TCRAP_Public/070124.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  

           Wednesday, January 24, 2007, Vol. 10, No. 17

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Wants to Employ Richards Layton as Counsel
ADVANCED MARKETING: Wants to Hire O'Melveny as Bankruptcy Atty.
ADVANCED MARKETING: Seeks to Pay US$12-Million Publisher Claims
AIRSPEED SERVICES: Members' Final Meeting Slated for Feb. 20
ALARMCOM PTY: Undergoes Voluntary Liquidation

ASLLSTATE EXPLORATIONS: Beaconsfield Buys Debt for AU$2.5 Mln.
AUSTAR SEAFOOD: Creditors Resolve to Wind Up Firm
BUY & SELL: Members and Creditors to Hear Liquidator's Report
COWELLS GROUP: Members Decide to Wind Up Operations
CRENATE PTY: Placed Under Voluntary Liquidation

FREEDOM MANAGEMENT: Enters Wind-Up Proceedings
HRDM PTY: Members Opt for Voluntary Liquidation
KHOURY INVESTMENTS: Commences Wind-Up Proceedings
MULCH MAT: Members and Creditors to Meet on February 15
NEVILLE HABKOUK: Members Decide to Close Operations

TEAMCOT PTY: Members Agree to Wind Up Firm


C H I N A   &   H O N G  K O N G

AGILE PROPERTY: Moody's Says LAT no Immediate Impact to Ratings
BONCH INVESTMENTS: Members and Creditors to Meet on Feb. 6
COSMOS BANK: Fitch Affirms Individual E Rating
EMPIRE TECHNOLOGIES: Enters Wind-Up Proceedings
FANTEC LIMITED: Members to Hear Liquidator's Report

FRONTSTEP LIMITED: Members' Final Meeting Slated for Feb. 23
GREENTOWN CHINA: New Tax Rule no Sudden Impact on Ba2 Rating
HKI PROPERTIES: Moody's (P)B2 Rating Unaffected by New LAT
HOPSON DEV: China's New Tax Law No Sudden Impact to Ratings
MING KWONG: Creditors' Proofs of Debt Due on February 28

PROFIT COME: Court to Hear Wind-Up Petition on February 28
QUALITY DATA: Holds Annual Meetings on February 23
RESEARCH INTERNATIONAL: Shareholders Opt for Voluntary Wind-Up
SHANGHAI REAL: Moody's Rating Unaffected by New Tax Law
SHIMIZU HONG KONG: Creditors Must Prove Debts by February 21

STAR PACIFIC: Members to Receive Wind-Up Report on Feb. 23
TA CHONG: Fitch Keeps Individual D/E Rating
TAI TUNG: Wind-Up Hearing Set for February 14
ZUELLIG ALLIANCE: David Zuellig Resigns as Liquidator
TAIWAN BUSINESS: Fitch Lifts Individual Rating to D/E


I N D I A

AES CORP: Unit Raises BRL800MM in 10-Year Local Currency Bonds
AES CORP: Partners with GE to Lead in Gas Emission Reduction
BHARTI AIRTEL: Files December 2006 Quarter Results
HANOVER COMPRESSOR: Partially Redeems US$20-Mln Jr. Sub. Notes
SOUTHERN IRON: Turns Around With INR47.98-Million Net Profit

SOUTHERN IRON: To Hold Two EGMS to Consider Share Issuance
STATE BANK OF INDIA: December '06 Quarter Net Profit Down 4.5%
STATE BANK OF INDIA: Further Revises Interest on Term Deposits
STATE BANK OF INDIA: Concludes Issue of US$200-Mil. Senior Debt
UTSTARCOM INC: Noteholders Agree to Waive Covenant Defaults


I N D O N E S I A

ANEKA TAMBANG: Expects To Increase Output By 58% Next Year
BANK BUANA: Changes Name To UOB Buana
BANK PERMATA: Fitch Affirms 'D' Individual Rating
INDOSAT: Targeting IDR1 Trillion in Revenues for 2007
MEDCO ENERGI: To Sell Diesel to Factories to Enter Retail Market

PANIN BANK: Fitch Affirms 'C/D' Individual & '5' Support Ratings


J A P A N

AIFUL CORP: Remains on Fitch's Rating Watch Negative
AIFUL CORP: To Cut Jobs & Close Outlets as Part of Restructuring
CHUO MITSUI: Fitch Upgrades Individual Rating to C/D from D
FORD MOTOR: Loses US$1 Bil. Annually on Counterfeit Auto Parts
FORD MOTOR: Eyes Partnership With Toyota

FORD MOTOR: Workers Start Receiving Checks for Dismissal
HERBALIFE: Names Patrick Dailey as Chief Administrative Officer
HERBALIFE LTD: Names Charles Sperazza Chief Information Officer
JAPAN AIRLINES: To Sell Jalux Shares To Sojitz For Up To JPY10BB
JAPAN AIRLINES: To Realign Domestic Routes to Improve Profits


K O R E A

KOOKMIN BANK: Proposed Senior Notes Gets S&P's 'A-' Rating
KOOKMIN BANK: Moody's Maintains 'D+' Financial Strength Rating
SHINHAN BANK: S&P Removes Ratings From CreditWatch
SK CORP: Creates Strategic Alliance with Japan's Nippon Oil
SK CORP: Ratings Unaffected by Strategic Tie-Up, Fitch Says


M A L A Y S I A

AKER KVAERNER: Inks US$250-Million Subsea Contract in India
CRIMSON LAND: Bursa Extends Plan Filing Deadline to March 7
EKRAN BERHAD: Books MYR24.54-Mil. Profit in December '06 Quarter
FCW HOLDINGS: Bursa Okays Plan Extension Filing Request
HALIFAX CAPITAL: Disposes Three Dormant Units


N E W   Z E A L A N D

BKC HOLDINGS: Commences Liquidation Proceedings
COURTHOUSE CAFE: Court Issues Liquidation Order
FLOOR MECHANIX: Court to Hear Liquidation Petition on Feb. 8
HERD & HARRIS: Court Orders to Liquidate Business
KIWIMARK LTD: Faces Liquidation Proceedings

LIVE BAR: Court Sets Liquidation Hearing on January 29
MCLEAN TOWER: Liquidation Hearing Slated for February 1
OTAGO POST: Shareholders Opt for Voluntary Liquidation
PHARMALIGHT LTD: Court Sets Liquidation Hearing on January 30
R N PRO: Creditors Must Prove Debts by February 8

VFM MATERNITY: Appoints Nellies and Deuchrass as Liquidators


P H I L I P P I N E S

AFP-RSBS: Landbank Will Not Sell Fund's Assets
EAST ASIA POWER: Sets Special Stockholders Meeting on Feb. 28
MANILA ELECTRIC: Board Confirms Purchase of Insurance Company
MANILA ELECTRIC: To Hold Annual Stockholders' Meeting on May 29
MANILA MINING: Confirms Joint Venture with Anglo-American

PSI TECHNOLOGIES: SGV Raises Going Concern Doubt On 2005 Results
RIZAL COMMERCIAL: Stockholders Approve Increase of Capital Stock
* RP Plans to Issue Domestic Bonds to Raise PHP16 Billion


S I N G A P O R E

BUILDERS FEDERAL: Court Issues Wind-Up Order
COLEMAN EDUCATION: Undergoes Wind-Up Proceedings
COMPACT METAL: Director Tan Kay Sing Sells All Direct Shares
DIGILAND INTERNATIONAL: Posts Shareholders' Change of Interests
E-TECH MANUFACTURING: Will Pay First and Final Dividend

HERCULES SHIPPING: Enters Wind-Up Proceedings
PETROLEO BRASILEIRO: Inks Projects with Petroleos de Venezuela
PETROLEO BRASILEIRO: Plant Project to Cost More Than Planned
PETROLEO BRASILEIRO: Restarting P-55 Construction Tender
REFCO INC: Court Denies Plan Confirmation Order Reconsideration

SEA CONTAINERS: Principal Financial Discloses 9.5% Equity Stake
SEA CONTAINERS: Taps Morris Nichols as Delaware Counsel
THE AUDIOPLEX: Liquidator to Receive Claims Until Feb. 5


T H A I L A N D

HANTEX PCL: Court Names New Directors; Orders Change in Capital
THAI DURABLE: Updates on Rehab Plan Exercise as of End-Sept. '06
THAI DURABLE: SET Sees More Reasons to Delist Securities
TUNTEX PCL: Reports Rehab Progress in 3rd Qtr. Ended Sept. '06
* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ADVANCED MARKETING: Wants to Employ Richards Layton as Counsel
--------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates seek
the authority of the United States Bankruptcy Court for the
District of Delaware to employ Richards, Layton & Finger, P.A.
as their local bankruptcy counsel, nunc pro tunc to Dec. 29,
2006.

Richards Layton will be performing extensive legal services that
will be necessary during the Chapter 11 proceedings.

Aside from the firm's extensive knowledge in the field of
debtors' and creditors' rights and business reorganizations, the
Debtors also desire to employ Richards Layton because of its
expertise, experience and knowledge in practicing before the
Delaware Bankruptcy Court, its proximity to the Court and its
ability to respond quickly to emergency Court matters.

Richards Layton began providing legal services and advice to the
Debtors since December 2006.  During the firm's representation
period, it has acquired knowledge of the Debtors' business,
financial affairs and capital structure.

The Debtors believe that Richards Layton is well qualified and
capable to efficiently represent them in the Chapter 11 cases.

As the Debtors' counsel, Richards Layton will:

   (a) advise the Debtors of their rights, powers and duties as
       debtors and debtors in possession;

   (b) take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions,
       the defense of any actions against the Debtors, the
       negotiation of disputes involving the Debtors and the
       preparation of objections to claims;

   (c) prepare all necessary motions, applications, answers,
       orders, reports and papers in connection with the
       administration of the debtors' estates; and

   (d) perform all other necessary legal services in connection
       with the Chapter 11 cases.

Richards Layton will be paid on an hourly basis at its normal
and customary hourly rates, plus reimbursement of actual,
necessary expenses and other charges incurred:

       Professional                      Hourly Rate
       ------------                      -----------
       Mark D. Collins                      US$520
       Paul N. Heath                        US$350
       Chun I. Pang                         US$225
       Aja E. McDowell                      US$165

Mark D. Collins, Esq., a director at Richards Layton, reports
that prior to the filing of the bankruptcy case, the Debtors
paid the firm a US$125,000 retainer.

The Debtors propose that the amount paid be treated as an
evergreen retainer to be held by the firm as security throughout
the Chapter 11 cases, until its fees and expenses are awarded.

Mr. Collins assures the Court that his firm is a "disinterested
person," as that term is defined in Section 101(14) of the
Bankruptcy Code, and does not hold or represent any interest
adverse to the estates.

                 About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 Plan will expire on Apr. 28, 2007.


ADVANCED MARKETING: Wants to Hire O'Melveny as Bankruptcy Atty.
---------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates seek
authority from the United States Bankruptcy Court for the
District of Delaware to employ O'Melveny & Myers LLP as their
general bankruptcy counsel, nunc pro tunc to the Petition Date.

Since April 2004, O'Melveny has represented the Debtors as
general corporate, securities, and litigation counsel.  It has
provided:

   -- extensive representation and advice relating to the
      Debtors' prepetition Loan and Security Agreement with
      Wells Fargo Foothill Inc., as agent, and a syndicate of
      lenders;

   -- efforts to refinance the Senior Facility and other
      strategic alternatives to recapitalize the Debtors; and

   -- disclosure advice regarding the Debtors' public
      announcements and regulatory obligations.

The Debtors want to hire O'Melveny because of the firm's
knowledge in their operations and finances, and its expertise
and experience in reorganizations, bankruptcy cases, and other
relevant areas of expertise.

As the Debtors' general bankruptcy counsel, O'Melveny will:

   (a) advise the Debtors regarding matters of bankruptcy law;

   (b) advise the Debtors of the requirements of the Bankruptcy
       Code, the Federal Rules of Bankruptcy Procedure,
       applicable local bankruptcy rules pertaining to the
       administration of their cases and U.S. Trustee Guidelines
       related to the daily operation of their business and the
       administration of the estates;

   (c) prepare motions, applications, answers, proposed orders,
       reports and papers in connection with the administration
       of the estates;

   (d) negotiate with creditors, prepare and seek confirmation
       of a Chapter 11 plan and related documents and assist the
       Debtors with implementation of the plan;

   (e) assist the Debtors in the analysis, negotiation and
       disposition of certain estate assets for the benefit of
       the estates and their creditors;

   (f) advise the Debtors regarding general corporate and
       securities matters and bankruptcy related employment and
       litigation issues; and

   (g) render other necessary advice and services as the Debtors
       may require in connection with their cases.

O'Melveny will be paid on an hourly basis at its normal and
customary hourly rates, plus reimbursement of actual, necessary
expenses and other charges incurred:

       Professional                      Hourly Rate
       ------------                      -----------
       Suzzanne Uhland                     US$725
       Austin Barron                       US$540
       Alexandra Feldman                   US$445
       Ana Acevedo                         US$300
       Lynn Talab                          US$285

Suzzanne Uhland, Esq., a partner at O'Melveny, discloses that
before the Petition Date, the Debtors paid O'Melveny
US$1,201,990 for fees and expenses for advice and legal services
rendered in connection with restructuring advice and the
preparation and commencement of the Debtors' cases, as well as
to serve as a retainer.  During the 90-day period before the
Petition Date, the Debtors paid invoices totaling US$942,682 to
the firm.

According to Ms. Uhland, after deducting fees and expenses
previously billed and paid for the prepetition legal services
plus estimated unbilled prepetition amounts, approximately
US$721,038 remains as retainer, which will be applied to
postpetition services.

Ms. Uhland attests that her firm is a "disinterested person," as
that term is defined in Section 101(14) of the Bankruptcy Code,
and does not hold or represent any interest adverse to the
estates.

                  About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: Seeks to Pay US$12-Million Publisher Claims
---------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates seek
authority from the United States Bankruptcy Court for the
District of Delaware to pay, in the ordinary course of business,
up to US$12,000,000 in prepetition claims of publishers who
supply goods and credit critical to the continued operation of
Publishers Group West Inc.'s business.

The Debtors want to make the payments to minimize disruption and
possible "domino effect" of further insolvencies that could be
caused if PGW immediately ceased all payments with respect to
the PGW Publisher Claims.

The Debtors estimate that PGW owed approximately US$36,009,556
to PGW Publishers as of December 31, 2006.  Unlike majority of
Advanced Marketing Services Inc.'s publisher creditors, PGW's
publisher clients are smaller, independent producers.

The Debtors relate that the Distribution Agreements with the PGW
Publishers are not "consignments" governed by Article 9 of the
Uniform Commercial Code, but rather are true bailments governed
by common law.

The Debtors tell the Court that they will seek the most
advantageous of credit terms possible from each PGW Publisher as
a condition of making the payments.  At minimum, the Debtors
will seek trade credit for postpetition transactions for PGW, on
not less than 30-day terms, for new postpetition purchases at
least equal to the amount of the PGW Publisher Claims paid.

The Debtors also propose that payments made be credited against
the ultimate distributions that would otherwise be paid to the
PGW Publisher in order of priority -- that is, first, against
any allowed administrative claim under Section 503(b)(1) of the
Bankruptcy Code; second, against any allowed administrative
claims under Section 503(b)(9); and, against any allowed general
unsecured claims.

If a PGW Publisher refuses to sell books to the Debtors on terms
agreed by the parties following payment of any portion of its
PGW Publisher Claim, or fails to comply with any trade
agreement, the Debtors will seek authority to:

   -- declare that the parties' trade agreement is terminated;

   -- declare that any payments made on account of the PGW
      Publisher Claims be deemed to have been in payment of then
      -outstanding postpetition claims of that PGW Publisher,
      without further Court order; and

   -- recover any payment made to the PGW Publisher, without
      giving effect to any rights of set-off, claims, provision
      for payment of reclamation or trust fund claims, or other
      defense.

PGW acts as a warehouser, marketer, and distributor of books for
the PGW Publishers pursuant to a series of written marketing and
distribution agreements.  Upon receipt of an order for certain
titles, PGW purchases the books from the PGW Publishers on
credit terms and sells them to the third party retailers.

PGW is under no obligation to purchase the books held in its
warehouses if it receives no orders for those books from third
party retailers.  For a fee, PGW returns to the PGW Publisher or
destroys any books that have become old or unmarketable.

A substantial number of PGW Publishers provide PGW with
significant trade credit -- up to 90 days between the time PGW
purchases the products for further sale, and the time PGW is
required to pay the PGW Publishers for the purchase.

                      About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


AIRSPEED SERVICES: Members' Final Meeting Slated for Feb. 20
------------------------------------------------------------
A final meeting of the members of Airspeed Services Pty Ltd will
be held on Feb. 20, 2007, at 10:00 a.m., to consider the
liquidator's account of the company's wind-up proceedings and
property disposal activities.

The Troubled Company Reporter - Asia Pacific has reported that
the company commenced a wind-up of operations on Oct. 17, 2006.

The liquidator can be reached at:

         Noel R. Willis
         KPMG
         491 Smollett Street
         Albury, New South Wales 2640
         Australia
         Telephone: 02 6021 1111

                     About Airspeed Services

Airspeed Services Pty Ltd provides air transportation services.

The company is located in New South Wales, Australia.


ALARMCOM PTY: Undergoes Voluntary Liquidation
---------------------------------------------
The members of Alarmcom Pty Ltd met on Dec. 21, 2006, and
resolved to voluntarily wind up the company's operations.

In this regard, Geoffrey Charles Ridgeway was appointed as
liquidator.

The Liquidator can be reached at:

         Geoff Ridgeway
         Jenkins Peake & Co
         Chartered Accountants
         PO Box 1570, Geelong, 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                       About Alarmcom Pty

Alarmcom Pty Ltd is a distributor of security products like
access control, alarms, burglar alarms, closed circuit TVs, fire
detection, nurse call systems, and surveillance systems
televisions.

The company is located in New South Wales, Australia.


ASLLSTATE EXPLORATIONS: Beaconsfield Buys Debt for AU$2.5 Mln.
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 31, 2006, after the closure of the Allstate Exploration
NL's Beaconsfield Mine Joint Venture in Beaconsfield, Tasmania,
Macquarie Bank agreed to transfer AU$47 million worth of inter-
company loans into a trust for the mine's employees, which trust
would only have value if the mine reopened.

