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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  

          Thursday, October 11, 2007, Vol. 10, No. 202
  
                            Headlines

A U S T R A L I A

ARCHTECT PTY: Liquidator to Present Wind-Up Report on Oct. 26
BUSINESS COMPUTERS: Undergoes Voluntary Liquidation
CENTARWOOD ELECTRICAL: Sets General Meeting for October 26
CHIRON TECHNOLOGIES: Liquidator to Give Wind-Up Report Today
CHRYSLER LLC: Third Quarter Sales Increase by 10% in 2007

GLOBAL WINE VENTURES: Deloitte Touche Raises Going Concern Doubt
HOCHTIEF AUSTRALIA: Members' Final Meeting Set for Oct. 19
ICON SERVICES: Members and Creditors to Meet on Nov. 8
JAM DEVELOPERS: Members and Creditors to Meet on Oct. 26
LIFE THERAPEUTICS: CEO Hari Nair Steps Down

REALOGY CORPORATION: Signs License Deal with Meredith
SHARBLAKE PTY: Placed Under Voluntary Liquidation
SYMBION HEALTH: Healthscope Chief Confident of New Proposal
SYMBION HEALTH: Formally Rejects Primary Health's Proposal
THE SOURCE: Creditors Agree on Voluntary Liquidation

WINDSOR MARKETING: Starts Wind-Up Proceedings


C H I N A   &   H O N G  K O N G

AMPERE INDUSTRIAL: Members' General Meeting Set for Oct. 29
BOMBARDIER INC: Bags US$100-Mil Train Order from S. Prasarana
CHONGQING CHANGAN: Posts 30% Sales Growth in First 9 Mos of 2007
DYNAMIC GLOBAL: Dai Xu Resigns as Exec. Director and CFO
EASTERN ALPHA: Sets Annual Meeting for October 18

EMI GROUP: Converts US$243 Million Guaranteed Bonds
GDESIGN TECHNOLGY: Members to Hold General Meeting on Oct. 29
HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion
HERCULES INC: Earns US$34.5 Mil. in Second Quarter Ended June 30
JIANGXI COPPER: Inks Development Partnership With Minmetals

KADEFU DEVELOPMENT: Members and Creditors Set to Meet on Oct. 24
KAI NGAI: Sets Annual Meeting for November 2
KEGO TECHNOLOGY: Sets Final Meeting for October 30
KEPO TIME: Members' & Creditors' Final Meeting Set for Oct. 30
KIN SANG: Members' Final General Meeting Set for October 29

NEO-CHINA: Moody's Keeps B1 Ratings Amid CNY3.1 Bil. Purchase
PEABODY ENEGY: Names Tayeb Tahir as President for China Unit
PROPEX INC: High Leverage Prompts Moody's to Cut Rating to Caa1
SAPPHIRE FORTUNE: Liquidator to Give Wind-Up Report on Oct. 24
SHING FU: Members and Creditors to Meet on October 24


I N D I A

BAUSCH & LOMB: WP Prism Deal Cues Moody's B2 Rating
BHARTI AIRTEL: Completes Acquisition of Network i2i Ltd
BHARTI AIRTEL: Ties Up with Government of Gujarat
BHARTI AIRTEL: FII Holdings Below Threshold Limit, RBI Says
DECCAN AVIATION: May See Enhanced Bottomline Next Quarter

IMAX CORP: Will Restate Financial Records on Real Estate Leases


I N D O N E S I A

ALCATEL-LUCENT: Says It Has 15 Commercial Contracts & 70+ Pilots
ALCATEL-LUCENT: Deploys GPON Solution w/ France's Neuf Cegetel
ALCATEL-LUCENT: Grabs NTT Comm. Deal for Service Routers Supply
AVNET INC: Closes Acquisition of Magirus Infrastructure Division
BANK RAKYAT: Cancels Plan for Securities Company Acquisition

FOSTER WHEELER: Units Ink Deal for Qatar Petrochemical Complex
INDOSAT: Gets Warning for Slow Fixed Network Development
MOBILE-8: Extends Network to Increase Subscribers


J A P A N

GAP INC: Inks Deal with Philippine Franchisee Rustan Group
JAPAN AIRLINES: Inks Business Partnership with AEON
NOVA CORP: Raises JPY70 Million by Issuing Warrants to 2 Firms
NOVA CORP: METI Orders Payment to Customers and Teachers


K O R E A

DURA AUTOMOTIVE: Plan Confirmation Hearing Set for November 26
KENERTEC CO: Signs Contract with Korea District Heating
KOREA HINET: Appoints Byun Il Suhk as New CEO
LEADCORP INC: Plans Issuance of Overseas Bond with Warrants


M A L A Y S I A

KNOLL INC: Moody's Withdraw Ba3 Corporate Family Rating
MEGAN MEDIA: Fails to Obtain Financial Report Filing Extension
PROTON HOLDINGS: PM to Give Volks Time to Decide on Partnership
TENAGA NASIONAL: Court Orders MYR113-Mil. Payment to Irham Niaga


N E W  Z E A L A N D

AD STOTT: Court Sets Wind-Up Hearing for Oct. 15
COMMUNITYTV LTD: Appoints Sargison and Rea as Liquidators
CUSTOMISED SOLUTIONS: Court to Hear Wind-Up Petition Today
ELMAR PROJECTS: Creditors' Proofs of Debt Due on Oct. 31
EXOTIC GROUP: Faces Accident Compensation's Wind-Up Petition

GENEVA FINANCE: Liquidity Concern Cues S&P to Pare Rating to B-
INSIGHT PLASTERING: Commences Wind-Up Proceedings
JOSHUA HOLDINGS: Fixes Dec. 11 as Last Day to File Claims
MAGDALINOS PROPERTIES: Commences Liquidation Proceedings
MARK ONE: Names Kevin John Gilligan as Liquidator

PETRA CERAMICS: Fixes Oct. 19 as Last Day to File Claims


P H I L I P P I N E S

BANGKO SENTRAL: 8-Month Forex Losses Amount to PHP48.21 Billion
MIRANT CORP: Mirant Lovett Emerges from Bankruptcy Protection
MIRANT CORP: District Court Affirms Ruling on Wilson's Fees
PHIL LONG DISTANCE: Units Deny Cable TV Association's Claims
* Philippines Has US$419-Million in Foreign Investments in July


S I N G A P O R E

HOE SENG: Creditors' Proofs of Debt Due on Oct. 26
REFCO INC: Customers Sue Thomas H. Lee and Other Former Director
REFCO: 2nd Circuit Junks Appeal on Sphinx-Refco Creditors Deal
SYNIVERSE TECH: Bags Saudi Telecom Anti-Fraud Contract
SUPER-K MANUFACTURING: Court to Hear Wind-Up Petition on Oct. 19


T H A I L A N D

ARVINMERITOR INC: Moody's Lowers Corporate Family Rating to B1
ARVINMERITOR INC: Negative Cash Flow Cues Fitch to Cut Ratings
BANK OF AYUDHYA: Sells Off 12.11% Ownership in Construction Firm
THAI WAH: Seeks to Amend Stock Trading Symbol to USC from TWC
TMB BANK: S&P Lowers Ratings to 'BB+/B' from 'BBB-/A-3'

     - - - - - - - -

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

ARCHTECT PTY: Liquidator to Present Wind-Up Report on Oct. 26
-------------------------------------------------------------
Archtect Pty Ltd will hold a general meeting for its members and
creditors on October 26, 2007, at 11:30 a.m.

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

The Liquidator can be reached at:

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

                       About Archtect Pty

Archtect Pty Ltd is a distributor of durable goods.  The company
is located at Ivanhoe, in Victoria, Australia.


BUSINESS COMPUTERS: Undergoes Voluntary Liquidation
---------------------------------------------------
During a general meeting held on September 4, 2007, the members
of Business Computers Of Australia Pty Ltd resolved to
voluntarily liquidate the company's business.

Stephen Harrington and Andrew Carter were appointed as
liquidators.

The Liquidators can be reached at:

         Stephen Harrington
         Andrew Carter
         c/o Prior & Co Pty Ltd
         Level 14, 200 Queen Street
         Melbourne, Victoria 3000
         Australia

                    About Business Computers

Business Computers of Australia Pty Ltd operates offices of
holding companies.  The company is located at South Melbourne,
in Victoria, Australia.


CENTARWOOD ELECTRICAL: Sets General Meeting for October 26
----------------------------------------------------------
A general meeting will be held for the members and creditors of
Centarwood Electrical Contractors Pty Ltd on October 26, 2007,
at 11:15 a.m.

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

The company's liquidator is:

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

                  About Centarwood Electrical

Centarwood Electrical Contractors Pty Ltd provides electrical
work.  The company is located at Mornington, in Victoria,
Australia.


CHIRON TECHNOLOGIES: Liquidator to Give Wind-Up Report Today
------------------------------------------------------------
Chiron Technologies Pty Ltd will hold a final meeting for its
members and creditors today, October 11, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         Geoffrey Charles Ridgeway
         McGrathNicol
         IBM Centre, Level 8
         60 City Road
         Southbank, Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web-site: http://www.mcgrathnicol.com

                    About Chiron Technologies

Chiron Technologies Pty Ltd, which is also trading as Mimotopes,
operates testing laboratories.  The company is located at
Clayton, in Victoria, Australia.


CHRYSLER LLC: Third Quarter Sales Increase by 10% in 2007
---------------------------------------------------------
Chrysler LLC has announced an increase of 10 percent compared to
the same period of 2006 in the third quarter of 2007.  From July
to September, Chrysler sold 149,800 vehicles outside of the U.S.  
Third quarter figures include a 20 percent sales increase
Internationally, outside of North America (62,516 units); a 5.5
percent sales increase in Mexico (30,648 units); and a sales
increase of 2.8 percent in Canada (56,636 units).
    
Chrysler's worldwide vehicle sales declined 3 percent during the
third quarter of 2007 to 615,530 units (2006: 634,656 units).  
Sales increases in select markets were driven by the worldwide
appeal and strong customer interest in Chrysler's new vehicles,
including the Jeep(R) Wrangler, Jeep Compass and Jeep Patriot.
    
"The North American market will continue to be vital to the
overall growth of Chrysler," said Steven Landry, Executive Vice
President - North American Sales.  "Although the U.S. is our
largest market, it is important to note the growing importance
of regions like Canada and Mexico that are contributing more and
more to this Company, as we expand our product portfolio to meet
the needs of our global customer base."

               Chrysler's International Markets
    
Fueled by demand for new Jeep and Dodge models, third quarter
sales for markets outside North America were up 20 percent to
62,516 units during the third quarter (2006: 52,114 units).  For
the month of September, sales increased 12.3 percent to 23,016
units, bringing the number of consecutive months for year-over-
year sales improvement to 28.
    
Many new models have had a significant impact on the recent
increases.  Jeep Wrangler sales of 11,650 units in 2007 have
nearly doubled last year's total for the same time period.  And
the recently introduced Dodge Nitro was among the top-selling
vehicles Internationally in September.
    
"The Company is now experiencing the strength of our
International product offensive," said Michael Manley --
Executive Vice President of International Sales, Marketing and
Business Development.  "Though we have achieved approximately 20
percent growth this year, we recognize that we are working from
a relatively low base, and continue to have opportunity to grow.  
We are however, pleased for our dealers who have worked hard and
had the confidence to invest in us.  As we move forward, we will
continue to focus on them and satisfying our customers, as that
is the key to our continued success."

                        Chrysler Mexico
    
Posting its best September ever, Chrysler Mexico sales rose 3.2
percent to 10,543 units in September 2007. SUV sales were up
62.4 percent for the month while total trucks advanced 20.6
percent.  Also posting an all-time third quarter record, from
July to September, Chrysler Mexico sales rose 5.5 percent to
30,648 units (2006: 29,055 units).

                        Chrysler Canada
    
Chrysler Canada recorded another successful month of sales
extending the growth streak to 14 months in a row.  Chrysler
Canada September sales of 17,011 vehicles rose 5.1 percent over
the same month last year.  During the third quarter, sales also
advanced 2.8 percent in Canada to 56,636 units.

                     Chrysler's U.S. market
    
In the highly competitive market environment of the U.S.,
Chrysler sales declined 5.4 percent to 159,799 units in
September 2007, driven by planned fleet reductions of 21
percent.  However, Chrysler brand car sales rose 10 percent
year-over-year in September led by the Sebring Sedan and
Convertible.  Dodge brand sales, aided by the Ram Pickup and
Nitro, advanced 5 percent from the same period last year.  And
the Jeep Wrangler continued to make progress with sales up 71
percent for the month.  During the third quarter, sales in the
U.S. declined 6.6 percent to 465,730 units in 2007 (2006:
498,402 units).
    
The Recovery and Transformation Plan helps facilitate
International growth outside of North America
    
To help the Company expand globally, a team from the Recovery
and Transformation Plan is working on many fronts to assess new
International growth opportunities and prepare Chrysler for
expansion in select International markets.
    
The International Growth team aims to identify the right
products and entry strategies to introduce Chrysler, Jeep and
Dodge brands to targeted audiences and develop a more balanced
global footprint.  This team is working with Product Strategy to
develop vehicles aimed at International markets.
    
The recent appointments of Philip Murtaugh as Chief Executive
Officer -- Asia Operations and John Stech as the Head of
Chrysler Russia LLC further underscore Chrysler's commitment to
these markets as they continue to grow and expand.

                       About Chrysler LLC

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.

                        *     *     *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

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.


GLOBAL WINE VENTURES: Deloitte Touche Raises Going Concern Doubt
----------------------------------------------------------------
Deloitte Touche Tohmatsu raised substantial doubt on Global Wine
Ventures Ltd's and its subsidiaries' ability to continue as a
going concern after auditing their financial statements for the
fiscal year ended June 30, 2007.

Deloitte Touche pointed out that the consolidated entity
incurred a net loss of AU$251,178 and had negative operating
cash flows of AU$504,893 during the year ended June 30, 2007.

Moreover, the independent auditor stated that it is uncertain
about whether the company and its subsidiaries will realize
their assets and extinguish their liabilities in the normal
course of business.

Global Wine's consolidated net loss of AU$251,178 for the year
to June 30, 2007, was lower compared to the AU$1,524,039 net
loss it recorded a year ago.  Revenue for FY2007 was AU$994,874,
compared with the AU$1,421,968 reported for FY2006.

As of June 30, 3007, Global Wine's consolidated balance sheet
showed total current assets of AU$1,201,622 available to pay
total current liabilities of AU$495,279.  These 2007 balance
sheet figures are lower compared to the total current assets of
AU$1,436,185 and total current liabilities of AU$962,342 as of
June 30, 2006.

Moreover, as of end-June 2007, Global Wines recorded total
assets of AU$1,351,468 and total liabilities of AU$1,293,948,
resulting in a total equity of AU$57,520.  This compared to the
AU$1,578,239 in total assets, AU$2,727,125 in total liabilities,
and AU$1,148,886 in total shareholders' equity deficit as of
June 30, 2006.


Global Wine Ventures Ltd is a listed public company,
incorporated in Australia and operating in South Australia.  The
Group's principal activities are manufacturing and selling wine.


HOCHTIEF AUSTRALIA: Members' Final Meeting Set for Oct. 19
----------------------------------------------------------
A final meeting will be held for the members of Hochtief
Australia Limited on October 19, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         P. A. Billingham
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia

                    About Hochtief Australia

Hochtief Australia Limited operates investment offices.  The
company is located at Sydney, in New South Wales, Australia.


ICON SERVICES: Members and Creditors to Meet on Nov. 8
------------------------------------------------------
The members and creditors of Icon Services (Australia) Pty
Limited will meet on November 8, 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:

         Christopher J. Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia

                       About Icon Services

Icon Services (Australia) Pty Limited operates travel agencies.  
The company is located at Sydney, in New South Wales, Australia.


JAM DEVELOPERS: Members and Creditors to Meet on Oct. 26
--------------------------------------------------------
The members and creditors of Jam Developers Pty Ltd will hold
their general meeting on October 26, 2007, at 10:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

                       About Jam Developers

Jam Developers Pty Ltd is a land subdivider and developer.  The
company is located at Moonee Ponds, in Victoria, Australia.


LIFE THERAPEUTICS: CEO Hari Nair Steps Down
-------------------------------------------
Life Therapeutics (ASX:LFE) disclosed that its chief executive
office and managing director Hari Nair has decided to step down
from his roles as CEO of the company, effective from the annual
general meeting to take place on Nov. 28, 2007.  Dr. Nair will
stay on as a non-executive director to assist in the divestment
of the company's operations, the subject of the previous
announcements.

Announcing Dr. Nair's decision, LFE Chairman Jim Brown said
"Hari has been the driving force behind the development of the
company since he assumed the position of Chief Executive in
November 2003.  He has overseen the transition of the company
from an R&D focused Australian biotechnology company to a
commercially focused business with significant operations in the
United States employing more than five hundred people."

"Given our stated plans to effectively divest all of the
company's operations Hari has decided that now is the
appropriate time to step down from his formal riles with the
Company.  I have accepted his resignation with regret but fully
understand and support his decision to do so at this time," Dr.
Brown said.   

The Board has determined that in the circumstances it would be
neither prudent nor necessary to conduct a search for and
appoint a new permanent CEO.  Instead LFE CFO Subhash Sarda and
Chief Operating Officer Barry Holman will collectively look
after the company's operations following the company's annual
general meeting.  They will both report directly to the Board.

Dr. Nair said, "I am proud of what has been achieved over a
relatively short period of time during my tenure as Chief
Executive of the Company.  We have built a significant company
with strong and competitive operations.  As we seek to realize
the value built up in those operations for the benefit of
shareholders, I believe that it is a good time for me to step
down from my formal roles with the Company.

