TCRAP_Public/070118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, January 18, 2007, Vol. 10, No. 13

                            Headlines

A U S T R A L I A

ALLIANCE ATLANTIS: Planned Buyout Cues S&P's Neg. CreditWatch
ALLIANCE ATLANTIS: Inks CDN$2.3 Billion Deal with CanWest
ALLIANCE ATLANTIS: Moody's Changes Direction of Ratings Review
CHIVELLE J: Creditors Must Prove Debts by January 30
CONSTELLATION BRANDS: Earns US$107.8 Mln. in Qtr. Ended Nov. 30

CRANWELL LANDSCAPE: Members and Creditors' Meeting Set on Feb. 2
FIVE KAZANG: Members and Creditors to Receive Wind-Up Report
KAMCON PTY: Placed Under Voluntary Wind-Up
MACQUARIE SYNDICATION: Liquidator to Present Wind-Up Report
PICKERING DAVEY: Creditors' Proofs of Debt Due on Feb. 7

REMLANE PTY: To Declare First and Final Dividend on Feb. 7
TAHA INVESTOR (NO 5): To Hold Members' Final Meeting on Feb. 12
WARD PROPERTIES: Members Decide to Wind Up Operations


C H I N A   &   H O N G  K O N G

BENQ CORP: Combase Buys Insolvent Inservio Subsidiary
BERKELEY, BURKE: Creditors' Proofs of Debt Due on Feb. 12
CITICORP CHINA: Creditors Must Prove Debts by February 2
EMI GROUP: Chairman & CEO Levy and Vice Chairman Munns Step Down
EMPEROR VANTAGE: Receives Wind-Up Order from Court

GREAT CHINESE: Fitch Further Lowers Issuer Default Rating to RD
STEPWISE ALUMINIUM: Court Sets Wind-Up Hearing for March 7
* Eight Chinese Companies in S&P's Global Picks 2007


I N D I A

AES CORP: Analyst Maintains Buy Rating on Firm
AES CORP: S&P Says Nationalization Harms Credit Quality
EXIM BANK: Extends US$25-Mil. Credit Line to Guinea Bissau
FEDERAL BANK: Board to Consider Financials on Jan. 25
HDFC BANK: Allots 3,43,700 Equity Shares Under ESOS

ICICI BANK: Raises US$2 Bil. in Three-Tranche Bond Offering
ICICI BANK: To Consider Audited Financial Results on Jan. 20
ICICI BANK: Allots 42,818 Equity Shares to Employees
IFCI LTD: To Offload 7% Holding in NSE to Four Investors
GENERAL MOTORS: Eyes Purchase of Stake in Malaysia's Proton

* Moody's Issues Annual Report on India


I N D O N E S I A

GOODYEAR TIRE: Moody's Affirms B1 Corporate Family Rating
NORTEL NETWORKS: Wins Ethernet Deal With BT Group
PERUSAHAAN GAS: Pipeline Delay Cues Moody's to Affirm Ba2 Rating
PERUSAHAAN GAS: Resumes Trading After One-Day Suspension
TUPPERWARE BRANDS: To Hold 4Q 2006 Earnings Call on Jan. 31


J A P A N

METALDYNE CORP: Asahi Tec Completes US$1.2 Billion Acquisition
MIZUHO FINANCIAL: To Buy Shinko to Become Japan's 3rd Top Broker
MOOG INC: S&P Lifts Corporate Credit Rating to BB+ from BB
MOOG INC: Inks Definitive Pact to Acquire ZEVEX for US$83.8 Mil.


K O R E A

ARAMARK CORP: S&P Affirms US$500-Million Term Loan Rating at B+
ARAMARK CORP: Moody's Holds Ba3 Rating on Proposed US$4-Bil Loan
FRESH DEL MONTE: S&P Pares Corporate Credit Rating to BB-
KOREA EXCHANGE BANK: Unit Offers U.S. Futures & Equity Options
PANTECH CO: Denies Withdrawing From China Market


M A L A Y S I A

AMMERCHANT BANK: Unit to Complete PanGlobal Purchase by March
ASIAN PAC: In Compliance With Public Shareholding Requirement
ASIAN PAC: RAM Hikes MYR298.25 Mil. RCLS Rating to BB3
FCW HOLDINGS: Units to Purchase MYR86 Mil. Worth of Properties
FCW HOLDINGS: Bursa Defers Securities Delisting Pending Appeal

HONG LEONG: Sets Sights on Business Expansion
SOUTH MALAYSIA: Gains MYR457,000 in Quarter Ended Sept. 2006
TT RESOURCES: Bursa Suspends Securities Trading
TANCO HOLDINGS: Unit Gets Slapped With Wind-Up Petition
TANCO HOLDINGS: Complies With Public Shareholding Requirement


N E W   Z E A L A N D

* NZ Experiences 1st Neg. Quarter Inflation in Nearly Six Years
* RBNZ Find Ways to Change Fixed Interest Rates, Economist Says


P H I L I P P I N E S

ABS-CBN BROADCASTING: Unit to Undertake IPO in 2008
APC GROUP: To Complete PHP5-B Philcom Sale to Undisclosed Buyer
DEVELOPMENT BANK: Leads PHP1.7-B Syndicated Term Loan Agreement
DEVELOPMENT BANK: 2006 Financials has Robust Growth, David Says
FILHOMES SAVINGS: Depositors' Insurance Claim Due on January 22

UNITED PARAGON: Posts PHP218.0-Million Net Loss for 3Q2006


S I N G A P O R E

AAR CORP: Acquires All Assets of Reebaire Aircraft
CIVIL GEO: Unsecured Creditors Must Prove Debts by Feb. 5
COLORPRINT CONVERTOR: Undergoes Wind-Up Proceedings
COMPACT METAL: Posts Shareholders' Change of Interests
EXPRESS FACTORING: Court to Hear Wind-Up Petition on Jan. 26

GENIE-LUX: Final Meeting Set for Feb. 12
LIANG HUAT: Tan Yong Kee Reduces Holdings of Direct Shares
NETWORK EQUIPMENT: To Release 3rd Qtr. Financials on Jan. 22
REFCO INC: Examiner Wants Liberty & Andersen to Give Documents
REFCO INC: Trustee Wants Until March 9 to Decide on Contracts

SEE HUP SENG: To Acquire 51% Equity Interest in Tat Petroleum


T H A I L A N D

BANK OF AYUDHYA: To Revamp Management Following GE's Acquisition
DAIMLERCHRYSLER: Chrysler Will Present Restructuring Plan
TMB BANK: Sirote Resigns as Director

     - - - - - - - -

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

ALLIANCE ATLANTIS: Planned Buyout Cues S&P's Neg. CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services reported that the ratings on
Alliance Atlantis Communications Inc., including the 'BB' long-
term corporate credit rating, remain on CreditWatch.  

The implications, however, have been revised to negative from
developing.  The ratings were first placed on CreditWatch with
developing implications Dec. 20, 2006, after Alliance Atlantis'
disclosure that it is exploring strategic alternatives, namely
the possible sale of the entire company.

At the same time, Standard & Poor's placed its ratings,
including its 'B+' long-term corporate credit rating, on CanWest
MediaWorks Inc. on CreditWatch with negative implications.

The rating actions came after the report by Alliance Atlantis
and CanWest Global Communications Corp., the latter of which is
the parent of CanWest MediaWorks, that the companies have
entered into exclusive discussions regarding the possible
purchase of Alliance Atlantis by CanWest and private equity firm
Goldman Sachs Capital Partners.

It is likely that the debt used to finance CanWest's ownership
portion of the potential acquisition will reside at CanWest
MediaWorks.

"Further details of a potential transaction, including the
method of financing, asset deployment, closing conditions, and
estimated closing date, are unavailable at this time," said
Standard & Poor's credit analyst Lori Harris.

"Still, the possible debt-financed purchase of Alliance Atlantis
by a financially weaker and lower rated entity has resulted in
the negative direction of the CreditWatch placement for both
companies," Ms. Harris added.

Upon a change of control of Alliance Atlantis, however, the loan
would be, at the option of the lenders, due and payable.

Standard & Poor's will evaluate the impact of a potential
transaction on the companies' credit quality when additional
information is obtained.

Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a  
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise.  The company has worldwide offices in the
United Kingdom, Spain, and Australia.

The Troubled Company Reporter - Asia Pacific reported on Oct.
27, 2006, that Moody's Investors Service placed the Ba2
Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under
review for possible upgrade.


ALLIANCE ATLANTIS: Inks CDN$2.3 Billion Deal with CanWest
---------------------------------------------------------
CanWest Global Communications Corp. and GS Capital Partners, a
private equity affiliate of Goldman, Sachs & Co., reported that
a new acquisition company has entered into a definitive
agreement with Alliance Atlantis Communications Inc. to acquire
all of Alliance's outstanding Class A voting and Class B non-
voting shares at a purchase price of CDN$53 per share in cash
for an aggregate price of approximately CDN$2.3 billion.

"[Wednes]day's transaction is consistent with CanWest's strategy
to enhance its existing television business and expand its
presence in the fast growing specialty television sector," said
Leonard Asper, President & CEO of CanWest.  "The combined
expertise of CanWest and Alliance Atlantis will enable us to
produce even better Canadian content, promote it more
effectively,
and provide greater access to more viewers across more
platforms.  We are thrilled to be working with Goldman Sachs to
effect this strategic transaction."

"I believe this transaction represents great value for our
shareholders," said Michael MacMillan, Executive Chairman of
Alliance Atlantis.  "The combination of CanWest's conventional
and specialty television businesses and Alliance Atlantis' 13
specialty television channels creates an excellent foundation
for future growth in both businesses."

The acquisition of Alliance Atlantis is to be carried out by way
of a statutory Plan of Arrangement.  The newly formed
acquisition company is an indirect wholly owned subsidiary of
CanWest.  The Arrangement requires a vote by Alliance Atlantis'
Class A voting and Class B non-voting shareholders at a meeting
of shareholders, which is currently expected to be held in the
spring of 2007.

Shareholders representing approximately 80% of the Class A
voting shares, have agreed to vote their shares of Alliance
Atlantis in favor of the shareholders' resolution approving the
Arrangement.  The Arrangement is also subject to court approval
as well as certain other customary conditions, including the
receipt of regulatory approvals.  Pending approval from the
Canadian Radio-television and Telecommunications Commission for
the change of ownership and transfer of control of the specialty
television channels, the securities of the relevant regulated
entities will be deposited with a trustee pursuant to a voting
trust agreement approved by the CRTC.

A special committee of the Board of Directors of Alliance
Atlantis, comprised of Robert Steacy (Chair), Barry Reiter and
Anthony Griffiths, has reviewed the Plan of Arrangement in
consultation with its legal and financial advisors.  The Special
Committee unanimously recommends the Plan of Arrangement to the
company's Board of Directors, and the Board of Directors
unanimously recommends (with one director recusing himself due
to conflict) that shareholders vote in favor of the Arrangement.

RBC Capital Markets has provided an opinion to the Board of
Directors indicating that, as of the date of such opinion, the
consideration under the Plan of Arrangement is fair from a
financial point of view to the shareholders.

A CanWest-controlled company will be the controlling shareholder
of Alliance Atlantis following the closing of the transaction
(expected to occur by summer 2007).  It is intended that a
reorganization of Alliance Atlantis will take place to separate
the businesses of the Company:

   -- upon receipt of CRTC approval, Alliance Atlantis'
      specialty television business and CanWest's Canadian
      television business will be managed on an integrated basis
      by CanWest and ultimately combined;

   -- it is intended that Alliance Atlantis' Motion Picture
      Distribution business will be controlled by a Canadian
      partner of GS Capital Partners; and

   -- it is intended that GS Capital Partners will own 100% of
      Alliance Atlantis' financial interest in the highly
      successful CSI franchise.  As part of this new
      relationship with Goldman Sachs, CBS will assume
      international distribution of CSI, CSI: Miami and CSI: NY.

The formal combination of the broadcast businesses will occur
sometime in 2011.  The equity of each of CanWest and GS Capital
Partners in the combined entity will be determined by the EBITDA
of the combined operation at that time.  There are a variety of
customary liquidity mechanisms that will be available to the
parties following the combination.  "We are looking forward to
this relationship with CanWest to support the expansion of its
television business and to facilitate the combination of two
great Canadian media companies," said Gerry Cardinale, a
Managing Director of GS Capital Partners.

CanWest was advised by Genuity Capital Markets and GS Capital
Partners was advised by Goldman, Sachs & Co. Alliance Atlantis
was advised by RBC Capital Markets.

                          About CanWest

CanWest Global Communications Corp. --
http://www.canwestglobal.com/-- is Canada's largest media   
company.  CanWest is Canada's largest publisher of daily
newspapers and also owns, operates or holds substantial
interests in conventional television, out-of-home advertising,
specialty
cable channels, web sites and radio stations and networks in
Canada, New Zealand, Australia, Turkey, Singapore, Indonesia,
Malaysia, the United Kingdom and the United States.

                     About Alliance Atlantis

Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a  
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise.  The company has worldwide offices in the
United Kingdom, Spain and Australia.

                          *      *      *

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 18, 2007, Standard & Poor's Ratings Services reported that
the ratings on Alliance Atlantis Communications Inc., including
the 'BB' long-term corporate credit rating, remain on
CreditWatch.  The implications, however, have been revised to
negative from developing.  The ratings were first placed on
CreditWatch with developing implications Dec. 20, 2006, after
Alliance Atlantis' disclosure that it is exploring strategic
alternatives, namely the possible sale of the entire company.


ALLIANCE ATLANTIS: Moody's Changes Direction of Ratings Review
--------------------------------------------------------------
Moody's Investors Service placed all long term ratings of
CanWest MediaWorks Inc. under review direction uncertain and
changed the direction of its current ratings review of Alliance
Atlantis Communications Inc. to down from up.

The rating actions follow the announcement made jointly by the
companies that CanWest's parent, CanWest Global Communications
Corp. and Goldman Sachs Capital Partners have reached an
agreement to acquire AACI in a transaction valued at roughly
US$2.6 billion.  The transaction will initially see CanWest
contribute cash of US$132 million into a new entity to own a 17%
equity interest in AACI 's specialty broadcasting channels.

CanWest will also have the option to contribute an additional
US$70 million to increase its equity interest.  There will be
future mechanisms for CanWest to increase its stake in the
specialty channels beginning in 2011 when CanWest will
contribute its Canadian broadcasting assets to newco in exchange
for an increased ownership of that entity, which the company
currently believes may then approximate 50%.  CanWest will not
have any interest in either the CSI TV franchise or Movie
Distribution business currently owned by AACI.  The transaction
remains subject to shareholder approval and regulatory rulings.  
It is expected to close in the summer of 2007.

While CanWest's initial cash investment is relatively small,
Moody's is concerned that the transaction may eventually
increase CanWest's leverage to levels above previous
expectations.  On the other hand, CanWest continues to review
the strategic alternatives for its assets in the South Pacific,
which Moody's believes could be sold for significant value and
used to reduce leverage.  The ratings review for CanWest will
focus on the likelihood that the AACI transaction will be
completed, the potential for some or all of its assets in the
South Pacific to be sold, as well as the expected change to
CanWest's overall capital structure, cash flows and strategic
direction that may result.

The direction of the review of AACI's rating was changed to down
as it appears likely that AACI will be acquired by a more highly
levered entity, superseding the previous review for possible
upgrade, which was largely based on AACI's strengthening
fundamentals.  The review of AACI's ratings will focus on the
potential for the transaction to be completed, or alternatives
AACI may pursue in the event it is not acquired as is now
currently expected.  Moody's noted that should the acquisition
of AACI by CanWest and GSCP be completed as announced, AACI's
rated
debt will likely be repaid pursuant to a Change of Control
clause in its bank agreement and its debt ratings withdrawn.

CanWest ratings placed under review direction uncertain:

Corporate Family Rating, Ba3

Probability-of-Default rating, Ba3

Senior Subordinate rating, B2

Loss-Given-Default rating for Senior Subordinate debt, LGD5
(87%)


AACI ratings placed under review down:

Corporate Family Rating, Ba2

Probability-of-Default rating, Ba3

Senior Secured rating, Ba1

Loss-Given-Default rating for Senior Secured debt, LGD2 (26%)

CanWest MediaWorks Inc. is a communications holding company
based in Winnipeg, Manitoba Canada, with interests in TV, radio
and publishing operations in Canada, Australia, New Zealand, and
other international locations.

Alliance Atlantis Communications Inc., headquartered in Toronto,
Canada, is specialty channel broadcaster with a 50% ownership
interest in the CSI TV franchise.


CHIVELLE J: Creditors Must Prove Debts by January 30
----------------------------------------------------
Creditors of Chivelle J Pty Ltd are required to submit their
proofs of debt by Jan. 30, 2007.

Failure to prove debts by the due date will exclude a creditor
from sharing in the company's distribution, which is set on
Feb. 15, 2007.  

As reported by the Troubled Company Reporter - Asia Pacific, the
company entered voluntary liquidation on March 1, 2006.

The liquidator can be reached at:

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

                        About Chivelle J

Chivelle J Pty Ltd is a distributor of costume jewelries,
novelties, except precious metals.

The company is located in Victoria, Australia.


CONSTELLATION BRANDS: Earns US$107.8 Mln. in Qtr. Ended Nov. 30
---------------------------------------------------------------
Constellation Brands reported US$107.8 million of net income on
net sales of US$1.5 billion for the third quarter ended Nov. 30,
2006, compared with US$109 million of net income on net sales of
US$1.3 billion in the same period in 2005.  

Net sales were up 18% over the prior year, primarily due to the
June 5, 2006, acquisition of Vincor International Inc., and from
growth in the base business.  Branded business net sales grew
18%.  This increase was due to the addition of Vincor and four
percent growth for branded business organic net sales on a
constant currency basis.

"Strong imported beer performance, growth from branded wine in
North America, and the addition of Vincor generated solid
results for the quarter," Constellation Brands chairman and
chief executive officer Richard Sands said.  

"We continue to be very optimistic about our portfolio's long-
term growth potential, although our third quarter results
reflect ongoing softness in our U.K. branded wine business as
very challenging market conditions persist."

For the third quarter of 2007, operating income increased
primarily due to the acquisition of Vincor, as well as growth in
the base business.  The company incurred US$4.4 million of
stock-based compensation expense for third quarter 2007 related
to the company's Mar. 1, 2006, adoption of Statement of
Financial Accounting Standards No. 123(R), "Share- Based
Payment" ("SFAS 123(R)").  

The recognition of stock compensation expense reduced operating
income growth by approximately two percentage points.  For the
quarter, the company also recorded approximately US$1 million
for its share of start-up and transition expenses related to
building out the infrastructure in the eastern United States for
Crown Imports LLC joint venture.

Wines segment operating margin decreased 70 basis points.  This
is primarily due to competitive U.K. market conditions that have
made it difficult for the company to pass along the annual duty
increase and the impact of lower U.K. sales on fixed cost
absorption.  The impact of these factors was somewhat offset by
synergies and mix benefit from the Vincor acquisition.  Beers
and spirits segment operating margin declined 140 basis points
for the quarter, primarily due to higher transportation costs
for imported beers, increased material costs for spirits and
higher spending behind premium spirits.

