TCRAP_Public/070126.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

            Friday, January 26, 2007, Vol. 10, No. 19

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Robert E. Robotti Resigns from Board
ADVANCED MARKETING: Court Approves Securities Suit Settlement
ALLIED CONSULTING: Enters Wind-Up Proceedings
AUSTRAL HOSE: Commences Liquidation Proceedings
BURNETT VALLEY: Members Decide to Close Operations

CUMBERLAND COMMUNITY: Decides to Wind Up Operations
DIVONI PTY: Enters Wind-Up Proceedings
ERINBROOK PTY: Placed Under Members' Voluntary Wind-Up
FYVIT PTY: Undergoes Voluntary Wind-Up
K & D BROWNE: Members Opt to Shut Down Business

LAINGS ELECTRICAL: To Declare Final Dividend on March 16
OCEAN REALTY: Appoints Parbery & Hill as Receivers and Managers
PSIVIDA LIMITED: To Hold Shareholders' Gen. Meeting on Feb. 20
PSIVIDA LIMITED: Appoints Dr. Paul Ashton as Managing Director
RECYCLED PLASTIC: To Declare Dividend for Unsecured Creditors

SCIS PTY: Members to Receive Wind-Up Report on February 16
STOWFORD PTY: Members Agree to Wind Up Operations
WORKIN4U PTY: Members Agree to Voluntarily Liquidate Business
ZOE AUSTRALIA: Members Opt for Voluntary Liquidation


C H I N A   &   H O N G  K O N G

AFK FAR EAST: To Hold First Meetings on January 30
BIRCHFIELD DESIGN: Court Sets Wind-Up Hearing on February 21
CHEERTEK LTD: Members to Receive Wind-Up Report on February 23
DAIMLERCHRYSLER: Delaware Gives Incentives to Chrysler Plant
EVERPRIDE BIOPHARM: Posts CNY1.14 M Net Loss in 1st 9-Months '06

GENERAL MULTI-WITS: Schedules Creditors' Meeting on February 2
HOPEWELL XINTANG: Liquidators Cease to Act
INDUSTRIAL BANK: Earns CNY16 Billion in Shanghai IPO
IXNET HONGKONG: Will Pay Dividend on January 29
JUN CHENG GROUP: Will Receive Proofs of Claim Until Feb. 2

SMART MANNER: Creditors Must Prove Debts by February 21
SUPER LUCK INC: Auditors Raise Going Concern Doubt
SURELIGHT HOLDINGS: Annual Meetings Slated for February 6
TELETECH COMMUNICATION: Court Appoints Liquidators
VICTOR WIN: Wind-Up Hearing Slated for March 7


I N D I A

ALLAHABAD BANK: December 2006 Quarter Net Profit Up 28%
ANDHRA BANK: Board Meeting Scheduled for January 29
BALLARPUR INDUSTRIES: Posts INR621-Mil. Profit in Dec. '06 Qtr.
BALLARPUR INDUSTRIES: To Consider Interim Dividend on Jan. 29
BANK OF BARODA: Net Profit Up 63% in December 2006 Quarter

BANK OF BARODA: Ties-Up with India Infoline; Launches e-Trading
CORPORATION BANK: Posts INR1.5-Bil. Net Profit for Dec. '06 Qtr.
GENERAL MOTORS: Court Dismisses Litigation Against R&SA
TATA POWER: To Set Up INR5,000-Crore Coal Plant in Chhattisgarh
UNION BANK OF INDIA: Record INR2.6-Bil. Net for Dec. '06 Quarter

UTI BANK:  Allots 99,097 Equity Shares Under ESOP


I N D O N E S I A

ANEKA TAMBANG: 2006 Sales Up 69% At IDR5.57 Trillion
APEXINDO PRATAMA: India's Aban Offshore Calls Off Takeover Talks
BANK MANDIRI: Eyes 25% Profit Growth This Year
BANK MANDIRI: Implements WebMethods Technology
CA INC: Releases New Wily Introscope Powerpack

HILTON HOTELS: To Report 4th Quarter Results Later This Month


J A P A N

ADVANCED MEDICAL: Acquires WaveFront Sciences for US$20 Million
MITSUKOSHI LTD: To Test RFID Tags in Department Stores
NIKKO CORDIAL: Orbis Buys More Shares to Hold Largest Stake
NORTHWEST AIRLINES: Mesaba to Become Wholly Owned Subsidiary
NORTHWEST AIRLINES: Estimates US$9.5 Billion in Unsecured Claims

NORTHWEST AIRLINES: Inks Agreement with MAIR Holdings
NOVOLIPETSK STEEL: Fitch Assigns BB+ IDR with Stable Outlook
RESONA BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
RESONA BANK: Fund Repayment Cues Fitch to Affirm 'D' Ind. Rating
SAPPORO HOLDINGS: Fitch Affirms 'BB' Issuer Default Ratings

* Moody's Gives Basket C Treatment to Bank Preferred Securities


K O R E A

DURA AUTOMOTIVE: Can Pay US$1.1 Million Prepetition Tax Claims
DURA AUTOMOTIVE: Judge Carey Approves Lease Rejection Procedures
KOOKMIN BANK: Sells US$400 Million of Floating-Rate Notes


M A L A Y S I A

PANGLOBAL BERHAD: Shareholders Okay All Resolutions Set in EGM
PARACORP BERHAD: SC Rejects Proposed Disposal of Assets
PARACORP BERHAD: Updates Bourse with Default Status
PARK MAY: SC Extends Maturity Date of Commercial Papers
PARK MAY: RAM Pulls Down Short & Long-Term Credit Ratings to D
PAXELENT CORP: Court Rejects Dibena's Appeal to Set Aside Ruling

PUTERA CAPITAL: Bursa Extends Plan Filing Deadline to March 7
SBBS CONSORTIUM: Bursa to Delist Securities on February 5


N E W   Z E A L A N D

* Reserve Bank Leaves Official Cash Rate Unchanged at 7.25%
* Buyouts Reduce New Zealand's Market Size, Bad News for NZX


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Reveals Expanded Network Improvements
GLOBE TELECOM: Schedules Investors' Briefing for February 6
MANILA ELECTRIC: ERC Provisionally Approves NPC Supply Contract
SAN MIGUEL CORP: Forms New Beverage Company


S I N G A P O R E

ADVANCED MICRO: Incurs US$574 Million Net Loss in 2006 4th Qtr.
CHINA AVIATION: Inks EUR171-Mil. Purchase Deal with Caixanova
FOMCAS BUILDERS: Proofs of Debt Due on Feb. 21
GATE PACIFIC: Court to Hear Wind-Up Petition on Jan. 26
LAU'S FOOD: Pays First and Final Dividend to Creditors

PETROLEO BRASILEIRO: Outlines Main Projects in Growth Plan
PETROLEO BRASILEIRO: Posts 1.92 Mil. Barrels Per Day 2006 Output
SEAGATE TECH: Reports US$3-Billion Revenue in Qtr. Ended Dec. 29
VALEANT PHARMA: Moody's Confirms B2 Rating with Stable Outlook
WALKER ASIA: Liquidators to Receive Claims Until Feb. 23


T H A I L A N D

SIAM CITY: Directors Appoint Chaiwat as President
TMB BANK: Must Raise New Capital, Finance Minister Says


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ADVANCED MARKETING: Robert E. Robotti Resigns from Board
--------------------------------------------------------
Advanced Marketing Services, Inc., disclosed that Robert E.
Robotti has resigned as a director of the company.  Mr. Robotti,
who was appointed as a director in November 2006, is a Managing
Member of Ravenswood Management Company, L.L.C., the General
Partner of Ravenswood Investment Company, L.P.

In resigning as a director, Mr. Robotti stated that he disagreed
with the Board's decision to proceed with the annual meeting of
stockholders on Jan. 24, 2007, as previously scheduled.  Mr.
Robotti expressed his concern that, given the advance notice
requirements in the company's bylaws, the opportunity has passed
for stockholders to nominate director candidates or to bring
other business before the meeting.  Mr. Robotti instead sought
to postpone the annual meeting until a later date.

Robert F. Bartlett, Chairman of the Board of Directors, stated,
"The company originally announced the Jan. 24 meeting date back
on Oct. 3, 2006, and the Board has determined that it is in the
best interests of the company and its stockholders to proceed
with the meeting as scheduled.  We
regret that Bob has decided to resign from the Board, but we
respect his viewpoint, and we thank him for his contributions
during his period of service."

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: Court Approves Securities Suit Settlement
-------------------------------------------------------------
The United States District Court for the Southern District of
California entered the Order of Final Judgment and Dismissal of
the Action with Prejudice and granted final approval of the
Settlement, the Plan of Allocation of Settlement Proceeds and
the Request for Attorneys' Fees and Reimbursement of Expenses in
the suit "In re Advanced Marketing Services, Inc. Securities
Litigation, Case No. 04-CV-00121 RTB (AJB)."

The case was filed on behalf of purchasers of Advance Marketing
common stock from Jan. 16, 1999, to Jan. 13, 2004, inclusive.
The lawsuit arose out of AMS's announcement on Jan. 14, 2004,
that it would restate its previously filed financial statements
for the prior five fiscal years.

The planned restatement resulted from the company's ongoing
review of its cooperative advertising practices and related
accounting, and relates primarily to the timing and
quantification of recognition of revenue and reversal of accrued
liabilities.

Following the announcement of the restatement, the price of
AMS's stock fell 15.2% from US$11.97 to US$10.15 per share.
Afterwards, Advanced Marketing and certain of its officers and
directors were named as defendants in these federal securities
class actions in the U.S. District Court for the Southern
District of California in:

    -- "Eastside Investors, LLP v. Advanced Marketing
       Services, Inc., et al., Case No. 04-CV-00121 JM (AJB);"

    -- "Bowen v. Advanced Marketing Services, Inc., et al.,
       Case No. 04-CV-00139 H (JMA);" and

    -- "Anderson v. Advanced Marketing Services, Inc., et al.,
       Case No. 04-CV-00324 WQH (AJB)."

The lawsuits alleged that Advanced Marketing and the individual
defendants either knowingly or recklessly made misstatements
concerning the company's reported financial results to
artificially inflate the price of AMS common stock.

On Feb. 24, 2004, the court consolidated the federal securities
actions into a single case.  On May 4, 2004, the court appointed
Detroit P&F, a public pension fund organized for the benefit of
current and retired police and fire personnel from the city of
Detroit, as lead plaintiff, and approved Detroit P&F's selection
of Bernstein Litowitz as lead counsel.

In August 2005, the parties participated in a settlement
mediation session with the assistance of retired California
Court of Appeal Justice Charles S. Vogel.

Following this mediation session, counsel for the parties
continued to discuss settlement.  In February 2006, the parties
reached agreement on the terms of settlement and executed a
Memorandum of Understanding.

On Oct. 16, 2006, the court entered the Order of Final Judgment
and Dismissal of the Action with Prejudice and granted final
approval of the Settlement, the Plan of Allocation of Settlement
Proceeds and the Request for Attorneys' Fees and Reimbursement
of Expenses.

                    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.  (Class
Action Reporter January 18, Vol. 9, No. 13)


ALLIED CONSULTING: Enters Wind-Up Proceedings
---------------------------------------------
On Jan. 4, 2007, the members of Allied Consulting Pty Ltd
resolved to voluntarily wind up the company's operations.

Subsequently, Andrew Stewart Reed Hewitt was appointed
liquidator at the creditors' meeting held that same day.

The Liquidator can be reached at:

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

                    About Allied Consulting

Allied Consulting Pty Ltd provides computer related services.

The company is located in Victoria, Australia.


AUSTRAL HOSE: Commences Liquidation Proceedings
-----------------------------------------------
At the general meeting held on Jan. 5, 2007, the members of
Austral Hose Pty Ltd passed a special resolution to voluntarily
liquidate the company's business and distribute the company's
assets.

In this regard, Priit Ari Taylor was appointed as liquidator.

The Liquidator can be reached at:

         Priit Ari Taylor
         Chartered Accountant
         48 Greenhill Road
         Wayville, South Australia 5034
         Australia

                       About Austral Hose

Austral Hose Pty Ltd is a distributor of industrial and
commercial machinery and equipment.

The company is located in New South Wales, Australia.


BURNETT VALLEY: Members Decide to Close Operations
--------------------------------------------------
The members of Burnett Valley Holdings Ltd met on Dec. 21, 2006,
and passed a special resolution to voluntarily wind up the
company's operations.

The joint liquidator can be reached at:

         Bradley Hellen
         c/o Pilot Partners
         Level 5, 175 Eagle Street
         Brisbane, Queensland 4000
         Australia

                      About Burnett Valley

Burnett Valley Holdings Limited operates offices of holding
companies.

The company is located in Queensland, Australia.


CUMBERLAND COMMUNITY: Decides to Wind Up Operations
---------------------------------------------------
On Dec. 21, 2006, Cumberland Community Club Ltd passed a
resolution to voluntarily wind up its operations and appointed
Schon Gregory Condon as liquidator.

Accordingly, the company's creditors are required to prove their
debts by Feb. 23, 2007, to be included in any distribution the
company will make.

The Liquidator can be reached at:

         Schon G. Condon RFD
         Condon Associates
         Australia
         Telephone: 02 9893 9499

                   About Cumberland Community

Cumberland Community Club Limited operates drinking places.

The company is located in New South Wales, Australia.


DIVONI PTY: Enters Wind-Up Proceedings
--------------------------------------
On Jan. 11, 2007, the members of Divoni Pty Ltd met and resolved
to voluntarily wind up the company's operations.

Consequently, John Vouris was appointed liquidator at the
creditor's meeting held that same day.

The Liquidator can be reached at:

         John Vouris
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                        About Divoni Pty

Divoni Pty Ltd is a distributor of fabricated textile products.

The company is located in New South Wales, Australia.


ERINBROOK PTY: Placed Under Members' Voluntary Wind-Up
------------------------------------------------------
At a general meeting held on Dec. 20, 2006, the members of
Erinbrook Pty Ltd passed a special resolution to voluntarily
wind up the company's operations.

The liquidator can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                       About Erinbrook Pty

Erinbrook Pty Ltd is a distributor of construction materials.

The company is located in Victoria, Australia.


FYVIT PTY: Undergoes Voluntary Wind-Up
--------------------------------------
On Dec. 15, 2006, the members of FYVIT Pty Ltd resolved to
voluntarily wind up the company's operations.

At the creditors' meeting held on the same day, Terry Grant Van
der Velde and Paul Desmond Sweeney were appointed as
liquidators.

The Joint and Several Liquidators can be reached at:

         Terry Grant van der Velde
         Paul Desmond Sweeney
         c/o SV Partners
         Insolvency Accountants and Risk Managers
         Level 10, 32 Martin Place
         Sydney, New South Wales 2000
         Australia

                        About FYVIT Pty

FYVIT Pty Ltd is a developer and land subdividers, except for
cemeteries.

The company is located in New South Wales, Australia.


K & D BROWNE: Members Opt to Shut Down Business
-----------------------------------------------
The members of K & D Browne Pty Ltd met on Jan. 4, 2007, and
resolved to voluntarily liquidate the company's business.

In this regard, Robert Eugene Murphy and David James Hambleton
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Robert Eugene Murphy
         David James Hambleton
         Chartered Accountants
         R. E. Murphy & Co.
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia

                       About K & D Browne

K & D Browne Pty Ltd is an investor relation company.

The company is located in Queensland, Australia.


LAINGS ELECTRICAL: To Declare Final Dividend on March 16
--------------------------------------------------------
Laings Electrical Pty Ltd will declare a final dividend for its
ordinary unsecured creditors on March 16, 2007.

In this regard, priority creditors are required to submit their
proofs of debt by Feb. 6, 2007, to be included in the dividend
distribution.

According to the Troubled Company Reporter - Asia Pacific, the
company has declared a final dividend for its ordinary unsecured
creditors on Nov. 17, 2006.

The TCR-AP also noted that the company has paid dividend to its
priority creditors on July 22, 2005.

The liquidator can be reached at:

         M. G. Mccann
         Grant Thornton
         Level 4, Grant Thornton House
         102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3222 0200
         Facsimile:(07) 3222 0446

                     About Laings Electrical

Laings Electrical Pty Ltd operates household appliance stores.

The company is located in Queensland, Australia.


OCEAN REALTY: Appoints Parbery & Hill as Receivers and Managers
---------------------------------------------------------------
On Jan. 12, 2007, Perpetual Nominees Ltd appointed Stephen James
Parbery and Christopher Clarke Hill as receivers and managers of
the properties of Ocean Realty Pty Ltd.

The Receivers and Managers can be reached at:

         Stephen James Parbery
         Christopher Clarke Hill
         PPB Chartered Accountants
         Level 46 MLC Centre
         19 Martin Place, Sydney New South Wales 2000
         Australia

                        About Ocean Realty

Ocean Realty Pty Limited is a distributor of durable goods.

The company is located in New South Wales, Australia.


PSIVIDA LIMITED: To Hold Shareholders' Gen. Meeting on Feb. 20
--------------------------------------------------------------
pSivida Limited will hold a General Meeting for its shareholders
on Feb. 20, 2007, at 3:00 p.m. Western Daylight Saving Time, at
Level 2, QV1 Building, 250 St. George's Terrace, in Perth,
Western Australia.

The Board of Directors have determined that, for the purpose of
voting at the meeting, the members are those persons who are the
registered holders of shares at 3:00 p.m. WDST on Feb. 18, 2007.

During the meeting, shareholders will be asked to approve these
resolutions:

   1) Ratification of Past Placement of Shares and Options:

      (a) the issue of a total of 14,330,768 fully paid ordinary
          shares in the company at an issue price of AU$0.26 per
          share to Australian and European institutions and
          sophisticated investors on Jan. 4, 2007; and

      (b) the issue of a total of 28,661,537 unquoted options to
          those institutions and investors over fully paid
          shares in the company expiring Dec. 31, 2010, at an
          exercise price of AU$0.26 each.

   2) Ratification of Issue of Warrants over 500,000 American
      Depositary Shares expiring Sept. 29, 2011, at an exercise
      price of US$2.00 each to Absolute Octane Fund and
      Australian IT Investments Limited on Sept. 29 2006;

   3) Ratification of Issue of Warrants over 1,500,000 ADS
      expiring Dec. 29, 2011, at an exercise price of US$2.00
      each to Castlerigg Master Investments Ltd on Dec. 29 2006;

   4) Approval of Proposed Issue of Warrants over 4,000,000 ADS
      expiring 5 years from the date of issue at an exercise
      price of US$2.00 on each to Castlerigg Master Investments;

   5) Approval of Proposed Issues of ADS and Warrants to Nordic
      Biotech Advisors:

      (a) warrants over but up to 1,000,000 ADS expiring 5 years
          from the date of issue at an exercise price of US$2.00
          each in connection with the closing of the SPV
          Investment;

(b) an option to subscribe for ADS at a conversion price
          of US$2.00 each by means of a conversion of the
          participation interest purchased in the SPV
          Investment; and

(c) redeemable preference shares, for a total subscription
          amount of US$4,000,000, convertible into ADS.

   6) Approval of Possible Placements of Shares and Options:

      (a) the issue of up to an aggregate of 50,000,000 fully
          paid ordinary shares in the company, at an issue price
          being no lower than a 10% discount to the 5 day volume
          weighted average market price on ASX of the company's
          shares prior to their allotment; and

      (b) the issue to the subscribers for the shares of up to
          an aggregate of 100,000,000 unquoted options over
          fully paid shares in the Company expiring 5 years from
          the date of issue at an exercise price of no lower
          than a 10% discount to the 5-day volume weighted
          average market price on ASX of the Company's shares
          prior to their allotment.

   7) Approval of Possible Placements of American Depository
      Shares and Options:

      (a) the issue of up to an aggregate of 15,000,000 ADS in
          the company, at an issue price being no lower than a
          20% discount to the 5-day volume weighted average
          market price on Nasdaq of the company's ADS prior to
          their allotment; and

      (b) the issue to the subscribers for the ADS of up to an
          aggregate of 7,500,000 unquoted warrants over ADS in
          the company expiring 5 years from the date of issue at
          an exercise price of no lower than a 20% discount to
          the 5 day volume weighted average market price on
          Nasdaq of the company's ADS prior to their allotment.

                     About pSivida Limited

pSivida Limited -- http://www.psivida.com/-- is an Australian
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarter is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                      Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of October 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


PSIVIDA LIMITED: Appoints Dr. Paul Ashton as Managing Director
--------------------------------------------------------------
pSivida Limited (ASX:PSD, NASDAQ:PSDV, Xetra:PSI) announces that
Dr. Paul Ashton has been appointed Managing Director of pSivida
Limited effective immediately and will be located at the pSivida
head office in Boston, MA.  Dr. Ashton's appointment is part of
the program of consolidation of management and increased focus
of operations instituted by the Board of Directors.