According to the TCR-AP, Allstate owns 51.51% of the joint
venture while Beaconsfield Gold NL owns the remaining 48.49%.

As of October 5, 2006, Macquarie Bank has failed to establish
the trust, the TCR-AP report noted.

On December 6, 2006, the TCR-AP cited a report from the Sydney
Morning Herald stating that Macquarie was unable to find a
trustee.  Thus, it has decided to sell the debt and hand the
sale proceeds to the mine's employees.

In an update, the Australian Associated Press relates that
Beaconsfield Gold has inked deals to buy Allstate's debt and
become its controlling shareholder.

Beaconsfield Gold has agreed to buy Allstate's debt with a face
value of AU$48 million for AU$2.85 million from Macquarie Bank,
which itself bought the debt for AU$300,000, the report relates.

Beaconsfield Gold's total payment will consist of:

   -- AU$700,000 paid in execution of documentation; and

   -- AU$2.15 million to be paid when the mine has re-opened and
      reached commercial production levels.

Beaconsfield Gold has also agreed to buy Newmont Mining
Corporation's 57.2% shareholding in Allstate for AU$1.4 million.  
Thus, taking its total interest in Allstate to 83%, the Sydney
Morning Herald reveals.

The paper relates that the only other bidder in the tender
process for Allstate's debt was Allstate itself, but majority of
the miners voted against Allstate's offer.

"Part of that was because our bid was a better commercial deal,
but also I think it reflects a desire and a willingness to see
some change in ownership there," AAP cites Beaconsfield Gold's
chief executive Bill Colvin, as saying.

According to AAP, however, all the payments will be gifted to
the families of the mine's workers and the widow of Larry
Knight, who died in a rockfall on Anzac Day in 2006.  The
incident caused the closure of Allstate's Beaconsfield Mine.

Mr. Colvin expects mining to restart within the next few weeks,
in February or early March, with applications for safety
clearance being prepared.

There are also plans to increase the number of employees as the
mine moves in full production, AAP says.

Mr. Colvin also said Beaconsfield Gold's shares, which have been
suspended from trading since in April, are likely to restart
trading within the next three months, AAP relates.

Listing of Beaconsfield Gold's shares "relies on getting a
slightly higher level of technical certainty about the reopening
of the mine," Mr. Colvin noted.

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


AUSTAR SEAFOOD: Creditors Resolve to Wind Up Firm
-------------------------------------------------
On Dec. 22, 2006, the creditors of Austar Seafood Investments
Pty Ltd resolved to voluntarily wind up the company's operations
and appointed Richard Albarran and Mitchell Ball as liquidators.

The Liquidators can be reached at:

         Mitchell Ball
         Richard Albarran
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                      About Austar Seafood

Austar Seafood Investments Pty Limited is a distributor of fish
and seafoods.

The company is located in New South Wales, Australia.


BUY & SELL: Members and Creditors to Hear Liquidator's Report
-------------------------------------------------------------
The members and creditors of Buy & Sell Pty Ltd will meet on
Feb. 16, 2007, at 10:00 a.m., to hear the report of Peter P.
Krejci, the appointed liquidator, regarding the company's wind-
up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on March 30, 2006.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                        About Buy & Sell

Buy & Sell Pty Limited operates used merchandise stores.

The company is located in New South Wales, Australia.


COWELLS GROUP: Members Decide to Wind Up Operations
---------------------------------------------------
The members of Cowells Group Ltd met on Dec. 22, 2006, and
passed a special resolution to voluntarily wind up the company's
operations.

Accordingly, Samuel Charles Davies and Theodora Alice Eszenyi
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Samuel Charles Davies
         Theodora Alice Eszenyi
         c/o McGrathNicol+Partners
         Level 13, 99 Gawler Avenue
         Adelaide South Australia 5000
         Australia
         Telephone: 08 8468 3700
         Website: http://www.mcgrathnicol.com

                      About Cowells Group

Cowells Group Ltd operates offices of holding companies.

The company is located in South Australia, Australia.


CRENATE PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
On Dec. 8, 2006, the members of Crenate Pty Ltd met and passed a
special resolution to voluntarily liquidate its business.

Yukio Hayashi was consequently appointed as liquidator.

The Liquidator can be reached at:

         Yukio Hayashi
         c/o Yukio Hayashi & Associates
         Suite 2, Level 10, 82 Elizabeth Street
         Sydney New South Wales 2000
         Australia

                       About Crenate Pty

Crenate Pty Limited -- trading as Holiday Inn -- operates hotels
and motels.

The company is located in New South Wales, Australia.


FREEDOM MANAGEMENT: Enters Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on Jan. 3, 2007, the
members of Freedom Management International Pty Ltd resolved to
voluntarily wind up the company's operations.

Subsequently, Peter P. Krejci was appointed liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                    About Freedom Management

Freedom Management International Pty Ltd provides management-
consulting services.

The company is located in Queensland, Australia.


HRDM PTY: Members Opt for Voluntary Liquidation
-----------------------------------------------
At a general meeting held on Dec. 11, 2006, the members of HRDM
Pty Ltd passed a special resolution to voluntarily liquidate the
company's business and to distribute the proceeds of its assets
disposal.

The joint and several liquidators can be reached at:

         Pasquale Dichiera
         Darren John Shillington
         Mack & Co
         Chartered Accountants
         2nd Floor, 35 Havelock Street
         West Perth Western Australia 6005
         Australia

                         About HRDM Pty

HRDM Pty Ltd is an investor relation company.

The company is located in Western Australia, Australia.


KHOURY INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on Jan. 3, 2007, the
members of Khoury Investments Pty Ltd resolved to voluntarily
wind up the company's operations.

Accordingly, Andrew Hugh Jenner Wily and David Anthony Hurst
were appointed as joint liquidators at the creditors' meeting
held that same day.

The Joint Liquidators can be reached at:

         Andrew Hugh Jenner Wily
         Armstrong Wily
         Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                    About Khoury Investments

Khoury Investments Pty Ltd is an investor relation company.

The company is located in New South Wales, Australia.


MULCH MAT: Members and Creditors to Meet on February 15
-------------------------------------------------------
The members and creditors of Mulch Mat Products Pty Ltd will
meet on Feb. 15, 2007, at 10:00 a.m., to receive the
liquidator's account on the company's wind-up and property
disposal activities.

According to the Troubled Company Reporter - Asia Pacific, the
company declared its first and final dividend on Dec. 21, 2004.

The liquidator can be reached at:

         R. J. Porter
         Level 6, 460 Church Street
         Parramatta New South Wales 2150
         Australia

                        About Mulch Mat

Mulch Mat Products Pty Ltd is a manufacturer and distributor of
revegetation, erosion control and soil stabilization products.


NEVILLE HABKOUK: Members Decide to Close Operations
---------------------------------------------------
The members of Neville Habkouk Investments Pty Ltd met on
Dec. 15, 2006, and decided to voluntarily wind up the company's
operations.

Accordingly, Antony de Vries and Riad Tayeh were appointed as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Riad Tayeh
         Antony de Vries
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia

                      About Neville Habkouk

Neville Habkouk Investments Pty Ltd -- trading as Seven Hills
Smash Repairs -- operates top, body, upholstery repair and paint
shops.

The company is located in New South Wales, Australia.


TEAMCOT PTY: Members Agree to Wind Up Firm
------------------------------------------
On Dec. 21, 2006, the members of Teamcot Pty Ltd resolved to
wind up the company's operations and appointed Christopher J.
Palmer as liquidator.

The Liquidator can be reached at:

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

                        About Teamcot Pty

Teamcot Pty Limited -- trading as Moran Techhology Retravison;
Moran Technologies and Retravision Caringbah -- operates
household appliance stores.

The company is located in New South Wales, Australia.


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

AGILE PROPERTY: Moody's Says LAT no Immediate Impact to Ratings
---------------------------------------------------------------
Moody's Investors Service says the enforcement of the land
appreciation tax, recently announced by China's State Tax
Bureau, will have no immediate rating impact on Agile Property
Holdings Ltd.

The company currently carries a Ba3/stable rating from Moody's.

Moody's says the LAT, a local tax, was introduced in 1994 but
has not been strictly enforced before.

The rating agency expects that Chinese developers will have to
service their accrued LAT payments in the near to medium term.  
Nevertheless, the amount in question is on average not more than
15% of each company's estimated year-end cash balance, as most
of the developers raised new funding last year.

While the ongoing LAT payment for future sales will lower
property developers' operating cash flow, such additional
payment is estimated to be around 5% of cash property sales per
annum.  The resultant weakened cash flow metrics remain
appropriate for their current rating levels.

Moody's considers the risk of regulatory uncertainty in China's
property market remains high, and has already factored this into
its ratings on Chinese property developers.

The rating agency will continue to monitor individual ratings,
focusing on:

   1) the company's ability to meet its business plan and
achieve
      its projected operating cash flow;

   2) demonstration of strong financial discipline in executing
      its expansion and land acquisition plan; and

   3) how it manages its liquidity position.

                          *     *     *

Agile Property Holdings Ltd is one of the major property
developers in the Pearl River Delta region, targeting the mid-
to-high-end segment.  It has land banks in 4 cities --
Zhongshan, Guangzhou, Foshan and Huizhou -- with a total gross
floor area of 8.3 million sqm.  It listed on the Hong Kong Stock
Exchange in December 2005.


BONCH INVESTMENTS: Members and Creditors to Meet on Feb. 6
----------------------------------------------------------
The members and creditors of Bonch Investments Ltd will meet on
Feb. 6, 2007, at 2:00 p.m. and 2:45 p.m., respectively, to
receive the liquidators' account of the company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
liquidators also presented the company's wind-up report on
Feb. 2, 2006.

The joint and several liquidators can be reached at:

         Jacky C W Muk
         Gabriel C K Tam
         27/F, Alexandra House
         18 Chater Road, Central
         Hong Kong


COSMOS BANK: Fitch Affirms Individual E Rating
----------------------------------------------
On January 22, 2007, Fitch Ratings affirmed the Individual E
rating and the Support 4 rating of Cosmos Bank.

The ratings of Cosmos reflect the bank's relatively concentrated
business profile, weak asset quality and capital position and
limited funding flexibility.  In June 2006, General Electric
became Cosmo's strategic partner.

Fitch views that limited support could be expected from GE given
the latter's 10% stake in the Taiwanese bank.  The bank's asset
quality is fairly weak and its capital would have been depleted
if its unamortized losses arising from previous sales of non-
performing loans is taken into consideration.

Although the strategic alliance with GE could help Cosmos
improve its overall operation, its weak balance sheet and
limited funding capability would continue to constrain its
business development.  The agency notes that acquiring new
capital is critical for Cosmos to obtain higher ratings.

Cosmos is one of the major players in Taiwan's cash card lending
market and is part of the Prince Motors Group, which is founded
by the Syu family.


EMPIRE TECHNOLOGIES: Enters Wind-Up Proceedings
-----------------------------------------------
At an extraordinary general meeting held on Jan. 11, 2007, the
shareholders of Empire Technologies (Asia) Ltd passed a special
resolution to voluntarily wind up the company's operations and
appointed Leung Chi Wing as liquidator.

The Liquidator can be reached at:

         Leung Chi Wing
         Room B, 4/F, Kiu Fu Commercial Building
         300 Lockhart Road, Wan Chai
         Hong Kong

                    About Empire Technologies

Empire Technologies (Asia) Ltd is a manufacturer of hardware
components, I/O card, LCD PC and other computers.

The company is located in Wo Yi Hop Road, Hong Kong.


FANTEC LIMITED: Members to Hear Liquidator's Report
---------------------------------------------------
The members of Fantec Ltd will meet on Feb. 21, 2007, at
10:00 a.m., to hear the report of Chan Wing Kit, the appointed
liquidator, regarding the company's wind-up proceedings and
property disposal activities.

The Troubled Company Reporter - Asia Pacific previously reported
that the company entered wind-up proceedings on Oct. 10, 2006.

The Liquidator can be reached at:

         Chan Wing Kit
         Units 2009-18, 20/F, Shui On Centre
         Nos. 6-8 Harbour Road, Wanchai
         Hong Kong


FRONTSTEP LIMITED: Members' Final Meeting Slated for Feb. 23
------------------------------------------------------------
The final meeting of the members of Frontstep (Hong Kong) Ltd
will be held on Feb. 23, 2007, at 9:00 a.m., to consider the
liquidator's account on how the company was wound up and its
properties disposed of.

The liquidator can be reached at:

         Gregory Michael Giangiordano
         Unit 1606-08, 16/F., MLC Tower
         248 Queen's Road East
         Wanchai, Hong Kong


GREENTOWN CHINA: New Tax Rule no Sudden Impact on Ba2 Rating
------------------------------------------------------------
Moody's Investors Service says the enforcement of the land
appreciation tax, recently announced by China's State Tax
Bureau, will have no immediate rating impact on Greentown China
Holdings Ltd.

The company currently carries a Ba2/stable rating from Moody's.

Moody's says the LAT, a local tax, was introduced in 1994 but
has not been strictly enforced before.

The rating agency expects that Chinese developers will have to
service their accrued LAT payments in the near to medium term.  
Nevertheless, the amount in question is on average not more than
15% of each company's estimated year-end cash balance, as most
of the developers raised new funding last year.

While the ongoing LAT payment for future sales will lower
property developers' operating cash flow, such additional
payment is estimated to be around 5% of cash property sales per
annum.  The resultant weakened cash flow metrics remain
appropriate for their current rating levels.

Moody's considers the risk of regulatory uncertainty in China's
property market remains high, and has already factored this into
its ratings on Chinese property developers.

The rating agency will continue to monitor individual ratings,
focusing on:

   1) the company's ability to meet its business plan and
achieve
      its projected operating cash flow;

   2) demonstration of strong financial discipline in executing
      its expansion and land acquisition plan; and

   3) how it manages its liquidity position.

                          *     *     *

Greentown China Holdings Ltd is one of the major property
developers in China with a primary focus on Hangzhou and
Zhejiang province.  It currently has a land bank in seventeen
cities in China with an attributable gross floor area of nine
million square meters.  Greentown was listed on the Hong Kong
Stock Exchange in July 2006.


HKI PROPERTIES: Moody's (P)B2 Rating Unaffected by New LAT
----------------------------------------------------------
Moody's Investors Service says the enforcement of the land
appreciation tax, recently announced by China's State Tax
Bureau, will have no immediate rating impact on Shanghai Real
Estate Ltd.

The company currently carries a B1/stable rating from Moody's.

Moody's says the LAT, a local tax, was introduced in 1994 but
has not been strictly enforced before.

The rating agency expects that Chinese developers will have to
service their accrued LAT payments in the near to medium term.  
Nevertheless, the amount in question is on average not more than
15% of each company's estimated year-end cash balance, as most
of the developers raised new funding last year.

While the ongoing LAT payment for future sales will lower
property developers' operating cash flow, such additional
payment is estimated to be around 5% of cash property sales per
annum.  The resultant weakened cash flow metrics remain
appropriate for their current rating levels.

Moody's considers the risk of regulatory uncertainty in China's
property market remains high, and has already factored this into
its ratings on Chinese property developers.

The rating agency will continue to monitor individual ratings,
focusing on:

   1) the company's ability to meet its business plan and
achieve
      its projected operating cash flow;

   2) demonstration of strong financial discipline in executing
      its expansion and land acquisition plan; and

   3) how it manages its liquidity position.

                          *     *     *

HKI Properties Limited is a Hong Kong-based property company
developing high-end office, retail, residential and hotel
properties in China.  Focusing on mixed-use properties in
Beijing, the company has also diversified to Chongqing,
Zhangzhou, and Qingdao over the past two to three years.  HKI
currently has an attributable land bank of 3.2 million sqm in
four cities.


HOPSON DEV: China's New Tax Law No Sudden Impact to Ratings
-----------------------------------------------------------
Moody's Investors Service says the enforcement of the land
appreciation tax, recently announced by China's State Tax
Bureau, will have no immediate rating impact on Hopson
Development Holdings Ltd.

The company currently carries a Ba2/stable rating from Moody's.

Moody's says the LAT, a local tax, was introduced in 1994 but
has not been strictly enforced before.

The rating agency expects that Chinese developers will have to
service their accrued LAT payments in the near to medium term.  
Nevertheless, the amount in question is on average not more than
15% of each company's estimated year-end cash balance, as most
of the developers raised new funding last year.

While the ongoing LAT payment for future sales will lower
property developers' operating cash flow, such additional
payment is estimated to be around 5% of cash property sales per
annum.  The resultant weakened cash flow metrics remain
appropriate for their current rating levels.

Moody's considers the risk of regulatory uncertainty in China's
property market remains high, and has already factored this into
its ratings on Chinese property developers.

The rating agency will continue to monitor individual ratings,
focusing on:

   1) the company's ability to meet its business plan and
achieve
      its projected operating cash flow;

   2) demonstration of strong financial discipline in executing
      its expansion and land acquisition plan; and

   3) how it manages its liquidity position.

                          *     *     *

Hopson Development Company Holdings Limited (Hopson) is one of
the largest property developers in China.  Its principal
businesses are residential developments in four major cities:
Guangzhou, Beijing, Shanghai and Tianjin.


MING KWONG: Creditors' Proofs of Debt Due on February 28
--------------------------------------------------------
The creditors of Ming Kwong Association Ltd are required to
submit their proofs of debt by Feb. 28, 2007.

Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the company will make.

As reported by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Jan. 8, 2007.

The liquidator can be reached at:

         Lo Shui Shan Zue
         7/F, Pearl Oriental Tower
         225 Nathan Road, Kowloon
         Hong Kong


PROFIT COME: Court to Hear Wind-Up Petition on February 28
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Profit Come International Ltd on Feb. 28, 2007, at
9:30 a.m.

HKR Properties Ltd filed the wind-up petition against the
company on Dec. 20, 2006.

HKR Properties' solicitors can be reached at:

         Kao, Lee & Yip
         17/F, Gloucester Tower
         The Landmark
         Central, Hong Kong


QUALITY DATA: Holds Annual Meetings on February 23
--------------------------------------------------
Quality Data Network Solution (Hong Kong) Ltd will hold annual
meetings for its members and creditors on Feb. 23, 2007, at 3:00
p.m. and 3:30 p.m., respectively, to consider the liquidator's
account of the company's wind-up during the preceding year.

