TCRAP_Public/070131.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

          Wednesday, January 31, 2007, Vol. 10, No. 22

                            Headlines

A U S T R A L I A

BARCLAYS SERVICES: Members' Final Meeting Slated for Feb. 28
COHEN PRINTING: Members Opt to Liquidate Business
COLIN MARSDEN: Enters Voluntary Liquidation
DALLEN DESIGN: Liquidator to Present Wind-Up Report on March 2
FIRST CLASS: Final Meeting Fixed for March 5

KOPPERS INVESTMENT: Schedules Members' Final Meeting on Feb. 20
MARCO POLO: To Declare First and Final Dividend on March 6
MONDI PAPER: Members Decide to Shut Down Firm
NEWPAGE PTY: B. K. Hamilton to Act as Receiver and Manager
REAT PTY: Members and Creditors to Receive Wind-Up Report

SYMBION HEALTH: Moody's Reviews Ba1 Rtg. for Possible Downgrade
TRUE TELECOM: Members Resolve to Wind Up Operations
WARRAGABURRA PASTORAL: Members Pass Resolution to Wind Up Firm
WESTPOINT GROUP: Court Extends Orders Appointing Receivers
WESTPOINT GROUP: Court Extends Orders Against Burnard Parties


C H I N A   &   H O N G  K O N G

CERBERUS INVESTMENTS: Shareholders Decide to Close Business
CITIC BANK: Plans on Mainland and H.K. Listing by First Half '07
CITIC PACIFIC: Expects to Book HK$1.8 Billion in Unit's Spin-Off
EXPRESSWAY INTERNATIONAL: Wind-Up Hearing Slated for Feb. 21
FONG ON: To Receive Proofs of Debt Until February 9

HONGKONG DASHUN: Court Sets Wind-Up Hearing on February 7
MAN CHUNG: Creditors Must Prove Debts by February 26
MEDIFACTS INT'L: Files for Chapter 11 Protection in Delaware
MEDIFACTS INT'L: Case Summary & 20 Largest Unsecured Creditors
MOULIN HOLDINGS: Creditors Nominate Joint Liquidators

ORIENTAL YOUTH: Enters Wind-Up Proceedings
PHILIPS MEDICAL: Messrs. Chan and Ho Cease to Act as Liquidators
ROAD KING: Moody's Reviews Ba1 Rating for Possible Downgrade
ROAD KING: Long Term BB+ Credit Rating Placed on WatchNeg by S&P
ROAD KING: Fitch Places BB+ Long Term Default Rating on WatchNeg

STAR CRUISES: Moody's Probes on B1 Rating for Possible Downgrade
TAIWAN COOPERATIVE: S&P Keeps Fundamental Strength Rating at C
TIAN AN: Members to Receive Wind-Up Report
TOP LEAD: Members Opt to Wind Up Firm
TWIN-STAR INTERNATIONAL: Members' Final Meeting Set for Feb. 27

UNIVERSAL TREND: Placed Under Voluntary Wind-Up
* CBRC Hands Penalties to 49 Bankers for Approving Illegal Loans


I N D I A

BRITISH AIRWAYS: Cabin Crew Union Cancels Strike Action
CABLE & WIRELESS: Philip Green Sells 250,000 Ordinary Shares
EXIM BANK: Extends US$11-Mil. Credit Line to Senegal Government
EXIM BANK: Extends US$7.5-Mil. LOC for Pump Export in Jamaica
FEDERAL BANK: Net Profit Up 17% in Quarter Ended Dec. 31, 2006

GENERAL MOTORS: S&P Says Result Restatement Won't Affect Ratings
GENERAL MOTORS: Recalls 100,000 Chevrolet Cobalt Small Sedans
HINDUSTAN COPPER: Net Profit Soars in Qtr. Ended Dec. 31, 2006
HMT LTD: Posts INR44.9-Mil. Net Loss in December '06 Quarter
NOVELL INC: Receives NASDAQ Notice of Non-Compliance

* Fitch Remains Cautiously Optimistic on Indian Banks' Prospects


I N D O N E S I A

ALCATEL-LUCENT: To Publish 4Q and 2006 Results on Feb. 9, 2007
ANEKA TAMBANG: May Invest Up To US$240 Mil. in Kalimantan Mine
CORUS GROUP: CSN Says Iron Ore Legal Dispute Won't Harm Bid
GOODYEAR TIRE: C. Mick & J. Copeland Named to New Lead Posts
HUNTSMAN CORP: UK Unit Completes US$685-Mln Equity Sale to SABIC

MCDERMOTT INT'L: Wins Reliance Industries Oilfield Contract
NORTEL NETWORKS: Ontario Court Approves US$2.5-Bil. Settlement
NORTEL NETWORKS: Citigroup Analyst Lifts Rating to "Buy"
PERTAMINA: Acknowledges Oil Production Costs Are Still High
TELKOM INDONESIA: Fitch Revises IDR Rating Outlook To Positive


J A P A N

ALITALIA SPA: Paolo Alazraki Unveils EUR5-Billion Recovery Plan
ALITALIA SPA: Sets February Meeting to Elect New Board
ALITALIA SPA: Won't Deny Nor Confirm EUR400-Mln 2006 Net Loss
COREL CORP: Earns US$9.4 Million in Fourth Quarter 2006
DAIWA SECURITIES: Discloses Low Profits For Third Quarter 2006

EDDIE BAUER: 4th Qtr. Ended Dec. 30 Net Sales Up by US$4 Million
FIDELITY NATIONAL: Completes Refinancing of Credit Facilities
FIDELITY NATIONAL: Fitch Rates New US$3BB Sr. Facilities at BB+
FORD MOTOR: Posts US$12.75-Billion Net Loss in 2006
NIKKO CORDIAL: Current Executives to Look Into Payoffs Issue


K O R E A

ARAMARK CORP: Investor Group Completes Merger with Firm
HYUNDAI CARD: Fitch Assigns 'C' Individual Rating
LG TELECOM: Profit for 4th Qtr. Up 34% on Increased Subscribers
INDUSTRIAL BANK OF KOREA: Raises JPY50 Bil. from Samurai Bonds
SK CORP: Signs Olefin Technology-Development Deal with KBR


M A L A Y S I A

EKRAN BERHAD: Bursa Extends Plan Filing Deadline to March 7
FA PENINSULAR: Deadline to File Plan Extended Until February 7
FEDERAL FURNITURE: Lenders OK DRA Completion Period to March 15
FOREMOST HOLDINGS: Plan Filing Deadline Extended to March 9
HALIFAX CAPITAL: Bourse Extends Plan Filing Deadline to March 7

JOHAN CERAMICS: Receives Take-Over Offer from Lambaga Tabung


N E W   Z E A L A N D

ALL SET CARS: Taps Official Assignee as Liquidator
ANDREW APPLIANCE: Faces Liquidation Proceedings
BRIGHT WOOD: To Close Business by Mid-March, Site to be Sold
NZ STONE: Liquidation Hearing Slated for February 8
PIXELISE LTD: Appoints Joint Liquidators

RELYT HOLDINGS: Shareholders Name Merlo as Liquidator
SAMRAT INDIAN: Creditors Must Prove Debts by February 9
SATCOM TELEVISION: Court to Hear Liquidation Hearing on Feb. 5
WAI ARIKI: Court Hears Liquidation Petition Today


P H I L I P P I N E S

BANK OF THE PHIL. ISLANDS: Posts PHP582-B Total Resources in '06
MANILA MINING: Receives Exploration Permit from Mines Bureau
MAYNILAD WATER: MWSS and DMCI-MPIC Seals US$503-Million Deal
PHILIPPINE AIRLINES: Receives Aviation Award from Sydney Firm
PHILIPPINE AIRLINES: To Expand Capacity in Davao

PILIPINO TELEPHONE: Annual Stockholders' Meeting Set for May 7
PILIPINO TELEPHONE: Appoints SGV as Independent Auditors
* RP's Economic Freedom Remains Low, Heritage Survey Says


S I N G A P O R E

CADPO ASIA: Creditors Must Prove Debts by February 26
CHINA AVIATION: Extends Proposed Asset Injection by 6-9 Mos.
CHINA AVIATION: Sells 41% Xinyuan's Shares to Juzhengyuan
CHEMTURA CORP: Names Edward P. Garden to Board of Directors
FRONT PAGE: Pays First & Final Preferential Dividend

KIM THYE: Undergoes Liquidation Proceedings
READER'S DIGEST: Earns US$62 Mil. in Second Qtr. Ended Dec. 31
SHIN TAI: Creditors Must File Proofs of Debt by February 26
STATS CHIPPAC: Posts US$76.81 Million Profit for 4th Qtr. 2006
TOSHALI MARKETING: Court Set to Hear Wind-Up Petition on Feb. 2


T H A I L A N D

PICNIC CORP: KTAM Seeks Probe on Possible Mishandling of Funds
THAI PROPERTY: Board Okays THB2.51B Registered Capital Increase
THAI PROPERTY: Seeks Extension on Debt Payment to Advance P.E.C.
TMB BANK: Fitch Cuts Hybrid Tier 1 Rating to B


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

BARCLAYS SERVICES: Members' Final Meeting Slated for Feb. 28
------------------------------------------------------------
The final meeting of the members of Barclays Services Pty Ltd
will be held on Feb. 28, 2007, at 10:30 a.m., to consider the
liquidator's account of the company's wind-up proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Feb. 2, 2006.

The liquidator can be reached at:

         Anthony Warner
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.crswarnersanderson.com.au

                    About Barclays Services

Barclays Services Pty Limited gives investment advice.

The company is located in New South Wales, Australia.


COHEN PRINTING: Members Opt to Liquidate Business
-------------------------------------------------
At an extraordinary general meeting held on Jan. 18, 2007, the
members of Cohen Printing Pty Ltd passed a special resolution to
voluntarily liquidate the company's business.  Accordingly,
David Charles Williamson was appointed as liquidator.

The Liquidator can be reached at:

         David Charles Williamson
         21 Merewether Street, Newcastle
         New South Wales
         Australia

                      About Cohen Printing

Cohen Printing Pty Ltd operates miscellaneous retail stores.

The company is located in New South Wales, Australia.


COLIN MARSDEN: Enters Voluntary Liquidation
-------------------------------------------
At a general meeting held on Jan. 4, 2007, the members of Colin
Marsden Pty Ltd passed a special resolution to voluntarily
liquidate the company's business and distribute the proceeds of
its assets disposal.

The liquidator can be reached at:

         Eric P. Marsden
         12 Mary Street
         Como, Western Australia 6152
         Australia

                       About Colin Marsden

Colin Marsden Pty Ltd is an investor relation company.

The company is located in Western Australia, Australia.


DALLEN DESIGN: Liquidator to Present Wind-Up Report on March 2
--------------------------------------------------------------
Dallen Design Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on March 2, 2007, at
10:00 a.m.

During the meeting, David G. Young, the appointed liquidator,
will present a report regarding the company's wind-up
proceedings and property disposal exercises.

The Liquidator can be reached at:

         David G. Young
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney
         Australia

                       About Dallen Design

Dallen Design Pty Ltd-- http://www.dallendesign.com.au--  
creates quality apparel for some of Australia's corporations for
more than 25 years.

The company is located in New South Wales, Australia.


FIRST CLASS: Final Meeting Fixed for March 5
--------------------------------------------
The final meeting of the members and creditors of First Class
Ballooning Pty Ltd, which is in liquidation, will be held on
March 5, 2007, at 10:00 a.m.

At the meeting, the liquidators will present an account of how
the company was wound up and its properties disposed of.

The joint liquidators can be reached at:

         Peter G. Burton
         Brian H. Allen
         c/o Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia
         Telephone:(02) 9904 4644
         Facsimile:(02) 9904 9644

                        About First Class

First Class Ballooning Pty Limited -- trading as Balloons Aloft
-- is engaged with air transportation that is non-scheduled.

The company is located in New South Wales, Australia.


KOPPERS INVESTMENT: Schedules Members' Final Meeting on Feb. 20
---------------------------------------------------------------
Koppers Investment Subsidiary Pty Ltd will hold a final meeting
for its members on Feb. 20, 2007, at 10:00 a.m., to consider the
liquidator's account of the company's wind-up proceedings and
property disposal exercises.

The Troubled Company Reporter - Asia Pacific has reported that
the company entered voluntary wind-up on Oct. 16, 2006.

The liquidator can be reached at:

         Stephen Noel Armstrong
         Allworths Chartered Accountants
         Level 9, St Martins Tower Sydney
         New South Wales
         Australia

                     About Koppers Investment

Koppers Investment Subsidiary Pty Ltd is a distributor of blast
furnaces and steel mills.

The company is located in New South Wales, Australia.


MARCO POLO: To Declare First and Final Dividend on March 6
----------------------------------------------------------
Marco Polo Social & Sporting Club Ltd, which is in liquidation,
will declare a first and final dividend on March 6, 2007.

In this regard, creditors are required to submit their proofs of
debt by Feb. 21, 2007, to be included in the dividend
distribution.

The liquidator can be reached at:

         W. B. Rangott
         Rangott Slaven
         Australia
         Web site: http://www.rangottslaven.com.au

                        About Marco Polo

Marco Polo Social & Sporting Club Ltd provides amusement and
recreation services.

The company is located in New South Wales, Australia.


