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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

            Tuesday, October 2, 2007, Vol. 10, No. 195

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Has Until Sept. 30 to Decide on Two Leases
ADVANTAGE CABINETS: Members/Creditors Meeting Set for Oct. 5
ARROW ENERGY: Inks Venture Agreement with PT Pertamina
BASIS CAPITAL: Aust-Rim Fund Down by 50%, Founders Disclose
BRIJCO PTY: Members' Final Meeting Set for October 3

CHATTEM INC: Earns US$16.3 Million in 3rd Quarter Ended Aug. 31
CHRYSLER LLC: S&P Puts Corporate Credit Rating on CreditWatch
COLES GROUP: Wesfarmer Merger Would Make a AU$44-Billion Company
FOOT LOCKER: Moody's Downgrades Corporate Family Rating to Ba2
GENERAL CABLE: Earns US$62.9 Million in Quarter Ended June 29

IAN PRIDHAM: Will Declare Dividend for Priority Creditors
JOHN A CULLITY: Sets Final General Meeting for October 17
KOSPRO INTERNATIONAL: Members and Creditors to Meet on Oct. 11
LEWIS FINANCIAL: Liquidator Presents Wind-Up Report
MUSEUM SERVICES: Placed Under Voluntary Liquidation

PRANA BIOTECHNOLOGY: Reports AU$11-Million Net Losses for FY2007
PRANA BIOTECHNOLOGY: To Raise AU$7 Million from Investors
PRANA BIOTECH: Completes Enrollment in Phase IIa Trial of PBT2
REMJADE PTY: Members and Creditors to Meet on October 5
SILVERPARK INVESTMENTS: Members and Creditors to Meet on Oct. 11

WEBHUD PTY: Sets Final General Meeting for October 12


C H I N A   &   H O N G  K O N G

AGILE PROPERTY: Posts CNY601.57-Mil. Net Profit in 07 First Half
ASIA TELEMEDIA: June 30 Balance Sheet Upside Down by HK$41.98MM
ASIA TELEMEDIA: Court Set to Hear Wind-Up Petition on Oct. 15
BODISEN BIOTECH: Posts Interim Results for 6 Months to June 30
BURNON TECHNOLOGY: Members to Receive Wind-Up Report on Oct. 26

ELITE RISE: Subject to Wong Hiu Choi's Wind-Up Petition
FIAT SPA: Sells 1.83% Equity Stake in Mediobanca for EUR118 Mln
FLANNEL ASIA: To Hold Annual General Meeting on Oct. 12
HANESBRANDS INC: Lee Chaden to Quit as Exec. Chairman on Dec. 29
HOPEWELL CONTAINER: Court to Hear Wind-Up Petition on November 7

HUTCHISON ENTERPRISES: Liquidators Quit Post
JABIL CIRCUIT: Net Income Rises to US$3.1 Bil. in Fourth Quarter
JUNE AGENTS: Annual General Meeting Set for October 12
LONG FACTS: Members to Hold Final Meeting on October 26
MIDTOWN HOLDINGS: Liquidator to Give Wind-Up Report on Oct. 12

YIU MING: Court's Wind-Up Hearing Set for November 7


I N D I A

GENERAL MOTORS: National Council Supports 2007 Tentative Pact
ICICI BANK: High Attrition Cues Bank to Partner with Academe
ICICI BANK: Launches Floating Rate for Car Loans
QUEBECOR MEDIA: Moody's Rates US$450 Million Senior Notes at B2
QUEBECOR MEDIA: S&P Rates Proposed US$450MM Unsecured Notes at B

TATA STEEL: To Enter INR500-Crore Contract w/ 2 Chinese Firms
TATA STEEL: Names Partha Sengupta as VP for Corporate Services


I N D O N E S I A

ALCATEL-LUCENT: Golden Telecom Extends Broadband Capacity
BANK DANAMON: Director Jerry Ng Sells 1.2 Million Shares
EXCELCOMINDO PRATAMA: Moody's Affirms Ba2 LCC Family Rating
EXCELCOMINDO PRATAMA: Parent to Split Mobile & Fixed-Line Units
GARUDA INDONESIA: To Reopen Denpasar-Nagoya Route in Early June

SEMEN GRESIK: Moody's Assigns Ba2 Local Currency Family Rating


J A P A N

FORD MOTOR: Terra Firma Eyes Jaguar & Land Rover Brands
MITSUBISHI MOTORS: Shares Rise Due to Forecast Revision
* Japan's Auto Production Up 6.4% in August, Says JAMA


K O R E A

DASTEK CO: Acquires 30.1% Stake in Korea-Based Company
HYNIX SEMICON: Ups Production of 1-Gigabit DRAM Chips to 60%
HYNIX SEMICONDUCTOR: Signs MOU w/ Ovonyx for Phase-Change Memory


M A L A Y S I A

STAR CRUISES: Sells SuperStar Gemini for Fleet Optimization
TALAM CORP: Securities Commission Rejects Reform Plan
TALAM CORP: Bursa to Suspend Securities Trade on October 4
TAP RESOURCES: Equity Deficit Totals MYR2.67 Million at April 30


N E W  Z E A L A N D

AIR NEW ZEALAND: Passes Resolution to Approve Boeing Transaction
AZURA HOLDINGS: Court to Hear Wind-Up Petition on November 22
BAY RETAINING: Appoints Brown and Rodewald as Liquidators
DUNTULM FINANCE: Fixes October 5 as Last Day to File Claims
FERGUSON FIELDS: Court Enters Wind-Up Order

FISH MARKET: Creditors Receive Wind-Up Report
MITCHELLTON FARM: Enters Liquidation Proceedings
QUALITY CARNATION: Commences Wind-Up Proceedings
REFINERY CAFE: Requires Creditors to File Claims by Oct. 5
SEAROCKS CAFE: Taps Parsons and Kenealy as Liquidators

STAGE RIGHT: Creditors' Proofs of Debt Due on Oct. 3


P H I L I P P I N E S

APEX MINING: Appoints Fernando Agustin as VP & Resident Manager
BANCO DE ORO-EPCI: Appoints Ramon Abasolo as VP for IT Dev't.
BANGKO SENTRAL: Big BOP Surplus & Oil Prices May Cause Problems
BANKARD INC: Renames Credit Card Brand to "RCBC Bankard"
EXPORT AND INDUSTRY BANK: Board Approves MoA with IPVG Unit

IPVG CORP: Elects Two Lawyers as Assistant Corporate Secretaries
IPVG CORP: To Issue 5.5 Million Shares Through Private Placement
METROBANK: Moody's to Give 'Baa3' Rating for Subordinated Notes
NAT'L POWER: To Borrow US$7 Million for Capital Spending in 2008
PHIL NAT'L BANK: Lucio Tan Jr. Replaces Deceased Director

UNION BANK: Former Senator Fills Post as Independent Director
UNIWIDE HOLDINGS: L. Jaucian Begins Term as New CEO
ZEUS HOLDING: Annual Stockholders' Meeting Set for November 23
* Outstanding Foreign Loans Hit US$3 Billion in June
* Nat'l Government Plans to Reduce Borrowing in 2008


S I N G A P O R E

FLEXTRONICS INT'L: Stockholders OK Closing of Solectron Purchase
FRED. OLSEN: Requires Creditors to File Claims by October 29
KLS INVESTMENTS: Court Enters Wind-Up Order
LINDETEVES-JACOBERG: Andreas Friedrich Quits as Director
READER'S DIGEST: Jeff Wellington Named Publisher


T H A I L A N D

ADVANCE PAINT: Reports Result of Warrant Exercise on Sept. 28
BANK OF AYUDHYA: Sells 3.28 Million Preferred Shares in ADCS Co.
COMPASS EAST: Auditor Raises Going Concern Doubt Despite Profit
TOTAL ACCESS: TOT Awaits Ruling on Interconnection Charges Case
TRUE MOVE: TOT Junks Interconnection Bills Pending Court Ruling


* BOND PRICING: For the Week 1 October to 5 October 2007

     - - - - - - - -

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

ADVANCED MARKETING: Has Until Sept. 30 to Decide on Two Leases
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extends
until Sept. 30, 2007, the deadline for Advanced Marketing
Services, Inc. and its debtor-affiliates to elect to assume,
assume and assign or reject the Berkeley Lease and the New York
Lease under Section 365(d)(4)(A) of the Bankruptcy Code.

Entry of the Order will be subject to and without prejudice to
the Debtors' rights to seek further extensions of the Lease
Decision Period.

As of September 4, 2007, Debtors Advanced Marketing Services,
Inc., Publishers Group Incorporated, and Publishers Group West
Incorporated are parties to three non-residential real property
leases:

Party to    Location         Location       Date of
the Lease   Description      Address        Lease     Landlord
---------   -----------      -------        -------   --------
AMS         Indianapolis,    Indianapolis   3/25/04   The
           IN - Return                               Prudential
           Center                                    Company
                                                     of America

PGI         PGW - New York   New York,     11/17/87
841-853
                            NY                       Broadway
                                                     Associates

PGI         PGW - Berkeley   Berkeley,      4/24/97   Demo
4th
                            CA                       Street
                                                     Berkeley
                                                     LLC

Under Section 356(d)(4)(B)(ii), the Debtors ask the Court to
extend the period within which they may assume or reject the
Berkeley Lease and the New York Lease through and including
Sept. 30, 2007.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, tells Judge Sontchi that the Debtors have
either obtained prior written consent of the lessors of each of
the Berkeley Lease and the New York Lease to the extension of
the Lease Decision Period or expect to do so before the
September 26 hearing of the Motion.

Mr. Collins relates that Perseus Books LLC and the Debtors are
in discussions regarding the assumption by Perseus of the
Berkeley Lease and the New York Lease.  The Debtors expect to
file a motion to assume and assign both Leases promptly, and
thus seek extension with respect to the Leases to consummate
that transaction.

The Debtors anticipate completing the transaction prior to the
end of September.

                     About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia, and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


ADVANTAGE CABINETS: Members/Creditors Meeting Set for Oct. 5
------------------------------------------------------------
The members and creditors of Advantage Cabinets Pty Ltd will
have their joint meeting on October 5, 2007, at 10:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Mervyn J. Kitay
         c/o WHK Horwath
         Level 6, 256 St George's Terrace
         Perth, Western Australia 6000
         Australia

                    About Advantage Cabinets

Advantage Cabinets Pty Ltd is a distributor of wood kitchen
cabinets.  The company is located at Welshpool, in Western
Australia, Australia.


ARROW ENERGY: Inks Venture Agreement with PT Pertamina
------------------------------------------------------
Arrow Energy N.L. disclosed that it has signed two agreements
with Indonesia's state owned oil company PT Pertamina and its
upstream subsidiary, Pertamina EP.

These two deals reflect an agreed joint approach to the
technical evaluation and review of prospective Coal Bed Methane
blocks leading to potential joint Arrow/Pertamina application
and subsequent development and production.

The first agreement is a Memorandum of Understanding covering
joint co-operation throughout Indonesia and the second is a
Heads of Agreement for technical and commercial evaluation of
CBM development in the Production Sharing Contract, the
Tanjung-1 PSC, currently held by Pertamina.

Both agreements focus on the joint technical work and cost
sharing mechanisms leading up to joint application for CBM
PSC's.  The Indonesian Government intends that preference for
the award of CBM PSC's will be given to the holder of the
underlying oil and gas PSC -- of which Pertamina has a
substantial portfolio.

The Tanjung PSC is located in South Kalimantan and has an area
of approximately 6,500 km2 within the eastern Barito Basin,
containing Miocene age coal seams of typically sub-bituminous
rank, occurring in multiple seams.

Pertamina is currently Indonesia's second largest producer of
oil and gas currently producing well over 100,000 barrels of oil
per day and almost 1,000 million cubic feet of gas per day from
equity interests throughout the country.  The Tanjung PSC
represents one of 8 main working areas of Pertamina EP who have
operations in North and South Sumatra, East and West Java, South
and East Kalimantan and West Papua.

Arrow is very pleased to be working closely with a company of
the stature of Pertamina and looks forward to a sustainable and
mutually beneficial business relationship in a country with
substantial prospective CBM resources.

Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an
Australian company engaged in the undertaking of gas exploration
and development activities.  The Company is focused on coal seam
gas exploration and production in the Surat, Clarence-Moreton
and Ipswich Basins in southeast Queensland and northern New
South Wales and the Styx Basin and Nagoorin Graben in coastal
central Queensland.  Arrow Energy NL has been carrying out
exploration/appraisal drilling (over 50 wells) and has proven a
large CSG resource. The Company's projects include Kogan North,
Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale
and Boyne River.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
Column on July 27, 2007, listed Arrow Energy's bond, with a
10.000% coupon and a March 31, 2008 maturity date, as trading at
2.72% on the AU dollar.


BASIS CAPITAL: Aust-Rim Fund Down by 50%, Founders Disclose
-----------------------------------------------------------
Basis Capital Funds Management Ltd. founders admitted that their
sole remaining active hedge fund, Aust-Rim fund, had lost half
its value, Geoffrey Newman of The Australian reports.

According to The Australian, after seeking bankruptcy protection
for its Basis Yield Fund, Basis Capital founders Stuart Fowler
and Steve Howell said that Aust-Rim fund lost a calamitous 33%
in value in July as the Sydney-based hedge fund attempted to
restructure the fund to prevent it breaching agreements with
banks that financed its leveraged investments in structured
credits and high-yield debt securities.

Mr. Newman writes that the Aust-Rim fund continues to operate
but has suspended redemptions and its future remains unclear.

Founders Mr. Howell and Mr. Fowler characterized the problems at
Basis Capital as a market failure and not a result of
mismanagement at Basis expressing that the funds had no direct
exposure to US sub-prime loans and the indirect exposure was
very small, Mr. Newman relates.

Mr. Newman further relates that Mr. Howell and Mr. Fowler
continued to question the role of investment banks, which
created, sold and priced the CDOs- complex debt-backed
securities- that Basis invested in, as well as financing the
hedge fund's borrowings.  They described the banks as "judge,
jury and executioner" and made clear they were considering their
legal options.

The Australian quotes Mr. Howell as saying, " For us it's been
working around the clock in the three financial time zones."  He
added that US investment bank Blackstone, which has been
advising the directors of the Aust-Rim fund, was "looking at all
options."  The directors, states the article, had already
rejected approaches to buy the fund at "vulture price levels."

Investors were told that the Aust-Rim fund, controlled by an
offshore master fund, had reduced its debt levels by selling
US$500 million of securities, and was no longer subject to
margin calls, states Mr. Newman.

                       About Basis Capital

Basis Capital Funds Management Ltd. manages and advises multi
strategy, relative value and arbitrage funds for Australian
domestic and international investors.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2007, that the Basis Field Fund and Basis Aust-Rim Fund ran into
trouble by investing in the unrated, riskiest portions of
collaterized debt obligations.  These portions also known by
bankers as "toxic waste" are first in line for any losses when
borrowers fall short on mortgage payments and have hired
Blackstone Group LP as an adviser to help avoid a fire of sale
of assets.  Blackstone will advise the hedge fund firm "to
prevent adverse pricing and selling of assets."


BRIJCO PTY: Members' Final Meeting Set for October 3
----------------------------------------------------
A final meeting will be held for the members of Brijco Pty Ltd
on October 3, 2007, at 9:00 a.m.

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

The Liquidator can be reached at:

         Peter J. Wickens
         c/o Currie Wickens
         Level 1, 126 Broadway
         Nedlands, Western Australia 6009
         Australia

                         About Brijco Pty

Located at Perth, in Western Australia, Australia, Brijco Pty
Ltd is an investor relation company.


CHATTEM INC: Earns US$16.3 Million in 3rd Quarter Ended Aug. 31
---------------------------------------------------------------
Chattem Inc. reported total revenues in the third fiscal quarter
ended Aug. 31, 2007, of US$109.0 million, a 51% increase
compared to total revenues of US$72.0 million in the prior year
quarter.  Revenue growth for both periods was driven by the five
brands acquired from Johnson & Johnson on Jan. 2, 2007, which
include ACT(R), Cortizone-10(R), Unisom(R), Balmex(R) and
Kaopectate(R), continued growth of the Gold Bond(R) franchise
and the strength of the Icy Hot(R) business.

Net income for the quarter rose to US$16.3 million, compared to
US$15.2 million for the prior year quarter.  Net income for the
third quarter of fiscal 2007 included a loss on early
extinguishment of debt and SFAS 123R employee stock option
expense.  Net income for the third quarter of fiscal 2006
included a net recovery related to the Dexatrim(R) litigation
settlement and SFAS 123R employee stock option expense.  As
adjusted to exclude these items, net income for the third
quarter of fiscal 2007 was US$17.5 million, compared to US$8.9
million for the prior year quarter.

