantially in achieving a lower cost at INR2.35 per ask.  We
will keep our focus on profitable growth through continuous cost
reduction, improved yield and focus on ancillary revenue..."

The company will be adding seven more aircrafts to its fleet
during the current year.  The expanded capacity will take the
exit 2007 capacity to 19 from existing 12 aircraft.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The airline
has yet to file its financial results for FY2007.

The Troubled Company Reporter-Asia Pacific's "Large Companies
With Insolvent Balance Sheets" column on Aug. 3, 2007, showed
that SpiceJet has a stockholder's equity deficit of
US$2.75 million.


SPICEJET LTD: Board Appoints Siddharta Sharma as Exec. Chairman
---------------------------------------------------------------
SpiceJet Ltd's board of directors, at its meeting on July 30,
2007, appointed Siddharta Sharma as executive chairman of the
board, a filing with the Bombay Stock Exchange reveals.  The
appointment, however, is still subject to the approval of the
company's shareholders approval and the subsequent approval by
the Department of Company Affairs.

Commenting on the appointment SpiceJet Promoter Director said
"Sid has been associated with the evolution of SpiceJet for over
six years and has played a critical role at the Board level in
bringing up SpiceJet to the present level.  The Board is
confident that he will carry out the responsibilities entrusted
upon him in the best interest of the company at this critical
second phase of growth."

The Economic Times also reported of new names in the carrier's
senior executives.  According to The Times, Samyukth Sridharan
has joined SpiceJet as its chief commercial officer.  Mr.
Sridharan is formerly connected to Air Deccan as chief revenue
officer and head of marketing.

Also recently, Kamal Hingorani joined SpiceJet as vice-president
for marketing and planning, The Times relates.

SpiceJet plans to have three separate heads looking after
marketing, commercial and network planning operations, the news
agency notes.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The airline
has yet to file its financial results for FY2007.

The Troubled Company Reporter-Asia Pacific's "Large Companies
With Insolvent Balance Sheets" column on Aug. 3, 2007, showed
that SpiceJet has a stockholder's equity deficit of
US$2.75 million.


VISTEON CORP: June 30 Balance Sheet Upside-Down by US$102 Mil.
--------------------------------------------------------------
Visteon Corporation reported second quarter 2007 results.  At
June 30, 2007, the company's balance sheet showed total assets
of US$7.32 billion and total liabilities of US$7.42 billion,
resulting in a US$102 million stockholders' deficit.  Deficit at
Dec. 31, 2006, was US$188 million.

For the second quarter 2007, Visteon reported a net loss of
US$67 million, which included non-cash asset impairments of
US$13 million.  In the same period in 2006, Visteon reported net
income of US$50 million.  

Second quarter EBIT-R was US$15 million.  Sales from continuing
operations for the quarter were US$2.97 billion, including
product sales of US$2.83 billion and services revenues of
US$141 million.  During the quarter, Visteon generated
US$146 million of cash from operating activities and free cash
flow of US$66 million.

Product sales to Ford Motor Co. declined 16% or US$216 million
to US$1.11 billion, reflecting primarily lower North American
production volumes, pricing, sourcing and product mix.  Product
sales to other customers increased 15%, or US$230 million, to
US$1.72 billion and represented 61% of total product sales.

Last year's results included US$22 million of non-cash asset
impairments and an extraordinary gain of US$8 million associated
with the acquisition of a lighting facility in Mexico.  Visteon
also recognized a US$49 million benefit in the second quarter
2006 related to the relief of post-employment benefits for
Visteon salaried employees associated with two ACH manufacturing
facilities transferred to Ford.

"At the mid-point of our three-year improvement plan, we have
demonstrated progress across each pillar of the plan," Michael
F. Johnston, chairman and chief executive officer, said.  "More
than half of the restructuring actions are complete, and several
others are well on their way to completion.  Even with
significant reductions in customer volumes in North America, we
are making solid progress on improving our base operations
through improved quality and safety and significantly reduced
administrative costs. We are also diversifying our sales and
growing the business, particularly outside of North America."

                  Free Cash Flow and Liquidity

Cash provided from operating activities totaled US$146 million
for the second quarter 2007, increasing US$38 million from the
same period a year ago.  Free cash flow of US$66 million for the
quarter was an improvement of US$56 million over the second
quarter 2006.  Year-to-date cash provided from operating
activities totaled US$15 million, compared to US$76 million for
the first six months of 2006.  For the first half of 2007, free
cash flow was negative US$129 million, US$22 million lower than
first half 2006.

As of June 30, 2007, Visteon had cash balances totaling
US$1.5 billion and total debt of US$2.7 billion.  Additionally,
no amounts were drawn on the company's US$350 million asset-
based U.S. revolving credit facility.

                        Half Year Results

For the first half 2007, sales from continuing operations were
US$5.86 billion, including favorable foreign currency of
approximately US$300 million.  Sales from continuing operations
for the same period in 2006 were US$5.87 billion, including
product sales of US$5.59 billion.  Product sales to Ford
declined 14%, or US$362 million, to US$2.25 billion, reflecting
primarily lower North American production volumes, pricing,
sourcing and product mix.  Despite lower sales to Nissan in
North America due to production volumes, product sales to other
customers increased 12%, or US$368 million, to US$3.34 billion
and represented 60 percent of total product sales.

Visteon reported a net loss of US$220 million for the first six
months of 2007.  These results include US$63 million of non-cash
asset impairments.  This compares to net income of US$53 million
for the same period a year ago.  Half year results for 2006
include
US$22 million of non-cash asset impairments and an extraordinary
gain of US$8 million.  In the first half of 2006, Visteon
recognized a cumulative benefit of US$72 million related to the
relief of post-employment benefits for Visteon salaried
employees associated with two ACH manufacturing facilities
transferred to Ford.

EBIT-R for the first half 2007 was a loss of US$31 million
compared to positive US$191 million for the same period in 2006.

Headquartered in Van Buren Township, Mich., Visteon Corp.  
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive      
supplier that designs, engineers and manufactures innovative
climate, interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has taken these actions regarding the ratings of
Visteon Corp.: Issuer Default Rating affirmed 'CCC'; Senior
Secured Bank Facility affirmed 'B/RR1'; and Senior unsecured
downgraded to 'CC/RR6' from 'CCC-/RR5'.


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

ALCATEL-LUCENT: Dresdner Kleinwort Reaffirms Share Sell Rating
--------------------------------------------------------------
Dresdner Kleinwort analyst Per Lindberg has reaffirmed his
"sell" rating on Alcatel-Lucent's shares, Newratings.com
reports.

Newratings.com relates that the target price for Alcatel-
Lucent's shares was set at EUR8.

Mr. Lindberg said in a research note that Alcatel-Lucent's
interim report was "soft."

Mr. Lindberg told Newratings.com that Alcatel-Lucent's sales
have surpassed expectations.  However, the company's income
dropped on a "like-for-like" basis.

"Cost synergies from the merger are being largely offset by
pricing pressure," Newratings.com states, citing Dresdner
Kleinwort.

Headquartered in Paris, France, Alcatel-Lucent --
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, 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 on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT: Incurs EUR336 Mil. Net Loss in Second Quarter
-------------------------------------------------------------
Alcatel-Lucent recorded revenues at EUR4.33 Billion, up 13%
sequentially and 0.5% Year-Over Year at Constant Euro/USD
Exchange Rate.  Adjusted Operating Loss at EUR19 million,
Including EUR34 million from a litigation settlement.

The company posted an adjusted net loss (Group Share) at EUR336
million (EUR0.15 Per Diluted Share), including a net impact of
EUR176 million (EUR0.08) from several significant items.

                      Executive Commentary

Patricia Russo, CEO commented: "This quarter, our revenues
sequentially grew by a solid 13% at a constant Euro/USD exchange
rate, with the strongest performance in the wireline and
services businesses.  From a regional perspective, we saw strong
growth in Asia Pacific.  We are seeing the benefits of the
merger with momentum building in our order flow for
the second consecutive quarter.  As a result, our order backlog
at the end of the second quarter 2007 continues to improve
compared to first quarter 2007.  We are also seeing the benefits
of revenue synergies through the combined company's strengths.  
For example, Reliance Communications selected us for both their
GSM and CDMA network expansions, marking our entry into the GSM
portion of Reliance's network and we have also been selected by
Telecom New Zealand to deploy our W-CDMA technology, along
with our existing CDMA contract."

"As we have said, 2007 is clearly a transition year for the
company as we continue to execute on our integration plans in a
rapidly changing industry.  During the quarter, we reduced our
cost structure, in areas such as IS/IT and R&D.  Additionally,
we reduced approximately 1,900 positions, before the impact of
new managed services contracts and acquisitions (approximately
400 positions) are taken into account.  Year to date we have
reduced headcount by 3,800 people which is 30% of the 3-year
12,500 target.  Again, this is before the impact of managed
services contracts and acquisitions.  Based on this progress and
the ongoing efforts underway, we are planning to achieve our
synergy related pre-tax savings of EUR600 million this year.  
However during 2007, we are strategically reinvesting our gross
margin savings to position the company for the long term, while
achieving most of our operating expense savings
on a comparable basis."

"In the second quarter 2007, the gross margin was lower than we
would have liked and was negatively impacted by continued
significant investments in key markets, an unfavorable product
and geographic mix as well as some impact from product related
transition costs as customers migrate their networks.  We
believe the gross margin level this quarter is not indicative of
the business going forward."

"Finally, we anticipate sequential revenue growth as the year
progresses, which implies a strong ramp-up in the second half
2007.  Looking forward to the full year 2007, we continue to
expect revenues to increase on a percentage basis at the carrier
market growth rate of mid single digits at a constant Euro/USD
exchange rate."

                         Reported Results

In accordance with regulatory reporting requirements, the second
quarter 2007 reported results include the non-cash impacts from
purchase price allocation entries following the merger with
Lucent Technologies.  The global Thales transaction has been
closed during the second quarter 2007 and all activities, which
have been contributed to Thales as of June 30, 2007 (space
activity on April 10, 2007 and railway signaling and integration
and services activities for mission-critical systems on Jan. 5,
2007) are not included in second quarter 2007 results.

For the second quarter 2007, Alcatel-Lucent's reported revenues
amounted to EUR4,326 million.  The reported gross profit was
EUR1,397 million, including the impacts from purchase price
allocation entries of EUR50 million.  Reported operating loss
was EUR206 million, including the impact from purchase price
allocation entries of EUR187 million.  For the quarter, reported
net loss (group share) was EUR586 million or EUR0.26 per diluted
share (US$0.35 per ADS), including the impact from purchase
price allocation entries of EUR250 million.

                         Adjusted Results

In addition to the reported results Alcatel-Lucent is providing
adjusted financial results in order to provide meaningful
comparable information, which exclude the main non-cash impacts
from purchase price allocation entries.  The global Thales
transaction has been closed during the second quarter 2007 and
all activities which have been contributed to Thales as of
June 30, 2007 (space activity on April 10, 2007 and railway
signaling and integration and services activities for mission-
critical systems on Jan. 5, 2007) are not included in second
quarter 2007 results.  Prior period results refer to the
adjusted pro forma combined operations for Alcatel-Lucent as of
Jan. 1, 2006.

For the second quarter, Alcatel-Lucent's revenues were
EUR4,326 million, compared to a pro-forma EUR4,491 million in
the year-ago quarter, a 0.5% increase at a constant Euro/USD
exchange rate, or a 4% decline at current rate.  The adjusted
gross profit was EUR1,447 million, 33.4% of sales, including a
positive impact of EUR34 million from a litigation settlement,
compared to an adjusted pro-forma gross profit of EUR1,711
million in the year-ago quarter.  Adjusted operating loss was
EUR19 million, 0.4% of sales, compared with an adjusted pro-
forma operating loss of EUR252 million in the year-ago quarter.  
For the quarter, adjusted net income (group share) was
EUR336 million, or EUR0.15 per diluted share (US$0.20 per ADS).  
The adjusted pro-forma net income (group share) was EUR302
million, or EUR0.13 per diluted share (US$0.18 per ADS), in the
second quarter 2006.