Interest expense increased 52% to US$73.1 million for third
quarter 2007, primarily due to the financing of the Vincor
acquisition and higher average interest rates.  

At Nov. 30, 2006, the company's balance sheet showed
US$9.8 billion in total assets, US$6.5 billion in total
liabilities, and US$3.3 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Nov. 30, 2006, are available
for free at http://researcharchives.com/t/s?1851

                       Stock Repurchases

During third quarter 2007, the company purchased approximately
652,000 shares of its class A common stock at an aggregate cost
of US$18 million, or at an average cost of US$27.65 per share.
This completes purchases under the company's previously
announced US$100 million share repurchase program.

                   About Constellation Brands

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and   
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan and
New Zealand

                          *     *     *

Moody's Investors Service assigned a Ba2 rating to Constellation
Brands, Inc.'s new US$3.5 billion secured credit facility, which
replaced its US$2.9 billion secured credit facility.  The US$1.3
billion incremental add-on facility, which was proposed at the
time of the Vincor International Inc. acquisition announcement,
was never executed and the rating has been withdrawn.  
Constellation's existing ratings are not affected by these
actions, and have been affirmed.  The ratings outlook remains
negative. Ratings affirmed:

   * US$200 million 8.625% senior unsecured notes, due 2006, Ba2
   * US$200 million 8% senior unsecured notes, due 2008, Ba2
   * GBP 80 million 8.5% senior unsecured notes, due 2009, Ba2
   * GBP 75 million 8.5% senior unsecured notes, due 2009, Ba2
   * US$250 million 8.125% senior sub. notes, due 2012, Ba3
   * Ba2 Corporate Family Rating
   * The SGL-2 Speculative Grade Liquidity rating


CRANWELL LANDSCAPE: Members and Creditors' Meeting Set on Feb. 2
----------------------------------------------------------------
The members and creditors of Cranwell Landscape Builders Pty Ltd
will meet on Feb. 2, 2007, at 11:30 a.m., to receive the
liquidator's account on the company's wind-up and property
disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Nov. 17, 2005.

The liquidator can be reached at:

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

                    About Cranwell Landscape

Cranwell Landscape Builders Pty Ltd is a special trade
contractor.

The company is located in Victoria, Australia.


FIVE KAZANG: Members and Creditors to Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of Five Kazang Pty Ltd formerly
trading as Smithco will meet on Feb. 2, 2007, at 11:15 a.m., to
receive a report of the company's wind-up proceedings from the
liquidator.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's members appointed G. S. Andrews as liquidator on
July 5, 2006.

The Liquidator can be reached at:

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

                        About Five Kazang

Five Kazang Pty Ltd -- trading as Smithco -- is engaged with
electrical work.

The company is located in Victoria, Australia.


KAMCON PTY: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 20, 2006, the members of Kamcon Pty Ltd met and resolved
to voluntarily wind up the company's operations.

Subsequently, Paul Vartelas was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Paul Vartelas
         B. K. Taylor & Co.
         8th Floor, 608 St Kilda Road
         Melbourne
         Australia

                       About Kamcon Pty

Kamcon Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


MACQUARIE SYNDICATION: Liquidator to Present Wind-Up Report
-----------------------------------------------------------
The final meeting of the members of Macquarie Syndication (No 1)
Pty Ltd, which is in voluntary liquidation, will be held on
Feb. 12, 2007, at 10:00 a.m.

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

The liquidator can be reached at:

         Robyn Beverley Mckern
         McGrathNicol+Partners
         Level 8, IBM Centre, 60 City Road
         Southbank, Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web site: http://www.mcgrathnicol.com

                  About Macquarie Syndication

Macquarie Syndication (No 1) Pty Limited is an investor relation
company.

The company is located in New South Wales, Australia.


PICKERING DAVEY: Creditors' Proofs of Debt Due on Feb. 7
--------------------------------------------------------
Pickering Davey Properties Pty Ltd, which is in liquidation,
will declare the first and final dividend on Feb. 7, 2007.

Creditors are required to submit their proofs of debt by that
date, or they will be excluded from sharing in the distribution.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia

                      About Pickering Davey

Pickering Davey Properties Pty Ltd is engaged with real
investment trusts.

The company is located in Victoria, Australia.


REMLANE PTY: To Declare First and Final Dividend on Feb. 7
----------------------------------------------------------
Remlane Pty Ltd will declare the first and final dividend for
its creditors on Feb. 7, 2007.  Failure to submit a proof of
debt by that day, will exclude a creditor from sharing in the
distribution.

The Troubled Company Reporter - Asia Pacific previously reported
that the company was placed under voluntary liquidation on
Oct. 11, 2006.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia

                       About Remlane Pty

Remlane Pty Ltd -- trading as Westvic Steel Supplies -- operates
metals service centers and offices.

The company is located in Victoria, Australia.


TAHA INVESTOR (NO 5): To Hold Members' Final Meeting on Feb. 12
---------------------------------------------------------------
Taha Investor (No 5) Pty Ltd, which is in voluntary liquidation,
will hold a final meeting for its members on Feb. 12, 2007, at
10:00 a.m.

During the meeting, the members will receive the liquidator's
account of the company's wind-up proceedings and property
disposal exercises.

The liquidator can be reached at:

         Robyn Beverley Mckern
         McGrathNicol+Partners
         Level 8, IBM Centre, 60 City Road
         Southbank, Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web site: http://www.mcgrathnicol.com

                      About Taha Investor

Taha Investor (No 5) Pty Ltd is involved with commercial
nonphysical research.

The company is located in Victoria, Australia.


WARD PROPERTIES: Members Decide to Wind Up Operations
-----------------------------------------------------
At an extraordinary general meeting held on Dec. 21, 2006, the
members of Ward Properties Pty Ltd decided to voluntarily wind
up the company's operations.

In this regard, Andrew Stewart Reed Hewitt was appointed as
liquidator.

The Liquidator can be reached at:

         Andrew Stewart Reed Hewitt
         Grant Thornton
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Ward Properties

Ward Properties Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


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C H I N A   &   H O N G  K O N G
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BENQ CORP: Combase Buys Insolvent Inservio Subsidiary
-----------------------------------------------------
BenQ Mobile GmbH & Co. OHG, the bankrupt German unit of Taiwan-
based BenQ Corp., has sold its mobile repair subsidiary to
ComBase AG for an undisclosed amount.

The sale, which took effect on Jan. 12, calls for ComBase to
take over Inservio's assets in Bocholt, Leipzig and Kamp-
Lintfort, Germany.  The sale was concluded between ComBase and
Inservio's insolvency administrator, Michael Pluta.

"In addition to the organization of BenQ Mobile services we are
also planning to strengthen the location Bocholt as repair
center for other makes in a contemporary way," Bernhard
Frericks, shareholder of ComBase AG said.

Inservio GmbH, which used to have a 250 work force, employs
around 40 staff, Frankfurter Allgemeine Zeitung relates.  

                        About Combase

ComBase AG acts as international service company in the areas of
Telecommunication, IT, Multimedia, Entertainment and Security
(TIMES) and is in the same field of activities with its repair
services just as BenQ Mobile's subsidiary Inservio.  From its
head office in Karlstein near Frankfurt on Main, the ComBase
group has cared for well-known key accounts such as O2, T-
Mobile, Samsung, and Nokia in Germany as well as in other
European countries for nearly 15 years.

                        About Inservio

Inservio was founded in July 2006 to take over the after-sales
service for Siemens, BenQ Siemens and BenQ mobile phones.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

More than 3,000 manufacturing workers have been affected in the
company's insolvency proceedings after it disclosed of plans to
reduce two-thirds of its work force.  The mobile unit took over
a factory in Kamp Lintfort in western Germany from Siemens,
which cost Siemens more than US$1 billion.  Under the agreement,
BenQ will have the right to use the Siemens brand for five
years.  Siemens owns a 2.5 percent stake in BenQ Corp.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec.
05, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.  
The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;
   
   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BERKELEY, BURKE: Creditors' Proofs of Debt Due on Feb. 12
---------------------------------------------------------
Creditors of Berkeley, Burke (Financial Planning) Ltd are
required to submit their proofs of debt by Feb. 12, 2007.

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

The Troubled Company Reporter - Asia Pacific recently reported
that on December 22, 2006, the company's members resolved to
voluntarily wind up the company's operations.

The Joint and Several Liquidators can be reached at:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


CITICORP CHINA: Creditors Must Prove Debts by February 2
--------------------------------------------------------
Creditors of Citicorp China Investment Management Ltd are
required to submit their proofs of claim by Feb. 2, 2007.
Failure to prove debts by the due date will exclude a creditor
from sharing in any distribution the company will make.

The Liquidators can be reached at:

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


EMI GROUP: Chairman & CEO Levy and Vice Chairman Munns Step Down
----------------------------------------------------------------
The global music market remains highly dynamic but also
continues to prove to be a challenging environment in which to
operate.  

EMI Group plc remains positive on the long term trends for the
industry and in particular that there will be continued strong
demand for digital music.  However, to secure sustainable growth
in underlying profits and cash flow, EMI will re-align its
investment priorities and focus its resources in areas where it
is positioned to make the best and most certain returns.

This will include:

   -- De-layering the Group's management structure to allow a
      more streamlined approach, particularly within the
      developing digital landscape;

   -- Investing and operating in territories and business areas
      where superior, secure returns can be generated, and
      reducing exposure to territories and business areas in
      which these conditions are not satisfied;

   -- Continuing expansion of the Group's presence across the
      music value chain;

   -- Extracting revenue and cost synergies between recorded
      music and music publishing;

   -- Strengthening EMI's digital and consumer marketing
      capabilities; and

   -- Pursuing partnerships, which allow EMI to extract further
      leverage from its operating infrastructure (e.g.
      distribution and administration arrangements).

The company believes that this will align EMI's business more
closely to its operating environment, allow a continuing strong
focus on artist and songwriter development, re-allocate
resources to attractive growth areas, increase the level and
certainty of overall return on investment, and significantly
improve margins, and the generation of free cash flow.

                Board and Senior Management Changes

Alain Levy, who has been chairman and chief executive officer of
EMI Music since October 2001, is stepping down from the Board
and both he and David Munns, vice chairman of EMI Music, will be
leaving the Company with immediate effect.

The Board thanks them both for their contribution to the
business over the past five years.

Eric Nicoli, who has been executive chairman of EMI Group since
July 1999, becomes chief executive officer of EMI Group and, as
part of this role, takes direct responsibility for the
management of EMI Music, the Group's recorded music business.

John Gildersleeve, currently non-executive deputy chairman of
EMI Group and senior non-executive director, becomes non-
executive chairman of EMI Group.

Martin Stewart continues as chief financial officer of EMI Group
and, as part of this role, takes direct responsibility for the
management of the finance function of EMI Music.

                       Restructuring Program

As part of its focus on delivering higher and more certain
returns on investment, the Group will significantly reduce the
size of its cost base.

This cost saving plan is expected to deliver GBP110 million of
annual savings across the Group (incremental to previously
announced cost saving initiatives), with over half of these
savings being reflected in the financial results for the year
ended March 31, 2008, and the full GBP110 million reflected in
the financial results for the year ended March 31, 2009.

The significant majority of these cost savings will be achieved
through the elimination of fixed costs with a small proportion
resulting from a permanent reduction in the variable cost base.  
The initiatives will impact all regions in which EMI operates.  
The cost savings will be generated largely from EMI Music, with
the remainder from EMI Music Publishing.

Specific fixed cost saving initiatives will include the
reduction of front and back-office overhead and an increase in
shared services in both divisions and across all regions.  In
addition there will be a significant reduction in central
overheads at EMI Music and EMI Group.

The one-off cash cost of implementing the restructuring is
expected to be no more than GBP150 million.  EMI has secured
bank financing commitments with respect to both this entire
amount and the recently announced purchase of the outstanding
45% minority interest in its Japanese subsidiary Toshiba-EMI.

In the context of these restructuring initiatives, the company
is reviewing its balance sheet.  This will be completed by March
31, 2007, and it is expected to result in a non-cash charge
being reported separately in the Group's 2006 and 2007 income
statement.

The cash flow generation of the business is expected to
strengthen significantly when the gains from the cost savings
are fully realized.  In this context, the Board will continue to
review the optimal capital structure for the Group.

                          Current Trading

EMI Music's second half performance to date, in terms of
revenues and profits, has been below prior expectations.  This
has resulted from weak market conditions, particularly over the
Christmas period, and lower than expected sales from EMI Music's
portfolio of second half releases to date.

EMI Music Publishing continues to perform in line with
expectations.

                              Outlook

EMI Music's second half financial performance to date combined
with the expectation of continuing weak market conditions, and
the expected significant disruption to the business from the
implementation of the restructuring initiatives, has led to a
change in the outlook for the Group for the financial year ended
March 31, 2007.  As a result, EMI Music's full year revenues
could decline, year on year, by approximately 6% to 10% on a
constant currency basis.

The Group expects that disruption from the restructuring
initiatives will continue into the early months of the following
financial year, constraining revenue at EMI Music in the year
ended March 31, 2008, but expects to see a significant
improvement in margins as cost savings are delivered.

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 China, Brazil, and Hungary.  The
group employs over 6,600 people.

Revenues in 2005 were near GBP2 billion and operating profit
generated was over GBP225 million.

EMI Music operates the world famous recording facilities Abbey
Road Studios in London and Capitol Studios in Los Angeles.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 21,
2006, Standard & Poor's Ratings Services affirmed its 'BB/B'
long- and short-term corporate credit and 'BB' senior unsecured
debt ratings on U.K.-based music major EMI Group PLC.


EMPEROR VANTAGE: Receives Wind-Up Order from Court
--------------------------------------------------
Emperor Vantage Ltd has received a wind-up order from the High
Court of Hong Kong on Dec. 27, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Chan Cheong Kin filed the wind-up petition with the Court on
Nov. 6, 2006.


GREAT CHINESE: Fitch Further Lowers Issuer Default Rating to RD
---------------------------------------------------------------
Fitch Ratings on January 17, 2007, lowered the Issuer Default
rating of Taiwan-based Great Chinese Bills Finance Corporation
to Restricted Default.  RD indicates that an entity has
defaulted on one or more of its financial obligations although
it continues to meet other obligations.

Fitch understands that GCBF has been meeting its obligations to
non-financial creditors but financial institutions have been
required not to withdraw their funds.  Fitch takes the view that
as this arrangement is not purely voluntary and involves an
element of coercion, the creditors have suffered a default in
that they have not received payment in a timely manner.

At the same time, the agency has taken the ratings of GCBF off
Rating Watch Evolving on which they were placed on January 8,
2007.  The agency also downgraded the company's National Long-
term and Support rating, and withdrew its Short-term foreign
currency and National Short-term rating while affirming the
company's Individual rating.

The rating actions are:

   -- Long-term IDR downgraded to RD from B+;
   -- Short-term foreign currency of B withdrawn;
   -- National Long-term downgraded to RD(twn) from BB+(twn);
   -- National Short-term B(twn) withdrawn;
   -- Support downgraded to 5 from 4;
   -- Individual rating affirmed at E

In 2005, Fitch introduced recovery ratings for defaulted
entities with the aim of enhancing the informational content and
transparency of ratings.  This process involves analyzing the
recovery potential of various classes of debt of a defaulted
entity under a liquidation scenario and assigning ratings to
these different classes of debts to reflect their differing
recovery potentials.  The bulk of GCBF's liabilities consist of
repos which are secured on debt papers.

Those repos secured on Taiwan government bonds are expected to
have a very high recovery rate of 91% to 100% and hence would
receive a recovery rating of RR1.  This high recovery
expectation leads the agency to notch up from the IDR -- which
equates to a CCC- and to assign an international debt rating of
B- to repos secured on government bonds.

GCBF also has repos secured on corporate bonds and commercial
papers on which recoveries are expected to be lower than on
government bonds given that a discount may be required to
liquidate these and some may carry the risk of credit losses.  
Hence, Fitch estimates a recovery rate of just under 60% for
repos secured on corporate papers, resulting in a recovery
rating of RR3 and debt rating of CCC for these instruments.

The recovery rate for unsecured creditors is expected to be very
low, resulting in a RR6 recovery rating and debt rating of C.

In making these estimates, Fitch has made the conservative
assumption that GCBF needs to pay off all its guarantees and is
unable to recover any collateral for guarantees to affiliated
companies.  The agency also assumes that 20% of the company's
assets would be used up during liquidation, should this occur.

Fitch emphasizes that this analysis is based on a liquidation
scenario and that this is only one of the possible outcomes for
GCBF.  In theory, the company could be revived and returned to
normal business operations, though in practice this appears very
challenging given its weak franchise and the damage to its
credibility.  A possible outcome is its acquisition by a larger
bank.  This could result in a higher recovery rate for creditors
but this depends on the willingness of the acquiring bank to
take the necessary losses, which at this point is not clear.


STEPWISE ALUMINIUM: Court Sets Wind-Up Hearing for March 7
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Stepwise Aluminium Cladding Ltd on March 7, 2007, at 9:30 a.m.

Toptech Co. Ltd filed the petition with the Court on Dec. 29,
2006.

Toptech's solicitors can be reached at:

         Chow, Griffiths & Chan
         Rooms 1902-4, 19th Floor
         77 Des Voeux Road Central
         Hong Kong


* Eight Chinese Companies in S&P's Global Picks 2007
----------------------------------------------------
Five companies based in the Chinese mainland, two based in Hong
Kong and one based in Taiwan, are poised to outperform their
global peers and deliver superior returns to investors this
year, according to S&P Global Picks 2007, a model portfolio of
30 stocks constructed annually by Standard & Poor's Equity
Research, the world's leading provider of independent investment
research.

These companies include:

   1. China Construction Bank;
   2. China Mengniu Dairy;
   3. China Oilfield Services;
   4. China Southern Airlines;
   5. Datang International Power;
   6. Henderson Land Development;
   7. Hutchison Telecommunications; and
   8. AU Optronics

The objective of the S&P Global Picks 2007 portfolio is to
exceed the total return of the benchmark S&P Global 1200 index
during 2007 and its constituents will be "frozen" for the
remainder of the year.  The S&P Global Picks 2006 portfolio
generated a 30.8% total return, versus 21.5% for the S&P 1200
Index.

Since the portfolio concept's inception on January 1, 2005, it
has generated a 22.3% annualized total return, versus 15.7% for
the S&P 1200 Index. Sector representation of the S&P Global
Picks 2007 is similar to that in the S&P Global 1200.

"Economies in the Greater China region remain largely export
driven despite rising domestic per capita income," said Lorraine
Tan, Vice President of Equity Research of Standard & Poor's in
Asia.  "Therefore, their economic outlooks are heavily
influenced by global growth prospects.  With S&P expecting
healthy 3.3% global GDP growth in 2007, we believe the export
picture is healthy as growth remains above trend in Europe,
Japan, the U.K. and Eastern Europe, helping offset a U.S.
slowdown.  In addition, domestic demand is increasingly relevant
as a growing middle class emerges in China and expands in Hong
Kong and Taiwan amid rising wages and property prices."