The liquidator can be reached at:

         Huen Ho Yin
         Units 3307-3312, 33/F
         West Tower, Shun Tak Centre
         168-200 Connaught Road, Central
         Hong Kong


RESEARCH INTERNATIONAL: Shareholders Opt for Voluntary Wind-Up
--------------------------------------------------------------
On Jan. 8, 2007, the shareholders of Research International
China (Hong Kong) Ltd passed a special resolution to voluntarily
wind up the company's operations.

In this regard, Cheung Chun Kwok was appointed as liquidator and
was authorized to distribute the company's assets to the
members.

The Liquidator can be reached at:

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


SHANGHAI REAL: Moody's Rating Unaffected by New Tax Law
-------------------------------------------------------
Moody's Investors Service says the enforcement of the land
appreciation tax, recently announced by China's State Tax
Bureau, will have no immediate rating impact on Shanghai Real
Estate Ltd.

The company currently carries a B1/stable rating from Moody's.

Moody's says the LAT, a local tax, was introduced in 1994 but
has not been strictly enforced before.

The rating agency expects that Chinese developers will have to
service their accrued LAT payments in the near to medium term.  
Nevertheless, the amount in question is on average not more than
15% of each company's estimated year-end cash balance, as most
of the developers raised new funding last year.

While the ongoing LAT payment for future sales will lower
property developers' operating cash flow, such additional
payment is estimated to be around 5% of cash property sales per
annum.  The resultant weakened cash flow metrics remain
appropriate for their current rating levels.

Moody's considers the risk of regulatory uncertainty in China's
property market remains high, and has already factored this into
its ratings on Chinese property developers.

The rating agency will continue to monitor individual ratings,
focusing on:

   1) the company's ability to meet its business plan and
achieve
      its projected operating cash flow;

   2) demonstration of strong financial discipline in executing
      its expansion and land acquisition plan; and

   3) how it manages its liquidity position.

                          *     *     *

Shanghai Real Estate Limited was established in 1993 and listed
on the Hong Kong Stock Exchange in 1999.  The company focuses on
mid-to-high-end residential development in Shanghai.  As of
September 2006, it possessed a land bank of about 1.4 million
square meters in Shanghai and about 1.6 million square meters in
Shenyang, sufficient for five years of development.


SHIMIZU HONG KONG: Creditors Must Prove Debts by February 21
------------------------------------------------------------
The creditors of Shimizu Hong Kong Company Ltd are required to
submit their proofs of claim by Feb. 21, 2007.

Failure to prove debts by the due date will exclude a creditor
from sharing in the company's distribution.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on Jan. 12, 2007.

The liquidator can be reached at:

         Lee Lok Yee, Phyllis
         Luk Siu Lan
         14th Floor, CNAC Group Building
         10 Queen's Road Central
         Hong Kong


STAR PACIFIC: Members to Receive Wind-Up Report on Feb. 23
----------------------------------------------------------
The members of Star Pacific Holdings Ltd will meet on Feb. 23,
2007, at 2:30 p.m., to receive a report of the company's wind-up
proceedings and property disposal exercises from the company's
liquidator.

The Troubled Company Reporter - Asia Pacific previously reported
that the company's creditors were asked to lodge their proofs of
debt before May 8, 2006.

The liquidator can be reached at:

         Kong Chi How, Johnson
         29/F, Wing On Centre
         111 Connaught Road, Central
         Hong Kong


TA CHONG: Fitch Keeps Individual D/E Rating
-------------------------------------------
On January 22, 2007, Fitch Ratings affirmed the Individual D/E
rating and the Support 4 rating of Ta Chong Bank.

The ratings of Ta Chong reflect its small scale, relatively weak
profitability and asset quality, but it also takes into account
the bank's satisfactory capitalization.  Fitch also recognizes
the bank's efforts in improving its business diversity, and
notes that its growing revenues in corporate banking, wealth
management and treasury operations have more than compensated
for the decreased income from its consumer lending segments.

Nonetheless, Ta Chong's bottom line was dragged down by the
sudden rise in unsecured consumer lending credit costs.  In the
first nine months of 2006, the bank reported a net loss of TWD4
billion.

Potential credit losses from restructured debts of unsecured
consumer lending may continue to hinder Ta Chong's profits in
the short term.  Ta Chong has a reasonably low NPL ratio but the
provisions for these NPLs are still low.  The capital adequacy
ratio remains above the regulatory 8% level.

Ta Chong was set up by the Chen family, controlling over a third
of the board. Foreign investors own around a 30% stake in the
bank.


TAI TUNG: Wind-Up Hearing Set for February 14
---------------------------------------------
A liquidation petition filed against Tai Tung Communication Ltd
will be heard before the High Court of Hong Kong on Feb. 14,
2007, at 9:30 a.m.

Dah Sing Bank, Ltd filed the wind-up petition against the
company on Dec. 8, 2006.

Dah Sing Bank's solicitors can be reached at:

         K.B. Chau & Co.
         16th Floor, Wing Lung Bank Building
         45 Des Voeux Road Central
         Hong Kong


ZUELLIG ALLIANCE: David Zuellig Resigns as Liquidator
-----------------------------------------------------
On Jan. 9, 2007, David Zuellig ceased to act as liquidator of
Zuellig Alliance Holdings Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Zuellig required the company's creditors to submit their
proofs of claim before Aug. 14, 2006.

The former Liquidator can be reached at:

         David Zuellig
         13/F, Shui On Center
         6-8 Harbour Road, Wanchai
         Hong Kong


TAIWAN BUSINESS: Fitch Lifts Individual Rating to D/E
-----------------------------------------------------
Fitch Ratings on Jan. 22, 2007, upgraded the individual rating
of Taiwan Business Bank and affirmed its other ratings:

   - Long-term Issuer Default rating BB+;
   - National Long-term A-(twn);
   - Short-term B;
   - National Short-term F2(twn); and
   - Support 3;
   - Individual D/E.

The Outlook on the ratings remains Stable.

TBB's Individual rating reflects its improved capitalization
following a capital injection through a successful TWD10 billion
rights issue at end-2006.  The bank's IDR is based on its
Support rating of 3, which signifies a minimum IDR in the BB
range.  Fitch expects the recapitalization from the new rights
issue to restore the bank's capital ratio to a more healthy
level. The bank's asset quality remained satisfactory, with an
NPL ratio of 2.57% at September 2006.

Nevertheless, Fitch notes that the bank's core profitability was
weighed down by interest margin compression and less diversified
revenue sources.

TBB was established in 1976 as a policy bank to provide funding
to Taiwan's SME sector.  Following the new rights issue in
December 2006, the government remains the bank's largest
shareholder, which was mainly through other state-controlled
banks, with a controlling ownership of around 50%.


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

AES CORP: Unit Raises BRL800MM in 10-Year Local Currency Bonds
--------------------------------------------------------------
Published reports say that Brasiliana de Energia, AES Corp.'s
Brazilian power holding unit, has raised BRL800 million in
10-year local currency bonds.

Business News Americas relates that Brasiliana de Energia will
use the bond money to pay the promissory notes it issued in
October 2006.

The promissory notes were used to pay down AES IHB eurobonds.
The payment of promissory notes were aimed at allowing
Brasiliana Energia to release revenue and shares given in
guarantees for the eurobond issue, BNamericas says, citing debt
prospectus.

                      About AES Corporation

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: Partners with GE to Lead in Gas Emission Reduction
------------------------------------------------------------
In a breakthrough toward US leadership in carbon reduction, the
AES Corp. and GE Energy Financial Services, a unit of General
Electric, intend to create a partnership to develop greenhouse
gas emission reduction projects in the United States.

The partnership would seek to create an annual production volume
of 10 million tons of greenhouse gas offsets by 2010, primarily
through the reduction of emissions of methane -- a potent
greenhouse gas with a warming potential 21 times greater than
carbon dioxide.  Projects to capture and destroy methane
emissions would include agricultural waste, landfills, coal
mines and wastewater treatment.

In addition to methane-based projects, the partnership may also
pursue development of offsets through energy efficiency projects
and electricity generation from renewable sources.  The
partnership would sell offsets from these projects to commercial
and industrial customers seeking to reduce the environmental
impact of their operations or to provide climate-friendly
products or services to their customers.

"AES is committed to helping address climate change as part of
our broader alternative energy strategy," said Paul Hanrahan,
President and CEO of AES.  "Our partnership with GE will enhance
the ability of the United States to expand energy resources
while mitigating the negative environmental impacts of growth.
We are pleased to team with GE because the combination of our
skills will allow us to lead the development of the US market
for carbon offsets."

The partnership would invest in projects using equipment from a
variety of manufacturers, potentially including GE products
certified by its ecomagination program.  GE Energy Financial
Services and AES are taking this step with an immediate focus on
voluntary demand for greenhouse gas reductions but with an eye
toward possible future mandatory emissions limits.

"This initiative will help GE Energy Financial Services double
its already sizeable US$1.5 billion portfolio of investments in
renewable energy projects by the end of 2008, and will
contribute to GE's ecomagination program," said Alex Urquhart,
President and CEO of GE Energy Financial Services.

Through its ecomagination program, GE has committed to help its
customers meet their environmental challenges while reducing its
own greenhouse gas emissions.  GE has pledged to more than
double its investment in the development of cleaner energy
technologies, from US$700 million to US$1.5 billion by 2010,
reduce its greenhouse gas emissions 1% by 2012, reduce the
intensity of its greenhouse gas emissions 30% by 2008, and
improve the company's energy efficiency 30% by the end of 2012.

Kevin Walsh, Managing Director and leader of renewable energy at
GE Energy Financial Services, added, "Our capital, sales
channels and risk management -- along with AES' expertise in
project development -- make for a powerful combination that will
lead the US carbon market."

Last April, AES announced formation of its alternative energy
group, making a US$1 billion commitment to investments in wind,
LNG, and climate change sectors.  Last December, AES adjusted
its guidance on investment in this sector to potentially as much
as US$10 billion over the next 5-10 years.  It has already
announced a target to produce up to 40 million tons of
greenhouse gas emission offsets per year by 2012, through
development projects under the Clean Development Mechanism of
the Kyoto Protocol in Asia, Africa, Europe and Latin America.

"Carbon offsets play an important role in the fight against
global warming," said William Luraschi, Executive Vice
President, Business Development and leader of AES's Alternative
Energy business.  "AES began investing in greenhouse gas
reduction projects in the late 1980's.  With our 25 years of
experience in energy and a presence in virtually every
region of the world, AES is well positioned to play a leading
role in this sector."

The AES/GE partnership would establish strict standards for the
creation, certification and registration of US greenhouse gas
emissions credits.  It plans to have internationally accredited
and independent environmental organizations assure that each
carbon offset meets the highest scientific and technical
standards.

                About GE Energy Financial Services

GE Energy Financial Services' 300 experts invest globally with a
long-term view, across the capital spectrum and the energy and
water industries, to help their customers and GE grow.  With
US$13 billion in assets, GE Energy Financial Services, based in
Stamford, Connecticut, invests more than US$5 billion annually
in two of the world's most capital-intensive industries, energy
and water.  In renewable energy, GE Energy Financial Services
has developed a strong record investing in wind, solar, biomass,
hydro and geothermal power, and is growing its portfolio of
US$1.5 billion in renewable energy assets.

                      About AES Corporation

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.


BHARTI AIRTEL: Files December 2006 Quarter Results
--------------------------------------------------
Bharti Airtel Ltd filed with the Bombay Stock Exchange its
audited results for the quarter ended Dec. 31, 2006.

For the three months ended Dec. 31, 2006, Bharti Airtel posted a
net profit after tax of INR10.437 billion, or INR5.51 basic
earnings per share, almost double (94% increase) the
INR5.387 billion recorded in the corresponding period in 2005.

Total income rose 61% from INR29.360 billion in the quarter
ended Dec. 31, 2005, to INR47.237 billion in the quarter ended
Dec. 31, 2006.

With the boost in revenues comes also the rise in expenses.  For
the December 2006 quarter, Bharti Airtel's expenditures total
INR27.678 billion, a 48% rise from the INR18.750 billion in the
December 2005 quarter.

Interest expenses for the quarter under review, however,
decreased to INR610.5 million from the INR737.6 million in the
quarter ended Dec. 31, 2005.

Bharti Airtel also disclosed consolidated results both as per
Indian Generally Accepted Accounting Principles as per United
States Generally Accepted Accounting Principles.

For the December 2006 quarter, the Group posted a INR10.333-
billion profit pursuant to the IGAAP while under the U.S. GAAP,
the group posted a net income of INR12.151 billion.

Bharti provides a reconciliation of the consolidated figures for
the two accounting principles:

                      Qtr. Ended
                                     12/31/06
Particulars                        (In millions)
-----------                                       ------------
Net income as per U.S. GAAP                  INR12151.30

Add: Differences on account of:
   Minority Interest and loss of Joint Venture           05.90
   Differential Tax expenses       593.20

Less: Differences on account of:
   Amortization of Goodwill/Intangibles           67.70
   Being differences in revenue recognition          74.40
   License fee amortization       148.80
   Differences in accounting for finance charges       1897.60
   Re-measurement of financial instruments
      not applicable in IGAAP                            07.00
   Differential depreciation provided in IGAAP due
      to forex fluctuations not considered in US GAAP   221.90
                                                  ------------
Net profit as per Indian GAAP         INR10333.00
                                                  ============

The company's consolidated balance sheet as of Dec. 31, 2006,
shows liquidity problems with current assets totaling INR44.056
billion available to pay current liabilities aggregating
INR111.214 billion.

A full-text copy of Bharti Airtel's for the third quarter and
nine months ended Dec. 31, 2006, is available for free at:

               http://ResearchArchives.com/t/s?18da

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

                          *     *     *

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

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


HANOVER COMPRESSOR: Partially Redeems US$20-Mln Jr. Sub. Notes
--------------------------------------------------------------
Hanover Compressor Co. completed the partial redemption of
US$20,871,000 aggregate principal amount of Convertible Junior
Subordinated Debentures Due 2029.

All of the Debentures are owned by Hanover Compressor Capital
Trust and the Trust was required to use the proceeds received
from such redemption to redeem US$20,245,000 aggregate
liquidation amount of its 7-1/4% Convertible Preferred
Securities and US$626,000 aggregate liquidation amount of its
7-1/4% Convertible Common Securities.

The company owns all of the Common Securities of the Trust.  
The Debentures were called on Dec. 15, 2006, for redemption on
Jan. 4, 2007.

Of the US$20,245,000 of TIDES Preferred Securities called,
US$20,052,700 was converted into 1,121,800 shares of Hanover
Common Stock.  Hanover expects its related annual interest
expense to be reduced by around US$1.5 million

Headquartered in Houston, Texas, Hanover Compressor Company --
http://www.hanover-co.com-- rents and repairs compressors and  
performs natural gas compression services for oil and gas
companies.  It has a fleet of more than 6,520 mobile compressors
ranging from 8 to 4,735 horsepower.  The company's subsidiaries
also provide service, fabrication, and equipment for oil and
natural gas processing and transportation applications.  Hanover
Compressor is disposing of its non-oilfield power generation
facilities and used equipment businesses to focus on core
operations.  In 2006 the company sold the US amine treating
rental assets of Hanover Compression Limited Partnership to oil
and gas firm Crosstex Energy for about US$52 million.

The company has locations in India, China, Indonesia, Japan,
Korea, Taiwan, the United Kingdom, and Vietnam, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 29, 2006, Moody's Investors Service, in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the North American Forest
Products sector, confirmed its B1 Corporate Family Rating for
Hanover Compressor Company.

Four layers of bond debt issued by Hanover Compressor and
maturing between 2008 and 2014 carry low-B ratings from Moody's
Investors Service and Standard & Poor's Rating Services.


SOUTHERN IRON: Turns Around With INR47.98-Million Net Profit
------------------------------------------------------------
Southern Iron & Steel Company Limited reports a net profit of
INR47.98 million for the three months ended Dec. 31, 2006.   For
the corresponding period in 2005, the company recorded a net
loss of INR156.49 million.

The company records INR1.721 billion in net sales for the fourth
quarter of 2006, a 73% increase from the INR992.24 million in
the fourth quarter of 2005.

The Net Sales for the December 2006 quarter is comprised of
domestic sales totaling INR1.991 billion and export sales of
INR5.527 million, less INR275.33 in excise duties.

Expenditures for the December 2006 quarter increased to
INR1.429 billion from the INR1.095 billion in the December 2005
quarter.  Interest expense also rose from INR28.5 million in the
December 2005 quarter to INR127.66 million in the quarter under
review.

A copy of Southern Iron's financial results for the quarter
ended Dec. 31, 2006, is available at the Bombay Stock Exchange:

              http://ResearchArchives.com/t/s?18db

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The Company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
Company Limited indicating that the instrument continues in
default.  The original instrument has been restructured and is
due for redemption in two installments on May 17, 2007, and
May 17, 2008.


SOUTHERN IRON: To Hold Two EGMS to Consider Share Issuance
----------------------------------------------------------
Southern Iron & Steel Company Ltd informs the Bombay Stock
Exchange that its board of directors, at a meeting on Jan. 19,
2007, decided to hold two separate Extraordinary General
Meeting.

In the two EGMs, the board will seek to get the shareholders'
approval for the:

   1. issuance of preference shares on preferential basis to the
      extent of INR9.90 crores, for the redemption of preference
      shares held by Tamilnadu Industrial Development
      Corporation Ltd; and

   2. issuance of equity shares to banks and financial
      institutions on conversion of optionally convertible loans
      into equity at a premium of INR52 to the extent of
      INR395.43 crores.

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The Company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
Company Limited indicating that the instrument continues in
default.  The original instrument has been restructured and is
due for redemption in two installments on May 17, 2007, and
May 17, 2008.


STATE BANK OF INDIA: December '06 Quarter Net Profit Down 4.5%
--------------------------------------------------------------
State Bank of India posted a net profit of INR10.651 billion for
the quarter ended Dec. 31, 2006, a 4.5% drop from the
INR11.152 billion earned in the quarter ended Dec. 31, 2005.

The bank's total income, however, increased slightly from
INR113.986 billion in the December 2005 quarter to INR115.470
billion in the December 2006 quarter.

Total expenditures decreased to INR86.920 billion in the
December 2006 quarter from INR87.989 billion in the
corresponding period in 2005.

The drop in net profit could be attributed to the provision and
contingencies which soared to INR11.662 billion in the quarter
ended Dec. 31, 2006, from INR4.698 billion in the corresponding
quarter in 2005.

According to SBI, the provisions and conditions in the quarter
under review indicates provision for non-performing assets.