The adjusted net income (group share) for the second quarter
2007 included three significant items:

  -- a positive pre & post-tax impact of EUR42 million from a
     litigation settlement,

  -- a positive pre-tax impact of EUR265 million, or post-tax
     of EUR80 million, reflecting an amendment of the OPEB
     liabilities,

  -- a negative pre and post-tax impact EUR298 million from a
     one-time impairment charge related to W-CDMA assets
     following our annual impairment assessment of each
     business division's assets;

Together all three items total EUR176 million or EUR0.08 per
diluted share (US$0.11 per ADS).

The net (debt)/cash position was EUR221 million as of
June 30, 2007, compared with EUR48 million as of March 31, 2007.

                        Business Commentary

The following business comments are based on a year over year
comparison, unless otherwise stated.  Business trend comparisons
are based on variations at a constant Euro/USD exchange rate.

                      Carrier Business Segment

For the second quarter 2007, revenue for the carrier business
segment was EUR3,104 million compared to EUR3,367 million in the
year-ago quarter, a 5% decline at a constant Euro/USD exchange
rate, or an 8% decline at current rate.  Adjusted operating loss
was EUR73 million, a (2.4)% operating margin.

Key Highlights:

  * Reliance Communications, India's largest integrated telecom
    service provider, selected Alcatel-Lucent to expand its
    wireless network to more than 20,000 towns and 600,000
    villages.  In a contract valued at more than US$400
    million, Alcatel-Lucent will deploy an IP-based next-
    generation CDMA and GSM network expansion, extending the
    range of wireless solutions Alcatel-Lucent provides to
    Reliance Communications.

  * As part of a EUR168 million mobile network investment,
    Telecom New Zealand selected Alcatel-Lucent as its
    technology partner for a new 3G W-CDMA network upgrade, in
    addition to the recent contract award for CDMA EVDO
    Revision A upgrade.

  * LGS, Alcatel-Lucent's subsidiary dedicated to serving the
    US Government, is part of a team led by Qwest which was
    awarded a stake in the Networx Universal contract.

                            Wireline

For the second quarter 2007, revenue for the wireline business
group was EUR1,505 million compared to EUR1,460 million in the
year-ago quarter, a 7% increase at a constant Euro/USD exchange
rate, or a 3% increase at current rate.

Key Highlights:

  * Revenues were solid in access, with strong growth in the
    IP-based DLSAM and Fiber-to-the premises businesses.  This
    quarter marked the highest ever quarterly performance in
    DSL with 9.6 million lines delivered, and for the first
    time more than half of the volume from the IP-based DSLAM
    platform.  The GPON momentum continued in North America and
    in Western Europe where the GPON standard gained ground
    over competitive technologies to support very high speed
    services.  Verizon completed a definitive agreement with
    Alcatel-Lucent to supply equipment for their next major
    advancement in GPON-based FiOS services.

  * Revenue was somewhat lower for the data business compared
    to the second quarter 2006, which included particularly
    strong results in MSWAN.  The IP/MPLS service routing
    business recorded the tenth consecutive quarter of growth,
    with increasing traction and presence in the Asia Pacific
    region and worldwide growth faster than the market,
    confirming our #2 market position.

  * Revenues were very strong in optics, with robust growth in
    both terrestrial and submarine transport.  The strong
    growth in the quarter was fueled by metro and long haul
    DWDM, OMSN and cross-connects to support high bandwidth
    requirements for IP video services.

  * Alcatel-Lucent won several new contracts for the Triple
    Play Service Delivery Architecture to support IP video
    services: Portugal Telecom, Vodafone Portugal and Kenya
    Data Network.

                             Wireless

For the second quarter 2007, revenue for the wireless business
group was EUR1,237 million compared to EUR1,396 million in the
year-ago quarter, a 8% decline at a constant Euro/USD exchange
rate, or a 11% decline at current rate.

Key Highlights:

  * The wireless revenue decline was largely driven by low
    volumes, particularly in 2G GSM radio in Africa and Eastern
    Europe.  By comparison, shipments were strong in South East
    Asia and in China where the company has improved its market
    share.  The refreshed 2G product offerings (Twin TRX and
    ATCA BSC) gained traction as mobile operators migrate to
    all-IP architectures.  As a result of softness in the 2G
    business, the wireless transmission business also recorded
    a slight decline in the quarter.

  * The 3G business recorded good growth, primarily driven by
    TD-SCDMA in China, where Alcatel Shanghai Bell and its
    partner Datang Mobile deployed network solutions for China
    Mobile in Shanghai and Guangzhou.  Activity in W-CDMA,
    which grew sequentially, was driven by Western Europe and
    South Korea.  CDMA revenues increased in North America,
    with continued EVDO Rev A upgrades and growth in the
    subscriber base while investment in CDMA in China and Latin
    America declined.

  * With 2 new WiMAX trials announced during the second
    quarter, Alcatel-Lucent had more than 70 trials deployed.
    As an example, Alcatel-Lucent signed a two-year contract
    with SHD (a corporate joint venture between SFR and Neuf
    Cegetel in France) for the supply and installation of the
    first next-generation WiMAX network, using standard
    802.16e-2005.

  * Alcatel-Lucent won several new contracts in GSM/EDGE
    including: Indonesia (Indosat and Excelcommindo), UAE
    (Etisalat), Kenya (Celtel), China (China Mobile) and
    Pakistan (CMPak/China Mobile).

                          Convergence

For the second quarter 2007, revenue for the convergence
business group was EUR362 million compared to EUR511 million in
the year-ago quarter, a 27% decline at a constant Euro/USD
exchange rate, or a 29% decline at current rate.

Key Highlights:

  * In a continued competitive market, classic core switching
    revenue, in both wireline and wireless, continued to
    decline in line with the market rate.  While the company
    continues to make progress in growing the next generation
    core business, revenues do not yet offset the declines in
    classic core networking.  The company continues to make
    significant R&D investments in advance of the market impact
    resulting from the IP network transformations that are
    underway.

  * Revenues were strong in the IMS business, albeit on a small
    base, with investments being carried out to deliver multi
    access and -device, and multimedia applications in a
    converged Internet protocol environment.

  * In the multimedia and payment businesses, revenues were
    negatively impacted by a declining market in pre-paid
    payment solutions.  Investments continued in order to
    evolve IPTV capabilities.

  * Alcatel-Lucent has been selected by TerreStar to support
    their build of an integrated mobile satellite and land-
    based communications network in North America, using IMS to
    deliver universal access and personalized services over
    standard wireless devices.

  * Alcatel-Lucent has been selected by Portugal Telecom for
    its IPTV commercial service meo, which includes broadcast
    HD-TV, and video on demand.

                   Enterprise Business Segment

For the second quarter 2007, revenue for the enterprise business
segment was EUR376 million compared to EUR368 million in the
year-ago quarter, a 5% increase at a constant Euro/USD exchange
rate, or a 2% increase at current rate.  Adjusted operating
income was EUR23 million, a 6.1% operating margin.

Key Highlights:

  * Revenues showed strength across all parts of the enterprise
    business, with a strong performance in Western and Eastern
    Europe.  The voice and data business contributed to the
    segment's growth with good momentum in IP telephony
    migration pulling infrastructure upgrades as for small,
    medium and large businesses.  Alcatel-Lucent continued
    further investment and effort in channel development and
    achieved positive results, with an 18% increase in service
    provider channel sales over the previous quarter, globally.

  * In addition, Alcatel-Lucent acquired privately held
    NetDevices, which delivers a market recognized, innovative
    and flexible enterprise networking platform known as a
    Unified Service Gateway which is designed to reduce the
    cost and complexity of managing branch office networks.

  * Alcatel-Lucent also entered into an agreement with NCR
    Corporation to provide on-site installation and maintenance
    services for Alcatel-Lucent enterprise communications
    customers in North America.

  * Alcatel-Lucent continued to innovate and target growth
    markets like security during the quarter.  Alcatel-Lucent
    released two new products in this area: the OmniAccess 3500
    Nonstop Laptop Guardian, and the OmniAccess SafeGuard.

  * The Alcatel-Lucent contact center activity, led by Genesys,
    continued to scale its market presence and executed
    extremely well in its core market of large enterprises,
    while extending its market reach via capabilities for
    managed services.  Genesys reported strong growth in Europe
    and Australia, reinforcing their #1 position in CTI
    (Computer Telephony Integration).

                    Services Business Segment

For the second quarter 2007, revenue for the services business
segment was EUR750 million compared to EUR699 million in the
year-ago quarter, a 11% increase at a constant Euro/USD exchange
rate, or a 7% increase at current rate.  Adjusted operating
income was EUR29 million, a 3.9% operating margin.

Key Highlights:

  * The Services Business Segment continued to focus on the
    strategic growth areas of IP transformation, applications
    integration, multi vendor maintenance, and network
    operations.

  * Network operations and hosted services registered a strong
    performance, with significant wins including a three year
    contract with Vivo in Brazil, the largest mobile operator
    in the Southern hemisphere and a turnkey build out of a
    carrier network operations center with Shanghai Telecom in
    China.  In addition Alcatel-Lucent won a contract to supply
    Network Operations Support Center services for Nextgen
    Networks optical network.

  * Multi vendor maintenance revenue continued to grow based on
    new orders such as the win with Global Crossing to oversee
    the maintenance of multi-vendor optical and transport
    equipment.

  * IPTV remains a major driver of Internet protocol network
    transformation.  Alcatel-Lucent further penetrated the
    market with a key win in Portugal Telecom.  In Internet
    protocol transformation, Alcatel-Lucent will assist BT in
    ensuring the 21CN migration control center is operational
    to migrate 20 million customers over to the new all-
    Internet protocol network.

  * Alcatel-Lucent continued to add new customers in the
    Enterprise and Government vertical markets.  A contract
    with Transpower New Zealand to deliver, operate and
    maintain a new IP-based private communications network
    connecting 192 sites across New Zealand was signed.  And, a
    multi-million Euro contract by RTE, the French electricity
    network operator, to deploy an additional fiber-optic
    network was also secured.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
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, 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 on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ANEKA TAMBANG: Discloses Report for Quarter Ended June 30
---------------------------------------------------------
PT Aneka Tambang Tbk disclosed quarterly report for the three
months ending 30th June, 2007.

Production

   -- In 2Q07, Antam produced 4,394 tonnes nickel contained in  
      ferronickel, a 65 increase over the same period last year.

   -- Saprolite nickel production increased 1005 to 1,923,249
      wet metric tones in 2Q07.

   -- Due to maintenance at Pongkor's crushing facilities, Antam
      produced 690 kg of gold or 15% decreased over the same
      period last year.

Development-Corporate

   -- Repairs to FeNi III smelter will take longer than
      initially anticipated.

   -- Antam's saprolite nickel ore reserves and resources  
      estimation increases 61% to 180 million wet metric tones.

   -- Antam pays cash dividend of ID621 billion or IDR325.58 per
      share.

   -- Antam conduct stock split with ratio of 1:5.

   -- Antam participates in investor conferences in Jakarta and
      Singapore.

Exploration

   -- In 2007, Antam continued exploration on lateritic nickel,
      gold and bauxite in Indonesia.

   -- Total exploration cost in 2Q07 reached IDR34.2 billion, 77
      higher than IDR19.3 billion spent in the 1Q07.

                       About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,      
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.  
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


GENERAL NUTRITION: Posts Second Quarter 2007 Financial Results
--------------------------------------------------------------
General Nutrition Centers, Inc. reported its financial results
for the second quarter ended June 30, 2007.

General Nutrition Centers, Inc. is an indirect wholly-owned
subsidiary of GNC Parent LLC which was acquired on March 16,
2007 by affiliates of Ares Management LLC and Ontario Teachers'
Pension Plan Board.  As such, the financial results presented in
this press release represent the aggregate of the financial
results of General Nutrition Centers, Inc. from January 1, 2007
through March 15, 2007, predecessor, and the results from March
16, 2007 to June 30, 2007, successor.

For the quarter, the Company reported revenues of US$389.5
million, a 1.8% increase over the same quarter in 2006.  This
increase was the result of a 3.9% increase in the retail segment
and a 1.2% increase in franchising, offset by lower revenues in
manufacturing/wholesale.  In retail, same stores sales increased
1.6% in company-owned domestic stores and 11.0% in its Canadian
stores.