"I look forward however to remaining close to the Company and to
assisting in any way I can in ensuring the best outcome possible
from the corporate initiatives that have been announced and
embarked upon in recent months," he said.

Dr. Nair will have served four years as CEO and Managing
Director of LFE when he stands down at next month's Annual
General Meeting.  He first joined the company, then trading as
Gradipore Limited, in 1998 as Research Director.

                    About Life Therapeutics

Headquartered in New South Wales, Australia, Life Therapeutics
Limited --  http://www.life-therapeutics.com/-- is engaged in  
the collection, management and distribution of plasma-based
products, and development, manufacture and sale of
electrophoresis, hematology and Gradiflow products. It operates
in five segments: Life Sera, which collects specialty plasma,
including Anti D and Hepatitis B; Life Diagnostics, which
develops, manufactures and distributes diagnostic products into
the diagnostic marketplace; Life Gels, which develops,
manufactures and distributes pre-cast electrophoresis gels into
the laboratory market; Life Bioprocess, which markets the
Gradiflow technology in both the commercial and research
markets, and Life Shared Services, which conducts corporate
functions of the organization. At June 30, 2006, the Life Gels
and Life Bioprocess division were classed as discontinued
operations. In November 2006, the Company completed the spin out
of its Australian assets by transferring these assets to a
wholly owned subsidiary, NuSep Ltd.

The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on Sept. 21,
2007, listed Life Therapeutics Limited as having total assets of
US$59 million and total shareholders' equity deficit of
US$38,000.

The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.


REALOGY CORPORATION: Signs License Deal with Meredith
-----------------------------------------------------
Realogy Corporation has entered into a long-term agreement to
license the Better Homes and Gardens(R) Real Estate brand from
Meredith Corporation, one of the nation's leading media and
marketing companies.  Realogy intends to build a new
international residential real estate franchise company using
the Better Homes and Gardens(R) Real Estate brand name.

"We are very pleased to add Better Homes and Gardens Real Estate
to our family of real estate companies, and we are equally proud
to be entrusted by Meredith with the stewardship of this well-
known and respected brand that is so deeply tied to the concept
of owning and improving one's home," said Richard A. Smith,
Realogy's vice chairman and president.  "Looking more broadly,
this agreement demonstrates our confidence in the long-term
strength of the housing market, particularly in the U.S., and
the favorable demographic factors that will continue to drive
homeownership and household growth during the years and decades
to come."

The licensing agreement between Realogy and Meredith is for a
50-year term, with a renewal option for another 50 years.  
Financial terms of the transaction were not disclosed, and the
transaction is not expected to have an immediate material impact
on Realogy's financial results.  Meredith will receive ongoing
license fees based upon the royalties that Realogy earns from
franchising the Better Homes and Gardens Real Estate brand.
Meredith, owner of an 85-million name consumer database, will
offer Realogy selected database services.

Realogy plans a July 1, 2008 launch of the Better Homes and
Gardens Real Estate franchise system and will engage in various
pre-launch activities in the interim.

"This is a tremendous opportunity to capitalize on the power of
America's leading consumer magazine brand on behalf of the
world's most successful real estate franchise company," said
Meredith President and Chief Executive Officer Stephen M. Lacy.  
"It fits extremely well with our strategic objective to further
diversify our business by providing Meredith with significant
sources of revenue not dependent on traditional advertising."

"Better Homes and Gardens Real Estate is a highly strategic
addition to Realogy's premier portfolio of real estate franchise
holdings, a brand that comes with well-established equity and
one that we expect will compete well in the marketplace," added
Mr. Smith.

The Better Homes and Gardens name has been a staple in American
life ever since 1924 when Meredith first published the magazine
under that masthead.  Today, the magazine boasts a circulation
of 7.6 million and a readership of nearly 40 million.  In 1978,
Meredith launched the former Better Homes and Gardens Real
Estate service, which it owned and operated for 20 years, and
grew the business into a highly respected name in the real
estate industry.  Meredith sold its real estate business in 1998
while retaining ownership of the Better Homes and Gardens Real
Estate brand name.

Better Homes and Gardens Real Estate will become Realogy's fifth
residential real estate franchise brand and sixth overall.  
Today, Realogy owns the CENTURY 21(R), Coldwell Banker(R) and
ERA(R) residential real estate brands, along with a commercial
real estate franchise system in Coldwell Banker Commercial(R).  
Realogy also has a similar long-term licensing agreement with
Sotheby's Holdings, Inc. to license the Sotheby's International
Realty(R) name, a relationship that began in February 2004 and
has grown to approximately 400 franchise and company-owned
offices globally with more than 8,000 agents around the world.

"We have more than a decade of experience in managing world-
class real estate brands that compete successfully in the local
marketplace, and we also recognize that there is ample room for
continued growth in the industry," said Alex Perriello,
president and CEO of the Realogy Franchise Group.  "We believe
that there are substantial domestic and international growth
opportunities in real estate franchising, and Better Homes and
Gardens Real Estate will help us accelerate that growth."

The National Association of Realtors(R) (NAR) 2006 Profile of
Real Estate Firms reported that 77% of residential real estate
brokerages and 45% of real estate agents are unaffiliated with
any franchise.  Furthermore, the same NAR survey showed the
value of franchising in that 88% of real estate firms reported
that their franchise affiliation improved their name
recognition; 83% reported a beneficial impact on their ability
to acquire listings; and 72% reported that their franchise
affiliation contributed to an increase in profits.

                      About Meredith Corp.

Meredith Corporation -- http://www.meredith.com/-- is one of  
the nation's leading media and marketing companies with
businesses centering on magazine and book publishing, television
broadcasting, integrated marketing and interactive media.  The
Meredith Publishing Group features 25 subscription magazines --
including Better Homes and Gardens, Ladies' Home Journal, Family
Circle, Parents, American Baby, Fitness and More -- and
publishes more than 200 special interest publications under
approximately 80 titles.  Meredith has more than 400 books in
print.  Meredith owns 13 television stations, including
properties in top-25 markets Atlanta, Phoenix and Portland, OR.
Meredith has an extensive online presence that includes more
than 40 Web sites and two broadband channels -- Better.tv and
Parents.tv.

                      About Realogy Corp.

Headquartered in Parsippany, N.J., Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor  
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services lowered and
removed from CreditWatch Negative its issue-level rating on
Realogy Corp.'s previously senior unsecured notes that were part
of the company's capital structure prior to the April 2007 going
private acquisition of the company by Apollo Management L.P.


SHARBLAKE PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on September 3, 2007, the members
of Sharblake Pty Limited resolved to voluntarily liquidate the
company's business.

Damien Mark Hodgkinson was tapped as liquidator.

The Liquidator can be reached at:

         Damien M. Hodgkinson
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                       About Sharblake Pty

Sharblake Pty Limited is a distributor of durable goods.  The
company is located at North Sydney, in New South Wales,
Australia.


SYMBION HEALTH: Healthscope Chief Confident of New Proposal
-----------------------------------------------------------
Healthscope Ltd,'s chief executive officer, Bruce Dixon, says he
is confident that the company's new AU$2.65-billion offer for
Symbion Health Ltd. will succeed because it needed a lower level
of investor support, Andrew Harrison and Rebecca Thurlow of The
Wall Street Journal report.

Mr. Dixon, in a conference call, expresses "We think we'll win.  
We're extremely confident."

"We're very excited about the deal and we haven't put all this
time and effort in trying to make it work, without obviously
thinking that the prize is worth it," adds Mr. Dixon.

Various reports confirmed that the two companies agreed on
October 8 to a revised takeover proposal after rival Primary
Health Care Ltd. used its 20% stake in Symbion to block
Healthscope's initial AU$2.9-billion bid.

Reportedly, since about 74% of Symbion shareholders supported
the original bid, the two companies have formulated a new
proposal that would circumvent Primary's voting block, but
deliver the same outcome for Symbion shareholders and achieve
Healthscope expansion plans.

A Troubled Company Reporter-Asia Pacific report on October 9,
2007, stated that under the revised proposal, Healthscope will
acquire Symbion's pathology, diagnostic imaging and medical
center businesses.  Symbion shareholders will get AU$2.516
billion to AU$2.646 million for the diagnostics businesses via
the issue of Healthscope shares and the assumption of debt by
Healthscope, while Ironbridge and Archer would acquire Symbion's
pharmacy services and consumer businesses via a scheme of
arrangement.  A separate WSJ report stated that the private-
equity firms would acquire Symbion for AU$1.77 a Symbion share.

However, Primary said that Healthscope's revised offer for
Symbion isn't attractive, adding that "Primary has significant
concerns that the revised proposal doesn't provide an attractive
and executable outcome for Symbion shareholders," notes WSJ.

                     About Symbion Health

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                          *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


SYMBION HEALTH: Formally Rejects Primary Health's Proposal
----------------------------------------------------------
Symbion Health Limited announced that it had rejected a proposal
from Primary Health Care Limited to acquire Symbion Health's
medical centers business and selected parts of Symbion Health's
pathology and radiology businesses.

Primary's proposal was to acquire an unspecified part of Symbion
Health's NSW pathology business (both metropolitan and some
other regional assets), part of the Victorian pathology
business, Symbion Health's medical centers and certain radiology
sites located near Primary's medical centers (the "Selective
Assets").  In addition, Primary proposed it would supply various
information technology systems, for an unspecified price.

Primary's proposal did not include details of a proposed price
for these selective assets other than a reference to a "net
bundle price equal to, or better than, the implied EBITDA
multiples of the prior Healthscope/Symbion proposal".  Primary's
proposal did not specify details of the conditions of its
proposal (other than Primary's requirement for unspecified due
diligence) or details of how it proposed to fund the acquisition
of the Selective Assets (other than a reference to Primary's 20%
shareholding in Symbion Health).  It is possible that Primary
would seek to have its Symbion Health shares cancelled in
exchange for the Selective Assets being transferred to it.  If
this was the case, it is possible that Symbion Health
shareholders may not have the opportunity to receive any direct
consideration from such a transaction.

The Board of Symbion Health has carefully considered Primary's
Proposal and has determined that Primary's proposal is not in
the best interests of Symbion Health shareholders.

The assets, which Primary is seeking to acquire, are integral to
Symbion Health's Diagnostics business, and Symbion Health
believes that there would be a significant loss of value if the
Diagnostics business were broken up in the way Primary proposes.

Under the revised merger proposal with Healthscope Limited,
Symbion Health shareholders have the opportunity to realize a
very attractive value for all of Symbion Health's Diagnostics
business and an opportunity to participate directly in the
benefits which are expected to be realised from the merger with
Healthscope.  Symbion Health believes that the value which is
expected to be created by not breaking up Symbion Health's
Diagnostics business and also by combining the Selective Assets
(and other parts of Symbion Health's Diagnostics business) with
Healthscope's pathology business significantly exceeds the value
of Primary's Proposal.  These benefits include the AU$77 million
per annum of cost synergy benefits which Healthscope expects to
be realized.  Symbion Health believes that the value of the
benefits expected from the merger with Healthscope would be
significantly reduced by selling the Selective Assets to Primary
pursuant to Primary's Proposal.

In addition, Primary's Proposal expressly requires the agreement
of Healthscope as well as Symbion Health and Primary.  In the
last 24 hours, Healthscope has indicated (both publicly and
directly to Symbion Health) that it is not prepared to agree to
Primary's proposal as it wants to acquire the entire Diagnostics
business owned by Symbion Health.  Its position is consistent
with its announcement of 6 September when Healthscope publicly
rejected a proposal from Primary which was similar to the
proposal Symbion Health received from Primary on 8 October.  
Given Healthscope's position, it is not possible to implement
both the revised merger with Healthscope and Primary's Proposal.

Symbion Health believes that it is in the best interests of
Symbion Health shareholders to continue to proceed with the
revised merger with Healthscope rather than to seek to implement
Primary's proposal as the revised merger with Healthscope is
expected to generate significantly greater value for Symbion
Health shareholders.

The Symbion Health Board continues to unanimously recommend the
revised proposal with Healthscope and the IAC Consortium as
announced on 8 October, in the absence of a superior proposal
and subject to the receipt of satisfactory reports from the
independent expert.

                     About Symbion Health

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                          *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


THE SOURCE: Creditors Agree on Voluntary Liquidation
----------------------------------------------------
On September 6, 2007, the creditors of The Source Int'l Pty
Limited met and agreed to voluntarily liquidate the company's
business.

Robert Whitton was appointed liquidator.

The Liquidator can be reached at:

         Robert Whitton
         Lawler Partners
         Chartered Accountants
         Level 9, 1 O'Connell Street
         Sydney, New South Wales 2000
         Australia

                        About The Source

The Source, Int'l Pty Limited provides management consulting
services.  The company is located at Sydney, in New South Wales,
Australia.


WINDSOR MARKETING: Starts Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on August 30, 2007, the
members of Windsor Marketing Company Pty Ltd resolved to
voluntarily liquidate the company's business.

Robert Paul Lissauer of Sothertons was appointed liquidator.

The Liquidator can be reached at:

         Robert Lissauer
         Level 6, 468 St Kilda Road
         Melbourne
         Australia

                     About Windsor Marketing

Windsor Marketing Company Pty Ltd operates miscellaneous retail
stores.  The company is located at Surfers Paradise, in
Queensland, Australia.


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

AMPERE INDUSTRIAL: Members' General Meeting Set for Oct. 29
-----------------------------------------------------------
The members of Ampere Industrial Limited will hold their final
general meeting on October 29, 2007, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


BOMBARDIER INC: Bags US$100-Mil Train Order from S. Prasarana
-------------------------------------------------------------
Bombardier Inc., along with a Malaysian partner, received an
additional order for 52 commuter trains valued at about
US$100 million from Malaysian state infrastructure firm Syarikat
Prasarana Negara Berhad, Reuters reports.

The order, which will be carried out by Bombardier
Transportation, is an option provided within the original
contract announced in 2006 and Bombardier's share in the latest
order is about US$69 million.

                         About Bombardier

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

                          *     *     *

As reported in the TCR-Europe on May 24, 2007, Standard & Poor's
Ratings Services revised the outlook on Montreal, Quebec-based
Bombardier Inc. to stable from negative.  At the same time, the
ratings, including the 'BB' long-term corporate credit rating on
Bombardier, were affirmed.


CHONGQING CHANGAN: Posts 30% Sales Growth in First 9 Mos of 2007
----------------------------------------------------------------
Changan Ford Mazda Automobile Co., a joint venture company
between Chongqing Changan Automobile Co Ltd and Ford Motor
Company, posted a record 30% retail sales growth in the first 3
quarters of 2007, with 149,455 vehicles sold under Ford,
Lincoln, Volvo, Jaguar and Land Rover brands, sources say.

Ford brand vehicles, both domestically produced and imported,
passenger cars and commercial vehicles altogether, achieved
total sales of 135,073 units, a 27% increase year-on-year.

"Our strategic deployment in China is now taking effect.  CFMA
Nanjing plant was just inaugurated in late September, which adds
160,000 units to our previous 250,000-unit capacity.  This will
better satisfy customer needs for our excellent products." said
Mei-Wei Cheng, Chairman and CEO of Ford Motor (China) Ltd.

"The all-new Ford Mondeo is now on presale.  I am sure it will
bring a sensational round of experience to customers.  Ford
Motor Research & Engineering Center has moved into new
facilities, which was completed in a lightening speed in just 6
months.  This will guarantee more and more upcoming new models
and technology."

Mass production of CFMA Nanjing plant will begin on October 30.

The highly flexible and automated facilities, paired with world
leading environment-friendly processes, represent the leading
auto manufacturing standard in China.  The new plant's initial
annual capacity is 160,000 units.  Changan Ford Mazda Automobile
Nanjing plant will roll out the latest small-car models of Mazda
and Ford Brands starting late this year, to meet the growing
demand of the Chinese customers.

Meanwhile, Changan Ford Mazda posted 9-month wholesale volume of
150,365 units, including various brands it manufactures.  This
marked a 59% increase over the same period of 2006.  In
particular, the 3rd quarter witnessed a wholesale volume of
56,778 units, a 62% soar over the same period in 2006, sources
say.

Since April, CFMA has successfully maintained one of top 10
passenger-car makers in China market and continues moving up in
the ranking.  According to China Passenger Car Association, CFMA
sold 18,455 cars in August and ranked No.7.

                  About Ford Motor in China

Ford Motor Company, a global automotive industry leader based in
Dearborn, Michigan., U.S.A., manufactures and distributes
automobiles in 200 markets across six continents.  The company's
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mazda, Mercury and Volvo.

Currently, Ford's wholly owned subsidiaries and JVs in China
include Ford Motor (China) Limited, Ford Motor Research &
Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China)
Ltd., Changan Ford Mazda Automotive Co., Ltd., Changan Ford
Mazda Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda
Engine Co., Ltd., and Jiangling Motors Co., Ltd.

Ford Motor has introduced a number of exciting models to the
Chinese market, including Ford Mondeo, Ford Focus, Ford S-MAX,
Ford Transit, Volvo S40, Mazda3, as well as several imported
models from Jaguar, Land Rover, Lincoln and Volvo, and service
brand, Ford Service.

                      Chongqing Changan

Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter-Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd.  The rating outlook is stable.


DYNAMIC GLOBAL: Dai Xu Resigns as Exec. Director and CFO
--------------------------------------------------------
Dynamic Global Holdings Limited disclosed with the Hong Kong
Stock Exchange that its executive director and chief financial
officer, Dai Xu, has resigned.

The resignation of Mr. Dai was effective on Oct. 8, 2007.