MONDI PAPER: Members Decide to Shut Down Firm
---------------------------------------------
The members of Mondi Paper Sales Australia Pty Ltd met on
Jan. 18, 2007, and passed a special resolution to voluntarily
wind up the company's operations.

Accordingly, Murray Smith was appointed as liquidator.

The Liquidator can be reached at:

         Murray Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2600
         Web site: http://www.mcgrathnicol.com

                        About Mondi Paper

Mondi Paper Sales Australia Pty Ltd is a distributor of printing
and writing paper.

The company is located in New South Wales, Australia.


NEWPAGE PTY: B. K. Hamilton to Act as Receiver and Manager
----------------------------------------------------------
On Dec. 29, 2006, Elderslie Finance Corporation Ltd and Peter
Alexis George appointed Barry Kenneth Hamilton as receiver and
manager of the property of Newpage Pty Ltd.

The Receiver and Manager can be reached at:

         Barry Kenneth Hamilton
         B. K. Hamilton & Associates
         Hobart, Tasmania
         Australia

                       About Newpage Pty

Newpage Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


REAT PTY: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Reat Pty Ltd will meet on Feb. 23,
2007, at 1:30 p.m., to receive the liquidator's report regarding
the company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
members appointed Jason Bettles as the company's liquidator on
June 29, 2006.

The Liquidator can be reached at:

         Jason Bettles
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia
         Web site: http://www.worrells.net.au

                         About Reat Pty

Reat Pty Ltd operates apartment buildings.

The company is located in New South Wales, Australia.


SYMBION HEALTH: Moody's Reviews Ba1 Rtg. for Possible Downgrade
---------------------------------------------------------------
On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade.

"The action follows the company's announcement that it has
received a ownership proposal from Primary Health Care Limited
(unrated)," says Peter Fullerton, a Moody's AVP/Analyst.

"Although the Symbion board did not believe that this proposal
was in the best interests of shareholders, Moody's considers
that Primary Health Care's acquisition so far of a 5.25% equity
stake, has materially raised the potential for the launch of
further proposals by either Primary Health Care or other market
participants," says Mr. Fullerton, who is based in Moody's
Sydney office.

"Such proposals, to the extent that they emerge, could impact
the company's financial and operating profile," Mr. Fullerton
further says.

Moody's notes the presence of a number of covenant protections
in Symbion's bank facility agreement, including change of
control provisions and financial covenants, which would
potentially restrict further indebtedness.

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


TRUE TELECOM: Members Resolve to Wind Up Operations
---------------------------------------------------
On Jan. 17, 2007, the members of True Telecom Pty Ltd met and
resolved to voluntarily wind up the company's operations.

At the creditors' meeting held that same day, Brent Trevor Alex
Kijurina was appointed as liquidator.

The Liquidator can be reached at:

         Brent Trevor Alex Kijurina
         Smith Hancock
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                       About True Telecom

True Telecom Pty Limited is engaged with telephone
communications, except radiotelephone.

The company is located in New South Wales, Australia.


WARRAGABURRA PASTORAL: Members Pass Resolution to Wind Up Firm
--------------------------------------------------------------
On Oct. 27, 2006, the members of Warragaburra Pastoral Co Pty
Ltd met and passed a special resolution to voluntarily wind up
the company's operations.

Subsequently, an ordinary resolution was passed nominating
Stephen John Rogers as liquidator.

The Liquidator can be reached at:

         Stephen John Rogers
         Nexia Court & Co
         Chartered Accountants
         Level 29, Australia Square
         264 George Street
         Sydney, New South Wales 2000
         Australia

                   About Warragaburra Pastoral

Warragaburra Pastoral Co Pty Ltd is engaged with beef cattle
feedlots.

The company is located in New South Wales, Australia.


WESTPOINT GROUP: Court Extends Orders Appointing Receivers
----------------------------------------------------------
The Australian Securities and Investments Commission has
obtained orders from the Federal Court in Perth extending the
orders previously made by the Court to appoint receivers to the
assets of a number of company directors and companies associated
with the Westpoint Group, including Norman Phillip Carey.

In a hearing before the Honorable Justice French in late
December 2006, the ASIC said that it was seeking an extension to
the asset-freezing orders while its investigations continued
because it is concerned that there is a real risk that the
assets of various individuals and companies associated with
Westpoint might be shifted or dissipated to the detriment of
creditors.

The ASIC also sought a receivership order in relation to
Silkchime Pty Ltd, similar to those made previously in relation
to other companies in the Westpoint Group and an asset
preservation order made in relation to Healthcare Properties Pty
Ltd.

In a decision handed down on Jan. 29, 2007, the Federal Court
indicated that the orders previously made against Mr. Carey and
five companies will be extended until June 30, 2007:

   1) Richstar Enterprises Pty Ltd,
   2) Westpoint Realty Pty Ltd,
   3) Bowesco Pty Ltd,
   4) Redchime Pty Ltd, and
   5) Keypoint Developments Pty Ltd

In addition, the Court ordered that receivers be appointed to
Silkchime Pty Ltd and an asset preservation order made in
relation to Healthcare Properties Pty Ltd. (which had already
had receivers separately appointed to it).

Orders against Graeme John Rundle, Cedric Richard Palmer Beck,
and John Norman Dixon were extended by consent.  Mr. Rundle
agreed to those orders being extended to June 16, 2007, while
Messrs. Beck and Dixon agreed to those orders being extended to
April 20, 2007.

The Court rejected an alternate regime of Court-appointed
supervision proposed by Mr. Carey in relation to his personal
assets and those of various companies associated with him.

Mr. Carey and the companies associated with him had acknowledged
that some form of Court-ordered supervision was appropriate, but
argued that the regime of Court-appointed receivership
previously imposed should be substituted for a looser regime of
Court-appointed supervision, allowing the expenditure of up to
AU$25,000 per week by the affected companies without approval by
any court appointed expert (but with those expenditures being
reviewed by a court appointed accountant on a monthly basis).

However, the Court rejected the alternate proposal.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


WESTPOINT GROUP: Court Extends Orders Against Burnard Parties
-------------------------------------------------------------
On Oct. 27, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Supreme Court of New South Wales, by consent
and without admissions, has extended orders against Neil Austin
Burnard and Palentia Pty Ltd (Palentia), formerly known as
Kebbel (NSW) Pty Ltd. (NSW) Pty Ltd.

According to the TCR-AP, Justice White extended orders
preventing Mr. Burnard and Palentia from disposing of their
assets until 5:00 p.m. on Jan. 29, 2007.

On that date, the Supreme Court of New South Wales further
extended the orders against Mr. Burnar, Palentia, Jennifer Lee
Robbins, and BDI Pty Ltd in proceedings brought by the
Australian Securities and Investments Commission.  The orders
were extended by consent and without admissions to July 30,
2007.

On Dec. 26, 2006, the TCR-AP reported that the ASIC sought and
obtained ex parte orders from the Court preventing Ms. Robbins
and BDI from selling or disposing of certain properties without
first having given the ASIC 14 clear days written notice of its
intention to do so.

Ms. Robbins is Mr. Burnard's wife.  BDI is the trustee of
several trusts of which members of the Burnard family are
beneficiaries. Ms. Robbins is the only shareholder of BDI.  The
couple is the sole directors.

The orders prevent Mr. Burnard and Palentia from disposing of
their assets until 5 p.m. on July 30, 2007, subject to Mr.
Burnard and Palentia paying certain expenses including ordinary
living and operating expenses, school fees for Mr. Burnard's
children, and legal expenses.

The orders prevent Ms. Robbins from selling or disposing of
certain properties without first having given the ASIC 14 clear
days written notice of the intention to do so.

In relation to other properties that have already been sold, the
orders direct BDI:

   (a) to pay the proceeds of sales into an interest-bearing
       account with the National Australia Bank in the name of
       BDI; and

   (b) not to transfer or otherwise deal with the proceeds
       without first having given ASIC 14 clear days written
       notice of the intention to do so.

The orders also direct the Supreme Court to deliver any
passports of Mr. Burnard held by it to ASIC.  ASIC had
previously obtained orders restraining Mr. Burnard from leaving
the country and to deliver up all passports to the Supreme
Court.

The parties have liberty to apply to the Supreme Court in
relation to these orders.

The matter will return to the Supreme Court of New South Wales
for a further hearing at 10 a.m. on July 30, 2007.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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

CERBERUS INVESTMENTS: Shareholders Decide to Close Business
-----------------------------------------------------------
On Jan. 16, 2007, the shareholders of Cerberus Investments Ltd
decided to voluntarily wind up the company's operations and
appointed Andrew David Ross and Bruno Arboit as joint and
several liquidators.

The Joint and Several Liquidators can be reached at:

         Andrew David Ross
         Bruno Arboit
         12/F, China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road, Central
         Hong Kong


CITIC BANK: Plans on Mainland and H.K. Listing by First Half '07
----------------------------------------------------------------
CITIC Bank Co Ltd plans on a dual listing by simultaneous public
share offerings in the mainland and in Hong Kong in the first
half of this year, the People Daily reports.

The dual listing aims to raise HK$21.8 billion, the paper adds.

"All the preparations for the dual listings are in order and the
bank is waiting for regulatory approval," People Daily cites the
China Securities Journal quoting an anonymous bank official, as
saying.

The Troubled Company Reporter - Asia Pacific on Jan. 9, 2007,
reported that China CITIC Bank has been transformed into a
joint-stock company and is likely to list this year.  In
addition, the bank changed its name to CITIC Bank Co., Ltd.

According to the TCR-AP, CITIC Bank submitted its share reform
plan to the State Council in May 2005.  Its president Chen
Xiaoxian has said the bank will list in Hong Kong early this
year and later on mainland stock markets.

The People Daily relates that by listing on the mainland and in
Hong Kong, the bank strengthens its corporate governance in line
with international practice and raise more capital.

                          *     *     *

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group.  The Troubled
Company Reporter - Asia Pacific on Nov. 27, 2006, reported that
Banco Bilbao Vizcaya Argentaria entered into an agreement to buy
5% stake in CITIC Bank for EUR501 million.

On September 11, 2006, Fitch Ratings affirmed the Individual D/E
and Support 3 ratings of China CITIC Bank.  The ratings outlook
is stable.

China CITIC Bank's Individual rating reflects its strengthened
financial profile, bolstered by recent capital injections from
its parent, CITIC Group, and the introduction of much-improved
risk management systems.

With 416 branches, CITIC Bank had total assets of CNY689.5
billion at the end of September, 11.84 percent up on the end of
2005.

It raked in a pre-tax profit of CNY5.7 billion from January to
September last year, with its non-performing loan ratio down to
2.79% and a capital adequacy ratio of 9.18%.


CITIC PACIFIC: Expects to Book HK$1.8 Billion in Unit's Spin-Off
----------------------------------------------------------------  
CITIC Pacific may book a profit of about HKUS$1.8 billion
through the spin-off of its telecom business, CITIC 1616, The
Standard reports citing market sources.

According to the paper, CITIC Pacific may sell up to 35% of
existing shares of CITIC 1616 to boost profit for this year
while the new shares will account to about 10% of the telecom
subsidiary.

CITIC Pacific also plans to list its subsidiary with a price-to-
earnings multiple of at least 20 times this year to raise US$300
million by the end of March, sources told The Standard.

Meanwhile, as reported by the Troubled Company Reporter - Asia
Pacific on Jan. 17, 2007, CITIC Pacific tapped BNP Paribas to
help arrange the planned spin-off of its subsidiary.

                            About CITIC 1616

CITIC 1616 is a wholly owned subsidiary of CITIC Pacific.  CITIC
1616 Group is principally engaged in the provision of value
added services to telecom operators with a focus on China and
Hong Kong telecom market through the operation of a neutral and
independent telecom hub.  Through its telecom hub, CITIC 1616
Group handles both traditional international voice calls,
roaming voice and advanced Mobile VAS, including SMS and
roaming-enhanced services.
  
                          *     *    *

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of  
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


EXPRESSWAY INTERNATIONAL: Wind-Up Hearing Slated for Feb. 21
------------------------------------------------------------
On Dec. 15, 2006, Agility Logistics Ltd -- formerly known as
Geologistics Ltd -- filed a petition before the High Court of
Hong Kong to wind up Expressway International Logistics (H.K.)
Ltd, which is formerly known as Expressway International (H.K.)
Ltd.

The Court will hear the petition on Feb. 21, 2007, at 9:30 a.m.

Agility Logistics' solicitors can be reached at:

         C. P. Cheung & Co.
         Room 2301, 23/F Golden Centre
         188 Des Voeux Road, Central
         Hong Kong


FONG ON: To Receive Proofs of Debt Until February 9
---------------------------------------------------
Liquidators Kenny King Ching Tam and Mat Ng will be receiving
proofs of debt from the creditors of Fong On Construction and
Engineering Ltd until Feb. 9, 2007.

According to the Trouble Company Reporter - Asia Pacific, the
High Court of Hong Kong heard a wind-up petition against the
company on Dec. 3, 2003.

The Liquidators can be reached at:

         Kenny King Ching Tam
         Mat Ng
         17/F, Chun Wo Commercial Centre
         23 Wing Wo Street, Central
         Hong Kong


HONGKONG DASHUN: Court Sets Wind-Up Hearing on February 7
---------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Hongkong Dashun Group Ltd on Feb. 7, 2007, at 9:30 a.m.

Wong Man, Huang Guo Tai, Jiang Xin Lin, Pan Jin Dong, and Sun
Dong Fan filed the petition with the Court on Dec. 1, 2006.