For the quarter, the Company reported earnings before interest,
income taxes, depreciation and amortization of US$40.1 million
compared to US$40.5 million for the same quarter in 2006.  
Included in for the second quarter of 2007 was US$6.8 million of
non-cash purchase accounting adjustments included in cost of
sales related to the acquisition of the Company on March 16,
2007.

Excluding this non-cash expense, adjusted EBITDA was US$46.9
million for the second quarter of 2007, an increase of 15.8%
over EBITDA of US$40.5 million in the same quarter in 2006. Also
included in EBITDA was US$0.6 million of recurring non-cash
compensation expense for each of the three months ended June 30,
2007 and June 30, 2006.

Revenue for the first six months of 2007 was US$781.4 million, a
1.5% increase over the same period in 2006.

For the first six months of 2007, the Company reported EBITDA of
US$35.9 million compared to US$78.1 million for the same quarter
in 2006.  Included in EBITDA, as a result of the acquisition,
was US$58.2 million of transaction- related costs which were
recorded in the first six months operating results, including
US$34.6 million of transaction fees and expenses; US$15.3
million of compensation expenses related to the transaction, and
US$8.3 million of non-cash purchase accounting adjustments
included in cost of sales.  Included in expense for the first
six months of 2006 was US$4.8 million of discretionary payments
made to stock option holders in conjunction with a distribution
made to shareholders in March 2006.  Excluding the above items,
adjusted EBITDA was US$94.1 million for the first six months of
2007, an increase of 13.5% over adjusted EBITDA of US$82.9
million in the same period of 2006.  Additionally, the Company
recorded US$1.1 million and US$1.2 million of recurring non-cash
stock-based compensation expense in the first six months of 2007
and 2006, respectively.

                     About General Nutrition

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of    
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The company sells its products
through a worldwide network of more than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and manufacturing/
wholesale.

GNC's Asian operations include those in Indonesia and the
Philippines.

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Moody's Investors Service assigned these ratings:

   -- US$710 million senior secured credit facility at B1
      (LGD 2, 27%);

   -- US$300 million floating-rate seven-year senior notes
      at Caa1 (LGD 5, 77%);

   -- US$125 million fixed-rate eight-year senior subordinated
      notes at Caa2 (LGD 6, 95%);

   -- Corporate family rating at B3;

   -- Probability-of-default rating at B3;

   -- Speculative Grade Liquidity rating at SGL-3.


GENERAL NUTRITION: Parent Brings in Expert Medical Advisors
-----------------------------------------------------------
General Nutrition's parent firm GNC has chosen a team of
credentialed medical and nutrition professionals to advise the
company and its customers in the areas of health, wellness and
nutrition.  The new GNC Medical Advisory Board will bring a wide
range of expertise, insight and experience to GNC, providing
valuable information and professional opinions about emerging
research and clinical trials that can be developed into cutting-
edge products for consumers.

  The GNC Medical Advisory Board members include:

  * Dr. Joseph C. Maroon, M.D., F.A.C.S.
    World-renowned neurosurgeon, author and triathlete

  * Dr. Daniel Edmundowicz, M.S., M.D., F.A.C.C.
    Leading expert in preventive cardiology and cholesterol   
    management

  * Felicia Stoler, M.S., R.D.
    Nutrition expert, exercise physiologist and host of TLC's
    "Honey We're Killing the Kids"

  * Frank J. Costa, M.D.
    Internationally acclaimed urological surgeon and men's
    health lecturer

  * Dr. Anita Courcoulas, M.D., M.P.H., F.A.C.S.
    World-class bariatric surgeon and outcomes research expert

"We're pleased to welcome each of these medical professionals to
the GNC team," said Joe Fortunato, President and CEO, General
Nutrition Centers, Inc.  "They will enable us to continue to
advance our leadership position in the specialty supplement
industry.

"As part of our dedication to our customers, we're proud to
offer trusted health and wellness information, scientific
insight and sound professional advice, so that more people may
lead healthier lives."

To celebrate these new relationships, GNC will welcome the
Medical Advisory Board members to the company headquarters in
Pittsburgh, PA and its manufacturing facility in Greenville, SC,
August 1 - 2, 2007, to learn more about the Company's dedication
to the highest possible manufacturing standards, including
quality checks, truth in labeling and rigorous purity- and
potency-testing.

Watch for information from the Medical Advisory Board members to
appear on the GNC Web site, as well as in catalogs, in-store
printed materials and other highly visible places.

                      About General Nutrition

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of    
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The company sells its products
through a worldwide network of more than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and manufacturing/
wholesale.

GNC's Asian operations include those in Indonesia and the
Philippines.

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Moody's Investors Service assigned these ratings:

   -- US$710 million senior secured credit facility at B1
      (LGD 2, 27%);

   -- US$300 million floating-rate seven-year senior notes
      at Caa1 (LGD 5, 77%);

   -- US$125 million fixed-rate eight-year senior subordinated
      notes at Caa2 (LGD 6, 95%);

   -- Corporate family rating at B3;

   -- Probability-of-default rating at B3;

   -- Speculative Grade Liquidity rating at SGL-3.


GOODYEAR TIRE: Matrix Research Downgrades Firm's Shares to Sell
---------------------------------------------------------------
Matrix Research analysts have downgraded Goodyear Tire & Rubber
Co's shares to "sell" from "hold," Newratings.com reports.

The analysts said in a research note that the production of
rubber tires by Goodyear Tire would be adversely affected in the
near term by an increase in oil prices.

The analysts told Newratigns.com that demand for Goodyear's
tires would decrease due to increased gasoline prices.

Goodyear Tires's "EVA" continued to decline during the 12-month
period ended June 2007.  Its "NOPAT" decreased by over 21%,
Newratings.com states, citing Matrix Research.

            About The Goodyear Tire & Rubber Company

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.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 8,
2007, that Standard & Poor's Ratings Services raised its ratings
on the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust to 'B' from 'B-' and removed them
from CreditWatch, where they were placed with positive
implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., and its removal from
CreditWatch positive.

On March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.


HILTON HOTELS: Reports US$165 Mil. Net Income in Second Quarter
---------------------------------------------------------------
Hilton Hotels Corporation Hilton has recorded second quarter
2007 net income of US$165 million compared with US$144 million
in the 2006 quarter.  Diluted net income per share was US$0.40
in the 2007 second quarter, versus US$0.35 in the 2006 quarter.  
Excluding non-recurring items in both periods, diluted EPS
totaled US$0.38 per share in the 2007 quarter, a 19 percent
increase from US$0.32 per share in the 2006 quarter.

Net income from the Scandic hotel system, the sale of which was
disclosed on March 2, 2007, and completed on April 26, 2007, is
reflected as discontinued operations.

The company reported second quarter 2007 total operating income
of US$345 million (a 1 percent decrease from the 2006 quarter),
on total revenue of US$2.085 billion (a 4 percent increase from
US$2.005 billion in the 2006 quarter).  Total company earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA) were US$468 million, a decrease of 4 percent from US$489
million in the 2006 quarter.  Revenue, operating income and
Adjusted EBITDA growth in the quarter were impacted by asset
sales completed within the last twelve months.

                       Owned Hotel Results

Continued strong demand trends resulted in high single digit or
double digit ADR increases at many of the company's gateway
hotels around the world.  Business transient, group and leisure
segments all showed solid ADR gains.

Across all brands, revenue from the company's owned hotels
(majority owned and controlled hotels) was US$636 million in the
second quarter 2007, a 6 percent decrease from US$678 million in
the 2006 quarter.  Total owned hotel expenses declined 8 percent
in the quarter to US$435 million.  The decreases reflect the
sale of owned assets over the last year.

Comparable North America (N.A.) owned revenue and expenses
increased 8.5 percent and 4.3 percent, respectively.

RevPAR from comparable N.A. owned hotels increased 9.8 percent.
Comparable owned N.A. hotel occupancy increased 2.0 points to
82.0 percent, while ADR increased 7.1 percent to US$211.29.  
Particularly strong RevPAR growth was reported at the company's
owned hotels in New York and San Francisco, while the Hawaii
market was soft during the quarter.  Comparable N.A. owned hotel
margins in the second quarter increased 270 basis points to 32.9
percent.

Comparatively lower renovation disruption activity at the Hilton
New York, the Waldorf=Astoria, and the Hilton Hawaiian Village
in the 2007 second quarter benefited comparable N.A. owned hotel
RevPAR and margin growth.

Comparable international owned revenue and expenses increased
9.3 percent and 7.7 percent, respectively. RevPAR from
international comparable owned hotels increased 9.4 percent.  
Occupancy decreased 1.3 points to 73.0 percent, while ADR
increased 11.3 percent to US$162.35.  Particularly strong
results were reported in Barcelona, Zurich, Sydney and Sao
Paulo.

Adjusting for the impact of foreign exchange, RevPAR from
international comparable owned hotels increased 3.2 percent.  
Comparable international owned margins improved 110 basis points
to 26.8 percent.

On a worldwide basis, comparable owned RevPAR increased 9.7
percent, with margins improving 230 basis points to 31.3
percent.  Excluding the impact of foreign exchange, worldwide
comparable owned RevPAR increased 8.2 percent.

                          Leased Hotels

Revenue from leased hotels was US$530 million in the second
quarter 2007 compared to US$476 million in the 2006 quarter,
while leased expenses (including rents) were US$459 million in
the current quarter versus US$415 million last year.  The
EBITDAR-to-rent coverage ratio was 1.6 times in the quarter.
Leased results exclude hotels that have been classified as
discontinued operations in connection with the Scandic sale.

Comparable leased revenue increased 12.0 percent, leased
expenses increased 10.7 percent and margins increased 100 basis
points to 13.6 percent.  RevPAR from comparable leased
properties increased 14.6 percent.  Adjusting for the impact of
foreign exchange, RevPAR from comparable leased hotels increased
9.3 percent, reflective of business strength in the U.K.
(primarily London) and continental Europe.

                      Hilton Grand Vacations

Hilton Grand Vacations Company (HGVC), the company's vacation
ownership business, reported a 21 percent decline in
profitability in the second quarter, due to percentage-of-
completion accounting associated with new projects.  Revenue and
expenses associated with projects in development are deferred to
correspond with the pace of construction.  Unit sales declined 9
percent, however average unit sales prices increased 35 percent
over last year, with the increase driven by new projects in
Hawaii.

HGVC had second quarter revenue of US$159 million, an 8 percent
decrease from US$173 million in the 2006 quarter.  Expenses were
US$121 million in the second quarter, compared with US$125
million in the 2006 period.

                  Brand Development/Unit Growth

In the second quarter, the company added 71 properties and 9,436
rooms to its system as follows: Hampton Inn, 32 hotels and 2,919
rooms; Hilton Garden Inn, 18 hotels and 2,359 rooms; Hilton, 8
hotels and 1,918 rooms; Doubletree, 7 hotels and 1,591 rooms;
Homewood Suites by Hilton, 5 hotels and 493 rooms; Embassy
Suites, 1 hotel and 156 rooms.

Thirteen hotels and 2,088 rooms were removed from the system
during the quarter.

During the second quarter, the company added new Hilton hotels
in Dallas; New Orleans; Limerick, Ireland; Venice, Italy and
Valencia, Spain.  The company added new Doubletree hotels in
Milwaukee, Columbus, Boston, and Richmond.  Additionally, during
the quarter, the company signed over 15 management agreements,
including the Conrad Buenos Aires, Argentina scheduled to open
in 2010, the Hilton Forbidden City, Beijing, China scheduled to
open in 2008, and the Hilton Mina Al Arab, U.A.E., scheduled
to open in 2010.

During the second quarter, the company announced four new
agreements as:

  -- A strategic alliance with the Caribbean Property
     Development Group to develop approximately 15 franchised
     hotels in Central America and the Caribbean under the
     Hilton Garden Inn, Hampton by Hilton and Homewood Suites
     by Hilton brands over the next five years.

  -- A strategic development alliance with London and Regional
     Properties to develop approximately 25 franchised or
     managed hotels in Russia under the Conrad, Hilton,
     Doubletree by Hilton, Hilton Garden Inn and Hampton by
     Hilton brands over the next five years.