According to the company, Mr. Dai resigned due to other business
engagements which require more of his dedication.  The company's
board and Mr. Dai confirmed that there is no disagreement with
each other and there is no any other matter relating to Mr.
Dai's resignation that needs to be brought to the attention of
the shareholders of the company.

Hong Kong-based Dynamic Global Holdings Limited is an investment
holding company.  The company operates in four business
segments: the property development segment engages in the
development and sale of properties in Mainland China; the
investment holding segment invests in technology projects in
Mainland China; the resort operation segment engages in the
operation of a resort hotel in Mainland China, and the
agricultural segment engages in the sale of agricultural
products in Mainland China.

The company has a capital deficiency of HK$45.51 million as of
June 30, 2006.


EASTERN ALPHA: Sets Annual Meeting for October 18
-------------------------------------------------
Eastern Alpha Investment Limited will hold an annual meeting for
its members and creditors on October 18, 2007, at 9:00 a.m. and
10:00 a.m., respectively, at the 27th Floor of Alexandra House,
18 Chater Road, in Central, Hong Kong.

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


EMI GROUP: Converts US$243 Million Guaranteed Bonds
---------------------------------------------------
EMI Group Finance (Jersey) Limited announced Oct. 8, 2007, that
all of the outstanding US$243,343,000, 5.25% guaranteed
convertible bonds due 2010 have been converted in accordance to
the terms and conditions of the bonds.

The bonds were guaranteed by EMI Group Ltd. (fka. EMI Group Plc)
and Capitol Records, Inc. and convertible into 5.25%
exchangeable redeemable preference shares of EMI Group Finance
(Jersey) Ltd., which are immediately exchangeable for ordinary
shares in EMI Group Ltd.

The bonds will be delisted from the London Stock Exchange and
there are no further bonds outstanding.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

   -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
      the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on :

   (i) the new entity's capital structure and financial policies

  (ii) the relative position of the rated instruments within the
       new capital structure and their relative ranking amongst
       each other and relative to other classes of debt (to the
       extent they remain outstanding) and

(iii) the outlook for the global music markets and the
       company's operational plans.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


GDESIGN TECHNOLGY: Members to Hold General Meeting on Oct. 29
-------------------------------------------------------------
The members of GDesign Technology (HK) Limited will have their
general meeting on October 29, 2007, at 2:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion
-------------------------------------------------------------
Hexcel Corporation will expand its carbon fiber production
capacity through the addition of both new carbon fiber lines and
a new precursor line.  The construction will be completed within
two years, increasing Hexcel's carbon fiber production nameplate
capacity by approximately 70% to a total of about 16 million
pounds.  The expansion is needed to meet existing customer
forecasts in commercial aerospace, space & defense and strategic
industrial applications such as the recently announced contract
for rotor tubes for the American Centrifuge Plant.

Commenting on the expansion investment, Mr. David E. Berges,
Hexcel's Chairman and Chief Executive Officer said, "We are
excited by the accelerating demand for carbon fiber composites,
driven by market growth and the increasing penetration of these
materials, particularly in commercial aerospace.  As a world
leader in advanced structural materials, Hexcel is committed to
supporting this growth through product development and capacity
expansion. The expansion will cost about US$180 million spread
over 2007, 2008 and 2009.  Our team has done an outstanding job
on our first expansion, and the knowledge gained has enabled us
to continue to drive down capital costs per pound and shorten
the time for construction and qualification."

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


HERCULES INC: Earns US$34.5 Mil. in Second Quarter Ended June 30
---------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
June 30, 2007, of US$34.5 million as compared to a net loss of
US$52.3 million for the second quarter of 2006.

Net sales in the second quarter of 2007 were US$549.0 million,
an increase of 10% from the same period last year.  Net sales
for the six months ended June 30, 2007 were US$1.05 billion, an
increase of 10% from the prior year, excluding the impact of the
FiberVisions transaction.  For the second quarter, volume and
pricing increased by 7% and 1%, respectively.  Rates of exchange
increased sales by 3% during the quarter, while mix was 1%
unfavorable.

Net sales in the second quarter of 2007 increased in all major
regions of the world versus the prior year.  Sales increased 4%
in North America, 18% in Latin America, 15% in Europe, and 11%
in Asia Pacific.

Reported profit from operations in the second quarter of 2007
was US$74.5 million, an increase of 14% compared with
US$65.6 million for the same period in 2006.  

Cash flow from operations for the six months ended June 30,
2007, was US$140.5 million as compared to US$64.0 million for
the same period last year.  The company has now received
US$221.7 million, including US$23.2 million in July, of a total
US$240 million in expected federal and state tax refunds.  The
company also paid US$124 million in May 2007 in connection with
the Vertac litigation.

"The second quarter results demonstrate continued strong sales,
earnings and cash flow growth," said Craig A. Rogerson,
president and chief executive officer.  "Both business
franchises, Aqualon and Paper Technologies and Ventures,
continue to deliver solid performance."

Interest and debt expense was US$17.8 million in the second
quarter of 2007, an increase of US$1.1 million or 7% compared
with the second quarter of 2006, reflecting increased variable
short term rates, partially offset by lower outstanding debt
balances and improved debt mix.

Net debt was US$721.2 million at June 30, 2007, a decrease of
US$102 million from year-end 2006.  Cash and cash equivalents
were US$237.9 million at June 30, 2007, as compared to
US$171.8 million at year-end 2006.   

Capital spending was US$53.8 million for the first six months of
the year as compared to US$22.9 million in the same period last
year.  The increase in spending is directed toward growth and
expansion projects in our businesses globally.

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$2.77 billion in total assets, US$2.36 billion in total
liabilities, and US$403.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?241f

                       About Hercules Inc.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE: HPC)
-- http://www.herc.com/-- manufactures and markets chemical   
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services revised its outlook on
Hercules Inc. to positive from stable and affirmed the existing
'BB' corporate credit rating.


JIANGXI COPPER: Inks Development Partnership With Minmetals
-----------------------------------------------------------
Jiangxi Copper and China Minmetals Corp. inked a strategic
partnership agreement to co-develop copper resources at home and
abroad, Interfax China says, citing a statement from Minmetals.

According to the statement, the two companies will commit to
jointly developing copper, gold, lead, zinc, nickel, rare earth
and iron ore resources both in China and overseas.

Furthermore, the two companies will collaborate closely over
project development, finance, raw material supply, technical
support and staff training, Minmetals said.

The statement, according to the news agency, did not refer to
future cooperation involving any specific copper mining
projects, and both Jiangxi Copper and Minmetals were reluctant
to comment when contacted by Interfax.

"In my opinion, the two companies will focus their cooperation
on raw materials, in which Minmetals will become a major copper
concentrate supplier for Jiangxi Copper as the company is facing
tight raw material supplies after its new 300,000-ton copper
smelting mill began operation this year," Li Yusheng, an analyst
with Beijing Antaike, told Interfax.

Minmetals consistently gives its resource development and metal
smelting sectors high priority.  In 2001, Minmetals established
a joint venture with the five domestic major copper smelters
Jiangxi Copper, Yunnan Copper, Tongling Nonferrous, Daye
Nonferrous and Zhongtiaoshan Nonferrous, with a registered
capital of CNY10 million, Interfax relates.


Jiangxi Copper Company Limited --
http://www.jxcc.com/english/enjtgs/enindex.htm-- is an  
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


KADEFU DEVELOPMENT: Members and Creditors Set to Meet on Oct. 24
----------------------------------------------------------------
A meeting will be held for the members and creditors of Kadefu
Development Limited on October 24, 2007, at 3:30 p.m. and 3:45
p.m., respectively, at Flat E, 12th Floor of Tak Lee Commercial
Building, in 113-117 Wanchai Road, Hong Kong.

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


KAI NGAI: Sets Annual Meeting for November 2
--------------------------------------------
The members and creditors of Kai Ngai Printing & Paper Products
Co. Limited will hold their annual meeting on November 2, 2007,
at Units 3307-3312, 33rd Floor of West Tower, Shun Tak Centre,
168-200 Connaught Road, in Central, Hong Kong.

Huen Ho Yin, the company's liquidator, will give a report on the
company's wind-up proceedings and property disposal.


KEGO TECHNOLOGY: Sets Final Meeting for October 30
--------------------------------------------------
A final meeting will be held for the members and creditors of
Kego Technology Limited on October 30, 2007, at 10:00 a.m. and
10:30 a.m., respectively, at the 27th Floor of Alexandra House,
18 Chater Road, in Central, Hong Kong.


KEPO TIME: Members' & Creditors' Final Meeting Set for Oct. 30
--------------------------------------------------------------
A final meeting will be held for the members and creditor of
Kepo Time Limited on October 30, 2007, at 11:00 a.m. and 11:30
a.m., respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

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


KIN SANG: Members' Final General Meeting Set for October 29
-----------------------------------------------------------
A final general meeting will be held for the members of Kin Sang
Investment Limited on October 29, 2007, at 2:30 a.m., at Room
1005 of Allied Kajima Building, 138 Gloucester Road, in Wanchai,
Hong Kong.

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


NEO-CHINA: Moody's Keeps B1 Ratings Amid CNY3.1 Bil. Purchase
-------------------------------------------------------------  
Moody's Investors Service affirmed on Oct. 9, 2007, its B1
corporate family and senior unsecured ratings for Neo-China
Group (Holdings) Limited.  The outlook remains stable.

The affirmation follows the company's announcement of its
acquisition of 100% equity interest in Zhuhai City Qi Zhou
Island Movie Town Company Limited for a total consideration of
not more than CNY3.1 billion.  The project company in turn owns
a property development project in Zhuhai city with around
770,000 sqm in gross floor area ("GFA").

"Neo-China's overall financial profile will remain largely
unaffected, as the transaction will mostly be funded by the
proceeds of the bond raised earlier this year," says Kaven
Tsang, Moody's lead analyst for Neo-China.

"While the new investment will further diversify the company's
geographic coverage, it will also raise execution risks given
Zhuhai is new to Neo-China, and the company's ability to develop
high-class villas and commercial properties in this new city has
yet to be proven," says Tsang, adding, "Neo-China's past
experience developing a commercial project in Shenzhen however
could partly mitigate the exposure."

"Neo-China may need to draw on additional financing to fund the
construction of this new project, but the projected financial
metrics -- operating cash flow/interest at around 2-3x and
adjusted debt/capitalization at around 60% -- remain appropriate
for the current rating level," adds Tsang.

"Neo-China's balance sheet liquidity after this transaction will
be weakened; further material and debt-funded land acquisitions
could stress its financial resources and hence pressure its
current ratings," he says.

Neo-China Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments.  It
has 11 major projects under development in 8 cities in China and
has a land bank of over 9.8 million sqm (in saleable area),
including around 6.9 million sqm under title.  It also has two
primary land development projects in Tianjin and Chengdu with a
total area of 8.4 million sqm.


PEABODY ENEGY: Names Tayeb Tahir as President for China Unit
------------------------------------------------------------
Peabody Energy has named Tayeb Tahir as President of Peabody
China, reporting to Chief Financial Officer and Executive Vice
President of Corporate Development Richard A. Navarre.  
Mr. Tahir will relocate to the company's Beijing office.
    
Mr. Tahir will oversee Peabody's business development activities
in China and the region and will coordinate the company's Asian
coal marketing and trading efforts.  China is the world's
largest and fastest-growing coal-consuming nation.  Peabody is
positioning itself to leverage China's significant long-term
growth potential by partnering with local companies on coal-
related projects. The company opened its Beijing office in fall
2005 and began trading activities in China in 2007.
    
"Tayeb brings more than two decades of energy and business
development experience to Peabody's China initiatives," said Mr.
Navarre.  "His high-level of expertise in international business
will add significant value as we work to build partnerships and
increase our commercial presence in the
world's fastest-growing market."
    
An energy industry veteran, Mr. Tahir joined Peabody in April
2006 as Senior Vice President - International Development.  He
has also held a variety of senior business development,
marketing and trading roles at Calpine Corporation, Zeigler
Coal, Consolidated Edison, Inc. and PIRA Energy Group.
    
Mr. Tahir holds a Bachelor of Engineering degree in Mechanical
Engineering from NED University of Engineering & Technology.  He
also earned an MBA from New York University's Stern School of
Business and a Master of Gas Technology from the Illinois
Institute of Technology.  He currently serves on the
International Affairs Advisory Committee Board of the University
of Missouri - St. Louis.

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

                        *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  This instrument was placed on review for
downgrade.


PROPEX INC: High Leverage Prompts Moody's to Cut Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Propex Inc.'s to Caa1 from B2, reflecting very high
leverage in recent quarters and expectations of very weak
internal cash flow generation in relation to debt obligations in
the near term.  The outlook for the ratings, which had been
negative since January 2007, is stable.

Moody's took these rating actions:

-- Downgraded the Corporate Family Rating to Caa1 from B2;

-- Downgraded the Probability of Default Rating to Caa1 from
    B2;

-- Downgraded to B2 (LGD2, 29%) from Ba3 (LGD 3, 30%) the
    senior secured credit facilities consisting of a US$50
    million revolver due 2011, and the original US$260 million
    term loan due 2012;

-- Downgraded to Caa2 (LGD 5, 81%) from Caa1 (LGD 5, 82%) the
    US$150 million senior unsecured notes due 2012;

The ratings outlook is stable.

The stable outlook reflects the high likelihood of a continuing
core level of demand for the company's products, company's
leading position in its markets, indications of progress with
cost cutting efforts and the company's relatively low capital
expenditure requirements in the medium term.

The downgrade reflects Moody's expectation of weak interest
coverage at least through 2008 in line with the Caa1 rating
category and long-term structural industry trends, which include
overcapacity and competitive pressures.  The ratings also take
into account the long-term effects of the backward integration
into carpet backing by the larger carpet manufacturers that took
place in 2005 and 2006.  These longer-term threats are
exacerbated by cyclical but ongoing weakness in residential
construction and its effect on demand for carpet backing and
other end products, potential for adverse raw material
fluctuations and the need for error-free execution to navigate
this period.  Propex's ratings are supported by leadership
positions in its principal markets and aggressive moves to cut
costs.

Notwithstanding the company's likely non-compliance with
financial covenants as of Sept. 30, 2007, Moody's believes that
covenant relief will be provided by the lender group at levels,
which recognize current cyclical weakness in the company's
principal end markets and the temporary nature of some of the
expense drivers.  Failure to obtain such relief will result in
an immediate downgrade.

The Speculative Grade Liquidity Rating was also downgraded to
SGL-4 from SGL-2, subject to covenant relief.

Propex Inc., based in Chattanooga, Tennessee is the world's
largest independent producer of primary and secondary carpet
backing and a leading manufacturer and marketer of woven and
nonwoven polypropylene fabrics and fibers used in geosynthetic
applications and a variety of other industrial applications such
as fabric bags/containers, fabric protective coverings and
concrete fiber reinforcement.  The company became a stand-alone
company following the acquisition of the BP Fabrics and Fibers
Business of BP p.l.c by The Sterling Group, L.P., Genstar
Capital, L.P., Laminar Direct Capital, L.P., Paribas North
America Inc. and members of management in December 2004.  The
company has manufacturing operations in North America, Europe,  
Brazil and China.  Sales for the last 12 months ending Sept. 30,
2006, were US$646 million.


SAPPHIRE FORTUNE: Liquidator to Give Wind-Up Report on Oct. 24
--------------------------------------------------------------
Sapphire Fortune Investment Limited will hold a meeting for its
members and creditors on October 24, 2007, at 3:00 p.m. and 3:15
p.m., respectively, at Flat E, 12th Floor of Tak Lee Commercial
Building, 113-117 Wanchai Road, Hong Kong.

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


SHING FU: Members and Creditors to Meet on October 24
-----------------------------------------------------
The members and creditors of Shing Fu International Limited will
meet on October 24, 2007, at 2:30 p.m. and 2:45 p.m.,
respectively, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Flat E, 12th Floor of Tak Lee
Commercial Building, in 113-117 Wanchai Road, Hong Kong.


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

BAUSCH & LOMB: WP Prism Deal Cues Moody's B2 Rating
---------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
to WP Prism LLC.  It is Moody's understanding that at the close
of the transaction, WP Prism LLC will merge into Bausch & Lomb
Incorporated, which will be the surviving entity.  

Concurrently, Moody's also assigned ratings to the proposed
senior secured credit facilities, proposed senior unsecured
notes, proposed senior unsecured PIK toggle notes, and proposed
senior subordinated notes.  Additionally, Moody's assigned a B2
Probability of Default Rating and an SGL-2 Speculative Grade
Liquidity Rating. The outlook for the ratings is stable.

Proceeds from the proposed credit facilities, proposed senior
unsecured notes, proposed senior unsecured PIK toggle notes, and
proposed senior subordinated notes, along with cash equity from
Warburg Pincus and some BOL existing cash, will be used to
complete the acquisition of BOL by WP for a total consideration
of US$4.7 billion including about US$785 million of existing
debt.

Moody's continued the review for possible downgrade of Bausch &
Lomb Incorporated's existing ratings with the expectation that
they will be withdrawn at the close of the transaction if
substantially all existing debt is paid.

The B2 Corporate Family Rating acknowledges the pro forma high
leverage, pro forma negative free cash flow for the ratings
horizon, litigation risk stemming from tax and product recall
matters, and the highly competitive industry.  Pro forma for the
Warburg Pincus transaction adjusted debt to EBITDA will be about
7 times for the last twelve months ended June 30, 2007.