"The third quarter proved to be another impressive quarter with
total revenues up 51%, adjusted earnings per share up 91% and
EBITDA up a significant 102%," said President and Chief
Operating Officer Bob Bosworth.  "We are very pleased with our
results for the quarter led by strong performances from our six
largest brands.  We have successfully integrated the acquired
brands and are well positioned to capitalize on the continued
strength of our business."

                    Fiscal 2007 Guidance

Based on the company's strong performance in the first nine
months, the successful integration of the acquired brands and
the continued strength of our key brands, the company currently
expects earnings per share for fiscal 2007 to be in the range of
US$3.15 to US$3.25 as compared to the earlier estimate of
US$3.00 to US$3.19, in each case excluding stock option expense
under SFAS 123R and loss on debt extinguishment.  Stock option
expense under SFAS 123R for fiscal 2007 is estimated to be
US$0.19 per share.

                    Fiscal 2008 Guidance

"With an innovative lineup of new products for fiscal 2008, the
ability to delever with strong operating cash flows and
continued gross margin improvement as we bring manufacturing of
certain of the acquired brands in house, we remain very
optimistic about the company's prospects for revenue and
earnings growth in fiscal 2008 and beyond," commented Chairman
and Chief Executive Officer Zan Guerry.  "We expect continued
strong sales growth in fiscal 2008 behind our new products and
record levels of planned advertising support for our key brands.
At the same time, we currently expect earnings per share to grow
rapidly to the guidance level of US$3.90 to US$4.10 per share,
excluding stock option expense under SFAS 123R and loss on debt
extinguishment, as we leverage our operating structure and
delever our balance sheet.  Stock option expense under SFAS 123R
for fiscal 2008 is estimated to be US$0.21 per share."

                       About Chattem

Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- is a
marketer and manufacturer of a broad portfolio of a broad
portfolio of branded over the counter healthcare products,
toiletries and dietary supplements.  The company's portfolio of
products includes well-recognized brands such as Icy Hot, Gold
Bond, Selsun Blue, ACT, Cortizone and Unisom.  Chattem conducts
a portion of its global business through subsidiaries in the
United Kingdom, Ireland, Canada, Puerto Rico and Australia.

                        *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.


CHRYSLER LLC: S&P Puts Corporate Credit Rating on CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed its corporate
credit ratings on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC on CreditWatch with positive implications.

"The CreditWatch action reflects today's announcement that
General Motors Corp. (GM) and its main union, the United Auto
Workers (UAW), have reached a tentative new labor contract that
includes an agreement designed to address the massive
postretirement employment benefit obligations (OPEB) associated
with GM's UAW population," said Standard & Poor's credit analyst
Robert Schulz.  For now, there are few details about the
specifics of the health care agreement or other important
aspects of the contract such as wages, job security, and work
rules.

The tentative agreement ends the nationwide strike at GM that
began earlier this week.  The chances of a prolonged and
widespread strike at either GM, Chrysler, or Ford Motor Co. are
now largely averted, although S&P had always considered such a
scenario unlikely because it would be catastrophic to everyone
involved.  GM's UAW members still need to approve the agreement,
and ratification votes was set to occur in the weekend.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


COLES GROUP: Wesfarmer Merger Would Make a AU$44-Billion Company
----------------------------------------------------------------
Documents showed that takeover target Coles Group Limited and
Wesfarmers Ltd., would create a company with AU$44 billion in
annual revenues and the country's largest private employer,
Victoria Thieberger of Reuters reports.

Ms. Thieberger writes that in a booklet sent to Coles
shareholders ahead of a vote on the AU$19.5-billion deal on
November 7, Wesfarmers said the merged company would have a pro
forma earnings before interest and tax of AU$2.5 billion and
200,000 employees.

Reuters quotes Wesfarmers as saying, "Shareholders. . .will
benefit from the value to be created by combining Coles Group's
significant retail brand platform and store network with
Wesfarmers' decentralized business model, financial discipline
and execution capabilities."

Should the merger push through, food, liquor and convenience
store, which currently make up 58% of Coles Group, will shrink
to 28%, Ms. Thieberger notes.

                      About Coles Group

Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions.  During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores.  In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group.  The
Company operates in Australia, New Zealand and Asia.

Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.


FOOT LOCKER: Moody's Downgrades Corporate Family Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Foot Locker,
Inc., corporate family rating to Ba2, with a negative outlook.
The downgrade was prompted by the company's weak results of the
first six months of 2007, which were primarily driven by
weakness in the athletic retail market in North America, and
resulted in a deterioration of Foot Locker's credit metrics.
Both credit metrics cited in Moody's credit opinion dated
July 10, 2006, fell below the level that prompt a downgrade.  It
is Moody's opinion that these weakened credit metrics are likely
to be sustained over at least the next twelve months.  The
downgrade also reflects Moody's opinion that the company's
financial policies, previously considered predictable and
conservative, have become more aggressive as evidenced by the
company's announcement that it was evaluating strategic
alternatives and Foot Locker's failed hostile bid to purchase
Genesco, which demonstrated an appetite for debt funded
acquisitions.  This concludes the review for possible downgrade
that was initiated on April 20, 2007.

These ratings are downgraded:

          -- Corporate family rating to Ba2 from Ba1;
          -- Probability of default rating to Ba2 from Ba1; and
          -- Senior unsecured notes to Ba2 (LGD4; 59%) from Ba1
             (LGD4; 60%).

The Ba2 corporate family rating reflects Foot Locker's weakened
credit metrics and its more aggressive financial policies.  In
the addition, the rating reflects the company's significant
business risk as a result of the company's narrow focus on
athletic footwear and apparel, which makes it highly susceptible
to changing fashion trends.  The company is also highly seasonal
with cash flow from operations generation being heavily reliant
on the fourth quarter holiday selling season.  Balancing these
significant risks is the company's global diversification,
credible market position, and profitability that is in line with
its peer group average.

The rating outlook is negative reflecting the ongoing challenges
of the year ahead which Moody's expects will likely cause credit
metric to weaken further, as well as Moody's expectation that
the company will possibly violate its fourth quarter financial
covenants.

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, Europe, Australia,
and New Zealand as of Feb. 3, 2007.


GENERAL CABLE: Earns US$62.9 Million in Quarter Ended June 29
-------------------------------------------------------------
General Cable Corporation reported net income of US$62.9 million
for the second quarter ended June 29, 2007, compared to net
income of US$41.5 million in the second quarter of 2006.

Revenues were US$1.17 billion compared to US$987.1 million in
the prior year, an increase of 19.0%.

Net sales for the second quarter of 2007 were US$1.17 billion,
an increase of US$171.5 million or 17.0% compared to second
quarter net sales of US$1.00 billion on a metal adjusted basis.
Without the impact of acquisitions and changes in foreign
exchange rates, organic revenue growth was approximately 8.0% in
the second quarter of 2007 compared to 2006, on the continuing
strength of the company's global electrical infrastructure and
electric utility businesses.  Revenues from recent acquisitions
contributed US$55.9 million in the second quarter.

During the second quarter of 2006 the company benefited from the
forward purchase of a small portion of its copper requirements
due to concerns over supply tightness and the timing of certain
customer shipments.  The company estimated the incremental
operating profit realized in the second quarter of 2006 was
about US$8.5 million.  Without this impact, operating earnings
in the second quarter of 2006 were US$61.9 million.  Second
quarter 2007 operating income was US$103.0 million compared to
adjusted operating income of US$61.9 million in the second
quarter of 2006, an increase of US$41.1 million or 66.0%.
Operating margin was 8.8% in the second quarter of 2007, an
increase of approximately 260 basis points from the adjusted
operating margin percentage of 6.2% in the second quarter of
2006 on a metal-adjusted basis.  "Electrical infrastructure,
networking and utility businesses in North America as well as
Silec in France and our operations in Portugal led the way in
margin improvement," said Gregory B. Kenny, president and chief
executive officer of General Cable.

               Third Quarter 2007 Outlook

"The weaker housing market in Spain, Oceania, and the United
States continues to be offset by strong infrastructure project
demand and opportunities in new markets, underscoring the
importance of the company's product and geographic
diversification over the last several years.  In North America,
a couple of large transmission projects have been pushed out
from the middle of 2007 until the first half of 2008.  To give
you a sense of size and scale, the total transmission cable
required for just one of these projects would represent a
significant percentage of the company's annual transmission
cable manufacturing capacity.  Given the nature of these and
other large scale projects, I expect timing volatility for both
overhead and underground high voltage transmission systems as
well as submarine projects will continue to make short term
forecasting a bit more difficult.  Versus the second quarter,
the company will fully absorb facility vacation shutdowns and
maintenance typically scheduled for the July and August
timeframe as well as the normal seasonality of many of our
markets.  Therefore, for the third quarter of 2007, we expect to
report revenues of approximately US$1.1 billion and earnings per
share in the range of US$0.85 to $0.90, again up nicely from the
prior year," Kenny said.

At June 29, 2007, the company's consolidated balance sheet
showed US$2.68 billion in total assets, US$2.13 billion in total
liabilities, and US$551.9 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 29, 2007, are available
for free at http://researcharchives.com/t/s?23bd

                      About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 28,
2007, Moody's Investors Service assigned a rating of B1 to the
proposed US$400 million senior unsecured convertible notes of
General Cable Corporation.

Concurrently, Moody's confirmed all other ratings for this
issuer, concluding a review initiated on Sept. 12, 2007.
Moody's said the rating outlook is stable.


IAN PRIDHAM: Will Declare Dividend for Priority Creditors
---------------------------------------------------------
Ian Pridham Pty Ltd, which is in liquidation, will declare
dividend for its priority creditors on October 8, 2007.

Creditors who were not able to file their claims by the Oct. 2
due date will be excluded from the company's dividend
distribution.

The company's liquidator is:

         M. J. M. Smith
         Smith Hancock
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                        About Ian Pridham

Ian Pridham Pty Ltd is an investor relation company.  The
company is located at Chatswood, in New South Wales, Australia.


JOHN A CULLITY: Sets Final General Meeting for October 17
---------------------------------------------------------
A final general meeting will be held for the members of John A
Cullity Pty Ltd on October 17, 2007, at 11:00 a.m.

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

The Liquidator can be reached at:

         Christopher Munday
         Pitcher Partners
         Level 17, 140 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9322 2022
         Facsimile:(08) 9322 1262

                      About John A Cullity

Located at Applecross, in Western Australia, Australia, John A
Cullity Pty Ltd is an investor relation company.


KOSPRO INTERNATIONAL: Members and Creditors to Meet on Oct. 11
--------------------------------------------------------------
A final meeting will be held for the members and creditors of
Kospro International Pty Ltd on October 11, 2007, at 10:45 a.m.

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

                   About Kospro International

Located at Perth, in Western Australia, Australia, Kospro
International Pty Ltd is an investor relation company.


LEWIS FINANCIAL: Liquidator Presents Wind-Up Report
---------------------------------------------------
The members of Lewis Financial Services Pty Ltd met on
October 1, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ian Lock
         c/o Sheahan Lock Partners
         Level 8, 26 Flinders Street
         Adelaide, South Australia
         Australia

                      About Lewis Financial

Lewis Financial Services Pty Ltd provides miscellaneous personal
services.  The company is located at Sorrento, in Western
Australia, Australia.


MUSEUM SERVICES: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on August 28, 2007, the members of
Museum Services Australia Pty Limited agreed to voluntarily
liquidate the company's business.

M. E. Slaven was appointed as liquidator.

                      About Museum Services

Museum Services Australia Pty Ltd provides business services.
The company is located at Redfern, in New South Wales,
Australia.


PRANA BIOTECHNOLOGY: Reports AU$11-Million Net Losses for FY2007
----------------------------------------------------------------
Prana Biotechnology Limited incurred a net loss of AU$11,142,320
for the year ended June 30, 2007, a decrease from the
AU$11,590,594 net loss for the year ended June 30, 2006.

Revenue from continuing operations decreased by AU$254,873, or
33% to AU$507,150 for the year ended June 30, 2007, from
A$762,023 for the year ended June 30, 2006.  Revenue from
continuing operations consisted of AU$507,150 and AU$762,023 in
interest income in the years ended June 30, 2007, and 2006,
respectively.  The decrease in revenue from continuing
operations in the 2007 fiscal year was primarily attributable to
lower interest income as a result of a reduction in cash and
cash equivalents.

The company admits that it has a history of operating losses and
may not achieve or maintain profitability in the future.  It
said it has incurred losses in every period since it began
operations in 1997 and that it expects to continue to incur
additional operating losses over at least the next several years
and to increase cumulative losses substantially as it expands
its research and development and pre-clinical activities and
commence additional clinical trials of PBT2.

As of end-June 2007, Prana's balance sheet showed total assets
of AU$7,722,185, compared with the AU$10,421,146 total assets as
of the end of June 2006.  Total equity as of June 30, 2007, was
AU$5,612,195, compared with the AU$7,800,658 as of end-June
2006.

As of June 30, 2007, the company's accumulated deficit was
AU$52,483,038.  It further admits that it may never be able to
achieve or maintain profitability.


Based in Melbourne, Australia Prana Biotechnology Limited
(Nasdaq: PRAN, ASX: PBT) -- http://www.pranabio.com/-- was
established to commercialize research into Alzheimer's disease
and other major age-related neurodegenerative disorders. The
company was incorporated in 1997 and listed on the Australian
Stock Exchange in March 2000 and listed on NASDAQ in September
2002.  Researchers at prominent international institutions
including The University of Melbourne, The Mental Health
Research Institute (Melbourne) and Massachusetts General
Hospital, a teaching hospital of Harvard Medical School,
contributed to the discovery of Prana's technology.

Prana Biotech has incurred consecutive annual net losses. It
recorded net losses of AU$11,142,320 for the year ended June 30,
2007, AU$11,590,594 for the year ended June 30, 2006, and
AU$10,293,031 for the year ended June 30, 3005.


PRANA BIOTECHNOLOGY: To Raise AU$7 Million from Investors
---------------------------------------------------------
Prana Biotechnology Limited (NASDAQ: PRAN / ASX: PBT), a
biopharmaceutical company focused on the research and
development of treatments for neurodegenerative disorders,
disclosed plans for, subject to shareholder approval, a private
placement of approximately 24.56 million new shares at a
subscription price of A$0.285 (28.5 cents) per share, with a 2
for 6 free attaching option.

Prana will receive approximately AU$7.0 million before allowing
for issue costs from institutional and professional investors in
Australia and the United States.  The funds will be
predominantly used for the ongoing development of its lead
compound, PBT2, currently in a Phase IIa trial in patients with
Alzheimer's disease.

This trial, scheduled for completion in December 2007, is
designed to advance the commercialization of Prana's programs to
develop novel treatments for neurodegenerative disorders.

"We are especially pleased to receive support from this group of
investors, a number of whom have been strong supporters of the
Company since inception," commented Prana Chairman and Chief
Executive Officer, Geoffrey Kempler.  "This commitment reflects
confidence in Prana and the potential of PBT2 as a disease
modifying therapy for Alzheimer's disease patients."

The Phase IIa trial of PBT2 is a double-blind, placebo-
controlled safety and tolerability study in patients with
Alzheimer's disease.  PBT2 is Prana's proprietary lead compound.
The trial is well advanced, over 70% of study patients have been
dosed and almost half of the target 80 patients have already
completed the trial. "Given this progress, we are particularly
pleased with the positive safety and tolerability demonstrated
by PBT2 to date. We are on track to complete the trial by the
end of the year and report results in the first quarter of 2008"
said Mr Kempler.

New York based Brimberg & Co assisted with this transaction.
The placement is subject to shareholder approval at an
Extraordinary General Meeting, which is expected to occur on or
about October 15, 2007.  The Company will be seeking shareholder
approval for the right to allot up to 35,087,700 shares with 2
for 6 attaching options which would raise up to $10 million if
fully subscribed.  The Company currently has firm commitments in
place for AU$7.0 million of this total.  The 2 attaching
options, which will expire on October 31, and November 30, 2010,
respectively, will be exercisable at AU$0.37 cents and AU$0.43
cents respectively.

Based in Melbourne, Australia Prana Biotechnology Limited
(Nasdaq: PRAN, ASX: PBT) -- http://www.pranabio.com/-- was
established to commercialize research into Alzheimer's disease
and other major age-related neurodegenerative disorders. The
company was incorporated in 1997 and listed on the Australian
Stock Exchange in March 2000 and listed on NASDAQ in September
2002.  Researchers at prominent international institutions
including The University of Melbourne, The Mental Health
Research Institute (Melbourne) and Massachusetts General
Hospital, a teaching hospital of Harvard Medical School,
contributed to the discovery of Prana's technology.

Prana Biotech has incurred consecutive annual net losses. It
recorded net losses of AU$11,142,320 for the year ended June 30,
2007, AU$11,590,594 for the year ended June 30, 2006, and
AU$10,293,031 for the year ended June 30, 3005.