According to Tan, the eight companies in Greater China region
have been chosen for their individual potentials and growth
factors.  "In the Consumer Staples sector, China Mengniu will
benefit from China's rising use of dairy products.  In the
Energy sector, China Oilfield Services will achieve sustained
growth because of increased exploration and production.  In the
Financials sector, China Construction Bank will continue to
enjoy a robust loan growth, while Henderson Land Development
will gain from the upturn in property demand in the medium
term."

"In the Industrials sector, China Southern Airline will take
advantage from yuan appreciation, while in the Information
Technology sector, AU Optronics is well positioned to benefit
from a diversified product mix.  In the Telecom sector,
Hutchison Telecommunications should experience high growth rate
from its expansion in India and in the Utilities sector, Datang
International's output growth should offset the plant
utilization rates."


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

AES CORP: Analyst Maintains Buy Rating on Firm
----------------------------------------------
Shelby G. Tucker, an analyst with Banc of America Securities,
has maintained a "Buy" rating on AES Corp., the Associated Press
reports.

Mr. Tucker told AP that Venezuelan President Hugo Chavez's
nationalization announcement was surprising.  He explained, "As
we were under the impression that President Chavez supported
direct foreign investments.  The decision to nationalize clearly
contradicts that support."

President Hugo Chavez recently disclosed plans to nationalize
the electricity sector.  President Chavez said in his televised
speech, "All those strategic sectors like electricity -- all
those things that were privatized, nationalize them."

President Chavez didn't specify whether he meant complete
nationalization, but said any vestiges of private control over
the energy sector should be undone.  The nationalization
appeared likely to affect Electricidad de Caracas -- owned by
AES Corp. -- and CA Nacional Telefonos de Venezuela, aka CANTV,
AP notes.

AES Corp. owns 86% of Electricidad de Caracas.

Dow Jones Newswires emphasizes that if Venezuela confiscates
Electricidad de Caracas, taking in the utility's US$400 million
in debt, Mr. Tucker predicted the AES Corp.'s equity value would
be reduced by about US$1.5 billion, or US$2.25 a share.

Brian Chin, Citigroup energy analyst, told Dow Jones that
Electricidad de Caracas accounts for up to 10% of AES Corp.'s
earnings.

According to Dow Jones, AES Corp.'s global operations depend
heavily on its regulated utilities, which increased revenue in
the third quarter of 2006 by 13% to US$1.57 billion and raised
gross margins 29% from a year earlier.  AES Corp. said that the
boost was mainly due to higher prices and growing demand for
electricity at its Latin Americas units.  Overall, Latin America
represented 58% of AES Corp.'s revenue in 2005.

Mr. Tucker told Dow Jones, "The key question is whether AES gets
compensation for the nationalization of EDC (Electricidad de
Caracas).  Given that EDC is also traded on the Venezuela
exchange -- hence owned by individual investors in Venezuela --
one would assume that these investors would be compensated by
the government.  As such, in theory, AES should be equally
compensated.  However, we do not know at this time how President
Chavez plans to proceed with his nationalization plan."

"We're not lowering estimates or our US$23 target price at this
time as President Chavez has a history of making exaggerated
populist claims.  But Chavez' actions over C.A. Nacional
Telefonos de Venezuela (a telecom company he explicitly
threatened to nationalize) in the next 6-12 months may portend
his eventual direction with EDC," Dow Jones notes, citing Mr.
Chin.

An initial research of Lasan Johong, an analyst with RBC Capital
Markets, revealed that the Venezuelan state never owned
Electricidad de Carcas, AP relates.  President Chavez called for
the re-nationalization of utilities privatized before 1999.

"Therefore, based on the content of the speech, the re-
nationalization program should not apply to EDC," Mr. Johong
told AP.

The Supreme Court of Venezuela had agreed in November 2006 to
hear a case against AES Corp. six years ago challenging the
legality of a foreign firm gaining ownership of Electricidad de
Caracas, Dow Jones says, citing Patrick Esterueles, Eurasia
Group's Latin America analyst.

Mr. Esterueles told Dow Jones, "The plaintiffs, two Venezuelan
lawyers, have questioned the legality of a foreign firm
controlling a public utility without prior authorization from
the National Assembly.  Should Venezuela's heavily politicized
Supreme Court rule in favor of the plaintiffs, other public
utility sales to foreign companies could also come into
question."

Meanwhile, AES Corp.'s shares fell after the nationalization
announcement.  The shares dropped 91 cents, or 4.3%, to US$20.11
on the New York Stock Exchange.  The stock has traded in a 52-
week range of US$16.10 to US$23.85, AP states.

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

The company has Asian presence in India, China and Sri Lanka.

                          *     *     *

Fitch affirmed AES Corporation's Issuer Default Rating at 'B+'.
Fitch also affirmed and withdrew the ratings for the company's
junior convertible debt.  Fitch said the rating outlook for all
remaining instruments is stable.

In March 2006, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified energy company The AES
Corp. to 'BB-' from 'B+'.  S&P said the outlook is stable.

Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


AES CORP: S&P Says Nationalization Harms Credit Quality
-------------------------------------------------------
Standard & Poor's Ratings Services said that Venezuelan
President Hugo Chavez announced plans to nationalize Venezuela's
electricity sector is negative for AES Corp.'s (BB-/Stable/--)
credit quality but does not affect its ratings or outlook at
this time.  AES is the parent of Electricidad de Caracas (;
B/Watch Neg/--), a regulated electricity business in Venezuela.

The details of Mr. Chavez's plans are not clear at this time,
but, in the extreme event that EDC is expropriated without
compensation, Standard & Poor's estimates that AES would lose an
asset that has recently provided about US$80 million to US$100
million of annual distributions, or a significant 7%-9% of
expected parent operating cash flow.  

The rating agency's assessment of AES incorporates the high-risk
nature of Electricidad de Caracas' distributions.  As a result,
while eliminating distributions of this magnitude would have
resulted in parent-level cash flow interest coverage of about
1.75x versus actual of 2.0x and parent-level cash flow to debt
of 15.5% versus 17.5% for the 12 months ended September 2006, at
this time we expect the ratings would still be sustained at
current levels.  The cash flow loss would stem some of the
positive credit momentum that AES has built in recent years.  
Moreover, the loss would represent a significant portion of
parent-level free operating cash flow of about US$370 million
for the twelve months ended September 2006, which is an
important source of funding for AES' large capital spending
plans.

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

The company has Asian presence in India, China and Sri Lanka.


EXIM BANK: Extends US$25-Mil. Credit Line to Guinea Bissau
----------------------------------------------------------
Export-Import Bank of India has, at the behest of Government of
India, extended a Line of Credit of US$25 million to the
Government of Guinea Bissaua, under the "Team-9 Initiative".

The LOC Agreement to this effect has been signed in New Delhi,
on Saturday, Jan. 13, 2007, by Mr. Sunil Trikha, Chief General
Manager, on behalf of Exim Bank and Mr. Antonio Isaac Monteiro,
Foreign Minister of Guinea Bissau, on behalf of the Government
of Guinea Bissau.  The LOC has been earmarked for financing
India's exports to Guinea Bissau for execution of projects in
Electricity, Food Processing/ Agricultural Sectors.

Team-9 envisages a special cooperation model between India and 8
countries of West Africa, viz. Burkina Faso, Chad, Cote
d'Ivoire, Equatorial Guinea, Ghana, Guinea Bissau, Mali and
Senegal.  Under the Team-9 initiative, GOI provides LOCs through
Exim Bank to Team-9 countries to finance setting up of various
projects by Indian companies in these countries.

The LOC being extended by Exim Bank is yet another initiative
towards facilitating the demonstration of India's capability and
expertise in the emerging markets.  Under the LOC to Guinea
Bissau, Exim Bank will reimburse 100% of contract value to the
Indian exporters, upfront upon the shipment of goods.

Exim Bank has in place 69 Lines of Credit, covering over 80
countries in Africa, Asia, Latin America, Europe and the CIS,
with credit commitments amounting to US$2.2 billion, available
for utilization for financing exports from India.  Exim Bank's
LOCs afford a risk-free, non-recourse export financing option to
Indian exporters.

Export-Import Bank of India -- http://www.eximbankindia.com/--  
was set up by an Act of Parliament in September 1981.  The
special purpose bank is wholly owned by the Government of India.
It aims to provide financial assistance to exporters and
importers, and to function as the principal financial
institution for coordinating the working of institutions engaged
in financing export and import of goods and services.

Headquartered in Mumbai, India, the bank also has overseas
offices in Budapest, Johannesburg, London, Singapore, Washington
DC.

On February 2, 2005, Standard and Poor's Ratings Service gave
Exim Bank's long-term foreign issuer credit a BB+ rating.


FEDERAL BANK: Board to Consider Financials on Jan. 25
-----------------------------------------------------
Federal Bank Ltd will hold a meeting for its board of directors
to consider and take on record the bank's unaudited financial
results for the period ended Dec. 31, 2006.

The board meeting is set for Jan. 25, 2007.

For the quarter ended Sept. 30, 2006, Federal Bank posted
INR694.6 million in net profit or earnings per share of INR8.11.

Headquartered in Aluva, India, the Federal Bank Limited --
http://www.federal-bank.com/-- is engaged in the banking   
business, offering a number of deposit products to its retail
customers, including non-resident Indians, such as savings bank
account, current deposits, time deposits and recurring deposits
with suitable variations for customized products targeting
different groups, including students, salaried employees and
senior citizens.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 6, 2006, Fitch Ratings assigned an Individual rating of 'D'
to Federal Bank.


HDFC BANK: Allots 3,43,700 Equity Shares Under ESOS
---------------------------------------------------
HDFC Bank Ltd'S Investor Grievance (Share) Committee approved
the allotment of 3,43,700 equity shares to the bank's employees,
the bank discloses in a regulatory filing with the Bombay Stock
Exchange.

The allotment, which the Committee decided on at a meeting on
Jan. 11, 2007, is pursuant to the bank's the Employees Stock
Option Scheme.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

Fitch Ratings, on June 1, 2005, gave HDFC Bank a 'C' individual
rating.


ICICI BANK: Raises US$2 Bil. in Three-Tranche Bond Offering
-----------------------------------------------------------
ICICI Bank Ltd successfully priced the first three-tranche bond
offering by an Indian bank, the bank says in a press release.

The bond is comprised of a cumulative subordinated notes
offering of US$750 million qualifying as Upper Tier II capital
and dual-tranche Senior Notes consisting of three-year US$
Floating Rate Notes of US$500 million and five-year US$ Fixed
Rate Notes of US$750 million.  The offerings were lead managed
by Citigroup, Deutsche Bank Securities and Merrill Lynch
International.

This is the largest bond offering by an Indian bank.  The
aggregate US$2.0 billion offering had an order book of over
US$8.0 billion with strong interest from investors.  About 58%
of the notes were sold into the US while Asia and Europe
contributed for about 21% each.  The notes were sold under the
Rule 144A/Reg S format.

Mr. K V Kamath, Managing Director & CEO, of the Bank said, "We
are indeed pleased to receive such an overwhelming response to
this offering which is the first of its kind.  This is a
remarkable recognition of the India story and ICICI Bank's
strategy by the investor community.  India is witnessing a
paradigm change in its growth trajectory and its position in the
world and the international investors' appetite for Indian
credit is an affirmation of this trend."

The Upper Tier II notes carry a coupon of 6.375% and were priced
at a spread of 128 basis points over LIBOR.  These notes will
mature after 15 years but are redeemable at the option of the
Bank after ten years with prior approval of the Reserve Bank of
India.

The three-year floating rate notes of US$500 million were priced
at a spread of 54 basis points over three-month LIBOR.  The Bank
is the first Indian Bank to offer a floating rate note under the
Rule 144A/ Reg S format.

The five-year fixed rate notes carry a coupon of 5.75% and were
priced at a spread of 75 basis points over LIBOR.  All the
tranches were priced inside the tighter end of the initial price
guidance and at the tighter end of the revised price guidance.

The proceeds from this issue will be used to fund the Bank's
regular growth requirements both domestically and
internationally and to enhance the Tier II capital.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group   
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: To Consider Audited Financial Results on Jan. 20
------------------------------------------------------------
ICICI Bank Ltd will consider its audited accounts for the
quarter ended Dec. 31, 2006.  In this regard, the bank's board
of directors will hold a meeting on Jan. 20, 2007.

For the quarter ended Sept. 30, 2006, the bank reported INR755
crore in net profit.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group   
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: Allots 42,818 Equity Shares to Employees
----------------------------------------------------
ICICI Bank Limited has allotted 42,818 equity shares with face
value of INR10 each:

   Date of Allotment               No. of Shares
   -----------------               -------------
     Jan. 08, 2007                     32,238
     Dec. 29, 2006                     10,580

The issuance is pursuant to the bank's Employees Stock Option
Scheme, 2000.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


IFCI LTD: To Offload 7% Holding in NSE to Four Investors
--------------------------------------------------------
IFCI Ltd signed an agreement on Jan. 10, 2007, to offload 7% of
its total holdings in the National Stock Exchange of India Ltd,
the company informs the Bombay Stock Exchange in a regulatory
filing.

Currently, IFCI is holding 56,00,000 equity share of NSE
constituting 12.44% of the exchange's equity.

Under the deal, IFCI will divest 31,50,000 of its NSE equity
shares to four institutional investors viz. Goldman Sachs, NYSE,
General Atlantic & Soft Bank.

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

                          *     *     *

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

Additionally, on February 15, 2006, Credit Analysis and Research
Limited retained a CARE D rating to the long and medium term
debt aggregating INR248 crore.  Instruments carrying this rating
are judged to be of the lowest category.  They are either in
default or likely to be in default soon.


GENERAL MOTORS: Eyes Purchase of Stake in Malaysia's Proton
-----------------------------------------------------------
General Motors Corp. has expressed interest in buying a stake in
Malaysian carmaker Proton Holdings Bhd., Soraya Permatasari and
Angus Whitley write for Bloomberg News.  Reports say GM could
offer more than MYR10 for each Proton share.

Nik Azhar Abdullah, who oversees about US$684 million at Avenue
Asset Management Sdn. in Kuala Lumpur, told Bloomberg that GM
can use Malaysia as an Asian platform in connection with its
expansion to China, India and other Asian emerging markets.  
According to Malaysian Automotive Association, Proton held 24%
of Malaysia's car market as of Sept. 30, 2006.

GM's Shanghai-based spokesman Rob Leggat has disclosed that GM
held talks with Proton.  However, Faridah Idris, a spokeswoman
at Proton, declined to comment.  In November 2000, GM held talks
with Proton about a deal in Malaysia but the discussions did not
result in any partnership.

In a report by Reuters, GM admits many parties are seeking stake
with the Malaysian automaker and adds that it is too early to
provide details on the bidding process.

According to Bloomberg, Proton, which has suffered low profits
in the past seven years, is seeking a new partner to stem losses
following the end of its 21-year partnership with Mitsubishi
Motors Corp. in March 2004.

Proton disclosed of a MYR250.3 million loss in the quarter ended
Sept. 30, 2006, compared to a MYR154.3 million loss for the same
period in 2005.

Malaysia's Second Finance Minister Nor Mohamed Yakcop told
reporters that separate discussion are also ongoing between
Volkswagen AG and PSA Peugeot Citroen, which could lead to the
sale of a stake in Proton.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the  
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India, and its vehicles are sold in 200
countries.

                          *     *     *

Standard & Poor's Ratings Services, on Dec. 13, 2006, affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed on March 29, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Moody's Investors Service assigned a Ba3, LGD1,
9% rating to the proposed US$1.5 Billion secured term loan.  The
term loan is expected to be secured by a first priority
perfected security interest in all of the US machinery and
equipment, and special tools of GM and Saturn Corporation.


* Moody's Issues Annual Report on India
---------------------------------------
In its annual report on India, Moody's Investors Service
explains how the government's ratings are split -- a healthy
external position is reflected in an investment grade Baa3
foreign-currency rating but heavy public debt constrains its
domestic-currency rating to speculative grade Ba2.

The foreign-currency country ceiling is Baa2, which is based on
the Baa3 foreign-currency government bond rating and the
moderate likelihood of a payments moratorium in the event of a
government bond default.  The rating outlook is stable.

"Growth surprised on the upside in the first half of the current
fiscal year," said Kristin Lindow, Moody's Vice President and
one of the report's authors.  "India's robust economic momentum
seems to defy the constraints posed by its inadequate social and
physical infrastructure and an extremely inefficient government
sector."

She pointed to the massive infrastructural shortfalls
acknowledged by the Planning Commission in its approach paper
for the ambitious 11th Five-Year Plan, which aims for 9% average
growth.  The plan period extends from April 2007 to March 2012.

"A debate is taking place among policymakers as to whether the
fiscal consolidation targets of the Fiscal Responsibility and
Budget Management Act should be relaxed in order to allow
government to increase its investment spending to meet more of
the infrastructure shortfall," said Lindow.  However, "any such
easing would signal undue complacency about the government's
large debt and debt service burden, potentially exacerbating the
overheating economy and spurring higher inflation and interest
rates."

The Moody's report describes that the trade-off for fast growth
in the context of increasingly binding capacity constraints
might well be a rate of inflation above the Reserve Bank of
India's comfort zone of 5%-5.5%.  Monetary policy has been
tightening gradually for more than two years, along with the
fiscal stance, yet Moody's notes that ample portfolio and other
capital inflows have diminished the efficacy of these measures.
Local equity markets have reached repeated record highs, a trend
that has continued into the new year.

Domestic credit growth has outpaced nominal GDP growth by a
factor of two for the last three years, reflecting demand that,
together with oil import costs, has driven the trade and current
account deficits to high levels by Indian standards.  With
domestic liquidity now tightening, officials are proposing to
slowly unwind external capital controls in coming years in order
to facilitate access to foreign financing sources.

"Coalition politics have recently hindered the implementation of
needed reforms of the labor and capital market and the public
sector, which could make it hard to sustain progress on fiscal
consolidation," said Lindow.  "With the government midway
through its full five-year term, however, and economic
policymakers determined to keep economic dynamism going into the
new plan period, more difficult decisions might have to be taken
over the next few months or years."

The rating agency's report, "India: 2007 Credit Analysis," is a
yearly update to the markets and is not a rating action.


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

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

The actions follow the resolution of Goodyear's organized labor
contract with the USW in North America and more detailed
disclosure of the settlement's applicable terms and benefits.  
Moody's would expect the company over time to achieve
significant efficiencies from the new contract and other
restructuring actions.  Collectively, those developments will
position the company's metrics in the B1 rating category.  In
the near-term, however, debt could peak at higher levels from
the ramp-up of production, re-structuring expenditures from
announced plant closures, and funding the contribution to a new
VEBA account.  

Although improvement in Goodyear's performance is weighted
towards 2008 and beyond, Moody's is comfortable that the company
has sufficient liquidity to weather an interim period, and,
thereafter, its coverage and leverage ratios would be on a
recovery path from an enhanced cost structure, increased
productivity, lower legacy costs and stream-lined manufacturing
footprint.