  -- A strategic development alliance with Shiva Hotels Limited
     to develop approximately 15 franchised or managed hotels
     in the U.K. and Ireland under the Hilton, Doubletree by
     Hilton, Hilton Garden Inn and Hampton by Hilton brands
     over the next five years.

  -- A letter of understanding for a development alliance with
     Somerston Hotels U.K. Limited to develop approximately 25
     franchised hotels in the U.K. under the Hampton by Hilton
     brand over the next five years.

At June 30, 2007, the Hilton worldwide system consisted of 2,896
properties and 490,438 rooms.

In July, the company received three highest-ranking awards in
the J.D. Power and Associates 2007 North American Hotel Guest
Satisfaction Index Study, outperforming all other hospitality
companies within their respective segments.  Hilton Garden Inn
received the highest ranking (for the sixth consecutive year) in
the mid-scale full service segment.
Embassy Suites received the highest ranking (for the sixth time)
in the upscale segment. Homewood Suites by Hilton received the
highest ranking (for the fifth time) in the extended-stay
segment.

Matthew J. Hart, Hilton President & COO, said: "Our operations
continue to be very strong across the board.  Our brand
management and development businesses are experiencing strong
RevPAR gains and unit growth both domestically and
internationally.  We are seeing significant RevPAR increases and
improvement in margins across owned hotels, and our timeshare
business continues to perform in-line with our expectations.
Our development pipeline is larger than it has ever been and our
four new strategic agreements add further momentum to our
growth."

                        Asset Dispositions

During the second quarter, the company completed the sale of the
Scandic chain for EUR833 million or approximately US$1.1 billion
as of the transaction date.  Additionally, during the second
quarter the company sold the Hilton Washington for approximately
US$290 million.

The company also entered into an agreement to sell up to 10
hotels in Continental Europe for EUR566 million or approximately
US$770 million.  Early in the third quarter, the company
announced that it has completed the sale of eight of the ten
hotels and expects to complete the sale of the remaining two by
the end of the third quarter 2007.  The company will retain
management agreements on nine of the ten hotels.

                       Corporate Finance

At June 30, 2007, Hilton had total debt of approximately US$5.68
billion (net of approximately US$499 million of debt and capital
lease obligations resulting from the consolidation of certain
joint venture entities and a managed hotel, which are non-
recourse to Hilton), a reduction of nearly US$1.4 billion during
the quarter. Of the US$5.68 billion, approximately 42 percent is
floating rate debt.  Total cash and equivalents (including
restricted cash of approximately US$376 million) were
approximately US$546 million at June 30, 2007.

The company's average basic and diluted share counts for the
second quarter were 390 million and 424 million, respectively.

Hilton's effective tax rate for continuing operations in the
second quarter 2007 was approximately 35 percent.

Total capital expenditures in the second quarter were
approximately US$194 million, including approximately US$76
million expended for timeshare development.

                          2007 Outlook

The company's prior guidance regarding the outlook for 2007 has
been withdrawn and no new guidance is being issued due to the
pending transaction.

                    Update on Blackstone Deal

It is anticipated that the proposed acquisition of the company
by BH Hotels LLC, an entity controlled by investment funds
affiliated with the Blackstone Group L.P., will close during the
fourth quarter 2007; completion is subject to the approval of
Hilton's shareholders, as well as other customary closing
conditions.  Further details regarding the transaction can be
found in the preliminary proxy statement that was filed
with the Securities and Exchange Commission last week.

Stephen F. Bollenbach, Hilton co-chairman and chief executive
officer, said: "The proposed sale of our company is proceeding
on track with an anticipated closing in the fourth quarter of
this year.  As we stated when we announced the deal, this
transaction brings tremendous value to our shareholders and we
look forward to bringing it to completion in the next several
months."

                      About Hilton Hotels

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

                          *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


INCO LTD: Sales Up 232% to US$859 Million in 2nd Qtr. FY2007
------------------------------------------------------------
PT International Nickel Indonesia Tbk, Canada Inco Ltd.'s
Indonesian unit reported second quarter 2007 unaudited sales of
US$859.0 million, a 232% increase from US$258.6 million in the
same quarter last year.

Net earnings in the quarter ended June 30, 2007 were US$479.2
million, or US$0.48 per share, up 501% from net earnings of
US$79.7 million, or US$0.08 per share, in the same quarter of
2006.

Sales rose 196% to US$1,305.7 million in the first six months of
2007 from US$440.5 million in the same period in 2006.  Net
earnings in the first half of 2007 increased 473% to US$707.0
million, or US$0.71 per share, from US$123.3 million, or US$0.12
per share, in the first half of 2006.

"PT Inco's balance sheet improved further during the second
quarter 2007.  Despite increased dividend payments of US$497.1
million in the first quarter of 2007, our cash balance at the
end of the second quarter 2007 stood at US$683.2 million
compared with US$170.4 million at the end of the second quarter
of 2006," said Arif Siregar, Presiden and Chief Executive
Officer.

The Company's realized price for nickel in matte averaged
US$38,926 per tonne in the second quarter of 2007, compared with
US$14,326 per tonne in the corresponding 2006 period and
US$29,149 per tonne in the first quarter of 2007.  Under PT
Inco's long-term, must-take US dollar-denominated sales
contracts, the selling price of our nickel in matte is
determined by a formula based on the London Metal Exchange cash
price for nickel, and CVRD Inco Limited's net average realized
price for nickel.

Production of nickel in matte for the second quarter of 2007 was
21,100 tonnes, an increase of 33% from 15,900 tonnes in the
corresponding 2006 period.  Production of nickel in matte in the
first half of 2007 increased 18% to 39,100 tonnes from 33,200
tonnes in the first six months of 2006.  During the 2007 second
quarter, PT Inco also provided approximately 225,000 tonnes of
ore from its Pomalaa operation to PT Antam Tbk.

"Above average levels of rainfall since the end of February 2007
have raised the level of our water reservoirs slightly,
permitting the Company to operate its hydroelectric generators
at normal levels.  The improved water situation and strong
production during the first half of 2007 positions the Company
well to meet our previously announced 2007 production target of
160-to-165 million pounds of nickel in matte.  Furthermore, new
diesel generators have been installed providing the Company with
additional power.  These diesel generators allowed us to
maintain production when the steam boiler was shut down for
inspection in the second quarter.  This extra power supply will
also help when the steam boiler is refurbished later this year,"
Mr. Siregar said.

"We believe that we are making progress toward obtaining a final
forestry permit from the Indonesian Government in relation to
the construction of a new dam and generating facility at Karebbe
on the Larona River.  Obtaining final forestry permit on
acceptable terms is necessary for the Company to recommence
construction on this important facility.  As well, during the
quarter, the Company launched an important initiative to
increase the capacity of local contractors to participate in
business opportunities associated with our Sorowako operations",
continued Mr. Siregar.

Unit cash cost of production in the second quarter of 2007
increased 6% to US$3.30 per pound from US$3.11 per pound in the
same period last year.  The increase in unit cast costs resulted
from rising employment costs, increased consumption of high
sulphur fuel oil, and the use of greater amounts of more
expensive diesel.  The diesel price climbed to an average of
US$0.56 per liter in the second quarter of 2007 from US$0.53 per
liter in the prior year period.  The Company's operations
consumed 33.5 million liters of diesel in the second quarter of
2007, compared to 29.0 million liters in the first quarter of
2007.  High LME prices for nickel increases royalties and water
levies paid to the Indonesian Government in the second quarter
of 2007 compared to the first quarter of 2007.  Notwithstanding
the increased diesel use and increased payments to the
Indonesian Government, unit cash cost of production in the
second quarter fell slightly when compared with the first
quarter 2007, mainly due to increased production.  In order to
maximize the production in the current high nickel price
environment, the Company will continue to use expensive fuel-
fired power in order to supplement its low-cost hydroelectric
power.

In the first half of 2007, cash provided by operating
activities, but before capital expenditures, increased to
US$763.1 million from US$103.8 million for the same period last
year, primarily due to increased receipts from customers of
US$1,220,6 million, partly offset by higher tax payments of
US$212.8 million and higher payments to employees of US$44.2
million.  Cash used in relation to capital expenditures in the
first six months of 2007 rose to US$55.5 million from US$50.8
million in the corresponding 2006 period.  Cash used for
dividend payments in the first half of 2007 increased to
US$497.1 million from US$85.4 million in the first half of 2006.
As a result there was a net cash inflow of US$205.3 million in
the first half of 2007 compared with an outflow of US$78.7
million for the corresponding period in 2006.

At June 30, 2007, the Company's inventories of nickel in matte
were 2,902 tonnes, compared with 3,544 tonnes at March 31, 2007
and 128 tonnes, at June 30, 2006.  Variations in inventories and
deliveries are largerly due to shipment scheduling.

                       About Inco Limited

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used   
primarily for manufacturing stainless steel and batteries.  Inco
also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


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

FORD MOTOR: Sales Plunge 19% to 195,245 Vehicles in July
--------------------------------------------------------
Demand continues to grow for Ford Motor Company's all-new and
redesigned crossover vehicles, but overall sales declined
sharply in July 2007.

Total July sales were 195,245, down 19 percent compared with a
year ago.  Sales to daily rental companies were down 57 percent
and sales to individual retail customers were down 17 percent.  
The company's crossover utility vehicle sales were up 40 percent
in July and year-to-date -- the largest increase of any major
manufacturer.

"We are encouraged by the progress we have made and consumers'
response to our new products," said Mark Fields, Ford's
President of the Americas.  "At the same time, we know we have a
lot of work to do, and July is a sobering reminder of the
economic and competitive challenges we face."

In July, Ford Edge sales were 9,096 and Lincoln MKX sales were
2,870.  Edge recently was recognized as the industry's top
performing new vehicle in J.D. Power and Associates' 2007
Automotive Performance, Execution and Layout Study.

Sales for the redesigned 2008 model Ford Escape and Mercury
Mariner crossovers were higher in July.  Escape sales were
12,440, and Mariner sales were 2,534, both up 2 percent compared
with a year ago.

Sales for the new Ford Expedition (up 22 percent) and Lincoln
Navigator (up 8 percent) also were higher than a year ago.  
Expedition sales were up for the eleventh consecutive month.

The Lincoln brand posted its tenth month in a row of higher
retail sales, although total sales were lower reflecting lower
fleet sales.  In the first six months of 2007, Lincoln sales
were 15 percent higher than the same period a year ago -- the
largest increase of any luxury brand.  Lincoln's rebound
reflects the new Lincoln MKX crossover, the new Lincoln MKZ
sedan and the redesigned Navigator.

Land Rover dealers reported a 19 percent sales increase in July,
reflecting the addition of the all-new LR2 crossover.

                      About Ford Motor Co.

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

Ford also has operations in Japan.

                          *     *     *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


MISUZU AUDIT: Disbands After Accounting Scandal
-----------------------------------------------
Misuzu Audit Corp., formerly ChuoAoyama PricewaterhouseCoopers,
ended its 39-year history on July 31, 2007, following accounting
scandals at client companies, The Asahi Shimbun reports.

The report recounts that Misuzu, one of Japan's four largest
accounting houses, had announced in February that it would
disband after losing many of its accountants.

ChuoAoyama was reborn as Misuzu in September 2006 after it was
suspended from business for two months over its client,
cosmetics maker Kanebo Ltd.'s window-dressing scandal, The
Shimbun explains.  The company, however continued to be dogged
by accounting irregularities at other client companies, such as
Nikko Cordial Corp. and Sanyo Electric Co.

The Troubled Company Reporter-Asia Pacific reported on July 6,
2006, that ChuoAoyama had suspended part of its business
operations in Japan on July 1, 2006, on orders from the
Financial Services Agency.  The FSA had ordered the suspension
when three of the firm's auditors pleaded guilty to falsifying
Kanebo's financial statements.

The TCR-AP report stated that hundreds of listed ChuoAoyama
clients had decided to drop the company as their auditing firm
during the suspension period.  Many others later decided to
cancel their contracts with the company.


GOODWILL GROUP: Comsn Starts Selection of Buyers
------------------------------------------------
The Troubled Company Reporter-Asia Pacific reported on Aug. 2,
2007, that Goodwill Group Inc.'s nursing-care business arm,
Comsn Inc., has submitted to the Health, Labor and Welfare
Ministry a plan to hand over its care operations for the elderly
to a number of buyers.