Sidney Matti, analyst, stated that, "Moody's does not expect
BOL's leverage to decline materially over the intermediate term
as the company continues to embark on smaller acquisitions as
well as incur costs associated with both tax and product
liability litigation."  Additionally, Moody's anticipates that
free cash flow to adjusted debt will remain negative over the
ratings horizon because of increased interest costs and weaker
operating performance stemming from the recall of the
MoistureLoc product in 2006.

The B2 Corporate Family Rating also considers BOL's strong brand
equity, geographic and product diversity and its relative size
within the eye care industry.  Moody's notes that BOL has a
significant presence outside the U.S. with over 55% of the
company's revenues being generated in foreign jurisdictions.
Additionally, the company has an extensive product portfolio
with a presence in the major segments of the eye care industry.
The geographic and product portfolio provides the company with
diversity to its revenues and operating performance.  At
US$2.4 billion in revenues for the last twelve months ended
June 30, 2007, the company is one of the largest players within
the eye care industry.

The stable ratings outlook anticipates the company will continue
to experience improving operating performance driven by the
introduction of new products and growth within the eye care
segment driven by favorable demographic trends as well as the
adoption by end users of newer technology.  Additionally, the
rating outlook incorporates Moody's expectation that the company
will continue its acquisition strategy over the near term.  
However, Moody's anticipates that the company will undertake
smaller acquisitions over the ratings horizon.

The SGL-2 speculative grade liquidity rating reflects a good
liquidity profile comprised of Moody's expectation for stable
cash flow generation coupled with cash on hand, availability
under the US$500 million proposed senior secured revolving
credit facility and the covenant-lite structure of the senior
secured credit facilities.

Ratings are subject to review of final documentation.

These ratings were assigned to Bausch & Lomb Incorporated:

   -- B2 Corporate Family Rating;

   -- B2 Probability of Default Rating;

   -- SGL-2 Speculative Grade Liquidity Rating;

   -- B1 rating (LGD3/35%) on a US$500 million Senior Secured
      Revolver;

   -- B1 rating (LGD3/35%) on a US$1,100 million U.S. Senior
      Secured Term Loan;

   -- B1 rating (LGD3/35%) on a US$300 million Delayed Draw Term
      Loan;

   -- Caa1 rating (LGD5/86%) on US$400 million Senior Unsecured
      Notes;

   -- Caa1 rating (LGD5/86%) on US$175 million Senior Unsecured
      PIK Toggle Option Notes; and

   -- Caa1 rating (LGD6/95%) on US$175 million Senior
      Subordinated Notes.

These rating was assigned to Bausch & Lomb B.V.:

   -- B1 rating (LGD3/35%) on a US$575 million European Senior
      Secured Term Loan.

These Bausch & Lomb Incorporated ratings remain on review for
possible downgrade and will be withdrawn at the close of the
transaction:

   -- Ba1 Corporate Family Rating;

   -- Ba1 Probability of Default Rating;

   -- Ba1 rating on US$133.2 million Senior Unsecured Notes due
      2007;

   -- Ba1 rating on US$50 million Senior Unsecured Notes due
      2008;

   -- Ba1 rating on US$160 million Senior Unsecured Convertible
      Notes due 2023;

   -- Ba1 rating on US$0.4 million Senior Unsecured Debentures
      due 2026; and

   -- Ba1 rating on US$66.4 million Senior Unsecured Debentures
      due 2028

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company has operations in Australia, Brazil,
China, Mexico, the Netherlands, Spain, among others.  For the 12
months ended June 30, 2007, the company reported US$2.4 billion
in revenues.


BHARTI AIRTEL: Completes Acquisition of Network i2i Ltd
-------------------------------------------------------
Bharti Airtel Ltd has completed the acquisition of Network i2i
Ltd, Mauritius on Sept. 28, 2007, the company disclosed in a
filing with the Bombay Stock Exchange.

Network i2i was in a 50:50 JV between Bharti and SingTel. With
the completion of the purchase, Network i2i has now become the
wholly owned subsidiary of the Bharti.

The Troubled Company Reporter-Asia Pacific reported on Jan. 29,
2007, that the overall consideration for the purchase is US$110
million.  

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                         *     *      *

The Troubled Company Reporter-Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

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


BHARTI AIRTEL: Ties Up with Government of Gujarat
-------------------------------------------------
Bharti Airtel Ltd will partner with the Government of Gujarat in
the eGRAM Connectivity Infrastructure Project.  Under this
first-of-its kind project in the country, the company will set
up telecom infrastructure to connect 13,716 Village Panchayats
and Common Service Centre in the state.  Once connected, the
Panchayat Offices / eGRAMs are expected to form a powerful
socio-economic network supporting information dissemination and
facilitating e-governance initiatives in the state.

The MOU commissioning the project was signed in Ahmedabad on
Oct. 7, 2007, between company and Panchayat, Rural Housing &
Rural Development Department, Government of Gujarat in the
presence of Mr. Narendra Modi, Hon'ble Chief Minister of Gujarat
and Manoj Kohli, President and CEO of the company.

Commenting on this significant partnership, Mr. Kohli, President
& CEO of the company said, "We are delighted to partner with the
Govt. of Gujarat in innovative and novel project of empowering
its citizens.  This partnership reiterates Airtel's endeavor to
collaborate with the Government's e-governance plans and efforts
to bridge the "digital divide" by providing connectivity to the
rural masses.  The e-enabling of the state is an important step
as the country moves into the net phase of economic growth."

The company has designed a comprehensive VSAT-based solution to
provide last mile connectivity to these villages.  The company
was chosen for this project owing to this unique VSAT-based last
mile solution backed by a strong delivery plan to reach out to
the rural masses.  The project roll-out is expected to take
place in a fast-track mode with completion slated for March
2008. The project also assumes significance for the company as
it clearly puts it in a leadership position in the VSAT space.

The project linking 13,716 Village Panchayats and Common Service
Centres located in the remote corner of the state will ensure
high quality and cost-effective video, voice and data services
in the areas of agriculture, e-governance, health, education
etc. at Village Panchayats.  The connectivity will also
facilitate point to point and point to multi-point video
conference services, VOIP services and intra & Internet services
from these village panchayats and Common Service Centres.

The company has been consistently focusing on enhancing telecom
penetration in rural areas of the country to bring a true
telecom revolution.  The company has been constantly innovating
to utilize technology to the fullest for the benefit of the
rural populace and this project is another significant step in
this direction

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                         *     *      *

The Troubled Company Reporter-Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

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


BHARTI AIRTEL: FII Holdings Below Threshold Limit, RBI Says
----------------------------------------------------------
The Reserve Bank of India said in a press release that the
holdings of Institutional Investors in Bharti Airtel Ltd have
gone down below the prescribed threshold limit stipulated under
the Foreign Direct Investment policy.

Accordingly, the regulator says, these persons/entities can now
purchase Bharti Airtel equity shares under Portfolio Investment
Scheme (PIS), through secondary market in India:

   -- FIIs;
   -- Non-Resident Indians; and
   -- Persons of Indian Origin.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                         *     *      *

The Troubled Company Reporter-Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

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


DECCAN AVIATION: May See Enhanced Bottomline Next Quarter
---------------------------------------------------------
Deccan Aviation could see some improvement in its bottomline
during the next quarter as it is all set to get about US$40
million which is the last of the four tranches from a deal with
two European banks, K. Giriprakash writes for The Hindu Business
Line.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Deccan Aviation posted a negative bottomline for the
three months ended March 31, 2007 -- net loss of INR2.1 billion
on net sales of INR4.38 billion.

According to the news agency, the carrier, last October, entered
into an agreement with Investec Bank and HSH Nord Bank AG,
Germany, to raise US$100 million to fund its cash flow needs.
As part of the deal, Deccan Aviation assigned the purchase of
its 60 Airbus aircraft to a special purpose company, Southwest
Trading Ltd, which is funded by the two European banks, Mr.
Giriprakash relates.

The release of the funds is reportedly conditioned to, among
others, compliance of certain financial covenants.  The airline
has so far received US$60 million, Business Line states.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in   
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
October 5, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


IMAX CORP: Will Restate Financial Records on Real Estate Leases
---------------------------------------------------------------
IMAX Corporation plans to file a Form 10-K/A for fiscal
2006 to amend its Annual Report on Form 10-K for 2006, which was
filed on July 20, 2007.  The Form 10- K/A will restate financial
statements relating to the company's accounting for certain
terms of 7 real estate leases for its owned and operated
theatres and corporate facilities, with most of the income
statement impact being from 1997 - 2002.  

The company plans to file a Form 10-Q/A to amend its Form 10-Q
filings for the first and second quarters of 2007 for the same
reason.
    
Previously, the company had recorded rent reductions received in
connection with certain real property leases in the years such
reductions were received, rather than on a straight-line basis
over the remaining lease term.  These reductions included rent
holidays and abatements.  In addition, the company did not
properly record certain leasehold improvements funded by
landlord construction allowances.
    
The aggregate amount of the charge at issue is approximately
US$5.5-- US$6.5 million, with approximately US$5 million
relating to the 1997 - 2002 period.  The US$5.5 - US$6.5 million
deferred rent credit will be amortized into income over the
remaining terms of the applicable real estate leases.  The
company emphasized that this restatement is not expected to
impact its cash or liquidity or relate to revenue recognition in
connection with theatre system or film revenue.
    
Because of the error, management and the Audit Committee have
cautioned that the company's prior-filed financial statements on
Forms 10-K and 10-Q should not be relied upon until the
financial statements are restated, which the company expects to
occur within 35 days.  

In addition, the company's Forms 10-K/A and 10-Q/A will include
certain additional and enhanced narrative disclosure in response
to comments received by the company from the U.S. Securities and
Exchange Commission.
                   
                      About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment  
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.  
IMAX has locations in Guatemala, India, Italy, among others.

At June 30, 2007, the company's balance sheet showed total
assets of US$220.2 million and total liabilities of
US$284 million, resulting to a total shareholders' deficit of
US$63.8 million.

The company recorded a net loss of US$4.9 million for the first
quarter of fiscal 2007, compared to a restated net loss of
US$3.7 million for the first quarter of fiscal 2006.  Net loss
for the fiscal year 2006 was $16.9 million, compared to a net
income of US$7.8 million for the fiscal year 2005.


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

ALCATEL-LUCENT: Says It Has 15 Commercial Contracts & 70+ Pilots
----------------------------------------------------------------
Alcatel-Lucent highlighted its commercial leadership and
momentum in the global WiMAX market during the Broadband World
Forum Europe 2007 trade show and exhibition, taking place in
Berlin, Germany, between October 8 and 11.

The company said it has now secured 15 commercial contracts and
more than 70 pilots and field trials in the most advanced WiMAX
standard, IEEE 802.16e-2005 -- more than any other vendor.  It
has been converting trials into commercial contracts at a rate
of two per month for the last six months, a rapid pace of
adoption for Alcatel-Lucent's Rev-e solution, which supports
fixed, nomadic and mobile broadband services.

"We are now working on WiMAX deployments with a range of fixed,
mobile and convergence-minded greenfield operators, in both
established and high-growth markets worldwide," said Karim El
Naggar, head of Alcatel-Lucent's WiMAX activities.  "This
demonstrates the breadth and maturity of Alcatel-Lucent's WiMAX
portfolio position as a leading player in this arena.  Customers
are adopting our WiMAX solution because it offers them
exceptional performance as well as some of the most advanced
technology on the market, including beam forming and MIMO."

Beam forming, a key feature of the 802.16e standard, is designed
to steer and focus radio signals toward end-user terminals
instead of spreading it in all directions, thereby increasing
signal strength and quality.  The results, measured on customer
networks, show that beam forming has improved coverage by up to
50 percent and throughput by up to 30 percent.  Moreover, all of
these performance increases are independent of the type of
terminal being used.

Alcatel-Lucent also has successfully demonstrated -- on its
commercial equipment -- simultaneous use, in a single sector, of
two MIMO downlink technologies, space-time block coding and
spatial multiplexing.  MIMO space-time block coding enables the
establishment of a more robust WiMAX signal by leveraging
spatial diversity, in turn improving the data rate in adverse
radio conditions up to 30 percent.  MIMO spatial multiplexing
increases data rates by sending different signals on each of the
two WiMAX base station antennas, doubling throughput.

"The Alcatel-Lucent WiMAX solution has been designed to smartly
address the two biggest issues of any wireless system deployment
-- coverage and capacity.  Initial network rollouts are focusing
on coverage, and beam forming is an efficient means to reduce
the number of required sites compared to traditional network
builds.  As subscriber traffic grows, the activation of the MIMO
feature also can significantly increase network capacity.  The
net result is sizable and operational expense savings for the
operator," Mr. El Naggar added.

Customer premises equipment for these deployments and field
tests has been provided by participants in Alcatel-Lucent's
WiMAX Open CPE Program, a comprehensive, multi-faceted
technology incubation program designed support the creation,
maturation and evolution of a vibrant WiMAX ecosystem.  As
Alcatel-Lucent's commercial momentum grows and its position as a
market leader is solidified, the growth of the Open CPE Program
- in terms of the participation of CPE vendors - has accelerated
as well.  Open CPE Program participants include chip suppliers
such as Beceem, Intel, Runcom and Sequans as well as end-user
terminal developers such as C-DOT Alcatel Research Center,
Kyocera, Samsung and ZyXEL.

                      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.


ALCATEL-LUCENT: Deploys GPON Solution w/ France's Neuf Cegetel
--------------------------------------------------------------
Alcatel-Lucent will deploy Gigabit Passive Optical Networking
solution for very high-speed services for Neuf Cegetel, France's
alternative service provider.  

The project includes building an all-fiber access network,
enabling advanced triple play services -- including HDTV on
multiple TV sets, to enrich user experiences via multimedia
services.

Alcatel-Lucent will also be responsible for project management,
installation, and maintenance services and will provide its
innovative 7342 ISAM FTTU (Fiber to the User) solution,
including the new optical network terminal in the home, the
industry's most compact GPON new optical network terminal.  
First deployments began this past summer.

"Neuf Cegetel is currently deploying a FTTx network in various
French cities.  Part of this network will rely on GPON
technology and Alcatel-Lucent's strong leadership in this field
will support us in offering advanced triple play services to our
customers, " said Francois Paulus, general manager of Neuf
Cegetel's Broadband division.  "It is also essential for us to
deploy a mature solution that can support large-scale
deployments of such very high speed services."

"This contract highlights Neuf Cegetel's renewed confidence in
our access solutions and our ability to support the introduction
of advanced applications such as HDTV," said Olivier Picard,
President of Alcatel-Lucent's Europe and South activities."  
With our GPON solution, Neuf Cegetel will benefit from the most
innovative access technology on the market."

This FTTU solution is part of Alcatel-Lucent's ISAM family which
is designed for 100% IPTV and NGN / IMS voice convergence in
access.  Moreover, it provides an unsurpassed IPTV experience
with a 5 star rating for video support (Current Analysis report
of January 2007), as well as cost effective migration to packet-
based voice.  This robust and proven solution extends the
bandwidth potential of fiber from the network core to the
subscriber premise using the latest GPON recommendations of the
Full Service Access Network (FSAN) group.

Alcatel-Lucent has consistently been acknowledged as the market
leader in broadband access.  Alcatel-Lucent remains the
uncontested market leader in broadband access with more than 142
million DSL lines shipped and a cumulative market share of 41%,
more than three times that of its nearest competitor.  More than
135 customers have adopted the ISAM product family globally -
including 80% of the top 20 DSL operators in the world.  
Alcatel-Lucent is also engaged in more than 60 FTTx projects
around the world, more than 30 of which are with GPON.

                       About Neuf Cegetel

Neuf Cegetel -- http://www.groupeneufcegetel.fr-- is the  
leading alternative operator in France.  The company operates
its own national network infrastructure, comprising nearly
45,000 kilometres of optical fibres, and has invested heavily in
the rollout of its DSL access network.  This means that Neuf
Cegetel is in a position to produce its own broadband services,
control their costs and quality and sell them directly to 70% of
the target population.  Neuf Cegetel has a presence in all
market segments, providing a wide range of innovative services
to residential and corporate customers, and to telecoms and
Internet service providers.  Neuf Cegetel, whose two key
shareholders are Louis Dreyfus and SFR, reported revenues of
2,897 million euros in 2006.

                      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.


ALCATEL-LUCENT: Grabs NTT Comm. Deal for Service Routers Supply
---------------------------------------------------------------
Alcatel-Lucent was selected by NTT Communications, a wholly-
owned subsidiary of the NTT Group in charge of long distance
calls, international services and data communication in Japan,
to supply IP service routers to support NTT Communications' IP-
VPN services.

Following a year-long extensive test and evaluation process, NTT
Communications selected the Alcatel-Lucent 7750 Service Router
solution for its service-aware capabilities, unique non-stop
routing functionality, excellent stability and high level of
interoperability.  In addition, the Alcatel-Lucent 7750 SR is
compliant with IPv6 standards that have become mandatory in
Japan's telecommunications industry.  The Alcatel-Lucent
solution will allow NTT Communications to take advantage of the
reduced outage and maintenance time to bring down operation
costs.

NTT Communications selected Alcatel-Lucent because the Alcatel-
Lucent 7750 SR is the solution that allows carriers to provide
non-stop service to their customers with an extremely high level
of reliability.  Alcatel-Lucent's global experience and carrier-
class IP transformation solution will help NTT Communications
maximize its network's potential and deliver innovative and
differentiating services to satisfy end-users' current and
future needs.

"Alcatel-Lucent brings its worldwide experience and expertise in
major IP network and service transformation projects to this
partnership with NTT Communications," said Frederic Rose,
President of Alcatel-Lucent's Asia Pacific activities.
"Together, we are building the most reliable IP-VPN service to
satisfy a very demanding customer base.  It's an honor for us to
collaborate with NTT Communications in Japan."