Ratings affirmed:

* Goodyear Tire & Rubber Company

   -- Corporate Family Rating, B1
   -- Probability of Default, B1
   -- first lien credit facility, Ba1, LGD2, 10%
   -- second lien term loan, Ba3, LGD3, 35%
   -- third lien secured term loan, B2, LGD4, 63%
   -- 11% senior secured notes, B2, LGD4, 63%
   -- floating rate senior secured notes, B2, LGD4, 63%
   -- 9% senior notes, B2, LGD4, 63%
   -- 8 5/8 % senior unsecured notes due 2011, B2, LGD4, 63%
   -- floating rate unsecured note due 2009, B2, LGD4, 63%
   -- 8 1/2% senior notes, B3, LGD6, 94%
   -- 6 3/8% senior notes, B3, LGD6, 94%
   -- 7 6/7% senior notes, B3, LGD6, 94%
   -- 7% senior notes, B3, LGD6, 94%
   -- senior unsecured convertible notes, B3, LGD6, 94%
   -- Speculative Grade Liquidity rating, SGL-2

* Goodyear Dunlop Tyres Europe

   -- Euro revolving credit facilities, Ba1, LGD2, 10%
   -- Euro secured term loan, Ba1, LGD2, 10%

The last rating action was on Nov. 16, 2006, at which time
ratings on the company's US$1.0 billion of unsecured notes with
maturities in 2009 and 2011 were assigned.

Goodyear has stated that the terms of the new labor contract
along with other actions announced during 2006 and early January
2007 will enable it to surpass its goals of reducing high cost
tire manufacturing capacity and achieving a more competitive
cost structure in its North American operations.  Collectively,
the actions at USW plants in North America are expected to
generate annual savings of US$300 million in 2009, which
represents more than 3% of that segments sales.  Savings from
actions at its Valleyfield, Quebec plant (estimated at roughly
US$40 million/year once implemented) and its Moroccan operations
would be supplemental to that figure.  

The Tyler, TX plant will operate through 2007, and Valleyfield,
Quebec will continue tire production through the first half of
this year.  The bulk of the savings will not be realized until
2008 and beyond.  In order to achieve those savings, some "up-
front" expenditure will be required.  These could lead to an
increase in indebtedness during 2007 as working capital
requirements are affected by the ramp of domestic production,
contributions are made to the VEBA cash restructuring costs for
Valleyfield  and Tyler, TX in early 2008 are incurred, and any
supplemental retirement "buy-outs" envisioned under the new USW
agreement are considered. Potentially offsetting those
requirements would be prospective proceeds from asset sales
and/or an equity offering which the company is evaluating.

Goodyear's Corporate Family rating of B1 continues to recognize
strong scores for several factors in Moody's Automotive Supplier
Methodology.  These factors include the company's substantial
scale, global brands with refreshed product offerings, leading
market share, diversified geographic markets, and improved debt
maturity and liquidity profiles.  Scores for those qualitative
attributes would normally track to a higher Corporate Family
rating.  

However, the B1 rating considers Goodyear's relatively weak
quantitative scores including leverage, which has stepped-up
from recent borrowings and could increase further in the near-
term, low EBIT returns and weak FCF/debt ratios. Contributions
to pension plans will remain substantial for another year before
declining in 2008.  Scores from those quantitative factors
counter qualitative strengths.  The company faces challenges in
restoring its balance sheet, and contending with various
contingent liabilities.  Debt levels should crest during 2007
and leverage measurements retreat as savings begin to be
realized from the terms in its North American labor settlement
and other actions.  Realization of those efficiencies will
require successful execution.

The stable outlook considers the prospective benefits Goodyear
is likely to achieve from the new labor contract and other
restructuring actions that will ultimately lead to improved
financial performance and lower leverage statistics.  Existing
cash and access to a sizable committed revolving credit facility
provide sufficient resources to manage through what could be a
choppy interim period during which demand in North American
replacement tire markets may not experience any material growth
and raw material costs remain volatile.  

While metrics for trailing periods covering the strike and its
lingering effects in early 2007 may suggest lower rating
categories, leverage and coverage measurements are expected to
improve as savings are realized and demand stabilizes.  Moody's
also anticipates Goodyear's year-end balance sheet will confirm
lower under-funded pension liabilities.  The company is
positioned with good liquidity and faces minimal debt maturities
until 2009.

A positive outlook or higher ratings could develop could develop
if debt/EBITDA were to fall to 4 times or below and
EBIT/interest were to be sustained above 2 times while
generating positive free cash flow.  Application of proceeds
from prospective asset sales or material equity issuance to
reduce leverage could also facilitate stronger ratings.  
Downward pressure on the rating or a negative outlook could
develop if replacement tire demand in North America were to
weaken and produce lower margins.  Similarly, higher raw
material costs, which were not recovered from pricing actions or
productivity gains, or an inability to realize savings
associated with the new USW labor contract could also lead to
lower profitability.  Evidence of this could come from negative
free cash flow, EBIT/interest declining below 1.25 X, or
debt/EBITDA metrics maintained at or above 5 times beyond 2007.

The SGL-2 liquidity rating represents good liquidity over the
coming year.  This stems from continuing extensive cash
resources, which were supplemented by a US$1 billion note
offering in November, and access to a committed US$1-billion
revolving credit.  Moody's would anticipate that a portion of
cash resources will be utilized for funding a new VEBA trust,
working capital requirements generated from the ramp of
production in North America as well as the cash portion of
restructuring costs at Tyler, TX and Valleyfield, Quebec.
Repayment of revolving credit borrowings in early January
restored external liquidity, and the company continues with
adequate cushion under its financial covenants.  Terms of its
bank credit agreement provide flexibility on the use of any
potential asset sale proceeds and provide some source for
alternate liquidity to develop.

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


NORTEL NETWORKS: Wins Ethernet Deal With BT Group
-------------------------------------------------
Nortel Networks Corp had been chosen by BT Group as one of the
suppliers of a carrier-scale Ethernet solution for 21CN that
exploits Ethernet in a fundamentally new way, News Rating
reports.

According to the report, Nortel Networks' president and chief
executive officer, Mike Zafirovski, said that this marks a
significant industry turning point.

Mr. Zafirovski said that BT is using Ethernet technology in a
completely new way to provide an answer to the challenge of
simplifying network management, redefining service quality and
reducing costs, the report says.

Nortel Networks said that the market for metro Ethernet, which
may be seen as a combination of optical network and carrier
Ethernet technologies, could be as large as US$13.5 billion
within the decade, the report adds, citing Reuters.

                           About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries, including in Indonesia, Australia, China, Mexico,
Philippines, and Thailand.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.


PERUSAHAAN GAS: Pipeline Delay Cues Moody's to Affirm Ba2 Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of PT Perusahaan Gas Negara (Persero) Tbk.  At the same
time, Moody's has affirmed the Ba3 debt ratings of PGN Euro
Finance 2003 Ltd, which is guaranteed by PGN.  The ratings
outlook is stable.  This affirmation follows the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

"While the delay will lead to a decline in distribution
throughput from 780 mmscfd to 555 mmscfd in 2007 and negatively
impact the profitability and cash flows of the company, PGN's
financial profile is expected to improve once the SSWJ
commercialization commences given strong gas demand.  This means
the company's financial profile will remain consistent with the
current rating level," says Jennifer Wong, Moody's lead analyst
for PGN.  "The slight slow down in capex requirements due to the
delay in commercialization will also partially off-set this
negative impact," she says.

"The rating affirmation further reflects Moody's understanding
that the penalty involved is not material in the context of
PGN's cash position and balance sheet, and hence does not put
pressure on the current rating," adds Wong.

The rating continues to reflect the application of Moody's Joint
Default Analysis (JDA) methodology on government-related issuers
(GRIs), since PGN is 55%-owned by the Indonesian government.

In accordance with this methodology, PGN's rating reflects the
combination of the following factors:

   * Baseline credit assessment (BCA) of 13 (on a scale of 1 to
     21, where 1 represents lowest credit risk);

   * B1 local currency rating of the Indonesian Government, the
     support provider;

   * Medium dependence, which reflects PGN's exposure to the
     country's economic development, while a meaningful portion
     of its consolidated gross profits is generated from
     overseas operations through TGI;

   * Medium support, which reflects the strategic importance of
     PGN, which monopolizes the natural gas distribution
     industry in Indonesia, and Moody's expectations that the
     government will maintain majority ownership of PGN post
     privatization.

The BCA of 13 reflects PGN's solid operating profile, dominant
market position, favorable gas demand trends and the relatively
stable transmission and distribution business.  Such a stable
financial profile partially offsets the substantial capex
requirement and high dividend payout, which would result in
negative free cash flow.

Furthermore, the BCA incorporates the evolving regulatory
environment and risk of non-renewal of sales contracts upon
maturity.  While the key credit metrics are expected to weaken
in 2007 due to the delay in SSWJ gas commercialization, the
projected overall financial profile in 2008 -- RCF/TD of over
24% and FFO/Int of over 4x - well positions the company at a BCA
of 13 when compared to other rated gas utilities peers.

The rating would experience upward pressure if the BCA improves
as a result of the company demonstrating its ability to generate
free cash flow for debt reduction.  However, Moody's considers
this unlikely in the near to medium term in the light of PGN's
large projected capex plan.  A more certain regulatory framework
for the gas industry would also be positive for the rating.  A
sovereign upgrade is unlikely to impact the rating.

On the other hand, downward rating pressure would evolve if
there is a deterioration in PGN's BCA as a result of 1) an
unfavorable regulatory environment negatively affecting the
company's financial position; and/or 2) further delays in the
SSWJ pipeline or erosion of PGN's dominant market share under a
de-regulated environment, so that increased competition
pressures profit margins and returns such that RCF/Debt is less
than 10% and FFO/Int is less than 2.5 - 3.0x on a sustainable
basis.

Furthermore, a change in the government's supportive policy
towards the gas industry, or a partial sell-down of the

Government's majority ownership, could prompt a review of its
rating if the sell-down was part of a broader trend
demonstrating a dilution in PGN's strategic importance to the
Indonesian government and economy.  Such a development,
currently viewed by Moody's as unlikely, would affect the
support level implied in the JDA analysis.  A sovereign
downgrade is unlikely to impact the rating.

                          *     *     *

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy  
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia


PERUSAHAAN GAS: Resumes Trading After One-Day Suspension
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 17, 2007, the Indonesian Government suspended the shares in
PT Perusahaan Gas Negara Tbk on Jan. 15 as the stock exchange
requested more information on a delayed pipeline project.

Reuters says that the shares were suspended after plunging more
than a fifth, wiping out US$1 billion off the firm's market
capitalization, following the news of the pipeline delay.

In an update, Bloomberg News cites a Jakarta Stock Exchange
statement as saying that shares in PGN resumed trading after the
one-day suspension.

The previous TCR-AP report said that PGN delayed opening a key
pipeline by six months.  PGN President Sutikno had explained
that the company will delay until September the shipment of
natural gas through a pipeline from South Sumatra to western
Java due to open in March.  A second link, scheduled to begin
operation last November, will start up in March, Mr. Sutikno
said.  He blamed the delay on problems related to buying land
along the route.

According to Bloomberg, analysts had said that the issue raised
corporate governance concerns at Indonesia's main gas
distributor and that the delay was announced more than a week
after the pipeline was due to be opened.

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy  
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia

Moody's Investors Service has affirmed the Ba2 corporate family
rating of PT Perusahaan Gas Negara (Persero) Tbk.  At the same
time, Moody's has affirmed the Ba3 debt ratings of PGN Euro
Finance 2003 Ltd, which is guaranteed by PGN.  The ratings
outlook is stable.  This affirmation follows the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indonesia's PT Perusahaan Gas Negara (Persero)
Tbk. to positive from stable.  The ratings on the company are
affirmed at 'B+'.

The TCR-AP reported on June 28, 2006, that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk on June
27:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


TUPPERWARE BRANDS: To Hold 4Q 2006 Earnings Call on Jan. 31
-----------------------------------------------------------
Tupperware Brands Corporation will hold its quarterly conference
call to discuss Fourth Quarter 2006 Earnings on Jan. 31, 2007,
at 10:00 a.m. Eastern Time.

This call will be Web cast by Thomson/CCBN and can be accessed
at http://www.tupperwarebrands.com/ To participate in the call,  
please dial (913) 312-1268, Passcode 3155487.

The Web cast is also being distributed through the Thomson
StreetEvents Network to both institutional and individual
investors.  Individual investors can listen to the call at
http://www.fulldisclosure.com/ Thomson/CCBN's individual  
investor portal, powered by StreetEvents.  Institutional
investors can access the call via Thomson's password-protected
event management site, StreetEvents.

                    About Tupperware Brands

Tupperware Brands Corporation -- http://www.tupperware.com/--  
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products through
its Avroy Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics,
Nuvo and Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

The Troubled Company Reporter - Asia Pacific reported on Oct. 2,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. rental company sector
this week, the rating agency lowered its Ba2 Corporate Family
Rating for Tupperware Brands Corporation to Ba3.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$715 Million
   Sr. Sec. Term Loan
   due 2012               Ba2       Ba1     LGD2      25%

   US$200 Million Sr.
   Sec. Revolving
   Credit Facility
   due 2010               Ba2       Ba1     LGD2      25%


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

METALDYNE CORP: Asahi Tec Completes US$1.2 Billion Acquisition
--------------------------------------------------------------
Metaldyne Corporation disclosed that its acquisition by Asahi
Tec Corporation has been completed.

The total value of the transaction is approximately
US$1.2 billion, including assumption of the company's debt but
excluding consent fees for the existing bonds and Asahi Tec
transaction expenses.

Asahi Tec's major investors following the transaction include
Asahi Tec's major shareholder RHJ International SA (RHJI) and
RHJI's co-investors, Mitsui & Co., Ltd. and Chuo Mitsui Growth
Capital Investment Limited Partnership II as well as the
company's largest stockholder, Heartland Industrial Partners,
L.P.

As part of the transaction Asahi Tec is investing US$205 million
of equity into the company and its existing credit and
receivables facilities are being refinanced with new credit
facilities of US$670 million, comprised of a US$150 million
revolving credit facility, a US$60 million synthetic letter of
credit facility and a US$460 million term loan facility of which
US$25 million will be available on a delayed draw basis after
the merger.  The US$205 million of equity investment is
US$5 million higher than originally disclosed to cover higher
expenses associated with the transaction.

In connection with the transaction approximately 97% of the
company's equity holders agreed to reinvest their proceeds in
new Asahi Tec common equity.  The remaining 3% of the company's
shareholders will receive US$2.57 in cash for each Metaldyne
share.

In addition, the company effected the distribution of the common
stock of TriMas Corporation owned by it to the holders of the
common stock equivalents of Metaldyne as of the business day
prior to the merger.

"Globalization has changed the world," Tim Leuliette, co-
chairman and co-chief executive officer of Asahi Tec and
chairman and chief executive of Metaldyne, said.  "Metaldyne and
Asahi Tec have responded by creating a new paradigm for the auto
industry.  We have combined to form a strong, globally
competitive company that understands and supports global
markets, cultures and customers and delivers leading-edge
products worldwide."

"We are very pleased with this merger," Shoichiro Irimajiri, co-
chairman of Asahi Tec, said.  "Together our companies will be
stronger, better capitalized and more globally competitive,
which will help us better serve our customers, employees,
investors and suppliers."

The company will operate as a subsidiary of Asahi Tec and keep
its name.  Leuliette continues as chairman and chief executive
officer of Metaldyne.  He also serves as co-chairman of Asahi
Tec with Irimajiri and becomes co-chief executive officer with
Akira Nakamura, who continues in his role as president of Asahi
Tec.  In addition, Leuliette joins Irimajiri as an industrial
partner in RHJI.

"The business and financial success of this merger will be
driven by a strong management team and the collective strength
of our employees who are empowered to bring innovative ideas
forward," said Leuliette.

                         About Asahi Tec

Headquartered in Shizuoka, Japan, Asahi Tec (TSE: 5606) designs,
manufactures and sells ductile iron cast auto parts for truck
and construction machinery OEMs, aluminum casting parts for
truck and passenger car OEMs and aluminum wheels for automobile
OEMs.  Asahi Tec also designs, manufactures and sells
environmental systems, equipment and development technologies
used by local governments and municipalities and electrical
hardware and equipment used by electricity generators.  The
company employs more than 3,500 employees at facilities in
Japan, Thailand and China.

                      About RHJ International

With its registered office at Avenue Louise 326, 1050 Bruxelles
(Belgium), RHJ International SA (Euronext: RHJI) is a limited
liability company organized under the laws of Belgium.  It is a
diversified holding company focused on creating long-term value
for its shareholders by acquiring and operating businesses in
attractive industries in Japan and elsewhere.

                         About Metaldyne

Headquartered in Plymouth, Mich., Metaldyne Corp
-- http://www.metaldyne.com/-- is a leading global designer and    
supplier of metal-based components, assemblies and modules for
transportation related powertrain and chassis applications
including engine, transmission/transfer case, wheel end and
suspension, axle and driveline, and noise and vibration control
products to the motor vehicle industry.

The company has operations in these Asian locations: Yokohama,
Japan; Suzhou, China; Pyeongtaek, Korea; and Jamshedpur, India.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 12, 2006, that Standard & Poor's Ratings Services affirmed
its ratings on Metaldyne Corp., including its 'B' corporate
credit rating, and removed them from CreditWatch with developing
implications where they had been placed on Aug. 21, 2006.  The
outlook is negative.

Moody's Investors Service Moody's upgraded:

   -- Metaldyne's Corporate Family and Probability of Default
      Rating upgraded to B3 from Caa1;

   -- Metaldyne's senior notes upgraded to B3 from Caa2; and,

   -- senior subordinated notes upgraded to Caa2 from Caa3.

The senior secured facilities will be used to refinance the
company's existing senior secured debt in conjunction with the
company's acquisition by Asahi Tec Corporation.


MIZUHO FINANCIAL: To Buy Shinko to Become Japan's 3rd Top Broker
----------------------------------------------------------------
Mizuho Financial Group Inc. agreed to buy Shinko Securities Co.
and plans to merge it with its brokerage unit, Takahiko Hyuga of
Bloomberg News reports.

Reuters cites Mizuho Financial as saying that it will combine
Shinko with Mizuho Securities Co. in January 2008 to create
Japan's third-biggest securities house by revenue and the
largest controlled by a Japanese bank.

According to Bloomberg, the combined company would have 6,194
employees and 97 offices, and surpass Nikko Cordial Corp. in
terms of revenue.  Mizuho, which owns part of Nikko, and larger
Mitsubishi UFJ Financial Group Inc. are integrating their
securities units to compete with Nomura Holdings Inc. and Daiwa
Securities Group Inc. for a bigger share of the JPY3.05 trillion
in fees earned by Japanese brokerages during the past fiscal
year, Bloomberg says.

Bloomberg specifically relates that after the merger, the new
Mizuho securities unit would have a revenue of about
JPY600 billion, placing it next behind Nomura and Daiwa
Securities Group Inc.