Comsn's plan was in response to the Japanese Government's
decision to withdraw the company's designation as a qualified
care-services provider.

In an update, The Japan Times relates that Comsn began receiving
bids last week for its care operations.

The Asahi Shimbun points out that Comsn's business transfer plan
provides the spin-off of the company's home-visit nursing-care
operations to 47 corporate bodies -- one for each prefecture.

Comsn President Koichi Higuchi told reporters last week that
about 110 institutions have expressed interest in taking over
parts of the nursing-care operations, The Shimbun notes.  
However, he said that no companies have shown any interest in
about 20 prefectures.

Comsn tried to meet the requests of the central and local
governments for the company to select businesses depending on
the situation in specific regions, the report says.

According to The Shimbun, each buyer will be picked by a third-
party committee set up by Comsn.  However, it is unclear if all
of its nursing-care businesses will be taken over because of the
possibility that some prefectures will not have a company to buy
such operations.

The Times explains that a panel of outside experts set up by
Comsn will screen and select qualified participants.  Comsn will
then hand over reference materials detailing its assets and
financial conditions to the selected participants.

The Times says that Miki Watanabe, president of pub chain Watami
Co., which is also engaged in the nursing-care business,
notified Goodwill of his intention to buy operations related to
Comsn-run assisted-living facilities.

Watami will make a formal bid by next Tuesday, the report says,
citing Watami officials.

Comsn currently runs a network of 1,268 care worker dispatch
bases in every prefecture, providing at-home services to 75,406
people, and operates a network of 213 assisted-living
facilities, including the six upscale residences, for 4,515
people.

Would-be buyers of Comsn's operations related to its assisted-
living residences and homes are required to submit documents
expressing interest in taking over the operations by Tuesday,
The Times says.

Comsn will conclude a contract to sell the assisted-living
facilities from mid- to late August.  The panel will wrap up its
screening work by early September to open the path for Comsn to
conclude contracts with the selected buyers in mid-September,
the report adds.


                      About Goodwill Group

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is involved in    
five business segments.  The Staffing segment offers recruitment
services for technicians, senior workers and others.  The Human
Resources-related segment provides employee hiring support
services to corporate clients, counseling services to workers
and outplacement services to retired and retiring workers.  The
Nursing-care and Medical Support segment is engaged in the
provision of home-care services, care services in facilities and
dental examination services at home, as well as the sale of
nursing-care goods and equipment, among others.  The Senior
Residence and Restaurant segment operates nursing home under the
name THE BARRINGTON HOUSE, and also operates restaurant in both
domestic and overseas markets.  The Others segment is engaged in
the planning, designing and management of pet care facilities,
the operation of pet care shops, the operation and management of
nurseries, the provision of baby-sitting services and others.

The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the Japanese Government
banned it from renewing its licenses due to its involvement in a
fraud scandal.

The article conveys that the firm allegedly obtained some of the
licenses for nursing-care service operators certified under a
public insurance program through fraudulent applications,
including those with an inflated number of employees.


TIMKEN COMPANY: Earns US$55.6 Million in Second Quarter 2007
------------------------------------------------------------
The Timken Company reported net income of US$55.6 million for
the second quarter of 2007, compared with net income of
US$64.9 million of the second quarter of 2006.

The company reported sales of US$1.35 billion in the second
quarter of 2007, an increase of 4% over the same period a year
ago.  Strong sales in industrial markets were partially offset
by the strategic divestment of the company's automotive steering
and European steel operations.

"Timken gained further momentum in the second quarter, as demand
remained strong in our major industrial market sectors," James
W. Griffith, Timken's president and chief executive officer,
said.  "We expect enhanced performance going forward as we drive
operations improvements, realize pricing across selected market
sectors, bring new capacity online and complete our
restructuring efforts."

During the quarter, the company:

   -- completed the first major U.S. implementation of Project
      O.N.E., a program designed to improve business processes
      and systems;

   -- made further progress on key additions to Industrial Group
      capacity in Asia and North America;

   -- advanced its restructuring initiatives within its
      Automotive and Industrial Groups; and

   -- completed the closure of its steel tube manufacturing
      operations in Desford, England.

Total debt at June 30, 2007, was US$598.5 million, or 26.5
percent of capital.  Net debt at June 30, 2007, was US$525.2
million, or 24.1% of capital, compared to US$567.7 million, or
26.7% of capital, at March 31, 2007.  The company expects to end
2007 with lower net debt and leverage than last year, providing
additional financial capacity to pursue strategic investments.

For the first half of 2007, sales were US$2.63 billion, an
increase of 3% from the same period in the prior year.  Special
items in the first half of 2007 totaled US$43.5 million of
pretax expense, compared to US$25.8 million in the same period a
year ago.  During the first six months of 2007, the company
benefited from strong industrial market demand and record Steel
Group performance, which were countered by lower demand from the
company's North American automotive customers.

                     About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial, and railroad industries.  The Company has
operations in 27 countries and employs 27,000 employees.  It has
operations in the following countries: New Zealand, Canada,
Chile, Belgium, Japan, United Kingdom, among others.

                          *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  The Outlook is Stable.


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

ARMSTRONG WORLD: Shareholders Approve AHI Dissolution Plan
----------------------------------------------------------
The Board of Directors of Armstrong Holdings, Inc., the former
parent company of Armstrong World Industries, Inc., has directed
management to proceed with the company's Plan of Dissolution,
Distribution and Winding Up, approved by a vote of shareholders
at a special meeting on July 18, 2007.

More than 95% of the votes cast were in favor of the Plan.  The
results of the vote were:

   * In Favor:      18,230,373
   * Against:          765,210
   * Abstain:          185,726

Following these actions, the Board elected Walter Gangl and John
Rigas as directors to replace Messrs. Sellers and Stead, who
resigned effective the close of that meeting.  The new directors
with Mr. Lockhart, who remains as chairman, will oversee
implementation of the Plan of Dissolution.

Messrs. Gangl and Rigas are also officers of the company
(Assistant Secretary and Secretary, respectively) and of
Armstrong World Industries, Inc.  There is no arrangement or
understanding between them or any other person concerning their
selection or service as directors.

Upon this change in the Board's composition, the Board as a
whole will act as the audit committee to the extent necessary
prior to the company's dissolution.

The timetable for dissolution depends on a variety of factors
outside the company's control including receipt of necessary tax
clearance.  The company hopes to be able to file Articles of
Dissolution and distribute its net assets to shareholders as
soon as the fourth quarter of this year.

The company's assets consist of approximately US$27 million in
cash.  AHI has no operations and no employees.  There are 40.55
million AHI shares outstanding.

The costs of the company's governance and dissolution are being
paid by AWI as provided for in AWI's Chapter 11 Plan of
Reorganization.

Other provisions of the AWI Chapter 11 Plan affecting the
company include:

  -- AHI and its directors and officers have protection from
     liability for asbestos liabilities of AWI as specified in
     that Plan.

  -- AWI assumed obligations to indemnify certain directors and
     officers of AHI who served during the course of AWI's
     Chapter 11 case for their service.

  -- All existing equity compensation plans of AHI (which had
     previously been used to compensate employees of AWI and
     its subsidiaries) were terminated.

  -- AHI and its officers, directors, employees and agents
     received the benefit of certain exculpation provisions.

As previously reported in the TCR-Europe on Feb. 28, 2007, AHI
and AWI have reached a settlement on all inter-company claim and
tax issues.

The settlement, if approved by the U.S. Bankruptcy Court for the
District of Delaware, calls for AWI to pay AHI US$20 million in
cash, and gives AHI an allowed claim under AWI's confirmed Plan
of Reorganization of US$8.5 million.

                         About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and  
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil,
Gotshal & Manges LLP, and Russell C.Silberglied, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors in their
restructuring efforts.  The company and its affiliates tapped
the Feinberg Group for analysis, evaluation, and treatment of
personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                          *     *     *

As reported on March 13, 2007, Standard & Poor's Ratings Service
revised its outlook to developing from stable for Armstrong
World Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster,
Pennsylvania-based company.

In October 2006, Moody's Investors Service assigned a Ba2 rating
on Armstrong World Industries, Inc.'s new credit facility and a
Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


MANGIUM INDUSTRIES: Inks Deal to Sell Unit for US$6.025 Million
---------------------------------------------------------------
Mangium Industries Bhd has entered into a conditional sale and
purchase agreement with Global Emerging Markets Forestry
Investors LLC involving the disposal of its wholly owned unit,
Mangium Plantations Bhd.

The deal will be satisfied through a cash consideration of
US$6.025 million and is expected to be completed within the
first half of 2008.

The proceeds raised from the proposed disposal are to be
utilized to partially repay the MIB Group's borrowings, for
working capital and to defray expenses related to the proposed
disposal.

                     About Mangium Plantations

Mangium Plantations, a wholly-owned subsidiary of Mangium
Industries Bhd, was incorporated under the Companies Act, 1965
on April 5, 1995, as a private limited company.  As at the date
of this announcement, its authorized share capital is
MYR5,000,000.  MPSB has one 50%-owned subsidiary company, Acacia
Forest Industries Sdn Bhd, which is principally involved in the
operation and development of tree plantation.  MPSB and AFISB
are collectively referred to as "the MPSB Group".

MPSB is principally involved in harvesting and marketing of
plantation timber and plantation timber related products.  As at
December 31, 2006, MPSB Group has a balance timber area of
approximately 10,000 hectares, which is expected to give an
extraction rate of approximately 196 metric tones per hectare.  
The expected returns from the above cannot be estimated with
reasonable certainly as it may vary due to price changes, actual
weight of the logs harvested and other factors.

The principal asset owned by MPSB is its rights to harvest and
sell the acacia mangium logs and timber products harvested from
an industrial timber plantation which is located at the Bengkoka
Peninsula in the District of Pitas, Sabah.  

The latest audited financial statements of MPSB for the
financial year ended December 31, 2006, showed that the company
incurred a loss after tax of MYR16,524,963 and was in a net
liability position of MYR6,577,237 as at that date.

                      About Global Emerging

Global Emerging Markets Forestry Investors, LLC ("GEMFI") is a
limited liability company incorporated under the laws of the
United States of America.  GEMFI was founded for the purpose of
investing in ecologically-sustainable plantation forests and
related manufacturing facilities to meet the wood product needs
of the world in an environmentally and socially responsible
manner.

                    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' deficit in the company totaled
MYR46.11 million.


PAXELENT CORP: Securities Commission Rejects Plan Proposals
-----------------------------------------------------------
Paxelent Corp Bhd disclosed with the Bursa Malaysia Securities
Bhd that its reform plan proposals were rejected by the
Securities Commission.

According to the company's disclosure, the commission decided to
reject its proposals based on these factors:

   (a) The future direction of PCB is uncertain given that there
       will be no clear driver or dominant shareholder in PCB
       after the Proposed Corporate Restructuring Exercise.
       There will be four dominant shareholders in PCB and they
       are not related to each other.  As such, this raises
       concern on the management and future control of the PCB
       Group post completion of the Proposed Corporate
       Restructuring Exercise;

   (b) The existing major shareholder, I-Twohearts.com is not
       represented on the Board of PCB and the PCB Group has
       been run by professionals.  However, these
       professionals/PCB's key management have not been able to
       turnaround the Company, which had been loss making since
       financial year ended December 31, 1999.  PCB recorded a
       profit after tax and minority interest of MYR18.4 million
       for FYE2005 mainly due to gain on the disposal of its
       foreign subsidiaries.  The SC noted that the FYE2005
       would be another loss making year with the exclusion of
       this item;

   (c) PCB's Chief Executive Officer, is also the sole executive
       director of another listed company.  This gives rise to
       concern over his ability to give his full-time commitment
       to turnaround the Company;

   (d) KOMMS and MMI (the holding company of KOMMS) business
       activities are the core business of the PCB Group and
       moving forward, KOMMS's operations will be PCB Group's
       main earnings driver.  However, despite capturing a
       substantial market size, it is noted that KOMMS had
       recorded a marginal after-tax profit of MYR418,000 in
       FYE2004 and has been making losses since FYE2005.
       Furthermore, KOMMS profit forecast for FYE2007 shows
       that is expects "E-Payment Services" to be a major
       profit contributor when their viability have yet to be
       proven; and

   (e) PCB's waiver application with respect to compliance with
       paragraph 12.07(b)(i) of the Policies and Guidelines on
       Issue/Offer of Securities ("SC Guidelines") is rejected
       based on these grounds:

         (i) The Proposed Acquisition of Dynamar Interests do
             not present any significant synergistic benefits to
             the PCB Group;

        (ii) The Proposed Acquisition of Dynamar Interests do
             not clearly bring such benefits as stipulated under
             Guidance Note 11 of the SC Guidelines; and

       (iii) The Proposed Acquisition of Dynamar Interests would
             only benefit the vendor, namely GL, which will
             become one of the dominant shareholders in PCB
             pursuant to the Proposed Acquisition of Dynamar
             Interests, while the public listed company would
             end-up with only an associate interest in DTCL and
             DCPHK.