This is the second commercial deployment of Alcatel-Lucent's
industry leading 7750 IP/MPLS Service Routers within a
subsidiary of the NTT Group.

Over 180 service providers in more than 70 countries around the
world have selected the Alcatel-Lucent IP portfolio as key
elements of their IP transformation, including massive, multi-
year projects at AT&T, BT and Telstra.  According to Ovum RHK,
Alcatel-Lucent was #2 in the IP/MPLS Edge market segment in Q2
2007, with 21% market share, and is the fastest-growing edge
router vendor in the world.  Alcatel-Lucent recently introduced
the world's first comprehensive Service Routing Certification
Program to educate the next generation of IP networking
professionals.

                    About NTT Communications

NTT Communications Corporation (NTT Com) provides information
and communications technology (ICT) solutions worldwide with
dedicated professionals stationed in 21 countries. Renowned as
an IPv6technologypioneer and managed service expert, NTT Com
offers diverse high-quality IP,Web-based, and managed network
solutions combining network management,security, ubiquitous, Web
portals/engines, and global services. Its world-class Tier 1
Internet backbone and secure closed networks with over 98,000
MPLS ports, combined with the networks of partner companies
around the world, connect more than 200 countries. The company
earned non-consolidated revenues exceeding one trillion yen
(about US$1.2 billion) in fiscal 2006 ended March 31, 2007. NTT
Com started as a long-distance phone company in 1999 after the
reorganization of the NTT Group, and is the wholly-owned
subsidiary of NTT, one of the world's largest telecommunications
companies. NTT is listed on the Tokyo, Osaka, Nagoya,Fukuoka,
Sapporo, London and New York stock exchanges. Please visi
texternal linkhttp://www.ntt.com

                      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.


AVNET INC: Closes Acquisition of Magirus Infrastructure Division
----------------------------------------------------------------
Avnet Inc. has completed its acquisition of the Enterprise
Infrastructure Division of Magirus Group.  The acquired
business, which has annual revenues of approximately US$500
million, is a value-added distributor of IBM and Hewlett-Packard
enterprise computing products in seven European countries and
Dubai.  The acquisition is expected to meet or exceed the
company's stated return-on-capital-employed goal and add
approximately US$0.08 EPS in calendar 2008.  The integration of
the acquired business into Avnet's Technology Solutions group in
Europe is expected to be essentially complete by June 2008.

Roy Vallee, Avnet's chairman and chief executive officer,
stated, "This acquisition positions Avnet Technology Solutions
as Europe's largest value-added IT distributor for enterprise
solutions with the broadest capabilities in the market.  
Following completion of the recently announced Acal IT Solutions
acquisition, Avnet Technology Solutions will have US$2.5 billion
of annual revenue in the region and possess unique scale and
scope advantages that further enhance Avnet's value proposition
to our trading partners.  In support of Avnet Technology
Solutions' strategy to enable complete solutions, we will
continue to pursue value creating acquisitions that expand our
customer base and/or broaden our products and services
portfolio."

Avnet Technology Solutions has now significantly increased its
presence in the two largest European markets, Germany and UK,
while expanding its operations in six additional countries.  The
addition of 140 skilled employees and 1,300 value-added-reseller
customers presents additional opportunities for cross selling
and materially expands Technology Solutions' role in the
European IT distribution channel.

"This move strengthens our position as a pan-European value-
added distributor with industry-leading system integration,
marketing, financial and technical services," said Dick
Borsboom, president of Avnet Technology Solutions EMEA.  "With
expanded geographic coverage and deep technical resources, we
will address a wider range of solutions and accelerate the
growth of our trading partners."

                          About Magirus

The Magirus Group -- http://www.magirus.com/-- is an  
international IT company, whose core businesses are IT
infrastructure, technology, supply chain, marketing and
financial services.  With approx. EUR700 million in revenues and
more than 600 employees, Magirus is one of the leading IT
infrastructure and solutions provider in Europe.  Its portfolio
comprises high-end servers, storage systems and network
products, as well as software for system, storage, network,
Internet and security management in addition to middleware,
groupware and applications, virtualization, information
lifecycle management, databases, internet/intranet and e-
business software.  With a network of subsidiaries, joint
ventures and offices, the company operates in Europe and the
Middle East.  Together with qualified system and software
houses, Magirus supplies companies in all industries, such as
financial service providers, telecommunications and automotive,
as well as public sector clients.  The strategic alliance with
Agilysys Inc., Cleveland, Ohio, enables it to support companies
planning to realize projects in the US market.

                         About Avnet Inc

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components   
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                          *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BANK RAKYAT: Cancels Plan for Securities Company Acquisition
------------------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk has aborted its plan to
have a securities company in the near future, The Asian Banker
reports.

According to the report, the bank has IDR300 billion of idle
fund due to the cancellation of the plan.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise      
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
December 31, 2005, the bank had one branch office in Cayman
Islands and two representative offices in New York and Hong
Kong, respectively.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 2,
2007.  Moody's Investors Service has placed the foreign currency
long-term debt and foreign currency long-term deposit ratings of
PT Bank Negara Indonesia (Persero) Tbk on review for possible
upgrade.

The detailed ratings are:

   * Ba3 foreign currency subordinated debt and B2 foreign
     currency long-term deposit ratings were placed on review  
     for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa2
     global local currency deposit rating and D+ BFSR were
     unaffected -- these ratings carry a stable outlook.


Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk's:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

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

   * Individual 'C/D', and

   * Support '4'.

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


FOSTER WHEELER: Units Ink Deal for Qatar Petrochemical Complex
--------------------------------------------------------------
Foster Wheeler Ltd.'s two subsidiaries in its Global Engineering
and Construction Group have been awarded contracts by Qatar
Intermediate Industries Holding Co. Ltd., a fully owned
subsidiary of Qatar Petroleum, to execute the front-end
engineering design (FEED) and to provide project management and
construction management (PMCM) services for a new grassroots
petrochemical complex to be located at Mesaieed in Qatar.  Qatar
Holding is in the process of establishing a joint venture
company for this project with Honam Petrochemical Corporation of
Korea.  In addition to the usual FEED scope, Foster Wheeler's
work also includes the procurement of long-lead items.

The Foster Wheeler FEED contract value, which was not disclosed,
will be included in the company's third-quarter 2007 bookings.  
A portion of the PMCM contract relating to services to be
provided up to award of engineering, procurement and
construction contracts, will be booked in the fourth quarter of
2007 with the remainder being booked at a later date.

The new complex will include world-scale olefins and aromatics
units, which will supply ethylene, propylene and benzene to the
downstream polypropylene, ethylbenzene, styrene monomer and
polystyrene facilities.  The complex, which will also include
ethylene-to-propylene conversion units, is scheduled for
completion in 2011.

"Foster Wheeler has established itself as a key global
contractor in the chemical and petrochemical sector," said Steve
Davies, chairman and chief executive officer, Foster Wheeler
Energy Limited.  "We will leverage our extensive experience, in-
depth technical expertise and our proven ability to execute
large, complex projects to help our client meet its objectives
in realizing this major grassroots investment."

Mohammed K. Turki Al-Sobai, managing director and chief
executive officer, Qatar Intermediate Industries Holding Co.
Ltd., expressed his pleasure for selecting Foster Wheeler to
conduct the FEED and PMCM for this very important project for
Qatar Holding.  
                       About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of   
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

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

                          *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                  Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


INDOSAT: Gets Warning for Slow Fixed Network Development
--------------------------------------------------------
PT Indosat Tbk was verbally warned by Yusuf Iskandar,
directorate general of posts and telecommunications, about being
slow in developing its fixed line and fixed wireless networks
compared to its GSM network, The Jakarta Post reports.

The company, however, is not facing any sanctions as it has
already met all of the minimum legal requirements, The Post
notes.  Nevertheless, Mr. Iskandar told the news agency that he
suspected Indosat of deliberately keeping the development of its
fixed networks to a minimum to maintain cost effectiveness, but
at the risk of violating its initial development commitment.  
Mr. Iskandar wants the company to live up to its commitment and
fast-track the development of its fixed line and CDMA networks,
the report says.  According to calculations, the development
ratio is one to 10, with one being for the fixed networks, he
said.

Indosat President Director Johnny Swandi Sjam acknowledged the
slow development of its fixed networks, particularly StarOne due
to expensive migration cost, the report says.

The Post relates that Indosat marketing director Guntur Siboro
admitted that the development of the fixed wireless network had
been faster than that of the fixed-line network.  The company
built a bigger fixed wireless network as this is better,
business wise, and it's easier to carry out, the report
explained.

Aside from the lack of network development, the directorate
general also warned Indosat about using confusing messages in
advertising one of its cellular brands, Mentari, which
controversially offered a IDR0 tariff in various media
publications, the report adds.

                          About Indosat

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

                          *     *     *

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

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

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


MOBILE-8: Extends Network to Increase Subscribers
-------------------------------------------------
PT Mobile-8 Telecom Tbk will extend its network to Sumatra, East
Kalimantan, West Kalimantan and Sulawesi, hoping to increase the
number of its subscribers to 4 million by the end of 2007,
director Hidajat Tjandrajaja said recently.

"Today, Fren's Mobile-8 services only cover Java, Bali and
Madura islands," Tjandrajaja was quoted as saying by Antara.

Mobile-8 also intends to raise the number of its subscribers to
7 million at the end of 2008, he said, adding that Mobile-8's
subscriber number was recorded at 1.4 million as of last August.  
"This year our target is only 1.8 million subscribers.  We will
multiply the number next year," he said.

Mobile-8 would thus increase the number of its base transceiver
stations from 470 to 1,800 in the future.  The company has named
Huawei as its partner to build the 1,800 BTS across the country.

The hike in the BTS number aims to improve subscriber-handling
capacity to 7 million in the future, an increase from 2.2
million this year.  Mobile-8 plans to spend US$140 million to
realize its project in 2007, which would be a sharp rise from
US$10 million in 2006.  "The funds will come from initial public
offerings," Tjandrajaja said.

He expressed optimism that Mobile-8's business potential as a
code division multiple access-based cellular operator would be
successful, owing to its evolution data optimized technology
services capable of providing subscribers with high quantity and
quality data communication and sound.

"I think EV-DO technology services will become more popular in
2007," Tjandrajaja said.

                     About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.

                          *     *     *

The Troubled Company Reporter-Asia Pacific on Sep 18, 2007, that
Moody's Investors Service has affirmed the B2 corporate family
rating of PT Mobile-8 Telecom Tbk.  At the same time, Moody's
has affirmed the B2 rating for the US$100m senior unsecured
11.25% bond due 2013 issued by Mobile-8 Telecom Finance Company
BV and guaranteed by Mobile-8 following the completion of the
bond issuance.  Both ratings have had their provisional status
removed. The outlook on the ratings is stable.

On July 19, 2007, Standard and Poors assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed
US$150 million senior unsecured notes to be issued by Mobile-8
Telecom Finance B.V., a wholly owned subsidiary of Mobile-8.


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

GAP INC: Inks Deal with Philippine Franchisee Rustan Group
----------------------------------------------------------
Gap Inc. disclosed a franchise agreement to introduce the Gap
and Banana Republic brands to the Philippines.  Over the next
five years, Gap Inc.'s franchise partner -- Rustan Group of
Companies -- plans to open a combined total of approximately
eight Gap stores and four Banana Republic stores throughout the
Philippines.

The first Gap store is expected to open by the end of this year,
and the first Banana Republic stores by spring 2008. All stores
are scheduled to be open by 2012.

"The Philippines represents a natural market for Gap Inc. to
expand its international presence," Ron Young, senior vice
president of international strategic alliances for Gap Inc.,
said.  "The country has a strong, steadily growing economy, and
consumers in this market have a great interest in iconic apparel
brands such as ours."

Gap Inc. will leverage the Rustan Group's local operational
expertise, and will provide access to Gap and Banana Republic's
clothing and accessories.  In addition, the Rustan Group of
Companies will hold exclusive rights to operate Gap and Banana
Republic stores in the Philippines, will purchase merchandise
from Gap Inc. or suppliers designated by Gap Inc., and must
adhere to Gap Inc.'s quality standards to preserve the
reputation of the Gap and Banana Republic brands.

"We're pleased to have forged a relationship with such an
excellent local partner," Mr. Young continued.  "In addition to
strong operational expertise and a deep understanding of their
local customer base, the Rustan Group of Companies has a track
record of successfully introducing well-known fashion and
apparel brands to international markets."

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an  
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names. Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                          *     *     *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


JAPAN AIRLINES: Inks Business Partnership with AEON
---------------------------------------------------
Japan Airlines International Co., Ltd., Japan and Asia's biggest
air transport group, and AEON Co. Ltd., one of the largest
general retailers in Japan, have reached agreement to cooperate
on a wide range of business activities, the first of which is
the creation of two new cards by combining the JAL Group's
frequent flyer mileage card JMB Card, and AEON's WAON Card which
has both e-money and credit functions.

Called the JMB WAON Card and AEON JMB Card, the new cards will
enable cardholders to accumulate JMB mileage when purchasing
goods and services in AEON stores located throughout the length
and breadth of Japan.  Conversely cardholders will be able to
exchange JMB mileage for WAON e-money which can be used to
purchase products and services at AEON stores.  The new cards
will be introduced in the Japanese domestic market from March
2008.  Up until March 2009 there will be no card issuance fee.
No annual card will be charged.

Cardholders can convert 200 yen into 1 JMB mile when using the
WAON e-money function.  Conversely, cardholders can convert from
a minimum of 10,000 JMB miles into an equivalent of 10,000 WAON
point.  When using the credit card function available on the
AEON JMB Card for every 1,000 yen spent 5 JMB miles can be
accumulated.

JAL and AEON will also cooperate in other ways to further
improve the quality of their products and services in order to
increase customer choice, convenience and satisfaction.  The
companies will work together to expand sales of their branded
products and services through each others sales channels. The
companies are also looking at ways of jointly promoting and
developing products, for example the JAL Group's air travel
products.

The JAL Mileage Bank program now has some 20 million members
worldwide.  JMB Miles can be earned by flying on JAL or JMB
partner airlines.  Over the years the program has been expanded
to include mileage earnings not only from flights on JAL and its
JAL Group subsidiary airlines, but also from 12 international
partner carriers, and JMB Mile Partners including car and
cellular phone rental companies and over 8,700 hotels worldwide.  
Since JAL became a fully-fledged member of oneworld, JMB members
can now earn and redeem mileage on eligible flights and fares
throughout the oneworld network.

Accumulated mileage can be exchanged for a wide range of
exciting awards entitling members to free travel on JAL and JMB
partner's air networks, international flight upgrades, and free
nights stay at numerous JMB partner hotels worldwide.  Miles can
also be exchanged for JAL coupon awards which in turn can be
used to make full or part payment for in-flight purchases, stays
at JAL Hotels and other purchases.

AEON Co Ltd is one of Asia largest retailers with over 17
million members signed up its credit card program.  The group
covers 23,000 stores in Japan including general merchandise
stores, supermarkets, drugstores, specialty stores, and shopping
mall developments.

AEON introduced the WAON electric money card to Japan in April
2007 which can be used to purchase products and services in over
11, 000 stores throughout Japan. WAON e-money will be accepted
at all of AEON's group companies during 2008.

                       About Japan Airlines

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

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.  
  
The TCR-AP reported on Oct. 10, 2006, that Moody's Investors  
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.  
  
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


NOVA CORP: Raises JPY70 Million by Issuing Warrants to 2 Firms
--------------------------------------------------------------
Nova Corporation has raised JPY70 million in cash by issuing
warrants for a total of 200 million shares to two investment
companies registered in Virgin Islands, Japan Times reports.

The scandal-hit language school, according to Japan Times,
submitted a paper to the Kanto Local Financial Bureau, stating
that the two investment firms were identified as Rich Peninsula
Trading Ltd. and Tower Sky Profits Ltd.

Citing the submitted paper, Japan Times conveys that the cash
will be used to cover expenses such as teachers' salaries and
property rent.

Should the two firms fully exercise their right to obtain new
shares for a cost of JPY7 billion in total, it would increase
the number of Nova's outstanding shares fourfold, diluting the
share value and thereby damaging the assets held by current
stockholders, relates Japan Times.   In such a case, Nova would
receive JPY6.4 billion, excluding the costs of issuing new
shares.

Japan Times states that that Rich Peninsula and Tower Sky can
exercise the right to purchase shares for JPY35 apiece for a
period of about one year starting October 24.  

                        About Nova Corp.

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

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

On June 19, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Ministry of Economy, Trade and Industry
suspended Nova Corp. from selling long-term contracts for
language schools starting June 14, 2007, for lying to customers
about its services.


NOVA CORP: METI Orders Payment to Customers and Teachers
--------------------------------------------------------
Scandal-tainted English-language school Nova Corporation was
ordered by the Ministry of Economy, Trade and Industry to
promptly pay back tuition fees to customers who cancel lessons
in accordance with their contact, Kyodo News reports, citing
government officials.

According to Kyodo, Katsuji Yamahara, head of the multinational
General Union, said that many former students have not had their
tuition fees refunded even after they left the school.  Kyodo
quotes Mr. Yamahara as saying, "Only Nova knows how many such
cases exist and how much money has not been returned. It could
be huge."

The Osaka-based language school has been hit with decreasing
student enrollment and numerous canceled contracts since METI
ordered the school in June to suspend part of its operations for
lying to consumers in advertisements about its services, states
Kyodo News.