PRANA BIOTECH: Completes Enrollment in Phase IIa Trial of PBT2
--------------------------------------------------------------
Prana Biotechnology Limited (NASDAQ: PRAN / ASX: PBT), a
biopharmaceutical company focused on the research and
development of treatments for neurodegenerative disorders,
disclosed that it has completed patient enrollment in its Phase
IIa clinical trial of PBT2 in patients with early Alzheimer's
disease.

This Phase IIa trial is a double blind, placebo-controlled study
exploring the safety and tolerability of PBT2, Prana's
proprietary lead compound, and its effects on the mechanism and
progression of the disease by investigating biomarkers of
Alzheimer's disease as well as measures of cognition.  Prana
will complete dosing of the last patient by the end of 2007, and
is on track to deliver results in the first quarter of 2008.

"The successful completion of patient enrollment in this
clinical trial represents an important milestone in the
development of PBT2, particularly with the recruitment of
patients now closed and a clear time line for the release of
results," commented Prana Chairman and Chief Executive Officer,
Geoffrey Kempler.

"We are very excited to know that we will soon be able to look
at meaningful data regarding the safety of our lead compound, as
well as the impact on disease biomarkers and cognition.  PBT2 is
the first lead compound to be selected from our proprietary drug
library of Metal Protein Attenuating Compounds (MPAC's), which
have a unique mechanism of action that may be useful against a
range of neurodegenerative conditions.  Should this trial prove
successful, then many different avenues may be available for
MPAC's to be tested in other debilitating conditions," continued
Mr. Kempler.

Based in Melbourne, Australia Prana Biotechnology Limited
(Nasdaq: PRAN, ASX: PBT) -- http://www.pranabio.com/-- was
established to commercialize research into Alzheimer's disease
and other major age-related neurodegenerative disorders. The
company was incorporated in 1997 and listed on the Australian
Stock Exchange in March 2000 and listed on NASDAQ in September
2002.  Researchers at prominent international institutions
including The University of Melbourne, The Mental Health
Research Institute (Melbourne) and Massachusetts General
Hospital, a teaching hospital of Harvard Medical School,
contributed to the discovery of Prana's technology.

Prana Biotech has incurred consecutive annual net losses. It
recorded net losses of AU$11,142,320 for the year ended June 30,
2007, AU$11,590,594 for the year ended June 30, 2006, and
AU$10,293,031 for the year ended June 30, 3005.


REMJADE PTY: Members and Creditors to Meet on October 5
-------------------------------------------------------
The members and creditors of Remjade Pty Ltd will meet on
October 5, 2007, at 11:00 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Martin Jones
         c/o Ferrier Hodgson, Level 26
         108 St Georges Terrace
         Perth, Western Australia
         Australia

                        About Remjade Pty

Remjade Pty Ltd, which is also trading as New Concrete Co, --
http://www.deepscenes.com-- is involved with concrete work
business.  The company is located at Osborne Park, in Western
Australia.


SILVERPARK INVESTMENTS: Members and Creditors to Meet on Oct. 11
----------------------------------------------------------------
The members and creditors of Silverpark Investments Pty Ltd will
have their final meeting on October 11, 2007, at 11:30 a.m., at
Level 2, 45 Stirling Highway, Nedlands, in Western Australia
6009, Australia.

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

                  About Silverpark Investments

Silverpark Investments Pty Ltd operates men's and boys' clothing
and accessory stores.  The company is located at Perth, in
Western Australia, Australia.


WEBHUD PTY: Sets Final General Meeting for October 12
-----------------------------------------------------
The members and creditors of Webhud Pty Ltd will have their
final general meeting on October 12, 2007, at 10:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988

                        About Webhud Pty

Webhud Pty Ltd is a distributor of farm and garden machineries.
The company is located at Queanbeyan, in New South Wales,
Australia.


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

AGILE PROPERTY: Posts CNY601.57-Mil. Net Profit in 07 First Half
----------------------------------------------------------------
Agile Property Holdings Ltd posted a net profit of
CNY601.57 million on sales of CNY3.19 billion in the first half
ended June 30, 2007, compared with a net profit of
CNY584.96 million on sales of CNY3.05 billion in the same period
in 2006.

As of June 30, 2007, the company's unaudited balance sheet
showed current assets of CNY16.74 billion and current
liabilities of CNY7.81 billion.

Agile's total assets as of end-June amounted to CNY21.53 billion
and total liabilities aggregated to CNY13.81 billion, resulting
to a shareholders' equity of CNY7.73 billion.


With principal offices in Kowloon, Hong Kong, Agile Property
Holdings Limited -- http://www.agile.com.cn-- is a land
developer of Guangdong Province, China.  It was established in
1985 as a furniture maker in Zhongshan City, and entered the
property business in 1992.  On December 15, 2005, Agile Property
was listed on the Hong Kong Stock Exchange.

Agile has a current land bank of 8.3 million square metres.  As
at July 1, it had 26 property development projects in major
cities in the Pearl River Delta region; including Zhongshan,
Guangzhou, Huizhou, and Foshan.

Agile holds a range of properties, such as villas, duplexes,
apartments and condominiums.  Besides residential property
business, Agile is also engaged in the development of commercial
properties, including retail shops and commercial complexes.

The Troubled Company Reporter-Asia Pacific reported that on
November 13, 2006, Moody's Investors Service affirmed Agile
Property Holdings Ltd's Ba3 corporate family rating and senior
unsecured bond rating in view of the successful closing of the
US$400 million bond issuance.  Both ratings have had their
provisional status removed.  The ratings outlook is stable.

In addition, Standard & Poor's Ratings Services disclosed on
September 15, 2006, that its BB/Stable long-term corporate
credit rating and outlook on China-based Agile Property Holdings
Limited remain unchanged following the US$50 million increase in
the company's 'BB' rated senior notes due 2013.


ASIA TELEMEDIA: June 30 Balance Sheet Upside Down by HK$41.98MM
---------------------------------------------------------------
Asia Telemedia Ltd's unaudited balance sheet as of June 30,
2007, went upside down by HK41.98 million on total assets of
HK$129.93 million and total liabilities of HK$171.91 million.

The company's balance sheet as of end-June 2007 also showed
strained liquidity with current assets of HK$128.03 million
available to pay current liabilities of HK$171.81 million.

For the six months ended June 30, 2007, the company posted a net
loss of HK$13.13 million on HK$5.02 million of revenues,
compared with a net loss of HK$6.16 million on revenues of
HK$2.76 million in the same period in 2006.


Hong Kong-based Asia TeleMedia Limited --
http://www.asiatelemedia.tv./-- along with its subsidiaries, is
principally engaged in securities broking, underwriting, asset
management, share margin financing and investment holding.  The
company's holding company is United Telecom Limited.


ASIA TELEMEDIA: Court Set to Hear Wind-Up Petition on Oct. 15
-------------------------------------------------------------
A court in Hong Kong will hear on October 15, 2007, the wind-up
petition filed by an unnamed petitioner against Asia Telemedia
Ltd.

It was alleged in the petition that the company was indebted to
and had failed to satisfy the Petitioner of a debt amounting
HK$70,270,000 as at April 26, 2007, together with interest.

Included in the amount claimed is a loan payable of
HK$58,084,000 and an accrued interest of HK$12,186,000.

The right to the alleged debt under a repayment agreement dated
April 27, 2004, entered into between the company and a former
creditor was alleged to have been assigned by the former
creditor to the Petitioner in February 2007.

After having sought legal advices, the Company strenuously
protested the winding up petition.


Hong Kong-based Asia TeleMedia Limited --
http://www.asiatelemedia.tv./-- along with its subsidiaries, is
principally engaged in securities broking, underwriting, asset
management, share margin financing and investment holding.  The
company's holding company is United Telecom Limited.

Asia Telemedia Ltd's unaudited balance sheet as of June 30,
2007, went upside down by HK41.98 million on total assets of
HK$129.93 million and total liabilities of HK$171.91 million.


BODISEN BIOTECH: Posts Interim Results for 6 Months to June 30
--------------------------------------------------------------
Bodisen Biotech, Inc. (OTC Pink Sheets: BBCZ; London AIM: BODI)
announces its interim results for the six-month period ended
June 30, 2007.

Financial highlights:

   * Revenues for the six months to June of US$8.18 million down
     from US$26.9 million for the same period of 2006 --
     impacted by the negative impact on the Company's reputation
     following its delisting from the American Stock Exchange
     and the severe Springtime weather in Shaanxi province;

   * Gross profit of US$3.51 million down from US$10.6 million
     in 2006, but gross margins increased to 42% up from 39.6%
     due to product mix;

   * Net income for the second quarter to June 2007 was
     US$2.61 million after the net loss incurred in the First
     Quarter of (US$1.51 million), giving net income for the six
     months of US$1.1 million; and

   * Cash position remains strong with US$6.47 million as of
     June 30, 2007.

                      Result of Operations

Six months ended June 30, 2007 compared to six months ended
June 30, 2006:

Revenue

The company generated revenues of US$8,180,635 for the six
months ended June 30, 2007, a decrease of US$18,736,914 or
69.6%, compared to US$26,917,549 for the six months ended
June 30, 2006.  The significant decrease in revenue was due to
the continued negative impact on the Company's reputation as a
result of Bodisen being delisted by the American Stock Exchange
and the abnormally cold spring time weather of Shaanxi province,
which affected the crop plantings and decreased the use of
fertilizer.

Gross Profit

The company achieved a gross profit of US$3,511,844 for the six
months ended June 30, 2007, a decrease of US$7,136,331 or 67.0%,
compared to US$10,648,175 for the six months ended June 30,
2006.  The significant decrease in gross profit was due to the
significant decrease in our sales revenue.  Gross margin (gross
profit as a percentage of revenues), slightly increased, from
39.6% for the six months ended June 30, 2006, to 42.9% for the
six months ended June 30, 2007, due to product mix in the first
half of 2007.

Operating expenses

The company incurred operating expenses of US$3,223,281 for the
six months ended June 30, 2007, an increase of US$1,226,676 or
61.4% compared to US$1,996,605 for the six months ended June 30,
2006.  The significant increase in our operating expenses is
primarily related to legal fees associated with litigation and
other matters in connection with the AMEX delisting and, to a
lesser extent, a net increase in our allowance for bad debts
(which was increased in the first quarter of 2007 and decreased
in the second quarter of 2007).

Aggregate selling expenses

Aggregated selling expenses accounted for US$679,287 of the
company's operating expenses for the six months ended June 30,
2007, a decrease of US$466,356 or 40.7% compared to US$1,145,643
for the six months ended June 30, 2006.  The decrease in the
company's aggregated selling expenses is due to the decrease of
transportation expense as a result of decreased sales.  General
and administrative expenses accounted for the remainder of the
company's operating expenses of US$2,543,994 for the six months
ended June 30, 2007, which increased US$1,693,032 compared to
US$850,962 for the six months ended June 30, 2006.  The
significant increase in the company's general and administrative
expenses is primarily related to legal fees associated with
litigation and other matters in connection with the AMEX
delisting and, to a lesser extent, a net increase in its
allowance for bad debts (which was increased in the first
quarter of 2007 and decreased in the second quarter of 2007).

Non Operating Income and Expenses

The company had total non-operating income of US$816,662 for the
six months ended June 30, 2007, compared to total non-operating
expense US$89,051 for the six months ended June 30, 2006.  Total
non-operating income includes interest income of US$179,452 for
the six months ended June 30, 2007, compared to only US$57,294
of interest income for the six months ended June 30, 2006.  The
increase for the six months ended June 30, 2007, is due to the
increase in the company's cash balance as a result of the sale
of stock in the first quarter of 2006.  Total non-operating
income for the six months ended June 30, 2007 also includes
interest expense of only US$2,376 compared to US$678,918 of
interest expense for the six months ended June 30, 2006.  The
majority of the interest expense in the six months ended
June 30, 2006, relates to the US$5 million note issued Dec. 8,
2005, which was repaid during March 2006.

Net Income (Loss)

Net income decreased by 87.1% to US$1,105,225 for the six months
ended June 30, 2007, compared to net income of US$8,562,321 for
the six months ended June 30, 2006.  The company had earnings
per share of US$.06 for the six months ended June 30, 2007,
compared to earnings per share of US$0.48 for the six months
ended June 30, 2006.

Outlook

Chen Bo, Chairman, commented:

"This has been a difficult year for the Company with the impact
of the abnormally cold spring time in Shaanxi and the massive
flooding we experienced in August, together with the impact of
the AMEX de-listing. However, the business continues to trade
profitably and we have a strong balance sheet.  The organic
fertilizer market in China is still in its infancy and there
remains an enormous market opportunity.  Accordingly, the
Company has continued confidence in the future of the business."

                      About Bodisen Biotech

Headquartered in Shaanxi province, China, Bodisen Biotech Inc.
(Other OTC: BBCZ.PK) -- http://www.bodisen.com/ -- manufactures
liquid and organic compound fertilizers, pesticides,
insecticides and agricultural raw materials certified by the
Petroleum Chemical Industry Administrative office of China,
Shaanxi provincial government and Chinese government.

The Troubled Company Reporter reported on May 8, 2007, that
Kabani & Company Inc., in Los Angeles, expressed substantial
doubt about Bodisen Biotech Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the years ended Dec. 31, 2006, and
2005.  The auditing firm pointed to certain lawsuits filed by
investors against the company and the company being subject to
potential claims from certain investors who have a right to
receive the company's shares.


BURNON TECHNOLOGY: Members to Receive Wind-Up Report on Oct. 26
---------------------------------------------------------------
Burnon technology (Hong Kong) Limited will hold a final meeting
for its members on October 26, 2007, at 4:30 p.m., at Room 1005
of Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong
Kong.

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


ELITE RISE: Subject to Wong Hiu Choi's Wind-Up Petition
-------------------------------------------------------
On September 11, 2007, Wong Hiu Choi filed a petition to have
the operations of Elite Rise Investment Limited wound up.

The petition will be heard before the High Court of Hong Kong on
November 21, 2007, at 9:30 a.m.

Wong Hiu Choi's solicitors are:

         Dominic Y.K. Lai & Co. Solicitors
         Wing Hang Finance Centre
         Unit B, 24th Floor
         No. 60 Gloucester Road
         Wanchai, Hong Kong


FIAT SPA: Sells 1.83% Equity Stake in Mediobanca for EUR118 Mln
---------------------------------------------------------------
Fiat S.p.A. sold its 1.83% equity stake in Mediobanca S.p.A. to
Goldman Sachs International on Sept. 20, 2007.

The transaction realized a gain of around EUR118 million for
Fiat.

The sale was settled on Sept. 26, 2007.

Goldman Sachs will place the shares with institutional
investors.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  Fiat's creditors include Banca Intesa, Banca Monte
dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,
Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore, China
Spain, among others.

                            *   *   *

As reported in the TCR-Europe on Aug. 24, 2007, Moody's
Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate
Family Rating, and the group's other long-term senior unsecured
ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short term Not Prime rating remains
unchanged.


FLANNEL ASIA: To Hold Annual General Meeting on Oct. 12
-------------------------------------------------------
An annual general meeting will be held for the members and
creditors of Flannel (Asia) Limited on October 12, 2007, at 3:00
p.m. and 3:30 p.m., respectively, at Room 1601-02, 16th Floor of
One Hysan Avenue, in Causeway Bay, Hong Kong.

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


HANESBRANDS INC: Lee Chaden to Quit as Exec. Chairman on Dec. 29
----------------------------------------------------------------
Hanesbrands Inc. disclosed that Lee A. Chaden will retire from
the company on Dec. 29, 2007.  Mr. Chaden, who has served as
executive chairman since April 2006, will serve as non-executive
chairman of the board after his retirement.

Mr. Chaden joined the company in 1991 and served as chief
executive officer from 2004 until his appointment as executive
chairman to help prepare the organization for its September 2006
spinoff as an independent publicly traded company.  His
responsibilities included oversight of the creation and
recruitment of the board of directors.

"Lee Chaden has had a tremendous career at Hanesbrands and is
one of the finest, most knowledgeable and most respected
executives in the apparel industry," Hanesbrands Chief Executive
Officer Richard A. Noll said.  "I had the extreme pleasure and
honor of working side by side with Lee as we guided Hanesbrands
into independence and set the strategies for competitive
success.  Hanesbrands has benefited greatly from Lee's
leadership, passion, grace and insight.  Fortunately, Lee will
remain chairman of the Hanesbrands board of directors and will
continue to help guide the company in that role."

Mr. Chaden joined the organization in 1991 when Sara Lee
Corporation, which previously owned Hanesbrands as an operating
division, bought Playtex Apparel Inc. where Chaden served as
president of the company's North American business.  After
leading Playtex to significant sales and profit growth under
Sara Lee ownership, Chaden held several leadership positions
within the operating divisions of Sara Lee, including CEO of the
company's European apparel business.  Later, he held
corporatewide Sara Lee positions leading human resources and
then global marketing and sales before being appointed CEO of
the branded apparel division for the Americas and Asia, which
was spun off as Hanesbrands.

