TCRAP_Public/070125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, January 25, 2007, Vol. 10, No. 18

                            Headlines

A U S T R A L I A

ADMIRAL HOMES: To Declare Dividend for Priority Creditors
ADVANCED MARKETING: Creditors' Meeting Slated for February 7
ADVANCED MARKETING: Authorized to Pay Prepetition Shipping Duty
ADVANCED MARKETING: Seeks Court Approval for Bidding Protocol
ARTIS LIQUOR: Final Meeting Slated for February 14

AUSTRAMOTIVE HOLDINGS: Members Resolve to Close Business
COWELLS PTY: Placed Under Members' Voluntary Wind-Up
ENESCO GROUP: Inks Asset Purchase Agreement with Tinicum Capital
KARL SULEMAN: Director K. Suleman Sentenced to Jail for 7 Years
MERUM PTY: Members Opt to Shut Down Firm

MULTIPLEX GROUP: Commits GBP120-M Investment for Dev't. Project
MULTIPLEX GROUP: Directions Hearing in Wembley Suit Set Feb.
P.G.I. PTY: Members to Receive Liquidator's Report
PROFESSIONAL SOFTWARE: Members Opt to Close Business
RYCOMM SYSTEMS: Members and Creditors to Meet on February 15

S.C.M.S. NOMINEES: Schedules Final Meeting on February 20
SELECTION STEELS: Members Pass Resolution to Wind Up Firm
SMART ARTS: Enters Wind-up Proceedings
SMITH EGEN: Commences Wind-Up of Operations
WATSON DINNISON: Members to Receive Wind-Up Report on Feb. 14

ZINIFEX LIMITED: Expands Exploration Projects Overseas


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Extends Agent Relationship with Western Union
AMITY TRADING: Members to Receive Wind-Up Report on Feb. 23
ASIA TRUST: TRC Hands twBB+ Long Term Counterparty Rating
BENQ CORP: Sentex Submits EUR52 Million Bid for Bankrupt Assets
BENQ CORP: Inks Mobile Phone Warranty Agreement with Siemens AG

BJ SERVICES: Schedules Final Meeting on February 21
DIAMOND TERM: First Meetings Fixed on January 31
FLOATA SEAFOOD: Annual Meetings Slated for February 13
GENERAL MULTI-WITS: Appoints Provisional Liquidator
HAIER GROUP: Court to Hear Wind-Up Petition on February 7

JINGO INTERIORS: Wind-Up Hearing Set for March 7
JOYMARK COMPANY: Creditors Must Prove Debts by February 22
RESEARCH INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 28
SHEEN CROWN: Members and Creditors' Meeting Set on February 6
SINO UNICORN: Ho Wai Ip Ceases to Act as Liquidator


I N D I A

BRITISH AIRWAYS: Wants Acas to Mediate Dispute with T&G Union
BRITISH AIRWAYS: Cabin Crew Workers to Stage Three-Day Strike
PRIDE INTERNATIONAL: Names Kenneth Burke to Board of Directors
SYNDICATE BANK: Board Meeting Rescheduled to January 27
TATA MOTORS: Net Profit Up 11.5% in December 2006 Quarter

TATA MOTORS: Crosses Half-Million Sales Mark in 2006
TATA MOTORS: Starts Building Mini-Car Plant in West Bengal
TATA POWER: SC Stays Until Jan. 31 Tribunal Refund Order
UTI BANK: Net Profit in December 2006 Quarter Up by 40%
UTI BANK: Proposed US$250-Mil. Notes Gets S&P's BB+ Rating


I N D O N E S I A

BANK MANDIRI: Non Performing Loans Ratio Falls to 7.88%
BANK NEGARA: Plans IDR4-Trillion Share Sale to Improve Capital
BANK NEGARA: Sees 2006 Net Profit Up A Third from 2005 Figure
CA INC: To Discuss Third Quarter 2007 Results on February 1
EXCELCOMINDO PRATAMA: Signs Modernization Deal with Amdocs

MEDCO ENERGI: Takes 50% Stake in Conoco Phillip Aceh
MEDIA NUSANTARA: To Sell 20% Stake Via Initial Public Offering
NORTEL NETWORKS: Unit Declares Preferred Share Dividends
NORTEL NETWORKS: Ties Up With SlashSupport for Technical Support
NORTEL NETWORKS: Launches New Products & Services with Microsoft

TELKOM INDONESIA: Buys Back Over 120 Million Shares


J A P A N

DELPHI CORP: Can Enter Into EPCA & Plan Framework Support Pacts
PGMI INC: Hires Ibis Consulting to Help in Outreach Program
* Moody's Publishes "Asian Consumer Electronics" Rating Method


K O R E A

DURA AUTOMOTIVE: De Minimis Claims Settlement Protocol Approved
DURA AUTOMOTIVE: Judge Appoints Warren Smith as Fee Auditor
SK CORP: Net Income Drops Over Weak Refining Margins


M A L A Y S I A

KUMPULAN BELTON: Updates on Hameeth's Wind-Up Petition
KUMPULAN BELTON: Bursa Extends Plan Filing Deadline to March. 6
LITYAN HOLDINGS: Court to Hear Certiorari Application on March 2
MBf CORP: Presents Proposed Regularization Plan to Bursa
MERGE ENERGY: Gets Judgment in Default Over MYR1.04M Due to IRB

METROPLEX BERHAD: Default as of End-Dec. '06 Totals MYR1.81 Mil.
OLYMPIA INDUSTRIES: Seeks Further Extension of Plan Deadline


M O N G O L I A

TRADE & DEV'T BANK OF MONGOLIA: Moody's Affirms Ba2 Rating


N E W   Z E A L A N D

ALPHA 1 CONTRACTORS: Court Sets Liquidation Hearing for Feb. 7
ARCHITECTURAL CONCEPTS: Creditors to Prove Claims by Feb. 28
BOBCAT PERFECTIONIST: Court to Hear Liquidation Petition
G-GROUP LTD: Undergoes Liquidation Proceedings
GAS CONNECT: Appoints Official Assignee as Liquidator

KIDS N FAMILIES: Nellies and Deuchrass to Act as Liquidators
M & T BLUESHINE: Creditors Must Prove Debts by February 28
PARAGON SERVICES: Liquidation Hearing Slated for February 15
R.H. PANELBEATERS: Faces CIR's Liquidation Petition
RODD JACQUES: Faces Liquidation Proceedings


P H I L I P P I N E S

BANK OF THE PHIL. ISLANDS: Board Member K. Rajan Raju Resigns
EQUITABLE PCI: Board Resolves to Fold Equitable Card Business
METROPOLITAN BANK: Board Appoints L. Abellar as Vice President
PHILODRILL CORP: Sells 49,868,000 Shares of Anglo Phil. Holdings
UNIVERSAL ROBINA: Posts PHP35.2 Billion Net Sales for FY 2006

UNIVERSAL ROBINA: To Spend PHP7.1 Billion for Expansion Plan
VITARICH CORPORATION: Appoints Corporate Information Officer


S I N G A P O R E

CTC CONTRACTORS: Liquidators to Receive Claims Until Feb. 3
EXPRESS FOOD: Wind-Up Petition Hearing Slated for Feb. 2
LIANG HUAT: Posts Shareholders' Reduction of Shares
LIANG HUAT: No Material Impact on De-Registration of Durabeau
NG TEOW: Court to Hear Wind-Up Petition on Feb. 9

P.E.M. INVESTMENTS:  To Receive Claims Until Feb. 2
PETROLEO BRASILEIRO: Gets Tenders of US$392MM for Exchange Offer
PETROLEO BRASILEIRO: In Talks with Iran on Offshore Drilling
PETROLEO BRASILEIRO: PIFCo Prices Exchange Offer of Notes
REFCO INC: Chapter 7 Trustee Objects to FGS' US$12 Mil. Claims

SEA CONTAINERS: Taps Houlihan Lokey as Financial Advisor
SEA CONTAINERS: Withdraws Plea for Non-Debtor Assets Sale
STATS CHIPPAC: Taps Tokumasa Yasui as Director
UNITED ALLIANCE: Creditors' Proofs of Debt Due on Feb. 2


T H A I L A N D

ASIA HOTEL: Decreases Unit's Share Capital to THB100 Million
BANGKOK STEEL: Creditors Set to Elect New Joint Administrator
KRUNG THAI: Posts THB14.1 Bil. Profit for 2006; Misses Forecast
SIAM CITY: Records THB8.76 Billion in Bad Loans at End FY 2006

     - - - - - - - -

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

ADMIRAL HOMES: To Declare Dividend for Priority Creditors
---------------------------------------------------------
Admiral Homes Pty Ltd will declare its first and final dividend
for its priority creditors on Feb. 9, 2007.  

Accordingly, creditors must submit their proofs of debt by
Jan. 26, 2007, to be included in the dividend distribution.

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

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 Admiral Homes

Admiral Homes Pty Ltd is engaged with carpentry work.

The company is located in Victoria, Australia.


ADVANCED MARKETING: Creditors' Meeting Slated for February 7
------------------------------------------------------------
The United States Trustee for Region 3, Kelly Beaudin Stapleton,
will convene a meeting of the Advanced Marketing Services Inc.
and its debtor-affiliates' creditors on Feb. 7, at 10:00 a.m. at
Room 2112, 2nd Floor, J. Caleb Boggs Federal Building, in
Wilmington, Delaware.  This is the first meeting of creditors
required under 11 U.S.C. Section 341(a) in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                    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: Authorized to Pay Prepetition Shipping Duty
---------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware authorized Advanced Marketing Services
Inc. and its debtor-affiliates to pay, up to US$725,000 in the
aggregate, prepetition shipping obligations.

The Debtors wants to reimburse the valid prepetition claims of
about 51 domestic and international common carriers, shippers,
freight forwarders and truckers, and related shipping services
and supplies providers that the Debtors use for shipment,
transport, and delivery of goods that are critical to the sale
of merchandise and the timely shipping and delivery of goods
used and sold in the ordinary course of business.

Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors receive goods
through various forms of shipment, and much of the Debtors'
pricing policies, marketing strategies and fundamental business
operations rely on their ability to obtain and sell goods at
competitive prices.  He notes that the distribution and sale of
books, other media, related accessories, and other items is the
essence of the Debtors' business.

Mr. Heath says the Debtors' ability to receive, distribute and
fulfill sales depends on the maintenance of a successful and
efficient system of transportation.  Any disruption of (a) the
delivery or return of the Merchandise, and (b) the Debtors'
ability to sell the Merchandise would have an immediate and
devastating impact on the Debtors' operations.  Hence, the
maintenance of the Debtors' business operations and the
preservation of their going-concern value depend on the
maintenance of reliable and efficient transportation and sale
processing systems for the Merchandise, and these two related
and important systems involve the use of the Common Carriers.

The Debtors must ensure that their Chapter 11 cases do not cause
third parties like the Common Carriers to cease performing
timely services because the Debtors are in many cases dependent
on the services of the third parties, Mr. Heath tells the Court.  
If the Debtors are unable to ship, receive and sell deliveries
of the Merchandise on a timely and uninterrupted basis, their
operations will be immediately and substantially impeded and
their business will suffer irreparable damage.

The Debtors' choice of Common Carriers is based on selecting the
most efficient vendor in any market.  The use of substitute
vendors in any market would not only increase the vendors'
shipping costs materially, but it would also jeopardize the
availability of shippers in certain markets.

The Debtors have determined that each of the Common Carriers is
absolutely necessary to the continued shipping, delivery and
return of goods used or sold in the ordinary course of the
Debtors' business.

Before the Petition Date, the Debtors performed an analysis of:

  (a) the Merchandise that was in transit or needed to be
      shipped by the Common Carriers;

  (b) the anticipated amount of payments that would be necessary
      for the Debtors to receive the Merchandise in transit; and

  (c) the anticipated amount of payments that would be necessary
      for the Debtors to continue receiving the services
      provided by the Common Carriers.

Mr. Heath discloses that the Merchandise valued at approximately
US$16,050,000 is currently being shipped at the Debtors' expense
in respect of returns to certain of the Debtors' publishers.  
The total estimated amount owed to all Common Carriers in
respect of all prepetition services is approximately US$685,000,
and the Debtors believe that the maximum amount required to
obtain or deliver the Merchandise currently in transit is
approximately US$170,000.

Mr. Heath says the Debtors anticipate that certain of the Common
Carriers will have some outstanding invoices for the Merchandise
delivered to the Debtors before the Petition Date.  The Debtors
will only pay Shipping Charges that, in their business judgment,
will benefit the estates and their creditors from making those
payments, taking into account (1) the costs the estates would
incur by bringing an action to compel turnover of goods, (2) the
delays associated with those actions, (3) the costs of the delay
in shipping, receiving and selling goods and merchandise, and
(4) the business expenses related to replacing the Common
Carriers to the extent replacement is possible.

In sum, the total amount to be paid to the Common Carriers would
be minimal compared to the importance and necessity of the
services of the Common Carriers, and the losses the Debtors
would suffer if their operations are affected by a refusal to
provide ongoing services, Mr. Heath submits.  Moreover, the
Debtors do not believe that there are viable timely alternatives
to the Common Carriers that they have used before the Petition
Date.

Mr. Heath further notes that the Court's authorization to pay
the Shipping Charges will not be deemed to constitute
postpetition assumption or adoption of any agreement pursuant to
Section 365 of the Bankruptcy Code.  The Debtors reserve all
their rights under the Bankruptcy Code with respect to any of
those agreements, and to contest the amount or validity of any
Shipping Charges, in whole or in part.

                      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 Court Approval for Bidding Protocol
-------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
establish procedures and a timeline to consummate a Qualified
Transaction.  The Debtors also ask the Court to establish an
offer evaluation process for certain Qualified Transactions, set
a date for the Qualified Transaction Hearing and certain
deadlines to seek approval of a Qualified Transaction and to
submit competing offers.

The Debtors have been seeking to recapitalize their businesses
through a strategic transaction, by way of the sale of
substantially all or a portion of their major assets, or a debt
or equity investment.  The Debtors have received substantial
investor interest, with multiple third parties executing non-
disclosure agreements and conducting diligence.

Pursuant to their Amended and Restated Loan and Security
Agreement dated as of Jan. 3, with Wells Fargo Foothill Inc., as
DIP agent, and a consortium of lenders, the Debtors are
obligated to take steps to consummate a Qualified Transaction
pursuant to a specified timeline.

The Debtors also seek permission to provide stalking horse
protections with respect to a stalking horse for the Qualified
Transaction.  The Debtors also seek approval of the manner of
notice of the Qualified Transaction Procedures.

The Debtors will seek approval of a Qualified Transaction not
more than two days following Court approval of the Qualified
Transaction Procedures.

                           Sale Notice

In the event they enter into an agreement to sell substantially
all of their assets, the Debtors will send notice of the
proposed Qualified Transaction Procedures and the proposed time
and date of the Sale Procedures to all parties-in-interest and
all potential purchasers.  The Qualified Transaction Motion will
attach the form of asset purchase agreement executed by the
Stalking Horse, and the notice will include instructions as to
how parties-in-interest may obtain a copy of the Definitive
Agreement.

                       Access to Data Room

The Debtors will establish an electronic data room that contains
information relevant to the Debtors for evaluation by interested
parties.  The Debtors will make the electronic data room
available to any entity the Debtors determine to be qualified
that executes an appropriate confidentiality agreement.

                          Offer Deadline

Binding offers to purchase all or any defined portion of the
Debtors' assets may be submitted up to two days prior to the
date the Offer Evaluation Process is to occur.  Each Qualified
Offer should include:

   (i) a mark up of the Definitive Agreement;

  (ii) detailed information about the party making the Qualified
       Offer, including its financial and other capacity to
       consummate the transaction;

(iii) an identification of the executory contracts and leases
       to be assumed by the party making the Qualified Offer;
       and

  (iv) information sufficient to demonstrate that the party
       making the Qualified Offer will be able to provide
       parties to the contracts and leases with adequate
       assurance of its ability to perform under them.

                    Offer Evaluation Process

Two business days prior to the Qualified Transaction Hearing, a
meeting will be held at the offices of Richards Layton & Finger,
the Debtors' Delaware counsel, if the Debtors determine in their
discretion, after consultation with their major creditors, that
proceeding with the Offer Evaluation Process is appropriate.

During the Offer Evaluation Process, the Debtors will evaluate
the offers of the Stalking Horse and any Qualified Offers.  
Successive Qualified Offers will be considered only if they
exceed the previous offer by a minimum increment to be
determined by the Debtors in their business judgment, provided
that the initial increment will be not less than the amount that
would be owed if the Debtors would be required to pay the
Stalking Horse Protections to the Stalking Horse.

The Debtors may recess the Offer Evaluation Process from time to
time in their discretion to assess Qualified Offers or permit
participants whether to alter or increase their Qualified
Offers.

If the Qualified Transaction Motion seeks approval of a
financing transaction or other debt or equity infusion, no
overbid procedures will be necessary.

In the event the Debtors have not selected a Stalking Horse at
the time they file the Qualified Transaction Motion, the
Definitive Agreement will be drafted by the Debtors.

                          Multiple Lots

The Debtors reserve the right to accept and evaluate one or more
Qualified Offers seeking the purchase of one or more defined
subsets of their assets.  In the event that acceptance and
evaluation of the Qualified Offers is deemed appropriate in the
Debtors' business judgment, formed after consultation with their
major creditors, the Offer Evaluation Process may proceed in
multiple lots, provided that any participant will have an
opportunity to submit a Qualified Offer on one or more lots or
on all lots together, and the Debtors will be free in their
business judgment to accept the Qualified Offer or Offers that,
alone or in conjunction with others, the Debtors deem to
comprise the highest and best offer available.

                  Qualified Transaction Hearing

The Debtors ask the Court to schedule the Qualified Transaction
Hearing on a date not less than 22 days after entry of the
Qualified Transaction Procedures Order.

                   Stalking Horse Protections

The Debtors seek authority, but not direction, to provide these
Stalking Horse Protections upon the execution of a Definitive
Agreement:

  (i) a break up fee of up to 2.5% of the net consideration to
      the Debtors under the Definitive Agreement, or

(ii) reimbursement of reasonable, documented out of pocket
      expenses not to exceed US$200,000.

To be entitled to the Protections, the Debtors explain that the
Stalking Horse must agree to keep its offer open until the
conclusion of the Offer Evaluation Process.

In the event that the Debtors seek a Qualified Transaction in
the form of a refinancing of the DIP Facility, the Debtors seek
authority, but not direction, to provide a refinancing lender
with these protections:

  (i) a break up fee of up to 0.5% of the face amount of the new
      facility, or

(ii) reimbursement of reasonable, documented out of pocket
      expenses not to exceed US$150,000.

The Qualified Transaction Protections are modest sums, Paul N.
Heath, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, assures Judge Sontchi.

"Not only will a Stalking Horse or Refinancing Lender provide
the Debtors and their creditors with a measure of comfort that
the Qualified Transaction will in fact be consummated, but the
presence of a Stalking Horse will encourage third parties to
submit competitive offers and will enable the Debtors to
maximize value for their estates," Mr. Heath says.  "The
benefits of having a Stalking Horse or a Refinancing Lender thus
far outweigh the potential costs associated with the Qualified
Transaction Protections."

                      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)


ARTIS LIQUOR: Final Meeting Slated for February 14
--------------------------------------------------
A final meeting of the members and creditors of Artis Liquor
Gallery Pty Ltd will be held on Feb. 14, 2007, at 10:30 a.m., to
consider the liquidator's account regarding the company's wind-
up proceedings and property disposal activities.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation on Aug. 14, 2006.

The liquidator can be reached at:

         Craig Crosbie
         Artis Liquor Gallery Pty Ltd
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About Artis Liquor

Artis Liquor Gallery Pty Ltd -- trading as The Liquor Gallery --
operates liquor stores.

The company is located in Victoria, Australia.


AUSTRAMOTIVE HOLDINGS: Members Resolve to Close Business
--------------------------------------------------------
The members of Austramotive Holdings Pty Ltd met on Dec. 20,
2006, and resolved by special resolution to voluntarily
liquidate the company's business.

Accordingly, Doug Perry was appointed as liquidator.