A full-text copy of SBI's financial results for the quarter
ended Dec. 31, 2006, is available for free at:

http://ResearchArchives.com/t/s?18dc

Headquartered in Mumbai, State Bank of India is a financial
services group operating primarily in the banking industry.  Its
core operations include Treasury Operations, Corporate Banking
Group, National Banking Group and International Banking Group.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 7, 2006, Standard & Poor's Ratings Services assigned its
'BB+' issue rating to the proposed issue of US$300 million
senior unsecured, five-year, floating-rate foreign currency
notes to be issued by State Bank of India through its London
branch.

On April 21, 2006, the TCR-AP reported that Fitch Ratings has
affirmed State Bank of India's Long-term Issuer Default rating
at BB+, Short-term rating at "B", Individual rating at "C" and
Support rating at '3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Further Revises Interest on Term Deposits
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 11, 2007, the State Bank of India revised its interest
rates on domestic term deposits to give a special rate of 8.25%
p.a. to on domestic term deposits of INR15 lakhs and above but
less than INR1 crore for all maturities of one year and above.  

In an update, SBI informed the Bombay Stock Exchange that the
8.25% special rate will now be applicable to all deposits
irrespective of amount with effect from Jan. 22, 2007.  This
offer will be applicable only up to March 31.

Additionally, SBI offered senior citizens a 0.50% p.a.
additional rate over and above the above rate for deposits of
one year and above.

All the other existing terms and conditions governing term
deposits would remain the same.

SBI further informs BSE that staring Jan. 22, 2007, it has a new
term deposit product  -- SBI Platinum Account.  The deposits
under the scheme will carry interest rate of 9% p.a. compounded
quarterly.  Maximum period of deposit is three years.  The
depositor will have the right to exercise 'put options' to
receive the deposit with the accrued interest at 8.25% p.a. on
expiry of one year and at 8.50% on expiry of two years.  There
is no provision for premature penalty for exercising put option.
However, no interest will be paid if deposit is withdrawn before
the completion of one year.  The scheme is valid up to March 31,
2007.

Headquartered in Mumbai, State Bank of India is a financial
services group operating primarily in the banking industry.  Its
core operations include Treasury Operations, Corporate Banking
Group, National Banking Group and International Banking Group.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 7, 2006, Standard & Poor's Ratings Services assigned its
'BB+' issue rating to the proposed issue of US$300 million
senior unsecured, five-year, floating-rate foreign currency
notes to be issued by State Bank of India through its London
branch.

On April 21, 2006, the TCR-AP reported that Fitch Ratings has
affirmed State Bank of India's Long-term Issuer Default rating
at BB+, Short-term rating at "B", Individual rating at "C" and
Support rating at '3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Concludes Issue of US$200-Mil. Senior Debt
---------------------------------------------------------------
The State Bank of India informs the Bombay Stock Exchange that
it has concluded the issue of US$200,000,000 senior debt.

The US$200-million, floating rate bonds was issued at a premium
of 21.22bps, for a tenor of 4.9 years at a coupon of LIBOR
+50bps under SBI's MTN Programme.

The bonds were issued as of Jan. 23, 2007.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in-- is a financial services group operating  
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 7, 2006, Standard & Poor's Ratings Services assigned its
'BB+' issue rating to the proposed issue of US$300 million
senior unsecured, five-year, floating-rate foreign currency
notes to be issued by State Bank of India through its London
branch.

On April 21, 2006, the TCR-AP reported that Fitch Ratings has
affirmed State Bank of India's Long-term Issuer Default rating
at BB+, Short-term rating at "B", Individual rating at "C" and
Support rating at '3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


UTSTARCOM INC: Noteholders Agree to Waive Covenant Defaults
-----------------------------------------------------------
UTStarcom Inc., as of the expiration of its consent solicitation
at 5:00 p.m., New York City time, on Jan. 9, 2007, received from
holders of a majority of the outstanding aggregate principal
amount of its 7/8% convertible subordinated notes due 2008
consents which were not revoked.

The Proposed Waiver became effective Jan. 9, 2007.

As reported in the Troubled Company Reporter-Europe on Jan. 3,
UTStarcom is soliciting consents from the noteholders relative
to proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain defaults.

                  First Supplemental Indenture

The company and U.S. Bank National Association, the trustee
under the Indenture, have entered into a first supplemental
indenture implementing the Proposed Amendments.  The amendments
contained in the First Supplemental Indenture will be binding on
all Holders, including non-consenting Holders.

Under the terms of the First Supplemental Indenture, during the
period beginning Jan. 9, 2007 and ending 5:30 p.m., May 31,
2007, any failure by the company to comply with certain
provisions will not result in a default or an event of default,
and the Notes will accrue an additional 6.75% per annum in
special interest from and after Jan. 9, 2007 to the maturity
date of the Notes, unless the Notes are earlier repurchased or
converted.  Payments of the special interest will be made in
addition to and at the same time and in the same manner as
regularly scheduled payments of interest to Holders entitled to
such regularly scheduled payments of interest.

Citigroup Corporate and Investment Banking served as the
solicitation agent for the consent solicitation.  Questions
regarding the Consent Solicitation may be directed to Citigroup
Corporate and Investment Banking at 800-558-3745 (toll-free) or
212-723-6106.

The information agent for the consent solicitation was Global
Bondholder Services Corporation.

UTStarcom -- http://www.utstar.com/-- is a global leader in IP-  
based, end-to-end networking solutions and international service
and support.  The company sells its broadband, wireless, and
handset solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access
services using their existing infrastructure, while providing a
migration path to cost-efficient, end-to-end IP networks.  
Founded in 1991 and headquartered in Alameda, California, the
company has research and design operations in the United States,
Canada, China, Korea and India.  UTStarcom is a FORTUNE 1000
Company.


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

ANEKA TAMBANG: Expects To Increase Output By 58% Next Year
----------------------------------------------------------
PT Aneka Tambang Tbk said that it expects to increase output by
58% to 22,000 tons/year in 2008 after its new FeNi III smelter
reaches full capacity, Mining Journal reports.

According to the report, following the addition of a third
smelter in 2006, the company produced 14,000 tons of nickel --
90% up from 2005's output.

The report notes that Sekuritas Indonesia analyst, Christine
Salim, said that it will take two to three years to lift the
smelter to full capacity, but the problem is how much volume
they can deliver, since half the capacity is acceptable and 85%
is good enough.

The company said in a statement that it wasn't giving out
forecasts for this year as it is still working on bringing the
smelter up to full capacity after it was shut down in July
following a leak, the report recounts.

The report points out that the new smelter is located in Pomalaa
in Southern Sulawesi and is running at 36 Mw compared to full
capacity of 42 Mw.

The report adds that Antam's FeNi II smelter, can produce 6,000
t/y, while the company`s oldest facility, FeNi I, which has an
output of 5,000 t/y is due a refurbishment later this year that
could take six weeks, although conditions inside the furnace may
require a longer shutdown.

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

                          *     *     *

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

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


BANK BUANA: Changes Name To UOB Buana
-------------------------------------
PT Bank Buana Indonesia Tbk said that it has changed its
corporate name to UOB Buana, The Jakarta Post reports.

According to the report, the change was to accommodate the
bank's majority shareholder, United Overseas Bank International
Investment Private Ltd.

The report notes that United Overseas, PT Sari Dasa Karsa, and
PT Sari Dasa Karsa own 61.13%, 26.2%, and 12.12 % of UOB Buana's
shares respectively.

Last year, the bank, with total assets worth IDR17.2 trillion,
disbursed IDR10.3 trillion in loans, The Post recounts.

The report notes that the bank is hoping for 10% growth in
lending this year, bringing total loans to about IDR11 trillion.
UOB Buana's managing director, Pardi Kendy, said that currently,
about 75% of their loans are to small and medium enterprises

Headquartered in Jakarta, PT Bank Buana Indonesia Terbuka --
http://www.bankbuana.com/-- provides public deposits,  
investment portfolio, and other financial services, including:
demand, savings and time deposits, Bank Indonesia promissory
notes, bonds, consumer loans, retail commercial loans, and
corporate loans.  Other financial services include exports,
imports, transfers, collection, issuing of bank guarantees and
foreign currency transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
December 15, 2006, Fitch Ratings affirmed Bank Buana's:

   -- Long-term foreign currency Issuer Default rating at 'BB-';

   -- Long-term local currency Issuer Default rating at 'BB-';

   -- Short-term foreign currency rating at 'B';

   -- Individual rating at 'C/D'; and

   -- Support rating at '3'.


BANK PERMATA: Fitch Affirms 'D' Individual Rating
-------------------------------------------------
Fitch Ratings has affirmed the 'D' Individual and '4' Support
rating of Bank Permata.

Permata's Individual rating reflects its satisfactory
profitability and improved capital position, which helps to
mitigate the recent weakening in credit quality, while the
Support rating reflects a limited probability of support from
Standard Chartered Bank (rated 'A+'/Stable), which together with
Astra International, owns 89% of Permata through a 50:50 joint-
venture.  Fitch believes that the expertise and involvement of
SCB in key areas of the bank combined with the support from
Astra, bodes well for Permata's operational development and
growth efforts in retail banking in the long term.


Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's --
http://www.permatabank.com/-- products and services include      
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

                          *     *     *

The Troubled Company Reporter -- Asia Pacific reported on
July 5, 2006, that Moody's Investors Service gave Bank Permata
an 'E+' bank financial strength rating, with a positive outlook.

These ratings were unaffected:

   * Long-term/short-term deposit ratings of B2/Not Prime.
     Outlook stable.


INDOSAT: Targeting IDR1 Trillion in Revenues for 2007
-----------------------------------------------------
PT Indosat Tbk is targeting revenues of IDR1 trillion from
corporate business solution services in 2007, Tempo Interactive
reports.

According to the report, Senior Vice President of National
Corporate Sales of Indosat, Bambang Priantono, said that the
company would develop a new optical cable network to meet this
target.

Indosat will invest 15% of its entire capital expenditures this
year, amounting to US$1 billion, for building network
infrastructure, which includes optical cable, the report notes.
Optical cable lines that are to be built include the Surabaya-
Bali and Surabaya-Makassar lines, Batam-Singapore and Batam-
Pekanbaru lines.

Tempo points out that Indosat will also move part of its
Internet connection lines to Australia and Europe permanently in
order to avoid the risk of capacity reduction.

If the lines are moved, the capacity reduction will only amount
to one third, unlike these days when the reduction reaches 80%,
Tempo cites Mr. Priantono as adding.

                          About Indosat

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service has affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.

The outlooks for the ratings remain positive.

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


MEDCO ENERGI: To Sell Diesel to Factories to Enter Retail Market
----------------------------------------------------------------
PT Medco Energi Internasional will sell diesel to factories in
order to enter the country's fuel retail business, Bloomberg
News reports.

Bloomberg cites Medco Energi's director of corporate growth,
Rashid Mangunkusumo, as saying that the company will sell as
much as 6,000 kiloliters of diesel a month once it received a
license from the Government.

Indonesia opened its retail oil industry to competition in 2005
after ending state-owned PT Pertamina's monopoly on unsubsidized
fuel sales, and that only nine among the 44 companies have
licenses to sell fuel to manufacturers, the report notes.
Medco wasn't among the companies that have secured retail
licenses from the energy ministry, Bloomberg relates.

Medco said that through its subsidiary, PT Medco Sarana
Balaraja, it acquired a fuel blending plant and storage facility
in Tanjung Priok, north of Jakarta.  Mr. Mangunkusumo said that
the fuel depot has a capacity of 22,700 kiloliters of diesel and
that Medco will get diesel supply from a petrochemical complex,
owned by PT Trans Pacific Petrochemical Indotama, the report
adds.

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged  
in the exploration, production of and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter - Asia Pacific stated on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.

According to S&P, the negative outlook on Medco reflects the
company's weaker financial profile due to its increased debt
burden to fund its aggressive capital expenditure.

In a TCR-AP report on Aug. 16, 2006, Moody's Investors Service
has changed the outlook on Medco Energi's ratings to negative
from stable.  The ratings affected by the outlook change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


PANIN BANK: Fitch Affirms 'C/D' Individual & '5' Support Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the Individual and Support ratings of
Bank Pan Indonesia at 'C/D' and '5', respectively.

Panin's Individual rating reflects its robust capital position,
reduced but still good profitability, a high but quite well-
reserved level of impaired loans, while its Support rating
reflects its size (c.2% of system assets) and the minority stake
of ANZ Banking Group (29%) in the bank.

Although Panin's underlying profitability declined over 2005 and
the first nine months of 2006, its pre-tax ROA at 2.6% in 9M06
remained good relative to peer average of 2.3% (based on the
data from the first six months of 2006.).  NPLs increased over
2005 and 9M06 although the NPL ratio remained stable at 7.8% at
end-September 2006.

However, provision reserves cover remained generally adequate at
1.0x NPLs with additional provisions that may be required under
more distressed conditions (based on stress testing by Fitch),
cushioned by its robust capital position.  Total CAR increased
to 33.1% at end-September 2006 due to the injection of new
capital from a rights issue.

                        About Panin Bank

Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include  
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.

                         *     *     *

A Troubled Company Reporter - Asia Pacific report on August 4,
2006, stated that Moody's Investors Service revised its outlook
for Pan Indonesia Bank's D- bank financial strength rating to
positive from stable.


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

AIFUL CORP: Remains on Fitch's Rating Watch Negative
----------------------------------------------------
Fitch Ratings has said the ratings of Aiful Corporation remain
on Rating Watch Negative on which they were placed on Dec. 15,
2006.  This follows the company's announcement last week that it
will implement major restructuring measures to cope with the
challenges the industry faces following the changes in Japan's
Money Lending Business Law.

The revision in the MLBL includes tighter regulations on
interest rates; a lowering of the interest rate ceiling to
between 15% and 20% from the current 29.2% level.  The measures
to be adopted by Aiful include a cut in the number of branches
and outlets by more than half to 1,000, a 13% reduction in its
total staff and the consolidation of its four finance
subsidiaries.  The company expects the restructuring to generate
returns on assets of at least 1.5% from the fiscal year starting
April 2007.

In addition, the agency notes that Aiful plans to change its
credit scoring model to accurately identify lower risk customers
who would then be entitled to lower interest rates as well as to
increase its secured loans backed by real estate collateral.
Aiful also plans to increase its lending to middle risk
companies through its two subsidiaries, City's as well as
Businext, a joint-venture with Sumitomo Trust and Banking, and
to strengthen its credit card business.  The company will also
focus on improving its consumer loans guarantee business
extended by regional financial institutions in Japan, and its
servicing business under AsTry, a joint-venture with Aozora
Bank.

Although the revision in the MLBL will only take in full effect
from January 2010, the agency notes that non-bank finance
companies and consumer finance companies in particular, are
already gearing down their financing business.  Fitch notes that
it is inevitable that profitability at CFCs will be drastically
reduced, and rationalisation will be necessary.  Aiful's target
ROA of 1.5% is around half of the figure it posted for the last
fiscal year (2.5%), but its capital ratio, which was 24% in the
same period, may increase going forward.  However, Aiful is
expected to post a net loss for this year ending March 2007
following additional provisions for reimbursement interest
payment.  This net loss is likely to increase due to severance
pay and other rationalisation costs.

Fitch welcomes Aiful's effects to quickly streamline its
business but needs to further assess the implementation process
before taking rating actions.  Together with Aiful, the agency
also placed four other consumer and commercial finance companies
on RWN on December 15, 2006.  The companies are Acom Co., Ltd.,
Promise Co., Ltd., Sanyo Shinpan Finance Co., Ltd. and Lopro
Corporation.  The agency expects to resolve the Rating Watch in
March 2007.

                          *     *     *

Aiful Corporation -- http://www.ir-aiful.com/english/-- is the   
largest Japanese consumer finance company. The Company provides
financial services such as unsecured/non-guaranteed loans and
commerical/real estate collateral loans.  Currently the company
is based in Kyoto and has annual profits of close to JPY100
billion on over JPY2 trillion worth of loans.

As reported by the Troubled Company Reporter - Asia Pacific on
April 21, 2006, the Financial Services Agency had suspended
Aiful's operations in March as punishment for intimidation and
illegal collection practices.  As a result of the business
suspension, Aiful expects its group net profit to fall 20.2% to
JPY52.54 billion for 2006.


AIFUL CORP: To Cut Jobs & Close Outlets as Part of Restructuring
----------------------------------------------------------------
Aiful Corp. said that it would cut into half the number of its
outlets and slash more than 10% of its workforce as part of a
major restructuring, Reuters relates.

According to The Japan Times, Aiful currently has 2,713 outlets
on a group basis.  The number will be slashed to 1,193.  
Moreover, the current 7,000 full-time workers will be reduced by
400 through voluntary retirement while 4,000 part-time workers
will be cut by 900.

Bloomberg points out that Aiful, in a statement filed with the
Tokyo Stock Exchange, will ask its employees, including
temporary staff at the group, to resign voluntarily by Sept. 30.

Aiful's move, which the company announced in a press release on
January 20, comes amid mounting legal costs and tighter
regulations on interest rates, Reuters says.

Reuters recounts that Japan's consumer loan firms have faced a
flood of demands to repay interest charges deemed illegal by
courts.  The charges were levied on loans with rates set at
between 20% and 29%, a gray zone between two conflicting lending
laws.

Japan's parliament last month approved a bill to eliminate this
gray zone and cut the maximum interest rate that can be charged
on loans to 15-20%, Reuters further recounts. That change is
expected to lead to a sharp drop in the industry's revenues.

Aiful stated that the restructuring would cut operating costs by
more than JPY40 billion (US$330 million) a year on an
unconsolidated basis, Kyodo News says.

Reuters also notes that Aiful estimated a special loss of
JPY5.3 billion for retirement allowances, but forecast employee
cost savings of JPY7.6 billion from the next business year
starting in April.  It said it was still assessing the overall
earnings impact from the restructuring plan.

                          *     *     *

Aiful Corporation -- http://www.ir-aiful.com/english/-- is the   
largest Japanese consumer finance company. The Company provides
financial services such as unsecured/non-guaranteed loans and
commerical/real estate collateral loans.  Currently the company
is based in Kyoto and has annual profits of close to JPY100
billion on over JPY2 trillion worth of loans.

As reported by the Troubled Company Reporter - Asia Pacific on
April 21, 2006, the Financial Services Agency had suspended
Aiful's operations in March as punishment for intimidation and
illegal collection practices.  As a result of the business
suspension, Aiful expects its group net profit to fall 20.2% to
JPY52.54 billion for 2006.