"Two years ago we were given the phenomenal opportunity to chart
our own course as an independent company," Mr. Chaden said.
"Rich and I wanted to develop a focused business strategy
designed for long-term success, organize and staff our company
to execute and take advantage of that strategy, and ensure that
this new company had the sound financial underpinnings required
to grow and compete from day one.  I believe we have achieved
those goals.

"The company is off to a great start, making significant
progress against our key objectives.  As CEO, Rich has clearly
demonstrated his exceptional business acumen and strong
leadership skills.  He is supported by a highly talented
management team and dedicated employees across the world, and we
have a highly engaged world-class board of directors.  I am
proud of this team's accomplishments, very grateful for having
had the opportunity to work with them in birthing this new
company, and delighted that I will continue in a role that can
contribute to the company's success."

                        Hanesbrands Inc.

Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.
Hanesbrands has approximately 50,000 employees in 24 countries,
Including Dominican Republic, El Salvador, Mexico, Puerto Rico,
India and China.

                          *     *     *

Standard & Poor's Ratings Services affirmed Hanesbrands Inc.'s
B+ corporate family rating on December 2006.


HOPEWELL CONTAINER: Court to Hear Wind-Up Petition on November 7
----------------------------------------------------------------
The High Court of Hong Kong will hear on November 7, 2007, at
9:30 a.m., a petition to have the operations of Hopewell
Container Transportation Limited wound up.

The petition was filed by Ho Chi Yan on August 29, 2007.


HUTCHISON ENTERPRISES: Liquidators Quit Post
--------------------------------------------
Ying Hing Chiu and Chung Miu Yin Diana ceased to act as
liquidators of Hutchison Enterprises Five Limited on Sept. 17,
2007.

The former Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


JABIL CIRCUIT: Net Income Rises to US$3.1 Bil. in Fourth Quarter
----------------------------------------------------------------
Jabil Circuit Inc. reported its preliminary, unaudited financial
results for its fourth quarter and fiscal year ended
Aug. 31, 2007.

Net revenue for the fourth quarter of fiscal 2007 increased to
US$3.1 billion compared to US$3.0 billion for the same period of
fiscal 2006.

"Our sequential and year-over-year results for the quarter point
to a strengthening business.  Cash flow from operations was
outstanding and improving margins and a stronger balance sheet
position us to begin fiscal 2008 on solid footing," said
President and Chief Executive Officer Timothy L. Main.

GAAP operating income for the fourth quarter of fiscal 2007
increased to US$50.5 million compared to an operating loss of
US$7.6 million for the same period of fiscal 2006.  GAAP net
income for the fourth quarter of fiscal 2007 increased to
US$11.7 million compared to a loss of US$45.6 million for the
same period in fiscal 2006.  GAAP diluted earnings per share for
the fourth quarter of fiscal 2007 increased to US$0.06 compared
to a loss per share of US$0.22 for the same period of fiscal
2006.

Jabil's fourth quarter of fiscal 2007 core operating income
increased to US$103.8 million or 3.3% of net revenue compared to
US$90.2 million or 3.1% of net revenue for the fourth quarter of
fiscal 2006.  Core earnings decreased to US$59.9 million
compared to US$74.4 million for the fourth quarter of fiscal
2006.  Core earnings per share decreased to US$0.29 per diluted
share for the period compared to US$0.36 for the fourth quarter
of fiscal 2006.

                      Fiscal Year 2007

Net revenue for the fiscal year increased 20% to US$12.3 billion
compared to US$10.3 billion for fiscal 2006.

GAAP operating income for fiscal 2007 decreased 25% to
US$181.9 million compared to US$241.8 million for fiscal 2006.
GAAP net income for fiscal 2007 decreased 55% to US$73.2 million
compared to US$164.5 million for fiscal 2006.  GAAP diluted
earnings per share for fiscal 2007 decreased 55% to
US$0.35 compared to US$0.77 for fiscal 2006.

Jabil's fiscal 2007 core operating income decreased 15% to
US$331.6 million or 2.7% of net revenue compared to
US$391.6 million or 3.8% of net revenue for fiscal 2006.  Core
earnings decreased 40% to US$196.2 million compared to
US$324.4 million for fiscal 2006.  Core earnings per share
decreased 38% to US$0.95 per diluted share for the period,
compared to US$1.53 for fiscal 2006.

                        Business Update

"Our focus has been on making step-by-step improvements to our
business and our fourth quarter performance shows that we are on
the right path.  It is our intention to continue this deliberate
effort at improving financial performance while concentrating on
delivering the best customer solutions through our new
divisional structure," said President and C.E.O. Timothy L.
Main.

Jabil said it expects net revenue for its first fiscal quarter
of 2008 to be US$3.3 billion, with an estimated core operating
margin range of 3.3 to 3.7 %.  The company said its core
earnings per share are anticipated to be in a range of US$0.33
to US$0.37 per diluted share.  GAAP earnings per share are
estimated to be US$0.09 to US$0.13 per diluted share.

                       About Jabil Circuit

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom, China and Japan.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Moody's Investors Service confirmed Jabil Circuit,
Inc.'s Ba1 corporate family rating and revised the outlook to
negative following the recent filing of its fiscal 2006 (August
yearend) 10-K and fiscal 2007 first and second quarter tenth-
quarters. Simultaneously, Moody's upgraded the rating on the
existing USUS$300 million senior unsecured notes to Ba1 from
Ba2.


JUNE AGENTS: Annual General Meeting Set for October 12
------------------------------------------------------
An annual general meeting will be held for the members and
creditors of June Agents Limited on October 12, 2007, at
10:00 a.m. and 10:30 a.m., respectively, at Room 1601-2, 16th
Floor of One Hysan Avenue, in Causeway Bay, Hong Kong.

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


LONG FACTS: Members to Hold Final Meeting on October 26
-------------------------------------------------------
The members of Ling Facts Company Limited will hold their final
meeting on October 26, 2007, at 3:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Room 1005 of Allied Kajima Building,
138 Gloucester Road, in Wanchai, Hong Kong.


MIDTOWN HOLDINGS: Liquidator to Give Wind-Up Report on Oct. 12
--------------------------------------------------------------
Midtown Holdings Limited will hold an annual general meeting for
its members and creditors on October 12, 2007, at 11:00 a.m. and
11:30 a.m., respectively.

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


YIU MING: Court's Wind-Up Hearing Set for November 7
----------------------------------------------------
A petition to have the operations of Yiu Ming Electrical
Engineering Limited wound up will be heard before the High Court
of Hong Kong on November 7, 2007, at 9:30 a.m.

Lo Chi Wa Patrick filed the petition on August 22, 2007.


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

GENERAL MOTORS: National Council Supports 2007 Tentative Pact
-------------------------------------------------------------
The UAW GM National Council -- made up of presidents and
bargaining chairs from more than 80 General Motors Corp.
facilities across the nation -- has voted to unanimously
recommend ratification of the 2007 tentative agreement with GM.

The Council met Friday for four hours to discuss the details of
the proposed agreement with the automaker.

After asking numerous questions of the United Auto Workers union
President Ron Gettelfinger, UAW Vice President Cal Rapson, and
the UAW GM National Negotiating Committee, the council came to
one conclusion: The proposed agreement forged after a two-day
strike by 73,000 UAW members is very much worth supporting.

"We're very pleased to report that it was unanimously supported
and endorsed by our national council members," Mr. Gettelfinger
said at a news conference after the meeting.

The proposed contract was explained further at regional
leadership meetings on Saturday and local union meetings and
ratification votes will follow beginning Sunday.  Ratification
votes are expected to conclude by Wednesday, Oct. 10, 2007.

The proposed contract came about Sept. 26, 2007, at 3:05 a.m.
after a marathon bargaining session while thousands of UAW GM
members showed their solidarity on the picket line.  Asked
whether a unanimous vote from the council was the goal of the
meeting, Mr. Gettelfinger, flanked by UAW Vice President Cal
Rapson and the rest of the UAW GM National Negotiating
Committee, said what was most important was explaining the
critical details of the contract language so that everyone
understood it.

But, he added, the committee was gratified by the unanimous show
of support.

"We have to say we all feel pretty good since we did get it,"
Mr. Gettelfinger said.

Mr. Gettelfinger held off on the majority of the details of the
contract, preferring to allow UAW presidents and bargaining
chairs to explain it to the membership.  But, in response to
media questions about the new Voluntary Employee Beneficiary
Association fund that has been in the news so much, he said he
wanted to assure retirees that their health care was secure in
the near and long-term future.

"Health care is in a crisis in this country," Mr. Gettelfinger
said.  "Our retirees will be protected under this VEBA."

           GM Regularly Scheduled Production Resumes

As a result of the tentative agreement, all GM North America
manufacturing plants resumed regularly scheduled production
operations beginning second shift Wednesday, Sept. 26, 2007.

Production at the GM Powertrain Windsor Transmission plant in
Canada went down on Monday, Sept. 24, 2007, due to the strike in
the US.  The plant resumed production beginning first shift,
Thursday, Sept. 27, 2007.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Fitch Ratings has affirmed and removed the Issuer Default Rating
and debt ratings of General Motors from Rating Watch Negative
following the announcement that GM has reached an agreement on a
new contract with the United Auto Workers.   Fitch currently
rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior
unsecured 'B-/RR5'.  GM's Rating Outlook is Negative.

As reported in Troubled Company Reporter on Sept. 26, 2007,
Moody's Investors Service is maintaining its current ratings of
General Motors Corporation -- B3 Corporate Family, Caa1 senior
unsecured and Ba3 senior secured, and Negative Outlook following
the announcement of a strike against the company by the United
Auto Workers Union.

Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings placed
General Motors Corporation's 'B' issuer default rating, 'BB/RR1'
senior secured debt rating; and 'B-/RR5' senior unsecured debt
rating on Rating Watch Negative.


ICICI BANK: High Attrition Cues Bank to Partner with Academe
------------------------------------------------------------
In an effort to combat high attrition rate, ICICI Bank Ltd has
tied up with Manipal Academy for Banking and Insurance for a
Probationary Officer Program, Mahalakshmi Hariharan of Daily
News & Analysis reports.

According to the report, the bank is currently facing almost 20%
in attrition rate.  "Being a part of the services industry,
shortages are bound to happen.  High attrition and rising wage
costs is putting pressure on us," DNA quotes K. V. Kamath,
managing director and CEO, as saying.

ICICI Group said in a press release that it signed a Memorandum
of Understanding with Manipal Academy to expand the horizons of
learning by offering specialized banking and insurance skillsets
to graduates.

The ICICI Manipal Academy will expand the pool of industry
ready resources and generate inclusive employment opportunity to
capable, young graduates.  As part of this, ICICI launched the
Probationary Officer Program, which is expected to commence by
the end of next month.

The one-year residential program is aimed to acculturize the
students into ICICI Group ethos and work ethics, the release
explains.  Post the training the students will be awarded a Post
Graduate Diploma in Banking & Insurance and absorbed in a
managerial position at ICICI group.

DNA says ICICI Bank plans to recruit 20,000-30,000 students
yearly.

ICICI Bank Ltd(NYSE:IBN) is India's second largest bank and its
largest private sector bank with over 50 years presence in
financial services and with assets of over US$88 billion as of
June 30, 2007.  The Bank offers a wide range of banking products
and financial services to corporate and retail customers through
a variety of delivery channels and through its specialized
subsidiaries in the areas of investment banking, life and non-
life insurance, private equity and asset management. ICICI Bank
is a leading player in the retail banking market and services
its large customer base through a network of over 950 branches
and extension counters, 3,516 ATMs, call centers and Internet
banking (http://www.icicibank.com)to ensure that customers have
access to its services at all times.

ICICI Bank set up the International Banking Group in the year
2002 to implement a focused strategy for its international
banking business.  Within a short span of five years ICICI
Bank's international presence has come to span 18 countries and
includes: wholly owned subsidiaries in the United Kingdom,
Canada and Russia; offshore banking units in Singapore and
Bahrain; an advisory branch in Dubai; branches in Sri Lanka,
Hong Kong, Belgium and Qatar; and representative offices in the
United States, China, United Arab Emirates, Bangladesh, South
Africa, Indonesia, Thailand and Malaysia.

                         *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.
ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


ICICI BANK: Launches Floating Rate for Car Loans
------------------------------------------------
ICICI Bank Ltd has launched the Floating Rate Repayment Product
for Car Loans, Commercial Vehicles Loans, Construction Equipment
Loans and Professional Equipment Loans from September 2007.

With this, ICICI Bank becomes the first from among the Private
Banks and NBFCs to offer this product to retail loans customers.
ICICI Bank is the market leader in the Vehicle Loan space
including - Car Loans, Commercial Vehicle loans and Two
Wheeler loans.  With the scorching pace of the auto industry,
the Bank found it essential to launch a product which will give
more options to customers and is the only private bank giving
customers the choice of a Floating or Fixed rates for loan
products of Car, Commercial Vehicle, Construction Equipment and
Professional Equipment.

The floating rate that the Bank is offering is linked to the
Floating Reference Rate-FRR, the benchmark used by the Bank for
pricing floating rate loans to its retail customers.

Currently, the floating rate is available to customers at 50 bps
lower than the equivalent fixed rate product.

Customers must also keep in mind that in the auto loan market,
the customer rates vary as at times there are special incentives
and discounts available from the manufacturers, or dealers and
finance commission.

N.R. Narayanan, Head-Vehicle Loans, ICICI Bank said "It is our
constant endeavor to provide customers the best possible options
to meet their financing requirements.  With Floating Rate Loans
we are taking another step in the direction of providing
innovative solutions to the customer.  We expect Floating Rate
Loans to appeal to customers who hold a positive outlook on the
interest rates."

ICICI Bank Ltd(NYSE:IBN) is India's second largest bank and its
largest private sector bank with over 50 years presence in
financial services and with assets of over US$88 billion as of
June 30, 2007.  The Bank offers a wide range of banking products
and financial services to corporate and retail customers through
a variety of delivery channels and through its specialized
subsidiaries in the areas of investment banking, life and non-
life insurance, private equity and asset management. ICICI Bank
is a leading player in the retail banking market and services
its large customer base through a network of over 950 branches
and extension counters, 3,516 ATMs, call centers and Internet
banking (http://www.icicibank.com)to ensure that customers have
access to its services at all times.

ICICI Bank set up the International Banking Group in the year
2002 to implement a focused strategy for its international
banking business.  Within a short span of five years ICICI
Bank's international presence has come to span 18 countries and
includes: wholly owned subsidiaries in the United Kingdom,
Canada and Russia; offshore banking units in Singapore and
Bahrain; an advisory branch in Dubai; branches in Sri Lanka,
Hong Kong, Belgium and Qatar; and representative offices in the
United States, China, United Arab Emirates, Bangladesh, South
Africa, Indonesia, Thailand and Malaysia.

                            * * *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.
ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


QUEBECOR MEDIA: Moody's Rates US$450 Million Senior Notes at B2
---------------------------------------------------------------
Moody's Investors Service rated Quebecor Media Inc.'s
US$450 million add-on senior unsecured note issue B2.  Ratings
on the underlying 7.75% senior unsecured notes due in March of
2016 were affirmed at the same B2 level.  At the same time,
QMI's Ba3 corporate family rating and stable ratings outlook
were affirmed.

The rating action was prompted by the September 26th
announcement of the new note issue.  Proceeds will be used to
repay a bridge loan that had been drawn to fund QMI's earlier
acquisition of Osprey Media Income Fund, a publicly traded
publisher of community newspapers and magazines for an aggregate
purchase price of about CDN$575 million (including assumed
debt).  The new note issue is neutral to the company's
consolidated debt profile and had been contemplated in the
prevailing Ba3 CFR.  Accordingly, the CFR and stable outlook are
affirmed.  However, the notes issue causes QMI's waterfall of
debts to be adjusted and necessitates ratings adjustments on
certain existing instruments.

Downgrades:

Issuer: Quebecor Media, Inc.

   -- Senior Secured Bank Credit Facility (unchanged at B1),
      Downgraded to LGD5-74 from LGD4-67

   -- Senior Unsecured Regular Bond/Debenture (unchanged at
      B2), Downgraded to LGD5-89 from LGD5-87

Issuer: Sun Media Corporation

   -- Senior Secured Bank Credit Facility (unchanged at Baa3),
      Downgraded to LGD1-07 from LGD1-04

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Ba2 (LGD3-33) from Ba1 (LGD2-26)

Issuer: Videotron Ltee

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Ba2 (LGD3-33) from Ba1 (LGD2-26)

Withdrawals:

Issuer: Quebecor Media, Inc.

   -- Senior Unsecured Regular Bond/Debenture, Withdrawn
      (cancelled two-tranche issue), previously rated B2
      (LGD5-87)

Other important rating influences include expectations of
continued top-line and cash flow growth resulting from robust
activity at QMI's cable subsidiary Videotron Ltee.  In turn,
this results from the successful bundled deployment of its cable
telephony product, and is expected to be the key driver behind
improved cash generation over the next several quarters.