Concurrently, Dr. Roger Brimblecombe, the Chairman of the Board
of Directors, will retire from service to pSivida.
Dr. Brimblecombe has agreed to postpone his retirement from the
Board last year to accept the roles of Acting Executive Chairman
and Acting Chief Executive Officer on a temporary basis.  With
Dr. Ashton's appointment as Managing Director and the election
of Dr. David J. Mazzo as a successor Chairman of the Board, Dr.
Brimblecombe's planned departure may now be effected.

Dr. Ashton's appointment follows the announcement in late
December 2006 that the Company had entered into an exclusive
three months negotiation with a large global pharmaceutical
company to license pSivida's drug delivery technologies in a
significant market opportunity.  Dr. Ashton was most recently
the Company's Executive Director of Strategy and formerly
President, Chief Executive Officer and a Director of Control
Delivery Systems, the Boston based drug delivery company pSivida
acquired in January 2006.  He received a B.Sc in chemistry from
Durham University, England, and a Ph.D. in pharmaceutical
science from the University of Wales.

Dr. Mazzo will assume his new role as Non-executive Chairman of
the Company effective immediately.  He is currently President
and CEO of Chugai Pharma USA, a subsidiary of Chugai
Pharmaceutical Company Limited (Japan), a part of the Roche
group of companies. Dr. Mazzo is recognized for his strong
scientific and regulatory expertise and broad technical and
managerial experience gained from working in a variety of multi-
cultural and multi-lingual environments in the USA, Europe and
Asia. He has served as a member of the Nasal Drug Products
subcommittee of the FDA Advisory Committee for Pharmaceutical
Science and presently serves as an advisor to or a Director of a
number of academic and publicly traded organisations.

These appointments, together with the recent re-appointment of
Dr. Roger Aston as a Non-executive Director to the pSivida
Board, are expected to facilitate the various funding and
licensing initiatives that are being pursued by the Company.
This new leadership team, coupled with the significant steps
taken recently to further minimize expenses while focusing on
those activities to advance key clinical programs, are expected
to contribute to progress toward building renewed shareholder
value in the near term.

                     About pSivida Limited

pSivida Limited -- http://www.psivida.com/-- is an Australian
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarter is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                      Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of October 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


RECYCLED PLASTIC: To Declare Dividend for Unsecured Creditors
-------------------------------------------------------------
Recycled Plastic Technology Pty Ltd will declare dividend for
its unsecured creditors on Feb. 13, 2007.  Failure to prove
debts on that day will exclude a creditor from sharing in the
distribution.

The Troubled Company Reporter - Asia Pacific has reported that
the company distributed dividend on Nov. 24, 2006.

The deed administrator can be reached at:

         John Lord
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9251 4100
         Facsimile: 02 9240 9821
         Website: http://www.pkf.com.au

                      About Recycled Plastic

Recycled Plastic Technology Pty Ltd is a manufacturer and
distributor of agricultural pipe concrete, pilon formwork
culverts, drainage pipes, farm pipes, plumbing materials and
other sewage pipes.

The company is located in New South Wales, Australia.


SCIS PTY: Members to Receive Wind-Up Report on February 16
----------------------------------------------------------
The members of SCIS Pty Ltd will meet on Feb. 16, 2007, at
10:00 a.m., to receive a report of the company's wind-up
proceedings and property disposal exercises from the
liquidators.

As reported by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Sept. 12, 2006.

The liquidators can be reached at:

         Salvatore Algeri
         Timothy B. Norman
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                         About SCIS Pty

SCIS Pty Ltd -- formerly known as S.C.I. Steel Ltd -- is a
producer and supplier of steel and other steel products.

The company is located in Victoria, Australia.


STOWFORD PTY: Members Agree to Wind Up Operations
-------------------------------------------------
On Dec. 30, 2006, the members of Stowford Pty Ltd resolved by a
written resolution to voluntarily wind-up the company's
operations and appointed John Georgakis as liquidator.

The Liquidator can be reached at:

         John Georgakis
         Barilla Pty Limited
         Level 27, 8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone: 03 9288 8000

                       About Stowford Pty

Stowford Pty Ltd -- trading as Corus Grosvenor Hotel Adelaide;
The Sheraton Hotel; The Victoria Hotel; Grosvenor Hotel and
Vista Hotel Alice Springs -- operates hotels and motels.

The company is located in South Australia, Australia.


WORKIN4U PTY: Members Agree to Voluntarily Liquidate Business
-------------------------------------------------------------
The members of Workin4u Pty Ltd met on Jan. 5, 2007, and agreed
to voluntarily liquidate the company's business.

Accordingly, Ginette Muller and John Park were appointed as
liquidators.

The Liquidators can be reached at:

         Ginette Muller
         John Park
         KordaMentha (Queensland)
         22 Market Street, Brisbane
         Australia

                        About Workin4u Pty

Workin4u Pty Ltd -- http://www.workin4u.com.au--
was established ten years ago.  The company services includes:
Web site design from on-line brochures to database-driven
e-commerce sites, Web site redesign and upgrading, Web site
development (HTML, DHTML, CSS, PHP, MySQL, JavaScript), Domain
name registration including hosting services, Search engine
optimization, Content management systems, Flash and GIF
animation, Scanning and digital photography, Graphic design,
print media, logos, and illustration.

The company is located in Queensland, Australia.


ZOE AUSTRALIA: Members Opt for Voluntary Liquidation
----------------------------------------------------
At a general meeting held on Dec. 29, 2006, the members of Zoe
Australia Melbourne Pty Ltd resolved by way of special
resolution to voluntarily liquidate the company's business.

The joint and several liquidators can be reached at:

         Simon A. Wallace-Smith
         Salvatore Algeri
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                      About Zoe Australia

Zoe Australia Melbourne Pty Ltd -- trading as Meridien At Rialto
-- operates hotels and motels.

The company is located in Victoria, Australia.


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

AFK FAR EAST: To Hold First Meetings on January 30
--------------------------------------------------
AFK Far East Ltd will hold meetings for its contributories and
creditors at Level 5, One Pacific Place in 88 Queensway, Hong
Kong on Jan. 30, 2007, at 3:00 p.m. and 4:30 p.m., respectively.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Hong Kong heard a wind-up petition against the
company on Nov. 1, 2006, filed by AFK Hong Kong Ltd.


BIRCHFIELD DESIGN: Court Sets Wind-Up Hearing on February 21
------------------------------------------------------------
A wind-up petition filed against Birchfield Design (Asia) Ltd
will be heard before the High Court of Hong Kong on Feb. 21,
2007, at 9:30 a.m.

Kong Cheuk Hung filed the petition on Dec. 15, 2006.

Kong Cheuk's solicitor can be reached at:

         Chong Yan-Tung Chris
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong

                    About Birchfield Design

Birchfield Design (Asia) Ltd is a distributor of clothing
accessories, household products, and wooden furniture.

The company is located in Kowloon, Hong Kong.


CHEERTEK LTD: Members to Receive Wind-Up Report on February 23
--------------------------------------------------------------
The members of Cheertek Ltd will meet on Feb. 23, 2007, at 10:00
a.m., to receive the liquidators' report regarding the company's
wind-up proceedings and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's creditors were required to prove their debts before
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


DAIMLERCHRYSLER: Delaware Gives Incentives to Chrysler Plant
------------------------------------------------------------
The state of Delaware has given DaimlerChrysler AG's Chrysler
Group a package of incentives and tax breaks to keep the company
from closing a plant in Newark, Del., Gina Chon of the Wall
Street Journal reports.

The Newark plant, which makes sport-utility vehicles, has made
80,000 vehicles in 2006, operates one shift a day, and has 2,100
employees.

Chrysler CEO Tom LaSorda is expected to unveil a restructuring
plan on Feb. 14, 2007.

Delaware Governor Ann Minner has signed a bill that will save
employers more than US$30 million.  Gov. Minner hopes that this
will convince Chrysler that the state is serious in saving the
plant and keeping the jobs of 2,100 employees, Ms. Chon said.

                       About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,

Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

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

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

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

In addition, increased interest rates caused higher sales &
marketing expenses.  Chrysler Group will take additional
production cuts in the third and fourth quarters to reduce
dealer inventories and make way for its current product
offensive.


EVERPRIDE BIOPHARM: Posts CNY1.14 M Net Loss in 1st 9-Months '06
----------------------------------------------------------------
Everpride Biopharmaceutical Co Ltd posted CNY1.143 million net
loss on CNY49.35 million revenues in the nine months ended
September 2006.

The company's revenue represented an approximately 166% increase
as compared with revenue of CNY29.69 million recorded in the
corresponding period in 2005.

Administrative and general expense for the period dropped by
approximately CNY602,000 or 5% as compared with the
corresponding period in 2005.  The company implemented cost
cutting measures and stringent control on activities unrelated
to business.

The incurred net loss before taxation was attributable to the
increase in selling and distribution expenses of the company.

                          *     *     *

Based in Hong Kong, Everpride Biopharmaceutical Company Limited
is an investment holding company.  Through its subsidiaries, the
Company is engaged in the production and sales of the medicines
known as Plasmin Capsule and Puli Capsule in Mainland China.

The Troubled Company Reporter - Asia Pacific reported on Jan.
19, 2007, that the company had a capital deficiency of US$2.16
million.


GENERAL MULTI-WITS: Schedules Creditors' Meeting on February 2
--------------------------------------------------------------
General Multi-Wits Company Ltd will hold a meeting for its
creditors on Feb. 2, 2007, at 5:30 p.m., to:

   -- consider and receive a statement of position by the
      directors regarding the company's affairs; and

   -- appoint liquidators for the company.

The Troubled Company Reporter - Asia Pacific has reported that
the company appointed Leung Chui Mei as provisional liquidator
on Jan. 12, 2007.

The Provisional Liquidator can be reached at:

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


HOPEWELL XINTANG: Liquidators Cease to Act
------------------------------------------
On Jan. 4, 2007, Natalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee ceased to act as joint and several liquidators of Hopewell
Xintang Development (Hong Kong) Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
Liquidators presented the company's wind-up account during the
meeting of the members on Jan. 4, 2007.

The former Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


INDUSTRIAL BANK: Earns CNY16 Billion in Shanghai IPO
----------------------------------------------------
Industrial Bank Co recorded CNY16 billion in earnings after fund
managers and individual investors ordered more than 100 times
the stock in the bank's Shanghai public offer, Bloomberg
reports.

According to the report, Industrial Bank sold 1 billion shares
at CNY15.98 each, at the top of the range.

Specifically, Forbes relates that about 300 million A-shares
were sold to strategic investors while another 330.3 million
shares were sold to institutional investors.  The remaining
shares were sold online to retail investors.

"The stock is fairly priced and gives investors quite some room
for gains on its debut,'' Xu Shuang, who helps manage 2 billion
yuan at SYWG BNP Paribas Asset Management Co. in Shanghai told
Bloomberg.

Industrial Bank said it will use the sale proceeds to boost its
capital adequacy ratio above the minimum regulatory requirement
of 8% from 7.17% as of June 30, 2006, Bloomberg relates.  It
will also expand into new products and businesses, open more
branches, and upgrade its computer network, the bank further
said.

According to Bloomberg, Chinese banks are raising funds to help
fend off foreign competitors.  In December, the banks were
allowed to begin taking yuan deposits and comply with a
government requirement that they bolster their finances,
Bloomberg relates, noting that six Chinese lenders have sold a
combined US$49 billion of IPO shares since June 2005.

                          *     *     *

Headquartered in southeastern China's Fujian province, The
Industrial Bank Co Ltd, is partly owned by Hang Seng Bank.

The bank recorded a capital adequacy ratio of 7.17%, below the
minimum regulatory requirement of 8% as of June 30, 2006.

On Sept. 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed the Individual D/E and
Support 4 ratings of Industrial Bank.  The ratings outlook is
stable.


IXNET HONGKONG: Will Pay Dividend on January 29
-----------------------------------------------
Ixnet Hong Kong Ltd will pay a supplemental final ordinary
dividend to its creditors on Jan. 29, 2007.

The payment will be administered at 13/F, Gloucester Tower, The
Landmark in 15 Queen's Road Central, Hong Kong.

The Troubled Company Reporter - Asia Pacific previously reported
that the company's creditors were required to submit their
claims on Dec. 17, 2004.

The joint and several liquidators can be reached at:

         Alan C W Tang
         Wong Kwok Man
         13/F, Gloucester Tower
         The Landmark
         15 Queen's Road, Central
         Hong Kong


JUN CHENG GROUP: Will Receive Proofs of Claim Until Feb. 2
----------------------------------------------------------
Liquidators Bruno Arboit and Simon Blade will be receiving
proofs of claim from the creditors of Jun Cheng Group Company
Ltd until Feb. 2, 2007.

According to the Troubled Company Reporter - Asia Pacific,
Messrs. Arboit and Blade were appointed as the company's
liquidators on May 29, 2006.

The Liquidators can be reached at:

         Bruno Arboit
         Simon Blade
         1203-1213 China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road, Central
         Hong Kong


SMART MANNER: Creditors Must Prove Debts by February 21
-------------------------------------------------------
The creditors of Smart Manner Ltd are required to submit their
proofs of claim by Feb. 21, 2007.  Failure to prove debts by the
due date will exclude a creditor from sharing in any
distribution the company will make.

According to the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Jan. 9, 2007.

The liquidator can be reached at:

         Wong Chun Keung
         29/F, K. Wah Centre
         191 Java Road, North Point
         Hong Kong


SUPER LUCK INC: Auditors Raise Going Concern Doubt
--------------------------------------------------
PKF, Certified Public Accountants, Hong Kong, raised substantial
doubt about Super Luck Inc's. ability to continue
as a going concern after auditing the company's consolidated
financial statements for the years ended November 30, 2006, and
2005.  The auditors pointed to the company's being in a
development stage, and its accumulated deficit as of end-
November 2006.

Super Luck Inc. filed its consolidated financial statements for
the year ended Nov. 30, 2006, with the United States Securities
and Exchange Commission on Jan. 23, 2007.

The Company reported a US$29,788 net loss for the 2006 fiscal
year.

At Nov. 30, 2006, the Company's balance sheet showed US$94,807
in total assets and US$119,496 in total liabilities, resulting
in a US$24,689 stockholders' equity deficit.

A full-text copy of the Company's 2006 Annual Report is
available for free at the SEC Web site at:
http://www.sec.gov/Archives/edgar/data/1352482/00011370500700001
7/super10ksb06.htm

Super Luck Inc., a development stage company, markets, sells,
and supports financial software products.  Under the agreement
signed with Ariel Communications Limited, Super Luck became an
introducer of computer software named FX Trading Platform.  The
program enables brokerage firms to conduct Foreign Exchange
trading for their end clients, and it targets small and medium
sized brokerage firms who do not have the financial ability and
technological know-how to develop their own in-house software to
trade on the Foreign Exchange in real time.  The company's
executive office is located at Room 1901-02, Lucky Building, 39
Wellington Street, Central, Hong Kong.


SURELIGHT HOLDINGS: Annual Meetings Slated for February 6
---------------------------------------------------------
The annual meetings of the members and creditors of Surelight
Holdings Ltd will be held on Feb. 6, 2007, at 2:30 p.m. and 3:00
p.m., respectively, to consider the liquidators' account of the
company's wind-up 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


TELETECH COMMUNICATION: Court Appoints Liquidators
--------------------------------------------------
On Jan. 4, 2007, the High Court of Hong Kong appointed Jacky
Chung Wing Muk and Edward Simon Middleton as joint and several
liquidators of Teletech Communication Ltd.

The Troubled Company Reporter - Asia Pacific has reported that
the Court heard a wind-up petition against the company on
Sept. 27, 2006.  Chi Kee Investment Co Ltd filed the petition.

The Joint and Several Liquidators can be reached at:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         KPMG
         27/F, Alexandra House
         18 Charter Road, Central
         Hong Kong


VICTOR WIN: Wind-Up Hearing Slated for March 7
----------------------------------------------
A liquidation petition filed against Victor Win Ltd will be
heard before the High Court of Hong Kong on March 7, 2007, at
9:30 a.m.

Chu Kwok Kee Ltd filed the petition with the Court on Dec. 29,
2006.

Chu Kwok Kee's solicitors can be reached at:

         Hastings & Co.
         5/F, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong


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

ALLAHABAD BANK: December 2006 Quarter Net Profit Up 28%
-------------------------------------------------------
Allahabad Bank's unaudited financial results for the quarter
ended Dec. 31, 2006, shows a net profit of INR2.861 billion, a
28% increase from the INR2.243 billion in the corresponding
period in 2005.

The increased profit is attributable to higher revenues.  For
the three months ended Dec. 31, 2006, the bank recorded total
income of INR14.304 billion, a sharp rise from the
INR10.956 billion booked in the December 2005 quarter.

The bank's total expenditures also increased from
INR8.320 billion in the December 2005 quarter to INR11.044
billion in the December 2006 quarter.

A copy of the bank's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange's Web site http://ResearchArchives.com/t/s?190a

Allahabad Bank -- http://www.allahabadbank.com/-- is a public
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


ANDHRA BANK: Board Meeting Scheduled for January 29
---------------------------------------------------
Andhra Bank's board of directors will hold a meeting to consider
and take on record the bank's unaudited financial results for
the quarter ended Dec. 31, 2006, subjected to limited review.

The board meeting is set on Jan 29, 2007, the bank informs the
Bombay Stock Exchange.

For the quarter ended Sept. 30, 2006, the bank reported a net
profit of INR1.464 billion, the Troubled Company Reporter - Asia
Pacific reported on Nov. 8.

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

As of June 2006, the Bank rendered services through 1,788
business delivery channels consisting of 1,216 branches, 123
extension counters, 412 ATMs and 37 satellite offices spread
over 21 states and two union territories in India.

                          *     *     *

On Sept. 16, 2002, Fitch Ratings assigned Andhra Bank a C/D
Individual Rating.


BALLARPUR INDUSTRIES: Posts INR621-Mil. Profit in Dec. '06 Qtr.
---------------------------------------------------------------
Ballarpur Industries Ltd booked INR621.50 million in net profit
for the quarter ended Dec. 31, 2006, the company's results filed
with the Bombay Stock Exchange shows.   The company's net profit
was at INR474 million for the quarter ended Dec. 31, 2005.

The increased profit resulted from higher revenues in the
quarter under review.  For the December 2006 quarter, Ballarpur
Industries has net sales of INR5.515 billion -- gross sales of
INR6025 billion less excise duty of INR509.8 million -- a 26%
increase from the INR4.363 billion sales in the December 2005
quarter.

Expenditures also rose from INR3.199 billion in the last quarter
of 2005 to INR4.125 billion in the quarter under review.

The current quarter figures include impact of merger of APR
Packaging Ltd. and Power business restructuring, Ballarpur
Industries notes.

"The demand for paper continues to remain firm," the company
says in a media release.  "The continuing positive macroeconomic
trends reinforce our belief of an optimistic outlook for the
industry.  We are confident that supported by these trends and
our capacity expansion plans that are already on track, we will
continue maintain our market leadership in the coming quarters."

A copy of the Ballarpur Industries' financial results for the
quarter ended Dec. 31, 2006, is available for free at the BSE's
Web site http://ResearchArchives.com/t/s?190b

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is writing and printing paper company
based in India.  BILT has five product groups: coated wood-free,
uncoated wood-free, copier, creamwove and business stationery.
There are three types of products in the coated wood-free
segment: two side coated paper, two side coated boards and
single side coated products.  The company is also a manufacturer
and exporter of paper, with a presence in all segments of the
usage spectrum that includes writing and printing paper,
industrial paper and specialty paper

On April 12, 2004, Standard and Poor's Ratings Service gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.


BALLARPUR INDUSTRIES: To Consider Interim Dividend on Jan. 29
-------------------------------------------------------------
Ballarpur Industries Ltd informs the Bombay Stock Exchange that
its board of directors decided to consider a proposal for
declaration of interim dividend on the Equity Shares of the
Company on Jan. 29, 2007.

The board came to the decision at its meeting held on Jan. 19,
2007.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is writing and printing paper company
based in India.  BILT has five product groups: coated wood-free,
uncoated wood-free, copier, creamwove and business stationery.
There are three types of products in the coated wood-free
segment: two side coated paper, two side coated boards and
single side coated products.  The company is also a manufacturer
and exporter of paper, with a presence in all segments of the
usage spectrum that includes writing and printing paper,
industrial paper and specialty paper

On April 12, 2004, Standard and Poor's Ratings Service gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.