Aside from tuition fee payback, Nova, relates Kyodo, is faces
labor charges where the labor union assisting teachers at Nova
requested that the ministry, which oversees the industry, take
action to secure the teachers' employment and prevent further
damage to students.

Reportedly, union officials claims that Nova had temporarily
failed to pay wages to some of its teachers, mainly those of
foreign nationality.

Representing the Nova teachers, the General Union, whose members
include foreign instructors working for language schools in
Japan, visited METI to file their written demand directed at the
minister, Akira Amari, notes Kyodo News.

Mr. Yamahara, expressed in a press conference that "Nova is now
facing a serious crisis" and that the union already asked METI
for immediate action to save customers and teachers.

                        About Nova Corp.

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

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

On June 19, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Ministry of Economy, Trade and Industry
suspended Nova Corp from selling long-term contracts for
language schools starting June 14, 2007, for lying to customers
about its services.


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

DURA AUTOMOTIVE: Plan Confirmation Hearing Set for November 26
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set a
hearing on Nov. 26, 2007, to consider confirmation of the Plan
of Reorganization filed by DURA Automotive Systems Inc. and its
debtor-affiliates.

The Court, on Oct. 3, approved the adequacy of the Disclosure
Statement explaining the Debtors' Plan.

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

               http://ResearchArchives.com/t/s?2411

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent    
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had USUS$1,993,178,000 in total assets
and USUS$1,730,758,000 in total liabilities.


KENERTEC CO: Signs Contract with Korea District Heating
-------------------------------------------------------
Kenertec Co Ltd has signed a contract with Korea District
Heating Corp., Reuters reports.

According to the report, under the agreement Kenertec Co will
provide construction services to the latter.

The contract is worth KRW13,294,061,305, the report adds.

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

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


KOREA HINET: Appoints Byun Il Suhk as New CEO
---------------------------------------------
Korea Hinet Co Ltd has appointed Byun Il Suhk as its new Chief
Executive Officer, Reuters reports.

According to the report, Mr. Suhk is replacing former CEO Kim
Hyun Bong.

Mr. Suhk has replace Mr. Bong on September 28, 2007, the report
adds.

Headquartered in Seoul, Korea Hinet Co., Ltd. --
http://www.koreahinet.co.kr/-- is engaged in the provision of   
information technology (IT) solutions.  The company provides
four major services: system integration services, including
consulting, information strategies and hardware and network
integration; software services, which provides enterprise
resource planning (ERP) systems such as supply chain management
(SCM), management information systems (MIS), e-business
solutions and customer relationship management (CRM) tools;
distribution services, which provides computer parts, software
and network equipment, and e-business, which provides Intranet
solutions and Web solutions.

Korea Ratings gave the company's KRW4 billion convertible bonds
issue a B+ rating with a stable outlook on May 24, 2006.


LEADCORP INC: Plans Issuance of Overseas Bond with Warrants
-----------------------------------------------------------
The Leadcorp Inc. disclosed the issuance of its offering of
unregistered overseas private bonds with warrants issuance up to
US$20 million, Reuters reports.

According to the report, the maturity date is five years later
from the issue date of the bonds and the coupon rate is a 10%
per year till two years from the issue date of the bonds and a
13.5% per year till the maturity date of the bonds.

Leadcorp Financial Holdings Limited, which is a wholly owned
subsidiary of Darby Asia Mezzanine Fund II., will take over the
news shares from The Leadcorp.

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

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


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

KNOLL INC: Moody's Withdraw Ba3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service withdrew the ratings of Knoll, Inc.
for business reasons, because Knoll has no rated debt
outstanding.

This rating was withdrawn:

   --  Corporate family rating of Ba3

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures  
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal, Singapore, among others.  Revenue
for the LTM ended June 2007 approximated US$1 billion.


MEGAN MEDIA: Fails to Obtain Financial Report Filing Extension
--------------------------------------------------------------
Megan Media Holdings Bhd failed to obtain Suruhanjaya Syarikat
Malaysia's approval on its request for an extension of time to
present the Audited Financial Statements for the year ended
April 30, 2007.

The Troubled Company Reporter-Asia Pacific reported on Oct. 9,
2007, that Megan Media had asked Suruhanjaya Syarikat to extend
the deadline for it to conduct an Annual General Meeting as it
is yet to submit its statutory audit for the financial period
ended April 30, 2007.

The company proposed to conduct its AGM on or before Dec. 31,
2007.

The company would only be able to convene the annual general
meeting after the financial report has been fully audited.  With
the current situation, the timing of the AGM remains uncertain
and would depend on the timing of the completion of the
statutory audit, the TCR-AP said.


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

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

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

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


PROTON HOLDINGS: PM to Give Volks Time to Decide on Partnership
---------------------------------------------------------------
Malaysia's Prime Minister Datuk Seri Abdullah Ahmad Badawi has
not set a date to meet Volkswagen AG's chief executive officer,
Martin Winterkorn, nor will the government rush the German
carmaker into making a decision to take a stake in Proton
Holdings Bhd, The Edge Daily reports.
  
According to the Prime Minister, while the government wanted a
decision on the issue "as soon as possible", he could not force
Volks to hurry up.

"We have had many meetings, but we have not finalized our
agreement on any particular issue yet.  They must decide
comfortably and make a decision, this is what we want and this
is what we are ready to do by such and such a date.  I wish it
had been decided yesterday but it has not been possible," he
told reporters yesterday after announcing additional incentives
for the Iskandar Development Region.

He was commenting on a report by the latest issue of The Edge
weekly that Mr. Winterkorn would be traveling to Malaysia to
meet him personally.

On what seems to be the obstacle to the talks, Abdullah said:
"They want to be certain about everything.  They will be putting
in a lot of money, so they want to be sure."

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


TENAGA NASIONAL: Court Orders MYR113-Mil. Payment to Irham Niaga
----------------------------------------------------------------
Tenaga Nasional Bhd disclosed with the Bursa Malaysia Securities
Bhd that its currently dormant unit, TNB Transmission Network
Sdn Bhd, was ordered to pay MYR113 million of counter-claims
made by two companies in a dispute over tenancy agreements.

According to the company's statement, the arbitrator had allowed
Irham Niaga Sdn Bhd and Irham Niaga Logistic Sdn Bhd's counter
claims for MYR106.88 million and MYR6.1 million, together with
interest at 8% per annum from April 19, 2004, until the date of
the award.

The company recounts that, between 2001 and 2002, TNBT had
entered into five tenancy agreements with INSB and INLSB to
provide comprehensive central warehousing services for
transmission equipment.  In April 2004, TNBT rescinded the
tenancy agreements on the grounds of, amongst others,
misrepresentations by INSB and INLSB.  TNBT subsequently filed a
civil action for the return of rentals paid to INSB and INLSB,
The Edge Daily relates.  

However, on application of INSB and INLSB, the court decided to
stay TNBT's claim for the return of rentals paid and referred
the matter to arbitration.

In 2005, arbitrations proceedings against INSB and INLSB were
instituted for restitution of all the rentals, warehouse
management and other payments made by TNBT to INSB and INLSB
under the tenancy agreements.  In return, INSB and INLSB filed a
counter claim against TNBT for wrongful repudiation of the
tenancy agreements.

Meanwhile, Tenaga Nasional said that: "After consulting its
solicitors, TNBT has been advised that there are strong grounds
to set aside the award.  In this regard, TNBT has instructed its
solicitors to file the necessary application to the High Court
to set aside the award."


Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity. The Company
also manufactures, sells and repairs transformers and
switchgears. It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services. It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Tenaga Nasional carries Moody's Investors Service 'Ba' rating
due to its relatively high financial leverage and significant
PPA obligations.


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

AD STOTT: Court Sets Wind-Up Hearing for Oct. 15
------------------------------------------------
A petition to have AD Stott Ltd.'s operations wound up will be
heard before the High Court of Christchurch on October 15, 2007,
at 10:00 a.m.

The petition was filed by Patricia Lynette Blackler on July 2,
2007.

Patricia Lynette's solicitor is:

         G. P. Tyrrell
         c/o Saunders & Co
         227 Cambridge Terrace
         PO Box 18, Christchurch
         New Zealand
         Telephone:(03) 379 7690
         Facsimile:(03) 379 3669


COMMUNITYTV LTD: Appoints Sargison and Rea as Liquidators
---------------------------------------------------------
The shareholders of CommunityTV Ltd. appointed Paul Graham
Sargison and Gerald Stanley Rea as the company's liquidators on
September 18, 2007.

Messrs. Sargison and Rea require the company's creditors to file
their proofs of debt by October 19, 2007.

The Liquidators can be reached at:

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


CUSTOMISED SOLUTIONS: Court to Hear Wind-Up Petition Today
----------------------------------------------------------
The High Court of Auckland will hear today, Oct. 11, 2007, at
10:00 a.m., a petition to have Customised Solutions Group Ltd.'s
operations wound up.

The petition was filed by Far North Fuels Limited on June 29,
2007.

Far North Fuels' solicitor is:

         Malcolm David Whitlock
         Whitlock & Co.
         c/o Baycorp House, Level 2
         15 Hopetoun Street
         Auckland
         New Zealand


ELMAR PROJECTS: Creditors' Proofs of Debt Due on Oct. 31
--------------------------------------------------------
On September 13, 2007, the High Court at Auckland appointed
Anthony Charles Harris as liquidator of Elmar Projects Ltd.

Mr. Harris requires the company's creditors to file their proofs
of debt by October 31, 2007.

The Liquidator can be reached at:

         Anthony Charles Harris
         c/o Harris Neil & Associates Limited
         PO Box 14216, Tauranga
         New Zealand


EXOTIC GROUP: Faces Accident Compensation's Wind-Up Petition
------------------------------------------------------------
Accident Compensation Corporation filed on July 16, 2007, a
petition to have Exotic Group Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
November 1, 2007, at 10:45 a.m.

Accident Compensation's solicitor is:

         Dianne S. Lester
         c/o Maude & Miller
         McDonald's Building, 2nd Floor
         Cobham Court  
         PO Box 50555, Porirua City
         New Zealand


GENEVA FINANCE: Liquidity Concern Cues S&P to Pare Rating to B-
---------------------------------------------------------------
Standard & Poor's Ratings Services yesterday lowered its long-
term counterparty credit rating on New Zealand finance company
Geneva Finance Ltd. to 'B-' from 'B+'.  The CreditWatch status
on Geneva was also revised to CreditWatch with developing
implications, from CreditWatch with negative implications,
where it was placed on Sept. 10, 2007.  At the same, the insurer
financial strength and counterparty credit ratings on Geneva's
sister company Quest Insurance Group Ltd. were lowered to
'CCC+', from 'B-', and placed on CreditWatch developing.

"The rating downgrade reflects our opinion that Geneva's short-
term liquidity and funding position is increasingly under
pressure", said Standard & Poor's director Gavin Gunning.  
"While Geneva continues to benefit from the demonstrable support
of its primary bankers, the nature and extent of potential
future support has changed since Standard & Poor's previous
rating action on Sept. 10, 2007."

Retention of banker confidence, in accordance with Standard &
Poor's understanding of the type and nature of current and
potential future support, was critical to alleviating our
concerns regarding Geneva's short-term liquidity position and to
stability in ratings at previous levels.

Nonetheless, Geneva continues to work closely with bankers and
potential third-party support providers in devising a liquidity
and funding package that can meet short-term liquidity needs.    

The CreditWatch placement reflects our view that Geneva's
financial strength and consequently its current Standard &
Poor's rating mainly hinges on the success of negotiations
underway between Geneva and its bankers and potential third-
party support providers.  These negotiations may see Geneva
secure a debt and equity support package afforded by strongly
rated international financial institutions.  The CreditWatch
placement also indicates that the Geneva rating could be raised
to, or near, previous rating levels if Geneva successfully
negotiates a robust liquidity and funding support package.
Equally, however, a lack of success in securing meaningful
liquidity support is likely to result in the rating being
lowered further.

Mr. Gunning added: "Our primary concerns regarding Geneva's
financial strength continue to be confined to matters concerning
liquidity and funding.  It should be noted that there are no
new, material, or immediate other concerns reflective in this
rating action. Resolution of the CreditWatch is likely to occur
within one month.  Should developments occur more quickly,
Standard & Poor's will keep investors informed."


INSIGHT PLASTERING: Commences Wind-Up Proceedings
-------------------------------------------------
The shareholders of Insight Plastering Ltd. resolved on
Sept. 18, 2007, to have the company's operations wound up.

James Stewart Murray was appointed liquidator.

The Liquidator can be reached at:

         James Stewart Murray
         PO Box 46, Orewa
         Auckland 0946
         New Zealand
         Telephone:(09) 426 8488
         Facsimile:(09) 426 8486


JOSHUA HOLDINGS: Fixes Dec. 11 as Last Day to File Claims
---------------------------------------------------------
On September 11, 2007, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed liquidators of Joshua Holdings 2001 Ltd.

The Liquidators are accepting creditors' proofs of debt until
December 11, 2007.

The Liquidators can be reached at:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         188 Quay Street
         Private Bag 92162, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


MAGDALINOS PROPERTIES: Commences Liquidation Proceedings
--------------------------------------------------------
Magdalinos Properties Ltd. commenced liquidation proceedings on
September 20, 2007.

Creditors who can file their proofs of debt by Oct. 15, 2007,
will be included in the company's dividend distribution.

The company's liquidator is:

         Dean Alan Roe
         107 Heu Heu Street, Taupo
         New Zealand
         Telephone:(07) 378 7150


MARK ONE: Names Kevin John Gilligan as Liquidator
-------------------------------------------------
Kevin John Gilligan was appointed liquidator of Mark One
Developments Ltd. on September 19, 2007.

Mr. Gilligan sets October 31, 2007, as the deadline for
creditors to file their proofs of debt.

The Liquidator can be reached at:

         Kevin J. Gilligan
         PO Box 26022, Epsom
         Auckland 1344
         New Zealand
         Telephone:(09) 834 4486
         Facsimile:(09) 834 4990
         e-mail: kgill@ihug.co.nz


PETRA CERAMICS: Fixes Oct. 19 as Last Day to File Claims
--------------------------------------------------------
Karen Betty Mason and Jeffrey Philip Meltzer were appointed
liquidators of Petra Ceramics Ltd. on September 13, 2007.

Creditors who can file their proofs of debt by Oct. 19 will be
included in the company's dividend distribution.

The Liquidators can be reached at:

         Karen Betty Mason
         Jeffrey Philip Meltzer
         Meltzer Mason Heath, Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


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

BANGKO SENTRAL: 8-Month Forex Losses Amount to PHP48.21 Billion
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas has incurred a foreign exchange
loss of PHP48.21 billion for the first eight months of the year,
the Philippine Star reports.

The BSP could have recorded a PHP11.32-billion net profit if it
weren't for the forex losses, which were caused by forex rate
fluctuations, the Star recounts.  

Officials say that they were not worried about the losses
because the BSP has a comfortable capital base, but they
admitted that they badly needed the government's PHP50-billion
recapitalization or they might no longer afford to conduct
foreign exchange operations.

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.


MIRANT CORP: Mirant Lovett Emerges from Bankruptcy Protection
-------------------------------------------------------------
Mirant Lovett LLC has formally emerged from bankruptcy
protection under Chapter 11.

In a notice filed with the U.S. Bankruptcy Court for the
Northern District of Texas, Jeff P. Prostok, Esq., at Forshey &
Prostok LLP, in Fort Worth, Texas, informed creditors and
parties-in-interest that Mirant Lovett's Plan of Reorganization
became effective on Oct. 2, 2007.  The Mirant Lovett Plan was
confirmed September 19.

As of the Effective Date, the terms of the Mirant Lovett Plan
and the Confirmation Order are binding upon:

  -- Mirant Lovett;

  -- the holders of all impaired or unimpaired claims against
     and equity interests in Mirant Lovett;

  -- each person acquiring property under the Mirant Lovett
     Plan; and

  -- any other party-in-interest appearing in Mirant Lovett's
     Chapter 11 cases.

To the extent any provision of the Confirmation Order may be
inconsistent with the terms of the Mirant Lovett Plan, the terms
of the Confirmation Order are binding and conclusive, stated Mr.
Prostok.

To facilitate Plan distributions, Mr. Prostok said, a Mirant
Lovett creditor must be responsible for maintaining accurate
address information on file with Epiq Bankruptcy Solutions, LLC.  
Failure to maintain that information may result in a forfeiture
of any distributions to which the creditor would otherwise be
entitled.

Mr. Prostok added that all professionals employed under a Court
order must file by November 16 an application for final
allowance
of compensation and reimbursement of expenses for professional
services rendered through the Mirant Lovett Plan Effective Date.    
Failure to timely file and serve a final fee application will
result in the fee claim being forever barred and discharged.

                       About Mirant Corp.

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

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

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

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007.  (Mirant Bankruptcy News, Issue No. 131;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

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


MIRANT CORP: District Court Affirms Ruling on Wilson's Fees
-----------------------------------------------------------
The Hon. Terry R. Means of the United States District Court for
the Northern District of Texas, Fort Worth Division, has issued
a final judgment affirming an order of the U.S. Bankruptcy Court
for the Northern District of Texas awarding Mirant Corp.
shareholders Frank Smith, Kent Koerper, Bart Engram, Mary
Leight, and L. Matt Wilson a reduced amount of attorneys' fees
and expenses under Section 503(b)(4) of the Bankruptcy Code.

As previously reported, the United States Trustee, in connection
with the 2003 bankruptcy filing of Mirant and 82 of its
subsidiaries, appointed a committee for the unsecured creditors
of Mirant and a committee for the unsecured creditors of Mirant
Americas Generation, LLC.  The U.S. Trustee then invited the 50
largest shareholders to form an equity-security-holders
committee.  Mr. Wilson was a member of the Equity Committee.