The solicitor for the petitioners can be reached at:

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


MAN CHUNG: Creditors Must Prove Debts by February 26
----------------------------------------------------
The creditors of Man Chung Ltd are required to submit their
proofs of claim by Feb. 26, 2007.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced wind-up proceedings on Jan. 16, 2007.

The liquidator can be reached at:

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


MEDIFACTS INT'L: Files for Chapter 11 Protection in Delaware
------------------------------------------------------------
Medifacts International filed for protection under Chapter 11 of
the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the
District of
Delaware.

Medifacts plans to sell its clinical research unit through a
Court supervised auction and reorganize around its cardiac-
safety-monitoring services division, The Associated Press
reports.

"The operations of the business have been challenged in recent
months," AP quotes Chief Executive Michael Woehler. "The company
anticipates that through ... the restructuring of the company's
balance sheet and our existing investors' preliminary
indications of interest to invest further in the company through
a plan of reorganization, (Medifacts) will quickly emerge from
bankruptcy leaner and adequately capitalized."

                          *     *     *

Medifacts International Inc. -- http://www.medifacts.com/--  
provides quality clinical trial services to pharmaceutical,
biotech and medical device companies that are developing
therapeutic drugs and products.  The company consists of three
fully-integrated divisions: Clinical Research Services, Cardiac
Safety Services, and Medifacts International Research Center.  
The company employs 176 people in the North America, China, and
Europe.


MEDIFACTS INT'L: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Medifacts International, Inc.
         aka M2 Worldwide Corp.
         aka Medifacts, Ltd.
         aka Medifacts International Consulting, LLC
         aka MS (Asia) Ltd.
         aka Medifacts International Consultants, LLC
         aka M2 Worldwide Corporation
         2101 Gaither Road, Suite 400
         Rockville, MD 20850

Bankruptcy Case No.: 07-10110

Type of Business: The Debtor provides quality clinical trial
                   services to pharmaceutical, biotech and
                   medical device companies that are developing
                   therapeutic drugs and products.  The company
                   employs 176 people in the North America,
                   China and Europe.
                   See http://www.medifacts.com/

Chapter 11 Petition Date: January 28, 2007

Court: District of Delaware (Delaware)

Debtor's Counsel: Joseph A. Malfitano, Esq.
                   Young, Conaway, Stargatt & Taylor LLP
                   The Brandywine Building
                   P.O. Box 391
                   1000 West Street, 17th Floor
                   Wilmington, DE 19899-0391
                   Tel: (302) 571-6600
                   Fax: (302) 571-1253

Estimated Assets: US$10 Million to US$50 Million

Estimated Debts:  US$10 Million to US$50 Million

Debtor's 20 Largest Unsecured Creditors:

    Entity                                 Claim Amount
    ------                                 ------------
Scios                                      US$400,000
6500 Paseo Padre Parkway
Fremont, CA 94555

Crosstree Capital Partner                  US$100,000
c/o Shane Senior
4902 Eisenhower Boulevard, Suite 125
Tampa, FL 33634

Dr. Joan Albert Barbera                     US$71,016
c/o Pulmonary Hypertension
801 Roeder Road, Suite 400
Silver Spring, MD 20910

Citicorp Vendor Finance                     US$36,858
P.O. Box 7247-0118
Philadelphia, PA 19170-0118
Software House International                US$33,537
Global Headquarters
2 Riverview Drive
Somerset, NJ 08873

Tarchalski Janusz Lech Kardiologia          US$15,780

MCI Worldcom Conferencing                   US$15,349

Medical Uni Graz                            US$15,302

Aronson & Company                           US$14,932

Pharma eMarket LLC                          US$13,889
  
Pharma Clinical                             US$13,364

G.E. Healthcare Financial Services          US$12,973

Bird & Bird                                 US$12,839

Dr. Anja Bruske                             US$11,113

Therapeutic Development                      US$9,125

Global Drug Development                      US$9,010

Consulta Treuhand GmbH                       US$8,853

Iron Mountain Records Management             US$8,739

ClinSource, Inc.                             US$8,317

Clinical Resource Network                    US$7,388

                          *     *     *

Medifacts International Inc. -- http://www.medifacts.com/--  
provides quality clinical trial services to pharmaceutical,
biotech and medical device companies that are developing
therapeutic drugs and products.  The company consists of three
fully-integrated divisions: Clinical Research Services, Cardiac
Safety Services, and Medifacts International Research Center.  
The company employs 176 people in the North America, China and
Europe.


MOULIN HOLDINGS: Creditors Nominate Joint Liquidators
-----------------------------------------------------
On Jan. 19, 2007, the creditors of Moulin Holdings (H.K.)
Company Ltd passed a special resolution to nominate Desmond
Chung Seng Chiong and Roderick John Sutton as the company's
joint and several liquidators.

Messrs. Chiong and Sutton can be reached at:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         Ferrier Hodgson Limited
         14/F, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


ORIENTAL YOUTH: Enters Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on Jan. 15, 2007, the
members of Oriental Youth Enterprises Ltd passed a special
resolution to voluntarily wind up the company's operations.

In this regard, Tsang Chi Wai was appointed as liquidator and
was authorized to distribute the company's assets.

The Liquidator can be reached at:

         Tsang Chi Wai
         Room 2201, Chung Kiu Commercial Building
         47-51 Shantung Street
         Mongkok, Kowloon
         Hong Kong


PHILIPS MEDICAL: Messrs. Chan and Ho Cease to Act as Liquidators
----------------------------------------------------------------
On Jan. 16, 2007, Chan Wah Tip Michael and Ho Man Kei Keith
ceased to act as joint and several liquidators of Philips
Medical Systems (PMMS Hong Kong) Ltd.

On Oct. 4, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company's members appointed Messrs. Chan and
Ho as liquidators.

The former Joint Liquidators can be reached at:

         Chan Wah Tip, Michael
         Ho Man Kei, Keith
         601 Prince's Building
         Chater Road, Central
         Hong Kong


ROAD KING: Moody's Reviews Ba1 Rating for Possible Downgrade
------------------------------------------------------------
On Jan. 26, 2007, Moody's Investor Service put on review for
possible downgrade the Ba1 corporate family rating of Road King
Infrastructure Ltd and the Ba1 senior unsecured rating of the
bond issued by Road King Infrastructure Finance Ltd.

The rating action is in response to Road King's announcement
that it could raise its stake in its PRC property investment
company, Sunco A, from 49% to 90%.  It might also acquire
essentially majority interests in assets under Sunco B.

Sunco A has approximately 1.7 million square metres of gross
floor area available for development while Sunco B has
approximately 2 million square metres, plus some others under
joint ventures.  The transaction is subject to the fulfillment
of condition precedents and shareholders' approval.

"This transaction's initial incremental cash outflow will be up
to HK$1 billion and, upon exercising various options, could
increase Road King's exposure to the Chinese property
development sector to well over 50% of total assets," says
Elizabeth Allen, a Moody's Vice President/Senior Analyst and
lead analyst for Road King, adding "Coupled with the other
property acquisitions made last year, this will position Road
King more as a property developer - which has a significantly
higher business risk profile - than a toll road operator.  As a
result, both financial and operational risks will increase so
Moody's has had to reassess its ratings in this context."

Furthermore, Moody's understands that the property projects to
be acquired under Sunco B are still under due diligence but they
involve more complex ownership arrangements with joint venture
partners, thereby could negatively impact Road King's
operational profile.

On the financial side, in addition to the initial outlays, there
will be a need for further funding for construction costs and
other capital expenditure.  Hence Moody's believes that Road
King's financial metrics are likely to weaken, although the
company has not yet finalized its overall funding plan.

Moody's review will focus on the likelihood of Road King
exercising the various purchase options, the extent of
investment in Sunco B, the company's capex requirement and
funding plan, its projected financial profile and whether any
factors will mitigate its appetite for higher risks.  The
evaluation will also more vigorously benchmark Road King against
other rated Chinese property developers.

Established in 1994, Road King is a Hong Kong-listed company
with investments in toll roads and property development projects
in China. As of June 2006, the company had toll road investments
of over HKUS$6 billion and mileage of more than 1,000 kilometers
spread throughout eight provinces in China.


ROAD KING: Long Term BB+ Credit Rating Placed on WatchNeg by S&P
----------------------------------------------------------------
On Jan. 26, 2007, Standard & Poor's Ratings Services placed the
BB+ long-term corporate credit rating on Road King
Infrastructure Ltd on CreditWatch with negative implications.  
At the same time, the BB+ issue rating on the company's senior
unsecured notes was also put on Credit Watch with negative
implications.

The CreditWatch placements are due to concerns that the
company's credit measures and business profile will weaken as a
result of its plan to increase its investment in a Chinese real-
estate developer, Sunco Binhai Land Ltd.

"RKI's financial metrics could weaken materially in the next six
to 18 months as the company funds the proposed transaction, in
addition to operational liquidity, property development
activities, and toll-road operations," said Standard & Poor's
credit analyst Mary Ellen Olson.

RKI's financial profile and liquidity are expected to be
negatively affected by the proposed acquisition of an additional
41.2% stake in Sunco A and by the consolidation of 100% of the
company.  Sunco A's financial position is weak.  As at June 30,
2006, it had CNY70.5 million in cash and deposits against CNY381
million in borrowings due within one year.  RKI's equity
investment in Sunco A totals about CNY445 million, excluding the
proposed transaction.

Depending on the nature of any required financing, RKI's ratio
of debt to capitalization could increase significantly from the
fairly low level of 26% as of June 30, 2006.  RKI had an
unrestricted cash balance of about HK$726 million at the end of
June 2006.

RKI's business profile is also under review as the company
appears to be adopting a more aggressive stance towards
investing in property development in China.  The company's asset
mix is becoming increasingly weighted towards property
development rather than toll-road operations.  Standard & Poor's
views RKI's property development risk as higher than that of its
toll-road investments.


ROAD KING: Fitch Places BB+ Long Term Default Rating on WatchNeg
----------------------------------------------------------------
On Jan. 30, 2007, Fitch Ratings put Hong Kong-based Road King
Infrastructure Limited's 'BB+' Long-term Issuer Default rating
on Rating Watch Negative.  The rating action follows the
announcement by Road King that it has signed a new acquisition
agreement with China's Sunco Group.

According to the new agreement, Road King has been granted
options by Sunco to acquire additional stakes in Sunco's
property assets over the next nine months. If Road King
exercises all granted options, its stake in Sunco Binhai Land
Limited, a key operating entity in the Sunco Group, would
increase to 90% from 49%, at a cost of approximately HKD1.3
billion.

The RWN reflects the high possibility that Road King would
substantially increase its exposure to real estate development
in mainland China.  If all options are exercised, real estate
assets would account for more than 60% of Road King's total
assets, up from 20% as at end-2005.  This represents a material
shift in its business focus, from a balanced mix of toll road
and real estate development, to predominantly a real estate-
based business with minor exposure to toll roads.  The agency
notes that the expected change in business risk is also
associated with expectations for higher cash flow volatility.

Funding for the potential investment is less of a concern.  Road
King had a cash balance of HK$776 million as at June 30, 2006,
which is complemented by steady operating cash flows from its
toll road portfolio and HK$850 million of fresh equity raised in
November 2006.

The RWN will be resolved following the agency's assessment of
the changes in the company's business strategy and risk profile,
and the associated mitigating factors.  Fitch will focus on the
level of the company's exposure to the real estate sector,
changes in its capital structure and liquidity, and its relative
position against other mainland-based real estate developers.

Road King is a toll road owner/operator with a portfolio of 21
toll roads in eight provinces in China.  Following the Sunco
acquisition, Road King has various real estate projects located
in major cities in China, including Beijing, Tianjin and
Shanghai, with an aggregate developable gross floor area of
12.5m square meters.  Road King is controlled by Wai Kee, a Hong
Kong-listed civil engineering company.

Based in Beijing, Sunco commenced its property development
business in 1994 and has developed a total gross floor area of
over 7m square meters.


STAR CRUISES: Moody's Probes on B1 Rating for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family
rating of Star Cruises Limited on review for possible downgrade
on Jan. 25, 2007.  

The review has been prompted by SCL's announcement that it and
Genting International Plc, a subsidiary of Genting Berhad, will
acquire a 75% interest in Macau Land Investment Corporation,
which will develop a hotel and casino project on the foreshore
of downtown Macau.

"This greenfield project, involving a total estimated cost of
around HK$4.7 billon (US$600 million), will increase SCL's
financial leverage, development and execution risks, and capital
requirements in the near and medium term," says lead analyst
Kaven Tsang.

The challenging operating environment for SCL's cruise shipping
business and its already high financial leverage are other
factors contributing towards today's rating action.

Moody's understands the investment will be funded by a
combination of equity and debt.  The resultant rise in debt
could further weaken SCL's debt-service coverage metrics, a
development that would not be supportive for its rating.

The review will focus on SCL's funding plans for this
investment, resulting debt coverage liquidity measures, and the
risks associated with the project.

Currently, the B1 rating factors in potential support from its
shareholders, including the Lim Family and Genting.  The rating
is therefore one-notch higher than what it would be on a stand-
alone basis.

In view of the rising joint investments between Genting and SCL
-- including projects in Sentosa and Macau -- Moody's expects
the strategic importance of SCL within the group to increase
over time, potentially leading to a higher degree of support
from Genting.