The Liquidator can be reached at:

         Doug Perry
         c/o Shepard Webster & O'Neill Pty Ltd   
         Level 1, 434 Nepean Highway
         Frankston, Victoria 3199
         Australia
         Telephone:(03) 9781 2633
         Facsimile:(03) 9781 3073

                  About Austramotive Holdings

Austramotive Holdings Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


COWELLS PTY: Placed Under Members' Voluntary Wind-Up
----------------------------------------------------
On Dec. 22, 2006, the members of Cowells Pty Ltd passed a
special resolution to voluntarily wind up the company's
operations.

Accordingly, Samuel Charles Davis 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 Pty

Cowells Pty Ltd manages offices of holdings companies.

The company is located in South Australia, Australia.


ENESCO GROUP: Inks Asset Purchase Agreement with Tinicum Capital
----------------------------------------------------------------
Enesco Group, Inc., and an affiliate of Tinicum Capital Partners
II, L.P., a private investment partnership, have entered into a
definitive asset purchase agreement, which provides for the
Tinicum affiliate to purchase substantially all of the assets of
Enesco and to assume certain of Enesco's unsecured liabilities.  
Under the agreement, the purchase price for Enesco's business,
operations and assets would be paid by the repayment of all or
substantially all of Enesco's senior secured debtor-in-
possession financing facility, the forgiveness of certain
obligations owed to Tinicum or its affiliates, the assumption of
certain of Enesco's liabilities, and the payment in cash of
$600,000.

After the transaction, substantially all of Enesco's assets
would be owned by the Tinicum affiliate, a private company.  As
reported in the Troubled Company Reporter on Jan. 15, 2007,
Enesco does not anticipate there would be any distribution to
its stockholders from the transaction, which remains subject to
approval by the U.S. Bankruptcy Court for the Northern District
of Illinois.  On Jan. 22, 2007, the Court entered an order
establishing certain procedures to govern the sale process and
setting a hearing for Feb. 15, 2007 to consider the proposed
Tinicum transaction.

                 DIP Financing Interim Approval

Enesco also disclosed that the Court gave interim approval on
Jan. 22, 2007 to its Debtor-In-Possession financing arrangement
with Wells Fargo Foothill, part of Wells Fargo & Company.  The
financing arrangement, in which Tinicum has purchased a 100%
participation interest, provides for a revolving loan facility
of up to $65 million, the proceeds of which will be used to pay
off Enesco's existing senior secured debt and to provide working
capital for the period prior to the closing of the sale to the
Tinicum affiliate.  Final approval of the facility is expected
to come at a hearing before the Court on Feb. 7, 2007.

"This transaction with Tinicum will represent a new era for
Enesco," Basil Elliott, President and CEO of Enesco Group, Inc.,
said.  "Smooth and continuous operations are critical to
Enesco's success and we greatly appreciate the efforts of all
our employees and partners through this transitional phase.  We
look forward to continuing this strong relationship with all our
partners.  The employees of Enesco, our retail customers and
vendors are eagerly anticipating the partnership with Tinicum to
springboard us into a profitable, innovative and exciting
future."

"The passion, loyalty, and determination of the employees,
vendors and licensors have been both compelling and
overwhelming," Terence M. O'Toole, co-managing partner of
Tinicum added.  "We are looking forward to becoming an integral
part of the Enesco family and the future growth trajectory of
the company."

                       About Enesco Group

Headquartered in Itasca, Illinois, Enesco Group, Inc. ---
http://www.enesco.com/-- is a producer of giftware, and home  
and garden d,cor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, Australia, Mexico, Asia and the Pacific
Rim.  With subsidiaries in Europe, Canada and a business unit in
Hong Kong, Enesco's international distribution network leads the
industry.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  
Shaw
Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps, Slate,
Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.


KARL SULEMAN: Director K. Suleman Sentenced to Jail for 7 Years
---------------------------------------------------------------
Karl Suleman, former director of Karl Suleman Enterprises Pty
Limited, has been sentenced in the New South Wales District
Court to seven years and four months in jail with a non-parole
period of five years and six months.

Mr. Suleman was jailed after pleading guilty on May 1, 2006, to
a total of 26 charges after an investigation by the Australian
Securities and Investments Commission into the operations of
KSE.  Mr. Suleman was remanded in custody from that time.

The ASIC relates that Mr. Suleman pleaded guilty to 15 counts of
making false statements after the ASIC's investigation found he
induced 15 investors to enter into agreements and invest
AU$3.185 million in KSE's supermarket trolley collection
business between April 2000 and July 2001.

Mr. Suleman also pleaded guilty to 11 counts of using false
documents, which induced one investor to invest AU$1 million in
the business.

The ASIC notes the sentence takes into consideration time
previously served by Mr. Suleman.  He will be eligible for
parole on Oct. 31, 2011.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                    Mr. Suleman's Activities

Mr. Suleman was involved in the business of trolley collection
services for supermarkets located between Cairns and Adelaide.
The supermarkets paid Mr. Suleman an agreed fee, out of which he
paid infrastructure costs and subcontractors to collect the
trolleys.  From December 1999 until November 2001 investments
were sought from the public in the supermarket trolley
collection business.  These investments took the form of a
contract entitled "Financial Investment Agreement," entered into
between an investor and KSE.

Mr. Suleman was the sole director of KSE, which was incorporated
in December 1999 to be the corporate vehicle for Mr. Suleman's
expanding supermarket trolley collection business.  He was also
a director of all the companies within the Froggy group of
companies.

               Other Charges Against Mr. Suleman

On April 15, 2004, Mr. Suleman was sentenced in the NSW District
Court to 21 months in jail, with a non-parole of 12 months, in
relation to four other fraud charges brought by the ASIC.  These
charges resulted from an ASIC investigation into businesses in
the Froggy Group.  The charges also concerned the provision of a
false bank statement and making false statements to finance
brokers with the intention of obtaining finance.  He was
released from jail in relation to these charges in March 2005.

                        KSE's Liquidation

KSE was placed into voluntary administration on Nov. 12, 2001,
soon after the ASIC commenced proceedings before the NSW Supreme
Court to close down an unregistered managed investment scheme
operated by the company.  KSE and the companies within the
Froggy Group have since been placed into liquidation.

On July 22, 2002, Mr. Suleman was ordered by the NSW Supreme
Court to pay AU$17.4 million in damages to KSE.

On July 30, 2002, Mr. Suleman was declared bankrupt.


MERUM PTY: Members Opt to Shut Down Firm
----------------------------------------
The members of Merum Pty Ltd met on Dec. 28, 2006, and passed a
special resolution to voluntarily wind up the company's
operations.

G. M. Rambaldi was consequently appointed as liquidator.

The Liquidator can be reached at:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                        About Merum Pty

Merum Pty Ltd operates offices of holding companies.

The company is located in Victoria, Australia.


MULTIPLEX GROUP: Commits GBP120-M Investment for Dev't. Project
---------------------------------------------------------------
In line with Multiplex Group's strategy of growing its U.K. and
European operations, discloses that it has acquired the
shareholding of its Joint Venture Partner to gain sole control
of Castle House Developments Limited, the owner of one of the
key redevelopment sites in central London.

Castle House secured planning consent in 2006 from the London
Borough of Southwark for the creation of a landmark 43-storey
residential tower.  This GBP120 million Gross Development Value
project, comprising 408 apartments, will act as a catalyst for
the long-awaited regeneration of the Elephant & Castle area of
central London.

Multiplex's GBP12.15 million acquisition of the shareholding
held by Andrew Colin, chairman of the Espalier Group,
demonstrates its commitment to redevelopment of the site known
locally as Castle House.  It simultaneously leaves the Espalier
Group free to concentrate on their core educational activities
through its "INTO Universities" brand.

Jayne McGivern, Chief Executive of Multiplex UK Developments,
said "this is a cornerstone development for Multiplex and the
London Borough of Southwark which marks the start of the
realization of our joint vision of the Elephant & Castle as a
vibrant place both to live and work.  Castle House will offer
young professionals, many of whom are currently priced out of
central London, the opportunity to live in a high-quality
residential building in Zone 1."

"Multiplex is now the sole developer and main contractor, so we
can ensure that the project is definitely going to happen."

Demolition is expected to commence in early 2007 with pre-sale
marketing of 310 private residential units starting in February.

The move demonstrates Multiplex's continuing commitment to its
U.K. business.  In addition to Castle House, Multiplex is
driving major development projects in High Wycombe and Newcastle
City Centre.  Further expansion is planned in 2007 across the
company's Developments, Funds Management, and Facilities
Management divisions.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley
Stadium construction project may end up with a multimillion
loss.  As of February 2006, the Company is faced with liquidity
crisis after posting a massive AU$474 million loss on Wembley.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 18, 2006, that Multiplex Group's financial results for the
year ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


MULTIPLEX GROUP: Directions Hearing in Wembley Suit Set Feb.
------------------------------------------------------------
On Dec. 19, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from the Australian Associated Press stating that
shareholders of Multiplex Group have launched a AU$100 million
class action against the company over the redevelopment of
London's Wembley Stadium.

According to the report, law firm Maurice Blackburn Cashman
filed a class action  in the Federal Court in Melbourne, on
behalf of 45 investors ranging from small shareholders to large
institutions.

In an update, a report from the Class Action Reporter said that
the first directions hearing of the class action will take place
on Feb. 1, 2007.

The Australian Securities and Investments Commission has
accepted an Enforceable Undertaking from Multiplex relating to
the company's failure to disclose a material change in profit on
the Wembley National Stadium project in London.  

The Undertaking has secured a AU$32 million compensation fund
for those investors affected by a failure of the Multiplex Group
to meet its continuous disclosure obligations.  The AU$32
million compensation fund will be available to investors who
contracted to purchase and held Multiplex shares between Feb. 3,
2005, the date ASIC believes the market should have been
informed, and Feb. 24, 2005, the date the announcement was made.

A Multiplex stapled security contracted to be purchased and held
during this period is an Eligible Security under the
compensation arrangements.  

The class action is issued in the Federal Court of Australia on
behalf of securityholders who acquired Multiplex securities
during the period Aug. 2, 2004 and May 30, 2005 and who had
entered into a Funding Agreement as at the date of issue.  

Maurice Blackburn estimates the total claim at between AU$100
million and AU$150 million.

Maurice Blackburn on the Net: http://www.mbc.aus.net/.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley
Stadium construction project may end up with a multimillion
loss.  As of February 2006, the Company is faced with liquidity
crisis after posting a massive AU$474 million loss on Wembley.

The Troubled Company Reporter - Asia Pacific reported on Aug.
18, 2006, that Multiplex Group's financial results for the year
ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


P.G.I. PTY: Members to Receive Liquidator's Report
--------------------------------------------------
The members of P.G.I. Pty Ltd will meet on Feb. 20, 2007, at
2:30 p.m., to receive the report of Liquidator Barry Keith
Taylor regarding the company's wind-up proceedings and property
disposal exercises.

According to the TCR-AP, the company entered voluntary wind-up
proceedings on May 25, 2005.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co
         608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                       About P.G.I. Pty

P.G.I. Pty Ltd is a wholesaler of petroleum and petroleum
products, except bulk stations and terminals.

The company is located in Victoria, Australia.


PROFESSIONAL SOFTWARE: Members Opt to Close Business
----------------------------------------------------
At a general meeting held on Dec. 19, 2006, the members of
Professional Software Services Pty Ltd resolved to voluntarily
liquidate its business and appointed Antony de Vries and Riad
Tayeh 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 Professional Software

Professional Software Services Pty Ltd is a distributor of
durable goods.

The company is located in Victoria, Australia.


RYCOMM SYSTEMS: Members and Creditors to Meet on February 15
------------------------------------------------------------
The members and creditors of Rycomm Systems Pty Ltd will meet on
Feb. 15, 2007, at 10:00 a.m., to receive the liquidator's
account of the company's wind-up and property disposal
exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company's creditors were required to submit their proofs of
claim before Nov. 8, 2006.

The liquidator can be reached at:

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

                     About Rycomm Systems

Rycomm Systems Pty Limited -- trading as Instacom; Ry-Comm
Systems -- operates miscellaneous retail stores.

The company is located in New South Wales, Australia.


S.C.M.S. NOMINEES: Schedules Final Meeting on February 20
---------------------------------------------------------
S.C.M.S. Nominees Pty Ltd will hold a final meeting for its
members and creditors on Feb. 20, 2007, at 3:00 p.m., to
consider the accounts of the company's wind-up proceedings from
the liquidator.

The Troubled Company Reporter - Asia Pacific has reported that
the company commenced a wind-up of its operations on Dec. 20,
2005.

The liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co
         608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                     About S.C.M.S. Nominees

S.C.M.S. Nominees Pty Ltd is engaged with landscape counseling
and planning.

The company is located in Victoria, Australia.


SELECTION STEELS: Members Pass Resolution to Wind Up Firm
---------------------------------------------------------
At a general meeting held on Dec. 28, 2006, the members of
Selection Steels Plate Sales Pty Ltd passed a special resolution
to voluntarily wind up the company's operations and appointed G.
M. Rambaldi as liquidator.

The Liquidator can be reached at:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                     About Selection Steels

Selection Steels Plate Sales Pty Ltd operates offices of holding
companies.

The company is located in Victoria, Australia.


SMART ARTS: Enters Wind-up Proceedings
--------------------------------------
On Dec. 28, 2006, the members of Smart Arts Multimedia Pty Ltd
met and resolved to voluntarily wind up the company's
operations.

In this regard, Samuel Richwol was appointed as liquidator.

The Liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Chartered Accountants
         Suite 3, 431 Burke Road Glen Iris 3146
         Australia
                     
                        About Smart Arts

Smart Arts Multimedia Pty Ltd -- http://www.smartarts.net.au/--
is a distributor of products for children like activity book,
kids' packs, children's newsletter and other merchandise.

The company is located in Victoria, Australia.


SMITH EGEN: Commences Wind-Up of Operations
-------------------------------------------
At an extraordinary general meeting held on Dec. 21, 2006, the
members of Smith Egen Pty Ltd resolved to voluntarily wind up
the company's operations.

Subsequently, Richard Herbert Judson was appointed as liquidator
at the creditors' meeting held that same day.

The Liquidator can be reached at:

         Richard Herbert Judson
         Judson & Co
         Chartered Accountants
         Suite 4, Level 1, 10 Park Road
         Cheltenham Victoria 3192
         Australia
         Telephone: 9585 4155

                        About Smith Egen

Smith Egen Pty Ltd operates manufacturing industries.

The company is located in Victoria, Australia.


WATSON DINNISON: Members to Receive Wind-Up Report on Feb. 14
-------------------------------------------------------------
The members of Watson Dinnison Pty Ltd will meet on Feb. 14,
2007, at 11:30 a.m., to receive a report of the company's wind-
up proceedings and property disposal exercises from the
liquidator.

As reported by the Troubled Company Reporter - Asia Pacific, the
company will declare its first and final dividend on Feb. 7,
2007.

The liquidator can be reached at:

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

                      About Watson Dinnison

Watson Dinnison Pty Ltd operates paperboard mills.

The company is located in Victoria, Australia.


ZINIFEX LIMITED: Expands Exploration Projects Overseas
------------------------------------------------------
In a disclosure to the Australian Securities Exchange dated
Jan. 24, 2007, Zinifex Limited disclosed that it had signed
agreements with three separate parties, extending its portfolio
of exploration projects to Tunisia, Mexico, and Sweden.

"These exploration agreements are consistent with Zinifex's
strategy to vigorously grow our mining business," Zinifex's
Chief Executive Officer, Greig Gailey said.  "We are targeting
selected regions that are known for hosting economic zinc or
polymetallic deposits," Mr. Gailey explained.

"This is our first foray overseas but we anticipate that more
will be forthcoming as we seek to build our portfolio of
exploration and development projects," Mr. Gailey noted.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 13, 2006, Zinifiex was expected to announce joint venture
deals with junior explorers in the Mexico and South America
areas to increase its production in the longer term.

                         About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in  
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of the company's products are distributed outside
Australia, particularly in Asia, which is experiencing
significant growth in construction activity and vehicle
production.  Zinc is used for steel galvanizing and die-casting
and lead for lead acid batteries used mainly in cars and other
vehicles.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Aug. 9,
2006, that Fitch Ratings assigned Zinifex a Long-term foreign
currency Issuer Default Rating of 'BB+' with a Stable Outlook.

According to Fitch, the rating is unaffected by Zinifex's
announcement of a proposed transaction with Belgium-based
specialty metals group Umicore to merge their respective zinc
smelting and alloying businesses, a Dec. 14, 2006, TCR-AP report
noted.


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

AGRICULTURAL BANK: Extends Agent Relationship with Western Union
----------------------------------------------------------------
The Western Union Company and the Agricultural Bank of China
have signed a contract to extend the agent relationship to
provide Western Union Money Transfer services in China.

The contract renewal ensures that Western Union and the
Agricultural Bank of China will continue to offer customers
across China a fast, reliable and convenient way to transfer
money.

The renewed contract, signed by Amin Ng, Chief Representative
for China of Western Union Financial Services, and Li Qingping,
General Manager of the International Division of the
Agricultural Bank of China, Inc., extends the relationship for
three years.

"With the largest banking network in China, our ongoing
relationship with Western Union allows us to continue providing
fast and convenient money transfer services to our customers,
contributing to the smooth flow of international funds, and to
achieve a win-win result for customers, Western Union and
ourselves," Madam Li said.

"Since 2001, our successful cooperation with the Agricultural
Bank of China has provided Chinese working overseas with a fast,
reliable and convenient money transfer service to their families
throughout China," said Christina Gold, President and CEO of
Western Union.  "Agricultural Bank of China is a significant
partner for Western Union because of its large banking network
in rural China, serving the areas where the families of migrant
workers live."

Since 1994, Western Union has been sharing global experience and
technical expertise in China, and supports the national economy
by providing an authorized and convenient channel for remittance
into China.  In addition to the Agricultural Bank of China,
Western Union also works with China Post to provide its money
transfer service.  These relationships ensure that Western Union
has an extensive network and offers an outstanding money
transfer service for customers throughout China.

                           About Western Union

The Western Union Company (NYSE: WU) is a leader in global money
transfer services.  Together with its affiliates, Orlandi Valuta
and Vigo, Western Union provides consumers with fast, reliable
and convenient ways to send and receive money around the world,
as well as send payments and purchase money orders.  It operates
through a network of approximately 285,000 Agent locations in
over 200 countries and territories.

Online, by phone or in person - Western Union makes it easy to
send money virtually anywhere in the world.  Famous for its
pioneering telegraph services, the original Western Union dates
back to 1851.  The company has been credited with having
introduced the age of electronic commerce by beginning its
electronic money transfer service in 1871.


                          *     *     *

The Agricultural Bank of China -- http://www.abocn.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter - Asia Pacific reported on June
27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an 'E' Individual rating.


AMITY TRADING: Members to Receive Wind-Up Report on Feb. 23
-----------------------------------------------------------
The members of Amity Trading Company Ltd will meet on Feb. 23,
2007, at 9:30 a.m., to receive a report regarding the company's
wind-up proceedings from the liquidators.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's creditors were required to submit their proofs of
claim on Nov. 30, 2006.

The joint and several liquidators can be reached at:

         Andrew C. C. Ma
         Felix K. L. Lee
         19/F, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


ASIA TRUST: TRC Hands twBB+ Long Term Counterparty Rating
---------------------------------------------------------
Taiwan Ratings Corp on Jan. 15, 2007, assigned its twBB+ long-
term and twB short-term counterparty credit ratings to Asia
Trust & Investment Corp.  The outlook on the long-term rating is
negative.

The ratings on Asia Trust reflect the company's:

   -- restricted business scope;
   -- weak profitability;
   -- poor asset quality; and
   -- poor capitalization

Counterbalancing factors include its fair liquidity, as well as
Taiwan's healthy and stable operating environment.

Asia Trust's market presence and business scope are very small
and highly restricted and are expected to remain so due to its
status as a trust company, which puts it at a disadvantage
operating in Taiwan's highly competitive environment that is
increasingly unfavorable for financially weak players.  At the
end of September 2006, the company's total assets accounted for
less than 0.2% of banking system assets. Trust companies are
prohibited from accepting trust funds with maturity below one
month, extending credit with a tenor of less than one year, and
engaging in foreign exchange business.

Asia Trust's profitability is weak and pressured by business
contraction, substantial credit costs, and high funding costs.  
The company's pre-provision ROAA averaged negative 0.6% in the
18 months ended June 30, 2006, from an average of positive 1.2%
over the 2003-2004 period.