In late 2004, Mirant and the Creditors Committee began to posit
that existing shareholders were not entitled to monetary
recovery, which would suggest that the Equity Committee should
be discharged.  Mirant's reorganization plans, which were filed
in early 2005, stated that its value was substantially less than
its outstanding debt, which would leave existing shareholders
with no monetary recovery.

To determine Mirant's value, the Bankruptcy Court scheduled a
valuation hearing.  The Wilson Shareholders hired Mr. Wilson to
represent all shareholders at the valuation hearing and later
proceedings in seeking a higher recovery to existing
shareholders.

The Wilson Shareholders' fee agreement with Mr. Wilson provided
that they would be responsible to him only for a 1% contingency
on profits they actually realized in connection with the sale of
their stock.  The Wilson Shareholders moved to participate in
the Valuation Hearing.  The Bankruptcy Court granted the
request, but limited them to cross-examination.  The Wilson
Shareholders, along with five other groups, participated in the
Valuation Hearing.

After the hearing, the Bankruptcy Court ordered that a committee
be formed to recalculate Mirant's value.  During the
revaluation, a new reorganization plan was offered that gave
existing shareholders a more favorable recovery.  In response to
the new, more favorable reorganization plan, the Bankruptcy
Court suspended the Revaluation Committee.  The Wilson
Shareholders filed their objected, but was subsequently
overruled by the Bankruptcy Court.  Judge Lynn then entered a
confirmation order effecting Mirant's emergence from Chapter 11
bankruptcy on Jan. 3, 2006.

The Wilson Shareholders filed a fee application under Section
503(b)(4), seeking payment of fees and expenses totaling
$645,147.

Mirant and the Equity Committee objected to the Fee Application,
arguing that the amounts could not be reimbursed from the estate
because the Wilson Shareholders' duty to pay was contingent on
any future profit they received from the sale of their stock.  
Judge Lynn concluded that Section 503(b)(4) allowed Mr. Wilson
to apply directly for payment by the estate even though the
Wilson Shareholders were not obligated to pay his fees.

The Bankruptcy Court then found that Mr. Wilson had made a
substantial contribution, but stated that he "overestimates the
magnitude of the contribution made," and that his contribution
"has not been entirely positive."  Thus, Mr. Wilson was awarded
partial payment in the amount of $15,000 to "defray Wilson's
out-of-pocket costs for attending the Valuation Hearing" and to
ensure that Mr. Wilson was not rewarded "for conduct that should
not be encouraged in chapter 11 cases."

Judge Lynn denied the Wilson Shareholders' Motion to Reconsider.  
In December 2006, the Wilson Shareholders filed a notice of
appeal as to the Bankruptcy Court's ruling on the Fee
Application and as to the denial of the Motion to Reconsider.  
Mirant filed a cross-appeal as to the Bankruptcy Court's
decision awarding Mr. Wilson any payment.

The District Court has consolidated the two appeals, finding
that oral argument is not needed.

In his seven-page Affirmation Order, Judge Means found that the
compensation award to Mr. Wilson was statutorily authorized and
the reduced award was not an abuse of discretion.

Compelled by the Bankruptcy Court's reasoning, Judge Means holds
that Section 503(b)(4) does not require that the attorneys' fees
and expenses be incurred by the entity.

"Section 503(b)(4) only requires that the attorney represented a
Section 503(b)(3) entity and made a substantial contribution,"
Judge Means stated in the Order.  "To engraft a requirement that
the entity must have incurred the expense is at odds with a
natural reading of the statute."

Judge Means maintains that the purpose of Section 503(b) is to
encourage creditor participation.

"As pointed out the by California bankruptcy court, it would be
nonsensical from a policy standpoint to foreclose an attorney's
claim for attorney's fees and expenses, when he made a
substantial contribution and represented a Section 503(b)(3)
entity, merely because the entity is not obligated to pay the
attorney," Judge Means said.

Moreover, Judge Means pointed out that the Bankruptcy Court
obviously looked at the statutory considerations and concluded
that Mr. Wilson's duplication of efforts and misbehavior
justified the reduced award.  "These considerations were proper
and support a conclusion that the bankruptcy court did not abuse
its discretion in reducing Mr. Wilson's compensation request,"
the judge said.

Accordingly, the District Court determined that the Bankruptcy
Court was correct to hold that Mr. Wilson's compensation claim
was statutorily authorized.

Judge Means also ruled that all costs will be taxed against the
party that incurred them.

                        About Mirant Corp.

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

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

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

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007.  (Mirant Bankruptcy News, Issue No. 131;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         *     *     *

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


PHIL LONG DISTANCE: Units Deny Cable TV Association's Claims
------------------------------------------------------------
The Nation Broadcasting Corp. and 360 Media denied claims by the
Philippine Cable Television Association that the digital mobile
TV service myTV, being offered by 360 Media and Smart
Communications, violates the law, the Philippine Star reports.

NBC, Smart and 360 Media, formerly known as GV Broadcasting, are
all subsidiaries of the Philippine Long Distance Telephone Co.

According to the article, the PCTA has complained to the
National Telecommunications Commission seeking an order to
prohibit Smart Communications or 360 Media to use the broadcast
frequencies of NBC and GV in providing the myTV services.  The
PCTA also sought to bar Smart and 360 Media from accepting and
processing applications for the service, as well as the
imposition of sanctions for violation of the Public Service Act,
the Public Telecommunications Act, and the terms and conditions
of their respective certificates of public convenience and
necessity (CPCN) and provisional authorities issued by the NTC.

The complaint alleged that the NTC granted demonstration permits
to both NBC and GV that are valid only from June 12 to September
11.  During this time, the PCTA noted, Smart started a
promotional campaign for its myTV service and claimed that it is
a service of 360 Media.

However, PhilStar relates, Ray Espinosa, director of both NBC
and 360 Media, countered that it is 360 Media that will be
providing the service, not Smart.  360 Media and GV are the same
company and can offer broadcast services, he added, and
emphasized that 360 Media-Smart partnership is only for the
subscribers' convenience.

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
November 3, 2006, Moody's Investors Service affirmed Philippine
Long Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.
At the same time, Moody's has affirmed PLDT's Baa3 domestic
currency issuer rating.  The outlook for this rating remains
positive.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.

On August 21, 2007, the TCR-AP reported that Fitch Ratings
upgraded Philippine Long Distance Telephone Company's Long-term
local currency Issuer Default Rating to 'BBB' from 'BBB-' (BBB
minus).  The Outlook is Stable.  At the same time, Fitch has
affirmed PLDT's Long-term foreign currency IDR of 'BB+' and its
National Long-term rating at 'AAA(phl)'.  The Outlook is Stable.
Also, PLDT's global bonds and senior notes have
been affirmed at 'BB+'.


* Philippines Has US$419-Million in Foreign Investments in July
---------------------------------------------------------------
The Philippines has net foreign direct investments of
US$419 million in July, which is a reverse of the US$79-million
net outflow in the same period in 2006, Bangko Sentral ng
Pilipinas Governor Amando Tetangco Jr. told the Philippine Daily
Inquirer.

The growth in lending between foreign companies and their local
affiliates have caused the improvement in the FDI, Mr. Tetangco
said.  "Solid performance of the economy and the improvement in
underlying economic policies will encourage more foreign direct
investments in the medium term," he added.


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

HOE SENG: Creditors' Proofs of Debt Due on Oct. 26
--------------------------------------------------
The creditors of Hoe Seng Huat Investments Pte Ltd are required
to file their proofs of debt by October 26, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

         Sajjad A. Akhtar
         Chin Sek Peng Michael
         c/o PKF - CAP Advisory Partners Pte Ltd
         146 Robinson Road #08-01
         Singapore 068909


REFCO INC: Customers Sue Thomas H. Lee and Other Former Director
----------------------------------------------------------------
The Refco Litigation Trusts announced that a number of large
customers of Refco Capital Markets Ltd. have filed two lawsuits
against, among others, Thomas H. Lee Partners L.P., Thomas H.
Lee personally, and several TH Lee representatives who served as
officers and directors of Refco.   

The lawsuits, filed in the United States District Court for the
Southern District of New York, allege violations of federal
securities laws by TH Lee and related entities, the TH Lee
directors, as well as a number of other former officers and
directors of Refco Inc.  Violations of federal securities laws
by Grant Thornton, the former auditor of RCM and Refco, are also
alleged in one of the two lawsuits.  Pursuant to the Refco Plan
of Reorganization, the proceeds of these customer claims have
been assigned to the Refco Creditors' Trust.
                 
Both lawsuits allege that certain Refco officers engaged in a
fraudulent scheme in which they converted securities owned by
the plaintiffs, which were supposed to have been held in the
custody of RCM on behalf of the plaintiffs.  

The lawsuits allege that, without the customers' knowledge,
authorization or consent, the Refco officers directed Refco
employees to sell securities belonging to the plaintiffs.  The
proceeds from these sales were then siphoned out of RCM and used
for other purposes at Refco, allowing the defendants to create
and maintain a false and misleading appearance of financial
health and strength at Refco, which in turn enabled the
defendants to reap large cash benefits.  

The lawsuits allege that the fraudulent scheme "required the
participation of, and had to have been apparent to, all of the
Defendants . . . Indeed, during the relevant period, the amounts
stolen from RCM customer accounts dwarfed Refco's total
capital."
                 
The lawsuits allege that the fraudulent scheme began prior to TH
Lee's leveraged buyout of Refco in June 2004, and continued
throughout the period in which TH Lee controlled and directed
Refco and its affairs.

The lawsuits seek hundreds of millions of dollars in damages and
interest for claims relating to violation of Section 10(b) and
Section 20(a) of the Exchange Act.
                 
Grant Thornton, one of the lawsuits filed alleges, would
undoubtedly have uncovered the frauds at Refco if the firm had
properly performed its audit function in accordance with
Generally Accepted Auditing Standards.  Instead, Grant Thornton
"compromised its independence and made the conscious decision to
conceal the massive ongoing fraud in order to keep its marquee
client happy."  The Complaint states, "This is not a case of an
auditor overlooking a few details.  Grant Thornton completely
abandoned its obligations of independence, learned first-hand of
the fraud, and then perpetrated that fraud by providing clean
audit opinions, which it knew to be false in light of Refco's
grotesque accounting manipulations."
                 
The customers in the lawsuit against Grant Thornton relied on
the RCM and Refco financial statements, and Grant Thornton's
audit opinions with respect to those financial statements, in
determining to do business with, and entrust their securities
to, RCM.  As a result of that reliance, the defendants were able
to perpetrate their fraudulent scheme by illegally selling
customer securities without the customers' knowledge.
                 
Marc S. Kirschner, Trustee of the Refco Litigation Trusts, said,
"The Refco Litigation Trusts, as previously announced, also
filed suit against TH Lee, Thomas H. Lee personally, several TH
Lee representatives who served as officers and directors of
Refco, and related parties, pertaining to their role in the
fraud and subsequent Chapter 11 filing by Refco.  That lawsuit
is seeking hundreds of millions of dollars in damages and
penalties from TH Lee and the related parties for common law
claims arising from breach of fiduciary duty, unjust enrichment
and receipt of illegal dividends, as well as bankruptcy claims
for fraudulent conveyances and preferences."
                 
                   About the Refco Litigation Trusts
                 
The two Refco Litigation Trusts were created under the Refco
Plan of Liquidation, which became effective on December 26,
2006.  Marc S. Kirschner, the former Chapter 11 Trustee for
Refco Capital Markets LLC, serves as Trustee for the Trusts.  
The primary purpose of the Trusts is to pursue all Refco estate
claims and claims of certain electing creditors against third
parties, with recoveries to be distributed in accordance with
the terms of the Refco Plan of Liquidation.  The Trusts have
US$25 million of funding to support their pursuit of such
claims.  In February 2007, the Trusts retained the law firms
Milbank, Tweed, Hadley, & McCloy, LLP and Quinn Emanuel Urquhart
Oliver & Hedges, LLP to assist
in their work and, since then, have been engaged in a
comprehensive investigation of potential claims against third
parties.  The Trusts have filed three lawsuits against third
parties involved in the Refco frauds.

                         About Refco Inc.

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

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

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/      
or 215/945-7000).


REFCO: 2nd Circuit Junks Appeal on Sphinx-Refco Creditors Deal
--------------------------------------------------------------
The United States Court of Appeals for the Second Circuit on
Friday rejected an appeal by certain investors and the Joint
Official Liquidators of SPhinX Managed Futures Fund SPC from a
lower court ruling approving a deal between Refco creditors and
SPhinX.

A three-man panel upheld a November 2006 order of the U.S.
District Court for the Southern District of New York affirming a
ruling of the U.S. Bankruptcy Court for the Southern District of
New York approving the settlement of a preference action
initiated by the Official Committee of Unsecured Creditors on
behalf of Refco Capital Markets, Ltd., against SPhinX.

The Second Circuit held that investors at SPhinX have no
standing to contest the settlement, and that Kenneth M. Krys and
Christopher Stride, the Cayman Islands liquidators for SPhinX,
are precluded from appealing the settlement.

Prior to Refco's collapse in October 2005, directors at SPhinX
had hired PlusFunds Group, Inc., a registered investment
advisor, to manage SPhinX in exchange for management fees.  The
Investors alleged that PlusFunds in turn hired Refco Alternative
Investments to oversee Refco-related investments for SPhinX.  
According to the Investors, RAI regularly executed trades for
Sphinx, as directed by PlusFunds, and oversaw its margin cash.

The Investors further alleged that RAI, at PlusFunds' direction,
caused SPhinX's excess margin cash to be invested in accounts at
RCM.

On October 10, 2005, Refco Inc., announced it had discovered a
substantial, previously undisclosed liability that caused a
crisis of confidence in RCM's ability to accommodate client
withdrawals.  On October 17, Refco and certain of its affiliates
sought bankruptcy protection.

Five days prior to the bankruptcy filing, US$312,046,266 in
funds were transferred from the SPhinX accounts at RCM to its
affiliate Refco LLC, and ultimately to accounts held on behalf
of the cells at Lehman Brothers.

The Investors alleged that the transfer was made at the behest
of PlusFunds CEO Chris Sugrue, who, the Investors said,
maintained previously undisclosed allegiances to Refco.

On December 16, 2005, the Committee commenced an adversary
proceeding to recover the transfer made to the cells.  

SPhinX argued it was inequitable to allow RCM to recover the
entire US$312,000,000 because RCM and its non-debtor affiliates
had abused the bankruptcy process to the detriment of SPhinX.

At the close of discovery in April 2006, and on the eve of an
argument on the Committee's request for summary judgment, the
Committee and SPhinX agreed to settle.  SPhinX agreed to return
US$263,000,000 to the RCM estate and waive any claim against RCM
related to the transfer, including any claim pursuant to Section
502(h) of the Bankruptcy Code.

The Investors called the "worse-than-losing" Settlement a result
of an "incestuous relationship" between Refco, PlusFunds, and
SPhinX.  The Investors said SPhinX agreed to return all but
about 15% of the purported preference and to abandon any future
claims against the RCM estate arising from the transfer at
issue.

The Committee responded that the settlement was fair given the
weakness of SPhinX's defenses, and the cost, expense, and delay
associated with further litigating the legal and factual issues
in the adversary proceeding.

The Committee justified the inclusion of the Section 502(h)
waiver in the Settlement as reasonable, because: (1) in order to
assert a claim pursuant to Section 502(h), SPhinX would have
been required to repay the full amount of the transfer, which
SPhinX contended it could not do consistent with Cayman law, (2)
Sphinx, unlike other creditors of the RCM estate, would recover
on its related claims against RCM immediately through the
Settlement and did not have to wait for a plan of
reorganization, and (3) even if SPhinX satisfied the requirement
for making a Section 502(h) claim by returning the entire amount
of the transfer, plus interest, other parties may have sought to
equitably subordinate SPhinX's claim against RCM.

Under Section 502(h) of the Bankruptcy Code, a claim of a
transferee of an avoidable transfer will be disallowed if the
transferee does not pay the owed amount or turn over the
property as required under the Bankruptcy Code.

Bankruptcy Judge Robert D. Drain approved the Settlement as
being in the best interests of the Refco Debtors, their estates
and creditors.  Judge Drain held that the Investors lacked
standing to object because they were not a "party in interest"
under Section 1109(b).  The Bankruptcy Court held as a matter of
law that the Settlement affected the Investors as equity holders
in SPhinX only indirectly.

The District Court agreed, finding that the Investors were "not
directly and adversely affected pecuniarily by the challenged
ruling of the Bankruptcy Court because they do not hold a direct
interest in the Debtor."

On appeal, the Second Circuit said the Investors cannot claim
that they seek to enforce any rights distinct from those of
SPhinX as a creditor and a defendant in an adversary proceeding.  
The Second Circuit said SPhinX is a single legal entity, and
that the individual cells are not legally separate entities from
SPhinX.  By investing in SPhinX, the Investors placed control of
their funds entirely within the hands of the SPhinX directors or
managers acting on the directors' behalf.  Only SPhinX, the
Second Circuit held, not individual Investors, or even Investors
as a group, could assert a claim against the Refco estate, and
only SPhinX was permitted to negotiate a settlement with the
Committee.

                         About Refco Inc.

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

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

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/    
or 215/945-7000).


SYNIVERSE TECH: Bags Saudi Telecom Anti-Fraud Contract
------------------------------------------------------
Syniverse Technologies disclosed that Saudi Telecom Company will
implement the most advanced roaming fraud protection available
almost a year ahead of a GSM Association's (GSMA) October 2008
deadline for member companies.