In addition, capital expenditures on new printing presses at
QMI's Sun Media Corporation newspaper subsidiary are largely
complete.  The related cash drain should be replaced by margin
gains as cost savings from more efficient presses are
internalized.  It is also noted that QMI's consolidated
operations are strengthened by the diversity contributed by its
smaller entertainment, broadcasting and internet portal
operations, particularly TVA Inc, the largest French broadcaster
in North America.

There are several factors that provide offsetting influences,
the first of which is the company's desire to grow more quickly
than organic expansion will facilitate.  The Osprey transaction
is manifestation of this.  In addition, QMI has indicated that
it wants to be a consolidator in the newspaper segment and has
also discussed being a potential bidder in the pending Canadian
radio spectrum auction.

Should the company be a successful bidder, even should the CRTC
mandate things such as incumbent tower sharing and roaming so as
to provide new entrants with the best possible opportunity for
success, it is likely that significant cash flow will be
required to be allocated for several years in order to build a
credible business.  In addition, Videotron has ongoing network
capital expenditure requirements that will consume cash flow,
and income tax is expected to provide meaningful leakage within
two years.

Lastly, QMI has shareholders that expect cash returns, and it is
expected that cash dividends will be declared should cash flow
be available.  The confluence of these influences offsets the
positive momentum provided by Videotron's results and causes the
ratings outlook to remain stable.

Headquartered in Montreal, Canada, Quebecor Media Inc. is a
privately held leading Canadian media holding company.  Through
its operating companies, QMI has activities in cable
distribution, business, residential and mobile wireless
telecommunications, newspaper publishing, television
broadcasting, book, magazine and video retailing, publishing and
distribution, music recording, production and distribution and
new media services.

QMI is 54.7% owned by Quebecor Inc, a publicly traded
communications holding company, and 45.3% owned by Capital CDPQ.
Quebecor Inc.'s primary assets are its interests in Quebecor
Media and in Quebecor World, one of the world's largest
commercial printers (B3 Negative).  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


QUEBECOR MEDIA: S&P Rates Proposed US$450MM Unsecured Notes at B
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' debt rating
to Montreal, Quebec-based Quebecor Media Inc.'s proposed
US$450 million 7.75% senior unsecured notes due 2016.  The notes
are rated two notches below the 'BB-' long-term corporate credit
rating, reflecting their junior position in the company's debt
capital structure with debt at wholly owned subsidiaries,
Videotron Ltee and Sun Media Corp. (both rated BB-/Stable/--),
ranking ahead of the proposed notes.  The ratings and outlook on
all companies are unchanged.

"The proceeds from the notes will be used to refinance the
CDN US$420 million bridge loan and related fees to fund the
acquisition of Osprey Media Income Fund, a leading publisher of
newspapers, magazines, and specialty publications in Ontario,"
said Standard & Poor's credit analyst Madhav Hari.

The debt-financed acquisition closed on Aug. 8, 2007, at
CDN US$8.45 per unit, representing an equity value of CDN US$414
million, and a total purchase price of CDN US$576 million,
including the assumption of debt outstanding.  Although the
Osprey acquisition results in weaker credit protection metrics
on a pro forma basis, credit measures remain consistent with the
rating category given pro forma adjusted debt leverage (debt to
EBITDA) of about 4x.

The acquisition of Osprey's 20 daily and 34 nondaily community
newspapers will position Quebecor Media as the largest newspaper
publisher in Canada and should improve Sun Media's newspaper
market position, which consists of eight paid urban dailies,
seven free commuter dailies, and 193 community newspapers and
specialty publications.  Although Osprey participates in the
challenging newspaper industry, it is somewhat insulated against
economic factors as its revenues are derived from the community
newspaper segment.

This segment relies less on customer subscriptions and national
advertising revenues, which tend to be more volatile than local
advertisers.  Despite some integration risk from the
acquisition, Standard & Poor's expects Quebecor Media will be
able to effectively manage the integration process, which should
take up to 12 months to complete.

The stable outlook reflects S&P's expectation that Quebecor
Media's operating assets will maintain their solid market
positions, that credit measures will be in line with the ratings
in the medium term, and that the company will successfully
manage the Osprey integration.  S&P could revise the outlook to
positive or raise the ratings if Quebecor Media improves its
financial risk profile and is able to sustain better operating
performance and stronger credit measures.  Alternatively, S&P
could revise the outlook to negative if the company fails to
meet expectations, resulting in the weakening
of Quebecor Media's operating performance and credit measures.

Headquartered in Montreal, Canada, Quebecor Media Inc. is a
privately held leading Canadian media holding company.  Through
its operating companies, QMI has activities in cable
distribution, business, residential and mobile wireless
telecommunications, newspaper publishing, television
broadcasting, book, magazine and video retailing, publishing and
distribution, music recording, production and distribution and
new media services.

QMI is 54.7% owned by Quebecor Inc, a publicly traded
communications holding company, and 45.3% owned by Capital CDPQ.
Quebecor Inc.'s primary assets are its interests in Quebecor
Media and in Quebecor World, one of the world's largest
commercial printers (B3 Negative).  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


TATA STEEL: To Enter INR500-Crore Contract w/ 2 Chinese Firms
-------------------------------------------------------------
Tata Steel Limited will sign a INR500-crore contract with Anshan
Coking & Refractory Engineering and a Chinese arm of Gemany's
Koch, for the import of technology and equipment, the Business
Standard reports.

Dillip Kumar Satapathy of the Business Standard said the
equipment will be used for a 1.5 million-tonne per annum
capacity coke oven plant that will be set up at Tata Steel's
proposed six-million tonne steel facility at Kalinga Nagar in
Orissa.

ACRE will supply the main battery while Koch will provide the
machinery, the news agency relates.

The annual 1.5 million tonne coke output from the plant is
expected to meet the first phase requirement of the steel
project.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 3, 2007, Tata Steel plans to start work on the Orissa
plant in November.

According to BS, the company has already finalized technology
and equipment supply for various units of the steel project,
such as sinter plant, blast furnace, steel melting shop, slab
caster and placed orders for civil and structural packages worth
nearly INR6,000 crore.

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

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

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

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


TATA STEEL: Names Partha Sengupta as VP for Corporate Services
--------------------------------------------------------------
Tata Steel Ltd has appointed Partha Sengupta as Vice President -
-- Corporate Services of the company, with effect from Oct. 1,
2007.

The following departments will be reporting to Mr. Sengupta in
his new role:

   -- General Manager (Medical Services),
   -- Chief (Corporate Sustainability Services),
   -- Chief (Tata Football Academy and Sports),
   -- Chief (Security & Administration),
   -- Chief (Corporate Communications),
   -- Chief Resident Executives at Delhi and Bhubaneswar,
   -- Resident Executive at Ranchi, and
   -- Chief Adventure Programme, Legal Department

Mr. Sengupta has done his Bachelors in Metallurgy from IT BHU
and he joined Tata Steel as a Graduate Trainee in 1980.  In 1995
he was appointed as Commercial Manager in the Managing
Director's Office in Calcutta.  Thereafter, in 2003 he became
the Executive-In-Charge of Tata Steel's Wire Division in Mumbai.
In April 2005, he took over as the Principal Executive Officer
in the Managing Director's Office.

Additionally in 2006 he was given the responsibility of leading
the Jharkhand Steel Project.

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

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

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

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


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

ALCATEL-LUCENT: Golden Telecom Extends Broadband Capacity
---------------------------------------------------------
Alcatel-Lucent implemented a triple play capable network
solution to extend Golden Telecom's broadband network capacity.

The field-proven Alcatel-Lucent DSL solution boosts the
introduction of a wide range of multimedia and convergent
services including high-speed Internet access, voice-over-IP,
and data and video delivery, and contributes to an increase in
ARPU as well as customer satisfaction and loyalty thanks to a
high level of service provisioning.

Under the terms of a series of contracts signed in the second
quarter of 2007, Alcatel-Lucent has supplied the following
equipment from its broadband access portfolio: the 7302
Intelligent Services Access Manage, the 7330 ISAM Fiber-to-the-
Node and the 7324 Remote Unit with a total capacity of up to
33,000 DSL lines, as well as an upgrade of the existing
management system with the 5523 ADSL Work Station to manage the
DSL network elements.

"The broadband market in the CIS region is developing rapidly.
People are looking for new experiences, and operators can help
increase quality of life by providing broadband to all
citizens," said Johan Vanderplaetse, vice president for Alcatel-
Lucent in the Commonwealth of Independent States.  "Our global
experience and portfolio breadth enable us to satisfy our
customers' needs and support them as they increase the reach of
their network, while introducing new and advanced services."

With more than 165 customers deploying its ISAM product
portfolio, including 80% of the top 20 DSL operators in the
world, and more than 142 million DSL lines shipped, Alcatel-
Lucent continues to be the undisputed leader in the DSL market.
Alcatel-Lucent brings its customers the strongest product
portfolio in all access segments, substantial and ongoing
investment in innovation and technology, business consultancy
programs, and an unparalleled experience in supporting very
large, complex end-to-end deployments in all regions worldwide.

                       About Golden Telecom

Golden Telecom, Inc. is a leading facilities-based provider of
integrated telecommunications and Internet services throughout
Russia and other countries of the Commonwealth of Independent
States.  The Company offers voice, data and Internet services to
corporations, operators and consumers using its overlay network
in major cities including Moscow, Kiev, St. Petersburg, Nizhniy
Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and
Tashkent, as well as leased channels and fiber-optic and
satellite-based networks, including approximately 293 combined
access points in Russia and other countries of the CIS.  The
Company offers cellular communication services in Kiev and
Odessa.  To learn more about Golden Telecom visit web-site:
external link http://www.goldentelecom.ru/.

                       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.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed.  The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

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.


BANK DANAMON: Director Jerry Ng Sells 1.2 Million Shares
--------------------------------------------------------
Bank Danamon Director Jerry Ng sold 1.2 million shares of the
bank on Sept. 19-20, 2007, StockWatch News reports, citing the
Bank's corporate secretary, Anika Faisal.

According to the report, Mr. Ng sold 925,000 shares on Sept. 19
at price of IDR8,200 per share and 75,000 shares at IDR8,250 per
share, and 200,000 shares for IDR8.300 per share on Sept. 20.
The total value of the sale is approximately IDR9.864 billion.

As of August 2007, the majority shareholder of Bank Danamon --
which reportedly will merge with BII -- was Asia Financial
(Indonesia) Pte Ltd c/o Hongkong and Shanghai Bank, which held
3,424,842,220 shares (68.26%) of the bank's total shares that
reach 5,017,128,400, the report adds.

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

The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Fitch Ratings upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:

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

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.

On May 8, 2007, Moody's Investors Service published the rating
results for Bank Danamon as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

The specific ratings changes are as follows:

      * BFSR is changed to D with a positive outlook from D-

        -- This action also concludes a review for possible
           upgrade on the BFSR initiated on July 4, 2006

      * Foreign Currency Deposit Ratings are unchanged at B2/Not
        Prime

      * Foreign Currency Debt Rating for subordinated
        obligations is unchanged at Ba3.

        -- Foreign Currency Deposit and Foreign Currency Debt
           Ratings have positive outlooks in line with the
           outlook on the country's sovereign ratings outlook


EXCELCOMINDO PRATAMA: Moody's Affirms Ba2 LCC Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed PT Excelcomindo Pratama
Tbk's Ba2 local currency corporate family rating and its Ba3
foreign currency bond rating.  The outlook on the local currency
rating remains positive, while the foreign currency bond rating
is on review for possible upgrade, which is in line with the
review of Indonesia's country ceiling.

This affirmation follows Moody's decision to place on review for
possible downgrade the A2 rating of Telekom Malaysia, XL's major
shareholder, following TM's disclosure of its planned demerger
of its domestic fixed-line and broadband business from its
domestic and overseas cellular operations.  As part of the
transaction, TM's ownership in XL will be transferred to the
newly established RegionCo.

The affirmation reflects Moody's expectation that XL will
continue to benefit from the support of RegionCo given the high
level of ownership.  While RegionCo will be an unrated entity,
Moody's believes its operating and financial profile post
demerger will not deteriorate to a level that will affect the
current 2-notch uplift provided to XL's Ba2 rating.

XL's near-term key rating drivers continue to be its standalone
credit fundamentals. The current positive outlook reflects XL's
record of successfully holding onto its market position despite
the highly competitive nature of the industry.  It also takes
into account the company's skill at executing a significant
debt-funded capex program whilst maintaining leverage and
coverage ratios above its rating level.

XL's rating also factors in a capital expenditure plan in excess
of US$1.1 billion over the next 3 years.  This is to expand its
2G network and has been driven by a forecasted growth in
subscriber numbers, particularly beyond Java.  This capex plan
will result in continued negative free cash flow and is to be
funded by a mixture of operating cash flow and debt.

Upward rating pressure could emerge should XL maintain adjusted
debt/adjusted EBITDA below 3.0-3.5x on a sustainable basis.
Moody's would also look for XL to maintain its market share
without damaging EBITDA margins such that they remain above 40%;
and for retained cash flow/adjusted debt to remain in excess of
20%.

Downward pressure on the rating is unlikely given the positive
outlook.  However the outlook could revert to stable should
there be any material deterioration in XL's underlying credit
strength.  This could arise from diminishing operating margins,
weaker operating cash flow or rising FX risk - all of which may
be reflected in a ratio of adjusted debt/adjusted EBITDA rising
above 4.0x or retained cash flow/adjusted debt falling below
20%.

In addition, Moody's would consider any reduction in RegionCo's
shareholding post demerger as having potentially negative
consequences for XL's rating, since it may impact the support
and the resultant rating uplift.

                     About Excelcomidndo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.


EXCELCOMINDO PRATAMA: Parent to Split Mobile & Fixed-Line Units
---------------------------------------------------------------
PT Excelcomindo Pratama Tbk's parent firm Telekom Malaysia Bhd
plans to separate its mobile and fixed-line businesses, The Wall
Street Journal reports.

According to Agence France-Presse, under the plan, a unit of
Telkom Mayalsia TM International Sdn Bhd will take over
Telekom's domestic mobile operators and non-Malaysian
businesses.  The unit will also seek a listing on Bursa
Malaysia.  Telekom will hold remaining businesses comprising
fixed-line voice, data and broadband services and other
telecommunication and non-telecommunication related businesses,
AFP adds.

Telekom will retain its existing main board listing on Bursa
Malaysia, holding the group's fixed-line, voice, data and
broadband operations, which are worth an estimated
MYR12.33 billion, or about US$3.6 billion, WSJ says.  Telekom
will be strip off two-thirds of its earnings and hinges future
profit growth for domestic operations on partnering with the
government in a MYR15.2-billion national high-speed Internet
network project, WSJ notes, citing analysts.

AFP says that TM International Sdn Bhd will hold stakes in eight
mobile service providers including Celcom in Malaysia, PT
Excelcomindo Pratama in Indonesia, Sri Lanka's Dialog Telekom,
Spice Communications in India and TM International Ltd in
Bangladesh.

Telekom Chief Executive Officer Abdul Wahid Omar said that final
terms of the demerger will be disclosed in December and the
exercise likely to be completed by June next year, AFP adds.

                       About Excelcomidndo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 24,
2007, that Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long- term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch has affirmed the 'BB-' rating on its senior
unsecured notes programme.

A Feb. 7, 2007 report by the TCR-AP stated that Moody's
Investors Service revised the outlook to positive from stable on
Excelcomindo Finance Company B.V.'s Ba3 foreign currency senior
unsecured bond rating.  The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.  This
rating action follows Moody's decision to revise the rating
outlook on Indonesia's Ba3 foreign currency sovereign ceiling to
positive.  At the same time, Moody's affirmed the Ba2 local
currency corporate family rating of Excelcomindo Pratama.  The
outlook for the rating remains stable.


GARUDA INDONESIA: To Reopen Denpasar-Nagoya Route in Early June
---------------------------------------------------------------
PT Garuda Indonesia will reopen its Denpasar-Nagoya route
beginning in June 2008 using Airbus 330s, Antara News reports.

The Denpasar-Nagoya route was closed following two deadly Bali
bombings in 2002 and 2005, which caused a negative impact on the
tourist industry in the resort island, the report recounts.

M. Arif Wibowo, Garuda's regional manager for Japan, South
Korea, China and the United States, said the decision to reopen
the route was made based on a market research which showed the
cargo business potential on the route was big.   Mr. Wibowo told
Antara that his office would send officials to Bali later this
week to hold a meeting with the business community in Bali and
to Nagoya in October for the same purpose.

Garuda is currently flying a Tokyo-Denpasar-Jakarta route every
day and an Osaka-Denpasar route five times a week, the report
adds.

                      About Garuda Indonesia

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

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

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

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

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


SEMEN GRESIK: Moody's Assigns Ba2 Local Currency Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 local currency
corporate family rating to PT Semen Gresik (Persero) Tbk.  At
the same time, Moody's has assigned the company a national scale
rating of Aa2.id.  The outlook for both ratings is stable. This
is the first time that Moody's has assigned ratings to SGG.