Given its dwindling business, high weighting of NPAs, and
intense industry competition, the company is expected to
continue reporting operating losses over the near term.

Asia Trust's asset quality remains poor because its client
profile is highly sensitive to economic down cycles.  The
company's ratio of NPAs -- including official NPLs and
foreclosed property -- to total loans stood at 25.2% at the end
of September 2006.

Asia Trust's capitalization is weak and is likely to face
further pressure if it cannot effectively restore its core
earning capability.

At the end of June 2006, its reported capital was small at
NT$1.5 billion.  At the same time, its ratio of adjusted equity
to adjusted assets was 4%.

The level would be lower if latent credit costs are fully
discounted. The company's small capital base restricts its
financial flexibility.  The minimum capital requirement for
commercial bank conversion is NT$5 billion.  Asia Trust plans to
inject new capital or merge with a stronger financial
institution, but has yet to set out a clear timetable.
Asia Trust's liquidity management is fair.  Its official
liquidity reserve ratio maintained between 16% and 22% during
the first eleven months in 2006, above the minimum level of
15.125% set by the regulator for trust companies.

In addition, the government's commitment to maintain system
stability helps support the company's liquidity profile.

The negative outlook reflects the expectation that Asia Trust's
financial profile is vulnerable to unforeseen external factors.  
The outlook may be revised to stable if the company receives a
significant injection of capital.  The ratings could be lowered
if its capitalization, including its reported capital,
significantly declines to the extent that it fails to meet
minimum regulatory requirements.


BENQ CORP: Sentex Submits EUR52 Million Bid for Bankrupt Assets
---------------------------------------------------------------
Sentex Sensing Technology Inc. submitted a EUR52 million bid for
the assets of BenQ Mobile GmbH & Co. OHG, the bankrupt German
unit of Taiwan-based BenQ Corp., the Associated Press reports.

According to AP, Henrik Rubenstein, Sentex's chief executive
officer, told Dow Jones Newswires that the bid is based on an
earn-out model, which would base payments on BenQ Mobile's
financial success in the future.

Mr. Rubenstein added that the company had secured a "three-digit
million euro sum" of working capital financing, AP relates.

In a TCR-Europe report on Jan. 12, Sentex said it received a
written statement of Nord Rhein Westfahlen again on a country
endorsement for working capital of EUR25 million, which was
forwarded to the Bank for approval.

                          Other Bidders

As previously reported in the Troubled Company Reporter-Europe,
German laptop computer company Bacoc is also in talks with BenQ
Mobile over its plans to acquire the company's business.

Bacoc, which eyes a two-third reduction of BenQ's work force,
plans to retain BenQ's facility in Kamp-Lintfort in North Rhine-
Westphalia and close down the central office in Munich.  It is
targeting sales of 4.5 million units in 2007.

In addition, a U.S.-German investor group headed by Hansjorg
Beha, a former Daimler-Benz executive, and Gilbert Amelio, a
former chairman of Apple Computer Inc., are in talks with BenQ
regarding a potential bid for BenQ's assets.

Unnamed sources had told German news magazine Spiegel that the
investor group is seeking:

   -- up to EUR100 million in state-backed credit lines;

   -- compensation for employing 800 out of 3,000 BenQ Mobile
      employees, who have since been transferred to a temporary
      organization funded by Siemens and the Federal Employment
      Agency; and

   -- rights to BenQ Corp.'s brand names.

However, the Land of North-Rhine Westphalia declared that it was
only prepared to pay less than EUR100 million in state
guarantee, as a higher amount would cause problems with EU law,
Suddeutsche Zeitung relates.

As reported in the TCR-Europe on Jan. 16, Messrs. Amelio and
Beha said they would aim to hit break-even for the mobile
company this year and report a EUR10 million profit in 2008.  
The managers are optimistic BenQ Mobile could double its mobile
phone production to 8 million units by 2008.

                       About Sentex Sensing

Sentex Sensing Technologies, Inc. http://www.sentextech.com/--  
provides fingerprint, facial and voice biometric technologies,
as well as systems, and critical system components that empower
the identification of individuals in large-scale ID and ID
management programs.

                           About BenQ

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

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany. BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.  
BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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

The ratings reflect BenQ's:

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

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


BENQ CORP: Inks Mobile Phone Warranty Agreement with Siemens AG
---------------------------------------------------------------
Siemens AG and BenQ Corp. have reached an agreement on the
continuation of warranty services for mobile phones sold under
the brand names "Siemens" and "BenQ Siemens."  

BenQ Corp. has commissioned B2X Care Solutions GmbH to continue
services for mobile phones of either brand.  Siemens is
supporting this agreement.  Sales partners and end customers can
thus continue to use the existing channels in case of claims.  
The long-term agreement has been valid since the beginning of
January 2007.

Within the framework of this agreement, B2X is taking over the
warranty services for sales partners and end customers in
Europe, Russia and Latin America.  The warranty claims of Asian
customers will be dealt with directly by BenQ Corp.  To
guarantee the provision of services for mobile phones, Siemens
has agreed with BenQ Corp. to use the payments originally due in
December.

Siemens has recently provided a solid financial basis for the
job placement companies for employees of BenQ Mobile OHG in
North Rhine-Westphalia and Bavaria.  A EUR10-million aid fund
has also been set up by Siemens for supporting employees in
financial difficulties.  Through the job exchange established by
Siemens for employees of BenQ Mobile OHG, over 690 interviews
have been scheduled at Siemens.  Round about 150 concrete job
offers have so far been made.  In addition, Siemens has secured
the continuation of training for 88 trainees of BenQ Mobile
within Siemens AG.

                       About Siemens

Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a  
global powerhouse in electrical engineering and electronics.

The company has around 461,000 employees working to develop and
manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements.  Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.

Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control,
Power, Transportation, Medical, and Lighting.  In fiscal 2006
(ended Sept. 30), Siemens had sales from continuing operations
of EUR87.3 billion and net income of EUR3.1 billion.

                           About BenQ

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

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany. BenQ Mobile filed for insolvency
in Germany on Sept. 29. The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.  
BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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

The ratings reflect BenQ's:

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

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


BJ SERVICES: Schedules Final Meeting on February 21
---------------------------------------------------
BJ Services Company (Hong Kong) Ltd will hold a final meeting on
Feb. 21, 2007, at 10:00 a.m., to consider the liquidator's
account of the company's wind-up proceedings and property
disposal exercises.

The Troubled Company Reporter - Asia Pacific has reported that
the company entered voluntary liquidation on May 8, 2006.

The liquidator can be reached at:

         Philip Brendan Gilligan
         7/F, Alexandra House
         18 Chater Road, Central
         Hong Kong


DIAMOND TERM: First Meetings Fixed on January 31
------------------------------------------------
The contributories and creditors of Diamond Term Ltd will hold
their meetings on Jan. 31, 2007, at 9:30 a.m. and 11:00 a.m.,
respectively.

According to the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on May 24, 2006.


FLOATA SEAFOOD: Annual Meetings Slated for February 13
------------------------------------------------------
The contributories and creditors of Floata Seafood Restaurant
Ltd will hold their annual meetings on Feb. 13, 2007, at 10:00
a.m. and 10:30 a.m., respectively, to consider the liquidator's
account of the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific reported that the
creditors and contributories of the company previously met on
Feb. 8, 2006.

The liquidator can be reached at:

         Cho Yim Kan
         Rooms 1703-04, Asian House
         1 Hennessy Road, Wan Chai
         Hong Kong


GENERAL MULTI-WITS: Appoints Provisional Liquidator
---------------------------------------------------
On Jan. 12, 2007, General Multi-Wits Company Ltd commenced a
wind-up of its operations and appointed Leung Chui Mei as
provisional liquidator.

The Provisional Liquidator can be reached at:

         Leung Chui Mei
         Room 502, 5/F Prosperous Building
         48-52 Des Voeux Road, Central
         Hong Kong


HAIER GROUP: Court to Hear Wind-Up Petition on February 7
---------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Haier Group (Asia) Co. Ltd on Feb. 7, 2007, at 9:30 a.m.

Haier International Co. Ltd, a company incorporated in the Hong
Kong Special Administrative Region, filed the petition against
the company on Nov. 29, 2006.

Haier International's solicitor can be reached at:

         Norton Rose
         38/F Jardine House
         1 Connaught Place, Central
         Hong Kong


JINGO INTERIORS: Wind-Up Hearing Set for March 7
------------------------------------------------
A liquidation petition filed against Jingo Interiors Ltd will be
heard before the High Court of Hong Kong on March 7, 2007, at
9:30 a.m.

Leung Shern filed the petition with the Court on Jan. 3, 2007.

Leung Shern's solicitors can be reached at:

         Liu, Chan and Lam
         Rooms 1710-18, 17/F Hutchison House
         10 Harcourt Road, Central
         Hong Kong


JOYMARK COMPANY: Creditors Must Prove Debts by February 22
----------------------------------------------------------
The creditors of Joymark Company Ltd are required to submit
their proofs of claim by Feb. 22, 2007.  Failure to prove debts
by the due date will exclude a creditor from sharing in any
distribution the company will make.

According to the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Dec. 21, 2006.

The liquidator can be reached at:

         Ho Wai Ip
         c/o Alliance & Associates
         CPAs Room 1903, 19/F World-Wide House
         19 Des Voeux Road, Central
         Hong Kong


RESEARCH INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 28
-------------------------------------------------------------
The creditors of Research International China (HK) 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:

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


SHEEN CROWN: Members and Creditors' Meeting Set on February 6
-------------------------------------------------------------
The members and creditors of Sheen Crown Ltd will meet on
Feb. 6, 2007, at 2:15 p.m. and 3:30 p.m., respectively, to
receive the liquidators' wind-up report during the preceding
year.

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


SINO UNICORN: Ho Wai Ip Ceases to Act as Liquidator
---------------------------------------------------
On Jan. 10, 2007, Ho Wai Ip ceased to act as liquidator of Sino
Unicorn Trading Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, Mr.
Ho presented the company' wind-up report during the member's
meeting on Jan. 9, 2007.

The former Liquidator can be reached at:

         Ho Wai Ip
         Room 1903, 19/F World-Wide House
         19 Des Voeux Road, Central
         Hong Kong


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

BRITISH AIRWAYS: Wants Acas to Mediate Dispute with T&G Union
-------------------------------------------------------------
British Airways Plc is seeking outside mediation through the
Advisory, Conciliation and Arbitration Service after the
Transport & General Workers Union, representing 11,000 cabin
crew employees of BA, revealed its plans to carry out a three-
day strike next week over sick leave, pay and staffing concerns,
Tracy Alloway writes for Bloomberg News.

The airline called on Acas to discuss ways of solving the
dispute with T&G, BA said in a statement.

According to Lou Owen, a spokesman for Acas, both parties would
have to sign up voluntarily to the mediator's conciliation
service.

Anthony Cane, a spokesman for BA, said, "The actual structure"
of the arbitration service's involvement "will be discussed and
agreed with all the parties."

The union would welcome the mediator's help but "it should be
possible for British Airways to resolve this themselves within
48 to 72 hours," Andrew Andrew Dodgshon, a spokesman for
T&G, told Bloomberg.

As previously reported in the TCR-Europe on Jan. 23, T&G will
stage a three-day strike starting Jan. 29 after talks with BA
management failed to reach an agreement.

According to Andrew Murray, a spokesman for T&G, two more three-
day strikes are expected to happen in February unless the
dispute is resolved.

The airline will incur losses between GBP10 million and GBP15
million a day if the 11,000 cabin crew members will push through
with the three 72-hour strikes, The New Zealand Herald relates.

BA was disappointed by the union's move as industrial action
would cause "massive disruption" for its customers.  The carrier
is now allowing passengers who had booked flights between
Jan. 29 and Feb. 16 to change the dates of their trips.

BA spokesman Paul Marston revealed that union is seeking a
unified pay scale that would cost the airline up to GBP50
million pounds a year.

As previously disclosed, 96% of T&G union's cabin crew members,
who are employed at BA, voted in favor of a strike action over
the airline's proposed deal that would narrow a GBP2.1-billion
pension deficit.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and    
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: Cabin Crew Workers to Stage Three-Day Strike
-------------------------------------------------------------
The Transport & General Workers Union, representing 11,000 cabin
crew employees of British Airways Plc, will carry out a
three-day strike starting Jan. 29 after talks over sick leave,
pay and staffing issues failed to reach an agreement, Tracy
Alloway and Stuart Wallace write for Bloomberg News.

According to Andrew Murray, a spokesman for T&G, two more three-
day strikes are expected to happen in February unless the
dispute is resolved.  He added that there are no further talks
scheduled between the airline and the union.

"Our members are fed up with being bullied into coming to work
when sick and with division caused by poverty levels," Jack
Dromey, T&G deputy general secretary, said.

BA was disappointed by the union's move as industrial action
would cause "massive disruption" for its customers.  The carrier
is now allowing passengers who had booked flights between
Jan. 29 and Feb. 16 to change the dates of their trips.

The airline is still hoping for a negotiated settlement although
the union is refusing another dialogue, BA spokesman Paul
Marston was quoted by Bloomberg as saying.

Mr. Marston revealed that the union is seeking a unified pay
scale that would cost BA up to GBP50 million pounds a year.

As previously reported in the TCR-Europe on Jan. 17, 96% of T&G
union's cabin crew members, who are employed at BA, voted in
favor of a strike action over the airline's proposed deal that
would narrow a GBP2.1-billion pension deficit.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


PRIDE INTERNATIONAL: Names Kenneth Burke to Board of Directors
-----------------------------------------------------------
Pride International, Inc., appointed Kenneth M. Burke to the
Board of Directors upon the recommendation of Pride's Nominating
and Corporate Governance Committee.  Mr. Burke was also
appointed to the company's Audit Committee.

Mr. Burke is a retired partner of Ernst & Young, LLP, where over
the course of a 31-year career he served in various positions,
including National Director of Energy Services, Managing Partner
of Assurance and Advisory Business Services for the Gulf Coast
Area, and Coordinating Partner for energy and oilfield service
companies.  Mr. Burke currently serves as a director of Trico
Marine Services, Inc.

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.
The company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  The company has worldwide
operations, including in India and Malaysia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 6, 2006 Moody's Investors Service, in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the oilfield service and refining
and marketing sectors, confirmed its Ba1 Corporate Family Rating
for Pride International Inc.


SYNDICATE BANK: Board Meeting Rescheduled to January 27
-------------------------------------------------------
Syndicate Bank reschedules to Jan. 27, 2007, the meeting for its
board of directors that was previously set on Jan. 29.

As reported in the Troubled Company Reporter - Asia Pacific,
Syndicate Bank planned to hold its board meeting on Jan. 29 to
take on record its unaudited financial results for the third
quarter ended Dec. 31, 2006.

Syndicate Bank Ltd  -- http://syndicatebank.in/-- provides a   
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

Fitch Ratings, on June 1, 2005, gave Syndicate Bank a 'D'
individual rating.


TATA MOTORS: Net Profit Up 11.5% in December 2006 Quarter
---------------------------------------------------------
For the three months ended Dec. 31, 2006, Tata Motors Ltd
recorded a net profit of INR5.132 billion (INR13.32 basic
earnings per share), an 11.5% increase from the INR4.602 billion
for the corresponding period in 2005.

Net sales rose 37% to INR69.568 billion for the quarter ended
Dec. 31, 2006, which amount is comprised of INR80.474 billion in
gross sales and INR10.906 in excise duties.

Other income, however, dipped from INR1.684 billion in the
December 2005 quarter to INR143 million in the December 2006
quarter.  The plunge is due to the INR1.643 billion gained from
sale of shares of Tata Motors' subsidiary, Telco Construction
Equipment Company Ltd, which amount is included in the other
income for the December 2005 quarter.

With the boost in revenues comes increased expenditures.  For
the last quarter of 2006, Tata Motors posted expenditures
totaling INR60.333 billion -- a 35% rise from the INR44.592
billion incurred in the corresponding period in 2005.

According to the company, the expenditures for the quarter under
review include consumption of raw materials and components for
the period aggregating INR48.976 billion.

Interest also increased to INR851.7 million in the December 2006
quarter from the INR601.1 million in the December 2005 quarter.  
The INR852-million interest is comprised of interest expense
totaling INR1.023 billion and interest income/interest
capitalized at INR171.4 million.

A full-text copy of Tata Motors' audited financial results for
the quarter and nine months ended Dec. 31, 2006, is available
for free at http://researcharchives.com/t/s?18eb

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly   
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: Crosses Half-Million Sales Mark in 2006
-----------------------------------------------------
Tata Motors Ltd sales have for the first time crossed the half a
million mark in a calendar year.  For the calendar year 2006,
the company registered total sales of 5,55,065 vehicles
(including exports), a growth of 30% over 4,25,901 vehicles sold
in 2005.

                        Commercial Vehicles

Cumulative sales of commercial vehicles in the domestic market
for the calendar year 2006 were 2,83,170 units, an increase of
43% over 1,98,607 vehicles sold in 2005.  Medium and Heavy
Commercial Vehicle sales stood at 1,65,362 units, an increase of
35% over 2005.  Light Commercial Vehicle sales were at 1,17,808
units, an increase of 55% over 2005.

As part of its on-going launch plan, the Tata Ace, India's first
mini-truck, is being extended across the country.

The company retained its leadership position in the commercial
vehicle sector with an overall market share of 64% in 2006,
compared to 59% in 2005.  The market share for LCVs increased to
66%, compared to 56% in 2005, while M&HCVs registered a 63%
market share compared to 62% in 2005.

                        Passenger Vehicles

The passenger vehicle business reported total sales of 2,18,355
vehicles in the domestic market in 2006, an increase of 20% over
1,81,593 vehicles over 2005.  The Indica had its highest ever
yearly sale at 1,38,537 units, an increase of 30%.  The Indigo
range registered sales of 35,483 units, a decline of 8%.  The
Sumo and Safari accounted for sales of 44,335 units, registering
a growth of 21%.  Safari sales at 11,375 units were the highest
in any year since launch in 1998.

During the year, the company introduced the Indica V2 Xeta, face
lifted Indigo and Indigo Marina range, CNG versions of the
Indica and Indigo Marina and a new Safari range.

The company's overall market share in passenger vehicles has
improved to 16.7% in 2006 from 16.4% in 2005.  The market share
for the Indica increased to 20% in the compact segment, compared
to 19.2% in 2005, while the Indigo family registered a 36.3%
market share compared to 31.4% in 2005 in the Entry Midsize
segment.  The market share for Utility Vehicles increased to 21%
in 2006 from 20.1% in 2005.

                             Exports

The company exported 53,540 vehicles in 2006 as compared to
45,701 vehicles in 2005, an increase of 17%.

                        About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly   
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: Starts Building Mini-Car Plant in West Bengal
----------------------------------------------------------
Tata Motors initiated preliminary steps to build a small-car
plant at Singur in West Bengal, the company says in a media
release dated Jan. 21, 2007.

The commencement of the construction, Tata Motors points out, is
with the consent of the West Bengal Industrial Development
Corporation.  According to Reuters, locals have protested
against the transfer of agricultural land required for the
factory.

The small car is reportedly scheduled to roll out of the plant
by 2008.

Tata Motors expects to create employment in excess of 10,000
jobs for the plant's operation.

"Tata Motors through its contractors and its sub-contractors
will deploy appropriate and necessary people from the Singur
area on various unskilled jobs and also skilled assignments,
like masons, fitters etc., as per the project's needs," the
company release states.

Tata Motors says it has started steps in training locals to
improve their employability.  "The company is in the process of
organizing more extensive training for them based on a selection
process," the company says.

The company believes the plant will become a catalyst for both
greater well-being of Singur families and growth of the region.

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly   
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA POWER: SC Stays Until Jan. 31 Tribunal Refund Order
--------------------------------------------------------
The Supreme Court on Jan. 16, 2006, stayed until Jan. 31 an
order of Appellate Tribunal for Electricity directing Tata Power
Company Ltd to refund INR451.35 crore to Reliance Energy Ltd,
The Times of India reports.  The amount relates to standby
charges that REL paid for electricity supply.

Tata Power and REL pays standby charges to Maharashtra State
Electricity Board for the backup arrangement in the event of
power outages at their own generating stations, the report
explains.