Accordingly, the review will also incorporate the strategic
importance of SCL and an assessment of potential support from
Genting.

SCL, publicly listed in Hong Kong, is a core member of the
Genting Group and 34.7% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  SCL operates 21 ships with
some 32,300 lower berths under five brands: Star Cruises and
Cruise Ferries, which service Asia Pacific, and three brands
under NCL. SCL has another 3 ships due to be delivered up to
2010.


TAIWAN COOPERATIVE: S&P Keeps Fundamental Strength Rating at C
--------------------------------------------------------------
Standard & Poor's Ratings Services said on Jan. 29, 2007, that
it has affirmed its BBB+ long-term and A-2 short-term
counterparty credit ratings on Taiwan Cooperative Bank Ltd.  At
the same time, Standard & Poor's affirmed its bank fundamental
strength rating on TCB at C.  The outlook on the long-term
rating is stable.

"The ratings on TCB reflect its strong position in Taiwan's
banking sector, its established franchise, good liquidity, and a
degree of implicit government support given its importance to
the island's financial system as well as its government-related
policy role," said credit analyst Serene Hsieh.  
Counterbalancing factors include the bank's modest
capitalization and below-average operating performance, which
partly result from its policy role serving community-level
financial institutions.


TIAN AN: Members to Receive Wind-Up Report
------------------------------------------
The members of Tian An Development Company Ltd will meet on
Feb. 27, 2007, at 10:00 a.m., to receive a report regarding the
company's wind-up proceedings from the company's liquidator.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntarily wind-up on Aug. 23, 2006.

The liquidator can be reached at:

         Lo Wai On
         Room 1901-2, Park-In Commercial Centre
         56 Dundas Street
         Mongkok, Kowloon
         Hong Kong


TOP LEAD: Members Opt to Wind Up Firm
-------------------------------------
The members of Top Lead Industrial Ltd met on Jan. 9, 2007, and
passed a special resolution to voluntarily wind up the company's
operations.

Accordingly, Liu Wing Ting Stephen was appointed as liquidator
and was authorized to distribute the company's assets to its
members.

The Liquidator can be reached at:

         Liu Wing Ting Stephen
         17/F, Shun Kwong Commercial Building
         No. 8, Des Voeux Road West
         Sheung Wan
         Hong Kong


TWIN-STAR INTERNATIONAL: Members' Final Meeting Set for Feb. 27
---------------------------------------------------------------
The final meeting of the members of Twin-Star International HK
Ltd will be held on Feb. 27, 2007, at 11:00 a.m., to consider
the liquidators' report regarding the company's wind-up
proceedings.

According to the Troubled Company Reporter - Asia Pacific,
Michael David Horvitz, Cheung Yuk Yee and Mark Asofsky, were
appointed as liquidators on Jan. 23, 2006.

The Joint Liquidators can be reached at:

         Michael David Horvitz
         Mark Asofsky
         Cheung Yuk Yee
         20/F, Euro Trade Centre
         21-23 Des Voeux Road, Central
         Hong Kong


UNIVERSAL TREND: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on Jan. 19, 2007, the
shareholders of Universal Trend Development Ltd passed a special
resolution to voluntarily wind up the company's operations.

Accordingly, Lui Wan Ho was appointed as liquidator.

The Liquidator can be reached at:

         Lui Wan Ho
         Room 1701, Olympia Plaza
         255 King's Road, North Point
         Hong Kong


* CBRC Hands Penalties to 49 Bankers for Approving Illegal Loans
----------------------------------------------------------------
The China Banking Regulatory Commission has penalized 49 staff
members of 11 banking institutions who were judged responsible
for funding an unauthorized power plant that has been criticized
by the central government, China Daily reports.

The commission did not reveal the specific penalties.

According to the report, nine banks and two financing firms for
power companies were responsible for approving loans to an
illegal power project in north China operated by the Inner
Mongolia Power Group Co., Ltd.

Some of the banks involved were the country's "big four" state-
owned lenders -- the China Construction Bank, the Bank of China,
the Agricultural Bank of China, and the Industrial and
Commercial Bank of China, China Daily reveals.

The paper recounts that the project, the Xinfeng thermal power
plant, came under fire in August last year, when it was openly
criticized by the State Council, China's cabinet after six
people died and eight were injured in the construction of the
plant.  The power company had failed to follow standard
procedures in project approval, land acquisition and tendering,
the State Council said.


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

BRITISH AIRWAYS: Cabin Crew Union Cancels Strike Action
-------------------------------------------------------
The Transport and General Workers' Union, representing 11,000
cabin crew employees of British Airways Plc, has called off its
scheduled strike action today, Jan. 30, and Wednesday after
negotiations resulted in an agreement that ended the two-tier
wage structure in the company, Tracy Alloway and Chad Thomas
write for Bloomberg News.

According to the report, the airline agreed to increase the top
base pay of its flight attendants hired after 1997 to GBP19,418
a year from GBP15,748.

The workers will receive the 4.6% wage increase this year and
the rate of inflation in the second year, The Associated Press
says.

BA CEO Willie Walsh said, the agreement "puts in place a system
to regulate how we manage sick leave."

The union has also decided to avert its two other 72-hour
strikes next month.  However, "the decision has come too late to
prevent disruption to the travel plans of tens of thousands of
our customers," Mr. Walsh was quoted by Bloomberg as saying.

"We will endeavor to reinstate as many flights as we can,"
Mr. Walsh added.

As previously reported in the TCR-Europe on Jan. 26, the T&G
agreed to postpone the first 24 hours of a planned three-day
strike to allow more time for further labor negotiations.

The carrier had canceled 1,300 flights in preparation for the
strike.

The union threatened to push through with the strike unless a
dispute over sick leave, pay and staffing is resolved.

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

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

                          *     *     *

British Airways carry these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba1
      -- Senior Unsecured Debt: Ba2
      -- Outlook: Negative

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit Rating: BB+
      -- Long-Term Local Issuer Credit Rating: BB+


CABLE & WIRELESS: Philip Green Sells 250,000 Ordinary Shares
------------------------------------------------------------
On Jan. 24, Philip Green, a person discharging managerial
responsibility, exercised an option over 250,000 Ordinary Shares
in Cable and Wireless plc and subsequently disposed of his
interest in these shares at a price of 164 pence per Ordinary
Share.

Following this disposal, Mr. Green holds a total of 40,882
Ordinary Shares of the Company.

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP  
(InternetProtocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.The company has operations are in the United
Kingdom, India, China, the Cayman Islands and the Middle East.
Cable & Wireless Plc carry these ratings:

    * Moody's Investors Service

   -- Long-Term Corporate Family Rating: Ba3
   -- Senior Unsecured Debt: B1
   -- Short-Term: NP
   -- Outlook: Negative

    * Standard & Poor's

   -- Long-Term Foreign Issuer Credit Rating: BB-
   -- Long-Term Local Issuer Credit Rating: BB-
   -- Short-Term Foreign Issuer Credit Rating: B
   -- Short-Term Local Issuer Credit Rating: B
   -- Outlook: Negative


EXIM BANK: Extends US$11-Mil. Credit Line to Senegal Government
---------------------------------------------------------------
The Export-Import Bank of India has, at the behest of the
Government of India, extended a US$11-million Line of Credit to
the Government of Senegal, under the "Team-9 Initiative," a
company media release states.

The LOC Agreement, signed on Jan. 15, 2007, has been earmarked
for financing India's exports to Senegal to support the women
poverty alleviation program as also the acquisition of 400
vehicles from India.

Team-9 envisages a special cooperation model between India and
eight countries of West Africa -- Burkina Faso, Chad, Cote
d'Ivoire, Equatorial Guinea, Ghana, Guinea Bissau, Mali and
Senegal.  

Under the Team-9 initiative, GOI provides LOCs through Exim Bank
to Team-9 countries to finance setting up of various projects by
Indian companies in these countries.

Under Senegal deal, Exim Bank will reimburse 100% of contract
value to the Indian exporters, upfront upon the shipment of
goods.

According to Exim Bank, it has in place 70 Lines of Credit,
covering over 80 countries in Africa, Asia, Latin America,
Europe and the CIS, with credit commitments amounting to
US$2.2 billion, available for utilization for financing exports
from India.

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

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

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


EXIM BANK: Extends US$7.5-Mil. LOC for Pump Export in Jamaica
-------------------------------------------------------------
The Export-Import Bank of India signed an agreement for a
US$7.5-million Line of Credit to the Government of Jamaica on
Jan. 19, 2007, for financing of export of water pumps to
Jamaica.

This is the first ever Line of Credit extended by Exim Bank to
the Government of Jamaica, the bank says.  

Under the LOC, Exim Bank will reimburse 75% of contract value to
the Indian exporters, upfront upon the shipment of goods.

The LOC is yet another initiative towards facilitating the
demonstration of India's capability and expertise in the
emerging market of Latin America and the Caribbean, Exim Bank
states.

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

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

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


FEDERAL BANK: Net Profit Up 17% in Quarter Ended Dec. 31, 2006
--------------------------------------------------------------
Federal Bank Ltd's unaudited results for the quarter ended
Dec. 31, 2006, shows a net profit of INR838.40 million, a 17%
increase from the INR716.40 million booked in the corresponding
period last year.

Total Income rose 21% from INR4.109 billion for the three months
ended Dec. 31, 2005, to INR4.986 billion in the quarter under
review.

The bank's expenses grew just about the same.  Total
expenditures for the December 2006 quarter increased 22% to
INR3.631 billion from the INR2.983 billion incurred in the same
period in 2005.

For the quarter under review, the bank provided INR320.9 million
provision for taxes and INR195.9 million for other provisions
and contingencies.

A copy of the bank's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange http://ResearchArchives.com/t/s?1935

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

Fitch Ratings gave Federal Bank a support rating of 5 on
July 22, 2003.


GENERAL MOTORS: S&P Says Result Restatement Won't Affect Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said that General Motors
Corp.'s (GM; B/Negative/B-3) announcement that it is restating
financial results from 2002 through the third quarter of 2006
raises new concerns about the integrity of the company's
financial reporting and internal controls, but has no immediate
effect on the ratings on GM, GMAC LLC (BB+/Developing/B-1), or
GMAC unit Residential Capital LLC (ResCap; BBB/Negative/A-3).
The accounting issues GM is working to resolve encompass several
areas, including FAS 133 hedge accounting and accounting for
deferred tax liabilities.

In addition, GMAC has not yet finalized its financial statements
for 2006, after GM sold a majority stake in the finance unit to
an investor group in November.  GM still expects to file its
10-K by the March 1, 2007, deadline.  S&P does not believe these
errors will affect cash and cash equivalents, which were US$26.4
billion at the end of 2006. However, the ratings could be placed
on CreditWatch with negative implications if GM were to miss the
March 1 filing date with the SEC, even with the brief and
normally available extension period.  The heavy ongoing funding
requirements of GMAC and ResCap add particular significance to
the timely filing of financial statements.  The ratings could
also be placed on CreditWatch if additional serious concerns are
uncovered or if there is any other material near-term effect on
GM's liquidity, neither of which we currently anticipate.

As with the early 2006 restatement, this current restatement
could raise potential issues regarding GM's access to its
US$4.48 billion revolving credit facility.  At a minimum, GM,
GMAC, and ResCap could have to seek waivers on financial
reporting requirements from lenders. However, in contrast to the
circumstances surrounding the 2006 restatement, GM's current
bank revolving credit facility is secured, and lenders may be
more inclined to provide accounting-related waivers. In
addition, the GMAC sale has closed, GM's cash position is
larger, some progress has been made in the North American
restructuring plan, and we believe that that resolution of GM's
operational and financial exposure to bankrupt former unit
Delphi Corp. is well within the scope of GM's liquidity.

Still, the need to attend to these accounting issues adds to the
various challenges that management continues to face on a number
of non-operating issues, including the Delphi situation.

GM still faces SEC investigations into certain accounting
practices, including its pension and OPEB assumptions.  These
investigations remain concerns, although the magnitude of their
effect is uncertain.

Prospects for GM's automotive operations remain clouded. The
ratings could be lowered further if S&P came to expect that GM's
substantial cash outflow would fail to moderate because of
setbacks, whether GM-specific or stemming from market
conditions.

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.


GENERAL MOTORS: Recalls 100,000 Chevrolet Cobalt Small Sedans
-------------------------------------------------------------
General Motors Corp. told the Associated Press that it was
taking back almost 100,000 Chevrolet Cobalt small sedans to
upgrade their head impact protection.

The recall affects 98,707 vehicles from the 2005-2006 model
years not equipped with optional roof-mounted side impact air
bags, AP relates, citing General Motors.

According to AP, General Motors found out the lack of impact air
bags during compliance testing.

General Motors told AP that dealers will install energy
absorbing plastic to the area.

The head impact protection would only be a problem for motorists
not wearing a seat belt.  Belted motorists would not be
affected, AP reports, citing General Motors spokesperson Alan
Adler.

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.


HINDUSTAN COPPER: Net Profit Soars in Qtr. Ended Dec. 31, 2006
--------------------------------------------------------------
Hindustan Copper Ltd's net profit for the three months ended
Dec. 31, 2006, soared to INR1.316 billion, almost five times the
INR273.92 million booked in the corresponding quarter in 2005.

The huge jump in earnings comes from the soaring sales, with
expenses not rising as much.