Reuters adds that in terms of assets under management, the new
Mizuho brokerage will place fourth in the sector behind leader
Nomura, Daiwa Securities and Nikko Cordial.

"Our goal is eventually to compete on an even footing with Wall
Street banks," Reuters quotes Mizuho Securities Vice Chairman
Keisuke Yokoo, who will become president and CEO of the new
firm, as telling a news conference.  "If more mergers and
acquisitions are needed to achieve that goal we'll consider it."

Shinko President Takashi Kusama will serve as chairman of the
combined unit, which will take Shinko as the surviving legal
entity and keep its stock listing but use the name Mizuho
Securities.

Mizuho, which already owns 26% of Shinko and a controlling 81.5%
stake in Mizuho Securities, ranked as Japan's No. 1 bond
underwriter for 2006 and No. 5 equity underwriter, trailing
Nomura and Daiwa Securities SMBC Co., data compiled by Bloomberg
show.

                  About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial    
institution.  The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The company
has 130 consolidated subsidiaries and 19 associated companies.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.


MOOG INC: S&P Lifts Corporate Credit Rating to BB+ from BB
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Moog
Inc., including raising the corporate credit rating to 'BB+'
from 'BB'.  The outlook is stable.

"The upgrade reflects an improving financial profile despite
higher debt levels to fund acquisitions, and solid demand in key
end markets," said Standard & Poor's credit analyst Christopher
DeNicolo.

Revenues in fiscal 2006 increased 24% as a result of strength in
all segments, as well as acquisitions.  Improved operating
margins in the industrial and component segments have offset
lower aircraft earnings, resulting in a modest increase in
segment margins.  Consolidated operating margins increased to
16.6% from 16% in 2005.  Most credit measures improved in
2006 and are generally better than average for the rating with
EBITDA interest coverage of 8x, funds from operations to debt
around 40%, and debt to EBITDA of 2.5x.  Further improvement is
likely in 2007 due to solid demand in key markets, better
operating efficiencies, and some debt reduction.  Further
debt-financed acquisitions are possible and could result in a
temporary deterioration in credit protection measures.  However,
financial ratios would likely remain appropriate for the rating
even with a mid-sized acquisition with satisfactory
profitability and appropriate valuation.

The ratings on Moog reflect participation in the cyclical and
competitive commercial aerospace and industrial markets, the
likelihood of debt-financed acquisitions, and the associated
integration risk.  Ratings benefit somewhat from leading
positions in niche markets and generally above-average-for-the-
rating financial measures.  East Aurora, New York-based Moog
is a leading provider of highly engineered motion control
systems for critical applications, including aircraft flight
controls and industrial processes.

Overall, credit protection measures are expected to be
appropriate for current ratings, including the impact of
possible additional mid-sized debt-financed acquisitions.  The
outlook could be revised to negative if leverage increases
significantly to fund an acquisition and is not restored to
previous levels in a reasonable period.

Based in East Aurora, New York, Moog Inc.
-- http://www.moog.com/-- is a worldwide designer,  
manufacturer,and integrator of precision control components and
systems.  Moog's high-performance systems control military and
commercial aircraft, satellites and space vehicles, launch
vehicles, missiles, automated industrial machinery, and medical
equipment.  The company has locations in Japan, Australia, Hong
Kong, Korea, Philippines, the United Kingdom, and Singapore,
among others.


MOOG INC: Inks Definitive Pact to Acquire ZEVEX for US$83.8 Mil.
----------------------------------------------------------------
Moog Inc. entered into a definitive agreement to acquire ZEVEX
International Inc. for US$13 in cash per share of its common
stock.

The agreement also provides that each holder of options for
ZEVEX common stock will receive an amount equal to the
difference between US$13 and the exercise price of the option.

At closing, the total cash consideration by Moog is expected to
total US$83.8 million.  Moog will use its existing revolving
credit facility to finance the transaction.

The company disclosed that the acquisition expands its
participation in the medical devices market, adding to the
fiscal 2006 acquisitions of Curlin Medical and McKinley Medical.

"This acquisition is a perfect fit based on the excellent
product offering and quality reputation of ZEVEX," Martin
Berardi, vice president and head of the Medical Devices segment
of Moog, said.

Closing is expected to take place in March 2007, subject to
approval by ZEVEX shareholders and appropriate regulatory
approvals.

                          About ZEVEX

ZEVEX International, Inc. (Nasdaq: ZVXI) --
http://www.zevex.com/-- distributes a complete line of portable  
pumps, stationary pumps, and disposable sets that are used in
the delivery of enteral nutrition for hospital, nursing home,
and patient home use.  These are marketed under the brand names
EnteraLite(R) and EnteraLite Infinity(R).  The Company also
produces ultrasonic sensors, optical sensors, ultrasonic
surgical handpieces, nutrition infusion, and organ perfusion for
organ transport.

ZEVEX employs 178 people in Salt Lake City, Utah and maintains a
direct sales force across the United States.

                         About Moog Inc.

Based in East Aurora, New York, Moog Inc.
-- http://www.moog.com/-- is a worldwide designer,  
manufacturer,and integrator of precision control components and
systems.  Moog's high-performance systems control military and
commercial aircraft, satellites and space vehicles, launch
vehicles, missiles, automated industrial machinery, and medical
equipment.  The company has locations in Japan, Australia, Hong
Kong, Korea, Philippines, the United Kingdom, and Singapore,
among others.

                          *     *     *

On Oct. 3, 2006, Moody's Investors Service, in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology, confirmed its Ba2 Corporate
Family Rating for Moog Inc. and its Ba3 rating on the company's
6.50% Sr. Subordinated Notes due 2015.  Moody's assigned those
debentures an LGD5 rating suggesting noteholders will experience
a 73% loss in case of default.

On Jan. 10, 2007, Standard & Poor's Ratings Services raised its
ratings on Moog Inc., including raising the corporate credit
rating to 'BB+' from 'BB'.  The outlook is stable.


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

ARAMARK CORP: S&P Affirms US$500-Million Term Loan Rating at B+
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on the proposed senior secured credit
facilities of Aramark Corp., after the report that the company
will increase the term loan by almost US$500 million.  

With the add-on, the total amount of the term loan is now
US$4.15 billion.  The loan rating was affirmed at 'B+' and the
recovery rating was affirmed at '2', indicating the expectation
for substantial recovery of principal in the event of a
payment default.  The company will also increase its senior debt
offering by about US$80 million in lieu of the prior expectation
of issuing US$570 million of subordinated debt.

Net proceeds from the company's proposed enlarged term loan and
senior unsecured debt offering, together with about US$2.1
billion of equity, will be used to finance the acquisition of
Aramark by a group of investors led by its chairman and CEO,
Joseph Neubauer, which includes the repayment of about US$1.7
billion of Aramark's outstanding debt.
  
Ratings Affirmed:

   * Aramark Corp.

      -- Corporate Credit Rating rated B+/Negative;
      -- Senior Secured at B+, Recovery Rtg: 2; and
      -- Senior Unsecured rated B-.

Rating Withdrawn:

   * Aramark Corp.

      -- Subordinated; NR and previously rated B-.

Headquartered in Philadelphia, Pennsylvania, ARAMARK Corporation
(NYSE:RMK) -- http://www.aramark.com/-- is a leader in  
professional services, providing award-winning food services,
facilities management, and uniform and career apparel to health
care institutions, universities and school districts, stadiums
and arenas, and businesses around the world.  In FORTUNE
magazine's 2006 list of "America's Most Admired Companies,"
ARAMARK was ranked number one in its industry, consistently
ranking since 1998 as one of the top three most admired
companies in its industry as evaluated by peers and industry
analysts.  The company was also ranked first in its industry in
the 2006 FORTUNE 500 survey.  ARAMARK has approximately 240,000
employees serving clients in 20 countries, including Japan and
Korea.


ARAMARK CORP: Moody's Holds Ba3 Rating on Proposed US$4-Bil Loan
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 rating on Aramark
Corp.'s proposed US$4.15 billion secured term loan and the B3
rating on US$1.78 billion of proposed senior notes.  

The upsized term loan and senior note offerings are intended to
replace a US$570 million senior subordinated note offering that
was cancelled.

Concurrently, Moody's withdrew the B3 rating on the US$570
million of proposed senior subordinated notes.  Pro-forma for
the aforementioned capital mix changes, Moody's affirmed the B1
Corporate Family Rating.

The ratings outlook is stable.

The leveraged buyout of Aramark will be financed with a
US$4.15 billion secured term loan, US$1.78 billion of senior
unsecured notes and an equity contribution of US$2.1 billion.

Rating actions:

   * Aramark

      -- affirmed US$600 million secured revolving credit
         facility due 2013, Ba3 to LGD3, 36% from LGD3, 32%;

      -- affirmed US$4.15 billion secured term loan due 2014,
         Ba3 to LGD3, 36% from LGD3, 32%;

      -- affirmed US$250 million secured synthetic letter of
         credit facility due 2013, Ba3 to LGD3, 36% from LGD3,
         32%;

      -- affirmed US$1.78 billion senior unsecured notes due
         2015, B3 to LGD5, 86% from LGD5, 80%;

      -- affirmed Corporate Family Rating at B1;

      -- affirmed Probability of Default Rating at B1; and

      -- withdrew US$570 million senior subordinated notes due
         2016 rated at B3 LGD6, 93%.

These ratings are subject to Moody's review of final
documentation.

Rating actions:

   * Aramark

      -- affirmed Corporate Family Rating, B1;

      -- affirmed Probability of default rating, B1;

      -- affirmed senior unsecured shelf registration rated
         B3, LGD6, 96%; and

      -- affirmed senior subordinated shelf registration rated
         B3, LGD6, 97%.

Ratings actions:

   * Aramark Services

      -- affirmed US$250 million senior unsecured notes due
         2012, B3, LGD6, 96%;

      -- affirmed senior unsecured shelf registration B3, LGD6,
         96%;

      -- affirmed senior subordinated shelf registration rated
         B3, LGD6, 97%;

      -- affirmed US$300 million senior unsecured notes due
         2007, Baa3;

      -- affirmed US$31 million senior unsecured notes due 2007,
         Baa3; and

      -- affirmed US$300 million senior unsecured notes due
         2008, Baa3.

Aramark Corp., headquartered in Philadelphia, Pennsylvania, is
one of the largest U.S. providers of food and support services
to a variety of end markets across the country, including
businesses, the educational and healthcare sectors, sports and
entertainment venues and correctional institutions.  The company
also operates the second largest uniform and career apparel
rental services and sales business in the U.S., catering to a
diversified client portfolio through an extensive national
service network.  For the 12-month period ending Sept. 30, 2006,
revenues were around US$11.6 billion.

                          *     *     *

ARAMARK has approximately 240,000 employees serving clients in
20 countries, including Japan and Korea.


FRESH DEL MONTE: S&P Pares Corporate Credit Rating to BB-
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Cayman
Islands-based Fresh Del Monte Produce Inc.  The corporate credit
rating was lowered to 'BB-' from 'BB'.

The ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 1, 2006, after the
company's third-quarter earnings release and continued weak
operating performance.

The rating outlook is negative.  About $399 million of total
debt was outstanding at Sept. 29, 2006.

"The downgrade reflects Fresh Del Monte's ongoing weak
performance and significantly higher-than-expected leverage,"
explained Standard & Poor's credit analyst Alison Sullivan.

"The company has been negatively affected by difficult industry
conditions, including competitive pressures and higher fuel
and production costs, and we expect these challenges will
continue into 2007.  On Dec. 27, 2006, Fresh Del Monte received
its second amendment in 2006 to relax its leverage covenant on
its secured bank facilities."

The 'BB-' rating reflects Fresh Del Monte's participation in the
highly variable, commodity-oriented fresh fruit and vegetable
industry, which is affected by uncontrollable factors such as
global supply, political risk, weather, and disease.  Mitigating
these concerns are the company's leading positions in the
production, marketing, and distribution of fresh produce.

Product concentration remains a rating concern due to the high
sales and earnings concentration from bananas and pineapples.  
However, Fresh Del Monte is looking for ways to diversify within
the produce industry, for example, by expanding into branded
fresh-cut fruit and vegetables, and growing internationally.  
Sales outside North America represented about 52% of 2005
consolidated sales.

Standard & Poor's  expect Fresh Del Monte to continue investing
in diversification without adding significant debt.

For the nine months ending Sept. 29, 2006, sales declined
slightly, yet adjusted EBITDA declined 54% because of
difficulties in the company's prepared food business,
competitive pressures in the European banana market, and lower
profitability in the other fresh produce segment because of
adverse weather conditions.  Higher costs related to fuel, raw
materials, packaging, labor, and transportation also hurt
financial results.

As a result, credit measures have weakened further than Standard
& Poor's had expected.  Lease- and pension-adjusted debt to
EBITDA increased to 4.8x for the 12 months ended Sept. 29, 2006
from about 2.3x at Dec. 31, 2005.  

Although the company has implemented cost saving initiatives,
given expected ongoing difficult industry conditions, S&P
believes Fresh Del Monte will be challenged to improve
performance in the near term.

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

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


KOREA EXCHANGE BANK: Unit Offers U.S. Futures & Equity Options
--------------------------------------------------------------
The Korea Exchange Bank Futures, a wholly owned subsidiary of
Korea Exchange Bank, has completed the account opening with
Midas Securities, LLC clearing firms (Futures& Equity Options),
Fimat USA & LEK Securities, a Midas press release discloses.

Integration & testing of the system for trading U.S. Futures and
Equity options through the MidasTrade Global Direct Access
Network and KEB Futures have also been completed.

Hence, KEB Futures can now offer to their clients access to the
U.S. Futures and Equity Options markets through the fully
integrated MidasTrade GDAN.

MidasTrade.com Inc. President, Jay Lee stated, "We are excited
to have our first futures and commodities Korea correspondent,
KEB Futures go live via MidasTrade GDAN."

                     About MidasTrade.com Inc.

MidasTrade is a U.S. based company committed to the deployment
of the Midas Global Direct Access Network (GDAN) that allows
investors to trade securities, options and futures in real time
via their online trading account through the MidasTrade network
of participating exchanges, all over the world. The MidasTrade
GDAN is designed to provide investors with immediate execution
and confirmation of their securities trade with minimal
surcharges and commissions. The company successfully launched
MidasTrade GDAN in South Korea and the U.S. in March 2002 and is
expanding to Canada, Hong Kong and Europe. Additional
information is available at www.midastrade.com.

                     About KEB and KEB Futures

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
established in 1967, is one of seven national banks in South
Korea with over 300 domestic branches and 28 overseas networks
constituting the most extensive global banking network of any
Korean bank.  KEB Futures -- http://www.kebf.com/english/-- is  
a clearing member of KOFEX and is a subsidiary of Korea Exchange
Bank, the official F/X settlement bank for Korean Futures
Exchange.

                          *     *     *

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.


PANTECH CO: Denies Withdrawing From China Market
--------------------------------------------------
Pantech Co., Ltd., denies reports that it was going to withdraw
from the Chinese market, saying that it plans to remain there,
ChinaTechNews.com says.

Citing a report by Pacific Epoch, the Troubled Company Reporter
- Asia Pacific yesterday said that Pantech has exited China's
handset market.  VK Telecom's failure in that market had
reportedly greatly influenced the decision.

A representative from Pantech China clarified that Pantech has
not at all withdrawn from China.  The representative told
ChinaTechNews that "the rumor about its withdrawal will be
clarified by at some time later."

ChinaTechNews.com, however, sees a gloomy future in the Chinese
mobile phone sector for Pantech.  The Web site notes of the
company's bad sales performance in the past years, even ending
its mobile phone sales in Guangdong.

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/manufactures mobile phones.  Pantech's   
products are mainly global system for mobile communication and
code division multiple access phones.  The company markets its
products internationally, and supplies Motorola as an original
equipment manufacturer and original design manufacturer.  It has
seven subsidiaries involved in the information technology and
telecommunication sectors.

According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.


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

AMMERCHANT BANK: Unit to Complete PanGlobal Purchase by March
-------------------------------------------------------------
AmAssurance Bhd, a unit of AmMerchant Bank Bhd, hopes to
conclude its plan to buy general insurer PanGlobal Insurance Bhd
by the end of March 2007, the Business Times reports.

The paper recounts that AmAssurance shareholders -- AMMB
Holdings Bhd and IAG International Pty Ltd -- were granted
approval by Bank Negara Malaysia to start discussions with
PanGlobal Bhd -- a PN4/2001 company -- on the possible
acquisition of a 99.96% interest in PanGlobal Insurance.

"We hope to wrap up the deal before our financial year ends [on]
March 31, 2007," said Ng Lian Lu, chief executive officer of
AmAssurance.  Mr. Ng added that the negotiations are still in
the preliminary stage with both sides still "talking about the
prices."

The Business Times notes that this will be PanGlobal Bhd's
second effort to dispose of its insurance arm after talks broke
down with OSK Holdings Bhd in August 2005.

Mr. Ng believes that the successful acquisition of PanGlobal
Insurance, which made MYR130 million in revenue for the
financial year ended December 31 2005, will help boost its
business further.

For the year ending March 31 2007, AmAssurance expects its total
premiums to reach MYR645 million with about MYR600 million
coming from its general insurance side.

Mr. Ng said they still intend to expand AmAssurance's premium
growth by 20% for the year ending March 31 2008.

                          *     *     *

AmMerchant Bank Bhd is a wholly owned subsidiary of AmInvestment
Group Bhd -- http://www.ambg.com.my/ The group, through its  
other subsidiaries, AmSecurities Sdn. Bhd., AmInvestment
Management Sdn. Bhd. and AmInvestment Services Berhad, is
engaged in three-core investment banking activities, including
merchant banking, stock broking and funds management.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 30, 2006, Standard & Poor's Ratings Services said that its
ratings and outlook on Malaysia's AmMerchant Bank Bhd --
BB+/Stable/B -- are not affected by Australia and New Zealand
Banking Group Ltd.'s proposed acquisition of 20%-25% equity
stake in AMMB Holdings Bhd, which owns 100% of AmBank and 51% of
AmMerchant.

AmInvestment Bank Berhad's senior unsecured debt carries Fitch
Rating's BB+ rating.  Additionally, the banks's individual
rating is at C/D, and long-term issuer default rating is at BB+.  
All ratings are effective on March 27, 2006.

AmBank Bhd's Individual Rating carries Fitch Rating's C/D rating
effective on December 5, 2005.


ASIAN PAC: In Compliance With Public Shareholding Requirement
-------------------------------------------------------------
Asian Pac Holdings Berhad discloses that the Public Shareholding
Spread of the company as of December 31, 2006 is 65.10%
comprising 22,536 public shareholders holding not less than 100
shares each.

Thus, the company has complied with the public shareholding
spread requirement pursuant to Paragraph 8.15(1) of the Listing
Requirements of Bursa Malaysia Securities Berhad.

Kuala Lumpur-based Asian Pac Holdings Berhad --
http://www.asianpac.com.my/-- is principally engaged in  
investment holding, property development and investment.  The
Company operates in three segments: investment holding, which
includes holding of quoted and unquoted shares for capital
investment purposes; property investment and development, which
includes investment in land and the development of residential
and commercial properties, and trading of building materials.
Asian Pac Holdings Berhad's projects are mainly located within
Klang Valley in areas, such as Kepong and Desa Parkcity, and
Kota Kinabalu, Sabah.