STC will deploy Syniverse DataNet, a solution developed in
conformance with the GSMA's Near Real-Time Roaming Data Exchange
initiative, to ensure data records that track subscriber roaming
activity are exchanged more rapidly between home and visited
operators.  Replacing the existing, outmoded High Usage Reports
system with the NRTRDE standard reduces data record exchange
time from 36 to 4 hours, enabling operators to spot fraudulent
activity much more rapidly and reduce potential fraud losses by
up to an estimated 90 percent.

"STC plays a leading role in the growing Middle Eastern mobile
market, and we have been proactive in providing the most secure
roaming environment that we can for subscribers," said Mohamed
Alageel, General Manager of Information Technology at Saudi
Telecom, Aljawal, STC.  "Syniverse was the clear choice for this
vital project because it has the necessary roaming systems
experience coupled with an outstanding roaming fraud solution
developed to be the new benchmark for anti-fraud excellence."

The NRTRDE standard was developed by the GSMA to effectively
combat the growing threat of International Revenue Share Fraud
and to help operators the world over benefit from a far more
accurate and timely view of how their networks are performing
against fraud.  With NRTRDE, the visited (roaming) network will
be required to forward call data records to the subscriber's
home operator within four hours of the call end time, closing
the roaming fraud window that currently is open on operator
networks that use HUR.  If the visited operator is unable to get
this information to the home operator in time, the visited
operator will be liable for any fraud associated with those
calls.

Eugene Bergen, Executive Vice President, EMEA, Syniverse, said
reducing revenue lost due to roaming fraud leads to
corresponding one-to-one increases in operator profitability for
STC and, equally important, a more secure roaming environment
for its subscribers.  STC, which has been a Syniverse customer
since 2004, chose Syniverse due to its technology leadership,
commitment to customer service and understanding of operators'
business needs.

"STC clearly understands that time matters when it comes to
combating roaming fraud, and that the sooner an NRTRDE solution
is implemented, the better protected both STC and subscribers
will be when they are roaming," Mr. Bergen said.  "We see other
GSM operators globally are quickly following STC's lead and
implementing NRTRDE in accordance with the GSMA's guidelines to
remain competitive as other operators worldwide upgrade their
fraud detection capabilities."

Syniverse, whose DataNet NRTRDE solution ensures operators are
in full compliance with the new GSMA standard, has played a
leading role in the creation of industry standards for fraud
prevention.  Syniverse chairs both the GSMA Transferred Account
Data Interchange Group (TADIG), which is responsible for NRTRDE
technical specifications, and the NRTRDE Interworking Group
(NRTIG), which is responsible for NRTRDE interworking procedures
between vendors.  Syniverse is the official author and editor of
TD.35, a key technical specification that ensures NRTRDE data
can be quickly and easily actioned by operators who are eager to
reduce fraud.

STC also relies on Syniverse's:

   -- ACCESS S&E(R) GSM Clearinghouse Services to ensure all
      data records are cleared between STC and its many roaming
      partners in a rapid, accurate and cost-effective manner;

   -- MMS Interworking Gateway (MMS-IG) Hubbing Service, which
      allows STC to increase its multimedia messaging service
      (MMS) revenues by solving business and technical issues
      associated with delivering MMS off-network and between
      operators; and

   -- INPackSM, Syniverse's GRX network solution that allows STC
      subscribers seamless access to their data network while
      roaming nationally and internationally.

                          About STC

Saudi Telecom Company -- http://www.stc.com.sa/-- is the  
largest mobile operator in MENA and is the incumbent telecom
provider in Saudi Arabia.  STC has more than 15 million mobile
customers and more than 400 global roaming relations.  Roaming
services include postpaid, prepaid, GPRS, MMS and 3G services.  
Other services provided by STC are PSTN, broadband and ISP
services.

                          About Syniverse

Based in Tampa, Florida, Syniverse Technologies, Inc.
-- http://www.syniverse.com/-- provides technology outsourcing   
to wireless telecommunications carriers.

The company has its international offices in the Netherlands,
China, Japan and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
June 29, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating, along with its stable outlook,
and its 'B' senior subordinated debt rating on Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed $489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


SUPER-K MANUFACTURING: Court to Hear Wind-Up Petition on Oct. 19
----------------------------------------------------------------
A petition to have Super-K Manufacturing Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
October 19, 2007, at 9:45 a.m.

The petition was filed by Mettrade International Pte Ltd on
August 16, 2007.

Mettrade International's solicitor is:

         DSH Law Corporation
         DSH Law Corporation of 46 South Bridge
         Road #04-01, Kingly Building
         Singapore 058679


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

ARVINMERITOR INC: Moody's Lowers Corporate Family Rating to B1
--------------------------------------------------------------
Moody's Investors Service has downgraded ArvinMeritor's
Corporate Family Rating to B1 from Ba3 and maintained the
outlook at stable.  Moody's also lowered its ratings on the
company's secured bank obligations (to Ba1, LGD-1, 8% from Baa3,
LGD-2, 13%) and unsecured notes (to B2, LGD-4, 63% from B1,
LGD-4, 63%).  The Probability of Default is changed to B1 from
Ba3, while the company's Speculative Grade Liquidity rating
remains SGL-2.  The outlook is stable.  These rating actions
follow the announcement by the company on October 3rd, that its
earnings per share for fiscal 2007 will be meaningfully lower
than anticipated.  ArvinMeritor's current expectation is for
full-year EPS to be approximately US$0.40 lower than its July
2007 expectation of US$0.75 - US$0.80.  This downward revision
is the result of severe adverse developments in the company's
fourth quarter ending Sept. 30.  These developments include:
lower than anticipated class 8 truck volumes in North America,
operational disruptions related to attempts to meet
significantly higher than expected demand in Europe, receivable
write-downs resulting from supplier reorganizations, and
weakness in the commercial vehicle aftermarket and trailer
markets.  Despite considerable progress that ArvinMeritor has
made in reducing aggregate indebtedness and strengthening its
cost structure since 2006, the significant erosion in the fourth
quarter's operating environment will likely result in the
company's credit metrics remaining more consistent with the B1
rating level through 2008.

Bruce Clark, senior vice president with Moody's said, "As a
result of the fourth quarter falloff, ArvinMeritor's credit
metrics will be very weak for fiscal 2007."  Mr. Clark further
noted, "Although these metrics should begin to recover somewhat
due to operational initiatives being undertaken and due to a
possible rebound in the class 8 truck market during the latter
half of 2008, the magnitude and timing of any improvement in
metrics is uncertain.  Fortunately, the company has a reasonable
degree of liquidity as it contends with these difficulties."

The stable outlook recognizes Moody's expectation that
ArvinMeritor's operating performance and credit metrics will
begin to recover following the very weak fourth quarter, and
that the company's liquidity position will remain sound as the
company attempts to transition through the current cyclical
trough in the commercial vehicle industry.

The SGL-2 Speculative Grade Liquidity rating represents good
liquidity over the next twelve months.  Moody's notes that the
company finished the end of the third quarter of fiscal 2007
with US$284 million of consolidated cash on the balance sheet.  
External sources of liquidity include availability under its
US$900 million revolving credit facility with varying levels of
cushion under its financial covenants over the coming twelve
months.  The current liquidity rating also reflects the recent
short term credit line covenant relief granted to ArvinMeritor.  
Moody's does acknowledge financing actions the company had taken
in 2006 to improve the company's liquidity profile including
lengthening the company's debt maturity schedule and room under
covenants which have been beneficial during the industry
downturn.

Ratings lowered:

ArvinMeritor, Inc.

  -- Corporate Family Rating to B1 from Ba3

  -- Senior Secured bank debt to Ba1, LGD-1, 8% from Baa3,
     LGD-2, 13%

  -- Senior Unsecured notes to B2, LGD-4, 63% from B1, LGD-4,
     63%

  -- Probability of Default to B1 from Ba3

  -- Shelf unsecured notes to (P)B2, LGD-4, 63% from (P)B1,
     LGD-4, 63%

Arvin International PLC

  -- Unsecured notes guaranteed by ArvinMeritor, Inc. to B2,
     LGD-4, 63% from B1, LGD-4, 64%

Ratings affirmed:

ArvinMeritor, Inc.

  -- Speculative Grade Liquidity rating, SGL-2

The last rating action was in February 2007 at which time
Moody's upgraded ArvinMeritor's bank debt to Baa3 and affirmed
the company's Corporate Family Rating of Ba3, Speculative Grade
Liquidity rating of SGL-2, and stable outlook.

The B1 Corporate Family rating reflects solid scores under the
Auto Supplier Methodology for the company's scale, market
position and diversification spread across two business
segments.  Nonetheless, key credit metrics of EBITA margin,
Debt/EBITDA and interest coverage constrain these qualitative
strengths and pull the overall rating into the B category.  
Although a downturn in North American commercial vehicle
production volumes was anticipated in 2007, the degree of the
negative effect on the company's metrics has been meaningfully
larger than anticipated.

The Ba1 ratings on the bank obligations, three notches above the
Corporate Family Rating, flow from their perfected liens on
substantial assets at the borrower and guaranteeing subsidiaries
as well as a significant level of junior capital beneath their
claims.  Similarly, the B2 rating on the unsecured notes, one
level below the Corporate Family Rating, reflects their lower
priority as well as the benefits of up-streamed guarantees from
material domestic subsidiaries.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,  
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.


ARVINMERITOR INC: Negative Cash Flow Cues Fitch to Cut Ratings
--------------------------------------------------------------
Fitch Ratings downgraded its ratings on ArvinMeritor as:

   -- Issuer Default Rating to 'BB-' from 'BB';
   -- Senior secured revolver to 'BB' from 'BB+'
   -- Senior unsecured notes to 'B+' from 'BB-'

The rating outlook is negative.  Including the undrawn portion
of the secured revolver, about US$2.2 billion of debt is
affected by these actions.

Fitch's downgrade reflects continuing and expanded negative cash
flow, and the associated balance sheet erosion.  Fitch expects
negative free cash flow to persist through at least the first
half of ARM's fiscal 2008, and the timing and extent of a
reversion to positive free cash flow remains uncertain.
Improvement in operating performance will depend on the pace and
strength of a rebound in the truck market, as well as the
success of restructuring efforts in the low-margin light vehicle
systems segment.

For the last twelve months ended June 30, ARM's free cash flow
(excluding receivable securitizations and factoring from
operating cash flow) was negative $334 million, including a non-
recurring working capital adjustment associated with a
divestiture and a voluntary pension contribution.  Negative cash
flow was financed in part by proceeds from asset sales.

The company also increased utilization under an accounts
receivable (A/R) Expectations of continued weakness in operating
performance caused ARM to obtain an amendment to its fixed
charge coverage ratio for the fiscal fourth quarter, continuing
through fiscal 2008.

The ability to return to positive free cash flow in 2008 remains
uncertain and any improvement in the balance sheet is expected
to be limited.  Further pressuring operating cash flow will be a
continued high level of restructuring outflows and higher
capital expenditures.  LTM capital expenditures were US$118
million, representing 1.5% of sales.  ARM's capital investment,
as a percent of revenues is one of the lowest among the
automotive suppliers covered by Fitch.  

Given the company's level of capital investment relative to its
peers, Fitch is concerned additional expenditures may be needed,
potentially constraining the company's ability to generate Free
Cash Flow.  Incremental capital investment is likely needed to
improve CVS Europe operating efficiency, expand LVS overseas
manufacturing, fund incremental restructuring efforts, and to
invest in supplier parks required at automakers' facilities as
well as a reduction in new vehicle life cycles.  Financial
support to stressed Tier II and Tier III suppliers can also
require capital investment.

Weakness in the housing market could extend the current cyclical
trough and mute the expected upswing in Class 8 truck demand
ahead of more stringent 2010 diesel emission regulations.  In
addition, inefficiencies in CVS Europe operations have arisen
due to higher than expected demand.  ARM was unable to
capitalize on higher volumes and suffered higher costs for
premium freight, higher cost sources of supply and customer late
penalties.  Fitch expects inefficiencies to continue well into
fiscal 2008 and ARM is likely to increase investment to improve
operating flexibility.

ARM has demonstrated improvement in LVS profitability, although
margins remain modest.  Any improvement will be derived largely
from restructuring programs, as margins remain under pressure
from significant exposure to the Detroit Three, annual
contractual pricedowns, higher raw material costs and costs
related to a financially strained automotive supply base.

Cash flow has been impacted by a working capital outflow of
included in fiscal year-to-date discontinued operations cash
flow of negative US$118 million.  The company expects to recoup
about US$40 million in the first quarter of fiscal 2008 from
cash purchase price adjustments.  In addition, ARM made
substantial pension contributions during fiscal 2007, including
a significant discretionary payment to its UK plan.  With the
improved funded status, pension contributions will be reduced
going forward.

ARM maintains adequate liquidity and has no major debt
maturities until after 2010.  Fitch calculates, at the end of
the fiscal third quarter, liquidity was US$1.3 billion,
including US$870 million available under a revolving credit
facility, US$178 million in available securitization and
US$284 million in cash and cash equivalents.  However, coverage
and leverage ratios have eroded.  For the LTM as of June 30,
Operating EBITDA to gross interest expense was 2.8x versus 2.9x
at the end of fiscal 2006.  Over the same time period, total
debt to operating EBITDA was 3.8x compared with 3.3x, while
total adjusted debt to operating EBITDAR climbed to 4.9x from 4x
at fiscal year end, reflecting higher accounts receivable
financing.


BANK OF AYUDHYA: Sells Off 12.11% Ownership in Construction Firm
----------------------------------------------------------------
The Bank of Ayudhya PCL has sold 146,091,699 ordinary shares in
Namprasert Construction Co. Ltd. to Patarin Jaovisidha for a
price of THB900,000.

The shares represent the bank's 12.11% holding in NCC, which it
acquired through debt restructuring. The sale is in line with
the bank's drive to reduce investment in non-core businesses.

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.


THAI WAH: Seeks to Amend Stock Trading Symbol to USC from TWC
-------------------------------------------------------------
Thai Wah PCL has sought the Stock Exchange of Thailand's
approval of the change in the company's trading symbol to "USC"
in line with the changing of its name to "Universal Starch PCL."

During a meeting held on October 4, the company's shareholders
approved the change in its name and the necessary amendments to
its seal, memorandum of association and the articles of
association.  

On October 5, the company completed the registration of the
changes to the Ministry of Commerce.

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.


TMB BANK: S&P Lowers Ratings to 'BB+/B' from 'BBB-/A-3'
-------------------------------------------------------
Standard & Poor's Ratings Service said that it has lowered its
long-term counterparty credit rating on Thailand's TMB Bank
Public Co. Ltd. to 'BB+' from 'BBB-' and the short-term rating
to 'B' from 'A-3'.  The rating has been removed from
CreditWatch, where it was placed with negative implications on
July 6, 2007.  The outlook is negative.

At the same time, Standard & Poor's has lowered the bank
fundamental strength rating on TMB to 'D+' from 'C'.  Standard &
Poor's also lowered the issue credit rating on TMB's Hybrid
Tier-1 issue to 'CC' from 'CCC', signaling that the next
interest payment due in December 2007 is highly vulnerable to
nonpayment.  This is due to the increased likelihood of the bank
being unable to obtain the required approval from Bank of
Thailand to pay this interest as TMB will almost certainly be
reporting a full-year loss for fiscal 2007.

"The rating action reflects both Standard & Poor's view that
TMB's management has not satisfactorily managed its regulatory
obligations nor rectified, in a timely manner, the bank's
diminished capital position and the recent weakening in its
financial profile," said Standard & Poor's credit analyst Ivy
Tan.  "We have taken into consideration that the bank is
currently negotiating with potential investors for
recapitalization but the downgrade is to reflect the
deterioration in the bank's credit profile thus far."

As TMB remains the fifth-largest bank in Thailand in terms of
asset size, Standard & Poor's continues to incorporate a one-
notch uplift in the bank's long-term credit rating for expected
government support in the event of distress.

"The financial profile of the bank has been steadily weakening
as evident in its deteriorating capitalization and asset
quality," Ms. Tan said.  The bank's adjusted total equity ratio
declined to 1.23% at June 30, 2007, from 1.90% at Dec. 31, 2006,
after the bank reported a huge operating loss of THB18.1 billion
(primarily resulting from additional provisioning and one-time
goodwill write-off) in the first half of fiscal 2007.

The bank's asset quality remains weak by international
standards.  It had deteriorated further with the qualitative
reclassification of about THB11 billion of performing loans to
non-performing category, following a recent audit by Bank of
Thailand.  Legacy problem loans also continued to be a
challenge for the bank.  The bank's financial performance for
the rest of 2007 is expected to be constrained by more bad debt
provisions and the continual challenging operating climate in
Thailand.  Higher provisions are expected to be a drag on the
bank's profitability due to the implementation of Phase 3 of
BOT's IAS39 guidelines and any incremental slippage in asset
quality.  Overall, the bank's financial profile compares
unfavorably against its 'BBB-' rated domestic peers.

The negative outlook on the ratings indicates at least a one-in-
three possibility of the ratings being lowered in the
intermediate term if delays continue to persist over the TMB's
recapitalization plan beyond December 2007 and there is
continual deterioration in the bank's core earnings or asset
quality.  The outlook could be revised to stable if the bank
finalizes the recapitalization plan quickly and receives
substantial capital infusion by December 2007, without any
significant deterioration in its asset quality or profitability.
In the longer term, the ratings on TMB could be raised if the
bank's business and financial profiles improve structurally as a
result of the collaboration and support from the new partner.






                           *********

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 ***