According to The Times, the SC granted the stay after Tata Power
challenged the Tribunal's ruling, which was issued in December
2006.  Additionally, the SC extended the time within which Tata
Power will refund REL from Jan. 20 to Jan. 31.

REL opposed the extension asserting that Tata Power have been
holding the refund for the last five years after recovering it
from consumers, the newspaper states.

Tata Power Company Ltd. is a licensee engaged in generation and
supply power to bulk consumers in the Mumbai metropolitan area.
The company operates four thermal plants with a combined
capacity of 1,350 MW, and three hydroelectric plants aggregating
447 MW; all of these supply power to the Mumbai licence area.
The company also has a plant that supplies power to Tata Steel.
In addition, Tata Power has an 81 MW independent power project
at Belgaum that sells power to Karnataka Power Transmission
Corporation Limited.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


UTI BANK: Net Profit in December 2006 Quarter Up by 40%
-------------------------------------------------------
UTI Bank Ltd reported INR1.846 billion in net profit for the
quarter ended Dec. 31, 2006, a 40% boost from the INR1.317
billion in the corresponding quarter in 2005.

Total income soared by 60% from INR9.201 billion in the December
2005 quarter to INR14.694 billion in the last quarter of 2006.  
The bulk of the income for the December 2006 quarter comes from
interest on advances totaling INR7.053 billion and income on
investment of INR4.573 billion.

The bank's expenditures for the last quarter of 2006 total
INR11.107 billion, a 67% increase from the INR6.639 billion in
the corresponding period in 2005.

UTI Bank increased its provisions and contingencies from INR592
million in the December 2005 quarter to INR763 million in the
December 2006 quarter.  Provision and contingencies in the
quarter under review includes provision for Non Performing Asset
of INR3.027 million, the bank notes.

According to the bank, its net worth stood at INR3,196.92 crore
as of Dec. 31, 2006, compared to INR2,784.22 crore a year
earlier, a growth of 15% year on year.  The Capital Adequacy
Ratio for the Bank was at 11.83%, as at end December 2006, as
compared to 11.58% as at end December 2005.  The Tier - I
capital amounted to 6.96%, as against 7.54% as at end December
2005.

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

   http://bankrupt.com/misc/UTIBankResults_Dec312006.pdf

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other   
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading.  Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 8, 2006, Moody's Investors Service assigned a Ba1 rating to
the foreign currency perpetual non-cumulative subordinated debt
to be issued by UTI Bank's Singapore branch under its US$1
billion Medium Term Note programme, for an expected amount of
US$42 million.

The TCR-AP also reported on Aug. 4, 2006, that Standard & Poor's
Ratings Services assigned its BB+/B counterparty credit ratings
to UTI Bank Ltd.  The outlook is positive.  S&P also assigned
its C bank fundamental strength rating to the bank.

S&P on Jan. 23, 2007, assigned its 'BB+' issue rating to the
proposed senior unsecured, three-year, US$250 million floating-
rate notes to be issued by the bank, acting through its
Singapore branch.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the ratings is stable.


UTI BANK: Proposed US$250-Mil. Notes Gets S&P's BB+ Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said on Jan. 23, 2007, it
assigned its 'BB+' issue rating to the proposed senior
unsecured, three-year, US$250 million floating-rate notes to be
issued by India's UTI Bank Ltd. (BB+/Positive/B), acting through
its Singapore branch.

These notes are being issued under the bank's multi-currency ?1
billion medium-term note program.

The senior notes will constitute direct, unconditional,
unsubordinated, and unsecured obligations of the bank and will
rank pari passu with all of the bank's unsecured and
unsubordinated obligations, and ahead of all subordinated
debt issues.  The issue proceeds will be used to meet the
funding requirements of UTI Bank's international operations or
any other activities, subject to regulatory approvals.

Any material change to the terms and conditions of future senior
unsecured note issues could affect the rating on the particular
issue.


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

BANK MANDIRI: Non Performing Loans Ratio Falls to 7.88%
-------------------------------------------------------
The ratio of Bank Mandiri's non-performing loans to its total
loans fell to 7.88% on Dec. 31, 2006, compared with 16.14% in
2005, Antara News reports.

The report cites the bank's president director, Agus
Martowardoyo, as saying that the ratio of its gross NPLs to its
total loans also dropped to 17.86% from 26.66%.

Moreover, credit expansion grew 9.1% following Bank Mandiri's
decision to write off problematic credits, Antara News relates.

Antara notes that overall, the amount of credits distributed in
2006 reached IDR109.4 trillion against IDR100.3 trillion in
2005, causing the increase in the loan-to-deposit ratio to
55.41% from 49.97%.

Furthermore, Bank Mandiri's profit after tax for 2006 was also
expected to increase to around IDR1.8-IDR2.4 trillion from
IDR603 billion in 2005 due to an increase in net interest
margins to 4.45% from 3.81%, the report relates.

Mr. Martowardoyo said that the success in lowering Bank
Mandiri's NPL resulted from a drop in the amount of NPLs in its
main obligors' debit accounts from IDR16.1 trillion on Dec. 31,
2005, to IDR9.58 trillion on Dec. 31, 2006.

The bank also had reached an agreement with two main obligors --
Argo Pantes and Raja Garuda Mas -- to restructure their debts,
the report adds.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is  
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

According to a report by the Troubled Company Reporter - Asia
Pacific on May 29, 2006, Moody's Investors Service had upgraded
the Bank's subordinated debt rating to Ba3 from Ba1, and its
senior debt rating to Ba3 from Ba1, on higher foreign currency
bond ceilings.

Moody's has given Bank Mandiri an 'E' bank financial strength
rating.

A TCR-AP report on Sept. 19, 2006, stated that Fitch Ratings has
affirmed all the ratings of Bank Mandiri as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-',

   * Short-term rating 'B',

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

   * Individual 'D', and

   * Support '4'.


BANK NEGARA: Plans IDR4-Trillion Share Sale to Improve Capital
--------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk plans to sell new shares
at mid-year that may raise IDR4 trillion, Bloomberg News
reports, citing the Koran Tempo.

According to Bloomberg, Bank Negara will use the proceeds to
strengthen its capital base.

The report notes Bank Negara's corporate secretary, Intan Abdams
Katoppo, as saying that the bank will seek shareholders'
approval for the rights offer at a meeting in May, but she
didn't confirm the sale proceeds estimate.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial  
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
a securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service has lifted Bank Negara
Indonesia's senior debt rating to B1 from B2, and long-term
deposit rating to B2 from B3.  The revised ratings carry a
stable outlook.  Bank Negara's short-term deposit rating of Not-
Prime, and bank financial strength rating of E are unaffected.

A subsequent TCR-AP report on July 17, 2006, said that Standard
& Poor's Ratings Services revised the outlook on the local
currency counterparty credit rating on Bank Negara to stable
from positive.  At the same time, Standard & Poor's affirmed its
foreign and local currency ratings on BNI (B+/Stable/B).

Another TCR-AP report on December 15, 2006, stated that Fitch
Ratings affirmed Bank Negara'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';

   -- National Long-term rating at 'A+(idn)';

   -- Individual rating at 'D';

   -- Support rating at '4'; and

   -- subordinated notes rating at 'B+'.


BANK NEGARA: Sees 2006 Net Profit Up A Third from 2005 Figure
-------------------------------------------------------------
PT Bank Negara Indonesia expects its 2006 net profit to rise
about a third to IDR1.9 trillion from IDR1.4 trillion net profit
in 2005, Reuters reports, citing the bank's president director,
Sigit Pramono.

Moreover, Mr. Pramono told reporters that the bank expected
loans to grow 20% this year from an estimate of IDR66.7 trillion
in 2006.

Reuters relates that the Government currently owns more than 99%
of the bank, which controls total assets of IDR157.5 trillion.
Mr. Pramono said that a secondary offering of the bank's shares
was expected by the end of June, during which the Government
might offer between 30-40% of the bank.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial  
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
a securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service has lifted Bank Negara
Indonesia's senior debt rating to B1 from B2, and long-term
deposit rating to B2 from B3.  The revised ratings carry a
stable outlook.  Bank Negara's short-term deposit rating of Not-
Prime, and bank financial strength rating of E are unaffected.

A subsequent TCR-AP report on July 17, 2006, said that Standard
& Poor's Ratings Services revised the outlook on the local
currency counterparty credit rating on Bank Negara to stable
from positive.  At the same time, Standard & Poor's affirmed its
foreign and local currency ratings on BNI (B+/Stable/B).

Another TCR-AP report on December 15, 2006, stated that Fitch
Ratings affirmed Bank Negara'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';

   -- National Long-term rating at 'A+(idn)';

   -- Individual rating at 'D';

   -- Support rating at '4'; and

   -- subordinated notes rating at 'B+'.


CA INC: To Discuss Third Quarter 2007 Results on February 1
-----------------------------------------------------------
CA Inc said that it will host a Web cast and conference call at
5 p.m. ET on February 1, 2007, to discuss its third quarter
fiscal year 2007 financial results.

The Web cast will contain forward-looking statements and other
material information.

Individuals can access the Web cast at http://ca.com/invest/or  
listen to the call at 1-706-902-0518. Supplemental financial
information relating to CA's earnings announcement will be
available at http://ca.com/invest/at approximately 4:30 p.m. ET  
on February 1.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA)
-- http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Asia Pacific, the company has
operations in Indonesia, Australia, China, Japan, Hong Kong,
India, Philippines and Thailand.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


EXCELCOMINDO PRATAMA: Signs Modernization Deal with Amdocs
----------------------------------------------------------
Amdocs signed a major five-year contract with PT Excelcomindo
Pratama Tbk for the modernization of its real-time business
support systems, Reuters reports.

According to the report, under the contract, Amdocs will also be
the systems integrator for the deployment of the new Amdocs
Billing 7, Amdocs CRM 7 and Amdocs Partner Manager 7 products,
as well as provide the associated maintenance services over the
five-year period.

The report notes that the Amdocs 7 suite will be officially
launched on January 23, 2007.

Amdocs' billing, CRM and partner settlement products have
supported XL's explosive growth from 1.5 million subscribers in
2003 to more than 9 million today, Reuters relates.

The report says that 96% of XL's subscribers are prepaid
customers, and Amdocs' solution delivers convergent real-time
prepaid-postpaid support, adding that the new Amdocs products
will drive enhanced integration across XL's entire customer and
service lifecycles and improving support for innovative, multi-
play revenue engines, which will allow XL to compete better in
an increasingly competitive marketplace.  

Reuters points out that the company will also ensure consistent
customer service across XL's wireless, broadband Internet and
Internet Protocol based voice as well as offerings for next
generation networks such as IMS.

Director of Commerce at XL, Joy Wahyudi said that Amdocs 7
products will give them advanced tools to ensure that they can
offer an intentional customer experience and attract millions of
new customers over the next five years, the report relates.

The report adds that, ultimately, service providers benefit from
enhanced interoperability in a next generation, truly convergent
environment.

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

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

                          *     *     *

A May 23, 2006 report of the Troubled Company Reporter - Asia
Pacific stated that Moody's Investors Service has upgraded the
foreign currency senior unsecured bond rating of Excelcomindo
Finance Company B.V. to Ba3 from B1.  The outlook is stable.  At
the same time, Moody's has affirmed PT Excelcomindo Pratama's
Ba2 local currency corporate family rating.  The rating outlook
remains stable.

A subsequent TCR-AP report says that Fitch Ratings, on June 5,
2006, upgraded PT Excelcomindo Pratama's Long-term foreign
currency and local currency Issuer Default Ratings to 'BB-' from
'B+'.  The outlook on the ratings is stable.


MEDCO ENERGI: Takes 50% Stake in Conoco Phillip Aceh
----------------------------------------------------
PT Medco Energi Internasional Tbk through its subsidiaries,
Medco Far East Ltd and Medco E&P Malaka, has taken over a 50%
stake in Conoco Phillips Aceh Ltd, Antara News reports.

According to the report Medco Energi President Director
Hilmi Panigoro said that the agreement on the acquisition was
signed on January 23.

Mr. Panigoro said that Premier Oil Sumatra BV bought the other
50% stake in CPAL, and that after completing the process of
acquisition, Medco and Premier respectively had a 50% stake in
CPAL.

Mr. Panigoro added that the acquisition will improve the
property of Medco Energi in addition to contributing a bigger
benefit in the future, Antara points out.

Mr. Panigoro also said that his side had to use his company's
internal funds in taking over the 50% stake in CPAL.

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).


MEDIA NUSANTARA: To Sell 20% Stake Via Initial Public Offering
--------------------------------------------------------------
PT Media Nusantara Citra plans to sell a 20% stake in an initial
public offering and use the funds to expand programming to
compete with an overseas rival, Bloomberg News reports.

Media Nusantara will sell new shares amounting to 10% of its
enlarged capital together with its parent firm, Bimantara Citra,
which will sell another 10%, Bloomberg cites Bimantara President
Director Hary Tanoesoedibjo.

The report notes that Media Nusantara may raise as much as
US$120 million based on Danareksa Sekuritas' valuation of
US$600 million for the company.

The share sale proceeds will help pay for the acquisition of an
Indonesian pay television operator to compete against Astro All
Asia Networks of Malaysia, the report relates.

An analyst with Danareksa, Mulya Chandra, suggested Media
Nusantara to be more aggressive as Astro expands in Indonesia,
adding that Bimantara has to come up with a plan to acquire pay
television company Indovision.

The report adds that Bimantara agreed to buy at least 51% of MNC
Skyvision, which operates pay-television operator Indovision.

                      About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with  
operations in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 19, 2006, that Moody's Investors Service has affirmed its
B1 rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  The ratings outlook is stable.

The TCR-AP also reported that Standard & Poor's Ratings
Services affirmed its 'B+' rating on senior secured debt of up
to US$182 million to be issued by Media Nusantara Citra's
wholly-owned subsidiary, Media Nusantara Citra B.V.  The notes
are unconditionally and irrevocably guaranteed by MNC and some
of its subsidiaries, excluding PT Rajawali Citra Televisi
Indonesia and PT Cipta Televisi Pendidikan Indonesia.  The size
of the issue has been reduced from the initial proposed amount
of US$230 million as the company delays entering its pay TV
business.


NORTEL NETWORKS: Unit Declares Preferred Share Dividends
--------------------------------------------------------
Nortel Networks Corp.'s subsidiary Nortel Networks Limited's
board of directors declared a dividend in respect of each of the
months of January and February on each of the outstanding
Cumulative Redeemable Class A Preferred Shares Series 5 and the
outstanding Non-cumulative Redeemable Class A Preferred Shares
Series 7.

The dividend amount for each series is calculated in accordance
with the terms and conditions applicable to each respective
series, as set out in the company's articles.  The annual
dividend rate for each series floats in relation to changes in
the average of the prime rate of Royal Bank of Canada and The
Toronto-Dominion Bank during the preceding month and is adjusted
upwards or downwards on a monthly basis by an adjustment factor
which is based on the weighted average daily trading price of
each of the series for the preceding month, respectively.  The
maximum monthly adjustment for changes in the weighted average
daily trading price of each of the series will be plus or minus
4.0% of Prime.  The annual floating dividend rate applicable for
a month will in no event be less than 50% of Prime or greater
than Prime.  

The dividend on each series in respect of the month of January
is payable on Feb. 12, 2007, to shareholders of record of such
series at the close of business on Jan. 31, 2007.  The dividend
on each series in respect of the month of February is payable on
March 12, 2007, to shareholders of record of such series at the
close of business on Feb. 28, 2007.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.

Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries, including in Indonesia, Australia, China, Mexico,
Philippines, and Thailand.

                          *     *     *

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

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

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


NORTEL NETWORKS: Ties Up With SlashSupport for Technical Support
----------------------------------------------------------------
Nortel Networks Corporation has entered into a three-year multi-
million dollar technical support contract with SlashSupport, a
specialist enterprise technology support company, The Hindu
reports.

According to the report, under the agreement, SlashSupport will
provide technical support out of its facilities in Chennai for
products in Nortel's enterprise voice and data portfolios.

The Hindu notes that sources at SlashSupport said the entire
technology support work will be done at the Chennai facility,
adding that it is the biggest deal so far for them.

SlashSupport's sources also said that Nortel's tie-up with
SlashSupport is a sequel to its decision to consolidate its
technology support with one vendor and it had hitherto been
getting tech support from four vendors, the report points out.

The Hindu explains that, SlashSupport offers technical support
services for enterprise-class technology providers, technical
and customer support services for consumer-class technology
providers and remote systems management services for IT
infrastructure providers and enterprises.

Nortel's North America Enterprise Operations Leader, Roy MacLean
said that they evaluated the tech support offerings of several
companies from India and other global locations and that
SlashSupport came out strong with its focused capabilities in
enterprise tech support services, passionate management team,
and the ability to demonstrate strength in improving the end-
user experience by creating and delivering knowledge-centric
support solutions, the report says.

                      About SlashSupport:

SlashSupport, headquartered in San Jose, CA, is a market leader
in providing outsourced technical support solutions for
enterprise and consumer technology platforms using a global
delivery model.  The services include advanced technology
support for enterprise class technology users, Technical &
Customer Support services for consumer class technology
providers, Remote System Management Services for IT
infrastructure providers & enterprises and Vendor neutral
support for organizations adopting Open Source technology.
SlashSupport's global facilities span across Chennai, India, a
redundancy center in Singapore and an onsite facility in San
Jose, CA, and it has a marquee customer base of over 30 global
technology companies.

                         About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.

Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries, including in Indonesia, Australia, China, Mexico,
Philippines, and Thailand.

                          *     *     *

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

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

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


NORTEL NETWORKS: Launches New Products & Services with Microsoft
----------------------------------------------------------------
Nortel Networks Corp. and Microsoft Corp. together rolled out a
raft of products and services aimed at delivering business
communications over software and Internet networks, Reuters
reports.

Reuters notes that Nortel and Microsoft both said their
partnership has yielded "dozens" of customer deals thus far with
hundreds more in the works.

The two companies first announced their alliance in July, with
Nortel saying that it would reap about US$1 billion in new
revenue over the life of the four-year agreement, the report
recounts.

Reuters cites Nortel Chief Executive Officer Mike Zafirovski as
saying that they are executing on the vision of this alliance
and have made tremendous progress, adding that they have
completed the planning stages and are now delivering unified
communications solutions to businesses around the world.

The two companies are working on integrating business
communications such as e-mail, phone and instant messaging on
Internet networks, saying that their technology will improve
productivity and reduce costs to their customers, Reuters points
out.

The report adds that the companies co-developed 11 new services
and three new products as part of their alliance.  Moreover, the
companies said that they are set to open more than 20 showrooms
for their technologies around the world and plan to add about
100 more by the middle of the year.

                          About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.

Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries, including in Indonesia, Australia, China, Mexico,
Philippines, and Thailand.

                          *     *     *

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

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

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


TELKOM INDONESIA: Buys Back Over 120 Million Shares
---------------------------------------------------
PT Telekomunikasi Indonesia bought back 500,000 shares at
different stock exchanges, including the New York Stock
Exchange, bringing the total number of shares it has reacquired
up until Jan. 20, 2007, to 120,376,500, Antara News reports.

The report, citing PT Telkom's vice president for investor
relations and corporate secretary, Harsya Denny Suryo, relates
that the number of shares the company had bought back so far was
still far below the maximum number it was permitted to recover,
which is 1.008 billion.

PT Danareksa securities carried out the transactions at a price
of IDR9,920 per share, and with Telkom's latest purchase, the
number of shares they could still buy back is now 887,628,464,
Antara points out.

The report recounts that PT Telkom's extraordinary shareholders'
on Dec. 21, 2005, and Bapepam regulations, had stipulated that
the company could make the buybacks over a period of 18 months.

All parties had agreed that the buyback scheme could last until
June 2007, the report states.

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com
-- provides local and long distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed
wireless service, leased lines, and data transport through
affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service gave Telekomunikasi
Indonesia a Ba1 local currency corporate family rating.

Standard & Poor's Ratings Services gave the company foreign and
local currency corporate credit ratings of BB+.

Fitch Ratings has assigned Telkom Indonesia Long-term foreign
and local currency Issuer Default Ratings of 'BB-'.