Paxelent had already submitted an appeal against the
commission's decision and is currently waiting for outcome.

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, and marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

Russell Bedford LC & Company raised substantial doubt on
Paxelent's ability to continue as a going concern after auditing
its consolidated financial statements as of Dec. 31, 2006.

The auditing firm pointed to the group and company's net current
liabilities of MYR39,226,000 and MYR82,894,000 respectively.  In
addition, both the group and the company have capital
deficiencies of MYR18,259,000 and MYR29,142,000 respectively.  
Russell Bedford LC notes that the company has not met the
scheduled repayment obligations of the settlement agreements
with several financial institutions arising from the
crystallization of corporate guarantees in respect of the wind-
up of its former subsidiaries.

Paxelent's balance sheet as of Dec. 31, 2006, showed a
shareholders' deficit of MYR15,913,000 arising from total
liabilities of MYR46,423,000 and total assets of MYR30,510,000.


TRANSOCEAN HOLDINGS: Plan Filing Deadline Extended to Aug. 18
-------------------------------------------------------------
The Bursa Malaysia Securities Bhd extended the deadline for
Transocean Holdings Bhd to file its reform plan with the
Securities Commission and other relevant authorities.

On May 30, 2007, the Bursa Securities said it commenced
delisting procedures against Transocean after it failed to
comply with the required minimum issued and paid-up capital
under the bourses' Listing Requirements.

However, after due consideration of all facts and circumstances,
Bursa Securities has decided to grant the company an extension
of time until August 18, 2007, to submit its proposals to comply
with paragraph 8.16A of the LR to the relevant authorities for
approval.

                  About Transocean Holdings Bhd

Transocean Holdings Bhd is a Malaysia-based company involved in
investment holding, provision of management services and letting
of properties.  The Company, through its subsidiaries, is
engaged in investment holding, custom brokerage, provision of
freight forwarding, warehousing and trucking-related services,
provision of container haulage services, provision of
international ocean freight services, distribution and
contracting of irrigation parts and equipment, trading of
irrigation parts and equipment, cultivating and trading of
agricultural products, property development, tissue research in
horticultural, agricultural and pharmaceutical plants,
cooperating with local farms for export, and carrying out
scientific and experimental research.  

On June 30, 2004, the Company was categorized as an
undercapitalized company as its paid-up share capital is
MYR29.00 million.


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


ARTIST TRADERS: Wind-Up Petition Hearing Set for Sept. 20
---------------------------------------------------------
A petition to wind up the operations of Artist Traders Ltd. will   
be heard before the High Court of Auckland on Sept. 20, 2007, at
10:45 a.m.

Horizon Printing Limited filed the wind-up petition against the
company on June 21, 2007.

Horizon Printing's solicitor is:

          Kevin Patrick Mcdonald
          Global House, 11th Floor
          19-21 Como Street
          PO Box 331065 Takapuna
          Auckland
          New Zealand
          Telephone:(09) 486 6827
          Facsimile:(09) 486 5082


BRIDGECORP INVESTMENTS: Enters Wind-Up Proceedings
--------------------------------------------------
Bridgecorp Investments Ltd requires its creditors to file their
proofs of debt by October 6, 2007.

The company went into liquidation on July 6, 2007.

The company's liquidator is:

          Colin Thomas Mccloy
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8800
          Facsimile:(09) 355 8013


ELAINE'S 2002: Taps Damien Grant as Liquidator
----------------------------------------------
Damien Grant was appointed as liquidator of Elaine's 2002 Ltd.
on June 30, 2007.

The Liquidator can be reached at:

          Damien Grant
          c/o Waterstone Insolvency
          PO Box 532 Auckland
          New Zealand
          Mobile:(021) 549 047
          Facsimile:(09) 444 4013


EXOTIC GROUP: Faces Wind-Up Petition from Chapman Tripp
-------------------------------------------------------
On June 8, 2007, Chapman Tripp Sheffield Young filed a petition
to wind up the operations of Exotic Group Ltd.

The petition will be heard before the High Court of Auckland on
Sept. 27, 2007, at 10:00 a.m.

Chapman Tripp's solicitor is:

          Michael David Arthur
          Chapman Tripp Sheffield Young
          ANZ Centre, Level 35
          23-29 Albert Street
          Auckland
          New Zealand


FLETCHER BUILDING: To Close Hardboard and Softboard Business
------------------------------------------------------------
Fletcher Building Limited is proposing to close its hardboard
and softboard business in Penrose, Auckland, the company said in
a press release.  

The plant exports about 60% of its output and has lost money for
three or four years, Bloomberg News cites Fletcher Chief
Executive Officer Jonathan Ling as saying.

According to the company, the Auckland plant had poor financial
returns in recent years due to the high exchange rate and
reduced export earnings.  The business is no longer viable since
further investment in the plant requires meeting environmental
standards, the company adds.

Mr. Ling told Bloomberg that investing NZ$4 million to meet new
environmental standards was not an option.

With the closure plans, the company has started consulting
65 employees that may be affected by the proposed move.

"The closure will not have any adverse ongoing effect on
Fletcher Building's operating earnings," the company points it
out.

                     About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of   
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.  
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

The Troubled Company Reporter-Asia Pacific, on July 31, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08          NZD9.30
           7.800%          03/15/09             9.75
           7.550%          03/15/11             9.20


FOSSIL ROCK: Accepting Proofs of Debt Until August 12
-----------------------------------------------------
On July 11, 2007, Paul Graham Sargison and Gerald Stanley Rea
were appointed as liquidators of Fossil Rock Ltd.

Messrs. Sargison and Rea require the company's creditors to file
proofs of debt by August 12, 2007.

The Liquidators can be reached at:

          Paul Graham Sargison
          Gerald Stanley Rea
          c/o Gerry Rea Associates
          PO Box 3015 Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098


J K MANAGEMENT: Fixes August 15 as Deadline to File Claims
----------------------------------------------------------
J K Management Ltd. commenced liquidation proceedings on July 6,
2007.

The company requires its creditors to file their claims by
August 15, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

          John Robert Buchanan
          Callum James Macdonald
          c/o Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993, North Shore
          North Shore City 0745
          New Zealand
          Telephone:(09) 441 4165
          Facsimile:(09) 441 4167


KT CONSTRUCTION: Names Damien Grant as Liquidator
-------------------------------------------------
On June 19, 2007, Damien Grant  was named as liquidator of KT
Construction (2004) Ltd.

Mr. Grant can be reached at:

          Damien Grant
          c/o Waterstone Insolvency
          PO Box 532 Auckland
          New Zealand
          Mobile:(021) 549 047
          Facsimile:(09) 444 4013


POSEIDON LIMITED: Creditors' Proofs of Debt Due on Oct. 6
---------------------------------------------------------
Poseidon Limited, which is in liquidation, is accepting proofs
of debt from its creditors until October 6, 2007.

Creditors who cannot file their claims by the due date will be
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

          Colin Thomas Mccloy
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8800
          Facsimile:(09) 355 8013


RUATAHI HOLDINGS: Wind-Up Petition Hearing Set for Today
--------------------------------------------------------
The High Court of Rotorua will hear a petition to wind up the
operations of Ruatahi Holdings Ltd. today, August 6, 2007, at
10:45 a.m.

Livestock Improvement Corporation Limited filed the wind-up
petition against the company on June 26, 2007.

Livestock Improvement's solicitor is:

          Kevin Patrick McDonald
          Global House, 11th Floor
          19-21 Como Street
          PO Box 331065, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 486 6827
          Facsimile:(09) 486 5082


XTREME CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 9
-------------------------------------------------------------
Hays Specialist Recruitment (Australia) Pty Limited filed a
petition to wind up the operations of Xtreme Construction Ltd.
on May 16, 2007.

The petition will be heard before the High Court of Auckland on
August 9, 2007, at 10:45 a.m.

Hays Specialist's solicitor is:

          R. M. Dillon
          c/o Gaze Burt
          44 Corinthian Drive, Albany
          North Shore City 0632
          New Zealand


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

BANGKO SENTRAL: 3.3%-3.8% Inflation Forecast for 2007 Unchanged
---------------------------------------------------------------
Bangko Sentral ng Pilipinas will first determine the effects of
prolonged droughts on harvest and consumer prices before
revising its inflation forecast for 2007, ABS-CBN News reports,
citing Reuters.

BSP last month reduced its previous 3.3%-3.8% inflation forecast
and said it expects average inflation to fall to 2.6%-3.1% this
year, Reuters recounts.  

Timely imports of key commodities may cushion the impact of
drought on consumer prices, the bank said.

The bank's 2008 inflation target remains at the 3%-4% range, BSP
Governor Amado Tetangco Jr. told Reuters.  This is based on an
increase in oil prices, possible wage hike, firm peso and
favourable supply conditions, he said.  Mr. Tetangco said that
it indicates a "continuing favourable inflation environment."


The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


BANGKO SENTRAL: Inflation Rate Sink May Harm Economy, Study Says
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas should not let the country's
inflation rate sink below the official target, lest it harms the
broader economy, Victor A. Abola of the University of Asia and
the Pacific told the Business World.

According to UA&P's study, the government would lost output
equivalent to 0.64% to 2.41% of the gross domestic product if it
allows the inflation risk to sink by 1%.

The article recounts that the BSP earlier estimated the
country's average inflation for 2007 to settle below 3.3%, as
opposed to the official target of 4%-5%.

Mr. Abola further told BWorld that prevailing low prices could
mean that at least 159,000 people lost jobs annually, and
pointed out that the country's interest rates remain highest
among other Asian countries even though the BSP is pursuing low
inflation.  

Current monetary policy is favorable to a possible interest rate
hike, he said, and noted that low inflation should lead to low
yields.

The UA&P study also revealed that the country's 4.592% real
interest rate for 10-year bonds is much higher than US Treasury
notes, which hold a real interest rate of 2.12%.  Mr. Abola
attributed this higher rate as compared to the US to the BSP's
special deposit accounts and overnight rates.

After its policy meeting on July 12, the BSP started paying 6%
for overnight money while offering rates for the special deposit
accounts that are only a few basis points above the benchmark
policy rates, BWorld recounts.  The report adds that the
decision caused upward pressure to be exerted on yields from
government debt instruments, since banks now sought higher rates
for government borrowings.

The BSP should consider lowering the key policy rate to 4%, and
align its special deposit rates with the market, Mr. Abola
suggested.  This would allow it to maintain a low interest rate
regime that is in line with its low inflation target.

                      About Bangko Sentral

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is  
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


LAND O'LAKES: Second Quarter Net Income Rises to US$104 Million
---------------------------------------------------------------
Land O'Lakes Inc. reported net sales of US$2.0 billion and net
earnings of US$104.4 million for the second quarter, as compared
with US$1.7 billion and US$34.8 million, respectively, for the
second quarter of 2006.  

The company also reported year-to-date net sales of
US$4.2 billion and net earnings of US$159.4 million, as compared
to US$3.7 billion and US$60.9 million, respectively, one year
ago.  Year-to-date sales are up 14 percent over the first half
of 2006, while net earnings are up 162 percent.

Land O'Lakes Chief Executive Officer Chris Policinski said, "Our
first-half results are not only driven in part by strong markets
and, to a lesser degree, some one-time gains, but also reflect
an ongoing commitment to effective cost control, the strength of
our brands, and an intense focus on simplifying our business
portfolio."