The company's long-term debt carries Rating Agency Malaysia's
BB3 rating.  BB Ratings means inadequate safety for timely
payment of interest and principal, and future cannot be
considered as well-assured.


ASIAN PAC: RAM Hikes MYR298.25 Mil. RCLS Rating to BB3
------------------------------------------------------
Rating Agency Malaysia has upgraded the long-term rating of
Asian Pac Holdings Bhd's MYR298.25 million Redeemable
Convertible Secure Loan Stocks from B2 to BB3.

At the same time, the outlook on the rating has been revised
from positive to stable.

Asian Pac and its subsidiaries are primarily involved in
property development, with projects in the Klang Valley:

    -- Kepong Entrepreneur's Park in Kepong;
    -- LeVenue I and II in Desa Park City, Kuala Lumpur;
    -- Sutera Bukit Tunku in Bukit Tunku, Kuala Lumpur; and
    -- Kota Kinabalu (KK Times Square).

RAM's rating action is premised on Asian Pac's better than
expected business performance as demonstrated by the sturdy
take-up rates and healthy sales at its various property
projects.

In addition, the Group's balance sheet had also emerged on a
much stronger footing following the completion of its corporate-
restructuring exercise in early 2006.

Despite the Group's relatively short track record as a property
developer, Asian Pac's ongoing developments attracted healthy
buying interest, which exceeded RAM's expectations.

The LeVenue and KK Times Square projects recorded an average
take-up rate of 90% while the latest commercial development in
Kota Kinabalu, i.e. Karamunsing Capital, was 64% sold within the
month of its soft launch.

RAM notes that the robust sales were also achieved amid the
softer local property market.

Moving forward, the Group's longer-term business performance
will depend on its projects in KK, as well as future
developments of its newly acquired land parcels in Johor Bahru
and Seremban.

Given the Group's sturdier operating performance, Asian Pac's
cashflow-generating ability showed tremendous improvement with
its operating cashflow for FYE March 31, 2006 catapulted to
MYR79.59 million from just MYR42.58 million the previous year,
translating into a healthy operating cashflow debt-coverage
ratio of 0.29 times.

In the meantime, Asian Pac's balance sheet strengthened
substantially post-restructuring with an expanded shareholders'
funds and a lighter debt burden, the Group's net gearing ratio
improved markedly to 1.22 times as at end-March 2006 against
2.97 times the year before.

Following further redemption of RCSLS and repayment of other
borrowings, Asian Pac's net gearing ratio continued to decline
to a moderate 0.73 times as at end-September 2006.

The Group's healthier balance sheet augurs well for its future
financing options vis-.-vis upcoming projects.

Despite the healthier cashflow generation, Asian Pac is not
expected to sufficiently meet the full redemption of its RCSLS
upon maturity.

As such, Asian Pac is expected to have to rely on the timely
disposal of its investments, i.e. 11.45 million ECM Libra Avenue
Bhd shares, 2.31 million Pos Malaysia & Services Holdings Bhd
shares, as well as the Group's land in Pendang, Kedah.

On a related note, the Group's stronger balance sheet now
affords Asian Pac the option of refinancing the remainder of its
outstanding RCSLS.

Kuala Lumpur-based Asian Pac Holdings Berhad --
http://www.asianpac.com.my/-- is principally engaged in  
investment holding, property development and investment.  The
Company operates in three segments: investment holding, which
includes holding of quoted and unquoted shares for capital
investment purposes; property investment and development, which
includes investment in land and the development of residential
and commercial properties, and trading of building materials.
Asian Pac Holdings Berhad's projects are mainly located within
Klang Valley in areas, such as Kepong and Desa Parkcity, and
Kota Kinabalu, Sabah.


FCW HOLDINGS: Units to Purchase MYR86 Mil. Worth of Properties
--------------------------------------------------------------
Federal Telecommunications Sdn Bhd and FCW Industries Sdn Bhd,
both wholly owned subsidiaries of FCW holdings Bhd, are set to
buy three pieces of land and properties owned by Goh Ban Huat
for MYR86 million in aggregate, the Business Times reports.

Federal Telecom will purchase two pieces of freehold land in
Kuala Lumpur together with the nine warehouse blocks on it for
MYR55 million.

Meanwhile, FCW industries will buy GBH Clay Pipes Sdn Bhd's -- a
subsidiary of Goh Ban Huat -- land in Kuala Lumpur for
MYR31 million.

The purchase includes the single-storey office and adjoining
four single-storey factories located on the land.

GBH will use MYR63 million of the proceeds to repay bank
borrowings and MYR22.4 million for working capital, while the
rest will go to paying expenses incurred during the exercise.

                          *     *     *

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

On May 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that FCW Holdings was classified under Bursa Malaysia
Securities Berhad's Practice Note 17 category since the
company's shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the company
is required to submit a plan to regularize its financial
condition.


FCW HOLDINGS: Bursa Defers Securities Delisting Pending Appeal
--------------------------------------------------------------
FCW Holdings Bhd, a company listed under the PN17 category of
the Bursa Malaysia Securities Bhd was required to submit a
regularization plan to relevant authorities for approval on
January 7, 2007.

On Dec. 29, 2006, the company filed a request with the bourse to
extend until March 31, 2007, its deadline to submit its
regularization plan.

The bourse, however, rejected the company's request.  Pursuant
to Bursa rules, if a company fails to submit its regularization
plan to the relevant authorities for approval by the deadline, a
suspension will be imposed on the trading of the listed
securities of the company and delisting procedures will be
commenced.

Yet, FCW submitted an appeal to the Bursa Malaysia asking the
bourse to reconsider its rejection of the extension request.

Accordingly, the bourse defers the suspension of FCW securities
and the commencement of procedures to delist the company from
the bourse's official list until a decision on the appeal comes
out.

                          *     *     *

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

On May 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that FCW Holdings was classified under Bursa Malaysia
Securities Berhad's Practice Note 17 category since the
company's shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the company
is required to submit a plan to regularize its financial
condition.


HONG LEONG: Sets Sights on Business Expansion
---------------------------------------------
Hong Leong Bank Bhd is ready to expand locally and abroad and is
setting its sights on emerging economies in the ASEAN region,
especially Indonesia and Vietnam, The Star reports, citing the
bank's chief executive officer, Yvonne Chia.

Ms. Chia told the paper that she spent more time outside the
country in the last one month looking for strategic inorganic
opportunities in the region.

"Expansion into new markets in the region is being continuously
explored.  As the bank's group managing director, one of the key
functions of my role is to look for growth opportunities for the
bank," Ms. Chia said.  "For countries like Indonesia and
Vietnam, we are looking at M&A possibilities in consumer banking
and Islamic banking."  

The Star relates that as the investment banking and private
banking businesses conducted by the lender out of its Singapore
office had proven to be very successful, the bank is now
actively exploring opportunities in the region for M&As in the
same areas of business.  

"We have the financial capacity to grow both organically and
inorganically.  The bank's track record for value creation is
very strong.  With our existing businesses in Singapore and Hong
Kong, we see ourselves as a full-fledged bank with a regional
franchise," Ms. Chia added.

The paper notes that HLBB's investment banking arm in Singapore
has been ranked number one by Bloomberg last year in terms of
the number of deals done, and second by deal size among
Singapore's underwriters.  

In Malaysia, the Hong Leong Financial Group already has parts of
the investment banking business while within the bank itself,
management has been building the debt capital market and
structured finance segments.  

HLBB's Islamic business has further been re-positioned towards
Islamic investment banking and wealth management.  Pulling all
these parts together into an integrated regional business is the
next phase for the bank.

"In many ways we have become richer and stronger as we are more
focused on strengthening the franchise organically.  It has also
made us more ready to internationalize ourselves and to be
opportunistic."

According to HLBB's annual report, the banking group's retained
profits totaled MYR1.17 billion as at June 30, 2006.  

"Although this allows us to be more focused, we are also very
careful about the value of money spent.  There may be banks
available for sale but the question is price and the synergies
we can get out of the merger."

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Hong Leong Bank Berhad
--http://www.hlb.com.my/-- is principally engaged in all  
aspects of commercial banking business and in the provision of
related services, including Islamic Banking services, via its
incorporated subsidiary, Hong Leong Islamic Bank Berhad.  
Through its subsidiaries, the Bank is also engaged in leasing
activities, real property investment, nominee services and trade
finance activities.

HLB has over 185 branches in Malaysia, Singapore and Hong Kong.
Hong Leong Credit Berhad is the Bank's holding company, and its
ultimate holding company is Hong Leong Company (Malaysia)
Berhad.

On August 25, 2005, HLB disposed of its 100% equity interest in
Credit Corporation (Malaysia) Sdn Bhd.  On June 19, 2006, the
Company formed a joint venture company with Hong Leong Assurance
Berhad (HLA) and Tokio Marine & Nichido Fire Insurance Co., Ltd
(Tokio Marine), known as Hong Leong Tokio Marine Takaful Berhad
(HLTM).

Fitch Ratings gave Hong Leong Bank a 'C' individual rating on
July 18, 2005.


SOUTH MALAYSIA: Gains MYR457,000 in Quarter Ended Sept. 2006
------------------------------------------------------------
South Malaysia Industries Bhd recorded a net profit of
MYR457,000 on MYR30.73 million of revenues in the third quarter
ended September 30, 2006, as compared with the MYR1.96-million
net profit on MYR41.55 million of revenues in the same period of
2005.

As of end-September 2006, the company has current assets of
MYR206.74 million and current liabilities of MYR83.46 million.

In addition, South Malaysia's balance sheet showed total assets
of MYR438.66 million and total liabilities of MYR235.37 million
resulting to a shareholders' equity of MYR163.30 million.

                          *     *     *

Johor, Malaysia-based South Malaysia Industries Berhad --
http://www.smib.com.my-- is a property and investment holding  
company.  It is also engaged in the trading of assorted wires
and property development.  The Company operates in four business
segments: Property development, which is engaged in the
development and sale of residential and commercial properties;
Property investment, which comprises investment in properties;
Manufacturing and trading, which involves manufacturing and
trading of assorted wires, and Leisure and entertainment
segment, which operates cinema business. South Malaysia
Industries Berhad's directly owned subsidiaries are Anastoria
Sdn Bhd, Kam Kok Development Sdn Bhd, SMI Wire Sdn Bhd, Erico
Estates Sdn Bhd and SMI Project Management Sdn Bhd. Its
indirectly owned subsidiaries include Kinta Setia Holdings Sdn
Bhd, Golden Fame Enterprises Ltd, Pacific Asia Development Inc.,
Shanghai Ping An Entertainment Ltd and Chongqing SMILE
Entertainment Company Limited.

The company's long-term debt has been given a B2 rating by
Rating Agency Malaysia.


TT RESOURCES: Bursa Suspends Securities Trading
-----------------------------------------------
Classified under Bursa Malaysia Securities Bhd's Amended PN17
category, TT Resources Bhd was required to submit a
regularization plan to relevant authorities for approval on
Jan. 7, 2007.

However, TT Resources failed to submit its plan on the
stipulated time.  Pursuant to the listing requirements of the
Bursa, in the event that a company fails to submit its plan
within the timeframe prescribed, Bursa Malaysia will commence
procedures to suspend the trading and delist the company's
securities.

Accordingly, the bourse suspended the trading of the company's
securities on Jan. 12, 2007.  In addition, the bourse also
commenced delisting procedures against TT Resources securities.

                          *     *     *

TT Resources Berhad's principal activities are the operation of
Chinese and Western restaurants, provision of catering, seafood
trading and operation of cafe and other food related business.  
Other activities include operation of musical entertainment
centres, investment holding, photography, studio portrait and
film and colour developing and printing.

The Group operates in Malaysia, Singapore, Thailand and China.


TANCO HOLDINGS: Unit Gets Slapped With Wind-Up Petition
-------------------------------------------------------
Loh Hong Sai & Low Biew Fong filed a wind-up petition against
Tanco Holdings Berhad's wholly owned subsidiary, Palm Springs
Development Sdn Bhd.

L&L had issued a demand on a judgment dated August 11, 2004 for
the sum of MYR180,016.67 as of August 16, 2006 (including
interest and judgment costs.

The wind-up petition was presented to the High Court of Malaya
on September 27, 2006, a copy of which was served on Palm
Springs on January 5, 2007.  The schedule for hearing is on
March 5, 2007.

Through a sales and purchase agreement made between Palm Springs
and L&L, Palm Springs had sold a unit of accommodation to L&L
and was obliged to complete the construction and deliver vacant
possession of the same within a period of 36 months from
December 28, 1994. Palm Springs completed and delivered the unit
on March 28, 2002 whereupon L&L initiated a claim for damages
for late delivery.

On August 11, 2004, L&L obtained summary judgment against PSD
for MYR138,439.41, with interests and cost.

Palm Springs is presently appealing the said judgment which is
fixed for hearing on 12.6.2007 in Shah Alam High Court Civil
Appeal No. MT4-12-678-2004.

The wind-up petition, if granted, will have a significant
financial and operational impact to the group, in light of the
investments into Palm Springs and the assets held by Palm
Springs.

The group's expected losses would be the potential impact it
would has on the realizable value of PSD's assets which as at
September 30, 2006 amounted to MYR282.361 million that would
need to be restated based on break-up value basis.

Palm Springs will be filing an application to stay the winding
up action by L&L and oppose the Winding Up Petition in light of
its pending appeal on L&L's judgment.

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf   
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The Company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004.  As an affected listed
issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.


TANCO HOLDINGS: Complies With Public Shareholding Requirement
-------------------------------------------------------------
Tanco Holdings Berhad discloses that as of December 31, 2006,
its public shareholding spread are as follows:

   * Number of Public Shareholders holding not less than 100
     shares each : 12,937

   * Percentage of Public Shareholding : 71.57%

The company has complied with the public shareholding spread
requirement in accordance with Paragraph 8.15(1) of the Listing
Requirements of Bursa Securities.

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf   
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The Company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004.  As an affected listed
issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.


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

* NZ Experiences 1st Neg. Quarter Inflation in Nearly Six Years
---------------------------------------------------------------
A 0.2% fall in the Consumers Price Index for the December
quarter is being seen as an excuse the Reserve Bank may use to
keep official interest rates unchanged, the New Zealand Press
Association reports.

It was the first negative inflation figure in nearly six years,
ShareChat says.

A report published on January 17, 2007, by Statistics New
Zealand showed that the main factor behind the CPI fall was a
15.2% drop in the price of petrol during the quarter, NZPA
relates.  If it had not changed from the September quarter, the
CPI would have increased 0.6% in the December quarter, SNZ said.

The annual inflation rate is now running at 2.6%, NZPA says,
noting that it has been outside the Reserve Bank's 1% to 3%
target range in the previous five quarters.

According to NZPA, he question now is whether the Reserve Bank
will raise the Official Cash Rate at its review on January 25.

ShareChat recounts that when he left the OCR at 7.25% in early
December, Reserve Bank Governor Alan Bollard warned that while
the short term inflation outlook had improved, the Reserve Bank
was "less optimistic" about medium-term prospects.  At that
time, Mr. Bollard also noted "further tightening could not be
ruled out."

However, the ANZ bank does not see grounds for the Reserve Bank
to raise interest rates next week, ShareChat notes.

SNZ's data suggested previous monetary policy tightenings by the
Reserve Bank, which had slowed economic growth, had started to
flow through into an easing of inflationary pressures.

According to ShareChat, the extent of the easing in inflation
would come as a surprise to most economists, with the median
forecast in a Reuters poll having been for an unchanged CPI.

Economists are divided on whether Mr. Bollard would hike rates
next week, ShareChat further says.

Deutsche Bank economist Darren Gibbs said inflation is still
expected to pick up and the picture had not changed, NZPA notes.


* RBNZ Find Ways to Change Fixed Interest Rates, Economist Says
---------------------------------------------------------------
BNZ chief economist Tony Alexander suggests that the Reserve
Bank consider ways of changing fixed interest rates, to replace
its policy of altering the Official Cash Rate to try to control
inflation, the New Zealand Press Association reports.

According to Mr. Alexander, with only about 15% of mortgages now
on floating rates, changes to the OCR had become "almost
irrelevant".

Mr. Alexander told National Radio "[the Reserve Bank] need some
other way of influencing interest rates, possibly some way of
directly changing fixed interest rates," ShareChat News relates.

Mr. Alexander's comments followed an ACNielsen survey released
on January 8, 2007, in which 94% of respondents said a 0.5% rise
in the OCR would have little or no effect on their spending
habits, ShareChat says.

NZPA cites Massey University professor of finance Ben Jacobsen,
as saying, just raising the interest rate ultimately would not
stop house prices rising.

"If people feel that housing prices are too low then house
prices will go up, and that can go on for years and years
without even a crash in house prices," Mr. Jacobsen said.


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

ABS-CBN BROADCASTING: Unit to Undertake IPO in 2008
---------------------------------------------------
ABS-CBN Broadcasting Corp.'s international unit, ABS-CBN Global
Ltd., which manages The Filipino Channel cable service, will
undertake an initial public offering in 2008.  ABS-CBN global
might also list on the Singapore Stock Exchange to help finance
its expansion plans, Charo Logarta of ABS-CBN News reports.

ABS-CBN News cites ABS-CBN Vice-President for Finance, Mike
Navarette, as saying that "listing ABS-CBN Global in a foreign
bourse will help the unit attract more foreign investments
without violating the constitutional limit of 40% foreign
ownership."

According to Mr. Navarette, ABS-CBN Global, which accounted for
74% of the company's third quarter revenues of 2006, has strong
growth potential, as there are approximately eight million
Filipinos overseas.

Mr. Navarette said that net income at the parent level for 2006
was good and "consistent with the company's direction," ABS-CBN
News relates, noting that ABS-CBN Broadcasting had a net profit
of PHP694 million in the first nine months of 2006.

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a  
leading Philippine radio and television broadcasting network and
multimedia company.  It was the first television station founded
in the Philippines in 1953.  The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.

ABS-CBN's senior secured debt was given a Ba3 rating by Moody's
Investor Service.


APC GROUP: To Complete PHP5-B Philcom Sale to Undisclosed Buyer
---------------------------------------------------------------
On August 23, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from The Philippine Star stating that APC Group
Inc. has revived talks with three groups of investors for the
sale of its telecommunications unit Philippine Global
Communications Inc. after Fiber Telecom withdrew its interest.

According to the report, during the company's annual meeting
held on August 17, 2006, APC President Willy Ocier said they
still plan to auction Philcom even as Fiber Telecom has
withdrawn its offer to purchase the telecommunications firm.

A follow-up report from the Manila Standard Today states that
APC Group is set to complete the Sale to one of the country's
leading telecom companies.  The Sale will enable APC Group to
focus on mining and energy businesses, the report says.

Mr. Ocier, however, did not disclose the identity of the buyer,
the report notes.

According to paper, Philippine Long Distance Telephone Co.
chairman Manuel Pangilinan said PLDT is not interested in
Philcom.