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

DELPHI CORP: Can Enter Into EPCA & Plan Framework Support Pacts
---------------------------------------------------------------
The Honorable Robert D. Drain of the United States Bankruptcy
Court for the Southern District of New York gave Delphi Corp.
and its debtor-affiliates authority to enter into an equity
purchase commitment agreement and a plan framework support
agreement with their plan investors.

The Plan Investors are:

   -- A-D Acquisition Holdings LLC, an affiliate of Appaloosa
      Management L.P.;

   -- Harbinger Del-Auto Investment Co. Ltd., an affiliate of
      Harbinger Capital Partners Master Fund I, Ltd.;

   -- Dolce Investments LLC, an affiliate of Cerberus Capital
      Management, L.P.;

   -- Merrill Lynch, Pierce, Fenner & Smith Incorporated; and

   -- UBS Securities LLC.

The Debtors are authorized to pay the Indemnity, the Transaction
Expenses, the Commitment Fees, the Alternate Transaction Fee,
and any Damage Claim, if applicable, and to the extent allowed,
without further Court order.

As long as the Official Committee of Unsecured Creditors
supports the Framework Agreements, Judge Drain directs the Plan
Investors to provide the Committee with an itemization of any
Transaction Expenses for which payment is being sought, together
with appropriate back up.

The Debtors are permitted to pay 90% of the Transaction Expenses
without further Court order.  The remaining 10% will be paid 10
days after the delivery of the itemization and back-up to the
Committee, unless prior to the expiration of the 10-day period,
the Committee objects to any of the amounts submitted for
payment.

In that case, an amount equal to the amount of Transaction
Expenses objected to will be retained and will not be paid to
the Plan Investors pending resolution of the dispute.

Any objections to the Motion to the extent not withdrawn or
otherwise resolved are overruled.

The Court's ruling "does a grave disservice to the vast majority
of Delphi shareholders," Highland relates in an e-mailed
statement, according to Bloomberg News.

                      Supplemental Responses

A. Equity Committee

With the Court's consent, the Official Committee of Equity
Security Holders filed a redacted version of its second
supplemental objection.

Among other things, the Equity Committee complained that the
Framework Agreements are illusory in substance yet provide the
Plan Investors with absolute walk away rights making any bidding
protection unjustifiable.  The Agreements effectively permit the
Plan Investors to terminate "for any reason or no reason" at any
stage of the process, the Equity Committee noted.

"As a matter of New York law, the Agreements fail for lack of
mutual consideration," Bonnie Steingart, Esq., at Fried, Frank,
Harris, Shriver & Jacobson LLP, in New York, related.  
"Approving the Agreements would only cause [the Debtors']
estates to incur substantial fees, without them receiving any
corresponding benefit."

Highland Capital Management LLP has made a superior alternative
proposal, which provides for a vastly improved capital and
governance structure compared to that contemplated by the
Framework Agreements, Ms. Steingart pointed out.

The Framework Agreements, however, do not create an auction
environment aimed at maximizing the chances of the best possible
alternative bid, the Equity Committee argued.  Rather, the
Agreements are likely to chill bidding from other parties, Ms.
Steingart stated.

The fees and other payments and value transfers to the Plan
Investors under the Framework Agreements are, whether with or
without the Highland proposal, excessive and unjustified
pursuant to Section 363(b) of the Bankruptcy Code, Ms. Steingart
asserted.  "There is no consideration for [the proposed]
payment[s] because the Plan Investors are making no commitment,
not even a conditional one, to proceed with the proposed
transaction."

Moreover, the contemplated transaction cannot proceed without
agreement with General Motors Corporation on over a dozen
different subjects.  GM, however, has no obligation to reach
agreement on any of those issues, Ms. Steingart pointed out.
Also, GM is purportedly restricted from talking to any potential
alternative bidder without the Debtors' consent.  No superior
proposal can emerge if the alternative bidder is subject to
greater restrictions on communications with GM than it is as to
communications with the Debtors, Ms. Steingart said.

Ms. Steingart added that the Agreements contain unreasonable
provisions that would mandate denial of the Motion even if the
Agreements were not illusory:

   -- The total amount of fees and value diverted to the Plan
      Investors is unconscionable;

   -- The timing and mechanics of the Rights Offering are
      designed to ensure that it fails to maximize value to all
      equity holders; and

   -- The 24-month "tail" period with respect to the payment of
      the Alternative Transaction Fee is excessive.

B. IUE-CWA

The International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers, Communications Workers of America
has not been consulted by any party concerning the terms of the
proposed framework, did not take part in any of the
negotiations, and has generally been kept apart from related
discussions, Thomas M. Kennedy, Esq., at Kennedy, Jennik &
Murray, P.C., in New York, informed Judge Drain.

Thus, the IUE-CWA does not support the Framework Agreements.

In addition, the IUE-CWA asserted that the Proposed Framework is
a sub rosa plan that does not include a sufficient grant of
value to the labor unions whose sacrifices have led to the
current net enterprise value of Delphi.

Instead, the Proposed Framework provides for fees to the
Proposed Investors that are too easily obtainable without a
corresponding level of commitment by the Proposed Investors, and
for abusive corporate governance provisions that are against
public policy and harmful to common shareholders, Mr. Kennedy
noted.

                   Debtors Addressed Objections

In an effort to resolve objections filed against the Framework
Motion, the Debtors, the Plan Investors, and other interested
parties engaged in negotiations and subsequently agreed to make
these clarifications to the Framework Agreements:

   * The list of events constituting a Change of Recommendation
     in the Equity Purchase and Commitment Agreement is
     clarified to exclude actions taken by General Motors
     Corporation.

   * The termination rights under the EPCA are clarified so that
     (i) neither the Debtors' nor GM's termination of the Plan
     Framework Support Agreement provides the Debtors with a
     termination right under the EPCA, and (ii) the Debtors and
     the Plan Investors have, in addition to other termination
     rights, an unconditional right to terminate the EPCA on or
     after August 31, 2007, if the Closing Date has not
     occurred.

   * Various provisions of the EPCA governing the Rights
     Offering are clarified so that holders of Rights may
     exercise those rights via a document separate from the
     ballot forms to be used in connection with solicitation of
     acceptances of the Plan.

   * The EPCA, the PSA, and the Preferred Stock Term Sheet are
     clarified so that various restrictions applicable to A-D
     Acquisition Holdings, LLC, Dolce Investments LLC, or the
     holders of Series A Preferred Stock apply to their own
     affiliates.

   * The Preferred Stock Term Sheet is clarified so that, if an
     event would cause shares of Series A Preferred Stock
     automatically to convert into shares of Series B Preferred
     Stock but for the lack of a registration statement covering
     re-sales of Series B Preferred Stock, that conversion would
     occur when the registration statement becomes effective.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, informed the Court that the
Framework Agreement modifications are reflected in:

   (1) the revised EPCA dated January 10, 2007, a full-text
       blacklined copy of which is available for free at
       http://ResearchArchives.com/t/s?188c

   (2) a supplement to the EPCA dated January 10, 2007, a full-
       text copy of which is available for free at
       http://ResearchArchives.com/t/s?188d

   (3) the revised Preferred Stock Term Sheet, a full-text
       blacklined version of which is available for free at
       http://ResearchArchives.com/t/s?188e

   (4) an amendment and supplement to the PSA, a full-text copy
       of which is available for free at:
       http://ResearchArchives.com/t/s?188f

The Objectors failed to appreciate that the only "property of
the estate" at issue in the Framework Motion are the potential
fees, costs, and liabilities described in the Agreements, Mr.
Butler asserted.  The Framework Motion does not seek, nor
require, the Court's approval of any elements of a plan, and
does not impair any of the Objectors' rights with respect to
objecting to or voting on any plan of reorganization, Mr. Butler
elaborated.

The principal objections to the Commitment Fees, the Transaction
Fees, and the Alternate Transaction Fee go to the circumstances
under which they purportedly could become due rather than to the
amount of the fees, Mr. Butler noted.

Mr. Butler pointed out that no amount of the Commitment Fees
becomes payable merely upon approval of the Framework
Agreements.  Rather, appropriate milestones ensure that the
payment of Commitment Fees is commensurate with progress in
achieving major steps toward consummation of the transaction:

   * The first US$10,000,000 becomes payable only after the Plan
     Investors' due diligence condition has been satisfied or
     waived;

   * An additional US$28,062,050 will be paid only after GM and
     the Debtors have reached agreement on definitive settlement
     documents, and the Plan Investors have approved the terms
     of the GM Settlement; and

   * The final US$38,062,050 will not be paid until after the
     Court has approved the terms of a disclosure statement.

The Equity Committee raised the concern that the Plan Investors
could abandon the Framework Agreements after collecting all
US$76,000,000 in Commitment Fees by terminating the PSA after
April 1, 2007.

In a further attempt to resolve objections, the Parties agreed
to modify the termination rights under the PSA so that
termination of the PSA by the Plan Investors or the Debtors
after the disclosure statement approval date is no longer
allowed, Mr. Butler disclosed.

The Debtors' aggregate liability from all provisions of the
Framework Agreement is capped at US$100,000,000 until after the
Court approves the disclosure statement, Mr. Butler clarified.
Contrary to the Equity Committee's assertion, approval of the
Framework Agreements do not put $176,000,000 at risk without
further action of the Court.

The Parties also agreed to modify the Framework Agreements to
remove action taken by GM from the definition of a Change of
Recommendation by the Debtors.

Despite the clear language, the Equity Committee still contends
that GM can walk away from the deal after April 1, 2007, and
cause the Debtors to pay an Alternate Transaction Fee.  Under
the Framework Agreements, GM can terminate the PSA at any time
after April 1, 2007, and under the EPCA, that termination by GM
would give the Plan Investors the right to terminate the EPCA,
Mr. Butler conceded.   However, that termination is not one of
the events giving rise to an Alternate Transaction Fee, Mr.
Butler noted.

If a settlement with GM is in place by April 1, it is highly
unlikely that GM would be able to walk away, Mr. Butler said.
But even if such a scenario is theoretically possible, the risk
to the Debtors is only that they might be tied to the EPCA until
Aug. 31, 2007.

Based on the amendments negotiated in connection with the
Statements of Ambiguities, the Debtors now have the right to
terminate the EPCA without paying an Alternate Transaction Fee
after Aug. 31, 2007, Mr. Butler pointed out.

Mr. Butler maintained that the Court should allow the Debtors to
reimburse the Investors' reasonable actual expenses, without the
need of filing fee applications, since the reimbursement of
expenses is an integral part of the Framework Agreements.

Also, the Framework Agreements do not dispose of any property
other than the various fees and transaction expenses, Mr. Butler
emphasized.

The Debtors have worked with the Objectors to attempt to resolve
some of the objections surrounding issues on the timing and
procedures for the Rights Offering, the proposed treatment of
unsecured claims, and future labor negotiations, Mr. Butler
related.

None of those provisions, however, is before the Court for
approval and none of them becomes effective until put forth
in a disclosure statement and plan and approved by the Court,
Mr. Butler said.

The Debtors asserted that the governance structure contemplated
under the Framework Agreements is acceptable in light of the
benefits of concluding the overall transaction on the terms
negotiated.

                  Debtors Reject Highland Proposal

The Debtors had advised Highland that based on the information
presently available to them, they could not conclude that the
Highland proposal, as a matter of fact, would deliver superior
value to Delphi stakeholders and that, like the EPCA and PSA,
there is significant conditionality and risks of execution.

The Debtors also advised Highland that they have concluded that
it is premature to move forward with Highland regarding a
transaction at the present time, but would consider reviewing
that assessment consistent with the EPCA and PSA requirements
should Highland choose to address various issues they have
outlined.

             Plan Investors Support Debtors' Position

Appaloosa Management L.P., A-D Acquisition Holdings LLC,
Harbinger Capital Partners LLC, Harbinger Del-Auto Investments
Company Ltd., and the other Plan Investors maintained that there
are no legal or factual bases for the objections to the
Framework Motion.

On behalf of Appaloosa, Glenn M. Kurtz, in New York, contended
that the Objectors are simply using their objections to extract
concessions and additional consideration from the Debtors and
the Plan Investors in order to advance their particular
constituency's interests.  "The Investment Agreements are the
product of arm's-length negotiation, reflect substantial
concessions by the Plan Investors and cannot be renegotiated
now," Mr. Kurtz asserted.

Mr. Kurtz argued that serious execution risk exist to any
potential transaction with Highland:

   (1) Highland has neither the financial wherewithal, nor
       sufficient financing, necessary to consummate a
       transaction;

   (2) Highland cannot demonstrate adequate experience and
       credibility to succeed in the proposed transaction, and
       in particular, an ability to reach an agreement with GM;

   (3) Highland has no idea whether it truly has an interest in
       consummating a transaction on any terms;

   (4) The delay necessarily attendant to any potential
       transaction with Highland would be enormously costly to
       Debtors, ultimately providing inferior consideration to
       stakeholders even if a deal was consummated.

Moreover, Highland has not performed any due diligence on the
Debtors or their businesses, Mr. Kurtz noted.

On the other hand, the Plan Investors' commitment to the Debtors
and to the Investment Agreements has been well demonstrated, Mr.
Kurtz maintained.  Among other things, the Plan Investors have:

   -- been involved in the Framework Agreements process for more
      than five months;

   -- agreed to become restricted from trading in shares of the
      Debtors;

   -- conducted significant diligence with respect to the
      proposed investment; and

   -- incurred substantial other expenses in pursuing the deal.

It is also clear that among Cerberus, Appaloosa and the other
Plan Investors, enough cash will be available to honor their
commitments, Mr. Kurtz told the Court.

                Two Committees Withdraw Objection

As a result of the changes the Plan Investors and the Debtors
have made to the EPCA, the PSA and the proposed order, the
Creditors Committee withdrew its objection to the Framework
Motion.

The Creditors Committee believed that, with the contemplated
changes, the Debtors' request to approve the Framework
Agreements represented an appropriate expenditure of estate
resources to move forward with a plan process in a manner
consistent with the fiduciary duties of all involved.

Also, the Delphi Trade Committee, the Debtors, and the Plan
Investors entered into a settlement as set forth in an
electronic mail communications among counsel on Jan. 9, 2006,
David S. Rosner, Esq., at Kasowitz, Benson, Torres & Friedman
LLP, in New York, informed the Court.

In reliance on that settlement, the Trade Committee withdrew its
objection to the Framework Motion.  The Trade Committee also
withdrew its participation in the Motion to Quash and the Motion
to Preclude.

               GM Supported the Framework Agreements

Jeffrey L. Tanenbaum, Esq., at Weil, Gotshal & Manges LLP, in
New York, related that although the EPCA and the PSA do not
resolve all of the issues necessary for the Debtors' successful
emergence from Chapter 11, and each agreement is subject to
numerous conditions, GM believed that they lay the foundation
necessary to successfully negotiate agreements with the Debtors'
labor unions.

Accordingly, GM supported the Debtors' request and urged the
Court to authorize the Framework Agreements.

GM, however, does not necessarily concur with all of the
statements made by the Debtors in the Framework Motion
concerning GM.  In addition, GM took no position on the views of
the Debtors and the Plan Investors concerning the Debtors'
business models, transformation plans, or target EBITDA levels.

                  Highland Proposal is Better,
                   Equity Committee Insisted

The Delphi Chapter 11 cases remain a contest between the Equity
Committee and GM over the allocation of the value of reorganized
Delphi, Ms. Steingart noted.

The Equity Committee believed that the Debtors must engage
Highland and all potential credible bidders to ensure that the
highest and best offer is obtained and that value is maximized
for the Debtors' stakeholders as opposed to a few select plan
investors.

If GM prefers the Plan Investors, GM should cause the Plan
Investors to best Highland, the Equity Committee asserted.  GM
cannot be allowed to facilitate another forfeiture of value due
to the shareholders of Delphi by shutting other bidders out of
the process to ensure its preferred partner -- Cerberus -- is
the successful bidder, Ms. Steingart contended.

Even with the revised Framework Agreement filed by the Debtors,
the Equity Committee continued to find the contemplated
transactions to be objectionable.  The modifications do not
change the fact that as long as the Plan Investors can terminate
for "any reason or no reason", the agreements are illusory, Ms.
Steingart said.

                  Debtors Inked Protective Orders

The Debtors entered into separate Court-approved stipulations
with Highland Capital Management, LP; and IBEW and IAM,
regarding the production of information in relation to the
Framework Motion.

The parties agreed discovery and other sensitive and proprietary
information provided in connection with the Framework Motion
Agreements will be held confidential and will only be
disseminated to selected persons.  Confidential Information will
be used or disclosed by a receiving Party solely for the purpose
of the Framework Motion.

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The Company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The Company filed for chapter 11 protection on Oct. 8,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts.  Robert J. Rosenberg, Esq.,
Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham &
Watkins LLP, represents the Official Committee of Unsecured
Creditors.  As of Aug. 31, 2005, the Debtors' balance sheet
showed US$17,098,734,530 in total assets and US$22,166,280,476
in total debts.  (Delphi Corporation Bankruptcy News, Issue No.
53; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).   


PGMI INC: Hires Ibis Consulting to Help in Outreach Program
-----------------------------------------------------------
PGMI, Inc., retained Ibis Consulting Group of Newport Beach,
California, to assist with its investor relations outreach to
institutional investors.

"After meeting with Mr. Stephen Gjolme during PGMI's annual
meeting of shareholders, we were very impressed with
Ibis Consulting.  With a strong West Coast presence, Ibis has a
track record of success in introducing companies such as ours to
institutional and retail investors, mutual and retirement funds,
portfolio managers and others who can make a significant
difference," said Shinichi Kanemoto, PGMI's CEO.

Working in collaboration with Corporate Dynamics, Inc. and
Synergistic Connections, Inc., IR consulting firms coordinating
IR and PR campaigns for PGMI, Ibis believes it will be able to
garner a broad bicoastal institutional exposure, as well as
European presence.

"We look forward to introducing PGMI, Inc. to key financial
managers in one-on-one and group presentations.  Loyal
institutional shareholders can both propel a company's value in
bull markets and provide necessary stability in bear markets.  
We assist emerging growth companies unknown to the investment
community and under-followed by Wall Street analysts," said Dina
Lyaskovets, Partner, Ibis Consulting Group.

Mr. Stephen Lee Gjolme, Partner, Ibis Consulting Group, LLC said
Ibis is very impressed by PGMI's status in the Japanese Pachinko
Gaming Industry and the aggressive modernization program that is
propelling them to the top of their field.

"As a result of face to face meetings in Honolulu with Company
principles and key shareholders of PGMI, we look forward to
assisting the Company in telling its story to third party
independent analysts and others who can make a positive
difference for PGMI's future."

                         About PGMI Inc.

PGMI Inc. provides pachinko gaming entertainment in Japan.  The
company traces its origin to its founder Gakushin Kanemoto's
pachinko business in 1951.  It later incorporated in Japan as
Marugin Co., Ltd in 1972.  The management team brings many
decades of experience in the pachinko industry to PGMI.  
Currently the company operates 13 locations in Japan.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on Oct. 10, 2006,
McKennon, Wilson & Morgan LLP expressed substantial about PGMI
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the fiscal years ended June
30, 2006 and 2005.  The auditing firm pointed to the company's
losses, working capital deficiency at June 30, 2006, and
commitments to fund new store expansions.


* Moody's Publishes "Asian Consumer Electronics" Rating Method
--------------------------------------------------------------
Moody's Investors Service has published its "Asian Consumer
Electronics" rating methodology, describing the four key factors
that drive the ratings of these companies as well as other
considerations.

"This methodology report should enable the reader to understand
the key factors used by Moody's in final rating determinations"
explains Moody's Vice President -- Senior Analyst Shinsuke
Tanimoto, "while also discussing how quantitative and
qualitative risk factors map to specific rating outcomes and
providing a general industry overview."

In addition to presenting the four key factors -- scale,
diversification, and brand equity; profitability and product
development ability; leverage, liquidity, and financial policy;
and cash flow coverage -- the report also describes the sub-
factors that Moody's takes into account.

In total, the rating methodology incorporates 14 sub-factors or
measures, of which ten are quantitative and four are
qualitative.  Most of the quantitative measures incorporate
Moody's standard adjustments to income statements, cash flow
statements, and balance sheet amounts for (among other things)
off-balance sheet accounts receivable securitization programs,
under-funded pension obligations, and recurring operating
leases.