CHUO MITSUI: Fitch Upgrades Individual Rating to C/D from D
-----------------------------------------------------------
Fitch Ratings has upgraded Chuo Mitsui Trust & Banking Company's
Individual rating to 'C/D' from 'D'.  At the same time, the
agency affirmed the Long-term foreign and local currency Issuer
Default ratings 'BBB+', Short-term foreign and local currency
IDRs at 'F2' and Support rating at '2'.  The rating Outlook is
Positive.

The upgrade of Chuo Mitsui's Individual rating reflects the
steady improvement in the bank's asset and capital quality.  
Chuo Mitsui has demonstrated its ability to reduce non-
performing loans as reflected by its improvement in the non-
performing to total loans ratio at end-September 2006, which
stood at 1.9% on an unconsolidated basis, including the banking
as well as trust accounts.  Furthermore, Chuo Mitsui's
consolidated Tier 1 capital ratio rose to 7.75% at end-September
2006 through internal capital generation, compared to 6.54% a
year earlier.  Although the ratio is in line with the large
banks in Japan, there is still some room for improvement in its
capital quality through the reduction of public funds and
deferred tax assets which are currently included in its Tier 1
capital.

However, it should be noted that the bank completed a partial
conversion of its outstanding public funds during the first half
of the fiscal year to end-March 2007 without hindering
regulatory capital ratios.  Fitch will continue to look for
improvements in Chuo Mitsui's capital levels as well as its
quality through the bank's ability to generate retained earnings
in the next 12 to 18 months.


FORD MOTOR: Loses US$1 Bil. Annually on Counterfeit Auto Parts
--------------------------------------------------------------
Ford Motor Co. claims that it loses about US$1 billion annually
from counterfeit auto parts, according to a study by the United
States Chamber of Commerce.

"The growing problem of counterfeiting and piracy threatens
businesses and consumers in nearly every region of the world,"
according to the study, which will be released this week.

The study also looked at counterfeiting problems for office
equipment company Xerox Corp., pharmaceutical company Merck &
Co. Inc., athletic shoe maker New Balance, and brake and
friction material supplier Bendix Commercial Vehicle Systems
LLC, Reuters says.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles   
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company also has operations in Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

The TCR also reported on Dec. 7, 2006, that Fitch Ratings
downgraded Ford Motor Company's senior unsecured ratings to 'B-
/RR5' from 'B/RR4' due to the increase in size of both the
secured facilities and the senior unsecured convertible notes
being offered.

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


FORD MOTOR: Eyes Partnership With Toyota
----------------------------------------
Ford Motor Co. and Toyota Motor Corp. are considering forming an
alliance since the mid-December talks between Ford Chief
Executive Alan Mulally and Toyota Chairman Fujio Cho, Norihiko
Shirouzu and Jeffrey McCracken of the Wall Street Journal
report.  

WSJ says the meeting has run for more than two hours and the two
executives may meet again soon.  A Toyota spokesman disclosed
that the parties did not schedule another meeting but stressed
that Toyota is open-minded to forming a bond to share costs of
developing new technology.

The Japanese business daily newspaper Nihon Keizai Shimbun
relates that Toyota aims to have a partnership with Ford as a
way to ease potential friction with the U.S. auto industry.

According to WSJ, Ford could be interested in a partnership with
Toyota that could focus on powertrain technology such as
gasoline-electric hybrid engines or on smaller, four-cylinder
engines.

It is dubious Toyota would seek to buy a Ford stake albeit
Toyota's market capitalization far exceeds Ford's, Analysts told
WSJ, pointing out to Ford founder Henry Ford's descendants who
controlled the 40% voting stock as a primary barrier.  Analysts
add that Toyota has avoided large-scale acquisitions and unions
with rival auto makers while Ford has too many financial
troubles to buy a Toyota stake.

Analysts, WSJ notes, expect Toyota to outsell Ford in the U.S.
on an annual basis as early as this year.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles   
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company also has operations in Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

The TCR also reported on Dec. 7, 2006, that Fitch Ratings
downgraded Ford Motor Company's senior unsecured ratings to 'B-
/RR5' from 'B/RR4' due to the increase in size of both the
secured facilities and the senior unsecured convertible notes
being offered.

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


FORD MOTOR: Workers Start Receiving Checks for Dismissal
--------------------------------------------------------
The former workers of Ford Motor Co. have started receiving
checks for their dismissal, The Virginia-Pilot reports.

Virginia-Pilot relates that the workers were frustrated by late
buyout checks.  They had been promised checks of up to
US$100,000 before taxes, three to five weeks after they left
Ford Motor.  However, many of them who had left work in November
2006 still had not received any payment.

Marcey Evans -- a spokesperson for Ford Motor in Dearborn,
Michigan -- predicted that the checks would arrive by the end of
last week, Virginia-Pilot notes.

"I was really surprised.  I really thought they were going to
keep delaying it like they did with the insurance," Tammi
Dooley, one of the former Ford Motor employees who received the
check on Jan. 18, told Viginia-Pilot.

According to Virginia-Pilot, over 200 former Ford Motor workers
faced a discontinuation of insurance benefits in December 2006
due to a paperwork error.

Ms. Evans told Virginia-Pilot that Ford Motor would not release
details on how many checks have been sent or how many were yet
to go out.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles   
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company also has operations in Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

The TCR also reported on Dec. 7, 2006, that Fitch Ratings
downgraded Ford Motor Company's senior unsecured ratings to 'B-
/RR5' from 'B/RR4' due to the increase in size of both the
secured facilities and the senior unsecured convertible notes
being offered.

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


HERBALIFE: Names Patrick Dailey as Chief Administrative Officer
---------------------------------------------------------------
Herbalife Ltd. promoted Patrick R. Dailey, Ph.D., to the newly-
created position of chief administrative officer, responsible
for human resources, overseeing the company's real estate
portfolio, risk management and corporate travel.  Mr. Dailey
joined the company in August 2005 as senior vice president of
human resources.

Mr. Dailey came to Herbalife from Hewlett-Packard Company in
Palo Alto where he served as vice president, global workforce
management.  Previously, he was employed at Lucent Technologies.  
Earlier in his career, Dailey worked at Korn/Ferry
International, The British Oxygen Group, and PepsiCo's Frito-Lay
division.

Herbalife has approximately 3500 employees in 150 locations
around the world. Mr. Dailey's appointment furthers the
development of the company's infrastructure towards becoming a
world-class leader in the nutrition industry.

                          *     *     *

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--   
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China, as well as major distribution centers in Japan,
Netherlands, the United States and Mexico.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


HERBALIFE LTD: Names Charles Sperazza Chief Information Officer
---------------------------------------------------------------
Herbalife Ltd. appointed Charles A. Sperazza as chief
information officer with responsibility to provide strategic
direction to develop, maintain and facilitate the implementation
of an integrated IT infrastructure for use by Herbalife, its
affiliates and independent distributors.  He will report to
Chief Financial Officer Richard Goudis.

Mr. Sperazza is a seasoned IT professional who joined the
company from Agere Systems, Inc., a NYSE-listed designer,
developer and manufacturer of integrated circuits, where he
served as vice president and chief information officer.  There,
he directed 200 technology professionals as well as all aspects
of IT including data center operations, networks,
telecommunications and software development, as well as
supporting 20 engineering design centers on three continents.

Previously, Mr. Sperazza was senior vice president of
information systems at Liberty Travel, Inc. where his
accomplishments included implementing a migration to the Oracle
11i E-Business suite in parallel with a multi-million dollar
infrastructure platform upgrade.

Earlier roles include positions at EMC Corp., which provides
enterprise storage systems, software and services, and Oracle
Corporation, where Mr. Sperazza was responsible for managing the
successful implementation of full Oracle ERP solutions for a
variety of clients.

Mr. Sperazza has competed in numerous triathlons including the
famed Hawaiian Ironman World Championship in 2002 in Kona,
Hawaii, where he placed first in his age group.  He holds a
master's degree from Syracuse University and earned his
Bachelor's of Arts degree from University of Connecticut.

                          *     *     *

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--   
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China, as well as major distribution centers in Japan,
Netherlands, the United States and Mexico.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


JAPAN AIRLINES: To Sell Jalux Shares To Sojitz For Up To JPY10BB
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 17, 2007, Japan Airlines Corp. expressed an intent to sell
part of its holdings in two subsidiaries -- Jalux Inc. and Tokyo
Humania Enterprise Inc. -- in order to improve its financial
condition.

In an update, Aero News relates that Japan Airlines is
negotiating to sell about half of its 51% stake in Jalux to
trading house Sojitz Corp.

Aero adds that Sojitz is expected to pay up to JPY10 billion,
depending on sales conditions.

The report explains that Jalux is a trading company listed on
the First Section of the Tokyo Stock Exchange and operates
retail outlets at airports and handles in-flight sales.  Jalux
posted a net profit of JPY 1.6 billion on sales of about
JPY108 billion in the year ended March.

                        About Jalux Inc.

Tokyo-based JALUX Inc.-- http://www.jalux.com/-- is involved in  
Aviation related business particularly in aircraft components,
aircraft fuel, machinery equipment and materials, cabin service
supply, in-flight sales, and textiles supply.  The company is
also involved in life service business and customer service.

                       About Sojitz Corp.

Headquartered in Tokyo, Sojitz Corp. -- http://www.sojitz.com/
-- is a trading company involved in machinery and aerospace,
energy and mineral resources, chemicals and plastics, real
estate development and forest products, consumer lifestyle
business, and new consumer development.

                      About Japan Airlines

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
October 10, 2006, that Moody's Investors Service affirmed its
Ba3 long-term debt ratings and issuer ratings for both Japan
Airlines International Co., Ltd and Japan Airlines Domestic Co.,
Ltd.  The rating affirmation is in response to the planned
restructuring of the Japan Airlines Corporation group on Oct. 1,
2006 with the completion of the merger of JAL's two operating
subsidiaries, JAL International and Japan Airlines Domestic.
JAL International will be the surviving company.  The rating
outlook is stable.

Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that
the company's debt obligations and expenses for new aircraft
have placed it in an unfavorable financial position.  Fitch
assigned a BB- rating on the Company, which is three notches
lower than investment grade.

On July 20, 2006, Standard & Poor's Ratings Services had
affirmed its B+ long-term corporate credit and senior unsecured
debt ratings on the Company.


JAPAN AIRLINES: To Realign Domestic Routes to Improve Profits
-------------------------------------------------------------
Japan Airlines Corp. will reveal its biggest domestic route
underlining efforts to turn around its struggling operations,
The Australian's Mariko Sanchanta reports.

The report, citing company sources, states that the domestic
realignment of 21 routes, including 10 that will be cut
completely, is expected to increase Japan Airlines' profit by
JPY4 billion (US$41.7 million) in the fiscal year starting April
2007.

Moreover, the report adds that JAL expects a net profit of
JPY3 billion this fiscal year, due to an extraordinary gain of
JPY25 billion from the restructuring of its pension system.

The airline has been cutting unprofitable routes for the past 18
months, The Australian recounts.

The report states that JAL, like all other airlines, has long
subsidized loss-making routes to provide the widest domestic and
international transport network possible.  But, with JAL's debt
hovering at JPY1.175 trillion and the expected losses on its
domestic and international operations this year, the Japanese
carrier has vowed to restructure its flight network, cut staff
and sell non-core assets.

The report also mentions JAL's plan to launch a new first-class
service on domestic flights.  Also, Jaunted.com states that JAL
will introduce a new premium economy cabin for its Boeing 777s,
serving key international routes between Japan and the U.S. and
Europe, and this will be available between late 2007 and early
2008.

The Australian points out that JAL is also set to announce a
reduction of about 6% of its workforce -- about 3,000 jobs --
when it presents its mid-term plan in early February.

In addition, as reported in the Troubled Company Reporter - Asia
Pacific on Jan. 23, 2007, JAL intends to rearrange its
international flight schedule to concentrate on those services
that are profitable.  With this move, The Australian notes, the
airline expects to boost profits by JPY7 billion in the coming
fiscal year.

                      About Japan Airlines

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
October 10, 2006, that Moody's Investors Service affirmed its
Ba3 long-term debt ratings and issuer ratings for both Japan
Airlines International Co., Ltd and Japan Airlines Domestic Co.,
Ltd.  The rating affirmation is in response to the planned
restructuring of the Japan Airlines Corporation group on Oct. 1,
2006 with the completion of the merger of JAL's two operating
subsidiaries, JAL International and Japan Airlines Domestic.
JAL International will be the surviving company.  The rating
outlook is stable.

Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that
the company's debt obligations and expenses for new aircraft
have placed it in an unfavorable financial position.  Fitch
assigned a BB- rating on the Company, which is three notches
lower than investment grade.

On July 20, 2006, Standard & Poor's Ratings Services had
affirmed its B+ long-term corporate credit and senior unsecured
debt ratings on the Company.


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

KOOKMIN BANK: Proposed Senior Notes Gets S&P's 'A-' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 22, 2007, assigned
its 'A-' rating to Kookmin Bank's (A-/Stable/A-2) proposed
senior unsecured notes to be drawn down from its US$4 billion
global MTN program.  The rating on the unsecured debt is subject
to final documentation.

"Kookmin has a leading market position in the Korean domestic
banking market.  With over 21% of total deposits in the sector,
its lower funding costs enable the bank to maintain its net
interest margin above 3.8%, surpassing the ratios of its
domestic competitors," said Standard & Poor's credit analyst
IkChul Kim.

Kookmin's branch network, the largest in Korea, contributes to
its adequate funding and liquidity.  The bank's concentration
risk to single obligors is limited because its loan portfolio is
diversified and is comprised of relatively small loans to
individual households and small to midsize enterprises.

The bank's earnings have steadily improved since recording a net
loss in 2003, although volatility remains high by international
comparison.  Kookmin  recorded relatively strong ROA of 1.2% in
2005 and 1.6% (annualized) for the first three quarters of 2006.

Kookmin's problem loan (including loans classified as
precautionary and below) ratio improved significantly to 2.7% as
of September 2006 from 5.0% as of September 2005.  The bank's
exposure to the SME sector and Korea's volatile real estate
market remain potential risk factors, although these appear to
be currently manageable.

                          *     *     *

On March 27, 2006, Moody's Investors Service gave Kookmin Bank a
Bank Financial Strength rating of D+.  Moody's affirmed the
rating on Jan. 22, 2007.

Fitch Ratings gave the bank a B/C individual rating.


KOOKMIN BANK: Moody's Maintains 'D+' Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service on Jan. 22, 2007, assigned an A3
rating to Kookmin Bank's proposed US$ senior unsecured drawdown
under its US$4 billion Global Medium Term Note Programme.  The
outlook for the rating is positive.

The rating is subject to receipt of final documentation, the
terms and conditions of which would be unchanged in any material
way from the draft documents Moody's has reviewed.

"The ratings reflect Kookmin Bank's leading position as Korea's
largest bank and dominant retail banking franchise - as of
September 2006, it had assets of KRW198 trillion and deposits of
KRW135 trillion," says Moody's Vice President and Senior Credit
Officer, Beatrice Woo.  "The bank also enjoys moderate financial
fundamentals, as indicated by its D+ bank financial strength
rating.  Finally, the ratings incorporate strong regulatory
support, if needed, given the bank's size and franchise," she
adds.

Kookmin Bank is the largest bank in Korea, having secured its
dominant ranking through a merger with Housing & Commercial Bank
in November 2001.  The bank operates a strong retail banking
franchise: about 64% of its loans are to households while about
27% go to small and medium sized enterprises.  In terms of
ownership, ING Group holds a 4.1% stake.

The bank's other ratings are:

   -- subordinated debt rating of Baa1;

   -- short-term debt rating of Prime-1,

   -- foreign currency long-term/short-term deposit of
      A3/Prime-1; and

   -- bank financial strength of D+.

The long-term ratings carry a positive outlook and all other
ratings stable.


SHINHAN BANK: S&P Removes Ratings From CreditWatch
--------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 22, 2007, affirmed
its 'A-/A-2' counterparty credit ratings on Shinhan Bank and
removed the ratings from CreditWatch, where they were placed on
Aug. 17, 2006.

At the same time, Standard & Poor's affirmed and removed from
CreditWatch its ratings on the bank's senior unsecured notes,
lower Tier II subordinated notes, upper Tier II subordinated
notes, hybrid Tier I notes, and CP.

The outlook on the long-term rating is stable.

The resolution of the CreditWatch placement reflects the
expectation that concerns over Shinhan Financial Group's capital
strength due to the planned purchase of LG Card Co. Ltd. will be
mitigated by strong capital generation by LG Card over the next
few years.  Stable capital generation is also expected from
Shinhan Bank, the group's main operating bank, which will
account for above 80% of the group's total assets after the
acquisition.  In addition, SFG's plan to raise KRW3.75 trillion
(56% of total funding needed for the purchase) through preferred
shares appears feasible in the current market climate and is
expected to reduce the group's capitalization risks.

Although the acquisition will have an immediate negative impact
on SFG's capital adequacy, Standard & Poor's expects the group's
capitalization to recover to pre-acquisition levels in about
three years provided Shinhan Bank and LG Card maintain their
current level of profitability.  Other mitigating factors for
Shinhan Bank include expected improvement in its market position
and more diversified business structure from the acquisition of
LG Card, the largest monoline credit card company in Korea.

The ratings on Shinhan Bank were placed on CreditWatch with
negative implications reflecting contingent capital impairment
risks due to higher-than-usual upstream dividends and other
upstreaming of the bank's capital to cover the acquisition,
although the parent company, SFG, will be the ultimate
purchaser.

The bank's parent holding company finalized the terms and
conditions of purchasing LG Card by signing an agreement with
Korea Development Bank (KDB; A/Stable/A-1), including final
acquisition price and number of target shares for tender offer.
According to the agreement, SFG will pay KRW6.7 trillion for
78.6% shares of LG Card.  SFG will be the controlling
shareholder of LG Card, with 85.7% shares, including 7.1% shares
already held.

Recently, the acquisition was approved by the Fair Trade
Commission, and the Korean Financial Supervisory Committee is
reviewing approval of the acquisition and SFG's incorporation of
the new subsidiary.  SFG is expecting to complete the tender
offer and incorporation of LG Card by April 2007.

SFG will issue redeemable preferred shares worth KRW2.9 trillion
and redeemable convertible preferred shares worth KRW0.85
trillion to fund about 56% of the acquisition.  Although the
purchase premium for LG Card is likely to be over KRW4 trillion
as of the expected acquisition date, this hybrid equity
financing is expected to help mitigate risks to the group's
capital strength.