Sources say Philcom's buyer would merely acquire the firm's debt
valued at PHP5 billion after being in the red for several years,
Manila Standard relates.

Thus, the transaction is expected to ease APC Group's PHP5
billion worth of Philcom liabilities, which have burdened the
holding company's books.  It will also improve the company's net
worth by over PHP4 billion, the paper adds.

According to Manila Standard, APC Group holds a 40% interest in
Philcom.

Philcom doubles as an international gateway facility and local
exchange carrier through Philcom Corp.  The Philcom unit, which
has about 27,000 subscribers, has been strengthening its local
exchange operations in its service areas in Mindanao, the paper
relates, adding that it also accounts for 90% of APC Group's
total assets.

Losses of APC Group, thus, were primarily due to Philcom's non-
profitability, Manila Standard says.

Mr. Ocier disclosed that the company is now keen on investing
US$10 million in various coal and mining projects.

             Plans to List Mining Companies in PSE

APC plans to list its mining companies in the Philippine Stock
Exchange to generate additional funds for working capital,
Manila Standard relates.

The paper recounts that early this month, APC Group, through its
subsidiary, Aragorn Coal and Resources Inc., signed two coal-
operating contracts with the Department of Energy.

APC Group, through subsidiary APC Mining Corp., also has an
application for an exploration permit in the municipality of
Alubijid, Misamis Oriental, the paper relates noting that the
application covers 2,537 hectares of confirmed chromite-bearing
formation.

Talks with several foreign companies for a prospective joint
venture are not yet finalized, Mr. Ocier said.

                        About APC Group

APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines.   The Company is 46.6% owned by
Belle Corporation.   APC has investments in telecommunications,
a cement project, and manpower outsourcing businesses.

As of Sept. 30, 2006, APC Group's balance sheet reflected total
assets of PHP3.76 billion and total liabilities of
PHP12.58 billion.  Capital deficiency as of Sept. 30, 2006,
amounted to PHP8.89 billion.  


DEVELOPMENT BANK: Leads PHP1.7-B Syndicated Term Loan Agreement
---------------------------------------------------------------
The Development Bank of the Philippines led four other banks in
signing a PHP1.778 billion syndicated term loan agreement to
finance the integrated bioethanol and cogeneration power plant
of San Carlos Bioenergy, Inc.

The loan will finance the first bioethanol fuel distillery in
the country.  SCBI aims to develop and operate an integrated
ethanol distillery and power cogeneration plant with a capacity
of 125,000 liters of ethanol per day and generate approximately
8 megawatts of power in the San Carlos Agro-Industrial Economic
Zone located in the eastern coast of Negros Occidental.  SCBI
expects to produce an estimated 35 to 39 million liters of fuel
grade bioethanol per year.

The project is in response to the pending approval of the
Biofuel Act in Congress, which calls for the blending of
bioethanol fuel with gasoline to reduce negative environmental
impact caused by fossil fuels and further support the
agricultural sector.

President David said the SCBI project is a unique and special
undertaking especially since it represents a fresh approach
towards altering the country's over-reliance on oil and oil
importation for its fuel requirements.  "The project is unique
in being an extensively environmental endeavor with tremendous
revenue potential. Its economic benefits are concrete and far
reaching, and more importantly, sustainable.  This project is
one certainly worthy of our support."

DBP approved the PHP1.778 billion funding for the SCBI project
under its Environmental Development Program facility.  Aside
from DBP, participating lenders in this initiative are Land Bank
of the Philippines, BDO Universal Bank, China Banking
Corporation, and Equitable PCI Bank.

            About Development Bank of the Philippines

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the  
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006, that Fitch Ratings has affirmed Development
Bank of the Philippines' ratings as follows:

   -- Long-term foreign currency Issuer Default rating of 'BB',

   -- Long-term local currency IDR of 'BB+',

   -- Individual raring of 'C/D' and

   -- Support ratings of '3'.

The TCR-AP also reported on December 5, 2006, that Standard &
Poor's Ratings Services assigned its 'BB-'rating to the
Development Bank of the Philippines' (DBP: foreign currency BB-
/Stable/B, local currency BB+/Stable/B) PHP2.35 billion existing
lower Tier II subordinated notes due 2016, which will have a
tenor of ten years with a call option at the end of five years.
The differential between the 'BB+' counterparty credit rating
and the 'BB-' rating on the lower Tier II notes reflects the
subordinated nature of the notes.

Moody's Investors Service has revised the outlook of Development
Bank's foreign currency long-term deposit rating of B1 and local
currency long-term deposit rating of Ba2 from negative to
stable.


DEVELOPMENT BANK: 2006 Financials has Robust Growth, David Says
---------------------------------------------------------------
The Development Bank of the Philippines' retail loans stood at
PHP4.708 billion for the period in review from PHP3.294 billion
a year ago while interbank/TAS loans jumped to PHP2.434 billion
from PHP1.063 billion, a report from The Manila Bulletin
published on January 4, 2007, said.

The report, however, noted that wholesale loans decreased from
PHP2.765 billion at end-November 2005 to PHP2.598 billion in
November 2006.  The decrease is attributed, in part, to the
bank's compliance of its developmental lending, eating a bigger
slice of its gross loan portfolio, the paper further said.

On the other hand, commercial loans stood at PHP38.32 billion,
an 11.59% increase over the previous year's level of
PHP34.34 billion.

Meanwhile, developmental loans hit some PHP50.49 billion,
growing by 4.49% from PHP48.32 billion the year prior.

According to Manila Bulletin, the decrease in DBP's wholesale
operations was neutralized by the increase of its earnings in
foreign exchange from a skimpy PHP14 million ending November
2006, soaring to PHP181 million profits in 2006.

Also, contributing to its good financial performance were DBP's
sustained improvement in its efficiency ratio from 47.23% in
2005 to 48.88% in 2006 and the continued reduction in its level
of loans, the paper adds.

The paper also notes that rom 8.16% in 2005, DBP's non-
performing loan ratio as of end November 2006 dipped further to
7.32% as its coverage ratio went up to 116.64% from 97.66%.

"We are experiencing robust growth in our financials," President
& CEO Reynaldo G. David said despite the fact that DBP's
"development side is kicking into high gear," Manila Bulletin
relates.

            About Development Bank of the Philippines

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the  
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006, that Fitch Ratings has affirmed Development
Bank of the Philippines' ratings as follows:

   -- Long-term foreign currency Issuer Default rating of 'BB',

   -- Long-term local currency IDR of 'BB+',

   -- Individual raring of 'C/D' and

   -- Support ratings of '3'.

The TCR-AP also reported on December 5, 2006, that Standard &
Poor's Ratings Services assigned its 'BB-'rating to the
Development Bank of the Philippines' (DBP: foreign currency BB-
/Stable/B, local currency BB+/Stable/B) PHP2.35 billion existing
lower Tier II subordinated notes due 2016, which will have a
tenor of ten years with a call option at the end of five years.
The differential between the 'BB+' counterparty credit rating
and the 'BB-' rating on the lower Tier II notes reflects the
subordinated nature of the notes.

Moody's Investors Service has revised the outlook of Development
Bank's foreign currency long-term deposit rating of B1 and local
currency long-term deposit rating of Ba2 from negative to
stable.


FILHOMES SAVINGS: Depositors' Insurance Claim Due on January 22
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation notifies depositors
of Filhomes Savings and Loan Bank, Inc., that they only have
until January 22, 2007, to file their deposit insurance claims.   

After the due date, the PDIC will no longer accept any claim for
insured deposits from depositors.   

The Monetary Board ordered the closure of the bank on Jan. 21,
2005.

As of Jan. 15, 2007, the PDIC has paid PHP217.28 million
representing 1,633 accounts.  The closed bank has adjusted
deposit liabilities of PHP501 million.  

Depositors are advised to present these requirements when filing
their claims:

   (a) Original evidence of deposit like Savings Passbook,
       Certificate of Time Deposit, or Bank Statement including
       Unused Checks; and

   (b) Two latest identification cards/documents with
       depositor's signature.

PDIC notes that other documents may be required in the course of
the processing of creditors' filed claims.

FilHomes Savings is located in Liwag Building, Burgos Avenue,
Cabanatuan City.

All depositors of the bank including those in its Talavera
Branch are advised to proceed directly to the Cabanatuan City
Hall in Nueva Ecija.  PDIC representatives will service claims
starting January 9 to 22, 2007, from 8 a.m. to 5 p.m., Monday to
Friday.  


UNITED PARAGON: Posts PHP218.0-Million Net Loss for 3Q2006
----------------------------------------------------------
United Paragon Mining Corporation posted a net loss of
PHP218.0 million for the first three quarters ended Sept. 30,
2006, as compared with the PHP197.9-million net loss in the same
period in 2005.  The PHP20.1 million or 10.2% increase in net
loss was substantially due to the increase in interest and
financing charges slightly reduced by higher foreign exchange
gain and lower general and administrative expenses and
depreciation.

Total assets decreased by PHP3.7 million from PHP1.125 billion
as of December 31, 2005, to PHP1.121 billion as of September 30,
2006.  The reduction was substantially due to the effect of
depreciation of property, plant and equipment during the period.

Total liabilities increased from PHP2.2 billion as of Dec. 31,
2005, to PHP2.4 billion as of September 30, 2006, mainly due to
additional availment of loans and advances amounting to PHP7.6
million from related companies and accruals of interests and
financing charges amounting to PHP208.8 million.

Capital deficiency increased from PHP1.1 billion as of Dec. 31,
2005, to PHP1.4 billion as of Sept. 30, 2006, due to the net
loss of PHP218.0 million for the period.

                        RCBC Loan Payment

Of the increase in loans and advances from related companies of
PHP7.6 million, PHP3.3 million was used to pay the company's
loan from Rizal Commercial Banking Corporation while the balance
of PHP4.3 million was used for care taking expenses and partial
payment of creditors' accounts.

As reported in the Troubled Company Reporter - Asia Pacific on
June 1, 2006, RCBC, the creditor bank of the company's US
dollar-denominated loan, approved the take-out of the loan by a
major stockholder under certain conditions.  Under the terms of
the company's agreement with RCBC, the US dollar-denominated
loan was converted to a Philippine Peso loan in the amount of
PHP31 million payable in three annual installments up to
December 27, 2002.  The related interest on this loan which is
payable monthly starting April 28, 2000, is computed at 15% for
the first year subject to review and negotiation for the
succeeding years.

The agreement was amended in 2003 and 2004 and further amended
in 2005 principally with respect to the repayment terms of the
loan.  The 2005 agreement provides for the extension of the loan
repayment up to June 30, 2006, with interest subject to monthly
repricing.

Loan payable as of December 31, 2005 and 2004 amounted to
PHP3.3 million and PHP8.1 million, respectively, the TCR-AP
noted.

                        Failed Payments

Due to the suspension of mining and milling operations and
limited sources of funds, United Paragon failed to meet payments
within the stated terms to majority of its suppliers,
contractors, and creditors.  However, the company has
significantly reduced the balance of its outstanding accounts
with suppliers, contractors and other creditors from PHP248.3
million in 1999 to PHP172.1 million as of September 30, 2006.

                  About United Paragon Mining

United Paragon Mining Corporation is engaged in the exploration,
development, exploitation, production and sale of gold.  It came
into existence in 1990 as a result of the merger between United
Asia and Geothermal Resources and Abcar Paragon Mining
Corporation, a privately owned company whose principal assets
are the Longos Gold Mine and other gold exploration claims and
agreements.

              Substantial Doubt on Going Concern

Ricardo G. Manabat of Laya Mananghaya & Co. expressed
substantial doubt about United Paragon's ability to continue as
a going concern after auditing the Company's 2005 Annual Report.

Mr. Manabat cited that:

   * The Company has been continuously incurring net losses and
     has accumulated deficit of PHP2.029 billion as of
     December 31, 2005, resulting to a capital deficiency of
     PHP1.089 billion and working capital deficiency of
     PHP2.161 billion as of December 31, 2005;

   * The Company's Board of Directors authorized the suspension
     of its Main Shaft's rehabilitation and development in the
     last quarter of 1998 until appropriate financing for its
     further development becomes available.  Likewise, the
     underground Shaft 4 mining operations were discontinued to
     avoid further losses and to preserve the remaining reserves
     for future extraction from the Main Shaft at a profitable
     level and a retrenchment program for its employees was
     commenced; and

   * The Company's prospects are also currently affected by the
     general slowdown in the economy characterized by volatile
     foreign currency exchange rates, and declining stock
     prices.

Mr. Manabat believes that these factors, among other matters,
cause significant uncertainties that affect the Company's
ability to resume and achieve a profitable level of operations,
enhance recoverability of its assets such as, but not limited
to, the deferred mine exploration and development costs, the
capitalized underground development and exploration costs, the
capitalized mine and mining properties and the plant and
equipment, and its ability to raise the required finances and
pay its debts as they mature.

                     The Plan of Operations

The company's plan of operations for 2006 covered these
activities:

1. The Company will implement the Capital Restructuring program
   subject to the approval of creditor-related companies, the
   Securities and Exchange Commission and Philippine Stock
   Exchange, Inc.

   The Board of Directors and stockholders at their meetings
   held on April 12, 2004, and July 30, 2004, respectively,
   approved the Company's capital restructuring, to improve its
   current ratio, debt ratio, debt-to-equity ratio and capital
   deficit.

   The Company has delayed the implementation of this
   restructuring due to the proposal to change the par value of
   its common shares from PHP0.50 (as decreased) to PHP0.01 per
   share, which will be incorporated in the applications to be
   filed to the SEC and the PSE.

   On April 20, 2006, the Board of Directors of the Company
   approved a resolution to change the par value of its common
   shares from PHP0.50 (as decreased) to PHP0.01 per share with
   the corresponding increase in number of shares.  This will be
   presented to the stockholders for approval on July 28, 2006.

2. The Company will continue to dispose of scrap, obsolete and
   excess assets to raise additional funds to help in financing
   the cash requirements for the year.

3. The Board of Directors has approved a resolution to secure
   additional loans and advances from related companies to fund
   the cash requirements for the year.

4. The Company will continue with its exploration and drilling
   activities to increase the ore reserves upon receipt of
   mineral production sharing agreement from the government on
   the target areas.

5. The Company will continue the care taking and maintenance of
   the mine property until such time that financing for the
   rehabilitation and further development of its mineral
   properties and upgrade of the mill becomes available.

                       Loan Restructuring

On March 1, 2000, RCBC, the creditor bank of the US dollar-
denominated loan, approved the take-out of the loan by a major
stockholder under certain conditions.  Under the terms of the
Company's agreement with RCBC, the US dollar-denominated loan
was converted to a Philippine Peso loan in the amount of
PHP31 million payable in three annual installments up to
December 27, 2002.  The related interest on this loan which is
payable monthly starting April 28, 2000, is computed at 15% for
the first year subject to review and negotiation for the
succeeding years.

The agreement was amended in 2003 and 2004 and further amended
in 2005 principally with respect to the repayment terms of the
loan.  The 2005 agreement provides for the extension of the loan
repayment up to June 30, 2006, with interest subject to monthly
repricing.

Average interest rate during the year is 17% (2004 - 16.67%).
Loan payable as of December 31, 2005 and 2004 amounted to
PHP3.3 million and PHP8.1 million, respectively.  Interest for
this loan during the year amounted to PHP882,777 (2004 -
PHP2,349,224).


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

AAR CORP: Acquires All Assets of Reebaire Aircraft
--------------------------------------------------
AAR Corp. disclosed on Jan. 16, 2007, that it has acquired
substantially all of the assets of Reebaire Aircraft Inc, a
regional aircraft MRO located in Hot Springs, Arkansas.  The
newly acquired business will operate under the name AAR Aircraft
Services - Hot Springs.

The acquisition is part of AAR's strategy to expand its MRO
business and its support of regional aircraft operators.  Year-
over-year, the company's sales to regional airline customers
have increased to 48%.

"The Reebaire acquisition doubles the size of our regional MRO
capacity and strengthens the company's position in this fast-
growing market.  This business will report into our Oklahoma
City operation, which has a proven track record for producing
excellent results.  Additionally, we expect strong synergies
with our supply chain business," said David P. Storch, Chairman,
President and Chief Executive Officer of AAR.

                          About AAR Corp.

AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded
AAR Corp.'s corporate credit rating from 'BB-' to 'BB'.  The
outlook is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


CIVIL GEO: Unsecured Creditors Must Prove Debts by Feb. 5
---------------------------------------------------------
Civil Geo Pte Ltd, which is in liquidation, requires its
unsecured creditors to file their proofs of debt by Feb. 5,
2007, to be included in the company's distribution of dividend.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 19, 2006, that the company paid the first interim dividend
of 100% to its preferential creditors and 1.5% to its unsecured
creditors.

The liquidator can be reached at:

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


COLORPRINT CONVERTOR: Undergoes Wind-Up Proceedings
---------------------------------------------------
Asiacity Global Limited filed on Dec. 29, 2006, a petition to
wind up the operations of Colorprint Convertor Industries Pte
Ltd.

The High Court of Singapore will hear the wind-up petition on
Jan. 26, 2007, at 10:00 a.m.

Asiacity's solicitor can be reached at:

         Goh Poh & Partners
         78 Shenton Way
         #15-01 Lippo Centre
         Singapore 079120


COMPACT METAL: Posts Shareholders' Change of Interests
------------------------------------------------------
Compact Metal Industries Ltd posted a series of changes to the
holdings of its shareholders on Jan. 15, 2007.  

Shining Holdings Pte Ltd, a substantial shareholder of the
company, reduced its holdings of direct shares due to a sale to
meet its financial obligation.

Before the change, Shining Holdings held 11,087,000 direct
shares with 5.012% issued share capital.  Presently, Shining
Holdings holds 6,087,000 direct shares with 2.752% issued share
capital.  Moreover, Shining Holdings still holds 485,000 deemed
shares with 0.219% issued share capital.

The company's other substantial shareholders also reduced their
deemed interests in the company.

Tan Chin Hoon, who previously held 11,572,000 deemed shares with
5.231% issued share capital, now holds 6,572,000 deemed shares
with 2.971% issued share capital.

Tan Kay Tho held 11,947,000 deemed shares with 5.400% issued
share capital.  Presently, Mr. Tan holds 6,947,000 deemed shares
with 3.140% issued share capital.  Mr. Tan still holds 347,920
direct shares with 0.157% issued share capital.  

Tan Kay Kiang held 11,572,000 deemed shares with 5.231% issued
share capital.  After the change, Mr. Tan holds 6,572,000 deemed
shares with 2.971% issued share capital.  Moreover, Mr. Tan
still has 323,000 direct shares with 0.146% issued share
capital.

Tan Kay Sing held 11,572,000 deemed shares with 5.231% issued
share capital.  Presently, Mr. Tan holds 6,572,000 deemed shares
with 2.971% issued share capital.  Accordingly, Mr. Tan's direct
shares remains as it is at 6,755,000 shares with 3.053% issued
share capital.