The report also notes two other considerations that play a part
in rating evaluations: relationships with group companies and
outstanding bank support.

"As the main bank system remains in place for large corporations
in Japan, a main bank could support its major customer when the
customer faces financial difficulty," comments Moody's Tanimoto.


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

DURA AUTOMOTIVE: De Minimis Claims Settlement Protocol Approved
---------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware approves Dura Automotive Systems Inc.
and its debtor-affiliates' uniform procedures for settling
certain de minimis claims and causes of action brought by or
against them in a judicial, administrative, arbitral or other
proceeding.

The proposed omnibus settlement procedures are modified to
provide that:

   (a) with respect to any settled amount equal to or less than
       US$50,000, the affected Debtor may agree to settle a
       Claim or cause of action on any reasonable terms.  The
       Debtor may enter into, execute and consummate a written
       settlement agreement that will be binding on it and its
       estate without notice to any third party or further Court
       action; and

   (b) With respect to any settled amount greater than US$50,000
       but does not exceed US$1,000,000, the Debtor may agree to
       settle the claim or cause of action only if it provides
       written notice to, and the terms are not objected by:

         * the United States Trustee for the District of
           Delaware;

         * counsel to the agent for the Debtors' prepetition
           First Lien Secured Lenders;

         * counsel to the agent for the Debtors' postpetition
           Second Lien Secured Lenders;

         * counsel to the ad hoc committee of senior
           subordinated noteholders; and

         * any official committee appointed by the U.S. Trustee
           in the Debtors' Chapter 11 cases.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Fitch Ratings placed one tranche from one public
collateralized debt obligation and one tranche from private CDO
on Rating Watch Negative following Dura Automotive Corp.'s
filing for protection under Chapter 11.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.  
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.  
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Judge Appoints Warren Smith as Fee Auditor
-----------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware has appointed Warren H. Smith &
Associated, P.C., as fee auditor and as his special consultant
for professional fee and expense review and analysis.

In his administrative order, Judge Carey notes that the size,
complexity and duration of Dura Automotive Systems Inc. and its
debtor-affiliates' jointly administered bankruptcy cases will
result in the filing of a number of interim applications of
professional fees and reimbursement of expenses in significant
amounts.  Hence, he has determined that the appointment of a fee
editor is in the best interests of the Debtors' estates and
parties-in-interest in the Debtors' cases.

The Debtors and the Official Committee of Unsecured Creditors
have conferred and reached agreement with respect to the
appointment of the fee auditor.

Warren H. Smith will review the fee applications of all
professionals employed in the Debtors' bankruptcy cases except
the ordinary course professionals.  However, to the extent that
the fees and expenses of any ordinary course professional exceed
the compensation caps, the Fee Auditor will review the OCPs'
fees and expenses.

Specifically, Warren H. Smith will:

   (a) review all fee applications filed by estate professionals
       in the Bankruptcy Cases;

   (b) review any documents filed in the Bankruptcy Cases;

   (c) serve an initial report on each professional to
       communicate questions, issues or disputes regarding the
       fee applications;

   (d) within 10 days after the service of the initial report,
       engage in an informal process with each professional, to
       resolve matters raised in the Fee Auditor's initial
       report;

   (e) conclude the informal response period by filing with the
       Court a final report with respect to each fee
       application; and

   (f) serve each Final Report to the U.S. Trustee, counsel for
       the Committee and the Debtors, and each professional
       whose fees and expenses are addressed in the Final
       Report.

The total fees paid to Warren H. Smith for its services will be
charged at its ordinary hourly rates for services of the same
nature.  The firm's fees and expenses are subject to
application and review pursuant to Federal Rule of Evidence
706(b) and will be paid from the Debtors' estates as an
administrative expense under Section 503(b)(2).

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Fitch Ratings placed one tranche from one public
collateralized debt obligation and one tranche from private CDO
on Rating Watch Negative following Dura Automotive Corp.'s
filing for protection under Chapter 11.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.  
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.  
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SK CORP: Net Income Drops Over Weak Refining Margins
----------------------------------------------------
SK Corp. posted on its Web site on Jan. 23, its financial
results for the year 2006.

SK Corp.'s sales increased by 8% from KRW21.915 trillion in 2005
to KRW23.649 trillion in 2006.  Net income, however, dropped by
15% to KRW1.883 trillion in 2006 from the prior year's INR2.210
trillion.

Reuters attributes the drop in net profit to "weak refining
margins and mild winter weather that has been hindering demand
for fuel oil."

The company's financials also showed a sharp dip in the net
income in the quarter ended Dec. 31, 2006, from the
corresponding quarter in 2005.  Quarterly net income fell 57%
from KRW595 billion in the December 2005 quarter to KRW254
billion in the December 2006 quarter.

A copy of SK Corp.'s earnings release for fiscal year 2006 is
available for free at http://ResearchArchives.com/t/s?18f8

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.


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

KUMPULAN BELTON: Updates on Hameeth's Wind-Up Petition
------------------------------------------------------
On Dec. 8, 2006, the Troubled Company Reporter - Asia Pacific
reported that Kumpulan Belton Bhd, along with six of its
directors, are facing a wind-up petition filed by Hameeth Khan
bin A. AM Sallehu before the Ipoh High Court.

The six directors are:

    1. Leong Kim Hoe
    2. Sow Yeng Chong
    3. Looi See Chiong
    4. Leong Kim Foo
    5. Leong Hing Wah
    6. En Mohd Nizam bin Mohd Hassan.

Mr. Hameeth filed the petition in relation to the alleged
deviation in the use of the fund arising from the rights issue
in 1999/2000.

The petition did not claim any amount but Kumpulan Belton says
it may incur cost and other relief deemed fair and just by the
Court.

Meanwhile, in an update, Kumpulan disclosed with the Bursa
Malaysia Securities Bhd that the Ipoh High Court ordered Mr.
Hameeth Khan and his solicitor Ebenezer R.J.R. Jayaraja not to
take further steps in the proceedings pending the disposal of
the striking out petition, application for security for costs.

                          *     *     *

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was identified as an affected listed issuer of
Practice Note 17, as its consolidated shareholders' equity as of
December 31, 2005, was less than 25% of its issued an paid up
capital.  As an affected issuer, the Company is required to
submit a Regularization Plan to the relevant authorities for
approval and implement the Regularization Plan within the
timeframe stipulated by the relevant authorities.


KUMPULAN BELTON: Bursa Extends Plan Filing Deadline to March. 6
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific, on Jan. 12, 2007,
reported that OSK Securities Bhd, Kumpulan Belton Bhd's
corporate advisor, appealed the Bursa Malaysia Securities Bhd's
decision denying the company's request to extend the deadline
within which it may file a regularization plan.

According to the TCR-AP, Bursa Malaysia, on Dec. 28, 2006,
rejected Kumpulan Belton's extension request.  Aside from the
rejection of the request, the bourse decided further to suspend
trading in the company's share and to commence delisting
procedures against its securities.

However, because of the appeal, the bourse decided to defer the
suspension and delisting pending its decision on the appeal.

In an update, Bursa Malaysia decided to extend the company's
plan filing deadline until March 6, 2007.  The regularization
plan of the company will be presented to the Securities
Commission and other relevant authorities for approval.

Bursa Securities further points out that:

   -- in the event the company submits its regularization plans
      to the Approving Authorities for approval within the
      Extended Timeframe, Bursa Securities 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
      plans.

The bourse 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 delisting 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 Time Frame;

* 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 (or extended timeframe, as
  the case may be) 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 timeframes 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 5 market days from the date the Company is
notified by Bursa Securities or any other date the bourse
specifies.

                          *     *     *

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was identified as an affected listed issuer of
Practice Note 17, as its consolidated shareholders' equity as of
December 31, 2005, was less than 25% of its issued an paid up
capital.  As an affected issuer, the Company is required to
submit a Regularization Plan to the relevant authorities for
approval and implement the Regularization Plan within the
timeframe stipulated by the relevant authorities.


LITYAN HOLDINGS: Court to Hear Certiorari Application on March 2
----------------------------------------------------------------
The Kuala Lumpur High Court has fixed the hearing for Lityan
Holdings Bhd's ex-parte application for leave to issue a
certiorari to squash the decision of the Securities Commission
in rejecting the company's Proposed Restructuring Scheme.

Hearing of the company's application will be on March 2, 2007.

In the interim, Bursa Securities Malaysia Berhad also has agreed
to stay the delisting of the company's securities until March 2,
2007.

As reported by the Troubled Company Reporter - Asia Pacific on
June 19, 2006, Bursa Malaysia commenced delisting procedures
against Lityan Holdings after the Securities Commission did not
approve the proposed restructuring scheme of the company.

According to the TCR-AP, the Securities Commission raised a
concern regarding Lityan's Proposed Scheme and the suitability
of the listing of Sino Textile International Sdn Bhd on Bursa
Malaysia.

The TCR-AP reported on Jan. 24, 2006, the submission of the
company's plan with the SC and relevant authorities for
approval.  The scheme, among others, contains:

   -- the proposed acquisition of Guanhong Group;
   -- the proposed scheme of arrangement with shareholders;
   -- the proposed scheme of arrangement with creditors;
   -- the proposed issuance of shares;
   -- the proposed offer for sale;
   -- the proposed transfer of listing status; and
   -- the proposed disposal.

A subsequent TCR-AP report on July 12, 2006, stated that Lityan
had submitted an application for a review of the SC's rejection
of its restructuring plan.

On Aug. 10, 2006, the TCR-AP stated that Bursa Malaysia
Securities Berhad infoMYRed Lityan Holdings that it has decided
to await the outcome of its appeal for a review of the
Securities Commission's decision to reject the company's
proposed restructuring scheme.

However a report by the TCR-AP on Oct. 3, 2006, said that the
Securities Commission rejected the prior application of Lityan
for a review of the company's Proposed Restructuring Scheme.

Subsequently, the company sought for a judicial review on the
SC's delisting decision, the TCR-AP said on Oct. 13, 2006.  In
addition, Lityan also asked for an interim order to stay the
SC's delisting decision.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

The company's balance sheet as of end-September 2006 reflected
total assets of MYR69.62 million and total liabilities of
MYR146.92 million, resulting in a shareholders' deficit of
MYR77.29 million.


MBf CORP: Presents Proposed Regularization Plan to Bursa
--------------------------------------------------------
MBf Corp Bhd, a company classified under Bursa Malaysia
Securities Berhad's Practice Note 17 category, is required to
formulate a plan to primarily regularize its financial and
operational status as well as to raise its shareholders' equity
to avoid getting its securities delisted.

The plan must be submitted before the Securities Commission and
other relevant authorities for approval.  

On Jan. 12, 2007, the Troubled Company Reporter - Asia Pacific
reported that the bourse extended the time within which MBf Corp
is required to submit its regularization plan until Feb. 8.

Meanwhile, the company submitted its regularization proposals
with the bourse.  

The proposals, among others, contains:

    * a Proposed Share Capital Reduction and Share
      Consolidation;

    * a Proposed RCSLS Conversion Price Adjustment;

    * Proposed Rights Issue

    * Proposed Amendments to the Memorandum and Articles of
      Association; and

   * a Proposed Share Capital Reduction and Share Consolidation.

MBf Corp proposes a capital reduction pursuant to Section 64 of
the Companies Act, 1965 to reduce its existing issued and paid-
up share capital from MYR282,033,314 comprising 282,033,314
ordinary shares of MYR1.00 each to MYR70,508,329 comprising
282,033,314 ordinary shares of MYR0.25 each by the cancellation
of MYR0.75 of the par value of each existing ordinary shares of
MYR1.00 each in MBf Corp.  

The cancellation of MYR0.75 of the par value of each existing
ordinary shares of MYR1.00 each in MBf Corp will give rise to a
credit of MYR211,524,985 which will be utilized to reduce part
of the accumulated losses of MBf Corp.  Should there be any
conversion of the outstanding RCSLS, the cancellation of MYR0.75
of the par value of each existing ordinary shares of MYR1.00
each in MBf Corp will give rise to a credit of up to
MYR228,506,485 which will be utilized to reduce part of the
accumulated losses of MBf Corp.

               Proposed RCSLS Conversion Price Adjustment

Upon completion of the Proposed Share Capital Reduction, every
two ordinary shares of MYR0.25 each in MBf Corp will be
consolidated into one ordinary share of MYR0.50.  The resultant
issued and paid-up share capital of MBf Corp will be
MYR70,508,329 comprising 141,016,658 MBf Corp Shares.

Based on the RCSLS Trust Deed, the holders of the RCSLS will
have the right to convert the RCSLS at any time during the five
years from the date of issue of the RCSLS. Unless previously
converted, redeemed or cancelled by the Company, all RCSLS will
be redeemed in this manner:

   -- MYR10.0 million nominal value of the RCSLS at the end of
      the fourth year from the date of issue, i.e. on Nov. 19,
      2007; and

   -- the balance nominal value will be redeemed on the maturity
      date, i.e. on Nov. 19, 2008.

The conversion price of MYR1.00 for each new ordinary share of
MYR1.00 in MBf Corp is to be satisfied by one RCSLS of MYR1.00
nominal value for one new ordinary share of MYR1.00 in MBf Corp.

In accordance with the provision of the RCSLS Trust Deed, the
conversion price of the RCSLS will be adjusted for effects of
the Proposed Capital Reduction, Proposed Share Consolidation and
Proposed Rights Issue.

Accordingly, a supplemental trust deed will be entered into
between MBf Corp and the trustee for the RCSLS to reflect the
change in the conversion price.

                     Proposed Rights Issue

MBf Corp proposes a renounceable rights issue of up to
30,467,531 new ordinary shares of MYR0.50 each at par on the
basis of one new ordinary share of MYR0.50 for every five
ordinary shares of MYR0.50 each held after the Proposed Share
Capital Reduction and Proposed Share Consolidation on an
entitlement date to be deteMYRined and announced later by the
Board.

The new MBf Corp Shares to be issued pursuant to the Proposed
Rights Issue will upon allotment and issue, rank pari passu in
all respects with the existing MBf Corp Shares in issue then,
save and except that the new MBf Corp Shares will not be
entitled for any dividends, rights, allotments and/or any other
distributions declared, made or paid before the date of
allotment of the said new MBf Corp Shares.

The issue price of the new MBf Corp Shares to be issued pursuant
to the Proposed Rights Issue of MYR0.50 was arrived at after
taking into consideration the new par value of the MBf Corp
Shares after the Proposed Share Capital Reduction and Proposed
Share Consolidation.

MBf Corp will procure undertakings from Dato' Loy Teik Ngan and
persons connected to subscribe for their entitlements under the
Proposed Rights Issue which would be the minimum subscription
level for the Proposed Rights Issue.

The utilization of proceeds from the Proposed Rights Issue will
be used for:

   * Part Redemption of the RCLS
   * Working Capital
   * Reduction of Expenses
   * Other Expenses

            Proposed Amendments to the Memorandum and
                   Articles of Association

Pursuant to the Proposed Share Capital Reduction and Proposed
Share Consolidation, MBf Corp proposes to amend the M&A to allow
for the alteration of the authorized share capital of MBf Corp
of MYR500,000,000 comprising 500,000,000 ordinary shares of
MYR1.00 each into MYR500,000,000 comprising 1,000,000,000
ordinary shares of MYR0.50 each.

In the event of a minimum subscription scenario for the Proposed
Rights Issue whereby Dato' Loy Teik Ngan and persons connected
are required to fulfill their undertaking to subscribe for their
entitlements and other shareholders do not subscribe for their
entitlements, Dato' Loy Teik Ngan and persons connected
shareholdings in MBf Corp will increase from 41.49% to 45.97%
upon the completion of the Proposed Rights Issue.

Pursuant to Part II of the Malaysian Code on Take-overs and
Mergers, 1998, Dato' Loy Teik Ngan and persons connected would
be obligated to undertake a mandatory offer for the remaining
MBf Corp Shares not held by Dato' Loy Teik Ngan and persons
connected upon implementation of the Proposed Rights Issue as
Dato' Loy Teik Ngan and persons connected's shareholdings will
increase by more than 2%.  Alliance, on behalf of Dato' Loy Teik
Ngan and persons connected, will seek an exemption from having
to undertake a mandatory offer which stipulates that a person
may apply for an exemption from a mandatory offer obligation
under Part II of the Code where the person incurs an obligation
under Part II of the Code as a result of cash subscription for
new voting shares or the exercise of any conversion or
subscription rights or options into new voting shares of a
company.

The undertaking by Dato' Loy Teik Ngan and persons connected is
conditional upon the approval of the Proposed Exemption.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.

The Group operates in three main areas, namely, Malaysia,
Indonesia and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


MERGE ENERGY: Gets Judgment in Default Over MYR1.04M Due to IRB
---------------------------------------------------------------
Merge Energy Bhd has been served with a Judgment in Default by
the Shah Alam High Court on Real Property Gains on Tax of
MYR1,048,769.32 plus other costs and interests of 8% per annum
from the date of judgment to the date of realization as claimed
by the Inland Revenue Board.

The court handed the judgment on Aug. 10, 2006.

Merge Energy said that it is not aware of the date of the civil
suit because it did not receive any summon.  Besides taking
steps to investigate further, the company will also take steps
to set aside the judgment, the company told the Bursa Malaysia
Securities Bhd.

The company clarifies that the assessment may have arisen as a
result of the disposal of its shares in Juta Permai (M) Sdn Bhd
in February 2001.  Merge wrote to the IRB to contest the
assessment.  

Merge further told the bourse that the assessment will not have
material financial impact as the amount has been sufficiently
provided for in the financial statements of the Company.

The company also assured that it has the resources to settle the
amount.

                          *     *     *

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

On May 8, 2006, the company has been classified as an affected
listed issuer pursuant to the Amended Practice Note No. 17/2005
whereby the company's shareholders' equity on consolidated basis
is less than twenty five percent (25%) of its issued and paid-up
share capital of MYR67.00 million.


METROPLEX BERHAD: Default as of End-Dec. '06 Totals MYR1.81 Mil.
----------------------------------------------------------------
Metroplex Berhad filed before the Bursa Malaysia Securities Bhd
its status of default to various credit facilities as of
December 31, 2006.

As of end-December 2006, the company's estimated amount of
default, an aggregate of the principal amount and its interest,
reached MYR1,808,510,681.09.

Metroplex is still in negotiation with its lenders on a proposed
composite scheme of arrangement, which will essentially address
the default in payment.

A full-text copy of the company's default status can b viewed
for free at:

http://bankrupt.com/misc/mtplx-def.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

As of October 31, 2006, the company reported MYR1.22 billion in
total assets and MYR1.46 billion in total liabilities, resulting
in a shareholders' deficit of MYR241.23 million.


OLYMPIA INDUSTRIES: Seeks Further Extension of Plan Deadline
------------------------------------------------------------
The Alliance Investment Bank, on behalf of Olympia Industries
Bhd, submitted before the Securities Commission a request to
further extend the deadline for the submission and completion of
a regularization plan.

Specifically, the company asks for:

   -- up to April 30, 2007, to complete a restructuring scheme;
      and

   -- up to July 31, 2007, for Jupiter Securities Sdn Bhd, a
      subsidiary company, to merge with at another stock-broking
      company.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 2, 2007, Olympia Industries asked the Securities Commission
to extend:

   -- for three months to March 31, 2007, the company's deadline
      to complete its Restructuring Scheme; and

   -- up to June 30, 2007, for Jupiter Securities to merge with
      at least one other stock-broking company.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.

Operations are carried out in Malaysia, Papua New Guinea and
Singapore.  The Company has incurred continuous losses in the
past and has also been fined many times by Bursa Malaysia
Securities for failing to maintain appropriate standards of
corporate responsibility and accountability to the investing
public.

Olympia's balance sheet as of Sept. 30, 2006, reflected
MYR1.01 billion in total assets and MYR2.07 billion in total
liabilities, resulting to a shareholders' deficit of
MYR1.06 billion.

The company is currently operating pursuant to a restructuring
scheme.


===============
M O N G O L I A
===============

TRADE & DEV'T BANK OF MONGOLIA: Moody's Affirms Ba2 Rating
----------------------------------------------------------
Moody's Investors Service affirmed Trade and Development Bank of
Mongolia's Ba2 and Ba3 senior and subordinated debt ratings for
the bank's foreign currency Euro Medium Term Notes Program.
Moody's has also removed them from provisional status.