"SGG's ratings mainly reflect its dominant position in a growing
domestic cement market - with a 46% share of market revenue - as
well as its strong operating and financial profile, as evidenced
by high margins and relatively low gearing," says Laura Acres, a
Moody's VP/Senior Analyst.

"The dominant position has also been supported by its strong
brand equity and established nationwide distribution capacity,
particularly for retail 'bagged' sales", says Acres, also
Moody's lead analyst for SGG.

"Furthermore, the company benefits from its proximity to and
assured long-term supply of raw materials, as well as ready
access to centers of demand," says Acres, adding, "This
situation has allowed it to implement regional pricing
strategies and leverage demand elasticity."

"Such factors have also helped SGG maintain relatively strong
margins and profitability which, combined with its relatively
low leverage, have resulted in favorable credit metrics," says
Acres.

However, the above factors are partially offset by the company's
lack of product and market diversification. As a consequence,
SGG is exposed to economic, social and political pressures in
Indonesia as well as the inherent cyclicality of the
construction materials industry.

The ratings also incorporate execution risk with regard to SGG's
large debt-funded plant expansion program and the expected
increase in its financial leverage.  The projected Debt/EBITDA
of 2-3x and EBITDA/Interest of 3-4x over the next 2-3 years more
appropriately position the company at the current rating level.

As SGG is 51% owned by the Indonesian government (B1/on review
for possible upgrade), Moody's overlays the company's standalone
credit strength with a joint default analysis for government-
related issuers.  This involves estimating the likelihood that
in the event of impending failure, the government would assist
sufficiently to prevent default.  Moody's has assigned a medium
level of support and dependency to SGG under this approach,
which has no impact on the Ba2 rating.

The rating outlook is stable, reflecting Moody's expectation
that SGG will maintain its dominant position in the domestic
market and sound financial profile in the near to medium term.

Upward pressure on the ratings would emerge should the company
maintain its large market share without any material erosion of
its operating margins, successfully execute its expansion plan,
and achieve positive free cash flow on a consistent basis.

On the other hand, downward pressure could emerge should SGG's
underlying credit strength deteriorate, such that market share
falls below 35-40%, operating margin drops to below 20-23%
and/or Debt/EBITDA exceeds 3-3.5x as a result of higher-than-
expected debt usage.

Any change in the Indonesian government rating or support level
would have no impact on SGG's rating.

                        About Semen Gresik

SGG is the largest cement player in Indonesia with a 46% market
share.  It has a total production capacity of 16.9 mtpa with
facilities located in Tuban (East Java), Padang (West Sumatra)
and Tonasa (South Sulawesi).  As of June 2007, SGG was 51% owned
by the government and 24.9% by the Rajawali Group, with the
remaining shares publicly held.


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

FORD MOTOR: Terra Firma Eyes Jaguar & Land Rover Brands
-------------------------------------------------------
Terra Firma Capital Partners Limited has joined the bid for Ford
Motor Company's Jaguar and Land Rover brands as Guy Hands,
Terra's head, requested Thursday for Ford's sale documents and
started to accomplish due diligence for the bid, the Financial
Times reports, citing people familiar with the matter.

Ford, according to the report, expects indicative bids this
month.  The car maker seeks to finalize the sale deal by
December or early next year.

As reported by Reuters last week, citing sources familiar with
the matter, Ford's Jaguar and Land Rover brands still has four
potential buyers left after two Indian firms, Mahindra &
Mahindra and Cerberus, quit the buying race.

The four remaining suitors, according to Reuters' sources, are
One Equity Partners, Ripplewood, Tata Motors and TPG, but these
firms are yet to complete the due diligence.

The Troubled Company Reporter said June 13, 2007, that Ford
employed help from investment banks including Goldman Sachs,
HSBC and Morgan Stanley to explore the sale of its two British
luxury brands, which had lost US$12.6 billion last year.

In August, an International Herald Tribune report said Ford's
financial and legal advisers have begun preparing information to
facilitate due diligence for potential bidders of the two
marques as Ford hopes to reach a tentative deal by the end of
September.

Ford expects to finalize the sale deal by December or the early
stages of Fiscal Year 2008, Lewis Booth, EVP of Ford's European
units, said, according to Breaking News.ie.

                      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.

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

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


MITSUBISHI MOTORS: Shares Rise Due to Forecast Revision
-------------------------------------------------------
Mitsubishi Motors Corp. jumped the most since December 5, 2005,
on the Tokyo Stock Exchange after it tripled its operating
profit forecast, Naoko Fujimara writes for Bloomberg News.

Mr. Fujimara conveys that Mitsubishi rose as much as 7.4% to
JPY188 as of 10 a.m. on October 1, 2007, gaining a second
consecutive trading day after it raised its first half forecast.

The Troubled Company Reporter-Asia Pacific reported on Oct. 1,
2007, that Mitsubishi Motors revised its first-half consolidated
results reflecting recent trends in its corporate performance.
The TCR-AP stated that revenue forecast has been changed to
JPY1.3 million, or an 8.5% increase from the previous forecast
of JPY1.2 million.  Operating income is expected to soar to
JPY15.0 million, a 200% climb from the previous JPY5.0 million
initial forecast.

According to Shinko Securities Co. equity strategist Tsuyoshi
Segawa, "The company is attracting investors with a higher
profit outlook."

Bloomberg relates that Mitsubishi benefited from the rising
demand for its Outlander sport-utility vehicle and Lancer sedan
in the U.S and Europe.

                     About Mitsubishi Motors

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

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

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

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


* Japan's Auto Production Up 6.4% in August, Says JAMA
------------------------------------------------------
Japan Automobile Manufacturer's Association said that vehicle
output for Japan rose 6.4% year-on-year to 864,285 units in
August, AFX News Limited reports.

In what is considered to be the first rise in three months,
Japanese automakers intensified production to compensate for the
loss of output in July when a major earthquake damaged the plan
of a key supplier of engine components, and forced all
automakers to suspend the assembly for several working days,
conveys AFX.

According to the report, car output rose 7.8% to 731,761 units,
while truck production fell 1.5% to 124,494.  Bus output rose
18.2% to 8,030.

Exports, states AFX, rose 12.9% to 508,156 vehicles, while
domestic shipment dropped 3.3% to 47,307 units.

Cars with engines larger than 2000 cc is up 26.9% as compared to
the previous year to 437,215 units, while cars with engines of
1000-2000 cc, rose 13.8% to 196,169 units, notes AFX.

Reportedly, mini-cars were down 7.7% to 98,377 units, standard
truck up 4.6% to 98,377, small trucks down 9.3% to 28,955 and
mini-trucks are also down by 4.0% to 37,590.


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

DASTEK CO: Acquires 30.1% Stake in Korea-Based Company
------------------------------------------------------
Dastek Co., Ltd., has acquired a 30.1% stake in another Korea-
based company, Reuters reports.

According to the report, the company specializes in the
provision of Nano and optical technologies.

The news agency did not reveal the name of the Korean-based
firm.

Based in Gyeonggi Province, Korea, Dastek Co., Ltd. --
http://www.dastek.co.kr/-- specializes in the manufacturing of
electromagnetic devices.  The company produces two main
products: materials for electromagnetic devices, including coils
and molds, and electromagnetic devices, including capacitors and
varistors.

Korea Ratings placed a 'B' rating on the company's
KRW1.0-billion bonds with warrants issue effective on June 30,
2006.


HYNIX SEMICON: Ups Production of 1-Gigabit DRAM Chips to 60%
------------------------------------------------------------
Hynix Semiconductor Inc. will increase the production of the
over 1-gigabite dynamic random access memory to 60% of its total
DRAM output by the end of the year to produce more profitable
advanced chips, the Korean Times reports.

A spokesman told The Times that they revised the portion of over
1-gigabit chips from the current 10% to meet soaring demand from
contracted clients seeking high-capacity chips.

The decision came after the South Korean chipmaker stopped
selling DRAM chips from September through spot markets to tackle
falling prices, the report adds.

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

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

                          *     *     *

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

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

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

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


HYNIX SEMICONDUCTOR: Signs MOU w/ Ovonyx for Phase-Change Memory
----------------------------------------------------------------
Hynix Semiconductor and Ovonyx entered into a long-term license
agreement for memory products under Ovonyx' patents and
intellectual property relating to phase-change memory
technology.

Ovonyx noted that its PCRAM technology uses a reversible PCM
process that provides high-performance and dense array-addressed
semiconductor memory technology that can be used as cost-
effective flash and DRAM memory replacements, as well as in
embedded applications such as microcontrollers and
reconfigurable MOS logic.

Besides Hynix, Ovonyx inked a similar PCM licensing agreement
with Qimonda in early January 2007.  Qimonda has tied up with
IBM and Macronix International Company on the development of PCM
that has proven to be applicable in sub-20nm geometries.

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

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

                          *     *     *

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

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

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

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


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

STAR CRUISES: Sells SuperStar Gemini for Fleet Optimization
-----------------------------------------------------------
Star Cruises Ltd is selling SuperStar Gemini in the following
weeks to its unnamed new owner, The Edge Daily reports, citing
the company's president, David Chua.

According to Mr. Chua, Star Cruises will charter back the vessel
from the new owner until December 2008 to continue offering her
cruise itineraries.

In addition, Mr. Chua explained: "The sale is part of the
company's fleet optimization plan in line with the realization
of new growth opportunities in the region. . . Such a need to
sell or replace selected ships in the fleet will occur as and
when opportunities from potential buyers arise to enable us to
acquire bigger, better vessels as well as to renew and further
enhance our products and services to better cater to our guests'
needs."

                        About Star Cruises

Malaysia-based Star Cruises Limited --
http://www.starcruises.com/-- is a company publicly listed in
Hong Kong and is a core member of the Genting Group and 36.1%
owned by Resorts World, which is, in turn, 57.7% owned by
Genting Berhad.  Star Cruises operates 22 ships with 35,000
lower berths under five main brands: Star Cruises and Cruise
Ferries, which service Asia Pacific, and three brands under NCL.

Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications.  The ratings were placed on CreditWatch on Dec.
11, 2006, following the announcement that Genting International
PLC had won its SD$5.2 billion bid to build Singapore's second
integrated resort on Sentosa Island.

Moody's Investors Service, on August 20, 2007, put on review
theB1 corporate family rating of Star Cruises Limited with
direction uncertain.

The review has been prompted by the announcement that private
equity group, Apollo Management, LP, has agreed to make a US$1
billion cash investment in NCL for a 50% equity interest, with
SCL continuing to own the remaining 50% stake.  Apollo will name
a majority of the NCL board while certain consent rights will be
retained by SCL.  The cash proceeds will be used to repay NCL's
existing debts and fund upcoming new builds.


TALAM CORP: Securities Commission Rejects Reform Plan
-----------------------------------------------------
Talam Corporation Bhd failed to gain the approval of the
Securities Commission to implement its various reform plan
proposals, the company said in a disclosure with the Bursa
Malaysia Securities Bhd.

According to Talam, the commission did not approve the proposed
regularization plan based on these factors:

    (i) Talam will not immediately turnaround post-restructuring
        based on the financial forecast and projections
        submitted;

   (ii) substantial accumulated losses of MYR156 million remain
        post restructuring;

  (iii) the proposals appear to benefit the creditors more than
        the minority shareholders of Talam as the shareholders
        will be undergoing a capital reduction exercise whilst
        none of the creditors will be taking a 'hair-cut' on the
        amount owing to them by Talam;

   (iv) upon completion of the restructuring scheme, Abrar
        Discounts Berhad ("ADB") will hold 36.3% equity interest
        in Talam.  There is uncertainty over the possible
        emergence of a new substantial shareholder which would
        have an impact on the direction of Talam moving forward
        as at this juncture, it is not known if ADB will dispose
        its interest in Talam or the identity of the potential
        buyer of the block of shares held by ADB; and

    (v) there is no clear indication that IJM Corporation Berhad
        ("IJM") is acting as a 'white-knight' to Talam's
         restructuring scheme given that, inter-alia,:

        -- IJM would not be a substantial shareholder in Talam
           pursuant to the restructuring scheme.  IJM's
           effective interest in Talam, via its shareholding in
           Kumpulan Europlus Berhad, is minimal; and

        -- IJM is involved only in selected stalled projects of
           Talam.

Talam said it will appeal the commission's decision.


Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of  Talam
Corporation for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from Sept. 1, 2006.


TALAM CORP: Bursa to Suspend Securities Trade on October 4
----------------------------------------------------------
The Bursa Malaysia Securities Bhd will suspend the trading of
Talam Corp. Bhd's securities on October 4, 2007, after the
Securities Commission rejected its regularization plan
proposals.

Talam received the decision of the commission to shelve its
reform plan proposals on Sept. 25, 2007.

In addition to the imposition of suspension, Bursa Securities
has also commenced delisting procedures against the company.
Talam has been served with a notice by Bursa Securities on
September 28, 2007, to make representations to Bursa Securities
as to why its securities should not be delisted from the
Official List of Bursa Securities.


Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter - Asia Pacific reported on Sept.
11, 2006, that based on the Audited Financial Statements of
Talam Corporation for the financial year ended January 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from Sept. 1, 2006.


TAP RESOURCES: Equity Deficit Totals MYR2.67 Million at April 30
----------------------------------------------------------------
Tap Resources Bhd's balance sheet as of April 30, 2007, showed
insolvency with equity deficit of MYR2.67 million on total
assets of MYR41.24 million and total liabilities of
MYR43.92 million.

As of April 30, the company's unaudited balance sheet also
reflected strained liquidity with current assets of
MYR2.32 million and current liabilities of MYR43.91 million.

For the full-year ended April 30, 2007, the company posted a net
loss of MYR26.35 million on revenues of MYR4.23 million as
compared with a net loss of MYR6.57 million on revenues of
MYR9.23 million in the 2006 financial year.

Tap also posted a net loss of MYR22.24 million on revenues of
MYR414,000 in the fourth quarter ended April 30, 2007, compared
with a net loss of MYR3.39 million on MYR362,000 of revenues in
the same period in 2006.


TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
("LR"), for the nine (9) months financial results ended
January 31, 2006 and a default in payment by TAP and it is
unable to provide a solvency declaration.  Both the foregoing
qualifies the company to be classified as a PN17 company.


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

AIR NEW ZEALAND: Passes Resolution to Approve Boeing Transaction
----------------------------------------------------------------
Air New Zealand Ltd disclosed that one of the resolutions passed
in the shareholders meeting on Sept. 28 was one seeking approval
for the Boeing transaction, a part of the carrier's plans to
shift to a Boeing 777 and 787 long-haul fleet by 2013.

The transaction will include acquisition of eight additional
Boeing 787-9 aircraft and three additional Boeing 777-300ER
aircraft, ANZ Chairman John Palmer in the meeting.

"The Boeing 787-9 and 777-300ER will allow us to fly further
than ever before," Mr. Palmer told the shareholders during the
meeting.  "These aircraft will be capable of operating to
destinations such as South America, deep into Asia and to some
inland US cities.  They will essentially broaden our reach and
allow us to access new markets."

Mr. Palmer further believes the new fleet will ensure ANZ that
it is "at the forefront of operational competitiveness."

The 787-9 and 777-300ER reportedly offer more than 16% fuel
efficiency over the predecessors in the carrier's fleet.  The
fuel, as percentage on ANZ's operating cost in long-haul
flights, has risen to 50% from 30% five years ago, Mr. Palmer
points out.

The other resolutions passed at the meeting are:

   -- re-election of John McDonald and Jane Freeman as
      directors;

   -- election of Jim Fox as a director; and

   -- approval of directors' remuneration.

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


AZURA HOLDINGS: Court to Hear Wind-Up Petition on November 22
-------------------------------------------------------------
A petition to have the operations of Azura Holdings Ltd. wound
up will be heard before the High Court of Auckland on Nov. 22,
2007, at 10:00 a.m.

Minter Ellison Rudd Watts filed the petition on July 23, 2007.

Minter Ellison's solicitor is:

         Z. G. Kennedy
         Lumley Centre, Level 20
         88 Shortland Street
         PO Box 3798, Auckland 1140
         New Zealand


BAY RETAINING: Appoints Brown and Rodewald as Liquidators
---------------------------------------------------------
On September 3, 2007, Kenneth Peter Brown and Thomas Lee
Rodewald were appointed as liquidators of Bay Retaining Ltd. and
Bay Retaining Walls Limited.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz


DUNTULM FINANCE: Fixes October 5 as Last Day to File Claims
-----------------------------------------------------------
Stephen Kim Bennett and Timothy John Hoyle were appointed
liquidators of Duntulm Finance Ltd. on September 3, 2007.

Messrs. Bennett and Hoyle require the company's creditors to
file their proofs of debt by October 5, 2007.