Hindustan Copper's sales, net of expenses, grew 80% from the
INR2.656 billion in the October-December period in 2005 to
INR4.773 billion recorded in the current quarter under review.

The company's expenditures increased 49% from the
INR2.261 billion incurred in the December 2005 quarter to
INR3.373 billion in the December 2006 quarter.

A copy of the company's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange http://ResearchArchives.com/t/s?1936

Based in Kolkata, India, Hindustan Copper Limited --  
http://www.hindustancopper.com/-- is an undertaking of the    
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


HMT LTD: Posts INR44.9-Mil. Net Loss in December '06 Quarter
------------------------------------------------------------
HMT Ltd recorded a net loss of INR44.90 million for the quarter
ended Dec. 31, 2006, down from the net loss of INR14.50 million
in the corresponding quarter in 2005.

Total income has increased from INR655.90 million for the
October to December period in 2005 to INR701.30 million for the
same period in 2006.  Expenses also rose to INR733 million in
the quarter under review from the INR701.5 million in the
December 2005 quarter.

The bigger loss figure for the December 2006 quarter could be
attributed to the absence of extraordinary gain that lessened
the net loss in the quarter ended Dec. 31, 2005.  For the last
quarter of 2005, the company recorded extraordinary gain of
INR49.6 million.

A copy of the company's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange http://ResearchArchives.com/t/s?1938

HMT Limited -- http://www.hmtindia.com/-- is an engineering
conglomerate. The company retains the Tractor's Business, which
develops tractors ranging from 25 horsepower to 75 horsepower.  
It has an installed capacity of 18,000 tractors for
manufacturing and assembly operations.  The Company has three
tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The Company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

                          *     *     *

Credit Analysis and Research Limited downgraded HMT's long term
bond issue of INR310 crore to CARE BB(SO) on February 18, 2005.  
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).  
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


NOVELL INC: Receives NASDAQ Notice of Non-Compliance
----------------------------------------------------
Novell Inc. received an additional notice of non-compliance from
the staff of the NASDAQ Stock Market, pursuant to NASDAQ
marketplace rule 4310(c)(14), due to the delay in filing its
annual report on Form 10-K for the fiscal year ended Oct. 31,
2006.

On Sept. 14, 2006, Novell received a NASDAQ notice of non-
compliance in relation to the delay in filing its report on Form
10-Q for the quarter ended July 31, 2006.

Novell has delayed the filing of its Third Quarter Form 10-Q and
Form 10-K filing pending the completion of the review by its
Audit Committee of the company's historical stock-based
compensation practices.

In response to the first notice of non-compliance, Novell
requested a hearing before a NASDAQ Listing Qualifications
Panel.

On Jan. 9, 2007, the Panel granted Novell's request for
continued listing subject to the requirements that, on or before
March 1, 2007, Novell provide the Panel with certain information
relating to the Audit Committee's review and, on or before March
13, 2007, Novell file the Third Quarter Form 10-Q and any
necessary restatements.

The current NASDAQ notice requests that Novell make a new
submission to the Panel.  Accordingly, Novell intends to provide
the Panel with a submission describing its efforts to file the
Form 10-K and requesting a further extension to make that
filing.

Novell, Inc. (Nasdaq: NOVL) delivers Software for the Open
EnterpriseT. With more than 50,000 customers in 43 countries,
Novell helps customers manage, simplify, secure and integrate
their technology environments by leveraging best-of-breed, open
standards-based software. With over 20 years of experience, more
than 5,000 employees, 5,000 partners and support centers around
the world, Novell helps customers gain control over their IT
operating environment while reducing cost. More information
about Novell can be found at http://www.novell.com.The company  
has offices in Australia, Argentina, Brazil, China, Hong Kong,
India, Japan, Malaysia, New Zealand, Philippines, Singapore,
South Korea, Taiwan and Thailand.

                        Waiver of Default

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Novell Inc., received a letter from Wells Fargo
Bank, NA, the trustee with respect to company's $600 million
0.50% convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006.

On Nov. 10, 2006, Novell completed its consent solicitation with
respect to certain amendments to, and a waiver of rights to
pursue remedies available with respect to certain alleged
defaults under, the provisions of the indenture, governing its
0.50% convertible senior debentures due 2024.

Under the terms of the Consent Solicitation Statement, Novell
will pay an additional 7.33% per annum in special interest on


* Fitch Remains Cautiously Optimistic on Indian Banks' Prospects
----------------------------------------------------------------
Fitch Ratings on Jan. 29, 2007, said that it remains cautiously
optimistic on the prospects for India's banking sector.  The
strong economy has thrown up enormous growth opportunities;
however, the agency notes that managing profitability and
capital ratios remain key challenges. The rapid credit growth
and rising asset prices could also make the banking sector
vulnerable to asset quality issues in future.

In the report titled "Indian Banks - 'Capital' Times", Fitch
observes that the annual loan growth of 30% since 2005 has been
supported by real GDP growth of over 8% p.a. as well as rising
disposable incomes, a favourable demographic profile and low
penetration of consumer credit.  The growth was also distributed
across a range of consumer and manufacturing sectors, dominated
by residential mortgage loans.  The accompanying rising asset
prices and growing consumer inflation have led to a tightening
monetary policy from the Reserve Bank of India, and the benign
credit cycle may start to be tempered by rising interest rates.

Fitch believes that the rapid loan growth as well the increasing
proportion of unsecured lending need to be closely monitored,
and had raised its Macro-Prudential Indicator for the Indian
banking system to 'moderate vulnerability' from 'low
vulnerability' in September 2006.

Nevertheless, the reported asset quality indicators continue to
improve, partly on account of lower accretions to non-performing
loans in a benign credit cycle, but also due to better credit
evaluation and monitoring, supported by new technology-based
operations and risk management systems in many banks.  Solvency
indicators in the system have therefore significantly improved
during the last four years, leading to an upgrade of the
Individual ratings of several government banks.

Both profitability and capital ratios of Indian banks are
expected to remain under pressure in FY08.  Profitability would
be affected by the challenges of managing the shrinking net
interest margin in a rising interest regime, even as banks focus
on diversifying income streams and increasing the proportion of
their non-interest income.  Also, loan loss provisions could
increase; the median loan loss provision/average loans ratio of
0.5% in FY06 can be considered low if considered through a
cycle, and can be expected to rise given the increasing
proportion of unsecured lending and the gradual seasoning of the
consumer loan portfolio.

Ability to raise capital in a timely fashion could be a key
differentiator between banks, given the expectations of
continued healthy loan growth, the capital charge for
operational risk and the need for government banks to make
additional provisions for pension liabilities under the
increased wage and the varying interest rate scenarios (the
proposed AS 15).  Hybrid capital has provided a respite;
nevertheless, the statutory minimum shareholding of 51% by the
government may soon become a constraint to growth for state-
owned banks.  The need to access capital may come into sharper
focus if the credit cycle were to turn, which could well provide
an impetus for consolidation.

The report "Indian Banks - 'Capital' Times" also contains a
comparison of key financial parameters of 44 government and
private banks that accounted for nearly 90% of commercial bank
assets in India in FY06, and will be available shortly on the
agency's subscription Web site, http://www.fitchratings.com


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

ALCATEL-LUCENT: To Publish 4Q and 2006 Results on Feb. 9, 2007
--------------------------------------------------------------
Alcatel-Lucent will publish its fourth quarter and full year
2006 results on February 9, 2007.

   * The press release will be sent at 7:45 a.m. CET.

   * The analyst and media conference call will begin at 1:00
     p.m. CET.  A live audio Web cast accompanied by a slide
     presentation will be available at
     http://www.alcatel-lucent.com/4q2006/

Dial-in instructions are:

   From the USA: (888) 428-4480

   From other countries: + 1 651 291-5254

   Please ask for the "Alcatel-Lucent" teleconference and state
   name.

   Advise to dial in 15 minutes before the start of the
   conference call.

The conference call will be available for digital replay from
February 9, 2007, at 5:00 p.m. CET, ending on Feb. 23, at 12:00
p.m. CET at the following call-in numbers:

   From the USA: (800) 475-6701
   access code: 860135

   From other countries: + 1 (320) 365-3844
   access code: 860135

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that  
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As reported on Dec. 14, 2006, following the completion of
Alcatel S.A.'s merger with Lucent Technologies Inc., at which
time Alcatel was renamed Alcatel-Lucent, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and

   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;

   -- Senior unsecured debt BB-;

   -- Convertible subordinated debt B; and

   -- Convertible trust preferred securities B.

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
US activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ANEKA TAMBANG: May Invest Up To US$240 Mil. in Kalimantan Mine
--------------------------------------------------------------
PT Aneka Tambang Tbk plans to invest between US$200 million and
US$240 million to build an alumina mining facility in West
Kalimantan, Bloomberg News reports, citing Antam President
Director Dedi Aditya Sumanagara.

According to the report, the company expects to start the
construction of the facility in 2008.

Bloomberg notes that Mr. Sumanagara said Antam probably had
sales of more than IDR5 trillion in 2006 compared with sales of
IDR3.3 trillion in 2005.

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.


CORUS GROUP: CSN Says Iron Ore Legal Dispute Won't Harm Bid
-----------------------------------------------------------
Brazilian steelmaker Companhia Siderurgica Nacional dismissed
reports that a domestic legal dispute over iron ore supply might
harm its bid for Corus Group plc, Reuters reports.

According to a report in the Financial Times, Companhia Vale do
Rio Doce, a Brazilian mining group, would challenge CSN's
ability to supply iron to Corus should its bid succeed.

Jose Martins, CVRD's director for ferrous operations, told FT
that CVRD would question CSN's ability to ship iron ore under
the terms of a contract signed between the companies in 2001.

"If CSN buys Corus, we will look closely at how the deal is done
to see if our right (to the ore) remains in force," Mr. Martins
said.

CSN, however, reiterated that there was no risk to the iron ore
supplies.  

A spokesman for CSN said, "Should CSN acquire Corus, it will
exercise its rights to supply iron ore from its Casa de Pedra
mine to all its operations, including those in Europe.  There is
no change to our position or our commitment to acquire Corus,"
he added.

FT emphasized that CSN's rights to the iron ore supply is
crucial to its merger plans with Corus.

As previously reported in the TCR-Europe on Jan. 25, the British
Takeover Panel is set to lay down the rules on the auction
process for the acquisition of Corus this week.

The panel said that it requires an auction procedure to
determine Corus' buyer if the "competitive situation" between
Tata Steel U.K. Ltd. and CSN Acquisitions Ltd. remains
unresolved.

The bidders have until tomorrow, Jan. 30 to come up with revised
offers for Corus.

                            CSN Bid

As reported in the TCR-Europe on Dec. 13, 2006, CSN increased
its purchase offer for Corus to US$9.6 billion or 515 pence a
share, topping Tata Steel's 500 pence per share offer.

Companhia Siderurgica's proposed purchase of Corus will be
funded through a BP4.35 billion of debt underwritten by Barclays
Plc, ING Groep NV and Goldman Sachs Group Inc., Bloomberg says,
citing Chief Financial Officer Otavio Lazcano as saying.  
Meanwhile, Companhia Siderurgica promised to pay BP138 million
to fund the deficit in the Corus Engineering Steels Pension
Scheme, Bloomberg says.  Also, the steelmaker will raise the
contribution rate on the British Steel Pension Scheme to 12%
from 10% until March 31, 2009.  The company's success in
acquiring Corus hinges on the unions' support, according to
published reports.

                           Tata Offer

As reported in the TCR-Europe on Dec. 11, 2006, the Boards of
Directors of Tata Steel Ltd. and Corus Group plc have agreed the
terms of an increased recommended revised acquisition at a price
of 500 pence in cash per Corus share.

Under the terms of the Revised Acquisition, Corus shareholders
will be entitled to receive 500 pence in cash for each Corus
Share.  This represents a price of 1,000 pence in cash for each
Corus ADS.

The terms of the Revised Acquisition value the entire existing
issued and to be issued share capital of Corus at approximately
GBP4.7 billion and the Revised Price represents:

   -- an increase of approximately 10% compared with 455 pence,
      being the Price under the original terms of the
      Acquisition;

   -- on an enterprise value basis, a multiple of approximately
      7.5x EBITDA from continuing operations for the 12 months
      to Sept. 30, 2006 (excluding the non-recurring pension
      credit of GBP96 million) and a multiple of approximately
      5.9x EBITDA from continuing operations for the year ended
      Dec. 31, 2005;

   -- a premium of approximately 38.7% to the average closing
      mid-market price of 360.5 pence per Corus Share for the
      12 months ended Oct. 4, 2006, being the last business day
      before the announcement by Tata Steel that it was
      evaluating various opportunities including Corus; and

   -- a premium of approximately 22.7% to the closing mid-market
      price of 407.5 pence per Corus Share on Oct. 4, 2006,
      being the last business day before the announcement by
      Tata Steel that it was evaluating various opportunities
      Including Corus.

The terms of the Revised Acquisition remain subject to the
conditions and do not affect Tata Steel's intentions regarding
the business of Corus, its management, employees and locations,
nor the proposals relating to Corus's pension schemes, the Corus
Share Schemes, Convertible Bonds or cancellation of the Deferred
Shares.

              About Companhia Siderurgica Nacional

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and  
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Portugal and the U.S.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 25, 2006,
Moody's Investors Service placed Corus Group plc's Ba2 Corporate
Family and other ratings under review.

In March 2006, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit rating for Corus Group on
CreditWatch.