Mr. Policinski acknowledged the volatile nature of the markets
in many of the industries Land O'Lakes operates in, adding that
positive first-half results put the company in a good position
to deal with any market or competitive challenges that may
emerge in the second half of the year.

Total EBITDA was US$152.8 million for the quarter and US$254.7
million year to date, versus US$75.5 million and US$144.9
million for the same period in 2006.

The company also reports EBITDA on a normalized basis, excluding
the effects of unrealized hedging, significant asset sales or
impairments, legal settlements, debt extinguishment costs and
other special items.  Normalized EBITDA for the quarter was
US$122.6 million, compared to US$65.0 million for the second
quarter of 2006.  Year-to-date normalized EBITDA was US$227.9
million, versus US$126.5 million for the first half of 2006.  
The company increased its guidance for full-year (2007)
normalized EBITDA by US$35 million, to US$305 million.

Second-quarter and year-to-date results include a US$28.5-
million pretax gain on the company's April sale of Cheese and
Protein International, a West Coast cheese and whey
manufacturing facility.  That sale reflects the company's
commitment to portfolio management aimed at intensifying its
business focus.

In respect to the balance sheet, the company reported an
improved Long-Term-Debt to Capital ratio (36.7% versus 39.9% as
of June 30, 2006) and strong liquidity (US$766.6 million in
cash-on-hand and unused borrowing authority).  During the second
quarter, the company received debt ratings upgrades from Moody's
Investor Service.  The company is reporting solid earnings in
each of its major business segments (Dairy Foods, Feed, Seed,
Layers/Eggs and Agronomy.)

                           Dairy Foods

In Dairy Foods, Land O'Lakes reported second-quarter sales of
US$993 million and US$59.1 million in pretax earnings for the
quarter, as compared to second-quarter sales of US$776 million
and US$0.2 million in pretax earnings one year ago.  Second-
quarter and year-to-date results in Dairy Foods include the
US$28.5-million gain on the sale of CPI noted earlier.  Land
O'Lakes reported year-to-date sales of US$1.87 billion in Dairy
Foods, versus US$1.58 billion for the first two quarters of
2006.

The company reported US$79.5 million in pretax earnings in Dairy
Foods through June, versus a US$2.7-million pretax loss for the
first two quarters of 2006.

Volumes in Dairy Foods are mixed year to date, with results
boosted by strong markets and a product mix shift toward higher-
value items.  Branded retail butter volume, for example, was up
2 percent, while private label butter and spreads volumes were
down a combined 9 percent.  Company officials attributed solid
first-half performance to a combination of strong markets,
product mix, brand strength, effective cost control, and ongoing
efforts to build a right-sized, strategically located and
profitable manufacturing infrastructure.

                              Feed

The Feed division reported US$704 million in sales and a US$1.2
million in pretax earnings for the second quarter, as compared
to US$646 million in sales and a US$1.1-million pretax loss for
the second quarter of 2006.  Feed reported US$1.45 billion in
sales year to date, and US$5.5 million in pretax earnings,
versus US$1.34 billion in sales and US$2.2 million in pretax
earnings through the first two quarters of 2006.  Pretax
earnings for 2007 include US$5.9 million in income from
insurance proceeds, as well as a US$3.0-million reserve (charge)
related to ongoing litigation.

Customer consolidation, increased ingredients costs and system
rationalization contributed to reduced volumes (lifestyle feed
volumes were down 4 percent versus the first six months of 2006,
while livestock feed volumes were down 9%.)  These volume
decreases were offset by an improved (higher-margin) product mix
and effective cost-reduction efforts.

                           Layers/Eggs

The company participates in the layers/shell eggs industry
through MoArk LLC, its wholly owned subsidiary.  For the second
quarter, the company recorded US$111 million in sales and US$2.7
million in pretax earnings in shell eggs, compared to US$105
million in sales and a US$5.7-million pretax loss in the second
quarter of 2006.  First-half sales in eggs totaled US$231
million, with pretax earnings through June of US$6.9 million.  
In the first half of 2006, the company recorded sales of US$213
million and a pretax loss of US$12.1 million in this business.

Improved volumes, up 6 percent overall, strong performance in
branded and specialty eggs, and strong markets all contributed
to 2007 results in Layers/Eggs.  Over the first six months of
2007, shell egg prices averaged US$1.01 per dozen, versus
US$0.74 per dozen over the first six months of 2006.

                           Seed

For the second quarter, the Seed division reported sales of
US$223 million and pretax earnings of US$10.3 million, as
compared to sales of US$163 million and pretax earnings of
US$6.9 million for the second quarter of 2006.  For the first
half, the company reported US$659 million in sales and US$44.3
million in pretax earnings, versus US$552 million in sales and
US$47.1 million in pretax earnings one year ago.

From a volume perspective, corn was up 37% (driven to a great
extent by ethanol industry demands), while soybeans and alfalfa
were down 6% and 21%, respectively.  The decline in alfalfa
volumes can be partially attributed to legal proceedings
regarding the USDA's approval of Roundup Ready(R) Alfalfa for
non-regulated status.  Seed's 2007 results include a US$6.4-
million (reserve) charge related to Roundup Ready Alfalfa sales
returns and inventory reserves.

                         Agronomy

Land O'Lakes conducts its Agronomy business through Agriliance
LLC, a joint venture in which the company holds a 50% ownership
interest.  Second-quarter Agronomy earnings totaled US$53.1
million, as compared to US$38.4 million for the second quarter
of 2006.  Year-to-date, Agronomy operations contributed US$55.3
million in pretax earnings, versus US$32.0 million one year ago.  
Dollar sales from the agronomy joint venture are not
consolidated in Land O'Lakes financial reports.

For the first half of the year, crop nutrients volume was up 5%
versus one year ago, while crop nutrient sales (tracked in
dollars) were up 6%.

In late June or early July, the company announced plans to
restructure its investment in Agronomy, under which Land O'Lakes
will acquire the Agriliance wholesale crop protection products
business and CHS, Inc. (Land O'Lakes Agriliance joint venture
partner) will acquire the wholesale crop nutrients business.  
The retail agronomy business initially will continue as a 50/50
joint venture.  However, as announced on July 11, the two parent
companies are exploring repositioning options for the Agriliance
retail business.

                  About Land O'Lakes Inc.

Land O'Lakes Inc. -- http://www.landolakesinc.com/-- is a  
national, farmer-owned food and agricultural cooperative.  Land
O'Lakes does business in all 50 states and more than 50
countries, including the Philippines, Ukraine and Guatemala.  It
is a leading marketer of a full line of dairy-based consumer,
foodservice and food ingredient products across the United
States; serves its international customers with a variety of
food and animal feed ingredients; and provides farmers and
ranchers with an extensive line of agricultural supplies and
services.  Land O'Lakes also provides agricultural assistance
and technical training in more than 25 developing nations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Moody's Investors Service upgraded the long-term
ratings of Land O'Lakes Inc., including its corporate family
rating and probability of default rating to Ba2 from Ba3, and
affirmed its speculative grade liquidity rating of SGL-2.  
Moody's said the rating outlook was stable.


MIRANT CORP: Court Authorizes Lori Bulhoes to Liquidate Claims
--------------------------------------------------------------
At Mirant Corporation's Disbursing Agent's behest, the United
States Bankruptcy Court for the Northern District of Texas
authorized Lori Bulhoes to liquidate Claim Nos. 5504 and 5514 in
any court of appropriate jurisdiction without further Court
order.

Craig H. Averch, Esq., at White & Case LLP, in Miami, Florida,
relates that Ms. Bulhoes filed a civil action in the Superior
Court of the State of California City and County of San
Francisco.  In the complaint, Ms. Bulhoes alleged to have
suffered personal injuries while working as an employee of a
contractor at Mirant California, LLC's generating facility
located in Pittsburgh, California.

Subsequently, Ms. Bulhoes filed Claim Nos. 5504 and 5514,
asserting an unsecured claim against, individually, Mirant
California and Mirant Corporation, each for US$395,196, for her
alleged personal injuries.

The Debtors objected to the Claims, and sought to disallow them
for lack of substantation.  Ms. Bulhoes opposed the Objection.

Consequently, the Court advised Ms. Bulhoes to file a request
withdrawing the reference on the Claims, if the dispute is not
settled.  The Court also stated that any decision as to whether
the Complaint "substantiated the [Claims was] something that the
District Court neede[ed] to decide."

Despite the failure of parties to reach a settlement, Ms.
Bulhoes has not filed a request to withdraw the reference with
respect to liquidation of the Claims to the District Court for
the Northern District of Texas, nor did she ask the Court to
lift the stay to permit the State Litigation to go forward in
the State Court.

Neither has Ms. Bulhoes taken any post-confirmation steps in the
State Court to liquidate the Claims.

If no action is taken by Ms. Bulhoes to liquidate her Claims by
October 25, 2007, the Disbursing Agent may submit a certificate
of non-prosecution and a proposed order disallowing and
expunging the Claims from the claims registry, Judge Lynn says.

                     About Mirant Corp.

Based in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On
March 7, 2007, the Court entered a final decree closing 46
Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  (Mirant Bankruptcy News, Issue No. 127
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

The ratings of Mirant Corp. (Issuer Default Rating of 'B+') and
its subsidiaries remain on Fitch's Rating Watch Negative
following the company's announced plans to pursue alternative
strategic options including a possible purchase of Mirant by a
third party.


PHIL AIRLINES: Expects US$30-Mil. Profit; To Exit Rehab in 2008
---------------------------------------------------------------
Philippine Airlines Inc. is expecting a US$30-million net profit
for its fiscal year ending March 31, 2008, and also anticipates
emerging from rehabilitation during that time, the Philippine
Daily Inquirer reports.

During the annual stockholders' meeting, PAL President Jaime
Bautista said that the company hopes to earn a better income but
it is being challenged by increasing fuel prices and
competition.

PAL Chief Finance Officer Andrew Huang also said that the
previous year's profit of US$140.3 million had been boosted by
one-off gains, and thus the current year's profit would be
significantly lower than the previous.

PAL is now preparing to exit from receivership, and is
processing the necessary approvals from the Securities and
Exchange Commission, Mr. Bautista revealed.  He also said that
PAL is undergoing "quasi-reorganization," from which he expects
to emerge by the end of 2007.

PAL will settle its outstanding debt using internally generated
funds, he added.

Philippine Airlines -- http://www.philippineairlines.com/-- is   
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter-Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

According to a TCR-AP report on July 24, 2007, Philippine
Airlines Inc. is considering emerging from its rehabilitation
after it brought down its foreign debts to US$953 million as of
March 31, 2007, from the initial US$2.3 billion upon entering
rehab in June 1999.


SAN MIGUEL: Chairman Compelled to Report on Class B Shares Sale
---------------------------------------------------------------
The Sandiganbayan's First Division said in a resolution that San
Miguel Corp. Chairman Eduardo Cojuangco Jr. must report on SMC's
sale of PHP4.817 billion worth of Class B shares to SMC
Retirement Plan, the Philippine Star reports.

Mr. Cojuangco is required to clarify why the SMC Retirement Plan
has not yet paid the PHP3.386-billion remaining balance in its
purchase of more than 56 million B shares, the article relates.

The Philippine Star recounts that Mr. Cojuangco had earlier told
the Sandiganbayan that SMC Retirement Plan will pay the
remaining balance of its purchase by last month.  However, the
only payment made by SMC Retirement Plan was an initial of
PHP1.4 billion, which was paid on May 23.

The shares form part of the 20% held by Mr. Cojuangco, which are
being claimed by the government because they are allegedly paid
with coconut levy funds that the Supreme Court had declared
prima facie public funds.

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

A Troubled Company Reporter-Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.  The company's ratings have been placed on
S&P's CreditWatch with a Negative outlook on May 17, 2007.


TOWER RECORDS: Chap. 11 Liquidating Plan Gets Court Approval
------------------------------------------------------------
The U.S. Bankruptcy Court for District of Delaware approved
MTS Inc. dba Tower Records and its debtor-affiliates' Joint
Chapter 11 Plan of Liquidation following the Debtors' sale of
their inventory and fixed assets for up to US$104 million to
Great American Group, Bill Rochelle of Bloomberg News reports.