These rating actions follow the completion of the first drawdown
from the EMTN program.  The outlook for all ratings is stable.

The bank ratings are:

   Bank Financial Strength D-

   Senior Unsecured EMTN (Foreign Currency) Ba2

   Subordinate EMTN (Foreign Currency) Ba3

   LT/ST Bank Deposits (Foreign Currency) B2/NP

   LT/ST Bank Deposits (Domestic Currency) Ba2/NP

   LT/ST Issuer Rating (Foreign Currency) Ba2/NP

   LT/ST Issuer Rating (Domestic Currency) Ba2/NP

   Other Short Term (Foreign Currency) NP

   Outlook Stable

TDBM is headquartered in Ulaanbaatar, Mongolia.  It is
Mongolia's largest bank as measured by assets.  As of Sept. 30,
2006, TBDM had total assets of MNT437 billion (US$374 million).


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

ALPHA 1 CONTRACTORS: Court Sets Liquidation Hearing for Feb. 7
--------------------------------------------------------------
The High Court of Rotorua will hear a liquidation petition filed
against Alpha 1 Contractors Ltd on Feb. 7, 2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Nov. 22, 2006.

The CIR's solicitor can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


ARCHITECTURAL CONCEPTS: Creditors to Prove Claims by Feb. 28
------------------------------------------------------------
The creditors of Architectural Concepts Painter & Decorators Ltd
are required to prove their claims by Feb. 28, 2007.

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

The liquidator can be reached at:

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


BOBCAT PERFECTIONIST: Court to Hear Liquidation Petition
--------------------------------------------------------
A liquidation petition filed against Bobcat Perfectionist Ltd
will be heard before the High Court of Rotorua on Feb. 7, 2007,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Nov. 23, 2006.

The CIR's solicitor can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


G-GROUP LTD: Undergoes Liquidation Proceedings
----------------------------------------------
On Dec. 5, 2006, the shareholders of G-Group 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


GAS CONNECT: Appoints Official Assignee as Liquidator
-----------------------------------------------------
The official assignee of Gas Connect New Zealand Ltd was
appointed as the company's liquidator on Dec. 18, 2006.

The Troubled Company Reporter - Asia Pacific has reported that
on Nov. 27, 2006, the High Court of Christchurch heard a
liquidation petition against the company filed by Crane
Distribution (New Zealand) Ltd.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Website: http://www.insolvency.govt.nz


KIDS N FAMILIES: Nellies and Deuchrass to Act as Liquidators
------------------------------------------------------------
The High Court of Nelson appointed Iain Andrew Nellies and Wayne
John Deuchrass as liquidators of Kids N Families Preschool R Us
Ltd on Nov. 23, 2006.

According to the Troubled Company Reporter - Asia Pacific, a
liquidation petition against the company was heard before the
Court on Nov. 23, 2006.  The Commissioner of Inland Revenue
filed the petition.

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


M & T BLUESHINE: Creditors Must Prove Debts by February 28
----------------------------------------------------------
On Jan. 5, 2007, M & T Blueshine Builders & Construction Ltd
passed a special resolution to liquidate its business and
appointed Kevin John Gilligan as liquidator.

Accordingly, the company's creditors are required to prove their
debts by Feb. 28, 2007.  Failure to prove debts will exclude a
creditor from sharing in any distribution the company will make.

The Liquidator can be reached at:

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


PARAGON SERVICES: Liquidation Hearing Slated for February 15
------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Paragon Services Ltd on Feb. 15, 2007, at 10:45 a.m.

Ferrier Hodgson filed the petition with the Court on Nov. 2,
2006.

Ferrier Hodgson's solicitor can be reached at:

         C. N. Lord
         Craig Griffin & Lord
         187 Mt Eden Road
         Mt Eden, Auckland
         New Zealand


R.H. PANELBEATERS: Faces CIR's Liquidation Petition
---------------------------------------------------
On Nov. 21, 2006, the Commissioner of Inland Revenue filed a
liquidation petition before the High Court of Wanganui against
R.H. Panelbeaters Ltd, formerly Ian Chamberlain Panelbeaters
Ltd.

The petition is scheduled for hearing on Jan. 31, 2007, at
10:00 a.m.

The CIR's solicitor can be reached at:

         John Frederick Parnell
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay (PO Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 4673
         Facsimile:(04) 890 0009


RODD JACQUES: Faces Liquidation Proceedings
-------------------------------------------
A petition to liquidate Rodd Jacques International Ltd will be
heard before the High Court of Rotorua on Feb. 7, 2007, at
10:45 a.m.

Perroplas One Ltd filed the petition with the High Court of
Tauranga on Oct. 26, 2006.

Perroplas One's solicitor can be reached at:

         T. M. Bates
         Accounts Enforcement Limited
         Ground Floor, 31-33 Great South Road
         Newmarket, Auckland
         New Zealand


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

BANK OF THE PHIL. ISLANDS: Board Member K. Rajan Raju Resigns
-------------------------------------------------------------
Bank of the Philippine Islands advises the Philippine Stock
Exchange that a member of its Board of Directors, Kankipati
Rajan Raju, has resigned effective Jan. 17, 2007.

                            About BPI

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is  
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The Bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the formof
commissions, service charges and fees.

The Troubled Company Reporter - Asia Pacific reported that on
November 2, 2006, Moody's Investors Service revised the outlook
of the Bank of the Philippine Islands' foreign currency long-
term deposit rating of B1 to stable from negative.

The outlooks for BPI's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of C- remains
stable.


EQUITABLE PCI: Board Resolves to Fold Equitable Card Business
-------------------------------------------------------------
On Jan. 23, 2007, the Board of Directors of Equitable PCI Bank,
Inc., resolved to fold the bank's subsidiary -- Equitable Card
Network, Inc. -- into EPCIB or into the surviving entity
resulting from the merger between EPCIB and Banco de Oro
Universal Bank, as may be appropriate.

EPCIB explains that the decision is for efficiency and economy
including, but not limited to, savings on intermediation costs.

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

The Troubled Company Reporter - Asia Pacific has reported that
on November 6, 2006, the Boards of Banco de Oro Universal Bank
and Equitable PCI Bank, Inc., passed resolutions approving a
plan to merge the two companies.  Both Boards have endorsed to
their shareholders the approved Plan of Merger for final
ratification.  Completion of the transaction is subject to
regulatory approval and is anticipated to close by the first
quarter of 2007.

The combination will be structured as a merger and executed by
means of a share-for-share exchange.  Under the proposed terms,
Banco de Oro will serve as the surviving entity, and Equitable
PCI shareholders will receive 1.80 Banco de Oro common shares
for every Equitable PCI share.  The name of the combined
institution will be Banco de Oro - EPCI, Inc.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov.
17, 2006, that Moody's Investors Service placed Equitable-PCI
Bank's D- rating on review for possible upgrade.  Equitable-
PCI's constrained debt rating of Ba3 and deposit rating of B1
were also affirmed with stable outlooks.

The TCR-AP then reported on November 9, 2006, that Fitch Ratings
affirmed the ratings of Equitable PCI Bank:

   * Long-term foreign currency Issuer Default rating
     'BB'/Outlook Stable;

   * Individual 'D',

   * Support '3', and

   * Long-term senior unsecured rating 'BB'

On November 8, 2006, Standard & Poor's Ratings Services raised
its long-term counterparty credit ratings on Equitable PCI Bank
Inc. to 'B+' from 'B'.  The outlook is stable.  Standard &
Poor's also raised its ratings on EPCI's senior unsecured debt
to 'B+' from 'B' and subordinated debt to 'B-' from 'CCC+'.  The
'B' short-term counterparty credit rating and the Bank
Fundamental Strength Rating of 'D' were affirmed.


METROPOLITAN BANK: Board Appoints L. Abellar as Vice President
--------------------------------------------------------------
Metropolitan Bank and Trust Co. reports to the Philippine Stock
Exchange that on Jan. 17, 2007, its Board of Directors
appointed:

   (a) Ma. Lourdes P. Abellar as Vice President, effective
       Feb. 1, 2007; and

   (b) Atty. Angelica H. Lavares as Compliance Officer.

                         About Metrobank

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

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

                          *     *     *

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

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

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

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


PHILODRILL CORP: Sells 49,868,000 Shares of Anglo Phil. Holdings
----------------------------------------------------------------
On Jan. 23, 2007, The Philodrill Corporation advised the
Philippine Stock Exchange that it has sold 49,868,000 shares of
Anglo Philippine Holdings Corporation at prevailing market
price.

According to the company, proceeds of the sale are intended to
pay a portion of its outstanding loans and augment working
capital resources.

                  About Philodrill Corporation

Headquartered in Mandaluyong City, Philippines, --
http://www.philodrill.com-- The Philodrill Corporation was  
registered with the Philippine Securities and Exchange
Commission on June 26, 1969, as an oil exploration and
production company.  In 1989, realizing the need to balance the
risk associated with its petroleum activities, the Company
changed its primary purpose to that of a diversified holding
company while retaining petroleum and mineral exploration and
development as one of its secondary purposes.

The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                         *     *     *

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of Dec.
31, 2005.  The Company also had difficulty meeting its
obligations to creditor banks.

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to PHP28.25
million, from U.S. dollars to Philippine Pesos.


UNIVERSAL ROBINA: Posts PHP35.2 Billion Net Sales for FY 2006
-------------------------------------------------------------
For the year-ended Sept. 30, 2006, Universal Robina Corporation
posted a consolidated net sales and services of PHP35.2 billion,
a 12.8% increase over the same period in 2005.

URC's gross profit increased by PHP932.3 million, or 11.8%, to
PHP8.8 billion in fiscal 2006 from PHP7.9 billion recorded in
fiscal 2005.  The company's gross profit as a percentage of net
sales remains flat at 25%.

The company is highly liquid having a current ratio of 3.0:1 as
of September 30, 2006, from 4.5:1 as of September 30, 2005.

Financial debt to equity ratio has improved further to 0.8:1
versus 1.0:1 as of September 30, 2005.

Total assets amounted to PHP59.7 billion, up by 8.8% from
PHP54.9 billion as of Sept. 30, 2005.

Total liabilities decreased to PHP28.5 billion from PHP29.6
billion recorded in the same period of 2005.

Net income for the year is PHP3.0 billion higher than PHP2.5
billion recorded in 2005.

                           Dividends

For fiscal year 2006, stock dividends equivalent to 15% of total
issued and outstanding shares was declared to all stockholders
of record as of Jan. 14, 2006, and issued on Feb. 7, 2006.

Cash dividend of PHP0.54 per share was declared to all
stockholders of record as of May 19, 2006 and paid on June 15,
2006.

A full-text copy of Universal Robina's 2006 Annual Report is
available for free at:

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

                          *     *     *

Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the  
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore.  URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006, that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


UNIVERSAL ROBINA: To Spend PHP7.1 Billion for Expansion Plan
------------------------------------------------------------
Universal Robina Corp., will spend PHP7.1 billion this year to
finance a regional expansion, Jenniffer B. Austria of the Manila
Standard Today reports.

According to the report, of the PHP7.1 billion:

   -- PHP5.6 billion is allocated for the expansion of the
      company's branded consumer foods operations, especially in
      the multi-product beverage line in the Philippines and
      biscuit lines in Thailand, Vietnam, and China;

   -- PHP934 million is set aside for a new sugar refinery of
      Southern Negros Development Corp. and expansion of its
      capacity; and

   -- PHP580 million will be spent for additional manufacturing
      facilities of the company's agro-industrial division,
      particularly in the piggery and feeds operations.

However, URC did not specify how it would finance this year's
capital expenditure, Manila Standard notes.

The paper recounts that in 2006, URC completed a share offering,
which involved 730 million common shares composed of 282.4
million new shares and 352.4 million secondary shares.  The
offer shares were mostly sold to international institutional
investors, Manila Standard says adding that it generated over
PHP12 billion in proceeds.

                          *     *     *

Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the  
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore.  URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006, that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


VITARICH CORPORATION: Appoints Corporate Information Officer
------------------------------------------------------------
Vitarich Corporation informs the Philippine Stock Exchange that
Atty. Ma. Victoria M. Sarmiento as the company's Corporate
Information Officer.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 19, 2007, Atty. Sarmiento, will assume the positions
vacated the company's Assistant Corporate Secretary, Officer-in-
Charge and Compliance Officer, Atty. Ernesto Del Valle Arceo,
who has resigned effective on Jan. 8.

The Board of Directors has also appointed Atty. Vicente O.
Caoile, Jr., as the Assistant Corporate Secretary to replace
Atty. Sarmiento effective Jan. 18, 2007.

Ma. Felicisima N. David, the non-voting member of the
Compensation and Nomination Committee of Vitarich Corporation
has also resigned effective Jan. 22, 2007, and will be replaced
Ma. Deborah G. Ramirez.

                         About Vitarich

Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated  
producers and wholesalers of poultry and animal feed products in
the Philippines.  The Company also develops, produces and sells
animal health products.  It is dedicated to the poultry and
feeds industry, committing all of its resources to the
production of poultry products, including upstream production
activities such as feed milling, and additional ventures where
the company's knowledge of the poultry and feeds production
process provides it with competitive advantage.

Despite the Company's expansion into other areas, its core
business remains rooted in poultry.  VITA is presently engaged
in the manufacture and distribution of various poultry products
like chicken, animal and aqua feeds, and day-old chicks, among
others.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on July
10, 2006, that after auditing Vitarich's 2005 annual report,
Punongbayan & Araullo raised substantial doubt on the
Company's ability to continue as a going concern, due to
significant losses for the past three years, including net
losses worth PHP249.3 million in 2005 and PHP291.2 million in
2004, resulting in significant deficit amounting to PHP1.8
billion as of Dec. 31, 2005.


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

CTC CONTRACTORS: Liquidators to Receive Claims Until Feb. 3
-----------------------------------------------------------
Chee Yoh Chuang and Lim Lee Meng, as liquidators of CTC
Contractors Pte Ltd will be receiving proofs of debt from its
creditors until Feb. 3, 2007.

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

The liquidators can be reached at:

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


EXPRESS FOOD: Wind-Up Petition Hearing Slated for Feb. 2
--------------------------------------------------------
Lim Chek Ming has filed a petition on Jan. 5, 2007, to wind up
the operations of Express Food Pte Ltd.

The petition will be heard before the High Court of Singapore on
Feb. 2, 2007, at 10:00 a.m.

Lim Chek's solicitor can be reached at:

         David Siow Chua & Tan LLC
         133 New Bridge
         Road #11-03 Chinatown Point
         Singapore 059413


LIANG HUAT: Posts Shareholders' Reduction of Shares
---------------------------------------------------
Liang Huat Aluminium Limited disclosed a series of changes to
the holdings of its shareholders.  

Liang Huat Holdings Pte Ltd, which is in liquidation and also a
substantial shareholder of the company, reduced its direct
shares to 332,854,320 with 29.98% issued share capital.  Prior
to the change, Liang Huat held 334,128,320 direct shares with
30.09% issued share capital.

Tan Cheng Nguan, a director of the company has decreased his
stake of deemed shares to 339,192,320 with 30.55% issued share
capital.  Before the change, Mr. Cheng Tan held 340,466,320
deemed shares with 30.66% issued share capital.

Another director, Tan Yong Kee reduced his deemed holdings to
339,202,320 shares with 30.55% issued share capital.  Prior to
the change, Mr. Tan held 340,476,320 deemed shares with 30.66%
issued share capital.  Mr. Tan also decreased his holdings of
direct shares to 24,359,400 shares with 2.19% issued share
capital.  Before the change, Mr. Tan held 31,955,400 direct
shares with 2.87% issued share capital.

Liang Huat Holdings, Mr. Tan Cheng and Mr. Tan Yong pledged
their shares as a security to a loan made by the company to
United Overseas Bank Limited.  United Overseas sold some of the
pledged shares in the open market, thus the reduction of shares.

                         About Liang Huat

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

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

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


LIANG HUAT: No Material Impact on De-Registration of Durabeau
-------------------------------------------------------------
Liang Huat Aluminium Limited said on Jan. 23, 2007, that the de-
registration of Durabeau (Thailand) Co., Ltd, an associated
company, will not have any material impact on the company's
financial net tangible assets and earnings per share for the
financial year ended Dec. 31, 2006.

Durabeau Thai has ceased trading since 1998.  Under the laws of
Thailand, Durabeau Thai is declared as dormant and has been
removed from the Registry of Companies in Thailand.  Hence,
Durabeau Thai no longer exists as an entity in Thailand.

                         About Liang Huat

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

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

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


NG TEOW: Court to Hear Wind-Up Petition on Feb. 9
-------------------------------------------------
Sebastian Ng Hock Guan filed a petition to wind up the
operations of Ng Teow Yhee & Sons Holding Pte Ltd on Jan. 15,
2007.

The petition will be heard before the High Court on Feb. 9,
2007, at 10:00 a.m.

Sebastian Ng's solicitor can be reached at:

         Rodyk & Davidson
         80 Raffles Place
         #33-00 UOB Plaza 1
         Singapore 048624


P.E.M. INVESTMENTS:  To Receive Claims Until Feb. 2
---------------------------------------------------
P.E.M. Investments Pte Ltd, which is in compulsory liquidation,
will be receiving proofs of debt from its creditors until
Feb. 2, 2007.

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

The liquidators can be reached at:

         Deborah Tan Yang Sock
         Ramasamy Subramaniam Iyer
         Goh Thien Phong
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


PETROLEO BRASILEIRO: Gets Tenders of US$392MM for Exchange Offer
----------------------------------------------------------------
Petroleo Brasileiro S.A. a.k.a. Petrobras disclosed that its
wholly owned subsidiary Petrobras International Finance Company
aka PIFCo, in connection with the previously announced offer to
exchange five series of notes for new notes and a cash amount,
has received tenders of approximately US$392 million principal
amount of Old Notes by the early tender date, which occurred at
5:00 p.m., New York City time, on Jan. 19, 2007 (Early Tender
Date).

Specifically, PIFCo received tenders of approximately:

   -- US$7.2 million principal amount of the 12.375% Global
      Step-Up Notes due 2008;

   -- US$12.9 million principal amount of 9.875% Senior Notes
      due 2008;

   -- US$47.4 million principal amount of the 9.75% Senior
      Notes due 2011;

   -- US$123.7 million principal amount of the 9.125% Global
      Notes due 2013 and

   -- US$200.8 million principal amount of the 7.750% Global
      Notes due 2014.

The Reopening Notes constitute a further issuance of, and form a
single fungible series with, PIFCo's 6.125% Global Notes due
2016 that were issued on Oct. 6, 2006.

The cash payment, reference treasury yield, and total exchange
price for each series of Old Notes as well as the reference
treasury yield and reopen issue price for the Reopening Notes
was determined on Jan. 22, 2007, in the manner described in the
applicable prospectus dated Jan. 4, 2007.

The exchange offers are scheduled to expire at 12:00 midnight,
New York City time, on Feb. 2, 2007, unless extended or earlier
terminated.  The terms of the exchange offers are further
described in the Prospectus.

PIFCo has retained Morgan Stanley & Co., Incorporated and UBS
Securities LLC to act as dealer managers for the offers, The
Bank of New York to act as exchange agent for the offers, The
Bank of New York (Luxembourg) S.A. to serve as Luxembourg agent
for the offers and D.F. King & Co., Inc. to act as information
agent for the offers.

Requests for documents (including the prospectus) may be
directed to:

         D.F. King & Co., Inc.
         48 Wall Street, 22nd Floor
         New York, New York 10005
         Telephone:(212) 269-5550 for banks and brokers
                   (800) 859-8508 for all others

Questions regarding the offers may be directed to:

         Morgan Stanley & Co., Incorporated
         Telephone: (800) 624-1800 (in the United States)
                    (212) 761-1864 (outside the United States);

                     or

         UBS Securities LLC
         Telephone:(888) 722-9555, ext. 4210 (in the United
                   States)
                   (203) 719-4210 (outside the United 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, 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.


PETROLEO BRASILEIRO: In Talks with Iran on Offshore Drilling
------------------------------------------------------------
A spokesperson of Brazil's state oil company Petroleo Brasileiro
SA told Dow Jones Newswires that the firm is negotiating with
Iran to become a service provider in Caspian Sea deep offshore
drilling.