At the same time, Fitch Ratings changed Corus Group's outlook
to Positive from Stable and affirmed its Issuer Default Rating
at BB-.


GOODYEAR TIRE: C. Mick & J. Copeland Named to New Lead Posts
------------------------------------------------------------
The Goodyear Tire & Rubber Company (NYSE: GT) named on Jan. 30,
2007, Charles "Chuck" Mick to the newly created position
of vice president and general manager, North American holdings
and integration.  Mr. Mick had previously served as vice
president and general manager of the company's Global Off-
Highway tire business since 2003.

In his new role, Mr. Mick will have general management
responsibility for Goodyear's Canadian tire business, and will
oversee Goodyear's interests in Tire & Wheel Assembly.
Simultaneously, he will be responsible for leading the
integration of Goodyear's North American shared services
activities in support of the company's strategic efforts to
drive additional cost savings.

Joseph Copeland, chief executive officer of Goodyear's South
Pacific Tyre business in Australia since May 2005, will succeed
Mr. Mick as vice president and general manager of the Global
Off-Highway tire business with responsibility for Goodyear's
worldwide off-the-road, aviation and race tire business units.

"Chuck has done an outstanding job in turning around our off-
highway businesses, and is ideally suited to his new role at a
time when his leadership will be instrumental in our efforts to
strengthen the overall business," said Jon Rich, president of
Goodyear's North American Tire business.  "And we are delighted
to welcome Joe back to Akron.  Joe is a proven leader with a
rich background in the automotive and technology industries
where he served with distinction at both Ford and Intel," Rich
said.

Since joining Goodyear, Mr. Copeland has moved rapidly through
positions of increasing responsibility, including senior vice
president of business development, strategy and restructuring,
and president of Goodyear's former chemical division.
Mr. Copeland, 45, holds a BBA in accounting and a JD in law
from Baylor University, as well as an MBA from the University of
Chicago.

Mr. Mick, 60, joined Goodyear in 1969 and has held various
managerial and executive positions including vice president and
comptroller for Kelly-Springfield, vice president dealer sales
and vice president business development.  He received his BS
degree in accounting from the University of Akron.

                       About Goodyear Tire

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service affirmed Goodyear
Tire & Rubber Company's Corporate Family Rating of B1.  Ratings
on Goodyear's existing secured and unsecured obligations were
also affirmed as was the company's Speculative Grade Liquidity
rating of SGL-2.  The outlook has reverted to stable from
negative.  

Fitch Ratings has affirmed ratings for The Goodyear Tire &
Rubber Company and removed the ratings from Rating Watch
Negative.  The ratings were placed on Rating Watch Negative on
Oct. 18, 2006, when the company announced a US$975 million draw
down of its bank revolver.  Goodyear's debt and recovery ratings
are as follows:

   -- Issuer Default Rating (IDR) 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';and

   -- Senior unsecured debt 'CCC+/RR6'.

The TCR-AP also reported on Jan. 5, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' corporate credit and other
ratings on Goodyear Tire & Rubber Co. and removed them from
CreditWatch where they were placed with negative implications on
Oct. 16, 2006, as a result of the labor dispute at several of
the company's North American plants.


HUNTSMAN CORP: UK Unit Completes US$685-Mln Equity Sale to SABIC
----------------------------------------------------------------
Huntsman Petrochemicals (U.K.) Holdings, a subsidiary of
Huntsman Corp., completed a sale of all its outstanding equity
interests to SABIC (U.K.) Petrochemicals Holdings Ltd., for
US$685 million in cash plus the assumption by SABIC (U.K.) of
around US$126 million in unfunded pension liabilities.

The sale was completed on Dec. 29, 2006, with Huntsman
International LLC serving as guarantor for Huntsman
Petrochemicals, and SABIC Europe B.V., as guarantor for SABIC
(U.K.).

The final purchase price is subject to adjustments relating to
working capital, investment in Huntsman's LDPE plant currently
under construction in Wilton and unfunded pension liabilities.

Each of Huntsman Petrochemicals (U.K.) Ltd., Huntsman
Petrochemicals (U.K.) Holdings and Huntsman International LLC is
a wholly owned subsidiary of Huntsman Corp.  As a result of this
transaction, SABIC has acquired Huntsman's European base
chemicals and polymers business.  The transaction did not
include Huntsman's Teesside-based Pigments division or the
Wilton-based aniline and nitrobenzene operations of its
Polyurethanes division.

                       About Huntsman

Huntsman Corporation -- http://www.huntsman.com/-- is a global  
manufacturer of differentiated and commodity chemical products.  
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  The
company has operations in Indonesia, Italy and Guatemala.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 23, 2007, that Standard & Poor's Ratings Services affirmed
its 'BB-' corporate credit rating and other ratings on Salt Lake
City, Utah-based chemicals producer Huntsman Corp. and its
subsidiary Huntsman International LLC.

Moody's Investors Service assigned a B3 rating to Huntsman
International LLC's, a wholly owned subsidiary of Huntsman
Corporation, proposed US$400 million senior subordinated notes.
Moody's also assigned Loss Given Default Assessment of LGD6 to
these notes in accordance with its Loss-Given-Default rating
methodology that was initially implemented at the end of
September 2006.


MCDERMOTT INT'L: Wins Reliance Industries Oilfield Contract
-----------------------------------------------------------
McDermott International, Inc., revealed that subsidiaries of
J. Ray McDermott, S.A., were awarded the KG-D6 field development
project by Reliance Industries Limited to supply and install a
12,000 metric ton control riser platform.

"It's an honor for us to have been selected for this major
initiative contributing to the development of India's offshore
oilfields," said Bob Deason, President & Chief Operating Officer
of J. Ray. "J. Ray's business with Reliance dates back to the
early 1990s, and we are pleased to continue the relationship by
working together on the ambitious KG-D6 project."

J. Ray will utilize its resources from around the world.
Facilities in Jebel Ali, UAE, Houston, Texas and Morgan City,
Louisiana will collaborate to perform the schedule-driven
project.  From first steel cut to project completion is expected
to take approximately 18 months, with hook-up and pre-
commissioning to complete by the end of the first quarter of
2008.

Detailed design and engineering will be conducted by J. Ray's
engineering division in Houston, with procurement handled
through J. Ray's Houston and Jebel Ali offices for the supply of
the platform.

"Due to the completion timeline, we have split the construction
work scope between two fabrication yards," continued Deason.
"Our Morgan City facility will handle the fabrication of the
jacket weighing approximately 7,500 MT, while the 4,700 MT
topside plus 4,500 MT of piles and appurtenances will be built
at Jebel Ali."

By the third quarter of 2007, the jacket from Morgan City will
be loaded on to a fast transport vessel destined for India. All
installation work will be carried out by J. Ray's in-house
marine fleet.

                       About McDermott Int'l

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its  
subsidiaries, operates as energy services company worldwide
including Indonesia and the United Kingdom.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 11, 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 oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for McDermott
International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Multiple Seniority
   Shelf (Senior
   Unsecured)            (P)B3    (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Subordinate)  (P)Caa2   (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)Caa3   (P)B3    LGD6        97%


NORTEL NETWORKS: Ontario Court Approves US$2.5-Bil. Settlement
--------------------------------------------------------------
The Honorable Warren K. Winkler of the Ontario Superior Court of
Justice approved an estimated settlement of US$2.5 billion that
resolves seven lawsuits in the United States, Ontario, Quebec
and British Columbia, as to whether Nortel Networks Corp. misled
investors during two separate class periods.

The decision follows the approval of the settlement in the two
U.S. class actions on Dec. 26, 2006 by the Honorable Richard
Berman and Loretta Preska of the U.S. District Court of the
Southern District of New York, and moves the settlement one step
closer to final approval.

The Honorable Harvey M. Groberman of the Supreme Court of
British Columbia also approved the settlement on behalf of
British Columbia shareholders for the Nortel I class action.  
The settlement still requires approval by the Quebec Superior
Court.

Under the settlement, Nortel has agreed to pay $575 million in
cash and issue common shares representing 14.5% of its current
equity, worth approximately US$1.7 billion based on Nortel's
current share value.  The settlement also includes $228.5
million in payments from Nortel's insurers.

Nortel further agreed to contribute one half of any recovery in
existing litigation by Nortel against former senior officers who
were terminated for cause in April 2004 and to implement certain
corporate governance enhancements and to consider others.

In approving the settlement, Judge Winkler concluded that the
settlement was "fair, reasonable and in the best interests of
the class (of Nortel investors)" and provides "the maximum
available amount for satisfaction of the claims in total, short
of trial".

Joel Rochon, Esq., co-lead counsel for the Ontario national
class, said, "This settlement represents the largest securities
class action settlement in Canadian history and will provide a
measure of protection for Canadian shareholders in the future."  
He added, "We look forward to the rulings by the Quebec Superior
Court and to an efficient and timely distribution of cash and
shares to all class members thereafter".

Peter Jervis, Esq. and George Glezos, Esq., co-counsel in the
Ontario class action, commented, "This decision confirms that
Ontario courts will protect both the investing public and the
integrity of the Canadian capital markets in Canadian securities
class actions."

Shareholders who purchased Nortel securities during the relevant
time periods in Canada outside of Quebec (and in the case of
Nortel I, British Columbia) are represented by the Toronto law
firms of Rochon Genova LLP and Lerners LLP.

                     About Nortel Networks

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

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

                          *     *     *

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

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

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


NORTEL NETWORKS: Citigroup Analyst Lifts Rating to "Buy"
--------------------------------------------------------
An analyst with Citigroup Inc., Michael Genovese, increased
Nortel Networks Corp's rating to "buy" from "hold," saying that
the company is an attractive restructuring story, Globe & Mail
reports.

According to the report, Nortel plans to slash costs by
US$1.5-billion by the end of 2008 and Citigroup forecasts it
will earn US$1.75 a share in 2008, compared with the consensus
share profit estimate of US$1.52 a share.

Globe & Mail notes that Mr. Genovese said they "do not think the
Street is giving Nortel the proper credit for the restructure"
and that they expect revenue growth rate acceleration and
continued margin expansion beyond 2008.

The increased profit forecast assumes the proposed global
shareholder settlement will take effect during the second
quarter of 2007 and increase the number of outstanding shares by
14% to just over 500 million, the report adds.

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

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

                          *     *     *

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

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

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


PERTAMINA: Acknowledges Oil Production Costs Are Still High
-----------------------------------------------------------
PT Pertamina (Persero) has acknowledged that the average costs
for producing oil from the fields that it manages are still
high, compared to the average cost of US$9 per barrel revealed
by the Development Finance Controller, Tempo Interactive
reports.

According to the report, the high costs are a result of the
small economic scale of the fields that Pertamina manages,

However, the high costs of production do not mean that there
were markups, Tempo relates.

Based on data, the current average cost of production for
Pertamina's oil fields amounts to US$16-20 per barrel, and in
fact there are even oil fields where the production of every
barrel amounts to US$30, the report relates.

Tempo also notes that matters regarding high costs of production
must be observed proportionally and that it was an impact of the
global oil price rises.

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being me by
imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


TELKOM INDONESIA: Fitch Revises IDR Rating Outlook To Positive
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Telekomunikasi
Indonesia Tbk's Long-term foreign and local currency Issuer
Default ratings to Positive from Stable and affirmed the ratings
at 'BB-'.

The revision follows a similar change made by Fitch to the
Outlook of the Indonesian sovereign's Long-term foreign and
local currency IDRs, both rated 'BB-' with Positive Outlook.  As
the Indonesian government holds a 51.19% majority stake in the
company, and also exerts significant influence on Telkom's major
business and financial decisions, the company's ratings remain
closely correlated with those of the sovereign.

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


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

ALITALIA SPA: Paolo Alazraki Unveils EUR5-Billion Recovery Plan
---------------------------------------------------------------
Paolo Alazraki has presented a recovery plan for national
carrier Alitalia S.p.A.

The plan, formulated by a consortium comprising hedge funds,
venture capitalists, banks, pension funds, an Asian airline and
Mr. Alazraki, entails a EUR5 billion investment -- EUR3 billion
to purchase Alitalia and EUR2 billion to relaunch the carrier,
AFX News reports.

Mr. Alazraki, Agenzia Giornalistica Italia relays, revealed that
purchase amount would be funded through:

   -- EUR1 billion from the Asian Airline;
   -- EUR1 billion from venture capitalists and hedge funds; and
   -- EUR1 billion from banks, pension funds and mutual funds.

"I will contact a series of lending institutions among which
American, Dutch, Canadian and of United Arab Emirates merchant
banks," Mr. Alazraki told Alitalia's unions.  "Two day ago, I am
called by an investor that wanted to invest US$75 million."

Mr. Alazraki said the EUR2 billion needed to relaunch Alitalia
would be funded either through a capital increase or a
convertible bond issue.  Mr. Alazraki added that they might
repay in advance an existing Alitalia bond to gain more
favorable financing conditions.

Mr. Alazraki said the recovery plan rules out lay-offs but
includes adding more routes that would allow Alitalia to earn
more revenues and meet costs.  The plan also includes fleet
renewal, and the revival of closed routes to North America and
Latin America.  

The plan also entails the expansion of Alitalia's cargo division
and reconsolidation of its maintenance unit.  The consortium
would also set up a real estate fund to manage Alitalia's
property assets.