BANK OF BARODA: Net Profit Up 63% in December 2006 Quarter
----------------------------------------------------------
Bank of Baroda posted a net profit of INR3.291 billion for the
quarter ended Dec. 31, 2006, a 63% increase from the
INR2.022 billion for the quarter ended Dec. 31, 2005.

Total income increased from INR20.477 billion in the last
quarter of 2005, to INR27.207 billion in the three months ended
Dec. 31, 2006.  The bulk of the revenue for the quarter under
review comes from interest on advances totaling INR15.630
billion, which increased 61% from the INR9.728 billion in the
corresponding quarter in 2005.

The bank's total expenditures also increased by 31% from
INR15.702 billion in the December 2005 quarter to
INR20.638 billion in the December 2006 quarter.  Provisions and
contingencies, however, dropped to INR1.417 billion in the last
quarter of 2006 from INR1.933 billion in the last quarter of
2005.

A copy of the bank's unaudited financial results is available
for free at the Bombay Stock Exchange:

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

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF BARODA: Ties-Up with India Infoline; Launches e-Trading
---------------------------------------------------------------
Bank of Baroda entered a memorandum of understanding with India
Infoline Ltd on Jan. 24, 2007, for the launching of the bank's
"On-Line Trading Facilities."

Bank of Baroda says that the new service, which it christened as
"Baroda-e-trading" is a step forward in the bank's plan to
provide a comprehensive suite of products and services under its
"Wealth Management" initiatives.

As a part of the tie-up, India Infoline will inter-alia offer
the bank's customers with securities trading including
derivatives trading, commodity trading services, depository
services, portfolio management services, and research and
analysis services o.  The bank believes that the services will
enable investors to transact in the securities market and also
access high quality investment advises from experienced research
team of India lnfoline.

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


CORPORATION BANK: Posts INR1.5-Bil. Net Profit for Dec. '06 Qtr.
----------------------------------------------------------------
For the quarter ended Dec. 31, 2006, Corporation Bank recorded a
net profit of INR1.464 billion over revenues of
INR10.461 billion.  The figures for the quarter under review are
a step up from the INR1.151-billion net profit over revenues of
INR7.835 billion in the corresponding period in 2005.

The bank's expenditures for the three months ended Dec. 31,
2006, total INR7.531 billion, a 39% increase from expenses
incurred in the December 2005 quarter aggregating
INR5.420 billion.

Tax for the December 2006 quarter -- INR634.7 million -- is
almost twice that in 2005 -- INR356.2 million.  Provisions and
contingencies decreased to INR831.6 million in the December 2006
quarter from the INR907.7 million in the December 2005 quarter.

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as well as
debit and credit cards.

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


GENERAL MOTORS: Court Dismisses Litigation Against R&SA
-------------------------------------------------------
Royal & SunAlliance USA welcomes the Michigan Circuit Court's
ruling that General Motors is not entitled to coverage for its
asbestos and environmental liabilities dating back as far as 30-
45 years.

The Court's decision to dismiss the complaint confirms R&SA
USA's long-held resolve that GM's case was completely without
foundation and that the claims presented to R&SA were under
policies that had long since expired.

"We have always been confident that GM's suit was without merit
and should never have been brought before the Court," said R&SA
USA President and CEO John Tighe.  "Today's ruling validates our
position, and we are pleased that the case has been dismissed."

General Motors sued R&SA USA in 2005.  GM mounted a legal and
public relations campaign beginning in 2005 to seek to have R&SA
USA cover these claims despite having disclosed for decades to
the federal government and others that it had no such coverage,
according to Tighe. R&SA USA successfully argued that GM has
known for years Royal's view that there was no coverage
available for such claims.

Judge John McDonald of the Michigan Circuit Court in Oakland
County dismissed the action after two years of intense
litigation.

R&SA USA is represented in the litigation by Simpson Thacher &
Bartlett LLP and, locally, by Plunkett & Cooney.

R&SA USA's counsel can be reached at:

          Simpson Thacher & Bartlett LLP
          425 Lexington Ave.
          New York, NY 10017

                   -- and --

          Plunkett & Cooney
          38505 Woodward Ave.
          Suite 2000
          Bloomfield Hills, MI 48304
          Tel: (248) 901-4000
          Fax: (248) 901-4040

                     About General Motors Corp.

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

                          *     *     *

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

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


TATA POWER: To Set Up INR5,000-Crore Coal Plant in Chhattisgarh
---------------------------------------------------------------
Tata Power Company Ltd signed a memorandum of understanding with
the government of Chhattisgarh for the setting up of a 1000-MW
coal fired mega power plant in the state, the company says in a
media release dated Jan. 24.

Tata Power estimates the project to entail an investment of
INR5,000 crore and require approximately 1,200 to 1,300 acres of
land.  On the basis of preliminary feasibility study, a suitable
site in the Raigarh district of the state has been identified.
The company is now in the process of carrying out a detailed
feasibility study for the project.

According to the release, the Government of Chhattisgarh has
sought to provide comprehensive cooperation to Tata Power in
acquiring necessary clearances and approvals that fall under the
purview of state government and also facilitate the allotment of
captive coal mining facilities for necessary coal linkages.  The
power from this Independent Power Project will be sold
substantially to distribution companies in the region.

"With this M0U, Tata Power has taken another step towards its
growth plans and increasing its national footprint," Prasad
Menon, Managing Director of the company 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.


UNION BANK OF INDIA: Record INR2.6-Bil. Net for Dec. '06 Quarter
----------------------------------------------------------------
The Union Bank of India files with the Bombay Stock Exchange its
financial results for the quarter ended Dec. 31, 2006.

The bank posted a net profit of INR2.558 billion for the three
months ended Dec. 31, 2006, a 12% increase from the INR2.291
billion in the corresponding period in 2005.

Total income rose by 24% from INR16.525 billion for the December
2005 quarter to INR20.544 billion for the quarter ended Dec. 31,
2006.

Along with the increase in income comes the rising expenditures
and provision for tax and contingencies:

                           Qtr. Ended              Qtr. Ended
                            12/31/06                12/31/05
                           ----------              ----------
   Total Expenditures    INR15.494 billion     INR12.24 billion

   Tax                    INR1.067 billion    INR690.00 million

   Provisions &
   contingencies          INR1.426 billion      INR1.30 billion

A copy of the bank's unaudited financial results is available
for free at BSE's Web site http://ResearchArchives.com/t/s?1903

Union Bank of India -- http://www.unionbankofindia.com/-- is
one of the 10 largest Indian banks with total assets of over
INR800 billion as on March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgraded the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UTI BANK:  Allots 99,097 Equity Shares Under ESOP
-------------------------------------------------
UTI Bank Ltd's committee of directors allotted to the bank's
employees 99,097 equity shares of INR10 each on Jan. 23, 2007, a
filing with the Bombay Stock Exchange reveals.

With the share issuance, the paid up share capital of the bank
will increase to 28,12,92,770 equity shares from 28,11,93,673
equity shares.

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.


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

ANEKA TAMBANG: 2006 Sales Up 69% At IDR5.57 Trillion
----------------------------------------------------
PT Aneka Tambang Tbk said that its unaudited sales rose 69% to
IDR5.57 trillion in 2006, Antara News reports.

According to the company, nickel remained the largest sales
contributor, accounting for 84% of overall sales for the year.

The report notes that ferronickel output rose 97% to 14,474 tons
from 2005.  Antam expects this to increase to 20,000-22,000 tons
in 2007.

Ferronickel revenue surged 177% to IDR3.731 trillion last year
driven by a 92% increase in sales volume and a 57 % rise in the
sale price to US$10.14 per pound, Antara relates.

The company noted that in the fourth quarter, sales jumped by
106% to IDR2.17 trillion on the back of price rises for nickel,
gold, silver and bauxite.  Antara cites the company as saying
that nickel sales amounted to IDR1.84 trillion, or 85% of sales,
in the fourth quarter.

The report adds that ferronickel output in the fourth quarter
jumped 36% to 4,551 tons since it is aided by the company's
Ferronickel III smelter plant.

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

                          *     *     *

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

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


APEXINDO PRATAMA: India's Aban Offshore Calls Off Takeover Talks
----------------------------------------------------------------
India's Aban Offshore, previously known as Aban Loyd Chiles
Offshore Ltd., has broken off negotiations for the purchase of a
majority stake in PT Apexindo Pratama Duta Tbk, The Jakarta Post
reports.

According to the report, Aban Financial Director C.P.
Gopalkrishman confirmed that his company had pulled out of talks
to acquire a 47.41% stake in Apexindo -- which stake is made up
of Medco International Tbk.'s 15.57%, PT Asian Opportunities'
15.92%, and CLSA Ltd's 15.92%.

The report recounts that in 2006, Medco expressed plans to sell
its entire stake in Apexindo since it intends to expand its
existing oil and gas fields, and to acquire more oil fields
overseas.  Medco Energi confirmed that it had received an offer
from Aban some time last year, but said in August that it had
refused the offer, Antra relates.

Medco's corporate secretary, Andy Karamoy, said that as a public
company, they are used to receiving offers from investors, but
Medco is not the one who has been active in selling Apexindo.

Headquartered in Jakarta, Indonesia, PT Apexindo Pratama Duta
Tbk -- http://www.apexindo.com/-- is a national onshore and
offshore drilling contractor that has been serving both
prominent local and international clients domestically as well
as abroad for the last two decades.

Apexindo Pratama is controlled by Indonesia's largest listed
energy firm, PT Medco Energi International Tbk (MEDC.JK), which
has a 52% stake.

Apexindo Pratama has recorded a net loss of IDR43.126 billion in
fiscal year 2005, compared with a IDR36.524-billion net loss in
2004.


BANK MANDIRI: Eyes 25% Profit Growth This Year
----------------------------------------------
PT Bank Mandiri Tbk expects its net profit to increase up to 25%
this year as it seeks to cut its non-performing loan ratio,
Reuters relates.

As reported in the Troubled Company Reporter - Asia Pacific on
January 23, 2007, Bank Mandiri expects its 2006 net profit to be
between IDR1.8 trillion and IDR2.4 trillion, up from the
IDR603 billion booked in 2005.

Reuters cites Bank Mandiri's risk management director, Sentot
Sentausa, as saying that they expect the bank's 2007 net profit
to be around IDR2.5 trillion to IDR3 trillion, which is in line
with a lower NPL ratio target -- under 5% -- for this year.

A subsequent TCR-AP report on Jan. 25, 2007, stated that the
ratio of Bank Mandiri's NPL to its total loans fell to 7.88% on
Dec. 31, 2006, compared with 16.14% in 2005.  According to
Reuters, the decrease is brought about by the bank's agreement
with some of its major bad debtors to settle their debt.

Mr. Sentausa said that he expects loans to grow 18.5% this year
from IDR109.392 trillion outstanding loans last year, Reuters
relates.

Bank Mandiri's vice president director, Wayan Mertayasa, added
that the lender was committed to reducing the gross NPL to below
10% this year from 17.86% in 2006, Reuters says.

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 MANDIRI: Implements WebMethods Technology
----------------------------------------------
WebMethods, Inc., a leading provider of business integration and
optimization software, said that PT Bank Mandiri, Indonesia's
largest bank in terms of total assets, loans and deposits, has
implemented webMethods technology as the Unified Payment Gateway
for its end-to-end cash management system.

Building upon webMethods Fabric(TM), webMethods' fully
integrated product suite for business process integration, the
Unified Payment Gateway establishes a comprehensive service-
oriented architecture as the underlying infrastructure for the
bank's cash management system.  Through this approach, the bank
expects to reduce the development and deployment time associated
with bringing new products and services for payments processing
to market.  The use of an SOA will also allow the bank to
improve customer service levels as corporate users can more
easily and cost-effectively integrate with the bank's cash
management system, which reduces processing and transaction
costs for both parties.

"As the leading bank in Indonesia, Bank Mandiri serves many of
the country's largest and most sophisticated corporations.  Due
to these organizations' demanding business requirements, it is
critical that they continually improve their performance and
service levels," said David Wright, Director of Financial
Services, webMethods, Inc. "As a result, we are excited to be
working with the bank in implementing a service-oriented
architecture within their operations.  What this approach offers
them is a more efficient means for creating new and more
innovative financial products, which can be quickly rolled out
to market without the need for extensive development.
Ultimately, this initiative is designed to provide Bank Mandiri
with a significant, competitive edge as it ensures that existing
services can be packaged together to address each customer's
unique and often highly specialized requirements."

According to Forrester Research, "SOA is a hot technology for
Forrester clients for three reasons.  First, the business
benefits of SOA-based flexibility and reuse have created strong
user satisfaction with SOA.  Nearly 70% of users say they will
increase their use of SOA, while only 1% of users will decrease
their use.  Second, an organization can implement SOA
incrementally, starting with small, near-term requirements and
later expanding its SOA as other business needs arise.  You
don't have to invest heavily to build an extensive architecture
before you can see real benefits.  Third, enterprises can use
SOA to leverage their existing applications and infrastructure
to solve business problems without having to rebuild everything
from scratch.  These three reasons make SOA attractive to IT
shops with post-bubble IT budgets trying to deliver business
flexibility via faster, lower-cost integration and solution
delivery."

Bank Mandiri's initial deployment of the Unified Payment Gateway
was undertaken in partnership with Pertamina (Persero),
Indonesia's state-owned oil and gas company.  Under this
initiative, Web services are being used to speed and simplify
integration between Pertamina's order management and payment
systems and the back office payments processing offered by the
bank's cash management system.  This will provide each of
Pertamina's service stations throughout Indonesia with the
ability to submit, manage and pay for their sales orders using
their existing Bank Mandiri accounts.

Subsequently, Bank Mandiri expects to use this framework to
extend the system's core cash management processing engine to
all of its corporate customers in order to further streamline
their integration with the bank's back office systems.  The
value offered by an SOA is its ability to integrate these
features within a specific business process using a simplified
'plug and play' approach.  Eventually, the Unified Payment
Gateway will serve as the common interface for all corporate
customers, which will allow the bank to accelerate the shift of
these customers to a more powerful and cost-effective
"touchless" fulfillment channel.

"Bank Mandiri has demonstrated a long-term commitment to being
recognized as 'the trusted and preferred bank in Indonesia'.
We're extremely proud to support this mission," said Eric Lim,
General Manager, ASEAN and India, webMethods, Inc. "By creating
a service-oriented architecture as the platform for its cash
management system, Bank Mandiri can now bring new products and
services to market with far greater speed and flexibility.
Through this approach, they're establishing new benchmarks for
innovation and responsiveness that others within the Indonesian
banking market will be challenged to match."

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'.


CA INC: Releases New Wily Introscope Powerpack
----------------------------------------------
CA Inc. revealed an extension of its industry-leading enterprise
application management solution, CA Wily Introscope, that is
designed to assist organizations in monitoring the availability
and performance of automated processes built on BEA WebLogic
Integration.  The new PowerPack extends management visibility
into the performance of critical business transactions in BEA
WebLogic Integration systems.  This allows application
management teams to isolate application issues more quickly and
remediate them before they negatively impact business
performance.

"BEA WebLogic Integration provides a framework that enables the
integration and service-enablement of enterprise applications,"
said Bernd Harzog, CEO of Applications Performance Management
Experts.  "Proactive monitoring of BEA WebLogic Integration
components is essential to ensure the performance and
availability of core business processes."

The Wily Introscope PowerPack for BEA WebLogic Integration
automatically discovers WebLogic components, including those
generated by BEA Workshop 8.1, to enable 24x7 monitoring of
automated processes built on BEA WebLogic Integration.  Pre-
configured dashboards provide visibility into critical
components and resources inside WebLogic applications including
the dispatcher, process JPDs, xQuery calls, controls, adapters,
as well as JMS resources such as Topics and Destinations.

"Our customers use BEA WebLogic Integration to build
sophisticated composite applications that can provide them with
substantive competitive advantage," said Sanjay Chikarmane, vice
president of engineering at BEA Systems, Inc.  "CA's Wily
Introscope PowerPack for BEA WebLogic Integration is designed to
help provide them with granular insight into transactions across
BEA's SOA environment, so performance issues can be found and
dealt with before they impact the business."

The Wily Introscope PowerPack for BEA WebLogic Integration helps
organizations rapidly identify and eliminate the cause of
performance problems in BEA environments and allows IT staff to
better understand the relationships between critical business
processes and their underlying application components.  CA Wily
Introscope and the Introscope PowerPack for BEA WebLogic
Integration is part of a comprehensive enterprise application
management solutions suite from CA's Wily Technology Division.

"BEA WebLogic Integration allows businesses to integrate
applications for data synchronization and to support automated
processes that span the applications.  It also helps them to
create and manage collaboration arrangements between trading
partners, which can result in complex, composite applications,"
said Mike Malloy, vice president and chief marketing officer for
CA's Wily Technology Division.  "To ensure the success of these
powerful applications, companies require end-to-end monitoring
of all web-based transactions including connected back-end
systems and middleware such as BEA WebLogic Integration."
Additional information on Wily Introscope PowerPack for BEA
WebLogic Integration is available at http://www.wilytech.com/

                      About Wily Technology

Wily Technology, a division of CA, is the market-leading
provider of Enterprise Application Management solutions. By
providing end-to-end visibility into customer transactions in
real-time, Wily's products enable companies to successfully
manage the health and availability of their critical Web
applications and infrastructure.  Wily's collaborative
management approach allows enterprises to rapidly detect and
diagnose application slowdowns and failures, and better assess
the impact of application performance on business success.  This
means better customer service, more stable revenue streams, and
higher IT productivity.  To learn more about CA's Wily
Technology Division, visit http://www.wilytech.com/or call
1 888 GET WILY.

                          About CA Inc.

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.


HILTON HOTELS: To Report 4th Quarter Results Later This Month
-------------------------------------------------------------
Hilton Hotels Corporation will report its fourth-quarter and
full-year earnings later this January.  For its third quarter,
the hotels giant reported recurring earnings per share of 31
cents, which bettered the consensus by approximately 10.7% while
improving from the previous year's 22 cents.

Total revenue jumped 100% to US$2.2 billion while pro forma
worldwide comparable owned revenue per available room advanced
9.8%.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Indonesia, Australia, Austria, India, Philippines and
Vietnam.

                          *     *     *

Moody's Investors Service confirmed its Ba2 Corporate Family
Rating for Hilton Hotels Corporation in connection with its
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the gaming, lodging and leisure
sectors.

Additionally, Moody's revised and 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
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%


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

ADVANCED MEDICAL: Acquires WaveFront Sciences for US$20 Million
---------------------------------------------------------------
Advanced Medical Optics, Inc., acquired WaveFront Sciences,
Inc., a provider of proprietary wavefront diagnostic systems for
refractive surgery and medical research.

WaveFront Sciences, Inc. designs and manufactures the industry's
highest resolution Shack-Hartmann-based aberrometer, which
precisely measures the total refractive error and wavefront
aberrations of the human eye as part of the wavefront-guided
custom laser vision correction procedure.  The acquisition
expands Advanced Medical's portfolio of industry leading laser
technologies and strengthens its pipeline of new wavefront-
guided diagnostic innovations.

"WaveFront Sciences has earned an excellent reputation in the
ophthalmic industry for its cutting-edge diagnostics," said
Advanced Medical Chairman, President and CEO Jim Mazzo.  "This
acquisition represents another step forward in Advanced
Medical's strategy to provide a full range of products and
services that meets the needs of comprehensive refractive
practices.  With this transaction, we secure proprietary
technologies and R&D expertise in wavefront sensing and laser
optics, which we expect will allow us to further strengthen our
Advanced CustomVue laser vision correction technology and
accelerate the introduction of next-generation diagnostics that
build on our WaveScan Wavefront systems."

Advanced Medical acquired WaveFront Sciences for approximately
US$20 million, including a US$14 million cash payment at closing
and an agreement to make a total of US$6 million in future cash
payments contingent on achievement of certain milestones over
the next three years.

Based in Albuquerque, New Mexico, WaveFront Sciences is a
privately held company.

"WaveFront Sciences looks forward to supporting and contributing
to Advanced Medical's growth and business objectives while
enabling practitioners to provide state-of-the-art surgical
planning and diagnostics for their patients," said WaveFront
Sciences CEO Tim Turner.

Advanced Medical is the global laser vision correction leader.
Its Advanced CustomVue procedure provides practitioners the
widest FDA-approved custom LASIK treatment range on the market
today.  The WaveFront Sciences acquisition follows Advanced
Medical's January 8 announcement of its intent to acquire
IntraLase Corp., the leading provider of femotsecond laser
technology, and define a new standard of laser vision correction
care.  Advanced Medical expects to complete the Intralase
transaction in the second quarter of 2007.