Iran's state oil National Iranian Oil Co. had expressed interest
in cooperating with Petroleo Brasileiro, Dow Jones notes, citing
the spokesperson.

Petroleo Brasileiro has better expertise in deep offshore
drilling, compared with National Iranian, the spokesperson told
Dow Jones.

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.


PETROLEO BRASILEIRO: PIFCo Prices Exchange Offer of Notes
---------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras and its wholly owned
subsidiary Petrobras International Finance Company aka PIFCo, in
connection with the previously announced offers to exchange the
five series of notes listed in the table below for new notes and
a cash amount, disclosed PIFCo's determination of the total
exchange price, the reference treasury yield and the cash
payment per US$1,000 of Old Notes exchanged.

The total exchange price, reference treasury yield and cash
payment per US$1,000 of Old Notes were calculated as described
in the applicable prospectus dated Jan. 4, 2007.  The reference
treasury yield and reopen issue price were determined for the
Reopening Notes as described in the Prospectus.  All values were
calculated as of 2:00 p.m., New York City time, on Jan. 22,
2007.

   PIFCo Notes: 12.375% Global Step-Up Notes due 2008
   CUSIP/ISIN:  71645WAF8/US71645WAF86
   Amount Tendered by Early Tender Date:  US$7,184,000
   Reference Treasury Security:  4.625% due 3/31/08
   Reference Treasury Yield:  5.046%

   PIFCo Notes: 9.875% Senior Notes Due 2008
   CUSIP/ISIN:  G7028BAA9/US G7028BAA91*
                71646FAA5/US71646FAA57
                71646FAB3/US71646FAB31*
   Amount Tendered by Early Tender Date:  US$12,871,000
   Reference Treasury Security:  2.625% Due 5/15/08
   Reference Treasury Yield:  4.989%

   PIFCo Notes: 9.75% Senior Notes Due 2011
   CUSIP/ISIN:  71645WAB72/US71645WAB72*
                 G7028BAB7/USG7028BAB74*
                 71645WAA9/US71645WAA99
   Amount Tendered by Early Tender Date:  US$47,440,000
   Reference Treasury Security:  5.125% Due 6/30/11
   Reference Treasury Yield:  4.768%

   PIFCo Notes: 9.125% Global Notes Due 2013
   CUSIP/ISIN:  71645WAG6/US71645WAG69
   Amount Tendered by Early Tender Date:  US$123,674,000
   Reference Treasury Security:  4.250% Due 8/15/13
   Reference Treasury Yield:  4.751%

   PIFCo Notes: 7.750% Global Notes Due 2014
   CUSIP/ISIN:  71645WAJ0/US71645WAJ09
   Amount Tendered by Early Tender Date:  US$200,800,000
   Reference Treasury Security:  4.250% Due 8/15/14
   Reference Treasury Yield:  4.765%

PIFCo           Cash               Accrued       Total Exchange
Notes           Payment            Interest           Price

12.375% Global  US$104.98          US$43.31       US$1,079.56
Step-Up Notes
due 2008

9.875% Senior   US$63.60           US$24.14       US$1,057.35
Notes due 2008

9.75% Senior    US$171.37           US$8.40       US$1,180.86
Notes due 2011

9.125% Global   US$172.42           US$8.87       US$1,181.44
Notes due 2013

7.750% Global   US$120.46           US$30.57      US$1,107.78
Notes due 2014

The following table should be used in connection with the
calculation of the Reopen Issue Price of the Reopening Notes and
the yield to maturity of the Original 2016 Notes for the
Qualified Reopening Condition, as set forth in the Prospectus:

                         Reference   Reference           Reopen
PIFCo     CUSIP/ISIN     Treasury    Treasury   Accrued   Issue
Notes     No.            Security    Yield     Interest   Price

6.125%
Global    71645WAL5/      4.625%      4.761%    $20.59  $997.30
Notes     US71645WAL54     due
due 2016                 11/15/16

The exchange offers are scheduled to expire at 12:00 midnight,
New York City time, on Feb. 2, 2007, unless extended or earlier
terminated.  Further terms and conditions of the exchange offers
are described in the Prospectus.

PIFCo has retained Morgan Stanley & Co., Incorporated and UBS
Securities LLC to act as dealer managers for the offers, The
Bank of New York to act as exchange agent for the offers, The
Bank of New York (Luxembourg) S.A. to serve as Luxembourg agent
for the offers and D.F. King & Co., Inc. to act as information
agent for the offers.

Requests for documents (including the prospectus) may be
directed to:

         D.F. King & Co., Inc.
         48 Wall Street, 22nd Floor
         New York, New York 10005
         Telephone:(212) 269-5550 for banks and brokers
                   (800) 859-8508 for all others

Questions regarding the offers may be directed to:

         Morgan Stanley & Co., Incorporated
         Telephone: (800) 624-1800 (in the United States)
                    (212) 761-1864 (outside the United States);

                     or

         UBS Securities LLC
         Telephone:(888) 722-9555, ext. 4210 (in the United
                   States)
                   (203) 719-4210 (outside the United 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, 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: Chapter 7 Trustee Objects to FGS' US$12 Mil. Claims
--------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation
of the Refco, LLC estate, asks the U.S. Bankruptcy for the
Southern District of New York to disallow and expunge Claim Nos.
41 and 42 filed by FGS Refco Acquisition Co. against the Debtor,
each asserting approximately US$6,000,000 as administrative
expense and general unsecured claims.  

Mr. Togut asserts that the FGS Claims are:

   -- excessive in amount;

   -- legally impermissible; and

   -- not supported by the documentation provided.

Mr. Togut adds that the FGS Claims are virtually identical to,
and thus duplicative of, the administrative expense request
pursuant to Section 503(b) of the Bankruptcy Code made by FGS in
Refco, Inc.'s Chapter 11 cases.

To avoid duplication and promote judicial economy, the Chapter 7
Trustee insists that his objection to the FGS Claims in the
Debtor's case should be consolidated by the Court for hearing
together with the FGS Administrative Expense Request, which is
set for hearing in Refco's Chapter 11 cases at a later date.

                       About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 55; 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: Taps Houlihan Lokey as Financial Advisor
--------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers,
Ltd. and its debtor-affiliates' chapter 11 case ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to employ Houlihan Lokey Howard &
Zukin Capital, Inc. as financial advisor, nunc pro tunc to
Oct. 26, 2006.

In addition, the Debtors ask the Judge Carey to approve the
terms of employment and the compensation of Houlihan Lokey at
the expense of the Debtor's estate set forth in an engagement
letter, and approve that Houlihan Lokey be excused from
maintaining time records with respect to the services it will
render in the bankruptcy case.

Before the Debtors filed for bankruptcy, Houlihan Lokey was the
special financial advisor to the ad hoc committee of holders of
public debt securities issued by SCL.  As a result, the firm is
already very familiar with the Debtors' financial and
operational situation, material constituencies, and issues
requiring resolution in order to reorganize, and has become
uniquely situated to increase the likelihood of a successful
restructuring, Andrew B. Cohen, managing director of Dune
Capital LLC, discloses.

Houlihan Lokey is an international investment banking and
financial advisory firm, which provides corporate finance and
financial advisory services, as well as execution capabilities,
in a variety of areas, including financial restructuring.  
Mr. Cohen adds that the firm's financial restructuring group has
advised on over 400 transactions, valued in excess of
US$200,000,000,000, over the past 10 years.

Houlihan Lokey will:

   -- evaluate the assets and liabilities of Sea Containers
      and its subsidiaries;

   -- analyze and review the financial and operating
      statements of the group;

   -- analyze the business plans and forecasts of the Group;

   -- evaluate all aspects of the Group's near-term liquidity,
      including various financing alternatives available to the
      Group and, if required, any exit financing in connection
      with any plan of reorganization filed by the Debtors or
      any other plans and any related budgets;

   -- provide specific valuation or other financial analyses
      as the Creditors' Committee may require;

   -- assist the Creditors Committee in negotiations with
      the Company, its advisors, and other interested third
      parties;

   -- help with the claim resolution process and related
      distributions;

   -- develop, evaluate, and assess the financial issues
      and options concerning any proposed transaction;

   -- prepare, analyze, and explain the Plan and the
      Transaction to various constituencies;

   -- provide testimony in court on behalf of the Creditors
      Committee if necessary or as reasonably requested by the
      Committee; and

   -- undertake any other analysis and advisory work as may be
      requested from time to time by the Creditors Committee,
      Bingham McCutchen LLP or Morris, Nichols, Arsht & Tunnell
      LLP and which are consistent with Houlihan Lokey's
      capabilities.

The Debtors will pay Houlihan Lokey a fee of US$150,000 per
month beginning Oct. 26, 2006, and after that on the 26th day of
each subsequent month until termination or expiration of the
agreement.

Upon consummation of any Transaction, Houlihan Lokey will be
paid in cash an additional fee of US$2,100,000, offset by
US$50,000 of each Monthly Fee, if any, earned and paid on or
after March 26, 2007.

Houlihan Lokey will also seek reimbursement for reasonable
out-of-pocket expenses incurred in connection with its
engagement.

Mr. Cohen tells the Court that the complexity, intense activity,
and speed that have characterized the Debtors' case have
necessitated that Houlihan Lokey focus its immediate attention
on time-sensitive matters, and devote substantial resources to
the Creditors Committee's affairs.

Chris Di Mauro, managing director of Houlihan Lokey, assures the
Court that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.  Houlihan
Lokey does not represent any party with an interest materially
adverse to the Debtors or the estate, Mr. Mauro says.

                      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: Withdraws Plea for Non-Debtor Assets Sale
---------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates filed, but
immediately withdrew, without prejudice, a request for approval
of procedures for selling or transferring certain assets owned
by their various non-debtor subsidiaries without any need for
further Court-approval of the transactions.  The Debtors did not
divulge the reasons for the withdrawal in their notice filed
with the U.S. Bankruptcy Court for the District of Delaware.

                  Non-Debtor Asset Sale Procedures

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, said, although those assets do not
constitute property of their estates, (i) the Debtors may be
required by third parties to provide shareholder consent before
consummation of any sale, and (ii) certain buyers may also be
concerned that Court approval is necessary to consummate the
sale.

Under the procedures, the Debtors will notify the U.S. Trustee
and the Official Committee of Unsecured Creditors of any
proposed sale or transfer of the Non-Debtor Subsidiary Assets.  
Absent any objections by either party, the Debtors will pursue
the sale without a request for Court-approval of the sale.

Mr. Brady narrated that the Debtors have been working with the
Official Committee of Unsecured Creditors in its bankruptcy case
to craft their proposal in a mutually acceptable manner.  
Although no definitive agreement has been reached, the Debtors
continue to work with the Committee and anticipate that the
Committee will support the request, Mr. Brady said in the
Motion.

A non-exhaustive list of various Non-Debtor Assets is available
for free at http://researcharchives.com/t/s?18d5

                      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)


STATS CHIPPAC: Taps Tokumasa Yasui as Director
----------------------------------------------
STATS ChipPAC Ltd. unveiled on Jan. 23, 2007, that it has
appointed Tokumasa Yasui as a non-executive member to the
company's board of directors, which is effective immediately.

"We are delighted to welcome Tokumasa to the Board.  With his
decades of experience in the semiconductor industry, Tokumasa
will be an invaluable addition to the Board," says Charles
Wofford, Chairman of STATS ChipPAC.

Mr. Yasui is currently the special advisor to the president of
Renesas Solutions Corp., a joint venture between Hitachi Ltd.
and Mitsubishi Ltd.  Prior to that, Mr. Yasui was the Managing
Director of Renesas Semiconductor, Malaysia.  He also held
various senior management positions with Hitachi Ltd. where he
last served as the Group Executive of the Semiconductor
Division.  He has also served as Executive Vice President of
Elpida Memory, Inc, a joint venture between Hitachi Ltd. and NEC
Corp.

Mr. Yasui holds a Bachelor of Engineering and a Master of
Engineering in Electrical Engineering from Kyoto University.

                       About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/-- provides semiconductor test and   
assembly services.  The company assembles leaded and laminate
packages and provides related services such as package design
and leadframe and substrate designs.  The company provides these
tests and assembly services to semiconductor companies, which do
not have their own manufacturing facilities.  The company's
offices outside the United States are located in Singapore,
South Korea, China, Malaysia, Taiwan, Japan, the Netherlands and
United Kingdom.

                          *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on Oct. 21, 2004,
and the company's Senior Unsecured Debt a 'Ba2' rating on
Oct. 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credit Rating effective on Oct. 7, 2004.


UNITED ALLIANCE: Creditors' Proofs of Debt Due on Feb. 2
--------------------------------------------------------
The creditors of United Alliance Textiles Pte Ltd are required
to file their proofs of debt by Feb. 2, 2007.

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

The liquidator can be reached at:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

ASIA HOTEL: Decreases Unit's Share Capital to THB100 Million
------------------------------------------------------------
Asia Hotel Pcl's board of directors approved Zeer Property Pcl's
share capital decrease from THB400 million to THB100 million.

Zeer Property is 74% owned by Asia Hotel.

According to the company, the THB300 million decrease in capital
was made to partly wipe out the accumulated loss from the
accounts of Zeer.

Asia Hotel explained that as a result, its accumulated loss will
decrease by the same amount of THB300 million.  The company
further clarifies that the shareholders' equity of Zeer will
remain the same.

The decrease of the unit's capital will not affect the operation
of the company since the investment already has full provision,
Asia said.

                          *     *     *

Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited -- http://www.asiahotel.co.th/-- was incorporated on  
March 24, 1964, and has been publicly listed   since 1989.  The
Company and its two subsidiaries, Asia Pattaya Hotel Company
Limited and Asia Airport Hotel Company Limited, are involved in
the hotel business, with its principal activities consisting of
room service and operating restaurants.  Another subsidiary,
Zeer Property Company Limited is primarily involved in the
construction and the building of shopping complexes.

                        Going Concern Doubt

Atipong AtipongSakul of ANS Audit Co., Ltd., the company's
independent auditors, raised significant doubt on the company's
ability to continue as a going concern.  He said that the
financial position and going concern, the consolidated financial
statements and the financial statements of the company for the
periods ended September 30, 2006 showed a deficit in the amount
of THB1.11 billion.


BANGKOK STEEL: Creditors Set to Elect New Joint Administrator
-------------------------------------------------------------
On Jan. 16, 2007, the Troubled Company Reporter - Asia Pacific
reported that Economic Intellect Co Ltd filed a petition before
the Central Bankruptcy Court to resign as co-plan administrator
in the rehabilitation of Bangkok Steel Industry Pcl.

C.J. Morgan Co Ltd, the other joint administrator, jointly filed
the petition, however, seeking for re-appointment as Bangkok
Steel's plan administrator, the TCR-AP said.

In an update, the Central Bankruptcy Court reportedly approved
Economic Intellect's resignation and ordered C.J. Morgan Co.,
Ltd. to be the temporary plan administrator.  

The official receiver was then requested by the Court to call a
creditors' meeting for the purpose of electing a new plan
administrator.  

The meeting will be held on Feb. 28, 2007, at 9.30 a.m. at
Conference Room 1103, 11th Floor, Bangkok Insurance Bldg., South
Sathorn Road, Bangkok.

                          *     *     *

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel  
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the Company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

On Dec. 22, 2003, the Supreme Court ordered the Company to
rehabilitate its business in accordance with Thailand's
Bankruptcy Act.  On April 19, 2004, the Central Bankruptcy Court
appointed C.J. Morgan Co., Ltd. and Panya Intellect Co., Ltd. to
be its business rehabilitation planners.  The comptroller of
Bankruptcy head invited the debtors, creditors and lenders to
lodge the claim for settlement of debts with the Company.  The
total claims lodged by the appellants amounted to approximately
THB59.09 billion which were the outstanding balance in the
Company's accounts approximately THB18.91 billion and
commitments and contingent liabilities of THB40.18 billion.

On October 2, 2006, the Troubled Company Reporter - Asia Pacific
reported that Bangkok Steel's balance sheet reflected total
assets at THB16.591-billion and THB24.852 billion in total
liabilities.  Total capital deficiency amounted to THB8.261
billion.

                       Going Concern Doubt

Somchai Kurujitkosol of S.K. Accountant Services Co. Ltd
expressed substantial doubt about Bangkok Steel's ability to
continue as a going concern after auditing its financial
statements for the first half of 2006.

Mr. Somchai specifically pointed to the company's outstanding
balance of debts as of June 30, 2006, amounting to THBB34.557
billion which are divided to principal of THBB26.157 billion and
interest of THB8.400 billion.

In addition, the TCR-AP reported on Nov. 24, 2006, that the
company's plan administrators filed a petition to modify its
rehabilitation plan.

The Amended Petition to Modify Rehabilitation Plan, among
others, provides:

1. The adjustment of the capital structure:

       The quantity of increased common shares to be allocated
       to pay debts to creditors, in case of converting debt to
       equity, will not exceed 1,440 million shares based on the
       regulation of distributing shares to minor shareholders
       of the Stock Exchange of Thailand.

2. The payment to creditors on behalf of the guarantor's company
   and or the mortgager of assets as collateral:

       The condition and payment method is based on the mutual
       agreement between the company's guarantors and
       mortgagers and the creditors in order to prevent the
       company from making double payment.

3. The designation of the plan administrators to adjust payment
   schedule and claim back assets or sum of money which
   creditors have been overpaid by the company.  This is in
   conformance with the ultimate order which allows creditors to
   receive payment less than what is specified the  in the
   application to receive performance as the payment schedule
   was calculated from the base of debt in the application of
   each creditors.

   The official receiver has currently ordered, based on the
   Adjustment of debt, to reduce the debt of many creditors to
   Approximately THB13.542 million and is currently waiting for
   the approval of the Central Bankruptcy Court.

4. The payment of debt before maturity date:

       The plan administrators will be allowed to pay debts
       before its maturity date as equivalent to its present
       value and setting it as the criteria of payment of the
       plan administrators to all the company's creditors.


KRUNG THAI: Posts THB14.1 Bil. Profit for 2006; Misses Forecast
---------------------------------------------------------------
Thailand's Krung Thai Bank Pcl recorded THB14.1 billion net
profit for the fiscal year ended Dec. 31, 2006, as compared with
net profit of THB13 billion recorded in the year 2005.

The recorded profit was below the THB14.5 billion forecasts by
the 15 analysts polled by Reuters Estimates.  

The lender reported a smaller-than-expected 8.1% rise in 2006
net profit as higher margins overshadowed huge provisions,
Reuters says.

Krung Thai's outlook was clouded by political and economic
uncertainties which had damaged business sentiment and its
increased provisions to meet new loan-loss reserve rules this
year could hurt its bottom line, analysts said, the paper adds.

                          *     *     *

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

Fitch Ratings, on September 12, 2006, affirmed the individual
C/D rating of Krung Thai Bank Public Company Limited.

The bank currently carries Moody's Investors Service's bank
financial strength rating of D.


SIAM CITY: Records THB8.76 Billion in Bad Loans at End FY 2006
---------------------------------------------------------------
Siam City Bank saw a rise in its non-performing loans at the end
of fiscal year 2006 despite a new method of calculating net non-
performing loans that was supposed to reduce their value, the
Nation reports.

According to the paper, the lender recorded NPLs of THB8.76
billion, an increase of 32% from the previous quarter.  The
ratio also increased from 2.66% of total loans in the third
quarter to 3.6% in the fourth.  

Meanwhile, the paper notes that bad loans in the banking system
decreased by half to THB229.95 billion at the end of last year.

All of the other 16 banks in Thailand enjoyed a sharp decline in
their bad loans, NPLs for the entire banking system fell to 4.5%
at year's end, from 8.86% in the third quarter, a data from the
Bank of Thailand indicate.

A central bank source told the Nation that the sharp decline in
NPLs was due mainly to the banks applying International
Accounting Standard 39, which allowed them to deduct reserves
from NPLs.

                          *     *     *

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

On October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of 'BB';
    * Short-term foreign currency rating of 'B';
    * National long-term rating of 'A-(tha)'; and
    * National Short-term rating of 'F1(tha)'.

The Outlook on the ratings is Stable.  Fitch has also upgraded
the bank's Individual rating to 'D' from 'D/E' and affirmed its
Support rating at '4'.

The bank currently carries Moody's Bank financial strength
rating of D and foreign currency long-term/short-term deposit
ratings of Baa3/P-3.




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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