The plan foresees a return to profit within 36 months.  Mr.
Alazraki will present full details of their recovery plans
before the deadline for the submission of non-binding interest
on Jan. 29.

"The jobs are our first goal to achieve," Mr. Alazraki was
quoted by Avionews as saying.  "I am ready to give as gift the
Milan-Rome route; I want to increase connections by EUR1000 each
seat, right where Alitalia is not present today."

Mr. Alazraki added that the consortium would reveal itself and
proceed with the bid if it receives the blessings of Alitalia's
unions.

                         Union Comments

Union representative said Mr. Alazraki made the "right approach"
but emphasized the need to "verify the concreteness of the plan"
in terms of financial details.

The Sindacato Unitario Lavoratori dei Trasporti union said the
plan was "interesting, but to be discussed further."

"Many of the actions present are the ones we have been asking
for over the past five years," a SULT representative said.  "But
things must be discussed more in detail, checking if financial
resources are compatible."

The Piloti Italian Uniti union warned that it would "firmly
oppose anyone who wants to take over the airline and reduce its
activity and staff, making it a lesser airline for some large
European one."

                     Formal Bidding Process

In a TCR-Europe report on Jan. 3, the Italian government
formally launched the bidding process for its 30.1% stake in
troubled national carrier Alitalia S.p.A. on Dec. 29, 2006.

Italy's Ministry of Economy and Finance is inviting interested
parties to submit a non-binding offer for around 30.1% to 49.9%
of Alitalia's capital and 1,207,147,404 convertible bonds of the
carrier's 7.5% 2002-2010 debenture loan.  The sale will take
place through a competitive procedure involving direct
negotiations with potential buyers.

Interested parties, which should have at least EUR100 million in
capital, have until 6:00 p.m. on Jan. 29, 2007, to submit their
written expression of interest to Merrill Lynch International,
the sale advisor.

According to the Ministry, potential buyers will be selected
based on the economic terms of the offers received and an
analysis of the business plans.  The Ministry will also examine
the compatibility of the offers and business plans with the
Alitalia's restructuring, development and relaunch objectives.

The Ministry also outlined mandatory commitments for the buyer
to:

   -- keep at least a 30.1% stake in Alitalia until the business
      plan is successfully carried out:

   -- safeguard Alitalia's national identity; and

   -- guarantee the quality and quantity of services offered and
      coverage of the territory.

Several Italian entrepreneurs are reportedly interested in
Alitalia, The Times reports.  Local bets include:

   -- Carlo Toto, founder of Air One,
   -- Luca di Montezemolo, head of Fiat and Ferrari;
   -- Diego Della Valle, chief of the Tod's shoe empire; and
   -- Banca Intesa and Sanpaolo IMI;

As reported in the TCR-Europe on Jan. 5, Paolo Alazraki, owner
of Real Dreams Italy Srl, heads a group of 16 investors that
indicated their interest in acquiring the national carrier.

The government aims to complete the process this month.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


ALITALIA SPA: Sets February Meeting to Elect New Board
------------------------------------------------------
Alitalia S.p.A. will hold a shareholders' meeting either on
Feb. 22 or 28 to elect a new set of board of directors, Philip
Webster writes for AFX News.

In a TCR-Europe report on Jan. 19, Jean-Cyril Spinetta, chief
executive officer of Air France-KLM, resigned as a director of
Alitalia.  Following his resignation, Alitalia now has only two
members of the board: Chief Executive Giancarlo Cimoli and
government representative Giovanni Sabatini.

Alitalia's by-laws require that the board comprise three to five
directors.  Four of Alitalia's board members resigned in the
past six months, with one being replaced by Mr. Saba, AFX News
reports.  With just two members, the carrier's board was
effectively dissolved.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


ALITALIA SPA: Won't Deny Nor Confirm EUR400-Mln 2006 Net Loss
-------------------------------------------------------------
Alitalia issues these statements following a request from
Commissione Nazionale per le Societa e la Borsa:

   -- regarding communications concerning the current state of
      activities to dispose of non-strategic assets and non-
      instrumental real estate, Alitalia will immediately
      provide such information once the operations have been
      finalized;

   -- regarding the evaluation of sustainable financial
      requirements for the Alitalia Group during the coming 12
      months, it should be noted that -- with all the
      limitations caused by the Company's present situation and
      the fact that part of the shareholding is up for sale --
      the plan is to draw up the current budget by the end
      of January 2007, in order to provide the essential
      elements for such appraisal;

   -- as a result of the sales procedure for the government
      shareholding in the Company decided by the Council of
      Ministers on Dec. 1, 2006, and implemented by the Ministry
      of Economy and Finance via a communique issued on
      Dec. 5 2006, coupled with the fact that the Alitalia Board
      of Directors no longer has a quorum, it is not possible,
      as things stand, to complete the updating of the Plan for
      the years 2007-2009;

   -- finally, in regard to frequent rumors in the press
      forecasting a negative result for 2007 of around
      EUR400 million, it should be pointed out that, at the
      present time, it is not possible either to deny or to
      confirm such predictions which seem, rather, to be based
      on an extrapolation on an annual basis of the before-tax
      result for the first nine months of the year.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


COREL CORP: Earns US$9.4 Million in Fourth Quarter 2006
-------------------------------------------------------
Corel Corp. reported financial results for its fourth quarter
and year ended Nov. 30, 2006.  Revenues in the fourth quarter of
fiscal 2006 were US$47.4 million, an increase of 4% over
revenues of US$45.6 million in the fourth quarter fiscal 2005.

GAAP net income in the fourth quarter of fiscal 2006 was
US$9.4 million compared to a GAAP net loss of US$3.4 million in
the fourth quarter of fiscal 2005.

Non-GAAP adjusted net income for the fourth quarter fiscal 2006
was US$13.1 million, an increase of 90% compared to non-GAAP
adjusted net income for the fourth quarter of fiscal 2005 of
US$6.9 million.  Non-GAAP adjusted EBITDA increased 11% in the
fourth quarter to US$14.7 million compared to US$13.3 million in
the fourth quarter of fiscal 2005.

In fiscal year 2006, Corel achieved revenue of US$177.2 million,
an increase of 8%, compared to US$164.0 million in fiscal 2005.
GAAP net income for the year was US$9.3 million compared to a
GAAP net loss of US$8.8 million for fiscal year 2005.

For the full-year 2006, Non-GAAP adjusted net income was
US$37.6 million, an increase of 31% from the previous year of
US$28.6 million.  Non-GAAP adjusted EBITDA for 2006 was
US$55.2 million, a 13% increase over 2005 non-GAAP adjusted
EBITDA of US$49.0 million.

"Corel closed a busy 2006 with a solid fourth quarter,
delivering strong results on both revenue and earnings and
continuing to execute against all facets of our strategy," said
David Dobson, Corel's CEO.  "As we enter 2007, we are very
excited about the acquisition of Intervideo, which we closed in
December.  This combination creates the broadest digital media
portfolio in the industry, and will further our core strategy of
expanding our partner ecosystem, delivering new products and
growing in new and emerging markets.  We expect that over the
course of 2007, we will improve Intervideo's gross margins,
realize significant cost synergies between the two
organizations, and drive increased value to our customers,
partners and shareholders."

                        Financial Guidance

There are several items related to the acquisition that will
impact revenue and earnings for the first quarter and full year
of 2007.  These are as follows:

   -- The acquisition closed on Dec. 12, 2006, so Corel will not
      recognize approximately two weeks of revenue from
      Intervideo in the first quarter.  In addition, revenue
      from OEM customers is primarily reported to Intervideo
      after the end of each calendar quarter.  Corel is not able
      to recognize revenue that is reported from OEM customers
      for products sold prior to the close of the acquisition
      that traditionally would have been reported in
      Intervideo's first quarter results.  Beginning in our
      second quarter, the company will be able to report the
      full Intervideo OEM revenue.  The impact of these items on
      revenue will be approximately US$15 million in the first
      quarter.  The impact on earnings for both the first
      quarter and fiscal year 2007 will be approximately
      US$7 million.

   -- Also, the company expects that it will no longer recognize
      approximately US$15 million of revenue that was annually
      sold by Intervideo at cost.  There will be no impact on
      earnings as a result of this change.

   -- The company expects to rationalize approximately US$5
      million to US$7 million of unprofitable revenue in fiscal
      2007.

   -- The company expects to take a one-time charge of
      approximately US$8.5 million to in-process research and
      development and a US$2 million restructuring and
      transition charge in the first quarter.

The combined impact of these changes on revenue is expected to
be approximately US$20 million in the first quarter and US$35
million to US$37 million in fiscal year 2007.

               First Quarter Fiscal 2007 Guidance

Corel provided guidance for the first quarter ending Feb. 28,
2007.  The Company currently expects:

   * Revenue in the range of US$51 million to US$53 million.

   * GAAP net loss of US$18 million to US$20 million and a non-
     GAAP adjusted net loss of US$1 million to a non-GAAP
     adjusted net income of US$1 million.

                      Fiscal 2007 Guidance

Corel provided guidance for the year ending Nov. 30, 2007.  The
Company currently expects:

   * Revenue in the range of US$245 million to US$255 million

   * GAAP net loss of US$10.5 million to US$13.5 million and
     non-GAAP adjusted net income of US$33 million to US$36
     million.

                      About Corel Corp.

Headquartered in Ottawa, Ontario, Corel Corporation
(NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is a  
packaged software  company with an estimated installed base of
over 40 million users.  The company provides productivity,
graphics and digital imaging software.  Its products are sold in
over 75 countries through a scalable distribution platform
comprised of original equipment manufacturers, Corel's
international websites, and a global network of resellers and
retailers.  The company's product portfolio features
CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office,
WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM).

The company has operations in Japan, Germany, Italy, the United
Kingdom, Australia, Korea, Brazil, and Mexico, among others.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 8,
2006, that Standard & Poor's Ratings Services affirmed its 'B'
long-term corporate credit and senior secured debt ratings on
Canada-based packaged software company, Corel Corp., following
the company's announcement to acquire California-based digital
media software vendor, InterVideo Inc.

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, the rating
agency confirmed its Caa1 Corporate Family Rating for Corel
Corporation.

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$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2011      B3       B3      LGD3       33%

   US$90 Million
   Senior Secured
   First Lien
   due 2012               B3       B3      LGD3       33%


DAIWA SECURITIES: Discloses Low Profits For Third Quarter 2006
--------------------------------------------------------------
Daiwa Securities Group Inc. recorded weaker third-quarter
profits after a drop in stock trading eroded brokerage fees,
Bloomberg News reports.

The Wall Street Journal relates that Daiwa Securities' group net
profit in the three-month period ended Dec. 31, 2006, fell 31%
to JPY26.75 billion from JPY38.8 billion a year earlier.

Daiwa Securities said its group revenue declined 1% to
JPY242.78 billion but its investment-banking operations, such as
underwriting of share offerings, fared well, WSJ notes.

WSJ states that Daiwa Securities' stockbroking commissions
shrank 39% to JPY23.42 billion, while securities-underwriting
commissions rose 53% to JPY25.09 billion.

Bloomberg's Takahiko Hyuga explains that earnings fell as stock
trading in Japan cooled and banks pushed into brokerage.  Daiwa
is expanding overseas to reduce its dependence on domestic stock
trading and close a profit gap with Wall Street firms such as
Goldman Sachs Group Inc., Mr. Hyuga points out.

                 About Daiwa Securities Group

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/ -- is a Japan-based securities company.    
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 25, 2006, affirmed the company's 'C'
individual rating.


EDDIE BAUER: 4th Qtr. Ended Dec. 30 Net Sales Up by US$4 Million
----------------------------------------------------------------
Eddie Bauer Holdings Inc. has reported its preliminary sales
results for the fourth quarter and full year 2006.

For the fourth quarter ended Dec. 30, 2006, net merchandise
sales totaled US$365 million, compared to US$361 million in the
fourth quarter of 2005.  

Net merchandise sales include sales from the Company's retail
and outlet stores and its direct channel, which includes its
catalogs and websites, but does not include licensing revenue or
revenue generated by the Company's joint ventures.  Comparable
store sales for the fourth quarter of 2006 increased 4.6% from
the fourth quarter of 2005.  Comparable store sales in the
fourth quarter of 2005 had declined 7.1% from the same period in
2004.  Sales from the Company's direct channel, which includes
sales from its catalogs and websites, increased by 0.1% from the
fourth quarter of 2005.

For the fiscal year ended Dec. 30, 2006, net merchandise sales
declined 4.5%, totaling US$957 million in 2006 compared to
US$1,002 million in fiscal 2005.  Comparable store sales for
fiscal 2006 declined 2.0% from fiscal 2005, which compares to a
2.2% decrease in comparable store sales in fiscal 2005 from
fiscal 2004. Sales from the Company's direct channel, which
includes sales from its catalogs and websites, decreased by 4.4%
from fiscal 2005.

On Nov. 13, 2006, the Company reported that it had entered into
a definitive agreement for the sale of Eddie Bauer to Eddie B
Holding Corp., an affiliate of Sun Capital Partners and Golden
Gate Capital, for US$9.25 per share in cash.  

The Board of Directors of the Company has unanimously determined
that the merger agreement is advisable and in the best interests
of the Company's stockholders and recommends that stockholders
vote for the adoption of the merger agreement at the upcoming
special meeting of stockholders to be held on Jan. 25, 2007.  
The transaction is expected to close in the first quarter of
2007.