                       About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on
Compact Metal's ability to continue as a going concern, citing
reasons that include:

     i. the group's and company's current liabilities that
        exceeded their current assets by SGD81.96 million and
        SGD78.82 million, respectively, as of December 31, 2005;

    ii. the group's and company's recorded net liabilities
        attributable to equity holders of the parent of
        SGD43.10 million and US$43.83 million, respectively, as
        of December 31, 2005; and

   iii. the group's recorded recurring losses with net losses
        attributable to equity holders of the parent of
        US$24.09 million for the year ended December 31, 2005.


EXPRESS FACTORING: Court to Hear Wind-Up Petition on Jan. 26
------------------------------------------------------------
On Jan. 3, 2007, Blue Max Holding Pte Ltd has filed a petition
to wind up the operations of Express Factoring Pte Ltd --
formerly known as Central Syrup Singapore Pte Ltd.

The High Court will hear the petition on Jan. 26, 2007, at 10:00
a.m.

Blue Max Holding's solicitor can be reached at:

         Ho, Wong & Partners
         46 Tras Street
         Singapore 078985


GENIE-LUX: Final Meeting Set for Feb. 12
----------------------------------------
Genie-Lux (Singapore) Pte Ltd, which is in members' voluntary
liquidation, will hold a final meeting on Feb. 12, 2007, at
10:00 a.m., at 1 Scotts Road in #21-07/08/09 Shaw Centre,
Singapore 228208.

The Troubled Company Reporter - Asia Pacific previously reported
that the company entered wind-up proceedings on Jan. 25, 2006.

The liquidator can be reached at:

         Chia Lay Beng
         1 Scotts Road
         #21-07/08/09 Shaw Center
         Singapore 228208


LIANG HUAT: Tan Yong Kee Reduces Holdings of Direct Shares
----------------------------------------------------------
Tan Yong Kee, a registered holder of Liang Huat Aluminium
Limited, has on Jan. 8, 2007, reduced its holdings of direct
shares, from 34,359,400 with 3.09% to 31,955,400 direct shares
with 2.87% issued share capital.  

Mr. Tan pledged some of its shares as a loan made to DBS Bank
Limited, hence the reduction.

                         About Liang Huat

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is  
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.

Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004.  Presently, the company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.

The TCR-AP reported on Nov. 3, 2006, that the company registered
US$19.30 million in total assets and US$76.43 million
shareholders' equity deficit as of Nov. 2.


NETWORK EQUIPMENT: To Release 3rd Qtr. Financials on Jan. 22
------------------------------------------------------------
Network Equipment Technologies will release its financial
results for the third quarter fiscal year 2007 on Jan. 22, 2007.
The copy of the earnings release will be available on the
company's Web site.

The earnings release will be followed by a conference call
available to all interested parties.

Network Equipment Technologies, Inc. (NYSE:NWK)
-- http://www.net.com/-- provides networking equipment that   
enables its customers to adapt to a broadband future.  An
architect of the networking industry, N.E.T. has been supplying
service providers, governments and enterprises around the world
with networking technology for more than 20 years.

It has sales locations in China, Hong Kong, Japan and
Singapore.

                          *     *     *

Network Equipment Technologies, Inc.'s subordinated debt carries
Moody's Investors Service's B2 rating.


REFCO INC: Examiner Wants Liberty & Andersen to Give Documents
--------------------------------------------------------------
Joshua R. Hochberg, the duly appointed examiner in Refco Inc.
and its debtor-affiliates' Chapter 11 cases, seeks the United
States Bankruptcy Court for the Southern District of New York's
authority pursuant to Section 1106(b) of the Bankruptcy Code and
Rule 2004 of the Federal Rules of Bankruptcy Procedure, to serve
subpoenas for the production of documents and attendance at
examination on each of certain respondents.

The Examiner believes that each of the Respondents is likely in
possession of documents containing information relating to, or
has knowledge of facts concerning, some or all of the matters
that are within the scope of his investigation, because either:

     (i) they were "Round Trip Loan Participants," persons
         affiliated with or employed by those participants, or
         have knowledge of one or more actual or attempted
         "Round Trip Loan Transactions"; or

    (ii) they were accountants for one or more Refco entities
         during time frames pertinent to the areas within the
         scope of the Examiner's investigation, or employed by
         those accountants.

Charles E. Campbell, Esq., at McKenna Long & Aldridge LLP, in
Atlanta, Georgia, relates that Refco, Inc., has disclosed that
Phillip Bennett had caused Refco to engage in a series of
transactions designed to disguise the related-party nature of a
US$430,000,000 receivable owed to one of the Debtors by Refco
Group Holdings, Inc., by:

   -- temporarily paying off the debt and transferring it from
      RGHI to one or more entities unrelated to Refco near the
      end of Refco's accounting periods, for which audits were
      to be performed; and

   -- paying off the debts appearing to be owed by the unrelated
      entities and reinstating the RGHI receivable to Refco
      after the end of the accounting periods.

Mr. Campbell notes that the Round Trip Loan Transactions were
engaged in to create the false impression for financial
reporting purposes that the Round Trip Loan Participants -- not
RGHI -- owed receivables to Refco.

The Respondents and the Examiner's designated areas of
investigation are:

   A. Liberty Corner Patriot Master Fund, Ltd.; Liberty Corner
      Capital Strategies, LLC; Liberty Corner Capital
      Management, Inc.; Liberty Corner Advisors, LLC; and
      William T. Pigott, Miriam C. Yoshida, Michael Lisi, and
      Michael Saunders

      To date, the Examiner's investigation has revealed that
      several of the Liberty Corner Organization Respondents
      were participants in 11 Round Trip Loan Transactions
      spanning the time-frame February 2001 through September
      2005, and involving loans totaling US$5,240,000,000.

      Mr. Campbell states that transaction documents for one of
      Liberty Corner Round Trip Loans were prepared for
      participation by LCP, and the other 10 sets were prepared
      for participation by LCCS in care of LCCM.  The three
      Liberty Corner Organization Respondents and LCA are
      apparently affiliated with each other.

      Mr. Campbell relates that at the time of each of the
      Liberty Corner Round Trip Loans, Mr. Pigott, Ms. Yoshida,
      Mr. Lisi, and Mr. Saunders were employees or
      representatives of LCP, LCCS, LCCM, and LCA, and had
      involvement in some or all of the Liberty Corner Round
      Trip Loans.

   B. Arthur Andersen LLP and its employees: Cynthia Price
      Arden, Jason Blumkin, William Denehy, Brian Falahee,
      Melissa R. Kesh, Amy Lynn Murphy, and Dara Moore

      Mr. Campbell discloses that Andersen was Refco's outside
      auditing firm from at least 1995 until 2002.  Ms. Arden,
      et al., are believed to be former Andersen employees or
      agents who participated in the conduct of Andersen's Refco
      audits.

      Based on Andersen's role as Refco's longtime outside
      auditor, the Examiner believes that the Andersen
      Respondents are likely in possession of documents or other
      information detailing:

         * the procedures and policies applicable to audits
           performed on Refco's financial statements from the
           period January 1, 1997, to December 31, 2002;

         * Andersen's performance of audits and other work for
           Refco during the same period; and

         * the activities of individual Andersen members,
           professionals, and staff in connection with those
           audits.

Mr. Campbell asserts that the examinations and the requested
documents are clearly within the defined scope of the Examiner's
assigned duties and are within the scope of a Rule 2004
investigation.

                        About Refco Inc.

Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
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 $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                         Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, 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, was
confirmed by the Court.  That Plan became effective on Dec. 26,
2006.


REFCO INC: Trustee Wants Until March 9 to Decide on Contracts
-------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation
of Refco LLC's estate, asks the U.S. Bankruptcy Court for the
Southern District of New York to extend until March 9, 2007, the
period to either assume or reject the Debtor's Remaining
Contracts, without prejudice to:

     (i) the rights of any of the non-debtor counterparties to
         seek an earlier date on which the Trustee must assume
         or reject a specific contract; and

    (ii) the Trustee's right to seek further extension if
         necessary and appropriate.

The Chapter 7 trustee tells the Court that he has completed his
evaluation of the Debtor's executory contracts to determine
which ones the estate may need to assume or reject.  To date,
the Chapter 7 Trustee has identified, evaluated and either
assumed or rejected approximately 800 executory contracts.

The Chapter 7 Trustee states that he is now in the process of
contacting and entering into negotiations with eight
counterparties to the remaining executory contracts relating to
storage of historic documents and electronic media:

   * Archives One, Inc. - New York;
   * GRM - Chicago;
   * IPC Information Systems, LLC;
   * Iron Mountain Digital Archives;
   * Iron Mountain Information Management, Inc.;
   * Iron Mountain Records;
   * Speedscan, Inc.; and
   * Vanguard Archives, Inc. - Chicago.

The Chapter 7 Trustee is hopeful that any negotiations can be
completed within the next 60 days or so.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
asserts that an extension is necessary for the Chapter 7 Trustee
to negotiate modifications to some of the Remaining Contracts,
which will assist the Trustee in the continued administration of
the Debtor's estate and in complying with potentially applicable
commodities law.

                         About Refco Inc.

Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
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 $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, 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, was
confirmed by the Court.  That Plan became effective on Dec. 26,
2006.


SEE HUP SENG: To Acquire 51% Equity Interest in Tat Petroleum
-------------------------------------------------------------
See Hup Seng Ltd unveiled on Jan. 16, 2007, that it has inked
into a conditional sale and purchase agreement with Ang Keng
Boon, Tan Thoo Chye, Tan Thoo Huat, Thong Kum Pue and Wong Soon
Meng to acquire a 51% equity interest in the issued and paid up
share capital of Tat Petroleum Pte Ltd for SGD12.75 million.  

See Hup Seng believes the acquisition represents an excellent
opportunity to develop a second business pillar and immediately
have a strong presence in the Asia Pacific region.

The consideration price for the proposed acquisition takes into
account the significant growth opportunity in business and
profit arising principally from the distribution rights it has
secured from its key business partner, ExxonMobil, for some of
its products in the Asia Pacific region.  To demonstrate
confidence in their business, See Hup Seng's shareholders agreed
to warrant an after tax profit of SGD2.3 million, SGD4.6 million
and SGD6.5 million for the financial years ending March 31,
2007, 2008 and 2009 respectively.

Lim Siok Kwee, Executive Chairman of See Hup Seng, says that the
acquisition will allow See Hup Seng to diversify and broaden its
business scope and capabilities and develop another key engine
of growth.

"With the regional business networks of Tat Petroleum and their
more than 600 corporate customers in the region, many of whom
are in the marine/offshore and construction sectors, we expect
the acquisition to put See Hup Seng in a strong position to
seize regional opportunities in both the existing and the newly
acquired business", adds Mr. Lim.

The purchase consideration of SGD12.75 million will be satisfied
through:

     (i) the allotment of 18,600,000 new ordinary shares in the
         company's capital at an issue price of SGD0.43 for each
         consideration share, to reach the SGD7.998 million
         value; and

    (ii) the balance SGD4.752 million will be satisfied in cash,
         which will be paid in these installments:

            -- SGD2 million will be paid on the date of
               completion of the Sale and Purchase Agreement;

            -- SGD1.5 million will be paid on the date falling
               three months from the date of completion of the
               Sale and Purchase Agreement; and

            -- SGD1.252 million will be paid on the date falling
               six months from the date of completion of the
               Sale and Purchase Agreement.

The consideration shares will be issued to each of the vendors
through:

      Name of the Vendor                Number of Shares
      ------------------                ----------------
      Ang Keng Boon                          7,440,000
      Tan Thoo Chye                          7,440,000
      Tan Thoo Huat                          1,488,000
      Thong Kum Pue                            744,000
      Wong Soon Meng                         1,488,000
                                        ----------------
                                            18,600,000

The consideration shares, when issued, will rank parri passu in
all respects with the existing ordinary shares of the company,
save that it will not rank for any entitlements, distributions,
dividends or rights, the record date in respect of which falls
prior to the date of completion of the issuance of the
consideration shares.

The purchase consideration of SGD12.75 million was arrived after
taking into account these factors:

   (a) significant growth prospects of TAT Petroleum's business
       arising from the master distribution rights of its key
       principal, ExxonMobil, for the distribution of certain
       products in Singapore and the Asia Pacific region;

   (b) the recently expanded new facilities of TAT Petroleum,
       which when fully completed in April 2007 will allow it to
       more than triple its current handling capacity; and

   (c) TAT Petroleum's profit warranty for the current financial
       year ending March 31, 2007, of SGD2.3 million and for the
       next two financial years ending March 31, 2008, and
       March 31, 2009, of SGD4.6 million and SGD6.5 million
       Respectively.

The completion of the Sale and Purchase Agreement is dependent
on these conditions:

   (a) that See Hup Seng will be satisfied with the results of
       the due diligence that will be carried out by the
       company, or its advisers on TAT Petroleum, its
       subsidiaries and associated companies;

   (b) that See Hup Seng will be satisfied with the consolidated
       net profit after tax of TAT Group for the financial year
       ended March 31, 2007, will be not less than SGD2,300,000;

   (c) completion of the disposal of TAT Petroleum (Guam) Inc.;

   (d) that See Hup Seng will receive the approvals from its
       shareholders on;

       (i) the purchase of the sale shares; and

      (ii) the allotment and issue of the consideration shares
           to the shareholders;

   (e) that approval in-principle will be received from the
       Singapore Exchange Securities Trading Limited for the
       admission and dealing and quotation of the consideration
       shares on the SGX-ST Dealing and Automated Quotation
       System;

   (f) that the shareholders will obtain the approvals of
       counter parties to TAT Group respectively of the material
       contracts -- that the sale and purchase of the sale
       shares will not affect the continuity and status of any
       material contracts of TAT Group; and

   (g) the shareholders procuring that Mr. Tan, Mr. Ang and
       Mr. Chan, entered into three year service agreements with
       TAT Group, on terms satisfactory to See Hup Seng.

If any of the mentioned conditions is not fulfilled by mutual
consent of the parties by June 30, 2007, or other date the
parties may agree in writing, the sale and purchase agreement
will cease.

                       About Tat Petroleum

Tat Petroleum is engaged in the business of packaging and
distribution of refined petroleum products.  It owns master
distribution rights for some of ExxonMobil's key products in
Singapore and the Asia Pacific region.  One of its product group
is mineral fluids, wherein Tat Petroleum is the distributor for
packaging and the distribution covering the entire Asia Pacific
region for ExxonMobil Chemicals.

                      About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's financials for the
year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed, on April 7, significant doubt in the
company's ability to continue as going concern, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


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

BANK OF AYUDHYA: To Revamp Management Following GE's Acquisition
----------------------------------------------------------------
The management structure of Bank of Ayudhya will be
significantly altered after GE Capital International Holdings
completed its 25% stake acquisition in the lender, various
reports say.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 5, 2007, GE Capital completed its shares acquisition in
Bank of Ayudhya after paying THB22.3 billion.

According to The Nation, the positions of chief executive
officer and chief financial officer are reportedly to be filled
by GE, while the position of president is to be scrapped.

The board expects to announce the appointment of a new CEO
within the first quarter of the year.

"The position of president will be abolished, the CEO will
assume the responsibilities," Veraphan Teepsuwan, the bank's
newly appointed chairman told reporters at a press conference.
"The bank's management team will also be restructured.  People
who are efficient have nothing to be afraid of."

Mr. Veraphan replaced Krit Ratanarak as the bank's chairman
after Mr. Krit resigned as chairman and director recently.  

Mr. Veraphan also clarified that the bank would continue to be
controlled by a board of directors supported by an experienced
management team.

The bank intends to announce its business plan for the year once
the new CEO had been appointed.

GE Money Asia president and CEO Yoshiaki Fujimori said GE's goal
was for BAY to become the leading bank in Thailand with the help
of good synergy between the two financial firms.

Under the integration plan, BAY would exploit its expertise in
corporate loans to run the bank's operations, while GE would
concentrate on expanding retail banking.

                          *     *     *

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.

The Troubled Company Reporter - Asia Pacific reported on Jan.
16, 2007, that Fitch Ratings upgraded Bank of Ayudhya's:

    * Long-term foreign currency Issuer Default rating to BBB-
      from BB+;  
    * Short-term foreign currency to F3 from B;
    * Foreign currency subordinated debt rating to BB+ from BB;
      and
    * Individual rating to C/D from D.

Fitch also affirmed the bank's Support ratings at 3.  

At the same time, Fitch Ratings (Thailand) has also upgraded
BAY's:

    * National Long-term rating to A+(tha) from A(tha); and
    * National subordinated debt rating to A(tha) from A-(tha);
      and
    * National Short-term rating of the bank has been affirmed
      at F1(tha).

The Outlook on the ratings is Stable.

At the same time, the TCR-AP said that Moody's Investors Service
upgraded the Bank of Ayudhya's bank financial strength rating to
"D-" from "E+".


DAIMLERCHRYSLER: Chrysler Will Present Restructuring Plan
---------------------------------------------------------
DaimlerChrysler AG's Chrysler Corp. will present a restructuring
plan because of a possible US$1.3 billion net loss for the year
ended Dec. 31, 2006, the American Bankruptcy Institute reports.

According to ABI, analysts expect that Chrysler will close
factories and lay off employees.

Between 2000 and 2001, Chrysler closed 13 car and components
plants.

                          *     *     *

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,  
manufacture, distribution, and sale of various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The Chrysler Group segment 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.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia and Thailand.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


TMB BANK: Sirote Resigns as Director
------------------------------------
Sirote Swasdipanich resigned as director of TMB Bank effective
on Dec. 22, 2006, the lender disclosed with the Stock Exchange
of Thailand.

On Dec. 18, TMB also disclosed with the SET the appointment of:
     
    1. Gen. Sonthi Boonyaratglin as director to replace Gen.
       Chaisit Shinawatra who resigned from the Bank's board on
       Nov. 20, 2006.

    2. Bodi Chunnanonda as chairman of the Audit Committee for
       another term, effective on December 21, 2006.

The lender further told the bourse that they are still looking
for the replacement of Sommai Phasee, who resigned from the
position of TMB Director and Chairman of the Board of Executive
Directors.

As of Dec. 22, 2006, the bank's board of directors was composed
of:

    1. Mr. Somchainuk Engtrakul -- Chairman

    2. Gen. Sonthi Boonyaratglin -- Director

    3. Gen.Pang Malakul -- Director

    4. Mr. Bodi Chunnananda -- Director/Chairman of the Audit
       Committee/ Independent Director

    5. Mr. Amorn Asvanunt -- Director

    6. Mr. Kampree Kaocharern -- Director/Audit Committee
       Member/Independent Director

    7. Mr.Vudhibhandhu Vichairatana -- Director/Independent
       Director

    8. Mrs. Chantra Purnariksha -- Director/Independent Director

    9. Mr. Christopher John King -- Director/Audit Committee
       Member/ Independent Director

    10. Mr. Rajan Raju Kankipati -- Director

    11. Ms. Jeanette Wong Kai Yuan -- Director

    12. Mr. Kraithip Krairiksh -- Director

    13. Mr. Subhak Siwaraksa -- President and Chief Executive
        Officer

                         *     *     *

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

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

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





                            *********

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.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, 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 ***