                 About WaveFront Sciences

WaveFront Sciences is the world's leading manufacturer of Shack-
Hartmann based optical metrology with products for customized
LASIK surgery, intraocular and contact lenses as well as
conventional optical metrology.  The company employs
approximately 50 people.

                  About Advanced Medical Optics

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for
the 12 months ended June 24, 2005 were approximately
US$921 million.

The company has operations in Japan, Germany and Ireland.

                          *     *     *

Standard & Poor's Ratings Services placed its ratings for
Advanced Medical Optics Inc., including the 'BB-' corporate
credit rating, on CreditWatch with negative implications,
reflecting the company's intention to acquire IntraLase Corp.
for US$808 million.

Moody's Investors Service placed the ratings of Advanced Medical
Optics Inc. on review for possible downgrade after the company's
disclosure that it has entered into a definitive agreement to
acquire IntraLase Corp. in an all-debt financing for
approximately US$808 million, which translates to US$25 per
share of IntraLase stock.


MITSUKOSHI LTD: To Test RFID Tags in Department Stores
------------------------------------------------------
As part of a project sponsored by the Ministry of Economy, Trade
and Industry of Japan, Mitsukoshi Ltd., Shiseido Company Ltd,
and Fujitsu Limited will run a "futuristic department store"
field trial in Japan from Jan. 26 to Feb. 12, 2007, to test the
expanded use of RFID tags in department stores.

For the first time in Japan, RFID tags will be used in a field
trial for cosmetics.  The field trial is part of a METI-
sponsored project commissioned to the Japan Department Stores
Association, known as the 2007 Field Trial for Improving
Distribution and Logistics Efficiency through the Use of
Electronic Tags.

RFID tags have been used in the past at department stores in
Japan for inventory control of women's shoes and apparel, but
this test is the first time such tags will be affixed to
cosmetics.

The field trial will be held at Shiseido counters on the first
floor of the Ginza (Tokyo) flagship store, and Sakae (Nagoya)
branch of Mitsukoshi department store, a major department store
in Japan.  RFID tags will be affixed to Shiseido's Cle de Peau
Beaute products (a prestige brand), product testers and some
samples.  A multi-sample display trial will enable customers to
view detailed product information on a touch-screen terminal by
waving a tagged product over a RFID tag reader.  Other trials
will be conducted for such aspects as customer consultation,
product assortment, and distribution, with the purpose to
evaluate the efficiency in using RFID tags in supply chain
management of cosmetics, the impact on increasing purchase
intent when the customers themselves handle products with RFID
tags, and effect on purchasing related products.

                   Overview of the field trial

Trial Period:

   Mitsukoshi Ginza (Tokyo) flagship store: January 26 to
   February 11, 2007,

   Mitsukoshi Sakae (Nagoya) branch: January 30 to February 12,
   2007

Sites:

   Shiseido and Cle de Peau Beaute counters on the first floor
   of Mitsukoshi department store's Ginza (Tokyo) flagship
   store, and the Shiseido counter of the Sakae (Nagoya) branch.

Field trial details:

These five aspects will be tested as part of the "futuristic
department store" trial of the Field Trial for Improving
Distribution and Logistics Efficiency through the Use of
Electronic Tags, sponsored by METI.

   1. Multi-sample display (skincare products)

      Seven types of product testers for skincare (lotions,
      serums, etc.) will be affixed with RFID tags.  Customers
      can wave the tagged products over an electronic tag reader
      to view detailed product information on a touch-screen
      terminal. (Site: Shiseido counter)

   2. Tester demand forecasting system (makeup products)

      Tester stands (receptacles for holding the tester
      containers) for makeup products (lipsticks, mascaras,
      etc.) will be embedded with RFID tag readers, so that the
      number of times that customers sample each tagged makeup
      tester (49 items) can be counted.  This will make it
      possible to accumulate informative marketing data, such as
      by ranking which products customers showed most interest
      in. (Site: Shiseido counter)

   3. e-Counseling

      Cosmetics counter sales staff will have tablet PCs to view
      a customer's counseling and purchasing history.  The
      tablet PCs will be equipped with tag readers, which can be
      used to register product purchases (10 items) and sample
      distributions (7 types of samples) for a customer by
      waving the products over the tablet PC, thereby updating
      the customer's history.  Fifty customers will be included
      in this trial. (Site: Cle de Peau Beaute counter)

   4. Source tagging/SCM system

      Shiseido will affix RFID tags to products (10 items) at
      its stock center, to be used for packing-list checking and
      in-store inventory.  (Sites: Shiseido Stock Center in
      Fukaya City, Saitama Prefecture near Tokyo, and Cle de
      Peau Beaute)

   5. RFID tags @ home

      As it is anticipated that in the future in some instances
      some customers may wish to take home products with RFID
      tags attached to view detailed product information at
      their leisure while at home, home uses for RFID tags will
      also be tested.  In the test, virtual home environments
      equipped with PCs and tag readers will be set up in the
      stores and 50 customers will gather product information
      from tagged samples.  (Site: In-store virtual home
      environment)

These two supportive trials will also be held during the field
trial period:

   A. Cosmetic information

      "Cosmetic Information" terminals with touch-screen
      displays and RFID tag readers will be installed.
      Customers will be able to view word-of-mouth information
      about the products (31 products at the Ginza store, 41
      products at the Sakae store) from other customers, by
      waving tagged testers over the tag readers.

      * As the purpose of this trial is to create the impression
        of an "electronic concierge" that offers information on
        the entire cosmetics floor, for this test only, RFID
        tags will be affixed on products from other companies
        besides Shiseido's Cle de Peau Beaute line. (Site: Near
        the entrance of the cosmetics floor)

   B. Virtual Real-Time Makeup System

      A kiosk with a camera, display, and RFID tag reader will
      be installed that will enable customers to view on the
      display how particular products would look on their face
      ("virtual real-time makeup") by waving tagged cosmetic
      products such as lipsticks or eyeshadows (19 items) over
      the tag reader.  (Site: Shiseido counter)

Anticipated effect of the field trial:

   -- Provide more detailed product information to customers and
      enhance customer service to increase customer
      satisfaction, and promote sales and purchase of related
      products;

   -- Improve efficiency of inventory control and increase
      productivity by using retail space effectively;

   -- Reinforce product line through deeper analysis of
      products; and

   -- Raise consumer awareness of RFID tags

Corporations participating in or supporting the field trial:

   Mitsukoshi, Ltd.: Overall coordinator of field trial.

   Shiseido Company, Ltd.: Provides Cle de Peau Beaute products,
   testers, samples and trial sites.  Also provides the Virtual
   Real-Time Makeup System.

   Fujitsu Limited, Fujitsu Shikoku Systems Limited, Fujitsu
   Laboratories, Ltd., and PFU Limited: Developed the system and
   provides devices for the aforementioned aspects "1" through
   "5", provides "Cosmetic Information" touch-screen terminals,
   and conducts overall hypothesis testing for the field trial.

   Toppan Printing Co., Ltd.: Provides RFID tags for the entire
   field trial.

   Central Engineering Co., Ltd.: Provides RFID tag readers,
   Tester Demand Forecasting System.

   i style Inc.: Provides "Cosmetic Information" content in
   supportive trial.

                          About Fujitsu

Fujitsu Limited -- http://www.fujitsu.com/-- is a leading
provider of customer-focused IT and communications solutions for
the global marketplace.  Pace-setting device technologies,
highly reliable computing and communications products, and a
worldwide corps of systems and services experts uniquely
position Fujitsu to deliver comprehensive solutions that open up
infinite possibilities for its customers' success.
Headquartered in Tokyo, Fujitsu Limited (TSE:6702) reported
consolidated revenues of about JPY4.8 trillion (US$40.6 billion)
for the fiscal year ended March 31, 2006.

                         About Susheido

Based in Tokyo, Japan, Shiseido Co Ltd --
http://goliath.ecnext.com/--manufactures cosmetics, skin care
products, toiletries, pharmaceuticals, and fine chemicals.

                        About Mitsukoshi

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd, Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

Standard & Poor's gave Mitsukoshi BB- Long-Term Foreign and
Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


NIKKO CORDIAL: Orbis Buys More Shares to Hold Largest Stake
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Jan. 23, 2007, that Mackenzie Financial Corp. became the largest
equity stakeholder in Nikko Cordial Corp. with a total of
56 million shares -- or 5.74% stake in Nikko Cordial -- as of
Dec. 31, 2006.

Media reports point out that Nikko Cordial shares have gained
about 10% since Mackenzie Financial's acquisition of shares in
the brokerage firm.

In an update, Bloomberg News relates that Orbis Investment
Management Ltd. caught up with Mackenzie and increased its
holding in Nikko Cordial to 6.75% from 5.06% as part of its
management of fund assets.

According to Bloomberg's Takahiko Hyuga, Orbis is now the
biggest shareholder in Nikko Cordial.

Previously Nikko's largest shareholder before Mackenzie,
Citigroup Inc. currently holds a 4.87% stake, while a unit of
Mizuho Financial Group Inc. holds 4.82% of the securities firm,
the report says.

                     About Orbis Investment

Headquartered in Bemuda, Orbis Investment Management Ltd --
http://www.bermuda4u.com/--  provides investment management
services to institutions and individuals through the Orbis
Funds.  Orbis uses its own research to select equities that are
priced significantly below their assessment of their intrinsic
value.  Orbis believes that a focused portfolio of such equities
will deliver superior long-term returns and, importantly, less
risk of loss than the average equity portfolio.  Orbis also
offers Absolute Return Funds.  These Funds invest in the Orbis
equity portfolios and complement them with stockmarket hedging
to reduce the risk of loss associated with declines in
stockmarkets.  Orbis Funds have performance-based fees.

                      About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.  The
Asset Management segment provides asset management services for
individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.  The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.  The
Company has a global network.

On April 12, 2006, Fitch Ratings upgraded Nikko Cordial Corp.'s
individual rating to C from C/D.

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006, that Fitch placed its ratings on Nikko
Cordial Corp. and Nikko Cordial Securities Inc. on Rating Watch
Negative following the decision announced on Dec. 18 by the
Tokyo Stock Exchange to place the shares of NCC on its official
watchlist pending the full investigation into reported
accounting breaches by the company.


NORTHWEST AIRLINES: Mesaba to Become Wholly Owned Subsidiary
------------------------------------------------------------
Mesaba Airlines, a subsidiary of MAIR Holdings Inc., signed a
stock purchase and reorganization agreement with Northwest
Airlines under which Mesaba would become a wholly owned
subsidiary of Northwest Airlines Inc.

Intensive negotiations with Northwest Airlines officials
concluded this week with the boards for both Mesaba Aviation and
MAIR Holdings Inc. approving the deal.

"Mesaba now is positioned to form a new partnership with
Northwest Airlines and meet the on-going challenges of the
airline industry," Mesaba President and Chief Operating Officer
John Spanjers said.  "The support of Northwest and the
cooperation of our first-rate, dedicated employees and our
vendors have allowed us to use this process to lay the
groundwork for Mesaba's future success."

The stock purchase and reorganization agreement is part of
Mesaba's Plan of Reorganization that it filed on Jan. 22, 2007,
with the U.S. Bankruptcy Court for the District of Minnesota.
The company intends to file its related Disclosure Statement
with the Court in the coming days.

"We have achieved exceptional results across the board during
this restructuring process and today's filing represents a
significant step toward a successful future for Mesaba," Mr.
Spanjers said.  "Our efforts will ensure that we emerge from
Chapter 11 as a competitive regional carrier with a solid
financial foundation and a continued focus on unmatched
operational performance."

Mesaba intends to exit from Chapter 11 bankruptcy protection by
the spring of this year.

In addition to the stock purchase and reorganization agreement,
the POR addresses the treatment of creditors' claims and assumes
the new agreements with Mesaba's labor groups and certain
vendors and suppliers.

                     Restructuring Progress

Mesaba's comprehensive restructuring plan reduces costs by
US$68 million a year, secures its core business with Northwest
for the 49 Saab 340Bs and positions the company for future
growth opportunities.  As a result of its on-going restructuring
initiatives, the company has achieved reductions in its fixed
costs, vendor costs, aircraft and engine leases, and labor
costs.

"Mesaba employees have made a considerable sacrifice to achieve
that cost structure," Mr. Spanjers said.  "Our employees have
exemplified the true commitment and professionalism that makes
Mesaba the exceptional airline that it is."

                         Plan Highlights

Under the Stock Purchase and Reorganization Agreement with
Northwest Airlines, all of the existing equity securities of
Mesaba will be cancelled and terminated.  Northwest has agreed
that Mesaba has an allowed US$145 million unsecured claim in
Northwest's Chapter 11 case in exchange for 100% of Mesaba's new
common stock to be issued on the effective date of the Plan.  It
is expected that the US$145 million claim will be sold to fund
the plan distributions to creditors, with the remainder of the
sale proceeds being distributed to MAIR Holdings, Mesaba's
parent.

                             Timing

The Plan is expected to become effective approximately two weeks
after the Bankruptcy Court confirms the Plan.  The confirmation
hearing will be set by the Bankruptcy Court at a later point in
time, but is expected to occur in mid-April 2007.

                     About Mesaba Aviation

Headquartered in Eagan, Minnesota, Mesaba Aviation, Inc., dba
Mesaba Airlines -- http://www.mesaba.com/-- a subsidiary of
MAIR Holdings, Inc. (NASDAQ:MAIR) operates as a Northwest
Airlink affiliate under code-sharing agreements with Northwest
Airlines.  The Company filed for chapter 11 protection on
Oct. 13, 2005 (Bankr. D. Minn. Case No. 05-39258).  Michael L.
Meyer, Esq., at Ravich Meyer Kirkman McGrath & Nauman PA,
represents the Debtor in its restructuring efforts.  Craig D.
Hansen, Esq., at Squire Sanders & Dempsey, L.L.P., represents
the Official Committee of Unsecured Creditors.  When the Debtor
filed for protection from its creditors, it listed total assets
of US$108,540,000 and total debts of US$87,000,000.

                    About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The Company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel in the Debtors' chapter 11 cases.
When the Debtors filed for protection from their creditors, they
listed US$14.4 billion in total assets and US$17.9 billion in
total debts.


NORTHWEST AIRLINES: Estimates US$9.5 Billion in Unsecured Claims
----------------------------------------------------------------
Northwest Airlines Corporation and its affiliated debtors in the
jointly administered bankruptcy cases under Chapter 11 of the
United States Bankruptcy Code pending in the U.S. Bankruptcy
Court for the Southern District of New York provide information
on the aggregate dollar amount of general unsecured claims that
are expected to be allowed against the Debtors in the bankruptcy
cases.

Currently, the dollar amount of all unsecured claims filed
against the Debtors, as reflected on the claims register, totals
approximately US$129 billion.  The Debtors believe that many of
these claims are subject to objection as being duplicative,
overstated, based upon contingencies that have not occurred, or
because they otherwise do not state a valid claim.  The
foregoing amount does not include claims that were filed without
a specified dollar amount, referred to as unliquidated claims,
and claims that were filed after the bar date for claims filing
set by the Court.

The Debtors are currently in the process of resolving claims in
accordance with the claims resolution procedures approved by the
Court; however, completion of this process will likely occur
well after confirmation of the Debtors' plan of reorganization.

The Debtors believe that the aggregate dollar amount of
unsecured claims currently appearing on the claims register far
exceeds the total dollar amount of unsecured claims that will
ultimately be allowed against the Debtors in the cases.
Although the ultimate dollar amount of these claims is not known
at this time, the Debtors estimate that the amount will be
between US$8.75 billion and US$9.5 billion.  This estimate is
subject to significant uncertainties relating to the resolution
of various claims, including the resolution of contingent and
unliquidated claims such as litigation.  As a result, there can
be no assurances that the ultimate amount of these allowed
claims will not exceed US$9.5 billion.  This estimate does not
include any amounts for postpetition interest on such claims and
also excludes administrative, priority and secured claims.

As reported in the Troubled Company Reporter on Jan. 17, 2007,
the Debtors continue to believe that there will be no recovery
in respect of outstanding equity interests in the Debtors under
the Debtors' plan of reorganization.  Further and updated
information regarding these matters will be included in the
Debtors' disclosure statement, which will be the definitive
source for such information when it is approved by with the
Bankruptcy Court.

                    About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The Company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel in the Debtors' chapter 11 cases.
When the Debtors filed for protection from their creditors, they
listed US$14.4 billion in total assets and US$17.9 billion in
total debts.


NORTHWEST AIRLINES: Inks Agreement with MAIR Holdings
-----------------------------------------------------
MAIR Holdings, Inc., Mesaba Airlines' parent company, reported
the terms of two agreements, one a definitive agreement between
MAIR and Northwest Airlines and the other a definitive agreement
between MAIR's Mesaba Airlines subsidiary and NWA under which
Mesaba will exit bankruptcy as an operating subsidiary of NWA.

"We believe that the transition of Mesaba to Northwest is a good
outcome for all parties in Mesaba's bankruptcy," said Paul
Foley, MAIR Holdings' president and chief executive officer.
"It provides potential value for our shareholders and allows us
to fully pursue other opportunities, both through Big Sky and in
new areas."

The agreement between MAIR and NWA contains these terms:

   -- MAIR will purchase from NWA all of the MAIR stock NWA
      currently owns for an aggregate purchase price of
      US$6.25 per share, or approximately US$35 million.  NWA
      owns approximately 5.7 million shares.

   -- Approximately US$24 million of the aggregate purchase
      price, or US$4.25 per share, will be paid upon the initial
      closing of the transaction, expected to occur prior to
      April 15, 2007.

   -- The remainder of the purchase price, approximately
      US$11 million, or $2.00 per share, will be paid on the
      earlier of the date upon which MAIR receives at least
      US$25 million in equity distributions from Mesaba's
      bankruptcy estate or nine months from the execution of the
      agreement.

   -- NWA's Warrant to purchase 4.1 million shares of MAIR's
      stock will terminate upon closing of the agreement.

   -- NWA's bankruptcy claim of US$7.3 million in Mesaba's
      bankruptcy will be assigned to MAIR at the time of the
      closing of the Stock Purchase and Reorganization
      Agreement.

   -- NWA will allow Mesaba, upon closing of the SPRA, to use up
      to US$4.5 million to satisfy certain contracts to be
      assumed by Mesaba in its bankruptcy proceedings, thereby
      reducing the claim pool in Mesaba's bankruptcy estate.

   -- NWA and MAIR will execute a mutual release of all claims
      against each other, including MAIR's bankruptcy claim
      against NWA.

   -- MAIR will provide its consent to allow Mesaba to sign the
      SPRA and to file its plan of reorganization.

The agreement between MAIR and Northwest is dated Jan. 22, 2007.

In a related but separate transaction, Mesaba and NWA agreed
under the SPRA to these terms:

   -- NWA will allow a claim of $145 million by Mesaba in NWA's
      bankruptcy case.

   -- Mesaba's current equity will be cancelled and new equity
      will be issued to NWA under Mesaba's plan, making Mesaba a
      subsidiary of NWA.

   -- Mesaba will be allowed to monetize its US$145 million
      claim against NWA through a sale which is expected to
      occur in the next 30 days.

   -- Mesaba will file a plan of reorganization with its
      bankruptcy court that will implement the terms of the SPRA
      and provide for a release of any claims Mesaba may have
      against MAIR.

   -- NWA and Mesaba will execute a mutual release of all claims
      against each other.

The agreement between Mesaba and Northwest is also dated
Jan. 22, 2007.

Mesaba currently estimates that the final allowed amount of
bankruptcy claims against Mesaba will be US$90 million.
Assuming Mesaba's claims are between US$90 million and
US$100 million, and assuming that Mesaba is able to monetize its
NWA claim at the current market price of 85%-95% of the total
allowed claim, MAIR estimates that it could receive
approximately US$30 million to US$60 million after all
distributions are made in accordance with Mesaba's plan of
reorganization.

The bankruptcy courts overseeing, separately, the NWA and Mesaba
Chapter 11 proceedings, must approve both agreements.

                      About Mesaba Aviation

Headquartered in Eagan, Minnesota, Mesaba Aviation, Inc., dba
Mesaba Airlines -- http://www.mesaba.com/-- a subsidiary of
MAIR Holdings, Inc. (NASDAQ:MAIR) operates as a Northwest
Airlink affiliate under code-sharing agreements with Northwest
Airlines.  The Company filed for chapter 11 protection on
Oct. 13, 2005 (Bankr. D. Minn. Case No. 05-39258).  Michael L.
Meyer, Esq., at Ravich Meyer Kirkman McGrath & Nauman PA,
represents the Debtor in its restructuring efforts.  Craig D.
Hansen, Esq., at Squire Sanders & Dempsey, L.L.P., represents
the Official Committee of Unsecured Creditors.  When the Debtor
filed for protection from its creditors, it listed total assets
of US$108,540,000 and total debts of US$87,000,000.