LG Card is expected to extend its solid earnings track record
for the next few years following strong earnings of KRW1.36
trillion, or 11.4% of managed assets, in 2005; and KRW0.95
trillion, or an annualized 10.0% of managed assets, in the
nine-month period ending September 2006.  LG Card's earnings are
underpinned not only by its leading market position, but also by
its recovery from large write-offs made in times of distress,
and tax shield effects from over KRW2 trillion of net operating
losses, which will continue for the next few years.

LG Card's upstream dividends could be used as a source to repay
funding for the acquisition given that the company's regulated
capital adequacy ratio is relatively high at over 30%.
Integration risks from labor issues have not been significant as
to impact the overall acquisition process, and are likely to be
manageable considering SFG's acquisition track record.

LG Card is Korea's leading credit card company with about KRW12
trillion of managed financial assets at the end of September
2006.  On completion of the acquisition, SFG will lead Korea's
credit card industry with an estimated 25% market share.  LG
Card's asset quality, profitability, and capital adequacy are
recovering rapidly.  In the first three quarters of 2006, the
company recorded a delinquency ratio (payments at least one
month overdue) of 4.4%, return on managed assets of 10.0%, and a
regulated capital adequacy ratio of 32.7%.

                       About Shinhan Bank

Headquartered in Taepyeong-no, Seoul, Shinhan Bank --
http://www.shinhan.com/-- was established in 1982 with capital    
from Korean residents in Japan.  It is Korea's fourth largest
bank by assets -- second largest after merging with Chohung Bank
-- holding a 9% share of deposits and 11% of loans.  The bank
has developed a strong franchise in the consumer as well as
small and medium-sized enterprise segments.  In September 2001,
it formed a holding company, Shinhan Financial Group, under
which it and five other affiliates became stable companies.
Since then, the Shinhan Financial Group has expanded its
organizational structure to include 11 subsidiaries and is now
Korea's second largest financial group.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2006, that Moody's Investors Service has raised
Shinhan Bank's Bank Financial Strength Rating to D+ from D.  The
revised rating carries a stable outlook.  The higher BFSR
reflects the bank's sustained financial fundamentals upon its
merger with affiliate Chohung Bank.


SK CORP: Creates Strategic Alliance with Japan's Nippon Oil
-----------------------------------------------------------
SK Corp. signed a contract with Nippon Oil Corporation on
Jan. 22, 2007, to establish a strategic alliance with the
Japanese oil refining company, SK discloses in its Web site.

Under the deal, which runs until March 31, 2017, the parties
will buy each other's shares to further strengthen cooperative
relations.

Pursuant to SK Corp's disclosure, the contract details are:

A. Business Alliance

   1) Exploration and Production

      Running a technical committee to exchange technical
      analysis and information aiming for possible collaboration
      in exploration and development, and acquisition of oil
      fields.

   2) Petroleum (Supply & Trading)

      Optimize supply chains for both companies through
      collaboration in the exchange and lease of crude oil and
      petroleum products by sharing transportation and storage
      facilities.  Consider the lease of intermediate and
      finished products to each other during maintenance
      shutdowns.

   3) Petrochemical

      Increase efficiency through the exchange and lease of
      petrochemical products and cooperation in transportation
      and storage of petrochemical products.  Study the
      feasibility of jointly constructing production facilities.

   4) Lubricants

      Exchange and lease of lube base oil and co-utilization of
      lube blending facilities to build a stable and efficient
      lubricants supply system.

   5) Overseas Business

      Collaboration in investment opportunities in refining and
      petrochemical projects, including joint construction of
      facilities in the region.

   6) Others

      Cost reduction and improved efficiency in the fields of
      tanker operations, refining technologies, and research &
      development.  Review of additional business opportunities.

B. Equity Alliance

   1) SK Corp.'s Purchase of NOC Shares

         * Total number of shares to be purchased: Approximately
           14.32 million common shares (0.98% of total common
           shares)

         * Total purchase price: not to exceed KRW100 billion

   2) NOC's Purchase of SK Corp. Shares

         * Total number of shares to be purchased: Approximately
           1.29 million common shares (1% of total common
           shares)

         * Total purchase price: not to exceed JPY13 billion

The companies may increase cross-shareholdings from the initial
1%, Bloomberg News cites Nippon Oil's President Shinji Nishio as
saying.

Headquartered in Seoul, South Korea, SK Corp. --
http://eng.skcorp.com/-- is an energy and petrochemical company    
with 4,916 employees and 22 offices around the world in 2005.
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
include Peru in Latin America.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective Feb. 17, 2006.


SK CORP: Ratings Unaffected by Strategic Tie-Up, Fitch Says
-----------------------------------------------------------
Fitch Ratings commented on Jan. 22, 2007, that Nippon Oil
Corporation's and SK Corporation's ratings are not immediately
affected by the announced comprehensive strategic alliance.  
he agency also notes that if the planned alliance brings the
expected capacity utilization and cost performance improvements,
it will strengthen both companies' bargaining power in the
increasingly challenging global energy markets.

The ratings on NOC are: Long-term foreign and local currency
Issuer Default ratings of 'BBB' with a Stable Outlook.  SK's
Long-term IDR is 'BBB-' with a Negative Outlook and Short-term
rating of 'F3'.

On January 22, 2007, NOC and SK announced that they will be
engaged in a strategic alliance, aimed at joint global expansion
and cost reduction.  Both companies have seen their margins
eroding, as they have not been able to benefit from the crude
oil price hike, being the late entrants into the upstream
Exploration and Production business.  Additionally, the Japanese
refineries suffer at times from the unutilized capacity, as the
general demand is declining.  A deeper integration with fast
growing Asian markets has been discussed for some time.

The agency notes that the cost savings benefits are expected
from the economies of scale, as joint initiatives in crude oil
exploration, transportation and trading as well as in growing
petrochemical, lubricants and research areas could bring unit
costs down.

Fitch will continue to monitor how the business and financial
profiles of the companies are affected as the alliance takes a
more concrete form.  The alliance includes a formal equity tie-
up as both companies will have about 1% cross-shareholding in
each other, although in Fitch's view, this does not have any
impact on their credit profiles at this stage.

NOC is a leading crude oil refiner and petroleum marketer in
Japan with net sales of JPY6,118 billion in FYE06.  SK is a
leading integrated energy and chemicals company in South Korea.

                          *     *     *

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective Feb. 17, 2006.


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

AKER KVAERNER: Inks US$250-Million Subsea Contract in India
-----------------------------------------------------------
Aker Kvaerner ASA has signed a letter of intent with Aker
Floating Production to deliver a complete subsea production
system for a customer in India.

Aker Kvaerner will also deliver the marine installation of the
floating production storage and offloading (FPSO) vessel to be
leased out by Aker Floating Production ASA.  The total value of
Aker Kvaerner's contracts is around US$250 million.

Aker Kvaerner is scheduled to install the FPSO and mooring
system and deliver the subsea production system by February
2008.  The subsea production system will be installed at 1100-
1400 meters water depth and includes trees, manifolds, controls
and umbilicals.

"It is the unique combination of capabilities within the Aker
Group that has secured the very important letter of intent,"
Martinus Brandal, CEO & President of Aker Kvaerner, said.  "We
are very excited about the future market potential that the
Indian continental shelf represents for Aker Kvaerner and the
rest of the Aker Group."

Aker Kvaerner Subsea will supply the subsea equipment and Aker
Marine Contractors will be responsible for the installation of
the FPSO and subsea equipment. Aker Kvaerner Pusnes will deliver
equipment for the mooring and offloading system to the FPSO.

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Malaysia, Brazil,
Chile, China, India, Indonesia, Japan, Singapore, South Korea,
Thailand.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                          *     *     *

Moody's Investors Service upgraded the ratings of Aker Kvaerner
Oil & Gas Group and Aker Kvaerner AS, primarily to reflect the
sustainable strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
two years, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS
  -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.  


CRIMSON LAND: Bursa Extends Plan Filing Deadline to March 7
-----------------------------------------------------------
As requested by Crimson Land Bhd, the Bursa Malaysia Securities
Bhd extended the company's deadline to submit its regularization
plan.

Specifically, the Bursa, in a letter addressed to the company
dated Jan. 17, 2007, said that it is giving the company an
extension of time until:

    -- February 7, 2007, to make the Requisite Announcement of
       the Company's regularization plans in accordance with  
       Paragraph 8.14C(2) of the LR and PN17; and

    -- March 7, or one month from the date of the RA to submit
       Crimson's regularization plans to the Securities
       Commission and other relevant authorities for approval.

The bourse previously denied Crimson's request to extend the
plan-filing deadline and instead decided to suspend and commence
a delisting exercise on the company's securities.

However, the company appealed the bourse's decision rejecting
the company's request.  Subsequent with the appeal, the bourse
deferred the planned suspension and delisting of the company's
securities.

Moreover, Bursa Malaysia decided that:

   -- in the event the company submits its regularization plans
      to the significant authorities for approval within the
      Extended Deadline, Bursa will await the outcome of the
      Company's submission; and

   -- the company must proceed to implement its regularization
      plans expeditiously within the timeframes or extended
      timeframes stipulated by the Approving Authorities in the
      event it obtains all Approving Authorities' approval
      necessary for the implementation of its regularization
      plan.

Bursa said that its decision is without prejudice to Bursa
Securities' right to proceed to suspend the trading of the
securities of the company and to commence delisting procedures
against the company in the event:

    a. the Company fails to make the RA on or before Feb. 7,
       2007;

    b. the company fails to submit the regularization plans to
       the Approving Authorities for approval on or before the
       expiry of the Extended Deadline;

    c. the company fails to obtain the approval from any of the
       Approving Authorities necessary for the implementation of
       its regularization plans and does not appeal to the
       Approving Authorities within the timeframe prescribed to
       lodge an appeal;

    d. the company does not succeed in its appeal against the
       decision of the Approving Authorities; or

    e. the company fails to implement its regularization plans
       within the timeframe or extended time frames stipulated
       by the Approving Authorities.

Upon occurrence of any of these events, a suspension will be
imposed on the trading of the listed securities of the company
upon the expiry of five market days from the date the company is
notified by Bursa or any other date as specified.

Crimson appointed Hwang-DBS Securities Berhad as the Merchant
Bank to prepare the company's regularization plan as well as to
act as adviser to the company for other related proposed
corporate exercises.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's
activities are property development, maintenance, investment and
rental services.  The Company is also into investment holding,
property cultivation, growing and trading of marine products,
rental of promotional space, management services and investment
holding.  

The Group operates in Malaysia.

Crimson Land is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd.

As of September 30, 2006, Crimson Land's balance sheet reflected
insolvency with MYR471.253 million in total assets and MYR472.70
million in total liabilities.  Shareholders' deficit in the
company reached MYR1.44 million.


EKRAN BERHAD: Books MYR24.54-Mil. Profit in December '06 Quarter
----------------------------------------------------------------
Ekran Bhd posted a net profit of MYR24.54 million on
MYR8.78 million of revenues in the second quarter ended
Dec. 31, 2006, as compared with a net loss of MYR2.08 million on
MYR4.51 million of revenues recorded in the same quarter of
2005.

The company's consolidated balance sheet as of Dec. 31, 2006,
showed total current assets of MYR336.44 million and
MYR248.61 million in current liabilities.

As of end-December 2006, total assets of the company amounted to
MYR1.073 billion and total liabilities aggregated to
MYR547.90 million, resulting to shareholders' equity of
MYR525.97 million.

A full-text copy of the company's financial report for the
second quarter ended December 31, 2006, can be viewed for free
at: http://bankrupt.com/misc/ekran-2q.xls

                          *     *     *

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


FCW HOLDINGS: Bursa Okays Plan Extension Filing Request
-------------------------------------------------------
The Bursa Malaysia Securities Bhd extended until March 7, 2007,
the time within which FCW Holdings Bhd may submit a
regularization plan.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 13, 2007, the company filed a request with the bourse to
extend the filing deadline to March 31.

However, the request was initially denied by the bourse and it
instead decided to suspend and commence a delisting procedure on
the company's securities.  Subsequently, FCW Holdings appealed
Bursa's decision.  The bourse, therefore, deferred the
suspension of the company's securities pending its decision on
the appeal.

In connection with the approval of the company's extension
request, the bourse also decided, among others, that:  

   -- in the event the company submits its regularization plans
      to the approving authorities for approval within the
      Extended Deadline, Bursa Malaysia will await the
      outcome of the company's submission; and

   -- the company must proceed to implement its regularization
      plans expeditiously within the timeframes or extended
      timeframes stipulated by the approving authorities upon
      approval of the plan.

Bursa Malaysia clarifies that its decision is without prejudice
to its right to proceed to suspend the trading of the securities
of the Company and to commence de-listing procedures against the
Company in the event:

    * the company fails to submit the regularization plans to
      the approving authorities for approval on or before the
      expiry of the Extended Deadline;

    * the company fails to obtain the approval from any of the
      approving authorities necessary for the implementation of
      its regularization plans and does not appeal to the
      approving authorities within the timeframe prescribed to
      lodge an appeal;

    * the company does not succeed in its appeal against the
      decision of the approving authorities; or

    * the company fails to implement its regularization plans
      within the timeframe or extended timeframe stipulated by
      the approving authorities.

Upon occurrence of any of these events, a suspension will be
imposed on the trading of the listed securities of the company
upon the expiry of five market days from the date the company is
notified by Bursa Malaysia or such other as specified.

                          *     *     *

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.


HALIFAX CAPITAL: Disposes Three Dormant Units
---------------------------------------------
Halifax Capital Bhd disposed three of its wholly owned
subsidiaries due to their dormant position since the date of
their incorporation.

Removed from the group were:

    - Affluent Capital Sdn Bhd;
    - Ash Creative Sdn Bhd; and
    - VA Advertising & Promotion Sdn Bhd.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad
-- fka. Setron (Malaysia) Berhad -- is principally engaged
investment holding, and assembly and sale of electrical and
electronic products.  Setron Sales & Service (M) Sdn. Bhd., the
Company's wholly owned subsidiary, is engaged in the
distribution of electrical and electronic products.

The company is considered an affected listed issuer under
Practice Note 17 as the its shareholders' equity on consolidated
basis is less than 25% of the issued and paid-up share capital
of the listed issuer and such shareholders' equity is less than
the minimum issued and paid up share capital.


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

BKC HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 12, 2006, the shareholders of BKC Holdings Ltd resolved
to liquidate the company's business and appointed Iain Andrew
Nellies and Paul William Gerrard Jenkins as joint and several
liquidators.

The Joint and Several Liquidators can be reached at:

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


COURTHOUSE CAFE: Court Issues Liquidation Order
-----------------------------------------------
On Nov. 23, 2006, the High Court of Nelson ordered Courthouse
Cafe Ltd to liquidate its business and appointed Iain Andrew
Nellies and Wayne John Deuchrass as joint and several
liquidators.

The Joint and Several Liquidators can be reached at:

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


FLOOR MECHANIX: Court to Hear Liquidation Petition on Feb. 8
------------------------------------------------------------
A liquidation petition filed against Floor Mechanix Ltd will be
heard before the High Court of Auckland on Feb. 8, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 25, 2006.

The CIR's solicitor can be reached at:

         Simon John Eisdell Moore
         Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         (PO Box 2213 or DX CP 24063)
         Auckland
         New Zealand


HERD & HARRIS: Court Orders to Liquidate Business
-------------------------------------------------
The High Court of Nelson ordered to liquidate Herd & Harris
Jewellers Ltd on Nov. 23, 2006.

Accordingly, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


KIWIMARK LTD: Faces Liquidation Proceedings
-------------------------------------------
New Zealand Nutritionals (2004) Ltd on Aug. 18, 2006, filed
before the High Court of Christchurch a liquidation petition
against Kiwimark Ltd.

The petition will be heard before the Court on Jan. 29, 2007, at
10:00 a.m.

NZ Nutritionals' solicitor can be reached at:

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


LIVE BAR: Court Sets Liquidation Hearing on January 29
------------------------------------------------------
The High Court of Palmerston will hear a liquidation petition
filed against Live Bar Ltd on Jan. 29, 2007, at 10:00 a.m.

The Mill Liquorsave Ltd filed the petition on Oct. 25, 2006.

The Mill Liquorsave's solicitor can be reached at:

         Dianne S. Lester
         Credit Consultants Debt Services NZ Limited
         Level 3, 3-9 Church Street
         (PO Box 213 or DX SX 10069), Wellington
         New Zealand
         Telephone:(04) 470 5972


MCLEAN TOWER: Liquidation Hearing Slated for February 1
-------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against McLean Tower Ltd on Feb. 1, 2007, at 10:45 a.m.

Plumbing World Ltd filed the petition with the Court on Oct. 27,
2006.

Plumbing World's solicitor can be reached at:

         Dianne S. Lester
         Credit Consultants Debt Services NZ Limited
         Level 3, 3-9 Church Street
         (PO Box 213 or DX SX 10069), Wellington
         New Zealand
         Telephone:(04) 470 5972


OTAGO POST: Shareholders Opt for Voluntary Liquidation
------------------------------------------------------
On Aug. 31, 2006, the shareholders of Otago Post Production Ltd
passed a special resolution to liquidate the company's business
and appointed Trevor Edwin Laing as liquidator.

The Liquidator can be reached at:

         Trevor Laing
         Trevor Laing & Associates
         PO Box 2468, Dunedin
         New Zealand
         Telephone:(03) 454 4559


PHARMALIGHT LTD: Court Sets Liquidation Hearing on January 30
-------------------------------------------------------------
Harriet Barbara Curtis, company director of Waihi Plaintiff
filed with the High Court of Hamilton a petition to liquidate
Pharmalight Ltd on Nov. 2, 2006.

The petition will be heard before the Court on Jan. 30, 2007, at
10:45 a.m.

H. B. Curtis' solicitor can be reached at:

         Michael Curtis
         Clark & Gay
         Seddon Street, Waihi
         New Zealand
         Facsimile:(07) 863 8306


R N PRO: Creditors Must Prove Debts by February 8
-------------------------------------------------
On Dec. 18, 2006, the shareholders of R N PRO Ltd appointed
Robert Laurie Merlo as the company's liquidator.

Accordingly, the company's creditors are required to prove their
debts by Feb. 8, 2007.  Failure to prove debts will exclude a
creditor from sharing in the company's distribution.