Under the Plan, Administrative Claims and Other Priority Claims
will be paid in full, in cash, or other treatment as the Debtors
and holders agreed on in writing.

At the Debtors' option, holders of Priority Tax Claims will be
paid, either:

     a. in cash; or

     b. in full, in cash, over time in equal cash installment
        payments on a quarterly basis with interest during a
        period not to exceed five years after the order of
        relief.

Holders of CIT Claims will receive the treatment as to which the
Debtors and the holders have agreed on in the DIP Financing
Order and DIP Financing Agreement.

Holders of Other Secured and Trade Vendor Claims will received
on or a combination of these:

     a. cash equal to the amount of the claims;

     b. collateral securing the claims; or

     c. other treatment which the Debtors and the holders agreed
        on in writing.

Holders of General Unsecured Claims will receive a pro rata
share of the available assets.

Interest and Securities Subordinated Claims will not receive any
distribution under the Plan.

                     About MTS Incorporated

MTS Incorporated -- http://www.towerrecords.com/-- owns Tower
Records and retails music in the U.S., with nearly 100 company-
owned music, book, and video stores.  The company and its
affiliates filed for chapter 11 protection on Feb. 9, 2004
(Bankr. D. Del. Lead Case No. 04-10394).

The company has stores in the United Kingdom, the Philippines
and Colombia.

The Debtor and its seven debtor-affiliates filed a second
Chapter 11 petition on Aug. 20, 2006 (Bankr. D. N.Y. Case Nos.
06-10886 through 06-10893, Lead Case No. 06-10891).  Mark D.
Collins, Esq. of Richards Layton & Finger represent the Debtors
in their restructuring efforts.  When the Debtors filed for
protection from its creditors, it listed estimated assets and
debts of more than US$100 million.


* Oil Firms Expects PHP1/Liter Hike Due to Pump Price Adjustment
----------------------------------------------------------------
Domestic oil companies are anticipating an immediate increase of
PHP1 per liter given the series of adjustments in pump prices
due to the rise in global oil prices, the Manila Bulletin
reports.

However, the report did not say if the oil firms will still
adhere to the current PHP0.50 per liter weekly increase scheme.

Oil firms are still hoping that the strengthening of the peso
will soften the estimated adjustments, the article relates.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  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.


* Peso May Gain Strength After US Subprime Mortgage Crisis Ends
---------------------------------------------------------------
Traders expect the peso to strengthen further against the dollar
after the US economy subside and markets begin assessing the
impact of the US subprime mortgage crisis, the Business World
reports.

The peso closed at PHP45.84 on August 2, just a centavo weaker
than Wednesday's close.  The peso opened at PHP45.60 on
Thursday, dipping as low as PHP45.93 per dollar.  

One trader told the BWorld that positive sentiment was
prevailing in the morning trade because of the government's
favorable assessment of economic performance in the second
quarter.

An earlier statement by the National Economic and Development
Authority said that the government may achieve its 6.1%-6.7%
growth target notwithstanding the possibility of a prolonged
drought, the article recounts.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  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
=================

AAROHI CLASSIC: Creditors' Proofs of Debt Due on Sept. 3
--------------------------------------------------------
Aarohi Classic Pte Ltd, which is voluntary liquidation, requires
its creditors to file their proofs of debt by Sept. 3, 2007.

Failure to file claims by the due date will exclude a creditor
from sharing in the company's dividend distribution.

The company's liquidators are:

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


CHEMTURA CORP: Closes Organic Peroxides Biz Sale to PERGAN
----------------------------------------------------------
Chemtura Corporation has completed the sale of its organic
peroxides business and Marshall, Texas manufacturing facility to
German organic peroxides maker PERGAN GmbH in an all-cash
transaction for an undisclosed amount.  Proceeds from the
transaction will be used to reduce debt that was incurred to
fund the recent acquisition of specialty lubricant producer
Kaufman Holdings.

"This divestiture represents additional progress in our ongoing
portfolio refinement plan," said Chemtura Chairman and CEO
Robert L. Wood.  "We are pleased to be transferring this
business to a buyer who is interested in growing it, which
should benefit both customers and affected employees."

Substantially all of the 40 employees at the Marshall facility
are expected to transfer to PERGAN GmbH.  The organic peroxides
business being sold had revenues for 2006 of approximately US$20
million.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global  
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

  -- Corporate Family Rating: Ba2 from Ba1

  -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
     LGD4 (53%)

  -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from
     Ba1; LGD4 (53%)

  -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from
     Ba1; LGD4 (53%)


L&M GROUP: Creditors to Meet on August 13
-----------------------------------------
L&M Group Investments Limited, which is in judicial management,
will hold a meeting for its creditors on August 13, 2007, at
3:00 p.m., on Level 3 of Function Room -- Connection 1 in Amara
Singapore Hotel at 165 Tanjong Pagar Road, Singapore 088539.

At the meeting, the creditors will be asked to:

   -- receive the report of the judicial manager;

   -- discuss the proposal by Primefold Group Limited;

   -- seek the approval for the convening of a meeting pursuant
      to an order of Court made pursuant to section 210 of the
      Companies Act (Cap. 50) read with section 227X of the
       Companies Act (Cap. 50) to approve these proposals:

   * that the company will pay the amount equivalent to SGD0.01
     to every Singapore Dollar of debt owing by the company to
     all its creditors; and

   * upon the necessary approvals being obtained, the creditors
     will within 14 days execute a debt assignment agreement to
     assign all their rights, title and interest in and to the
     debt owing by the Company to the respective creditor to all
     the persons as the company directs and upon the execution,
     the company will pay the respective creditor the amount due
     to that creditor.


LAZARD LTD: Paying US$0.09 Per Share Qtrly Dividend on Aug. 31
--------------------------------------------------------------
Lazard Ltd.'s Board of Directors has declared a quarterly
dividend of US$0.09 per share on its outstanding Class A common
stock, payable on Aug. 31, 2007, to stockholders of record on
Aug. 10, 2007.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's      
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
France, Germany, India, Japan, Korea and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at US$55.7
million, resulting in a total stockholders' deficit of US$206.8
million as of March 31, 2007.


LAZARD LTD: Buys Australian Fin'l Advisory Firm Carnegie Wylie
--------------------------------------------------------------
Lazard Ltd. has acquired Carnegie, Wylie & Company, Australia's
leading independent financial advisory firm, for a combination
of cash and stock, effective immediately.  Carnegie Wylie,
located in Melbourne, Sydney and Brisbane, provides mergers and
acquisitions advisory services in Australia and the Asia Pacific
region, and has a successful and expanding private equity
business.

"The acquisition of Carnegie Wylie is another important step in
our five-year strategy to expand our financial advisory business
by geographies, and reinforces our commitment to provide premium
service to clients," said Charles G. Ward III, President of
Lazard.  "Acquiring Carnegie Wylie will allow us to bring
Australia's top banking talent into the Lazard fold, to build on
our existing Australian business faster, inherit an established
presence and premier brand in Melbourne, Sydney and Brisbane,
and strengthen our access in the important Asia Pacific region."

The current Sydney-based Lazard Financial Advisory team will
join with Carnegie Wylie, under the leadership of Carnegie Wylie
co-founder and principal John Wylie.  Carnegie Wylie co-founder
and principal Mark Carnegie will become CEO of Lazard's
Australian Private Equity business.  Lazard Asset Management's
Australian business will continue to be managed separately,
under its current leadership in Sydney.

"We are proud of our firm's achievements in the Australian
market.  However, we recognise that more and more opportunities
are cross-border and require the access and expertise of a
premium global firm," said Mr. Wylie.  "It is a compelling
combination.  With Lazard, we preserve our integrity and
maintain our independent business model, which has proven
successful with clients. Now we can deliver an international
network."

Lazard's Paul Binsted and Brian Wilson, Managing Directors in
Sydney said: "We admire and respect the tremendous success of
Carnegie Wylie and we are delighted to be working with John
Wylie and his team.  We regard John as one of Australia's
outstanding investment bankers and he has developed a superb
team. This acquisition catapults the Lazard Australian business
forward."

"Having known the Lazard management for years, I respect their
culture and professional approach to providing trusted,
independent advice with a long-term view.  Perhaps one of the
most exciting aspects of this deal is the potential to attract
more of Australia's best investment bankers to advise our ever-
expanding, international client base," added Mr. Wylie.

Both Messrs. Wylie and Carnegie have worked in the investment
banking industry for more than twenty years in New York, the UK
and Australia.  Prior to co-founding Carnegie Wylie in 2000, Mr.
Wylie was Head of Investment Banking at Credit Suisse First
Boston in Australia.  He has advised on a wide range of mergers
and acquisitions, and equity and debt capital raisings for
companies and governments, and has led teams in a number of
Australia's largest advisory transactions, including BHP
Billiton's AUS$9.2 billion acquisition of WMC Resources, Toll on
its AUS$7.4 billion takeover of Patrick, Alinta on its proposed
AUS$13.5 billion sale to a Babcock and Brown/Singapore Power
consortium, the Coles Group on its pending AUS$22 billion sale
to Wesfarmers, the AUS$1.4 billion sale of its Myer business to
TPG and the three stages of the Telstra privatization.

Mr. Carnegie, an entrepreneur and career investor, was a
principal consultant for San Francisco-based private equity
group Hellman & Friedman in Australia and Southeast Asia for
almost a decade.  Amongst other investments he has been a
participant in groups that acquired major stakes in the Courage
Pub Estate, John Fairfax Holdings, Hoyts Cinemas, Formula One
Holdings, SCTV, Macquarie Radio Network and Lonely Planet
Publications.

Over the past three months, Lazard has continued to invest in
its Financial Advisory business for future growth in vibrant
markets.  The firm recently announced plans to acquire 50
percent of MBA Banco de Inversiones, extending Lazard's reach
across Central and South America, and signed a cooperation
agreement with Raiffeisen Investment, the M&A advisory business
for Austria's largest banking group, strengthening its footprint
across Russia, Central and Eastern Europe.  In July, Lazard
announced its planned acquisition of Goldsmith Agio Helms, a
U.S. middle-market advisory firm, which will serve as the core
of a new growth initiative focused on advising U.S. mid-sized
private companies.

                    About Carnegie Wylie

John Wylie and Mark Carnegie founded Carnegie Wylie in
January 2000.  Over the past seven years, the firm, with 23
professionals, has become one of Australia's premier independent
advisors for mergers and acquisition transactions, advising on
six out of ten of the most recent, largest M&A transactions in
the Australian market. Recent corporate advisory clients include
Telstra, the Coles Group, BHP Billiton, Qantas, Toll, Newcrest
Mining, Suncorp, Bluescope Steel, Origin Energy, Lend Lease,
Sigma and Hastings Funds Management.  Carnegie Wylie Australian
government advisory clients include the Commonwealth Government
and the State Governments of Victoria and New South Wales.  The
firm also has a successful and expanding private equity
investment business, including the recently established private
equity fund with leading Queensland institution, Sunsuper.

                    About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's      
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
France, Germany, India, Japan, Korea and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at US$55.7
million, resulting in a total stockholders' deficit of US$206.8
million as of March 31, 2007.


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

* Fitch Releases Thai Servicers Rating Criteria
-----------------------------------------------  
Fitch Ratings has released its rating criteria for all types of
servicers operating in Thailand in a recently published Criteria
Report titled "Thailand Servicers Rating Criteria".

Fitch expects to launch its first servicer rating in Thailand
this year.  This report establishes and describes Fitch's rating
criteria for the servicer ratings in this market.

The report also discusses the development history and the status
quo of Thai financial and servicing market in order to verify
Fitch's approach to adjust the criteria being used globally.

Fitch introduced servicer ratings to Japan in 2000, the first in
the Asia Pacific region.  As of August 2, Fitch has assigned 25
primary, special and master servicer ratings to Japanese
servicers and eleven residential servicer ratings to Australian
and New Zealand servicers.

The full report on "Thai Servicers Rating Criteria" is available
on Fitch's global Web site, http://www.fitchratings.com/




                            *********


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, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
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                 *** End of Transmission ***