                    About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The Company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel in the Debtors' chapter 11 cases.
When the Debtors filed for protection from their creditors, they
listed US$14.4 billion in total assets and US$17.9 billion in
total debts.


NOVOLIPETSK STEEL: Fitch Assigns BB+ IDR with Stable Outlook
------------------------------------------------------------
Fitch Ratings assigned OJSC Novolipetsk Steel an Issuer Default
BB+ rating, a Short-term B rating and a National Long-term AA
rating.  The Outlooks on the Issuer Default and National Long-
term ratings are Stable.

The ratings reflect NLMK's strong financial profile and sound
credit metrics, while the Stable Outlook indicates Fitch's
expectations that the company will maintain this positive
performance through the industry cycle.  This is based on its
scale, low-cost production base and high self-sufficiency in raw
materials.

NLMK's profitability is among the highest in the steel industry,
both in Russia and worldwide.  NLMK pursues a conservative
financial strategy with strong creditor protection coverage and
low leverage.  It had zero debt on its balance sheet in 2005,
while cash stood at US$1.9 billion and cash flow from operations
at US$1.5 billion.  This ensures additional financial
flexibility for the company in case of an industry downturn,
thus mitigating the risks inherent in the cyclical steel
industry.  In addition, it provides the company with large
headroom for the implementation of its expansion strategy both
through acquisitions and upgrade of existing facilities.

Furthermore, Fitch considers NLMK's high degree of self-
sufficiency in raw materials as a positive factor.  In this
respect, NLMK is favorably positioned compared with its global
peers, many of which meet most of their raw materials
requirements through purchases from third parties.  A high
degree of self-sufficiency in raw materials limits the company's
exposure to volatile raw materials prices.  This is especially
important in light of the recent rise in iron ore prices.

Fitch notes that the recent acquisitions undertaken by NLMK will
enable the company to shift to more value-added products, gain a
footprint in the European markets, and access foreign
technologies.  Fitch also notes that NLMK's prudent approach to
acquisitions further supports the agency's expectations of the
company's continued sound financial standing.

However, Fitch notes the limited diversification of NLMK's
product mix, as well as a relatively low share of value-added
products in its current portfolio.  In addition, although the
company has a diversified customer base for domestic sales, its
export sales are concentrated in three trading partners only.
The agency is also concerned about the company's complex legal
structure and concentrated ownership, limiting transparency of
the business.

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Japan.


RESONA BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed the D- bank financial
strength rating and A3/Prime-2 credit ratings of Resona Bank,
Limited.  All the ratings for other subsidiary banks under
Resona Holdings, Inc., i.e. Saitama Resona Bank (A3/Prime-2/D-),
Ltd. and The Kinki Osaka Bank, Ltd. (A3/Prime-2/D-), have also
been affirmed.  The rating affirmation follows RHD's
announcement of its repurchase of its government-owned preferred
stocks.  The ratings outlook is stable.

On January 23, 2007, RHD announced that it would repurchase part
(JPY532.7 billion on a par value basis) of its preferred stocks
that are owned by the national government, for JPY570 billion,
and cancel those shares.  The ratings affirmation is based upon
Moody's assessment that, although there will be a negative
impact on RHD's consolidated Tier I capital base, this
repurchase is in line with the holding company's strategy to
accelerate downsizing government-injected capital.

Moody's ratings for Resona group banks already incorporate their
group's capital structure, with sizable government-owned
preferred capital and ongoing constraints on its capital base
from the future repurchase of those preferred stocks.

Resona Bank, Limited, headquartered in Osaka, had consolidated
total assets of JPY27 trillion as of September 30, 2006.

Saitama Resona Bank, Ltd., headquartered in Saitama, had non-
consolidated total assets of JPY9.5 trillion as of September 30,
2006.

The Kinki Osaka Bank, Ltd., headquartered in Osaka, had
consolidated total assets of JPY3.6 trillion as of September 30,
2006.

Resona Holdings, Inc., headquartered in Osaka, is the bank
holding company of Resona group with consolidated total assets
of JPY39 trillion as of September 30, 2006.


RESONA BANK: Fund Repayment Cues Fitch to Affirm 'D' Ind. Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Resona Bank's Individual and Support
ratings at 'D' and '2' respectively.

The rating affirmations follow Resona Holdings' announcement
yesterday that it will repay JPY570 billion (issued value:
JPY532.7 billion) of its currently outstanding balance of
JPY2,511 billion (issued value) of government-owned preferred
stock through a repurchase and cancellation.  In addition, the
government owns JPY294 billion in Resona's common stock.  Resona
Holdings received the public funds that had been injected to
Resona's predecessor banks in 1999 and 2001.

At end September 2006, Resona Holdings' consolidated total
capital ratio stood at 12.5% (Tier 1: 8.2%).  While the
repayment will constrain Resona Holdings' capital ratios, it
will improve its capital quality although its capital structure
still relies heavily on public funds.

Resona Holdings predicts a pro-forma 2.4% reduction in its
consolidated capital adequacy ratio based on risk assets as of
September 2006, but expects the regulatory capital ratio to be
above 9% at end-March 2007.  Fitch will continue to monitor
Resona Holdings' ability to further retain earnings as well as
reduce public funds to improve the group banks' capital levels
as well as capital quality.


SAPPORO HOLDINGS: Fitch Affirms 'BB' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has today affirmed the ratings of Sapporo Holdings
Limited as follows:

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

   -- Senior unsecured debt 'BB';

   -- Short-term foreign and local currency IDR 'B'.

Sapporo's ratings reflect its solid operating base in the
domestic beer market, improved financial profile since FYE03 and
continued cost reduction.  The ratings also take into account
Sapporo's declining shares in the third category of beer (beer-
flavoured drink made without malt), putting pressure on
Sapporo's revenues and profits in the beer-like beverage
segment.  The ratings also reflect Sapporo's real estate
business which includes Yebisu Garden Place; a property that is
generating high profitability, thus helping to stabilise cash
flow.  The agency, however, notes that the debt required by its
real estate business is still high.

Sapporo's market share and earnings for FYE04 was boosted when
the company developed a third category beer and introduced its
Draft One beer beverage.  However, in 2005, Sapporo's position
in the market took a beating when all the other major brewers
also launched their own third category beer beverage.  The
agency notes that since H206, Sapporo has tried to recover its
share by revamping its Draft One brand and by various sales
promotions.  Fitch is of the view that despite having suffered
from weak sales, there should still be room for Sapporo to cut
costs and to increase profits and notes that the company intends
to reduce costs by a further JPY10 billion during FYE06 and
FYE08.  Though Sapporo's market share continues to decline, the
company has generated and is likely to continue to generate
sufficient cash flow necessary to meet its capex requirements
for its operations.  These factors mitigate other concerns, thus
supporting the Stable Outlook.

Although Sapporo's financial profile remains weak compared to
its domestic peers, it is improving.  FYE05 adjusted net
debt/EBITDAR improved to 6.0x from 8.7x in FYE02, though not
near the level of 4.7x in FYE04.  The equivalent figure for
FYE06 will rise again due to the debt-funded acquisition of
Sleeman Breweries Ltd., Canada's number three brewer.  However,
if the cash flow contribution from Sleeman is taken into
consideration, the deteriorating financial leverage would be
limited.  The agency notes that by FYE08, Sapporo plans to
allocate JPY40 billion to a strategic investment and another
JPY40 billion to reduce its debt.  However, in a bid to balance
its growth and improve its financial profile, Fitch is of the
view that Sapporo is unlikely to be involved in a similar-size
acquisition any time soon.  The agency adds that if Sapporo
improves its adjusted net debt/EBITDAR to below 5.0x on a
continuous basis, it could trigger a rating upgrade.

Sapporo is Japan's third-largest brewery group by turnover,
accounting for 12.9% of taxable beer shipments in Japan in 2006.
In FY05, annual revenues and operating profits totaled
JPY453.7 billion and JPY10.3 billion, respectively.  The company
operates alcoholic beverages, soft drinks, restaurants, real
estate and other businesses.


* Moody's Gives Basket C Treatment to Bank Preferred Securities
---------------------------------------------------------------
Moody's Investors Service stated that the rated preferred
securities issued by Japanese banks are to receive basket "C"
treatment, i.e. 50% equity and 50% debt, for financial leverage
purposes (please refer to Moody's Rating Methodology
"Refinements to Moody's Tool Kit: Evolutionary, not
Revolutionary!" of February 2005).  Based on this basket
designation, the Tier I capital of those institutions is
adjusted in analyzing financial fundamentals of those
institutions.  The relevant preferred securities are listed
below.

The preferred securities listed below qualify as Tier I
regulatory capital of the respective banks or holding companies,
and their basic features are virtually the same in terms of
criteria for Moody's basket assessment.  The basket allocation
is based on the following rankings for the three dimensions of
equity:

     (i) No maturity: Moderate -- The securities are usually
         perpetual securities with 10-year non-call period and
         some of them have a step-up clause of 100 basis point
         or 50% of original credit spread in year 10.  Moody's
         generally views such step-up clauses as weak to give
         issuers an incentive to call, however, Moody's also
         recognizes that investors generally expect these
         securities to be called at year 10, and thus issuing
         banks are strongly motivated to meet such investor
         expectations.  Nevertheless, these characteristics are
         balanced by Moody's view that, in time of stress when
         there is some concern about the level of regulatory
         capital ratio, regulators will exercise its oversight
         to compel issuers to at least replace any called issue
         with a similarly equity-like instrument.

    (ii) No ongoing payment: Moderate -- Mandatory deferral
         triggers include insolvency, bankruptcy or corporate
         re-organization equivalent events or insufficient
         distributable profits.  However, the likelihood of
         occurrence of such events is believed to be limited, in
         Moody's view.  Optional deferral triggers include
         regulatory event (total BIS capital ratio falls under
         the required minimum level) or no payment of common
         dividend for most recently ended fiscal year.  The
         securities are non-cumulative.

   (iii) Loss absorption: Strong -- The securities are preferred
         securities, of which priority of claims is junior to
         all securities except for common and preferred stocks
         at a time of liquidation.

The following securities are covered by this basket designation:

Mitsubishi UFJ Financial Group, Inc.

MUFG Capital Finance 1 Limited -- the US$2.3 billion Non-
cumulative Perpetual Preferred Securities (Baa2)

MUFG Capital Finance 2 Limited -- the EUR750 million Non-
cumulative Perpetual Preferred Securities (Baa2)

MUFG Capital Finance 3 Limited -- the Euro-yen 120 billion Non-
cumulative Perpetual Preferred Securities (Baa2)

MUFG Capital Finance 4 Limited -- the EUR500 million Non-
cumulative Perpetual Preferred Securities (Baa2)

MUFG Capital Finance 5 Limited -- the GBP550 million Non-
cumulative Perpetual Preferred Securities (Baa2)

Mizuho Financial Group, Inc.

Mizuho Capital Investment (USD) 1 Limited -- the US$600 million
Non-cumulative Perpetual Preferred Securities (Baa2)

Mizuho Capital Investment (EUR) 1 Limited -- the EUR500 million
Non-cumulative Perpetual Preferred Securities (Baa2)

Sumitomo Mitsui Financial Group, Inc.

SMFG Preferred Capital USD 1 Limited -- the US$1.65 billion Non-
cumulative Perpetual Preferred Securities (Baa2)

SMFG Preferred Capital GBP 1 Limited -- the GBP500 million Non-
cumulative Perpetual Preferred Securities (Baa2)

Resona Bank, Limited

Resona Preferred Global Securities (Cayman) Limited -- the
US$1,150 million Step-up Non-cumulative Perpetual Preferred
Securities (Baa3)

Shinsei Bank, Limited

Shinsei Finance (Cayman) Limited -- the US$775 million Step-up
Non-cumulative Perpetual Preferred Securities (Baa2)

Shinsei Finance II (Cayman) Limited -- the US$700 million Non-
cumulative Perpetual Preferred Securities (Baa2)


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

DURA AUTOMOTIVE: Can Pay US$1.1 Million Prepetition Tax Claims
--------------------------------------------------------------
The Honorable Kevin J. Carey of the United States Bankruptcy
Court for the District of Delaware authorized Dura Automotive
Systems Inc. and its debtor-affiliates to pay, in their sole
discretion, the
undisputed prepetition claims of certain governmental units in
respect of real and personal property taxes in an aggregate
amount not to exceed US$1,100,000.

The Debtors own real and personal property in at least 12 U.S.
states and Canadian provinces.  Under applicable law, state,
provincial, and local governments in the jurisdictions where the
properties are located are granted the authority to levy taxes
against the real and personal property.

The Debtors typically pay taxes on their Owned Properties in the
ordinary course as the taxes are invoiced, which typically
covers taxes for the prior year, or quarter, depending on how
the applicable tax is assessed.  Thus, as of their bankruptcy
filing, the Debtors owed taxes that accrued with respect to the
Owned Properties for some portions of the 2006 calendar year.

While the Bankruptcy Code does not require the Debtors to pay
the Property Taxes at this time, nonpayment or late payment of
certain prepetition Property Taxes will, among others:

   (i) likely subject the Debtors to above-market interest rates
       and penalties in certain circumstances;

  (ii) cause Taxing Authorities' county or municipal to suffer a
       significant gross revenue cutback, in turn leading to
       reduced funding of public schools, fire and police
       departments, and other municipal services from which the
       Debtors and their employees enjoy the benefits;

(iii) unnecessarily divert the Debtors' attention away from the
       operations of their businesses and the reorganization
       process in the event the Taxing Authorities would cause
       the Debtors to be audited; and

  (iv) result in the creation of statutory liens on the Owned
       Properties, which creation and perfection does not
       violate the automatic stay under Section 362 of the
       Bankruptcy Code.

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 Carey Approves Lease Rejection Procedures
----------------------------------------------------------------
The Honorable Kevin J. Carey of the United States Bankruptcy
Court for the District of Delaware approved Dura Automotive
Systems Inc. and its debtor-affiliates' procedure for rejecting
executory contracts and unexpired leases of personal and non-
residential real property:

    a. The Debtors will file a notice to reject any executory
       contract, lease or sublease, or interest in the lease or
       sublease, pursuant to Section 365 and will serve the
       Notice, as well as the deadlines and procedures for
       Filing objections to the Notice, via overnight delivery
       service upon:

         (i) the United States Trustee;

        (ii) counsel to the agent to the Debtors' prepetition
             secured lenders;

       (iii) counsel to the agent to the Debtors' postpetition
             secured lenders;

        (iv) counsel to the Official Committee of Unsecured
             Creditors;

         (v) the contract counter-party or landlord(s) affected
             by the Notice, and

        (vi) any other parties-in-interest to the executory
             contract or lease, including subtenants, if any,
             sought to be rejected by the Debtors.

       If the Notice is issued by the Debtors prior to the
       effective date of a plan of reorganization, the affected
       executory contract, lease, sublease or interest in the
       lease or sublease will be deemed to be subject to a
       motion to reject for all purposes.

    b. The Notice will set forth this information, to the best
       of the Debtors' knowledge, as applicable:

         (i) the street address of the real property underlying
             the lease or sublease, the interest in the personal
             property lease or sublease or the type of executory
             contract which the Debtors seek to reject;

        (ii) the Debtors' monthly payment obligation, if any,
             under the contract, lease or sublease or interest
             in the lease or sublease;

       (iii) the remaining term of the contract, lease or
             sublease or interest in the lease or sublease;

        (iv) the name and address of the contract counterparty,
             landlord or subtenant;

         (v) a general description of the terms of the executory
             contract or lease; and

        (vi) a disclosure describing the procedures for fling
             objections, if any.

    c. Should a party-in-interest object to the proposed
       rejection by the Debtors of an executory contract, lease
       or sublease, or interest in the lease or sublease, the
       party must file and serve a written objection so that the
       objection is filed with the Court and is actually
       received by these parties no later than 10 days after the
       date the Debtors serve the Notice:

         (i) counsel to the Debtors: Kirkland & Ellis LLP, 200
             East Randolph Drive, Chicago, Illinois 60601, Attn:
             Ryan Blaine Bennett, Esq., and Richards, Layton &
             Finger, One Rodney Square, 920 N, King Street,
             Wilmington, Delaware 19801, Attention: Daniel J.
             DeFranceschi, Esq.;

        (ii) counsel to the Creditors Committee; and

       (iii) the Office of the United State Trustee.

    d. Absent an objection, the rejection of the executory
       contract, lease or sublease, or interest in the lease or
       sublease, will become effective 10 days from the date the
       Notice was served on the Service Parties without further
       notice, hearing or order of the Court; provided, however,
       that with respect to leases or subleases for non-
       residential real property, the rejection will become
       effective on the later of:

         (x) the Rejection Date or

         (y) the date the Debtors unequivocally relinquished
             control of the premises to the affected landlord by
             turning over keys or "key codes" to the affected
             landlord.

    e. If a timely objection is filed that cannot be resolved,
       the Court will schedule a hearing to consider the
       objection only with respect to the rejection of any
       executory contract, lease or sublease, or interest in the
       lease or sublease, as to which an objection is properly
       filed and served.  If the Court upholds the objection and
       determines the effective date of rejection of the
       executory contract, lease or sublease, or interest in the
       lease or sublease, that date will be the rejection date.
       If the objection is overruled or withdrawn or the Court
       does not determine the date of rejection, the rejection
       date of the lease, sublease or interest will be deemed to
       have occurred on the Rejection Date or NRP Lease
       Rejection Date, as applicable.

    f. If the Debtors have deposited funds with a lessor or
       contract counterparty as a security deposit or other
       arrangement, the lessor or contract counterparty may not
       set-off for otherwise use the deposit without the prior
       authority of the Court.

    g. With respect to any personal property of the Debtors
       located at any of the premises subject to any Notice, the
       Debtors will remove the property prior to the expiration
       of the period within which a party must file and serve a
       written objection.  If they determine that the value of
       the property at a particular location has a de minimis
       value or cost of removing the property exceeds the
       value of the property, the Debtors will generally
       describe the property in the Notice and, absent a timely
       objection, the property will be deemed abandoned pursuant
       to Section 554, as is, where is, effective as of the date
       of the rejection of the underlying unexpired lease.

Counterparties to executory contracts, leases or subleases, or
interests in the leases and subleases that are rejected pursuant
to the Rejection Procedures are required to file a proof of
claim relating to the rejection of the executory contract, lease
or sublease, or interest in the lease or sublease, if any, by
the later of:

   (a) the claims bar date established in the Chapter 11 cases,
       if any; and

   (b) 30 days after the Rejection Date.

The Debtors believed that the Rejection Procedures provide a
fair and efficient manner for rejecting contracts, leases,
subleases, and interests in leases and subleases.

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).


KOOKMIN BANK: Sells US$400 Million of Floating-Rate Notes
---------------------------------------------------------
Kookmin Bank sold US$400 million of floating rate notes in
global capital markets, The Korea Herald reports, citing a
statement made by bank on Jan. 25, 2007.

The bond, which, according to Kookmin, was priced at the lowest
yield for a five-year note by any Korean commercial bank,
carries an interest rate of three-month London Interbank Offered
Rate plus 23 basis points.

The initial price guidance was set at 26 bps over the three-
month LIBOR but was revised down based on strong investor
demand," The Herald says.

According to Reuters the issue size was upscaled from an earlier
US$300 million.

The offer reportedly received orders of more than
US$1.1 billion.

Asian investors took 47% and European investors took the rest,
Reuters cites a source close the deal as saying.

Kookmin Bank -- http://inf.kbstar.com/-- provides various
commercial banking services, such as deposits, credit cards,
trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

Moody's Investors Service gave Kookmin Bank a Bank Financial
Strength rating of D+ effective March 27, 2006.  As reported in
the Troubled Company Reporter - Asia Pacific on Jan. 24, 2007,
Moody's affirmed the D+ rating.

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


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

PANGLOBAL BERHAD: Shareholders Okay All Resolutions Set in EGM
--------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 4, 2007, shareholders of Panglobal Bhd met for the purpose
of passing various resolutions.

In an update, the company disclosed with the Bursa Malaysia
Securities Bhd that all the resolutions set in the meeting were
duly approved and passed.