The Liquidator can be reached at:

         Robert Laurie Merlo
         Merlo Burgess & Co. Limited
         PO Box 51486
         Pakuranga, Auckland
         New Zealand
         Telephone:(09) 520 7101
         Facsimile:(09) 529 1360
         Email: merloburgess&co@xtra.co.nz


VFM MATERNITY: Appoints Nellies and Deuchrass as Liquidators
------------------------------------------------------------
On Dec. 18, 2006, the shareholders of VFM Maternity Ltd resolved
to liquidate the company's business and appointed Iain Andrew
Nellies and Wayne John Deuchrass as joint and several
liquidators.

The Joint and Several Liquidators can be reached at:

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


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

AFP-RSBS: Landbank Will Not Sell Fund's Assets
----------------------------------------------
The Land Bank of the Philippines will not assume the
responsibility of selling the multi-billion assets of the
Retirement and Separation Benefit System of the Armed Forces of
the Philippines, ABS-CBN News reports, citing The Philippine
Star.

"That (selling assets) is not one of our core responsibilities.
We have our own NPAs (non performing assets) to take care of,"
the paper cites Landbank President Gilda E. Pico as saying.

However, Landbank is willing to provide other services to the
military fund, Ms. Pico said, noting that prospects of RSBS will
be discussed with Defense officials.

The Philippine Star recounts that former Department of National
Defense Secretary Avelino S. Cruz Jr. and AFP Chief of Staff
Hermogenes C. Esperon Jr. tapped Development Bank of the
Philippines and Landbank to manage RSBS' assets to ensure that
its members will still receive their pension and retirement pay.

ABS-CBN relates that DBP President and CEO Reynaldo G. David
said the talks between the banks and the defense department
slowed after undersecretaries tasked to handle the deal resigned
in 2006.

However, AFP Spokesman Lt. Col. Bartolome V.O. Bacarro said the
military has no comment on the issue, The Philippine Star notes.

                         About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by Presidential Decree 361 as
amended to serve as a self-sustaining fund system from which the
pension, separation, and other benefits of the soldiers maybe
taken.

The Troubled Company Reporter - Asia Pacific reported on Oct. 9,
2006, that military officials revealed the closure of the Armed
Forces of the Philippines Retirement and Separation Benefits
System after an investigation found that some of its officials
have mismanaged the multibillion-peso fund.

According to the report, billions of pesos, which had been
misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.


EAST ASIA POWER: Sets Special Stockholders Meeting on Feb. 28
-------------------------------------------------------------
East Asia Power Resources Corporation advises the Philippine
Stock Exchange that its Special Stockholders' Meeting will be
held on February 28, 2007, at 10:00 a.m., at the Turf Room of
the Manila Polo Club, McKinley Road, in Forbes Park, Makati
City.

Only the stockholders of record as of February 7, 2007, will be
entitled to notice of, and to vote at the meeting.

The agenda of the meeting include the appointment of an external
auditor for the year ending December 31, 2006.

                     About East Asia Power

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the Company changed its
primary purpose from mining to holdings.  In 1996, the Company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the Company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The Company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the Company's financial report for
the year ended December 31, 2005.  SGVC notes that the Company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of
Dec. 31, 2005, and 2004.


MANILA ELECTRIC: Board Confirms Purchase of Insurance Company
-------------------------------------------------------------
On January 22, 2007, at the Regular Meeting of the Board of
Directors of Manila Electric Company, the Board confirmed the
company's purchase of a local fronting insurance company --
Republic Surety and Insurance Co., Inc.

The captive insurance company will allow Meralco to:

   (a) insure its assets that cannot be insured commercially;
       and

   (b) efficiently manage its insurable risks.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around
PHP4.7 billion.


MANILA ELECTRIC: To Hold Annual Stockholders' Meeting on May 29
---------------------------------------------------------------
Manila Electric Company informs the Philippine Stock Exchange
that the company's Annual Stockholders' Meeting will be held on
May 29, 2007, at 9:00 a.m., at the Meralco Theater, Lopez
Building, in Ortigas Avenue, Pasig City.

Accordingly, the company's Board of Directors fixed March 15,
2007, as the record date for the determination of stockholders
entitled to notice and to vote at the ASM.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around PHP4.7
billion.


MANILA MINING: Confirms Joint Venture with Anglo-American
---------------------------------------------------------
Manila Mining Corp. and Anglo-American Exploration Philippines
Inc. are forging a joint venture agreement to jointly pursue
copper and gold exploration in Surigao del Norte, ABS-CBN News
reports.

According to Environment Secretary Angelo Reyes, the joint
venture will acquire Manila Mining's Bayugo property in Surigao
to compliment the mineral delivery of its current Boyongan
copper-gold project with Philex Mining Corp., the report
relates.

"This would significantly increase the commercial viability of
its Boyongan project that holds a 250 million metric ton mineral
reserve," ABS-CBN cites Horacio Ramos, director of the Mines and
Geosciences Bureau, as saying.

Mr. Ramos said Ango-American has committed to conduct a
feasibility study on the Boyongan copper project, ABS-CBN
relates.

In a statement filed with the Philippine Stock Exchange, Manila
Mining disclosed that the proposed exploration budget for the
Pre-Feasibility phase is at least US$20 million.

The London based company Anglo American Plc. has interest in 16
base metal (copper, nickel, zinc, niobium, titanium dioxide)
operations in seven countries, particularly in Brazil, Chile,
Ireland, Peru, South Africa, and Venezuela, ABS-CBN News notes.

                       About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.  
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

                          *     *     *

After auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the Company's ability to continue as
a going concern, noting the Company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.


PSI TECHNOLOGIES: SGV Raises Going Concern Doubt On 2005 Results
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 20, 2006, PSi Technologies Holdings, Inc., filed its
Annual Report on Form 20-F/A for the year ended December 31,
2005, with the United States Securities and Exchange Commission.

PSi Holdings wholly owns PSi Technologies, Inc.

In its 2005 Annual Report, PSi Holdings revealed that it has
incurred recurring losses since 2001.  Specifically, the
company's net loss for the years ended December 31, 2005, 2004,
and 2003 amounted to US$19.7 million, US$14.6 million, and
US$20.7 million, respectively.  While deficit amounted to
US$50.1 million as of December 31, 2005, and US$30.4 million as
of December 31, 2004.

Further, the company's negative working capital amounted to
US$13.0 million as of December 31, 2005, and US$22.8 million as
of December 31, 2004.

In 2005 and 2004, the company said that it recognized provision
for impairment losses on certain property, plant and equipment
amounting to US$4.2 million and US$1.3 million, respectively.  
The company attributed these losses to:

   1. the net loss position from the start of commercial
      operations and negative projected cash flows of the China
      facility;

   2. decline in the recoverable value of real estate
      properties; and

   3. discontinuance of production of certain existing power
      packages with erratic or low sales volume.

                    Expired Credit Facility

The company revealed that it has a US$10-million credit facility
from the Singapore Branch of Raiffeisen Zentralbank Oesterreich
AG (RZB-Austria), which is available to PSi Technologies and PSi
Laguna of which US$9.4 million was outstanding as of Dec. 31,
2005.  As of that date, the company has not complied with
certain financial ratio requirements under the short-term credit
facility from RZB-Austria.

The credit facility was granted in 2002, had been renewed every
year and was supposed to expire on December 31, 2005.  The
credit facility is for a period from 2002 and renewed every year
thereafter until December 31, 2005.  However, on April 4, 2006,
RZB-Austria extended the credit facility granted to PSi
Technologies and PSi Laguna until December 31, 2006, under terms
and conditions similar to the credit facility granted in 2002.

                 SGV Raises Going Concern Doubt

In its audit report dated August 15, 2006, SyCip Gorres Velayo &
Co, raised substantial doubt about the company's ability to
continue as a going concern.  The auditor pointed at the
company's recurring losses from its operations and negative net
working capital position.

SGV noted that the consolidated financial statements as of and
for the years ended December 31, 2005, and 2004 do not include
any adjustments that might result from the outcome of this
uncertainty.

According to the company, it plans to mitigate its going concern
risk by engaging in cost reduction measures through plant
closures, rationalizing its capital expenditures, and promoting
better operating efficiencies.  It also plans to increase
revenue by targeting higher volume and margin sales from
existing and new customers.

A full-text copy of PSI's 2005 Annual Report is available for
free at:

              http://ResearchArchives.com/t/s?18d6

                          About PSi Tech

PSi Technologies (NASDAQ: PSIT) --
http://www.psitechnologies.com/-- a wholly owned subsidiary of  
PSi Technologies Holdings, Inc., is an independent semiconductor
assembly and test service provider to the power semiconductor
market.  The Company provides comprehensive package design,
assembly and test services for power semiconductors used in
telecommunications and networking systems, computers and
computer peripherals, consumer electronics, electronic office
equipment, automotive systems and industrial products.


RIZAL COMMERCIAL: Stockholders Approve Increase of Capital Stock
----------------------------------------------------------------
Rizal Commercial Banking Corporation's stockholders, owning more
that two-thirds of the outstanding capital stock of the bank,
has unanimously confirmed the increase of RCBC's authorized
capital stock from PHP9 billion to PHP13 billion.  However, the
stockholders' approval is still subject to the approvals of the
Bangko Sentral ng Pilipinas and the Securities & Exchange
Commission.

RCBC relates that on December 4, 2006, the Board of Directors
approved the authorized capital stock increase.

The PHP13 billion authorized capital stock is divided into:

   -- 1.1 billion Common Shares of stock with par value of PHP10
      per share; and

   -- 200 million of Preferred Shares of stock with a par value
      of PHP10 per share.

In addition, the stockholders confirmed a 15% stock dividend
corresponding to 110,768,703 shares, to support the increase of
the authorized capital stock, payable to holders of Common and
Preferred Class shares of record at the close of business on the
15th trading date from receipt of the approval of BSP and SEC of
the payment of the stock dividend.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking, and provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

On November 2, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings has assigned a final rating
of 'B-' to Rizal Commercial Banking Corporation's hybrid issue
of up to US$100 million.  The rating action follows the receipt
of final documents conforming to information previously
received.

The TCR-AP also reported on Nov. 6, 2006, that Moody's Investors
Service revised the outlook for RCBC's foreign currency senior
debt rating of Ba3, foreign currency Hybrid Tier 1 of B3, and
foreign currency long-term deposit rating of B1 to stable from
negative.  The outlook for RCBC's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
E+ remains stable, the TCR-AP said.

The TCR-AP reported on Oct. 24, 2006, that Standard & Poor's
Ratings Services assigned its 'CCC' rating to RCBC's (RCBC;
B/Stable/B) US$100 million non-cumulative step-up callable
perpetual capital securities.


* RP Plans to Issue Domestic Bonds to Raise PHP16 Billion
---------------------------------------------------------
According to Economic Planning Secretary Romulo Neri, the
Philippines plans to raise around PHP16 billion (US$326.5
million) through domestic bond issuance to complete the link of
two train systems in the capital and improve inter-island
shipping, Businessweek reports citing The Associated Press.

Completing the connection of the Metro Rail Transit and the
Light Rail Transit will cost around PHP10 billion pesos (US$204
million), Mr. Neri revealed, noting that the government can
float bonds ". . .through the (state-owned) National Development
Co."

Mr. Neri said the bond should be sold soon to take advantage of
the prevailing low interest rates and get the project moving to
help the economy, AP relates.

According to AP, the LRT and the MRT transport close to 750,000
passengers daily and are already linked at one end.  The
proposed 5.12-kilometer (3.18 mile) extension of the MRT will
complete the loop and increase passenger load.

A further PHP6 billion (U.S$122.8 million) of bonds may need to
be issued to kick-start a government plan to buy vessels.  These
vessels will be leased to domestic shipping operators to improve
the country's shipping industry, Mr. Neri said.

The Philippine government is in talks with the Japan Bank for
International Cooperation for a US$1 billion loan to bankroll
the plan of National Maritime Leasing Corp., AP relates.  But
the bond issuance will allow officials to pursue the plan as
they await JBIC's loan approval, AP says.

                          *     *     *

On January 10, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Stable/B, local currency
(BB+/Stable/B) proposed US$1.0 billion global bond issue
maturing in 2032.

On January 10, 2007, Fitch Ratings assigned a Long-term foreign
currency rating of 'BB' to the Republic of the Philippines'
(rated foreign currency Issuer Default 'BB') US$1 billion global  
bond maturing in 2032 and priced to yield 6.55%.

On November 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


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

BUILDERS FEDERAL: Court Issues Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Jan. 12, 2007,
to wind up the operations of Builders Federal (Singapore) Pte
Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court heard the wind-up petition against the company on
Dec. 15, 2006.  Builders Federal (Hong Kong) Limited filed the
petition.

The liquidator can be reached at:

         Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


COLEMAN EDUCATION: Undergoes Wind-Up Proceedings
------------------------------------------------
Specialists' Centre Private Limited filed a petition to wind up
the operations of Coleman Education Group Pte Ltd -- trading as
Coleman Commercial and Language Centre (Orchard).

Accordingly, the High Court of Singapore entered an order on
Jan. 12, 2007, to wind up the company's operations.

The liquidator can be reached at:

         Don Ho Mun-Tuke
         Don Ho & Associates
         20 Cecil Street
         #12-02/03 Equity Plaza
         Singapore 049705


COMPACT METAL: Director Tan Kay Sing Sells All Direct Shares
------------------------------------------------------------
Compact Metal Industries Ltd disclosed that Tan Kay Sing, a
director of the company has sold his direct shares in open
market on Jan. 17, 2007.

Prior to the sale, Mr. Tan held 755,000 direct shares with
0.341% issued share capital.  Presently, Mr. Tan doesn't hold
any direct shares.  Mr. Tan's deemed shares remains as it is at
6,072,000 deemed shares with 2.745% 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.


DIGILAND INTERNATIONAL: Posts Shareholders' Change of Interests
---------------------------------------------------------------
Digiland International Ltd disclosed changes to the holdings of
its shareholders.

Prior to the change, Temasek Holdings (Private) Limited, a
shareholder of the company, held 695,100,255 deemed shares with
9.08% issued share capital.  Presently, Temasek Holdings holds
541,144,255 deemed shares with 7.07% issued share capital.  

Another shareholder, DBS Group Holdings Ltd, also reduced its
deemed shares due to a sale in the open market.  Currently,
DBS Group holds 497,494,255 deemed shares with 6.50% issued
share capital.  Prior to the change, DBS Group held 541,144,255
deemed shares with 7.07% issued share capital.

DBS Bank Ltd, also a substantial shareholder, reduced its direct
shares by a sale in the open market.  Prior to the change, DBS
Bank held 541,144,255 direct shares with 7.07% issued share
capital.  Presently, DBS Bank holds 497,494,255 direct shares
with 6.50% issued share capital.

                         About Digiland

Digiland International Limited -- http://www.digiland.com.sg/--
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12, 2006.


E-TECH MANUFACTURING: Will Pay First and Final Dividend
-------------------------------------------------------
E-Tech Manufacturing Pte Ltd, which is in creditors' voluntary
liquidation, will pay the first and final dividend to its
creditors on Feb. 2, 2007.

The company will pay 0.0735% to all claims that will be
admitted.

The liquidators can be reached at:

         Loke Poh Keun
         Ewe Pang Kooi
         c/o 8 Robinson Road
         #08-00 ASO Building
         Singapore 048544


HERCULES SHIPPING: Enters Wind-Up Proceedings
---------------------------------------------
Xavier Hu, trading as SME Funding Advisory, filed a petition to
wind up the operations of Hercules Shipping & Trading Co Pte Ltd
on Jan. 4, 2007.

The High Court of Singapore will hear the wind-up petition on
Feb. 2, 2007, at 10:00 a.m.

Xavier Hu's solicitor can be reached at:

         Tan, Oei & Oei LLC
         18 Cross Street
         #07-05 China Square Central
         Singapore 048423


PETROLEO BRASILEIRO: Inks Projects with Petroleos de Venezuela
-------------------------------------------------------------
Senior executives of Petroleo Brasileiro SA aka Petrobras and
Petroleos de Venezuela aka PDVSA met on Jan. 17, 2007, to
discuss details on the projects the two companies have been
developing jointly.  Petrobras and PDVSA presidents, Jose Sergio
Gabrielli and Rafael Ramires, in addition to several company
directors and managers, attended the meeting.  The two
presidents signed a Letter of Intentions on Jan. 18
consolidating the subject matters they had already agreed in
their recent meetings.

The projects under analysis are part of a set of agreements the
two companies have signed since 2005 and are still under
studies, pursuant to the routine that was established aiming at
finding solutions that allow the business to materialize.

Petrobras is studying investments in gas production projects in
Venezuelan territorial waters, in oil production projects in
five mature onshore fields, currently operated by PDVSA, as well
as in a field called Carabobo-1, in the region known as the
Orinoco Range, on the northern margin of the river that takes
the same name.  The projects involving the gas pipeline intended
to connect Brazil and Venezuela, over and beyond PDVSA's
participation in the Abreu e Lima refinery, which is already in
its basic engineering phase at the Petrobras' Research Center or
CENPES and is planned to be built near the Suape port, in the
Brazilian state of Pernambuco, were also detailed.

The Letter of Intentions signed highlights these projects:

   1. The conditions for Petrobras' involvement in the
      development of five oil fields in the interior of
      Venezuela, involving a 40% stockholding for Petrobras,
      and 60% for PDVSA;

   2. The mutual interest in developing a plant in Venezuela to
      improve the extra-heavy oil that comes from the Orinoco
      Range, with participation percentages yet to be defined;

   3. The creation of a mixed company in Venezuela, resulting
      from PDVSA's association with Petrobras, to develop the
      Carabobo-1 extra-heavy oil field, with PDVSA's
      shareholding control.  In turn, Petrobras will be the
      controller of company to be created in Brazil to design,
      build and operate the Abreu e Lima Refinery, in the
      Brazilian state of Pernambuco.

   4. The continuation of the economic viability studies to
      develop the Mariscal Sucre gas complex, considering the
      destination of half of the production (17,000,000 cubic
      meters per day) to the Venezuelan internal market, while
      the other half to the initial phase of the gas pipeline
      that will connect Venezuela to Northeastern Brazil.  At
      full capacity, it is estimated the gas pipeline will be
      capable of transporting 50,000,000 million cubic meters
      of gas per day, coming from other Venezuelan fields.

                About Petroleos de Venezuela

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

                 About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.