The Liquidators can be reached at:

         Stephen Kim Bennett
         Timothy John Hoyle
         c/o Steve Bennett Associates
         PO Box 627, Whangarei
         New Zealand
         Telephone:(09) 438 2312
         Facsimile:(09) 438 2912
         e-mail: info@sba.net.nz


FERGUSON FIELDS: Court Enters Wind-Up Order
-------------------------------------------
On September 3, 2007, the High Court at Christchurch entered an
order directing the wind up of Ferguson Fields Ltd.'s
operations.

Iain Andrew Nellies and Wayne John Deuchrass were appointed
liquidators.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


FISH MARKET: Creditors Receive Wind-Up Report
---------------------------------------------
The creditors of Fish Market Holdings Ltd. met on September 21,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         G. S. Rea
         c/o Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099


MITCHELLTON FARM: Enters Liquidation Proceedings
------------------------------------------------
Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators of Mitchellton Farm Ltd. on September 3,
2007.

The company entered liquidation proceedings on that day.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         c/o Insolvency Management Limited
         Burns House, Level 3
         10 George Street PO Box 1058, Dunedin
         New Zealand


QUALITY CARNATION: Commences Wind-Up Proceedings
------------------------------------------------
Quality Carnation Ltd. went into liquidation on September 6,
2007.

Creditors who were not able to file their claims by the Oct. 1
due date will be excluded in the company's dividend
distribution.

The company's liquidator is:

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


REFINERY CAFE: Requires Creditors to File Claims by Oct. 5
----------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were appointed
liquidators of Refinery Cafe Ltd. on September 6, 2007.

Messrs. Heath and Lamacraft are accepting creditors' proofs of
debt until October 5, 2007.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


SEAROCKS CAFE: Taps Parsons and Kenealy as Liquidators
------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Searocks Cafe Ltd. on August 27, 2007.

The Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Web site: http://www.indepth.co.nz


STAGE RIGHT: Creditors' Proofs of Debt Due on Oct. 3
----------------------------------------------------
The creditors of Stage Right Ltd. are required to file their
proofs of debt by October 3, 2007, in order to be included in
the company's dividend distribution.

The company went into liquidation on September 3, 2007.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


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

APEX MINING: Appoints Fernando Agustin as VP & Resident Manager
---------------------------------------------------------------
Fernando G. Agustin has been appointed as vice president-
resident manager of Apex Mining Co. Inc. during a regular Board
of Directors meeting held on Thursday last week.

The Board also accepted Joel D. Muyco's retirement from the
company effective December 31.  Mr. Muyco is the company's
president and chief executive officer.

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

Apex Mining reported a net loss of PHP53.92 million for the year
ended Dec. 31, 2006, its biggest net loss following the
PHP30.13 million and PHP7.31 million for the years 2005 and
2004, respectively.

As of Dec. 31, 2006, the company had total assets of
PHP464.44 million and total liabilities of PHP521.58 million,
resulting in a capital deficiency of PHP57.14 million.


BANCO DE ORO-EPCI: Appoints Ramon Abasolo as VP for IT Dev't.
-------------------------------------------------------------
Banco de Oro-EPCI Inc.'s Board of Directors appointed Ramon E.
Abasolo as Senior Vice President for IT Development effective
October 15.

The Board approved the appointment during a regular meeting held
on Saturday.

                          *     *     *

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANGKO SENTRAL: Big BOP Surplus & Oil Prices May Cause Problems
---------------------------------------------------------------
The two top officials of the Bangko Sentral ng Pilipinas has
warned against possible problems that could be caused by a
potential surge in money supply in this year's last quarter and
by the continuing rise of prices in oil, the Philippine Daily
Inquirer reports.

In an interview with the Inquirer on Friday night, BSP Governor
Amando Tetangco Jr. said that the BSP will exercise careful
assessment of risks despite the benign inflation environment.
With the continuing surplus in the country's balance of
payments, Mr. Tetangco said the BSP needs to ensure the
consistency of domestic liquidity with low and stable interest
rates.  Mr. Tetangco also cited the global rise of prices of
foods items because of effects of the unpredictable weather on
production.

BSP Deputy Governor Diwa Guinigundo also said in a separate
Inquirer interview that the escalating oil prices could bear
potential ramifications on the consumer basket, especially in
transport because of the vital role played by transportation in
the sale of primary commodities like food, vegetables and meat
products.  Mr. Guinigundo also warned of possible adverse
inflation expectations in the market because of the continued
rising of oil prices.

Despite the measures put in place that reined in domestic
liquidity growth to below 20%, Mr. Guinigundo expressed
uncertainty over the trend's sustainability through the last
quarter of the year.  The large BOP surplus, he said, could lead
to pressure on inflation.

Mr. Guinigundo also said that U.S. Federal Reserve's move to cut
it rates by 50 basis points could contribute to a growth in
liquidity, since the move could drive out investments in
emerging markets like the Philippines, the report notes.

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.


BANKARD INC: Renames Credit Card Brand to "RCBC Bankard"
--------------------------------------------------------
After 25 years of existence as the pioneering brand in the local
credit card industry, Bankard is now ready to enter a more
challenging and more aggressive phase.

The credit card brand "Bankard" will be re-branded to "RCBC
Bankard" and new cards bearing this new name will be issued by
Rizal Commercial Banking Corporation, one of the top universal
banks in the country.

This re-branding to RCBC Bankard is an affirmation of the move
of banking industry stalwart RCBC to energize its consumers'
purchasing power through its credit card business.

The synergy that is created by the union of these two brands
pursues the mission of bringing greater value and benefits for
RCBC Bankard cardmembers.  It now makes RCBC Bankard better
equipped to give its cardmembers the best in technology,
services and features.  With the assurance and guarantee of
stability of an established banking institution; the experience
of a 25-year-old pioneer in the credit card industry; and
ultimately, the promise of greater and more fulfilling rewards
for cardmembers, only bigger and better things can be expected.

As Bankard President and CEO Oscar B. Biason disclosed,
"This re-branding is certainly the most exciting and
invigorating milestone for the Bankard brand.  With renewed
strength and vigor we can now actively pursue bigger and better
things for Bankard cardmembers who ultimately stand to gain from
the synergy of these two brands."  RCBC president and CEO
Lorenzo V. Tan also expressed enthusiasm for the re-branding of
the Bankard cards.  Ultimately, RCBC's vision is to restore
Bankard to its position of leadership.

"We want to reestablish Bankard as a leading brand - a position
it enjoyed in its first decade in the market.  Moreover, this
re-branding to RCBC Bankard signifies RCBC's commitment to be
more responsive to customers' changing needs amidst the changing
times, now more than ever."

Some of the unique benefits available to RCBC Bankard
cardmembers include its Installment Everywhere feature via the
Shop, Call, Convert facility that allows cardmembers to convert
any or all of their retail purchases to installment just by
calling Bankard Customer Service; and a unique catalog-free RCBC
Bankard Infinite Rewards program that allows cardmembers to
choose the rewards items they want.  RCBC Bankard also offers
the convenience of online card applications, online statement
viewing and online card payments via its website.

                     About Bankard

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard reported a net loss of PHP597.6 million for the year
ended December 31, 2006, which translated to a loss per share of
PHP1.92, the bank said in it annual financials filed with the
Philippine Stock Exchange.  The bank also had a net loss of
PHP422.4 million for the year ended December 31, 2005.


EXPORT AND INDUSTRY BANK: Board Approves MoA with IPVG Unit
-----------------------------------------------------------
Export and Industry Bank Inc.'s Board of Directors has approved
a memorandum of agreement between the bank and I-Pay Commerce
Ventures Inc. for undertaking personalized ATM card and
remittance services.

IPCV is a subsidiary of IPVG Corp.

Under the agreement, IPCV will offer i-CASH services to holders
of the bank's personalized ATM cards.  These services will
enable cardholders to transact using interconnected ATM networks
and BancNet point-of-sales terminals, and to avail of services
such as inbound fund remittances and loyalty points.

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

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

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

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


IPVG CORP: Elects Two Lawyers as Assistant Corporate Secretaries
----------------------------------------------------------------
IPVG Corp.'s Board of Directors has elected two new assistant
corporate secretaries for the company, IPVG Corp.'s disclosure
with the Philippine Stock Exchange says.

According to the disclosure, Attorney Shelah W. Famador and
Attorney Sheila Quien-Feliciano were elected to the posts during
a meeting held on Sept. 27.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


IPVG CORP: To Issue 5.5 Million Shares Through Private Placement
----------------------------------------------------------------
IPVG Corp. will issue a total of 5.5 million shares of common
stock at a subscription price of PHP8 per share through private
placement to two individuals and one company.

According to a disclosure with the Philippine Stock Exchange,
these are the details of the placement:

   * Solar Securities Inc.          2.5 million shares for
                                    PHP20 million

   * Juan Kevin G. Belmonte         2 million shares for
                                    PHP16 million

   * Gerardo Simpao Limlingan Jr.   1 million shares for
                                    PHP8 million

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


METROBANK: Moody's to Give 'Baa3' Rating for Subordinated Notes
---------------------------------------------------------------
Moody's Investors Service will assign a Baa3 rating to the
proposed issuance of Philippine Peso-Denominated Step-up
Callable Dated Subordinated Notes Due 2017, as issued by
Metropolitan Bank and Trust Company.  The rating outlook is
stable.

This rating is subject to the receipt of final documentation,
the terms and conditions of which are not expected to change in
any material way from the draft documents Moody's has reviewed.

The subordinated notes will represent direct, unconditional,
subordinated, and unsecured obligations of the bank and qualify
as Lower Tier II capital.  The notes are due in 2017 and
callable in and after 2012, 5 years from the issuance.  They
also contain a step-up interest rate feature that will be
activated in 2012 if they are not redeemed.

Upon the occurrence of a subordination event, the ranking of the
notes is subordinated to the claims of depositors and senior
creditors.

Moody's ratings for MBT reflect the bank's dominant size,
established brand name and healthy financial fundamentals.
Also, the ratings are based upon Moody's assessment that the
systemic support probability for MBT is very high.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

As reported on Nov. 6, 2006, that Moody's Investors Service
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.


NAT'L POWER: To Borrow US$7 Million for Capital Spending in 2008
----------------------------------------------------------------
In order to finance its capital expenditure program, the
National Power Corp. plans a US$7-million borrowing next year,
NAPOCOR President Cyril del Callar told the Philippine Star over
the weekend.

Mr. del Callar also said that the loan is equal to NAPOCOR's
expected borrowing for this year, and added that the company is
yet to fully borrow its requirement for 2007 since they have
enough internally-generated funds to finance its undertakings.
He also expressed optimism that they will be able to keep up
with NAPOCOR's good financial performance in the past two years,
noting that the auctioning of its assets has helped to reduce
operating expenses.

"With the prospect of most of our major power plants being
privatized, we are now formulating strategies to sustain our
profitability in 2008," he added.

According to PhilStar, Mr. del Callar specified that the said
strategies will include optimization of the company's remaining
operational power plants, as well as aggressive implementation
of the maintenance and rehabilitation programs.  NAPOCOR's
president also said they will continue to implement cost-cutting
measures, including enhancement of procurement procedures and
policies.

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

                          *     *     *

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

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

On October 25, 2006, Fitch Ratings assigned a rating of 'BB' to
the US$500 million fixed-rate notes issued by National Power
Corporation in the Philippines.


PHIL NAT'L BANK: Lucio Tan Jr. Replaces Deceased Director
---------------------------------------------------------
Lucio K. Tan Jr. has been elected as a member of the Philippine
National Bank's Board of Directors during an executive session
held on Sept. 28.

Mr. Tan has been elected to replace the late Michael A. Osmena
as director.

Philippine National Bank -- http://www.pnb.com.ph/-- is the
Philippine's first universal bank established on July 22, 1916.
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Philippine National Bank's foreign currency long-term deposit
rating of B1, local currency senior debt rating of Ba2, and
local currency subordinated debt rating of Ba3 to stable from
negative.

The TCR-AP also reported that Standard and Poor's Ratings
Services gave PNB 'B' Short-Term Foreign Issuer Credit and
Short-Term Local Issuer Credit Ratings, as well as 'B-' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings effective as of April 26, 2006.


UNION BANK: Former Senator Fills Post as Independent Director
-------------------------------------------------------------
Former Senator Ralph Gonzales Recto has been elected as
independent director of Union Bank of the Philippines, and as
member of the Bank's Audit, Compensation and Remuneration, and
Corporate Governance Committees, and as alternate member of the
Executive and Risk Management Committees.

Mr. Recto has been elected to replace Heherson Alvarez, who was
recently appointed as Chair of the Mining Authority of the
Philippines by Pres. Gloria Macapagal-Arroyo.

Union Bank of the Philippines -- http://www.unionbankph.com/--
offers a wide range of products and services to both corporate
and individual clients.  Its core businesses are payment
services, corporate cash management foreign exchange, capital
markets, corporate finance and consumer finance.  It is also
engaged in investment management, trust banking, insurance
brokerage, currency brokerage, private banking, pre-need
products marketing, investment banking and financial advisory
and real property development and marketing via Union
Properties, Inc.

Moody's Investors Service gave UnionBank a 'Ba3' Senior
Unsecured Debt and Long-Term Bank Deposits Ratings effective May
25, 2006. The bank also carries Moody's Bank Financial Strength
Rating of D with stable outlook.


UNIWIDE HOLDINGS: L. Jaucian Begins Term as New CEO
---------------------------------------------------
Ma. Luniflor B. Jaucian is now serving as Uniwide Holdings
Inc.'s chief financial officer, and as concurrent accounting
manager of the company's retailing unit, Uniwide Sales Warehouse
Club Inc.

Ms. Jaucian's appointment became effective yesterday.
Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.

The company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.

Aris Malantic at Sycip Gorres Velayo & Co. raised significant
doubt on the group's ability to continue as a going concern,
pointing out the group's continued losses and capital
deficiency.


ZEUS HOLDING: Annual Stockholders' Meeting Set for November 23
--------------------------------------------------------------
Zeus Holdings Inc. will hold its annual stockholders' meeting on
November 23, a disclosure with the Philippine Stock Exchange
says.

Only stockholders of record as of October 15 are entitled to
attend and vote at the annual meeting.

Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business.  After 15 years, the company
diversified into other businesses and closed its garment
operations.  It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company.  Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.

The company has not declared any cash dividend for the last two
fiscal years.

                          *     *     *

After reviewing Zeus Holdings Inc.'s 2006 annual financials,
Mailene Sigue-Bisnar at Punongbayan & Araullo, the company's
independent auditors, raised a significant doubt on the
company's ability to continue as a going concern, citing that:

   * the company incurred net losses of PHP498,490; PHP554,657;
     and PHP421,293 for the years 2006, 2005 and 2004,
     respectively;

   * the company has a capital deficiency of PHP1.28 million,
     PHP0.78 million and PHP1.75 million as of Dec. 31, 2006,
     2005 and 2004 respectively.


* Outstanding Foreign Loans Hit US$3 Billion in June
----------------------------------------------------
Outstanding loans granted by foreign currency deposit units of
banks have rose 5.8% to US$3.3 billion as of June 30, 2007, the
Bangko Sentral ng Pilipinas told the Philippine Daily Inquirer.

However, the FCDU loan portfolio dropped year-on-year by 15.7%
or US$606 million, the BSP said.  Majority of the FCDU loan
portfolio have short-term maturities payment terms of less than
one year, the central bank added.

The BSP revealed that granted loans in the second quarter are
US$313 million higher than the level recorded for the first
quarter.  Loan payments, the BSP said, have dropped by
US$233 million.  Of the total loan portfolio, 26% is made up of
loans by commodity/service exporters, while public utility firms
make up 15%.  From an 88% level in March 2007, private sector
borrowings now carry a share of 94% to the total FCDU loans.

The public sector now has a 6% share in the FCDU loan at June
30, 2007, due to public entities' prepayments including those
made by the BSP itself, the Inquirer relates.

                          *     *     *

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

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

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


* Nat'l Government Plans to Reduce Borrowing in 2008
----------------------------------------------------
The National Government plans to borrow less next year in a bid
to reduce dependence on local and foreign loans, the Department
of Finance revealed to the Philippine Star.

According to data provided by the DoF, the government will
borrow PHP346.18 billion next year from the domestic market, a
16.42% reduction from this year's PHP264.12 billion.  As for
foreign creditors, the government will borrow only PHP125.43
billion in 2008, 3.43% lower than the programmed PHP129.89
billion for this year.  The DoF's data also showed that the
government will issue global bonds in orer to raise PHP48
billion for funds.  Next year will also see the government
procuring official development assistance loans valuing PHP77.43
billion.

Domestic borrowing will make up for 64% of loans in 2008, the
DoF said, while the remaining will be taken up by foreign loans.
This year, domestic loans make up 67% of total borrowings, and
foreign debts make up 33%.