The resolutions passed were:

a. Proposed reduction of the existing issued and paid-up PGN
   share capital of MYR140,130,340 comprising 140,130,340
   ordinary shares of MYR1.00 each to MYR56,052,136 comprising
   140,130,340 ordinary shares of MYR0.40 each in PGB; and

b. Proposed consolidation of the 140,130,340 ordinary shares of
   MYR0.40 each in PGB into 112,104,272 ordinary shares of
   MYR0.50 each in PGB upon the completion of the Proposed
   Capital Reduction.

All PGB Shares arising from the Proposed Capital Reduction and
Consolidation will rank pari passu in all respects with one
other.  In addition, the directors are authorized to give effect
to the Proposed Scheme with full power to assent to any
modification and/or amendment as may be required by the relevant
authorities and to take all steps as they may consider necessary
in order to implement, finalize and give full effect to the
Scheme.

Special Resolution 2: Proposed Amendments

Subject to the provision of the Act, the passing of Special
Resolution 1, Ordinary Resolutions 1, 2 and 3, the existing
clauses of the Memorandum and Articles of Association of the
Company, the wordings of which are set out below:

Existing Clause:

The authorized share capital of the Company is MYR1,000,000,000
divided into 1,000,000,000 ordinary shares of MYR1.00 each be
deleted in its entirety and replaced with new clauses to read:

a. That subject to the confirmation by the Court pursuant to
   Section 64(1) of the Companies Act, 1965, the existing issued
   and paid-up share capital of MYR140,130,340 comprising
   140,130,340 ordinary shares of MYR1.00 each being reduced to
   MYR56,052,136 comprising 140,130,340 ordinary shares of
   MYR0.40 each by way of cancellation of MYR0.60 of the par
   value of each issued ordinary shares of the Company, and that
   the Directors of the Company are authorized to do all the
   acts and things that may be necessary to give effect to the
   reduction with full power to assent to any conditions,
   modifications, variations or amendments as may be required by
   any relevant authorities.

b. Subject to the reduction of capital taking effect, the
   existing issued and paid-up share capital of 140,130,340
   ordinary shares of MYR0.40 each be consolidated into
   112,104,272 ordinary shares of MYR0.50 each in such a manner
   that every five of the existing shares of MYR0.40 each fully
   paid will constitute four MYR0.50 shares.  Further, the
   Directors of the Company are hereby authorized to do all such
   acts and things that may be necessary to give effect to the
   said consolidation.

c. Upon the reduction of capital and consolidation taking
   effect, the par value of each ordinary share be changed from
   MYR1.00 per share to MYR0.50 each ordinary share, further the
   authorized share capital of MYR1,000,000,000 comprise
   2,000,000,000 ordinary shares of MYR0.50 each.  Accordingly,
   the Company's Memorandum and Articles of Association is
   amended.

Meanwhile, the Directors of the Company are authorized and
empowered to carry out, do take steps they may consider
necessary, and to give effect to the said amendment, alteration,
modification and deletion to the Memorandum and Articles of
Association of the Company with full powers to take all steps
and to do all acts, things and deeds as they may deem necessary
to give full effect to this resolution.

Ordinary Resolution 1: Proposed PGI Disposal

a. Subject to the approval of the Director-General of Insurance,
   Bank Negara Malaysia give its approval to the Company to
   dispose of up to 99,970,156 ordinary shares of MYR1.00 each
   representing its entire equity interest in PanGlobal
   Insurance Berhad -- a 99.97%-owned subsidiary of PGB -- for
   cash at a price to be determined by the Directors of the
   Company, which will in no event be less than the net tangible
   assets value of PGI, calculated in proportion to the number
   of ordinary shares of MYR1.00 each in PGI to be disposed of,
   based on PGI's then latest audited accounts at the time of
   signing of the agreement and that such authority will
   commence immediately upon the passing of this ordinary
   resolution.

The Directors are authorized to take all steps and to enter into
all other agreements, undertakings, indemnities, transfers,
assignments and/or guarantees with any party or parties in order
to implement, finalize and give full effect to the aforesaid
disposal with full powers to assent to any condition,
revaluation, modification, variation or amendment as may be
imposed by any relevant authority.

Ordinary Resolution 2: Proposed Rights Issue

Subject to the passing of Special Resolutions 1 and 2, Ordinary
Resolutions 1 and 3 and the approval-in-principle being obtained
from Bursa Malaysia Securities Berhad for the listing of and
quotation for the rights shares to be issued hereunder being
obtained, the Directors are hereby authorized to
provisionally allot by way of renounceable rights issue to
registered shareholders of the Company whose names appear on the
Record of Depositors at the close of business on an entitlement
date to be determined by the Directors, 420,391,020 new PGB
Shares at an issue price of MYR0.50 per PGB Share, payable in
full upon acceptance, on the basis of fifteen Rights Shares for
every four PGB Shares held.

In addition, the Rights Shares, on their issue and allotment,
rank pari passu in all respects with the then existing issued
and fully paid-up ordinary shares of MYR0.50 each save and
except that they will not be entitled to any dividends, rights,
allotments and/or other distributions declared, the entitlement
date of which is prior to the date of allotment of the Rights
Shares.

Further, any Rights Shares which are not validly taken up or
which are not allotted for any reason whatsoever will be dealt
with in a manner as the Directors, in their absolute discretion,
think expedient and in the Company's interest.

Moreover, the utilization of the proceeds to be derived from the
Proposed Rights Issue as set out in Section 3 of this Circular
to the Shareholders of the Company dated Dec. 28, 2006, be and
is approved.

The Directors are also authorized to enter into an underwriting
agreement relating to the Proposed Rights Issue with the parties
and on terms and conditions as the Directors may decide.

Lastly, the Directors are authorized to give effect to the
Proposed Rights Issue with full power to assent to any
modification or amendment as may be required by the relevant
authorities and to take all steps as they may consider necessary
in order to implement, finalize and give full effect to the
Proposed Rights Issue.

Ordinary Resolution 3: Proposed Debt Settlement Scheme

Subject to the passing of Special Resolutions 1 and 2, Ordinary
Resolutions 1 and 2, and the sanction of the Court pursuant to
Section 176 of the Act, the approval be and is hereby given for
the implementation of a scheme of arrangement with scheme
creditors of PGB comprising a settlement of total debts --
subject to proof of debts -- owing to the Scheme Creditors
amounting to MYR669,127,348  as at Sept. 1, 2005 being the cut-
off date used to determine the settlement amount outstanding via
inter-alia, the cash settlement sum of MYR341,141,254 and the
issuance of 68,330,436 free warrants made to Scheme Creditors.

Moreover, an additional 10,000 free warrants be issued to 100
selected public recipients to meet the spread requirements for
the listing of and quotation of the warrants on the Main Board
of Bursa Securities.

Lastly, the directors are hereby authorized to give effect to
the Proposed Debt Settlement Scheme with full power to assent to
any modification and/or amendment as may be required by the
relevant authorities and to take all steps as they may consider
necessary in order to implement, finalize and give full effect
to the Proposed Debt Settlement Scheme.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, PanGlobal
Berhad --http://home.panglobal.com.my/-- is engaged in
underwriting all classes of general insurance business,
extracting of logs, sawmilling, manufacturing of veneer and
extraction of coal.  Other activities include property
investment and development and leasing of real estate,
investment holding, business management, building and fitness
club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.

The company's balance sheet as of Sept. 30, 2006, revealed total
assets of MYR690.55 million and total liabilities of MYR1.58
billion, resulting to a stockholders' deficit of MYR368.08
million.


PARACORP BERHAD: SC Rejects Proposed Disposal of Assets
-------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Oct. 18, 2006, that Preciplast Sdn Bhd and Capxon Electronic (M)
Sdn Bhd, wholly owned subsidiaries of Paracorp Berhad, entered
into sale and purchase agreements with:

   -- Supreme Return Sdn Bhd, to dispose 100 ordinary
      shares at MYR1.00 each in Gandingan Pelangi (M) Sdn Bhd, a
      wholly owned subsidiary of Preciplast, for MYR1.8 million.
      This will also settle GPSB's indebtedness to Paracorp and
      Preciplast by Supreme Return; and

   -- Sin Yeap Holdings (M) Sdn Bhd, to dispose the
      Kapar freehold land held under H.S.(M) 12716, Lot PT No.
      17761, locality of Batu 5, Jalan Kapar, Mukim of Kapar,
      District of Klang, State of Selangor Darul Ehsan for
      approximately MYR1.9 million.

The "willing-buyer, willing-seller" agreement was subject to the
approval of the Securities Commission and other relevant
authorities, the TCR-AP said.

In an update, the company disclosed with the Bursa Malaysia
Securities Bhd that the Securities Commission rejected the
company's proposed disposal of assets on the grounds that it is
not a comprehensive solution to improve its financial condition
and to increase value for its shareholders.

                          *     *     *

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company is classified under Practice Note 17 of Bursa
Malaysia Securities Berhad's Listing Requirements.  As an
affected listed issuer, the Company is required to submit a
financial regularization plan by January 7, 2007.

The company's balance sheet as of end-September 2006 reflected
total assets of MYR101.37 million and total liabilities of
MYR115.48 million, resulting in shareholders' deficit of
MYR14.12 million.


PARACORP BERHAD: Updates Bourse with Default Status
---------------------------------------------------
On January 3, 2007, Paracorp Berhad disclosed with the Bursa
Malaysia Securities Bhd its default status to various
facilities.

In relation to the default in repayment to Equipment Lease
Agreement dated November 30, 2001, entered by Goda (M) Bhd, a
wholly owned subsidiary of Paracorp, and Pembangunan Leasing
Corporation Sdn Bhd, Paracorp told the bourse that there is no
change in the status and that they are still currently reviewing
options to restructure payments due under the Agreement.

In addition, Paracorp also disclosed that the status of default
in repayment between Citibank Bhd and Lion Electronics (M) Bhd,
a wholly owned subsidiary of the company, remains unchanged.

Citibank and Lion entered into a Master Facility Agreement
involving MYR500,000.00 in overdraft facility on August 12,
1999.

Lastly, Paracorp told the Bursa that there is also no change in
the default status as to ParaEngineering Sdn Bhd - a wholly
owned subsidiary of Paracorp -- and Southern Bank Bhd's loan
facility involving MYR5 million.

                          *     *     *

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company is classified under Practice Note 17 of Bursa
Malaysia Securities Berhad's Listing Requirements.  As an
affected listed issuer, the Company is required to submit a
financial regularization plan by January 7, 2007.

The company's balance sheet as of end-September 2006 reflected
total assets of MYR101.37 million and total liabilities of
MYR115.48 million, resulting in shareholders' deficit of
MYR14.12 million.


PARK MAY: SC Extends Maturity Date of Commercial Papers
-------------------------------------------------------
On January 19, 2007, the Troubled Company Reporter - Asia
Pacific reported that Park May Bhd asked the Securities
Commission to extend until June 26, 2007, the final maturity and
redemption date of its outstanding Commercial Papers with
nominal value of MYR63 million.

The outstanding CP will mature on Jan. 27, the TCR-AP noted.

According to the TCR-AP report, Affin Investment Bank Berhad, as
Principal Adviser of Park May, asserted that the Proposed
Extension will allow the company sufficient time to complete the
implementation of its Proposed Restructuring Scheme, which had
been approved by the SC on Dec. 20, 2006.

Accordingly, the Securities Commission, on Jan. 23, approved the
Proposed Extension subject to these terms and conditions:

   * That Affin Investment Bank and Park May have undertaken all
     necessary due diligence in relation to the Proposed
     Extension;

   * That all relevant parties -- the trustee, noteholder,
     underwriter and rating agency, be fully informed of the
     Proposed Extension and, if applicable, give their consent;

   * That prior to the implementation of the Proposed Extension,
     Affin Investment submit these documents to the SC:

     a) A certified true copy of the executed supplemental trust
        deed for the CP/MTN Programme; and

     b) Soft copy of the executed supplemental trust deed and
        the revised PTC for the CP/MTN Programme to
        DS@seccom.com.my;

   * That Affin Investment and Park May obtain all other
     regulatory approvals for the Proposed Extension, if
     applicable; and

   * That Affin Investment submit a written confirmation on
     compliance with these conditions upon implementation of the
     Proposed Extension.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --
http://www.parkmayberhad.com/-- provides public bus
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.

The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6-million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt-restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category.  As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.

As of September 30, 2006, Park May's balance sheet reflected
MYR40.79 million in total assets and MYR96.05 million in total
liabilities, resulting in a shareholders' deficit of
MYR55.26 million.


PARK MAY: RAM Pulls Down Short & Long-Term Credit Ratings to D
--------------------------------------------------------------
Rating Agency Malaysia has downgraded the respective short- and
long-term ratings of Park May Berhad' s MYR120 million
Commercial Papers/Medium-Term Notes, from NP and C1 to D.

The rating action is premised on the variation to extend the
original maturity date of Park May's CP/MTN, from January 23,
2007, to June 26, 2007.  Although Affin Investment Bank Berhad,
as the sole noteholder and underwriter for the CP has agreed to
the said extension, the action represents a material breach of
the original terms of the Trust Deed executed on January 23,
2002.

In December 2003, Park May had announced a comprehensive
restructuring scheme involving the exchange of its shares with
new shares in Konsortium Transnasional Berhad, amongst others;
KTB will subsequently assume Park May's listing on Bursa
Malaysia.

In addition, Park May has also proposed to convert the
outstanding CP balance of RM63 million into irredeemable
convertible secured loan stocks of KTB.

However, due to the prolonged delay in the completion of the
restructuring, the proposed conversion of the CP has yet to
materialize to date.  The application for the extension of the
final maturity date and redemption of the CP to June 26, 2007,
is in line with the expected completion of Park May's proposed
restructuring scheme by that date.


PAXELENT CORP: Court Rejects Dibena's Appeal to Set Aside Ruling
----------------------------------------------------------------
The Kuala Lumpur High Court has junked Dibena Enterprise Sdn
Bhd's appeal of the Senior Assistant Registrar's ruling
dismissing its application to set aside a judgment in default in
favor of Mass Media Interactive Sdn. Bhd, a subsidiary of
Paxelent Corp Bhd.

Under the judgment, Mass Media is asserting payment of
MYR1,000,000 together with pre-judgment interest of MYR9,424 and
post-judgment interest at the rate of 8% per annum on
MYR1,009,424 from the date of judgment until the date of full
payment.

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 22, 2006, Dibena Enterprise filed an application to set
aside the judgment in default.  However, the Court, on
November 16, 2006, ruled that the judgment is in order and
dismissed the application.

                          *     *     *

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


PUTERA CAPITAL: Bursa Extends Plan Filing Deadline to March 7
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on May 10,
2006, that Putera Capital Bhd, classified as a PN17 category
company, was ordered under the Bursa Malaysia Securities Listing
Requirements to regularize its financial conditions to avoid the
delisting of its securities.

Bursa required the company to submit a regularization plan to
the Securities Commission and other relevant authorities on
January 7, 2007, for approval, before the plan could be
implemented.

However, the company asked the bourse to extend the deadline for
it to submit its plan until July 3, 2007.

Bursa rejected the company's application and instead decided to
suspend the securities and commence a delisting procedure
against the company's securities.

Putera appealed the bourse's decision rejecting the time
extension request.  Accordingly, the bourse considered the
appeal and deferred the delisting of the company's securities
until a decision was made on the appeal.

In an update, Bursa decided to extend the plan-filing deadline
for the company to submit its regularization plan to:

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

-- one month after the date of RA, the company will submit its
   regularization plan to the Securities Commission and other
   relevant authorities for approvals.

Bursa Securities further decided that:

a) in the event the company submits its regularization plans to
   the Approving Authorities for approvals within the Extended
   Deadline, Bursa will await the outcome of the company's
   submission; and

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

Bursa's decision is without prejudice to its right to suspend
the trading of the company's securities and to commence de-
listing procedures in the event:

-- the company fails to make the RA on or before February 7,
   2007;

-- the company fails to submit the regularization plans to the
   Approving Authorities for approvals on or before the expiry
   of the Extended Plan Deadline;

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

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

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

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

                          *     *     *

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

The company is classified as an Affected Listed Issuer due to
the following reasons:

    a) The shareholders' equity of the company on a consolidated
       basis has fallen below 25% of its issued and paid up
       capital as per its unaudited 3rd quarter financial
       results as announced on April 28, 2006.  As such its
       shareholders equity is less than the minimum issued and
       paid up capital.

    b) The auditors have expressed a modified opinion with
       emphasis on Putera's going concern in its latest audited
       accounts of May 31, 2005

    c) There are defaults in repayment of certain debt
       obligation by Putera and its subsidiaries and Putera is
       unable to provide a solvency declaration to Bursa
       Malaysia Securities Berhad.


SBBS CONSORTIUM: Bursa to Delist Securities on February 5
---------------------------------------------------------
The Bursa Malaysia Securities Bhd will delist the securities of
SBBS Consortium Bhd from its official list on February 5, 2007,
at 9:00 a.m.

The bourse decided to commence the delisting procedure because:

(a) SBBS has failed to issue its annual audited accounts for the
    financial year ended Dec. 31, 2005, within the timeframe
    stipulated by Bursa Securities in paragraph 9.23(b) of the
    Listing Requirements of Bursa Securities; and

(b) more than six months have lapsed from the expiry of the
    stipulated timeframe in paragraph 9.23 (b) of the LR and the
    AAA 2005 has still not been issued.

The company tried to appeal the Bursa's decision, but was
rejected.

The securities of SBBS, which are currently deposited with Bursa
Malaysia Depository Sdn Bhd, may remain deposited with Bursa
Depository notwithstanding the delisting of the securities from
the Official List.

However, shareholders of SBBS who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System accounts
maintained with Bursa Depository at anytime after the securities
of SBBS have been delisted from the Official List of Bursa
Securities.  This can be effected by the shareholders submitting
an application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.  These shareholders
can contact any Participating Organization of Bursa Securities
and Bursa Securities' general line at 03-2034 7000 for further
information on the withdrawal procedures.

                          *     *      *

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.

Due to its inability to service loan facilities, the company had
entered into various negotiations with its bank creditors, and
in order to ensure that these creditors are treated on a pari
passu basis, the company had ceased making repayments to its
bank creditors on an ad-hoc basis.  As a consequence of this
treatment, its bank creditors have taken various measures to
recover their outstanding loans.

Negotiations between the company and its bank creditors are
continuing.  The company is considering various sources of new
business and funds to address its financial position, and had on
June 24, 2005, appointed Covenant Equity Consulting Sdn Bhd to
advise on its options.  Currently, the company is working to
implement corporate rehabilitation exercises to turn its
business around.  On May 9, 2006, SBBS acknowledged that it
belongs to Bursa Malaysia Securities Berhad's Practice Note
17/2005 category because it is insolvent by virtue of the wind-
up order granted by the Kuala Lumpur High Court on March 29,
2006.


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

* Reserve Bank Leaves Official Cash Rate Unchanged at 7.25%
-----------------------------------------------------------
Reserve Bank Governor Alan Bollard left interest rates unchanged
at 7.25%, the New Zealand Press Association reports.

However, the report says there is certainty that Mr. Bollard
will raise rates in March.

The paper relates that the 7.25% official cash rate has remained
since December 2005.  But Mr. Bollard pointed to retail sales
rebounding, a "resurgent" housing market and strong recoveries
in business and consumer confidence, as reasons for concern.


* Buyouts Reduce New Zealand's Market Size, Bad News for NZX
------------------------------------------------------------
New Zealand share market floats are seen nearly doubling in
value this year, stuff.co.nz cites a report from Reuters.

However, the report notes that buyouts are still expected to
reduce the overall size of the market, with at least one top 10
company likely to be targeted.

The prospect of more top firms leaving would be bad news for the
New Zealand stock exchange, stuff.co.nz says.

According to the stuff.co.nz, the equity market has shrunk by
around NZ$3 billion over the past two years due to mergers, buy-
outs, and privatizations.

"I don't think the IPO supply in 2007 will be enough to change
the net picture," Reuters cites Goldman Sachs JBWere strategist
Bernard Doyle, as saying.  "You'll still have M&A activity
markedly outstripping IPO activity," Mr. Doyle said.

Mr. Doyle estimated the value of IPOs to increase to near NZ$500
million in 2007 from NZ$280 million in 2006.

The New Zealand markets saw a record level of mergers and
acquisitions in 2006, Reuters cites Thomson Financial figures
which showed an increase of 10.9% to US$14.2 billion
(NZ$20.6 billion).

According to Mr. Doyle, there was no reason for the trend of
private equity buying to suddenly reverse in 2007.  He also
predicted one of the country's biggest firms as a takeover
target, Reuters relates.

However, There are no expected large-scale IPOs in the pipeline,
stuff.co.nz notes.