Petrobras has operations in China, India, Japan and Singapore.
It also operates in Venezuela through wholly owned subsidiary
PESA, which is controlled through the firm's Argentina-based
unit Petrobras Energia.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Plant Project to Cost More Than Planned
-----------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil company of Brazil,
told the Associated Press that construction of a planned
refinery, which will process Venezuelan and Brazilian crude,
will cost US$4 billion, far more than previous estimates.

AP relates that the plant, which will be built in Pernambuco,
was estimated to cost US$2.5 billion.

Petroleo Brasileiro chief executive Sergio Gabrielli did not
explain to AP what caused the project's cost to increase.

According to AP, a joint venture between Petroleo Brasileiro and
Petroleos de Venezuela, its Venezuelan counterpart, is expected
to process half its output with Venezuelan crude and the other
half with Brazilian petroleum.

Mr. Gabrielli told reporters that Petroleo Brasileiro will have
a 60% stake in the plant, while Petroleos de Venezuela will have
a 40% stake.

Brazil needs more refining capacity for heavy crude to be able
to stop importing diesel fuel and light crude in coming years,
AP states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Restarting P-55 Construction Tender
--------------------------------------------------------
A spokesperson of Petroleo Brasileiro SA, the state-owned oil
company of Brazil, told Business News Americas that the firm
will restart a tender to construct the P-55 semi-submersible
platform.

According to BNamericas, this will become the second tender for
offshore producing units that Petroleo Brasileiro has called off
in recent weeks.

Petroleo Brasileiro said that prices offered in bidding are too
high, BNamericas relates.

Published reports say that Brazilian-Singapore shipyard Keppel-
Fels offered the lowest price at US$1.65 billion, against the
only other bidder Atlantico Sul consortium.

Meanwhile, Petroleo Brasileiro had disclosed plans to restart
bidding for the P-57 floating production, storage and offloading
vessel due to low bids, BNamericas states.  Bidders for the
project included the Atlantico Sul consortium and Singapore-
Brazilian shipyard Maua-Jurong with prices of about US$1.1
billion.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp   
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, and distributes oil and natural
gas and power to various wholesale customers and retail
distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


REFCO INC: Court Denies Plan Confirmation Order Reconsideration
---------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York denies, as moot, Allied World
Assurance Company (U.S.), Inc.'s request to reconsider the
December 15, 2006 order confirming the Refco Inc. and its
debtor-affiliates' Modified Chapter 11 Plan.

Judge Drain finds that notwithstanding entry of the Confirmation
order or occurrence of the Plan Effective Date, the Court will
retain exclusive jurisdiction over all matters arising out of,
and related to, the Debtors' Chapter 11 cases; the Modified
Plan; and the global settlement agreement among Refco Capital
Markets, Ltd., and its unsecured creditors and securities
customers, to the fullest extent permitted by law, including the
Plan provisions.

Moreover, Judge Drain points out, the Plan Confirmation Order
states that to the extent of any inconsistency between the Plan
provisions and the Confirmation Order, the terms and conditions
contained in the Confirmation Order will govern.

Consequently, the Plan does not confer on the Court exclusive
jurisdiction beyond that permitted to the fullest extent by
applicable law.

Specifically, Judge Drain states, if AWA's rights to alternative
dispute resolution under its Excess Directors and Officers
Insurance and Company Reimbursement Policy would deprive the
Court of jurisdiction, neither the Plan nor the Confirmation
Order confer that jurisdiction on the Court.

                         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 US$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.


SEA CONTAINERS: Principal Financial Discloses 9.5% Equity Stake
---------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission dated Jan. 11, 2007, Principal Financial Group,
Inc., disclosed that it beneficially owns 2,480,300 shares of
Sea Containers Ltd.'s common stock, which represents 9.5% of the
total outstanding shares issued.

Principal Financial's subsidiary, Post Advisory Group, LLC, also
holds beneficial ownership of the 2,480,300 shares of SCL stock.  

Post Advisory is the beneficial owner of the shares on behalf of
the numerous clients who have the right to receive and the power
to direct the receipt of dividends from, or the proceeds of the
sale of, the Common Stock.  No client has the right to receive
or the power to direct the receipt of dividends from, or the
proceeds from the sale of, more than 5% of SCL's Common Stock.

Principal Financial and Post Advisory have shared voting and
selling power over the shares.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. (NYSE:
SCRA, SCRB) -- http://www.seacontainers.com/-- provides  
passenger and freight transport and marine container leasing.  
Registered in Bermuda, the company has regional operating
offices in London, Genoa, New York, Rio de Janeiro, Sydney, and
Singapore.  The company is owned almost entirely by United
States shareholders and its primary listing is on the New York
Stock Exchange (SCRA and SCRB) since 1974.  On October 3, the
company's common shares and senior notes were suspended from
trading on the NYSE and NYSE Arca after the company's failure to
file its 2005 annual report on Form 10-K and its quarterly
reports on Form 10-Q during 2006 with the U.S. Securities and
Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or     
215/945-7000)


SEA CONTAINERS: Taps Morris Nichols as Delaware Counsel
-------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers,
Ltd. and its debtor-affiliates bankruptcy case ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to retain Morris, Nichols, Arsht &
Tunnell LLP as its Delaware counsel, nunc pro tunc to Oct. 26,
2006.

The Creditors Committee selected Morris Nichols because of the
firm's extensive experience, knowledge and resources in the
fields of, inter alia, debtors' and creditors' rights and
business reorganizations under Chapter 11 of the Bankruptcy
Code, Andrew B. Cohen, managing director of Dune Capital LLC,
relates.

Mr. Cohen adds that Morris Nichols is well qualified to
represent the Creditors Committee because of its expertise,
experience and knowledge practicing before the U.S. Bankruptcy
Court for the District of Delaware, as well as its proximity to
the Court, and its ability to respond quickly to emergency
hearings and other emergency matters in the Court.

Specifically, Morris Nichols will:

   (a) advise the Creditors Committee with respect to its
       rights, duties and powers in the Debtors' Chapter 11
       cases;

   (b) assist and advise the Creditors Committee in its  
       consultations with the Debtors relative to the
       administration of their cases;

   (c) assist the Creditors Committee in analyzing the claims of
       the Debtors' creditors in negotiating with them;

   (d) assist with the Creditors Committee's investigation of  
       the acts, conduct, assets liabilities and financial
       condition of the Debtors and of the operation of their
       business;

   (e) assist the Creditors Committee in its analysis of, and
       negotiations with, the Debtors or their creditors
       concerning matters related to, among other things, the
       terms of a plan of reorganization for the Debtors;

   (f) assist and advise the Creditors Committee with respect to
       its communications with the general creditor body
       regarding significant matters in the Debtors' bankruptcy
       cases;

   (g) assist and counsel the Creditors Committee in respect to
       its organization, the conduct of its business and
       meetings, the dissemination of information to its
       constituency, and other matters as are reasonably deemed
       necessary to facilitate the administrative activities of
       the Committee;

   (h) attend the meetings of the Creditors Committee;

   (i) represent the Creditors Committee at all hearings and
       other proceedings;

   (j) review and analyze all applications, orders, statements
       of operations and schedules filed with the Court and
       advise the Creditors Committee as to their propriety;

   (k) assist the Creditors Committee in preparing pleadings and
       applications as may be necessary in furtherance of the
       Creditors Committee's interests and objectives; and

   (1) perform other legal services as may be required and are
       deemed to be in the interests of the Creditors Committee
       in accordance with the Committee's powers and duties as
       set forth in the Bankruptcy Code.

Morris Nichols will be paid on an hourly basis, plus
reimbursement of actual and necessary expenses incurred:

      Designation                      Hourly Rate
      -----------                      -----------
      Partners                         US$425 - US$625
      Associates                       US$220 - US$400
      Paraprofessionals                   US$175
      Case Clerks                         US$100

William H. Sudell, Jr., Esq., a partner at Morris Nichols,
assures the Court that his firm is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.  Morris
Nichols does not hold or represent any interest adverse to the
Debtors' estates or their creditors, Mr. Sudell adds.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. (NYSE:
SCRA, SCRB) -- http://www.seacontainers.com/-- provides  
passenger and freight transport and marine container leasing.  
Registered in Bermuda, the company has regional operating
offices in London, Genoa, New York, Rio de Janeiro, Sydney, and
Singapore.  The company is owned almost entirely by United
States shareholders and its primary listing is on the New York
Stock Exchange (SCRA and SCRB) since 1974.  On October 3, the
company's common shares and senior notes were suspended from
trading on the NYSE and NYSE Arca after the company's failure to
file its 2005 annual report on Form 10-K and its quarterly
reports on Form 10-Q during 2006 with the U.S. Securities and
Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


THE AUDIOPLEX: Liquidator to Receive Claims Until Feb. 5
--------------------------------------------------------
The Audioplex Pte Limited, which is in creditors' voluntary
liquidation, requires its creditors to submit their proofs of
debt by Feb. 5, 2007.

Accordingly, creditors who cannot prove their debts by the due
date will be excluded in the company's distribution of dividend.

The liquidator can be reached at:

         Timothy James Reid
         c/o Ferrier Hodgson
         50 Raffles Place
         #16-06 Singapore Land Tower
         Singapore 048623


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

HANTEX PCL: Court Names New Directors; Orders Change in Capital
---------------------------------------------------------------
Thailand's Central Bankruptcy Court ordered for the appointment
of Wanchai Subhaphayak, Kamol Chirapathama and Nopadol
Thongprasert as directors of Hantex Pcl replacing the company's
former directors.

In addition, the bankruptcy court also ordered for the change of
Hantex's official signatories from Premrattan Chaisrichawla or
Pol. Gen. Kanit Wasikasiri or Naran Ruda Natha to Wanchai
Subhaphayak or Kamol Charipathama or Nopadol Thongprasert.

Meanwhile, Hantex was also directed by the court to decrease its
registered capital and paid-up registered capital remaining
THB5,234,517.71 with a par value of THB0.10 per share.  After
the change in capital, the company's common stock will not be
more than 5,234,517 shares.

                          *     *     *

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd,
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The company's stocks are currently under Stock Exchange of
Thailand's SP (suspension), NP (notice pending), NC (non
compliance) signs.

    * Notice Pending   - The issuer failed to submit a quarterly
      or annual financial statement to the SET by the specified
      time.

    * Suspension   - Trading in the security is being suspended
      for more than one trading session.

    * Non-Compliance   - The securities of a listed company that
      may be delisted.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 30, 2006, the Central Bankruptcy Court of Thailand approved
the business rehabilitation plan of Hantex on September 28,
2006.

Hantex was also appointed to act as its own rehabilitation
planner.


THAI DURABLE: Updates on Rehab Plan Exercise as of End-Sept. '06
----------------------------------------------------------------
Thai Durable Group Pcl reports to the Stock Exchange of Thailand
the company's progress on its business rehabilitation plan for
the period July 1, 2006, to Sept. 30, 2006.

Thai Durable had stopped the production of its remaining
spinning and weaving mills at the beginning of 2006, the company
recounts.   The garment department was retained to convert the
inventory in the warehouse into finished products including
tablecloth, bed sheet, napkin, clothes and others as to add
value to the inventory for further distribution.  However, with
fierce competition and little production, the company decided to
cease production.  In addition, large amount of the inventory is
obsolete and defective.  The garment department eventually shut
down at the end of June 2006.

During the past third quarter, the company terminated additional
production workers and paid compensation totaling approximately
THB859,000.  The number of employees as of Sept. 30, 2006 is 41.

With regards to the company's plan to shift its core business to
property development, Thai Durable contacted financial
institutions like Lehman Brothers Asia Limited, Hong Kong
branch.  Lehman appraised the company's land during the period
of July and August 2006.  However, in mid-September 2006, Lehman
advised the company that after consideration, would delay the
investment, and therefore, would not be able to provide
financial support or invest with the company.  

The company is currently looking for other financial
institutions or other investors.

The company also informs the SET that it has defaulted both
short-term and long-term loans with two banks.  As at Sept. 30,
2006, the principal and accrued interests amounted to THB602
million and THB114 million respectively, aggregating to THB716
million.  This amount equals to approximately 80% of the
company's total liabilities of THB895 million.  As a result, the
company is in dire need for a financial support from other
financial institutions or new investors to pay the defaulted
debts before carrying out the property development.

                          *     *     *

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

The Company is currently under the Non Performing Group Sector
of the Thailand's Stock Exchange.

As of end-Sept. 2006, the company's balance sheet showed
solvency problem with THB302.65 million in total assets and
THB895.31 in liabilities resulting to a shareholders' deficit of
THB592.65 million.

                      Going Concern Doubt

After auditing Thai Durable's financial report for the second
quarter ended June 30, 2006, Jadesada Hungsapruek of Karen Audit
Co Ltd raised substantial doubt on the company's continued
operation as a going concern.

The auditor specifically pointed at the company's recurring
losses from operations and to the company's capital deficit of
THB2.228 million as of June 30, 2006.


THAI DURABLE: SET Sees More Reasons to Delist Securities
--------------------------------------------------------
The Stock Exchange of Thailand identifies more reasons to
delists the securities of Thai Durable Group Pcl from its
official list.

The SET determined that the uncertainty of Thai Durable's
ongoing operations failed to provide any assurance that the
company's financial statement for the period ending June 30,
2006, were presented fairly in all material aspects.

In addition, the SET notes that the company has permanently
ceased its spinning mills operations since Feb. 2006.  Weaving
mills and other related departments have nearly stopped all
production in March 2006.

On Nov. 20, 2006, the company informed the SET that they had
stopped operating its garment department at end-June 2006 and
only inventory of finished goods was available for sale.

Also, TDT sold manufacturing machines to repay debts and provide
working capital.

Based on the SET's Regulations for Delisting of Securities,
1999, the company is held liable for delisting on grounds of:

a. Clause 9(6) (a) - the assets used in the company's operations
   have significantly lessened or are likely to do so.

b. Clause 9(6) (b) - the firm's operation has entirely or almost
   entirely halted.

                          *     *     *

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

The Company is currently under the Non Performing Group Sector
of the Thailand's Stock Exchange.

As of end-Sept. 2006, the company's balance sheet showed
solvency problem with THB302.65 million in total assets and
THB895.31 in liabilities resulting to a shareholders' deficit of
THB592.65 million.

                     Going Concern Doubt

After auditing Thai Durable's financial report for the second
quarter ended June 30, 2006, Jadesada Hungsapruek of Karen Audit
Co Ltd raised substantial doubt on the company's continued
operation as a going concern.

The auditor specifically pointed at the company's recurring
losses from operations and to the company's capital deficit of
THB2.228 million as of June 30, 2006.


TUNTEX PCL: Reports Rehab Progress in 3rd Qtr. Ended Sept. '06
--------------------------------------------------------------
Tuntex Pcl disclosed before the Stock Exchange of Thailand its
progress report on the implementation of the rehabilitation plan
in the third quarter period ended September 2006.

According to the company, they already settled the accrued
interest on the outstanding long-term debt due to Group 1
creditors of the company at the rate of 5% per annum in
aggregate amount of THB29,318,021. 92.

In this regard, the company said that they will pay the interest
at a discount rate of 5% per annum until March 2007.  From April
2007 onwards, the company will pay the interest at a rate of
minimum loan rate per annum as announced from time to time by
the Group-1 Creditor.

Meanwhile, Tuntex is temporarily exempted from repaying the
principal of the long-term debt to the Group-1 Creditor until
June 2007.

                          *     *     *

Tuntex Public Company Limited -- http://www.tuntexthailand.com/
-- was incorporated as a public company limited under the Thai
laws.  The Company operates in Thailand and its principal
activity is the manufacture of polyester yarn.

On November 17, 2003, the Company filed a petition with the
Central Bankruptcy Court requesting it to order the
rehabilitation of the business of the Company.  On December 15,
2003, the Central Bankruptcy Court issued a rehabilitation
order.

The Company's plan was approved by creditors on August 6, 2004,
and by the Central Bankruptcy Court on September 10, 2004.  The
Court also appointed the Company to be the business
rehabilitation plan administrator.

As reported by the Troubled Company Reporter - Asia Pacific on
July 31, 2006, Tuntex recorded total assets of THB10.435 billion
and total liabilities of THB8.785 billion as of end-December
2005.

According to the Company's auditor, Supachai Phanyawattano of
Ernst & Young Office, the Company recorded a gain on debt
restructuring amounting to THB6.513 billion, thus the improved
financial standing of the Company.  Gains on debt restructuring
has been presented as an extraordinary item in the earnings
statements of the current fiscal year, while the long-term
liabilities outstanding after the recording of the debt
restructuring transactions have been presented under the caption
of "Long-term debts under business rehabilitation plan" in the
balance sheet.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 23-25, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
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            e-mail: enquiry@fitchtraining.com

January 30-31, 2007
  Euromoney Institutional Investor
    Korea Securitisation and Structured Credit Summit
      JW Marriott Hotel, Seoul, South Korea
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January 31-February 1, 2007
  Euromoney Institutional Investor
    Asia M&A Forum
      Island Shangri-La, Hong Kong
        Web site: http://www.euromoneyplc.com/

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

February 5-7, 2007
  Fitch Training
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      Sydney, Australia
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          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com   

February 8-9, 2007
  Euromoney
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      JW Marriott Hong Kong
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February 8-9, 2007
  Euromoney Conferences
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      Cebu Convention Center, Cebu, Philippines
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February 8-11, 2007
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      NY/NJ
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February 22, 2007
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      Philips Arena, Atlanta, GA
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February 21-22, 2007
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      Perceptions & Realities
        Marriott Hotel, Islamabad, Pakistan
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February 22, 2007
  Euromoney
    2nd Annual Euromoney Japan Forex Forum
      Mandarin Oriental, Tokyo, Japan
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February 25-26, 2007
  Norton Institutes
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      Marriott Park City, UT
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March 12-15, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
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            e-mail: enquiry@fitchtraining.com

March 21-22, 2007
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      Melia, Hanoi, Vietnam
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March 21-22, 2007
  Euromoney
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      Grand Hyatt, Mumbai, India
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March 22-23, 2007
  Euromoney Institutional Investor
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      Bali, Indonesia
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March 27-31, 2007
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        e-mail: livaldi@turnaround.org

April 2-3, 2007
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April 11-15, 2007
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      J.W. Marriott, Washington, DC, USA
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May 28-31, 2007
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June 18-20, 2007
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October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
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March 25-29, 2008
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    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                            *********

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.  Andrei Sanchez, 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 ***