                          *     *     *

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

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

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


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

FLEXTRONICS INT'L: Stockholders OK Closing of Solectron Purchase
----------------------------------------------------------------
Flextronics International Ltd.'s and Solectron Corporation's
stockholders have approved the completion of Flextronics's
proposed acquisition of Solectron.  Solectron stockholders, at a
special meeting of Solectron stockholders, voted to adopt the
Agreement and Plan of Merger, dated as of June 4, 2007.
Flextronics shareholders, at the Flextronics Annual General
Meeting, approved the issuance of Flextronics ordinary shares in
the acquisition of Solectron.

As previously announced and subject to customary closing
conditions, Flextronics expects to complete its acquisition of
Solectron on Oct. 1, 2007.

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents.

The company has operations in Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2007, Moody's Investors Service assigned a provisional
(P)Ba1 rating to Flextronics International Ltd.'s proposed
US$2.5 billion unsecured term loan that will be used to finance
the cash consideration portion of the pending acquisition of
Solectron Corporation.  This provisional rating assumes a
corporate family rating of Ba1.

In addition, the rating for the proposed term loan reflect both
the overall probability of default of the company, to which
Moody's assumes a PDR of Ba1, and a loss given default of LGD 4.
All of the company's ratings remain under review for possible
downgrade pending consummation of the company's merger with
Solectron, which is expected to close in October 2007.  It is
likely that if the transaction closes as contemplated, the CFR
will be affirmed at Ba1.


FRED. OLSEN: Requires Creditors to File Claims by October 29
------------------------------------------------------------
The creditors of Fred. Olsen Renewables Private Limited are
required to file their proofs of debt by October 29, 2007, so as
to be included in the company's dividend distribution.

The company's liquidator is:

         Hamish Alexander Christie
         c/o 16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


KLS INVESTMENTS: Court Enters Wind-Up Order
-------------------------------------------
On September 14, 2007, the High Court of Singapore entered an
order directing the wind-up of KLS Investments Pte Ltd's
operations.

The company's liquidator is:

         Rajah & Tann
         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


LINDETEVES-JACOBERG: Andreas Friedrich Quits as Director
--------------------------------------------------------
On September 25, 2007, Lindeteves-Jacoberg Ltd received Andreas
Friedrich's letter indicating his resignation as the company's
Non-Independent and Non-Executive Director.

                    About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited -- http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

As of June 30, 2007, the group's balance sheet showed
SGD306 million of total assets and SGD387 million of total
liabilities, resulting in a shareholders' equity deficit of
SGD81 million.


READER'S DIGEST: Jeff Wellington Named Publisher
------------------------------------------------
On September 26, 2007, Eva Dillon, Reader's Digest Magazine's
President of RD Inspiration and Group Publisher, disclosed that
Jeff Wellington was named Publisher of the magazine.

Mr. Wellington joined the magazine from The Parenting Group
where he was President and Group Publisher, a position he held
since December 2005.  Mr. Wellington will start on October 22
and will be based in the New York office.  He will report
directly to Miss Dillon.

"We are delighted to welcome Jeff Wellington to Reader's
Digest," Ms. Dillon said.  "Jeff joins us at an exciting and
pivotal time in the magazine's evolution, as we reposition
Reader's Digest in the marketplace and ramp up for a redesign
this coming January.  His innovative approach to sales coupled
with his outstanding work ethic make him a natural for this
position.  We are very confident that he will successfully lead
the sales effort for Reader's Digest to greater heights."

Mr. Wellington joined The Parenting Group in 1998 as Associate
Publisher and earned increasing responsibilities, rising to
Publisher in 2000 and then eventually to President and Group
Publisher.  Under his leadership, Parenting posted record ad
sales growth and was named to the Adweek "Hot List" in 2005.  In
recent months, he helped spearhead The Parenting Group's
transition to new ownership after Stockholm-based Bonnier Group
acquired the group from Time Inc. in March 2007.


Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  Annual revenues approximate US$2.4 billion.

The company has offices in Australia, Hong Kong, Malaysia,
Singapore, Taiwan, and the Philippines.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service placed The Reader's Digest
Association, Inc.'s Ba1 Corporate Family Rating and Ba2 senior
unsecured note rating on review for possible downgrade.  The
review is prompted by increasing debt to fund acquisitions and
return of capital to shareholders, deterioration in cash
generation, and Moody's concern regarding the company's weakened
liquidity position.

Another TCR-AP report said that Standard & Poor's Ratings
Services placed its ratings, including the 'BB' corporate credit
and 'BB-' senior unsecured debt ratings, on Reader's Digest
Association Inc. on CreditWatch with negative implications.


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

ADVANCE PAINT: Reports Result of Warrant Exercise on Sept. 28
-------------------------------------------------------------
Advance Paint & Chemical (Thailand) PCL reports that no
shareholders converted their warrants into common shares during
the exercise scheduled on Sept. 28.

As of Friday, 62,742,954 APC-W1 warrants and 133,463,425 APC-W2
warrants remain unconverted.

These shares were issued to existing shareholders whose names
were listed in the register as of December 27, 2002.  The
warrants can be exercised every quarter at a ratio of 1 warrant:
1 common share.

Headquartered in Bangkok, Thailand, Advanced Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005. The company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Non-Performing Group Sector of the
Stock Exchange of Thailand.

                      Going Concern Doubt

After reviewing the company's 2007 second quarter and second
half financials, Atipong Atipongsakul at ANS Audit Co. Ltd.
raised substantial doubt on Advanced Paint and Chemicals
(Thailand) PCL's ability to continue as a going concern.

Mr. Atipong stated that the company continues to operate an
increased loss and has current liabilities substantially in
excess of current assets.  The Company's ability to continue
operations as a going concern is dependent on its ability to
generate sufficient profit and cash flows to serve its debts.


BANK OF AYUDHYA: Sells 3.28 Million Preferred Shares in ADCS Co.
----------------------------------------------------------------
Bank of Ayudhya PCL has sold 3,280,015 preferred shares in
Advance Die Casting Service Co. Ltd. to Chalong Arnpueng for a
total value of THB600,000.

The shares represent the 27.05% stake of ADCS that is owned by
the bank.  This is in line with its aim to decrease its
investment in non-core businesses.

ADCS is a manufacturer of parts and accessories for motor
vehicles, as well as for their engines.  It has a paid-up
capital of THB121.258 million divided 1,328,550 ordinary shares
and 10,797,300 preferred shares with par value of THB10 per
share.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating.


COMPASS EAST: Auditor Raises Going Concern Doubt Despite Profit
---------------------------------------------------------------
Compass East Industry (Thailand) PCL reported a consolidated net
profit of THB58.031 million for fiscal year ended July 31, 2007,
a turn-around from its THB385.129-million net loss reported for
the fiscal year 2006.

The company's sales for the year totaled THB175.520 million,
while cost of sales reached THB274.563 million and selling and
administrative expenses totaled THB36.093 million.  The company
recorded a gain from sale of property, plant and equipment of
THB33.176 million for the year, as well as a THB4.156-million
loss from selling off investments.  Interest expenses for the
year are at THB747,400 while income tax incurred is at
THB14,911.

As of July 31, 2007, the company had THB826.081 million in totak
assets, and THB119.619 million in total liabilities, resulting
in a THB706.462-million shareholders'equity.

                      Going Concern Doubt

After auditing the company's financial statements for the fiscal
year ended July 31, 2007, Susan Eiamvanicha at SP Audit Co. Ltd.
raised doubt on the company's ability to continue as a going
concern.

Ms. Susan said that, as a result of its suspended operations of
providing ceiling fans for one customer, the company incurred
operating losses in 2005 and 2006.  Because of this, management
decided to engage in the production of horizontal plating
machines used in electric circuits for general electric
compliance.

Ms. Susan said that the company's ability to continue as a going
concern is dependent on its ability to make profit in the
future.

                     About Compass East

Thailand-based Compass East Industry (Thailand) Public Company
Limited -- http://www.ceifan.com/-- is a manufacturing company
primarily engaged in the production and distribution of ceiling
fans under the brand names Sunlight and Aire Royale.  Its
operation activities include original equipment manufacture
(OEM) and original design manufacture (ODM).  The company
distributes its products in both domestic and overseas markets.
Headquartered in Bangkok, Compass East Industry (Thailand)
operates a production site in Samutprakan Province with a full
production capacity of 1 million units per annum. The company
has two subsidiaries, Air Royal Industries Company Limited and
Air Breeze Company Limited in China.


TOTAL ACCESS: TOT Awaits Ruling on Interconnection Charges Case
---------------------------------------------------------------
TOT PCL said it will not accept interconnection charge billings
from True Move PCL and Total Access Communications PCL until the
court issue a resolution on their access-charge dispute, the
Bangkok Post reports.

According to Supa Piyajitti, a member of TOT's board of
directors, the state-owned telecom enterprise stands ready for
whatever decisions the courts make on the dispute even if it
means a loss of THB14.7 billion in revenues every year.
However, Ms. Supa said TOT will continue to fight for the
state's interest and maintain the access-charge revenue share to
the Finance Ministry of up to THB8 billion a year.

The dispute began after both DTAC and True Move stopped paying
access charges in November 17 last year, saying that the
National Telecommunications Commission's new interconnection
charge system supersedes the concession-based access charges.
Since then, TOT filed petitions with the Administrative Court
against NTC on the implementation of the IC system and its
decision to force TOT to enter into interconnection talks with
DTAC.

The regulator had exceeded the scope of its given authority on
interconnection regulations, Ms. Supa asserted.  She also said
that DTAC and True Move cannot use the interconnection system
because they own no networks.  Thus, TOT should still be allowed
to collect access charges, she added.

Ms. Supa also said that its access charges agreements with the
operators are constitutional since they were entered into before
the Telecom Business Act was implemented.

TOT also sought clarification from CAT Telecom whether it would
shoulder the charges owed by True and DTAC, which hold CAT
concessions, and in turn sue DTAC and True Move for double
compensation for what it paid to TOT as dictated by the terms of
the original concessions.  TOT will file another petition to the
Administrative Court next week if CAT does not intend to do so,
Ms. Supa told the Post.

                       About Total Access

Total Access Communications, DTAC -- http://www.dtac.co.th/--
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Apr. 3,
2006, that Moody's Investors Service has upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concluded the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


TRUE MOVE: TOT Junks Interconnection Bills Pending Court Ruling
---------------------------------------------------------------
TOT PCL said it will not accept interconnection charge billings
from True Move PCL and Total Access Communications PCL until the
court issue a resolution on their access-charge dispute, the
Bangkok Post reports.

According to Supa Piyajitti, a member of TOT's board of
directors, the state-owned telecom enterprise stands ready for
whatever decisions the courts make on the dispute even if it
means a loss of THB14.7 billion in revenues every year.
However, Ms. Supa said TOT will continue to fight for the
state's interest and maintain the access-charge revenue share to
the Finance Ministry of up to THB8 billion a year.

The dispute began after both DTAC and True Move stopped paying
access charges in November 17 last year, saying that the
National Telecommunications Commission's new interconnection
charge system supersedes the concession-based access charges.
Since then, TOT filed petitions with the Administrative Court
against NTC on the implementation of the IC system and its
decision to force TOT to enter into interconnection talks with
DTAC.

The regulator had exceeded the scope of its given authority on
interconnection regulations, Ms. Supa asserted.  She also said
that DTAC and True Move cannot use the interconnection system
because they own no networks.  Thus, TOT should still be allowed
to collect access charges, she added.

Ms. Supa also said that its access charges agreements with the
operators are constitutional since they were entered into before
the Telecom Business Act was implemented.

TOT also sought clarification from CAT Telecom whether it would
shoulder the charges owed by True and DTAC, which hold CAT
concessions, and in turn sue DTAC and True Move for double
compensation for what it paid to TOT as dictated by the terms of
the original concessions.  TOT will file another petition to the
Administrative Court next week if CAT does not intend to do so,
Ms. Supa told the Post.

                       About True Move

True Move, a subsidiary of True Corporation Plc, Thailand's only
fully integrated communications solutions provider, convergence
solutions leader, and premier lifestyle enabler, offers
innovative and high quality wireless communications services on
its nationwide 1800MHz network to 8.1 million subscribers
(March, 2007) throughout Thailand.  TrueMove's vision is to
create a pioneering wireless hi-speed lifestyle where people can
communicate as well as access knowledge, information, and
entertainment whenever, wherever, and however they wish.  The
company delivers superior coverage, quality, and best value
services, leveraging its relationshps with True Corporation and
the CP Group.  TrueMove offers unique integrated products and
services to the Thai market.  For more information please visit
http://www.truemove.com/or http://www.truecorp.co.th/

The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Moody's Investors Service affirmed its B1 bond rating
for True Move Company Limited with a stable outlook.  The issue
of the US$225 million, seven-year senior, unsecured bond has
been completed and the rating is removed from provisional
status.

The TCR-AP reported on July 26, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' long-term corporate credit
rating on True Move.  The outlook is negative.



* BOND PRICING: For the Week 1 October to 5 October 2007
--------------------------------------------------------



Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.73
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Antares Energy Limited        10.000%  10/31/13     AUD     1.84
Arrow Energy NL               10.000%  03/31/08     AUD     2.65
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.30
Becton Property Group          9.500%  06/30/10     AUD     1.04
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Bounty Industries Limited     10.000%  06/30/10     AUD     0.18
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     9.00
Cardno Ltd                     9.000%  06/30/08     AUD     7.40
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.15
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.74
First Australian              10.000%  10/31/09     AUD     0.67
Fletcher Building Ltd          8.600%  03/15/08     NZD    11.50
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.40
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.00
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.45
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.07
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.40
IMF Australia Ltd             11.500%  06/30/10     AUD     0.75
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.75
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.08
LongReach Group Limited       10.000%  10/31/08     AUD     0.20
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Minerals Corp.                10.500%  09/30/07     AUD     0.99
Minerals Corp.                 9.000%  03/31/08     AUD     0.80
Nylex Limited                 10.000%  12/08/09     AUD     1.98
Primelife Corporation         10.000%  01/31/08     AUD     1.01
Renison Consolidated
   Mines N.L                  10.000%  10/01/17     AUD     0.20
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.13
Salomon SB Aust                4.250%  02/01/19     USD     8.44
Silver Chef Limited           10.000%  08/31/08     AUD     1.02
Speirs Group Ltd.             10.000%  06/30/49     NZD    54.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.80
TrustPower Ltd                 8.500%  03/15/14     NZD     8.80


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     70.80



JAPAN
-----
Cent Japan Rail                1.310%  03/18/33     JPY    74.65
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.80
Nara Prefecture                1.520%  10/31/14     JPY     9.63

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    46.82
Korea Dev. Bank                7.450%  10/31/21     KRW    46.81
Korea Dev. Bank                7.400%  11/02/21     KRW    46.80
Korea Dev. Bank                7.310%  11/08/21     KRW    46.75
Korea Dev. Bank                8.450%  12/15/26     KRW    69.71


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.18
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     2.92
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.41
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.11
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.81
EG Industries Berhad           5.000%  06/16/10     MYR     0.54
Equine Capital                 3.000%  08/26/08     MYR     2.43
Greatpac Holdings              2.000%  12/11/08     MYR     0.10
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.48
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.49
Insas Bhd                      8.000%  04/19/09     MYR     0.65
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.38
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.81
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.12
Kumpulan Jetson                5.000%  11/27/12     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.52
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.52
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.52
Media Prima Bhd                2.000%  07/18/08     MYR     1.76
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.57
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.97
Pelikan International          3.000%  04/08/10     MYR     1.80
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.86
Ramunia Holdings               1.000%  12/20/07     MYR     1.88
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.21
Rubberex Corporation (M)
   Berhad                      4.000%  08/14/12     MYR     0.66
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.50
Southern Steel                 5.500%  07/31/08     MYR     1.65
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.97
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.66
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.73
Wah Seong Corp.                3.000%  05/21/12     MYR     6.15
WCT Land Bhd                   3.000%  08/02/09     MYR     3.04
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.78
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.99


SRI LANKA
---------
Sri Lanka Govt                7.000%  08/01/11      LKR    72.99
Sri Lanka Govt                7.000%  10/15/11      LKR    72.03
Sri Lanka Govt                6.850%  04/15/12      LKR    69.36
Sri Lanka Govt                8.500%  10/15/13      LKR    73.26
Sri Lanka Govt                8.500%  07/15/13      LKR    70.57
Sri Lanka Govt                7.500%  08/01/13      LKR    67.42
Sri Lanka Govt                7.500%  11/01/13      LKR    66.60
Sri Lanka Govt                8.500%  02/01/18      LKR    65.28
Sri Lanka Govt                8.500%  07/15/18      LKR    64.66
Sri Lanka Govt                7.500%  08/15/18      LKR    59.47
Sri Lanka Govt                7.000%  10/01/23      LKR    51.38


SINGAPORE
---------
Sengkang Mall                  4.880%  11/20/12     SGD     2.80





                           *********

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

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

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




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, 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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***