The NZX's revenue from trading activities was down in the first
nine months of 2006, but the loss was balanced against increased
revenue from its new data services, Reuter says.

However, delistings and a shrinking market was offset by a
record breaking year for the exchange, the paper says, noting
that the NZX benchmark Top-50 index broke through the 4,000 mark
for the first time in late December, and was trading around
4,050 in mid-January.

The market is trading at almost 17 times forecast earnings,
compared with a world average price/earnings ratio of about 14.5
times, Reuters adds.


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

BAYAN TELECOMMUNICATIONS: Reveals Expanded Network Improvements
---------------------------------------------------------------
Bayan Telecommunications Holdings Corporation, in cooperation
with the Telecoms Infrastructure Corporation of the Philippines,
recently revealed additional improvements on the National
Digital Transmission Network under the Expansion-3 Project to
meet the continuously growing demand for high-bandwidth
connectivity in the country, especially in Mindanao.

The project is valued at US$1.8 million with BayanTel
contributing majority of the investment.

The expanded network would maximize the country's prospects for
attracting more BPO investors for whom dependable connectivity
is critical with most of their customers and main hubs based
overseas.  This now primes the Mindanao area as an attractive
option for BPO offices and branches.

"The enhanced network can now provide a more robust and reliable
infrastructure to support the delivery of emerging technologies
like VoIP, wireless broadband, and other high-bandwidth services
nationwide that would enable BPOs and other businesses with
higher monetary and operational returns from their technology
investments," Tunde Fafunwa, BayanTels' Chief Executive
Consultant, expounded.  "This would also address the ramped-up
demand for broadband internet in the provinces where we intend
to capture a significant share of the market."

BayanTel owns majority of the NDTN, the second privately owned
nationwide telecommunication backbone launched in 1999, which
links the country to deliver transmission of telephone long
distance services, cellular traffic, high-speed data, video,
internet, broadcast signals, and other communications services.

                         About BayanTel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

The Troubled Company Reporter - Asia Pacific reported on May 25,
2006, in a disclosure statement to the Philippine Stock
Exchange, Bayan Telecommunications reported a net loss of
PHP540 million for the fiscal year 2005, against a PHP14.9
billion loss in 2004, on revenues of PHP5.22 billion.
The Company's EBITDA for 2005 stood at PHP2.17 billion, 1%
higher than in 2004.

For the fiscal year 2005, BayanTel's net capital deficiency
stood at PHP17.33 billion.


GLOBE TELECOM: Schedules Investors' Briefing for February 6
-----------------------------------------------------------
Globe Telecom Inc., advises the Philippine Stock Exchange that
it will holds an Investors' Briefing on February 6, 2007, at
2:30 p.m., at the Makati Shangri-la, Manial A & B rooms.

During the briefing, the management will present and discuss the
company's financial and operations performance for the 4th
quarter of 2006.

                       About Globe Telecom

Globe Telecom, Inc. -- http://www.globe.com.ph/-- is one of the
country's major telecommunications companies.  It was
incorporated on January 15, 1935 as a traditional provider of
telex/telegram and VSAT services.  Thereon, it diversified its
business into a cellular, landline and international gateway
facility services provider for long distance telephone calls.

The Company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

                          *     *     *

Standard and Poors gave Globe Telecom's Long Term Foreign Issuer
Credit and Long Term Local Issuer Credit both a BB+ rating,
effective November 3, 2005, and June 23, 2004, respectively.

On September 1, 2006, the Troubled Company Reporter - Asia
Pacific reported that S&P affirmed its ratings on Globe Telecom
Inc. at 'BB+', with a stable outlook.

On November 3, 2006, Moody's Investors Service affirmed Globe
Telecom's Ba2 senior unsecured foreign currency rating and
changed its outlook to stable from negative.  At the same time,
Moody's has affirmed Globe's Baa2 domestic currency issuer
rating.  The outlook for this rating remains stable.


MANILA ELECTRIC: ERC Provisionally Approves NPC Supply Contract
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 21, 2006, Manila Electric Company signed with the National
Power Corporation a Transition Supply Contract, which is subject
to the approval of the Energy Regulatory Commission.  The
Contract provides for the supply of electricity by Napocor to
Meralco for a period of five years but not later than one year
from the start of open access if open access is implemented
within the five-year period.

A follow-up report by the Manila Standard Today relates that on
Jan. 10, 2007, the ERC provisionally approved the Contract.

"This is another significant milestone in the power reforms of
the Epira [Electric Power Industry Reform Act] considering that
[the contract] will help protect Meralco customers against price
fluctuations of the [Wholesale Electricity Spot Market]," the
paper cites commission chairman Rodolfo Albano Jr., as saying.

The Contract is effective from Nov. 17, 2006, until 2011.

The contract, however, will automatically expire at the end of
the first year of existence of the open access system, Manila
Standard notes.

Charges and adjustments under the transition contract will be
based on the approved Napocor time-of-use generation rates, the
paper adds.

Under the contract, Meralco, at its option, may obtain power
from Napocor in excess of the contract energy by not more than
20%.  Any excess consumption will make Meralco pay Napocor an
additional premium over and above the agreed contract energy
charge, plus other adjustments, the paper explains

Manila Standard says ERC is expected to issue its final approval
on the Contract after completion of the final evaluation and
public hearings.

The paper recounts that in November 1994, Napocor and Meralco
signed a supply contract that expired in 2004.

                      About Manila Electric

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

                          *     *     *

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

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


SAN MIGUEL CORP: Forms New Beverage Company
-------------------------------------------
San Miguel Corporation confirms with the Philippine Stock
Exchange a report published by the Manila Standard on Jan. 18,
2007, stating that the company has formed a new beverage company
named San Miguel Beverages, Inc., after the company sold Coca-
Cola Bottlers Philippines, Inc., to Coca-Cola Co. in Atlanta.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 28, 2006, San Miguel Corp. has signed an agreement to sell
its entire 65% stake in Coca-Cola Bottlers Philippines, the
local bottler of Coca-Cola, to the Coca-Cola Company.  The
completion of the deal is subject to certain conditions, the
TCR-AP noted.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The Company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The Company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter - Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating on San Miguel Corp.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.


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

ADVANCED MICRO: Incurs US$574 Million Net Loss in 2006 4th Qtr.
---------------------------------------------------------------
Advanced Micro Devices Inc. reported financial results for the
quarter ended Dec. 31, 2006.  As a result of AMD's acquisition
of ATI, fourth quarter financial results include the results of
the former ATI operations beginning Oct. 25, 2006.  Because
comparison of fourth quarter consolidated financial results to
previous periods do not correlate directly, AMD has provided
non-GAAP financial measures for AMD's historical business (pre-
acquisition AMD).  Management believes this non-GAAP
presentation will aid investors by presenting current and
historical results in a form that makes it easier to compare
current period results with historical results.

AMD reported fourth quarter 2006 revenue of US$1.77 billion, an
operating loss of US$527 million, and a net loss of US$574
million.  These results include acquisition-related and
integration charges of US$550 million and US$27 million of
employee stock-based compensation expense.

"We believe we once again gained microprocessor unit share in
the quarter, as we did in the year, by continuing to execute
against our customer acquisition strategy and our product,
technology and manufacturing plans," said Robert J. Rivet, AMD's
chief financial officer.

Excluding the former ATI operations, acquisition-related and
integration charges, and employee stock-based compensation
expense, AMD reported fourth quarter revenue of US$1.37 billion
and operating income of US$63 million compared with revenue of
US$1.35 billion and operating income of US$272 million for the
fourth quarter of 2005.  Comparable third quarter 2006 revenue
was US$1.33 billion and operating income was US$142 million.

AMD revenue increased 33% to US$5.25 billion and operating
income increased 9% to US$600 million for the year ended
Dec. 31, 2006, excluding the former ATI operations, acquisition-
related and integration charges, and employee stock-based
compensation expense.  This compares with revenue of $3.94
billion and operating income of US$548 million for the year
ended Dec. 25, 2005.

Fourth quarter 2006 gross margin was 40%, excluding acquisition-
related charges and stock-based compensation expense for the
applicable periods, compared to 52% in the third quarter of 2006
and 57% in the fourth quarter of 2005.  The decrease from the
prior quarter was due largely to significantly lower server
processor average selling prices and the inclusion of the former
ATI operations.

                       Computation Products

Fourth quarter microprocessor unit shipments grew 26% year-over-
year and 19% sequentially as customers continued leveraging AMD
solutions to provide greater choice to the market.

Fourth quarter demand for AMD mobile processors was especially
strong, resulting in record unit shipments and revenue.  Mobile
processor unit shipments and revenue both increased 41 percent
quarter-over-quarter.  Year-over-year, mobile processor unit
shipments increased 76% and revenue increased 85%.  Desktop
processor revenue was also strong in the quarter, led by demand
for AMD Athlon(TM) 64 X2 dual-core processors.  Overall server
processor unit shipments were essentially flat compared to the
third quarter and ASPs were down significantly.

AMD commenced first revenue shipments of 65nm processors in
December as planned.

    Graphics and Chipsets, and Consumer Electronics Segments

Revenue from Graphics and Chipsets, and Consumer Electronics
segments for the period beginning Oct. 25, 2006, was US$398
million.  Solid demand for chipsets contributed to Graphics and
Chipsets segment revenue of US$278 million.  Revenue of US$120
million for the Consumer Electronics segment was driven by
demand for handheld products and game console royalties.

                      Additional Highlights

   -- AMD's acquisition of ATI closed on October 24, joining two
      industry leading technology companies to create a
      processing powerhouse.

   -- AMD demonstrated its next-generation processor code-named
      "Barcelona", the industry's first native quad-core x86
      server processor, in a four-socket system running 64-bit
      Windows(R) Server 2003.  "Barcelona" will deliver
      significant architectural and performance-per-watt
      enhancements inside a consistent thermal envelope.

   -- Customers continued to expand the number of AMD-based
      solutions targeting the commercial market, including:

         * Dell launched two new servers powered by AMD Opteron
           processors and its first AMD-based commercial client
           desktop and notebook systems.

         * Sun announced three Sun Fire X4000 servers.

         * IBM introduced its first AMD-based 1P tower server,
           the IBM System x3105.

         * HP expanded its portfolio of AMD-based servers and
           blades for the datacenter with the addition of the 1U
           2-socket HP ProLiant DL365 server and the 4-socket
           ProLiant BL685c server blade.  HP also introduced the
           HP dx2255 and dx2250 commercial desktops.

         * Gateway became the latest global computer
           manufacturer to offer AMD Opteron-based servers,
           debuting three new rack mount servers.

         * Samsung introduced the DB-V60 commercial desktop in
           Korea.

   -- AMD continues to be a technology partner of choice for an
      increasing number of enterprises.  M&T Bank,
      ServiceMaster, Sutter Health, and Wyeth Pharmaceuticals,
      among others, joined the growing ranks of enterprise
      customers adopting AMD64 technology.

   -- AMD Opteron processor-based systems remained the fastest
      growing platform on the TOP500 Supercomputing list.  There
      are 113 AMD Opteron processor-based systems on the list,
      including three of the top 10, as reported by the TOP500
      Organization.

   -- Nintendo launched the Wii, featuring an ATI graphics
      processor code-named "Hollywood", helping to enable a
      next-generation gaming experience for the innovative new
      gaming console.

   -- AMD's industry-leading Imageon(TM) family of media
      processors from ATI for handsets continued to gain
      momentum in the quarter with more than ten new phone
      introductions from Motorola, Panasonic Mobile
      Communications, HTC, O2, Vodaphone, Cingular, Softbank,
      DoComo, and Chungwa Telecom.  New devices include RIZR Z3,
      the SLVR L7e, Palm Treo 750v, and several Windows Mobile
      5.0 based devices launched by global carriers.

   -- AMD brought multi-GPU technology to the masses with the
      introduction of the ATI Radeon(TM) X1650 XT featuring
      CrossFire(TM) technology.  With its incredible image
      quality and strong performance, the ATI Radeon X1650 XT
      delivers enthusiast-class features at a mainstream price
      point.

                            About AMD

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc., -- http://www.amd.com/-- designs and manufactures
microprocessors and other semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.

Standard & Poor's removed the rating from CreditWatch negative
where it had been placed on July 24, 2006, following the
announced acquisition of unrated ATI Technologies Inc.  The
ratings outlook is negative.

At the same time, the rating agency assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.

Standard & Poor's also raised its rating on the company's
US$600 million (US$390 million outstanding) senior notes to 'B+'
from 'B', because the company plans to withdraw its shelf
registration which structurally subordinated the notes.
Concurrent with the closing of the new bank loan and pursuant to
a debt incurrence test in the indenture for the notes, the notes
will become pari passu to the bank loan and the note rating will
become 'BB-' with a '1' recovery rating.

The Troubled Company Reporter - Asia Pacific reported on Nov. 2,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. technology semiconductor
and distributor sector, the rating agency affirmed its Ba3
corporate family rating on Advanced Micro Devices, 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$600 Mil. senior
   unsecured notes         B1      Ba3     LGD4        59%

   Shelf - Sr.
   Unsecured Notes         B1      Ba3     LGD4        59%

   Shelf - Subor.          B2       B2     LGD6        97%

   Shelf - Preferred       B3       B2     LGD6        97%


CHINA AVIATION: Inks EUR171-Mil. Purchase Deal with Caixanova
-------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd entered into a
conditional Share Purchase Agreement with Caixa de Aforros de
Vigo Ourense e Pontevedra, also known as Caixanova, the jet-fuel
procurement firm disclosed on Jan. 24, 2007.

The Share Purchase Agreement, which was entered into after a
competitive bidding process, provides that China Aviation will
sell its 3,502,923 registered voting shares in Compania
Logistica De Hidrocarburos CLH, for an aggregate consideration
of EUR171 million.

China Aviation will use transaction's proceeds to pay the first
installment of the US$132.6-million deferred debt to its
creditors.

China Aviation further disclosed that its directors are still
considering various options to use the surplus sale proceeds
after repayment of the Deferred Debt.  The company will take
into consideration the capital structure of the Group, the need
for funds for investment and working capital, the ability of the
company to further reduce its debt obligations, and a stable
dividend policy.

                    About Compania Logistica

Compania Logistica De Hidrocarburos CLH was incorporated under
the name Compa¤ia Arrendataria del Monopolio de Petroleos, S.A.
in 1927 to administer the oil monopoly for the State of Spain.
Following deregulation of the oil industry, CLH's activities and
corporate name were modified in 1993 and CLH adopted its present
name.  CLH's activities include the provision of logistics
services for the storage, transportation and distribution of all
kinds of hydrocarbons and chemical products, their by-products
and waste, as well as providing counseling and technical
assistance in respect of those services.  CLH is a Spanish joint
stock company whose shares are listed on Spain's four stock
exchanges.

                         About Caixanova

Caixanova is a savings banks formed in 2000 as a result of a
merger between Caixavigo, Caixa Ourense and Caixa Pontevedra.
It is a private financial institution with three predecessor
Spanish financial institutions and has 469 branches.

              About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 10, 2006, the company is currently working with an
insolvent balance sheet, with a US$390.07 million shareholder's
deficit on total assets of US$211.96 million.


FOMCAS BUILDERS: Proofs of Debt Due on Feb. 21
----------------------------------------------
Fomcas Builders Pte Ltd, which is in liquidation, will pay
preferential dividend to its creditors.

Accordingly, creditors are required to submit their proofs of
debt by Feb. 21, 2007, to be included in the company's
distribution of dividend.

The liquidator can be reached at:

         Goh Ngiap Suan
         c/o Goh Ngiap Suan & Co
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


GATE PACIFIC: Court to Hear Wind-Up Petition on Jan. 26
-------------------------------------------------------
Crestwood Enterprises Limited filed on Jan. 3, 2007, a petition
to wind up the operations of Gate Pacific Pte Ltd.

The High Court of Singapore will hear the wind-up petition on
Jan. 26, 2007.

Crestwood's solicitor can be reached at:

         Darshan & Teo
         No. 1 North Bridge Road
         #17-06, High Street Centre
         Singapore 179094


LAU'S FOOD: Pays First and Final Dividend to Creditors
------------------------------------------------------
On Jan. 3, 2007, Lau's Food (Singapore) Pte Ltd paid the first
and final dividend to its creditors.

The company paid 2.195% to all received claims.

The liquidator can be reached at:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PETROLEO BRASILEIRO: Outlines Main Projects in Growth Plan
----------------------------------------------------------
Brazil's state-run oil firm Petroleo Brasileiro SA aka
Petrobras, reported that the Brazilian Growth Acceleration Plan
or GAP launched by the federal government includes 183 of
Petrobras' Strategic Plan projects, representing investments in
the order of BRL171.7 billion in oil and gas and in renewable
fuel programs to be made by Petrobras and its partners through
2010.

The BRL171.7 billion investment, to be made through 2010 and
only in Brazil, reflects outlays already included in the 2007-11
Business Plan adjusted for revisions in costs of certain
projects already approved by Petrobras' board of directors,
which include:

       -- Rio de Janeiro State Petrochemical Complex or Comperj,
       -- Abreu e Lima Refinery in Pernambuco,
       -- ethanol export pipelines, and
       -- Gas Production Anticipation Plan or Plangas.

Underpinned by socio-environmental responsibility and
profitability principles, the Strategic Plan is in line with the
GAP's goals.

The GAP's premises for the sector include:

       -- ensuring Brazil's long-term oil self-sufficiency, with
          a minimum production 20% above Brazilian internal
          consumption, with a minimum 15-year reserve/production
          ratio, and heightened light oil production;

       -- boosting and modernizing the refining park, increasing
          Brazilian oil participation in the processed load and
          bettering byproduct quality;

       -- accelerating Brazilian gas production and offer; and

       -- ensuring leadership in the biofuel area.

The wide-ranging project portfolio Petrobras' Business Plan
encompasses for the 2007-2010 period also seeks to grow oil and
gas reserves, to expand transportation and distribution
infrastructure, and to augment alternate and renewable fuel and
energy source research and development.

To keep increasing production in the long-term as well,
Petrobras has been enhancing its exploratory portfolio and
currently has, for future exploration, upwards of a hundred
blocks it has purchased in National Petroleum, Natural Gas and
Biofuel Agency auctions, in addition to several areas overseas.
This allows it to set a production goal of some 4,556,000
barrels a day for 2015.  Meanwhile, for the latter portion of
the decade, it is expected the company's total oil and gas
production will cap at 3,493,000 barrels per day, 2,925,000
lifted from Brazilian fields.

Aside from the several ongoing projects, other relevant work
will be kicked-off in 2007, the highlights of which are the
major investments in view for the downstream area, like the
Abreu e Lima Refinery, in Northeastern Brazil, and the
Petrochemical Complex in Rio de Janeiro.

These are Petrobras System's main investment projects for the
upcoming years -- a few with partners -- that are part of the
Brazilian Growth Acceleration Program:

       -- Gas Production Anticipation Plan or Plangas

          Seeking to raise the natural gas offer in Southeastern
          Brazil, the Plangas' goal is to increase production by
          24 million cubic meters a day by late 2008, and by 39
          million cubic meters a day by the end of 2010, to 40
          million cubic meters and 55 million cubic meters,
          respectively.  With investments of BRL25 billion in
          the period, the plan involves several projects and,
          among other benefits, will improve the national power
          system's reliability by making natural gas available
          for thermal energy generation.

          a) The Plangas project includes:

             1. Mexilhao Field Development:

                located in the Santos Basin, the goal is to
                produce 15 million cubic meters of gas there
                per day.  Operations are expected to go online
                in 2009 and to involve BRL4.4 billion in
                investments.  The project includes building
                and installing a fixed platform at a depth of
                172 meters, a 145-kilometer submarine pipeline
                that will connect the offshore platform to the
                gas treatment unit that will be built in
                Caraguatatuba, from where the gas will flow
                through an onshore pipeline to Taubate, in the
                Paraiba Valley, and then distributed for
                consumption.

             2. Golfinho Field Development

                Located in the Espirito Santo sea, this field
                will be capable of producing 100 thousand
                barrels of oil and 3,5 million cubic meters of
                gas per day through a platform vessel.  With
                operations slated to be kicked off in the first
                quarter of 2007, the project involves BRL2
                billion in investments.

             3. Gas Processing Unit in Cacimbas

                The Cacimbas Pole, located in the Linhares
                municipality, some 200 kilometers away from
                Vitoria, is being revamped to attend to the
                potential natural gas production development in
                Espirito Santo.  To offload production, the
                infrastructure involves building the Cacimbas-
                Vitoria gas pipeline, scheduled to kick
                operations off in the first quarter of 2007, the
                Cabiunas-Vitoria gas pipeline, programmed for
                the Fourth quarter of 2007, and the Cabiunas-
                Reduc gas pipeline expected to be wrapped-up in
                2009.

       -- Gas pipeline construction and liquefied natural gas
          projects

          The gas pipeline network Petrobras is either currently
          constructing or that it plans to build involves total
          investments of BRL15 billion (BRL12.5 billion through
          2010) and deploying liquefied natural gas projects,
          which are budgeted at BRL5 billion (BRL2.9 billion
          through 2010).  The main projects include:

          a) Urucu-Manaus gas pipeline

             Extending for 662 kilometers, this pipeline will
             transport natural gas produced in Urucu to Manaus.
             The project includes building a pipeline between
             Urucu and Coari to flow the liquefied petroleum gas
             production.  It is slated to go online in the first
             quarter of 2008 and to involve investments nearing
             BRL1.26 billion.

          b) Southeast-Northeast Gas Pipeline or Gasene

             Designed to fully interconnect the Southeastern gas
             system to the Northeastern one, the project
             includes the Cacimbas -- Catu, Cacimbas -- Vitoria
             and Cabiunas-Vitoria sections.  Together with the
             gas pipelines in the Northeastern Network, like the
             Catu-Carmopolis (265 kilometers long, with a flow
             of 9,1 million cubic meters a day, and with
             operations foreseen to commence in the second
             quarter 2008), it involves investments of BRL4.6
             billion through 2010.

          c) Southeastern Network

             Campinas-Rio Gas Pipeline construction, which will
             extend for 453.6 kilometers, be capable of
             transporting 5.8 million cubic meters a day of
             natural gas, and involve total investments
             estimated at BRL862.5 million.

          d) Liquefied Natural Gas:

             Projects are being studied to contract converted
             vessels to regasify the liquefied natural gas that
             will be installed in the Guanabara Bay (Rio de
             Janeiro) and in the Pacem Port (Ceara).  This
             project is hoped to go online in the first quarter
             2009, involving investments of some BRL2.0 billion
             through 2010.

       -- Rio de Janeiro Petrochemical Complex

          The biggest individual project ever carried out by
          Petrobras, with total investments topping-out at BRL21
          billion (BRL8.2 billion up to 2010) and undertaken in
          partnership with private partners, the Rio de Janeiro
          Petrochemical Complex (Comperj) will be capable of
          processing 150 thousand barrels of Brazilian heavy oil
          per day.  The Complex will be formed by one Basic
          Petrochemical Product Production Unit and by six
          second-generation petrochemical units.

          The project includes the Sao Goncalo Intelligence
          Center, a logistics base in Sao Goncalo, and the oil
          supply pipeline.  Construction is expected to start
          off in the fourth quarter of 2008 and operations are
          hoped to commence in 2012.  Comperj's production will
          change the Brazilian petrochemical sector from the
          structural standpoint.  The complex's main products
          will include:

          -- in the first generation:

             * diesel fuel,
             * ethane,
             * propene,
             * benzene,
             * paraxylene, and
             * butadiene

          -- in the second generation:

             * polyethylene,
             * polypropylene,
             * PET,
             * PTA,
             * ethylene glycol, and
             * styrene.

       -- Abreu e Lima Refinery (Northeast)

          Designed to process 200 thousand barrels of heavy oil
          per day, the refinery will be constructed in
          association with Petroleos de Venezuela, the
          Venezuelan national oil company, in the state of
          Pernambuco.  Investments are foreseen for port
          infrastructure, water supply, for the construction of
          an effluent tabulation and a power transmission line,
          for oil and byproduct outflow pipelines, over and
          beyond investments in social projects in the region.

          Earthwork will commence in July 2007, deployment is
          expected for the first half of 2008, and, finally,
          operation is hoped to go online in 2012.  Total
          investments will involve some BRL10 billion (BRL5.6
          billion through 2010).  The Abreu e Lima Refinery will
          produce, in produced volume order, diesel fuel, coke,
          naphtha, liquefied natural gas, and bunker.  It will
          be aimed especially at supplying Northeastern state
          demand.

       -- Other petrochemical projects with private partners

          a) Polipropileno Paulinia SA:

             Polypropylene production unit located in Paulinia,
             with initial capacity to produce 300,000 tons a
             year, using propane produced at the Petrobras
             refineries located in the Sao Paulo municipalities
             of Paulinia (Replan) and Sao Jose dos Campos
             (Revap) as raw material.  Total investments will
             reach BRL500 million and operation is expected
             kick-off in the first half of 2008.  Production
             will be destined to the internal market and to
             exports.

          b) REGAP Acrylic Complex-MG

             Designed to produce Acrylic Acid using propene
             produced by Petrobras' refinery located in Betim,
             Belo Horizonte Metro Region.  The investments in
             question for this project are BRL1.3 billion and
             construction is expected to be wrapped-up in 2011.

          c) Petroquimica SUAPE-PE

             Plant to produce 550,000 tons per year of PTA
             (Purified Terephthalic Acid).  With production
             aimed at textile and plastic packaging industries,
             investments there will total BRL1.2 billion and
             operations slated to kick-off in 2009.

          d) Textile Project-CITEPE-PE

             This project is part of a Textile Pole in the
             Northeast, Suape Port, in Ipojuca (PE).
             Investments have been foreseen at BRL678.7 million
             and operations to commence by late 2007.

      -- Refining Park Enhancement and Modernization

         The projects to enhance and modernize Petrobras'
         refineries will broaden the processed load by 100,000
         barrels per day and raise the processed Brazilian oil
         volume by 250,000 barrels per day (from 80% to 90%
         processed load).

         The BRL22.6 billion in investments (by 2010), involving
         work in all Petrobras refineries, also hope to improve
         fuel quality, rendering it cleaner, and to have an
         important socio-environmental effect.  Improved diesel
         fuel quality will prevent emissions calculated at
         upwards of 86,000 tons of SO2 per year, contributing to
         quality of life in the cities.

      -- Vessel construction and acquisition

         Oil tanker fleet renewal foresees the construction, in
         Brazilian shipyards, of 42 units, with an initial order
         for 26 vessels, 15 of which will be delivered by 2010.
         Investments are expected to cap out at BRL4.1 billion,
         with a high rate of nationalization.  Also, two super
         oil tankers (VLCC) will be ordered before 2010.

      -- Biofuels

         a) Biodiesel

            Petrobras' biodiesel program foresees, initially,
            industrial unit installation in Candeias (BA),
            Montes Claros (MG), and Quixada (CE) with capacity
            to produce 50,000 tons per year each and with
            operations slated to begin by late 2007.  The
            program will involve total resources of the order of
            BRL570 million.  Petrobras is also analyzing the
            possibility of building other biodiesel plants, in
            partnership with the private initiative, in several
            places nationwide by 2008.  The foreseen
            availability of 855,000 cubic meters of biodiesel
            per year in 2010 will allow 2.3 million equivalent
            tons a year of carbon emissions to be prevented.

         b) Ethanol

            Initial Ethanol Export Corridor project deployment
            phase, involving the construction of ethanol
            pipelines to transport ethanol for exports.

         c) HBIO

            Technological process Petrobras developed to produce
            diesel using a petroleum and vegetable oil mix at
            conventional refineries.  The process will be
            deployed in four refineries in 2007, in Minas
            Gerais, Parana, Rio Grande do Sul, and Sao Paulo and
            will involve BRL150 million in investments.  The
            demand for vegetable oils will reach 425,000 cubic
            meters in 2010.  By 2011, HBIO will also be produced
            in Petrobras' other refining units in Brazil.

         d) Production -- self-sufficiency maintenance

            Seeking to maintain Brazil's oil self-sufficiency,
            Petrobras has a portfolio that includes dozens of
            projects and will involve BRL81 billion in
            investments in exploration and production through
            2010.  The main projects include:

            1. Marlim Leste Development (P-53)

               Installation of an FPSO-type platform vessel
               (P-53), capable of lifting 180,000 barrels per
               day, expected to go online in the first quarter
               of 2008 in the Campos Basin.

            2. Marlim Sul Development (P-51)

               Installation of a semi-submersible-type platform
               (P-51), the first of the type built entirely in
               Brazil, with operations set to commence in the
               first quarter 2008 and capacity to produce
               180,000 barrels in the Campos Basin.

            3. Roncador Module 1 Development (P-52)

               Installation, in the first quarter of 2007, of a
               semi-submersibletype platform (P-52) with
               capacity to produce 180,000 barrels per day in
              the Campos Basin.

            4. Roncador Module 2 Development (P-54)

               Use of a platform vessel (FPSO), called P-54, to
               be installed during the third quarter 2007 and
               capable of lifting 180,000 barrels per day.
               Campos Basin.

            5. Piranema Field Development (SE)

               Installation of a floating platform to produce
               30,000 barrels of high-quality light oil per day,
               in the second quarter 2007, in the Sergipe Basin.

            6. Frade Field Development (RJ)

               Installation of a floating platform to produce
               100,000 barrels per day in 2009.

            7. Jubarte Field Development Phase 2 (ES)

               Installation of platform P-57, to be contracted,
               with capacity to produce 180,000 barrels per day
               and foreseen to go online in 2010.

            8. Roncador Field Development Phase 2 (RJ)

               Installation of a floating platform, P-55, to be
               contracted, with capacity to produce 180,000
               barrels per day and foreseen to go online in
               2011.

       -- Exploration

          Intensifying the exploratory activity (the search for
          new oil fields) is vital to ensure long-term self-
          sufficiency sustainability.  The exploration
          activities undertaken through 2010 will have special
          impact on production after this period, allowing
          Brazil to maintain production above the country's
          byproduct demand.

          Petrobras will invest BRL15.5 billion in exploration
          through 2010.  Including investments made by other
          companies (partners and third-parties), the resources
          to be invested in oil exploration in the PAC are
          estimated at BRL23.5 billion through 2010.

          The high investments in Brazil, in the coming years,
          will allow Petrobras to maintain the robust growth
          goals the company has taken-on for its several
          activities since 2003, with emphasis on the country's
          industrial development.  Oil production will continue
          on the rise simply with the use of reserves that have
          already been discovered and with the deployment of the
          projects that have already been defined and are
          currently in motion.

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.

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: Posts 1.92 Mil. Barrels Per Day 2006 Output
----------------------------------------------------------------
Brazil's state-owned oil firm Petroleo Brasileiro SA aka
Petrobras said in a statement that its average domestic and
international production increased 3.95% to 1.92 million barrels
per day in 2006, compared with 2005.

Business News Americas relates that Petrobras' domestic output
increased 5.56% to 1.78 million barrels per day.  Its
international production in eight countries decreased 12.7% to
142,200 barrels per day.

According to BNamericas, Petrobras' international output came
from operations in:

   -- Angola;

   -- Argentina;

   -- Bolivia;

   -- Colombia;

   -- Ecuador;

   -- Peru;

   -- Venezuela; and

   -- the US.

BNamericas notes that Argentine production made up the bulk of
the production with 62,059 barrels per day.

Of domestic production, offshore and onshore production was 1.55
million barrels per day and 232,000 barrels per day
respectively, Petrobras said in a statement.

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

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.


SEAGATE TECH: Reports US$3-Billion Revenue in Qtr. Ended Dec. 29
----------------------------------------------------------------
Seagate Technology reported revenue of US$3 billion for the
quarter ended Dec. 29, 2006.

Included in the US$3 billion of revenue is approximately
US$200 million from legacy Maxtor designed products.  Net income
and diluted earnings per share includes approximately US$76
million  of charges directly associated with the Maxtor
acquisition and US$19 million for the early retirement of the 8%
notes.

For the six months ended Dec. 29, 2006, Seagate reported revenue
of US$5.8 billion.  Net income and diluted earnings per share
includes charges of approximately US$158 million directly
associated with the Maxtor acquisition, US$19 million for the
early retirement of the 8% notes and a US$3 million favorable
adjustment to the restructuring reserve.

Adjustments made to GAAP net income and diluted earnings per
share can be found with the financial statements included with
this press release.

"Seagate just delivered the industry's first US$3 billion
quarter, and 30% growth over our year-ago quarter," Seagate
chief executive officer Bill Watkins said.

"These results are driven by the explosive growth in digital
content and the resulting growth in demand for storage, as well
as by our ability to deliver a broadening suite of products to a
growing set of customers.

"This solid quarter reflects better than expected desktop
pricing during the quarter, the successful transition of Maxtor
customers to more cost-effective, higher margin Seagate
products, and continued operational excellence.

"With the Maxtor integration substantially complete and exciting
new products hitting the market in the current quarter, Seagate
is on a path to further increase profitability in the
traditionally slower back half of the fiscal year.

"During the December quarter, we shipped a record 7 million disc
drives for consumer electronics applications, increased our
shipments into the mobile compute market by 52% year-over-year,
and continued to solidify our substantial lead in the enterprise
and desktop markets.

"Additional highlights of the quarter include the start of OEM
qualification of Seagate's 1.8-inch products; the successful
launch of the re-branded Seagate and Maxtor external storage
products which included four new Seagate external storage
solutions; and the expansion of Seagate's services business with
the announced acquisition of EVault, Inc.

"Our employees have much to be proud of as I believe Seagate's
product and operational execution, as well as the company's
market presence and visibility, have never been stronger.  We
have laid the foundation for continued success and growing
profitability in 2007."

                    About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Thailand and Singapore.

                          *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


VALEANT PHARMA: Moody's Confirms B2 Rating with Stable Outlook
--------------------------------------------------------------
Moody's Investors Service confirmed the ratings of Valeant
Pharmaceuticals International, including the B2 Corporate Family
Rating, and concluded the rating review for possible downgrade,
which was first initiated on October 23, 2006.  Valeant's rating
outlook is now stable.

The rating action follows the company's recent filing of its
Form 10-Q for the period ended September 30, 2006, and its
amended Form 10-K for the period ended December 31, 2005.  The
restatement follows Valeant's review of its stock option
granting practices.

In Moody's view, Valeant's restated financial statements had
minimal to no effect on previously reported revenue, cash flow,
cash balances, or debt.  Valeant's filing of its delinquent Form
10-Q alleviates Moody's concern about potential debt
acceleration that might have happened had Valeant not filed its
statements within 60 days of the trustees' declaration of a
notice of default.

Valeant's B2 Corporate Family Rating reflects its relatively
small scale as a specialty pharmaceutical manufacturer along
with its concentrated focus among three therapeutic categories -
Dermatology, Infectious Diseases, and Neurology.  Valeant's
scale, based on revenue, maps to the "B" category according to
Moody's Global Pharmaceutical Rating Methodology.

Moody's anticipates that the company's cash flow to debt ratios
for the next several years will remain reflective of a "B2"
rating based on the ranges specified in our Global
Pharmaceutical Rating Methodology.  Although Valeant launched
two new products in 2006, Moody's believes that an improvement
in cash flow to debt could be delayed by these challenges:

   (1) setbacks in the Viramidine clinical development program;

   (2) boosting sales of newly-launched products, like Zelapar
       and Cesamet, without a substantial increase in
       promotional spending; and

   (3) finding suitable external partners in which the company
       can enter co-development agreements for several late-
       stage pipeline products.

To consider a ratings upgrade, Moody's would expect CFO/Debt
sustained at approximately 15% (or higher) and FCF/Debt at
approximately 10% (or higher); these levels represent the high
ends of the "B" category outlined in our methodology.
Successful approval and launch of Viramidine may be necessary
for Valeant to achieve these ratios.

Although not expected, downward rating pressure could result
under these scenarios:

   (1) a decline in CFO/Debt to below 5%;

   (2) a significant negative development in the Viramadine
       clinical development program; or

   (3) a sizeable cash-financed acquisition that pressures the
       company's cash coverage of debt and cash flow to debt
       ratios.

Ratings confirmed:

   -- B2 Corporate Family Rating;

   -- B1 Probability of default rating; and

   -- Ba3 (LGD3, 39%) senior unsecured notes of US$300 million
      due 2011.

Moody's does not rate Valeant's 3% convertible subordinated
notes of US$240 million due 2010 or its 4% convertible
subordinated notes of US$240 million due 2013.

                          *     *     *

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty
pharmaceutical company with US$823 million of 2005 revenues.  It
has offices in Singapore and Taiwan.


WALKER ASIA: Liquidators to Receive Claims Until Feb. 23
--------------------------------------------------------
Walker Asia Entertainment Pte Ltd, which is in members'
voluntary liquidation, will be receiving proofs of debt from its
creditors until Feb. 23, 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:

         Bob Yap Cheng Ghee
         Neo Ban Chuan
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


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

SIAM CITY: Directors Appoint Chaiwat as President
-------------------------------------------------
Siam City Bank's board of directors appointed Chaiwat Uthaiwan
as the bank's new president effective March 15, 2007.

The appointment of Mr. Chaiwat came after last year's
resignation of former president Arun Chirachavala.

Sompol Kiatphaibool, the bank's chairman said that the board
agreed that Mr. Chaiwat was a suitable candidate to help realize
Siam City's visions with his strong experience in retail banking
and banking technology.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 1, 2006, Siam City's board of directors favored Lersak
Chuladesa, a first senior executive vice-president with the
bank, to take up the top position.

However, Bank of Thailand's Financial Institutions Development
Fund -- SCIB's single-largest shareholder with a 47.58% stake --
supported former Bank of Asia president Chulakorn Singhakowin.
Mr. Chulakorn posted the highest score based on the evaluation
of the search committee, the TCR-AP noted.

With the conflict, the bank's directors subsequently agreed to
delay the nomination and eliminate a formal search process in
order to avoid a showdown with the central bank on the issue,
The Nation says.

Mr. Lersak withdrew his candidacy, which reasons remain unknown.

Mr. Chaiwat is CEO of AIG Finance and country manager of the AIG
Consumer Finance Group.  Before taking over at AIG Finance, he
was a high-ranking executive at Thai Danu Bank, which has since
been integrated into TMB Bank.

                          *     *     *

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.


TMB BANK: Must Raise New Capital, Finance Minister Says
-------------------------------------------------------
Thailand's Finance Minister M.R. Pridiyathorn Devakula says TMB
Bank Pcl must raise new capital by mid-year to shore up the
bank's finances, the Bangkok Post reports.

Mr. Pridiyathorn, according to the report, rejected a proposal
to write down the bank's par value to clear its accumulated
losses.  He also dismissed the call for TMB president Subhak
Siwaraksa to resign after the bank posted a 2006 net loss of
THB12.28 billion.

TMB's losses, which represented a sharp turnaround from its 2005
profit of THB7.8 billion, stemmed from THB11.7 billion charge
for doubtful accounts and restructuring losses as a result of
the new IAS 39 accounting standards, the paper explains.

IAS 39, which took effect as of the end of 2006, sharply
increased the need for financial institutions to set aside
provisions against distressed assets, the paper adds.

According to the Post, a par value write down would allow the
bank to clear the losses through accounting changes but they
would prove complicated for the Finance Ministry, as it would
essentially result in losses for the state.

Two of the largest shareholder of TMB  -- the Finance Ministry
and Singapore's DBS Bank -- pledged support for a
recapitalization.

                          *     *     *

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

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

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

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Advance Healthcare Group Ltd.     AHG      16.47       -4.93
Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
RP Data Ltd                       RPX      24.25       -6.30
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      97.05      -70.08


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International
  Holdings Limited               2994      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      20.12      -42.96
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Kelon Electrical
   Holdings Co Ltd                921     685.74      -96.88
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiamusi Paper Co. Ltd.            699     120.30      -56.84
Jiangxi Paper Industry
   Co., Ltd                    600053      19.58      -12.80
Junefield Department
   Store Group Limited            758      16.80       -6.34
Lan Bao Tech. Information
   Co., Ltd                       631     191.26      -16.49
Loulan Holdings Limited          8039      13.01       -1.04
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     242.25      -21.46
New World Mobile Holdings Ltd     862     295.66      -12.53
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   and Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information
   Industry Group Co.             517      88.67      -18.67
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.04       -9.31
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Sporting and
  Touring Goods Co. Ltd.          925      21.43      -33.33


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Tsuchiya Twoby Home Co., Ltd.    1753      24.01       -2.05
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Ark Resources Bhd                 ARK      25.91      -28.35
Antah Holdings Bhd                ANT     184.60      -98.30
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      50.74      -25.55
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     188.83      -60.07
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Sateras Resources Bhd             SRM      43.84      -27.08
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Geograce Resources Phils. Inc.    GEO      24.18       -1.81
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.54
China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      57.98       -5.20
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      12.69       -6.13
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********

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

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

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


                            *********


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

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Nolie Christy Alaba, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano,
Catherine Gutib, Tara Eliza Tecarro, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

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

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

                 *** End of Transmission ***