"Our fourth quarter sales results were moderately below our
expectations.  Our Board of Directors continues to unanimously
believe that the sale to Sun Capital and Golden Gate represents
the best opportunity to maximize stockholder value.  The
transaction will provide stockholders with fair and certain
value as well as an immediate cash return," said William End,
Chairman of the Board of Directors of Eddie Bauer.

In connection with the proposed merger and related transactions,
Eddie Bauer has filed a definitive proxy statement with the
Securities and Exchange Commission.

                      About Eddie Bauer

Headquartered in Redmond, Washington, Eddie Bauer Holdings, Inc.
-- http://www.eddiebauer.com/-- is a specialty retailer that
sells casual sportswear and accessories for the "modern outdoor
lifestyle."  Established in 1920 in Seattle, Eddie Bauer
believes the Eddie Bauer brand is a nationally recognized brand
that stands for high quality, innovation, style, and customer
service.  Eddie Bauer products are available at approximately
375 stores throughout the United States and Canada, through
catalog sales and online at http://www.eddiebaueroutlet.com/
The company also participates in joint venture partnerships in
Japan and Germany and has licensing agreements across a variety
of product categories.  Eddie Bauer employs approximately 10,000
part-time and full-time associates in the United States and
Canada.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Moody's Investors Service confirmed its B2
Corporate Family Rating for Eddie Bauer, Inc. and its B2 rating
on the company's US$300 million term loan, in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology for the U.S. and Canadian
Retail sector.  In addition, Moody's assigned an LGD4 rating to
those notes, suggesting noteholders will experience a 55% loss
in the event of a default


FIDELITY NATIONAL: Completes Refinancing of Credit Facilities
-------------------------------------------------------------
Fidelity National Information Services, Inc., completed the
refinancing of its principal credit facilities.  The new
facilities include a US$900 million five-year unsecured
revolving credit facility and a US$2.1 billion five-year
unsecured amortizing term loan facility.  The initial borrowing
rate for the facilities will be LIBOR plus 100 basis points, in
accordance with the company's current leverage ratio.

As of the closing date, the US$2.1 billion term loan was fully
drawn and US$557 million was borrowed under the revolving loan.  
The combined net proceeds of US$2.7 billion were used to retire
the outstanding indebtedness on the former facilities and to
fund the cost of establishing the new facilities.  The company
expects to incur a pre-tax non-cash charge of approximately
US$27.3 million in the first quarter of 2007 in conjunction with
the unamortized costs associated with the prior facilities.

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. --
http://www.fidelityinfoservices.com/-- provides core processing  
for financial institutions; card issuer and transaction
processing services; mortgage loan processing and mortgage-
related information products; and outsourcing services to
financial institutions, retailers, mortgage lenders and real
estate professionals.  FIS has processing and technology
relationships with 35 of the top 50 global banks, including nine
of the top ten.  Nearly 50 percent of all U.S. residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Japan.


FIDELITY NATIONAL: Fitch Rates New US$3BB Sr. Facilities at BB+
---------------------------------------------------------------
Fitch Ratings has assigned a senior unsecured rating of 'BB+'
for Fidelity National Information Services' new US$3 billion
senior unsecured credit facilities.

The facilities consist of a US$2.1 billion term loan and a
US$900 million revolving credit facility.  The company used the
proceeds to refinance existing debt.  Fidelity's Issuer Default
Rating remains at 'BB+'.  

The Rating Outlook is Stable.

The ratings recognize the company's ability to generate strong
free cash flow, its strong market position in core businesses,
diversified product offering, solid client retention, counter-
cyclical revenue streams, and recurring revenue base from long-
term processing agreements.  

The ratings also recognize the benefits realized by Fidelity
from its acquisition of Certegy Inc. in early 2006.  Fitch
believes the strong operating performance of Fidelity as a stand
alone company, the operating strength and business
diversification brought from Certegy, sound liquidity, and
improved leverage also support the ratings.

Credit concerns include Fidelity's history of debt-financed
acquisitions, well-capitalized significant industry competitors,
the ongoing consolidation of its financial institution customer
base, and event risk associated with two private equity firms
that have a combined equity stake of approximately 15%.  Fitch
believes that potential acquisitions also remain a risk but
expects the company will have the financial flexibility and
capacity to manage its leverage accordingly.  Incorporating
incremental EBITDA from Certegy, pro forma 2006 leverage was
approximately 2.5x, which is within the rating agency's
expectations and comfortably within the 3.5x leverage covenant
of the new unsecured credit facilities.

Liquidity is adequate and supported by cash balances of
US$174.6 million at 3rd quarter ended Sept. 30, 2006 as well as
approximately US$286 million of availability under its revolving
credit facilities.  For 2007, liquidity is expected to remain
adequate with cash balances and free cash flow similar to
historical levels and availability under the new unsecured
credit facilities of approximately US$340 million.  Total debt
for 2006 is expected to be in the range of US$2.7 billion-
US$2.9 billion and management has stated its plans to reduce
debt over the next few years.  The company has a US$200 million
share repurchase program which will utilize some of Fidelity's
free cash flow.  Fitch believes approximately US$100 million
will likely be repurchased in 2007.

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. --
http://www.fidelityinfoservices.com/-- provides core processing  
for financial institutions; card issuer and transaction
processing services; mortgage loan processing and mortgage-
related information products; and outsourcing services to
financial institutions, retailers, mortgage lenders and real
estate professionals.  FIS has processing and technology
relationships with 35 of the top 50 global banks, including nine
of the top ten.  Nearly 50 percent of all U.S. residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Japan.


FORD MOTOR: Posts US$12.75-Billion Net Loss in 2006
---------------------------------------------------
Ford Motor Co. released its preliminary financial results for
the year and quarter ended Dec. 31, 2006.

Ford posted US$12.75 billion in losses against US$160.1 billion
in revenues for the full year 2006, compared with US$1.4 billion
in net profit against US$176.9 billion in revenues for 2005.

Ford posted US$5.76 billion in net loss against US$40.3 billion
in revenues for the fourth quarter of 2006, compared with
US$74 million in net loss against US$46.3 billion in revenues
for the same period in 2005.

"We began aggressive actions in 2006 to restructure our
automotive business so we can operate profitably at lower
volumes and with a product mix that better reflects consumer
demand for smaller, more fuel efficient vehicles," Alan Mulally,
Ford's president and chief executive, said.  "We fully recognize
our business reality and are dealing with it.  We have a plan
and we are on track to deliver."

                        Results by Sector

Automotive Sector

For 2006, Ford's worldwide Automotive sector reported a pre-tax
loss of US$5.2 billion, compared to a pre-tax loss of
US$993 million a year ago.  The decline primarily reflected
unfavorable volume and mix, unfavorable net pricing and currency
exchange, partially offset by favorable cost performance and
higher interest income.

For the fourth quarter, Ford's worldwide Automotive sector
reported a pre-tax loss of US$2.5 billion, compared to a pre-tax
loss of US$109 million a year earlier.  The decline primarily
reflected adverse volume and mix and higher incentives in North
America.

Worldwide Automotive revenue for 2006 was US$143.3 billion,
compared to US$153.5 billion a year ago.  Total fourth-quarter
Automotive revenue was US$36 billion, a decrease from
US$40.7 billion a year ago.

Total company vehicle wholesales in 2006 were 6,597,000, a
decrease from 6,767,000 in 2005.  Fourth-quarter vehicle
wholesales totaled 1,568,000, compared to 1,737,000 units a year
ago.

Automotive cash at Dec. 31, 2006, totaled US$33.9 billion of
cash, net marketable securities, loaned securities and short-
term Voluntary Employee Benefits Association (VEBA) assets.

Financial Services Sector

For 2006, the Financial Services sector earned a pre-tax profit
of more than US$1.9 billion, compared to US$3.5 billion the
prior year.  For the fourth quarter, the Financial Services
sector earned a pre-tax profit of US$416 million, compared to
US$626 million the prior year.

Ford Motor Credit Company reported net income of US$1.3 billion
in 2006, down US$621 million from earnings of US$1.9 billion a
year earlier.  On a pre-tax basis from continuing operations,
Ford Motor Credit earned more than US$1.9 billion in 2006, down
US$970 million from 2005.  The decrease in full-year earnings
primarily reflected higher borrowing costs, higher depreciation
expense and the impact of lower average receivable levels.  
These were partially offset by market valuations primarily
related to non-designated derivatives and reduced operating
costs.

In the fourth quarter of 2006, Ford Motor Credit's net income
was US$279 million, down US$26 million from a year earlier.  On
a pre-tax basis, Ford Motor Credit earned US$406 million in the
fourth quarter, compared to US$482 million in the previous year.
The decrease primarily reflected higher borrowing costs and
higher depreciation expense, partially offset by market
valuations primarily related to non-designated derivatives.

                       Cash and Liquidity

The company ended 2006 with total Automotive cash, net
marketable securities, loaned securities and short-term
Voluntary Employee Beneficiary Association (VEBA) assets at
Dec. 31, 2006 of US$33.9 billion, an increase from
US$23.6 billion at the end of the previous quarter.  Total
Automotive liquidity at Dec. 31, 2006 was US$46 billion
including credit facilities. The company's Automotive operating-
related cash flow was US$1.8 billion negative for the fourth
quarter.

"We're pleased the financial markets expressed confidence in our
turnaround plan by providing us with the additional liquidity we
will need to fund our operations as we restructure to deliver
sustainable profitability," Mr. Mulally said. "We will deploy
this capital wisely to ensure we earn returns for our
shareholders and deliver products our customers prefer."

                          2007 Outlook

The company shared its financial outlook for 2007 and,
consistent with previous guidance, expects market share and most
earnings comparisons to remain challenging for the next two to
three quarters.

   -- U.S. market share is expected to be down through the third
      quarter of 2007, primarily due to lower fleet sales;

   -- production is expected to be down through the first half
      of 2007, but is expected to increase on a year-over-year
      basis in the second half of the year;

   -- year-over-year third quarter comparisons will be impacted
      by the non-recurrence of tax-related interest income in
      2006;

   -- essentially no tax offsets to losses will be recognized --
      negatively impacting the first nine months of comparisons.

   -- the company's structural cost reductions will continue to
      grow during the year as personnel are separated, plants
      are idled and capacity is reduced;

   -- as previously stated, from 2007 through 2009 cumulative
      Automotive operating-related cash outflows will be about
      US$10 billion, and cumulative restructuring expenditures
      will be about US$7 billion.  The company expects more than
      half of this US$17 billion outflow will occur in 2007.
      These outflows also reflect plans to invest in new
      products at levels comparable to previous years, or about
      US$7 billion annually.

   -- special charges in 2007 are expected to be significantly
      lower than in 2006.

"While challenges lie ahead for us in 2007, we're focused on
making continuous improvements to our plan, so we can capitalize
on opportunities to create and sell more products and save more
costs," Mr. Mulally said. "Our priorities, combined with our
sense of urgency, will continue to transform Ford Motor
Company."

                           Deep Trouble

Analysts, however, are skeptical that Ford's products are strong
enough to turn the company around, AFX News relays.

"There is no question that Ford is in deep trouble -- probably
the worst trouble they have been in since the Depression,"
Gerald Meyers, a University of Michigan business professor and
former chief executive of American Motors Corp, told Bloomberg
News.  "It is going to be a while before it gets out."

"The basic story of Ford's stunning collapse in its home-market
profitability remains the same," David Healy, Burnham Securities
analyst, told Reuters.  "Ford's finances were wrecked by the
collapse in volume and pricing of its most profitable truck
models."

Ford's losses are likely to have huge impact on its Credit-
default swaps -- financial instruments based on bonds and loans
that are used to speculate on a company's ability to repay debt,
Mark Altherr, a Credit Suisse Group analyst in New York, said.

Credit-default swap prices for Ford debt will continue to
tighten "unless there are big negative surprises to the
downside, in this market," Mr. Altherr stressed.

Full-text copies of Ford Motor Co.'s 2006 results are available
at no charge at: http://researcharchives.com/t/s?190d

                      About Ford Motor Co.

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

The company also has operations in Japan.

                          *     *     *

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

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

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due
2036.


NIKKO CORDIAL: Current Executives to Look Into Payoffs Issue
------------------------------------------------------------
Nikko Cordial Corp. has kept a former managing director on its
payroll since he resigned in October 1997, to take
responsibility for certain payoffs, The Asahi Shimbun reports.  

According to the report, the brokerage firm has continued
employing the ex-director as a contract employee at a Nikko
Cordial subsidiary, paying him JPY20 million annually -- which
is more than what Nikko's division managers earn.  The Asahi
Simbun states that the former director was working at Nikko
Securities Co., Nikko Cordial's predecessor, when the payoff
scandals broke out.

A source formerly with Nikko Cordial said that the ex-director
had likely been rewarded with the JPY20-million annual
remuneration because he resigned when the company needed someone
to take a fall.

Specifically, the report relates that the ex-director was
charged with violating the Commercial Code by paying
JPY14 million to the representative of a racketeering outfit and
the Securities and Exchange Law by paying JPY29 million to
Shokei Arai, a Liberal Democratic Party Lower House member who
has since died.  In September 1998, The Tokyo District Court
sentenced him to a year in prison and suspended him for three
years.

The ex-director began working at the Nikko Cordial subsidiary
around 1998, soon after he was arrested on suspicion of payoffs,
and has renewed his one-year contract every year, the report
says.

The report further cites sources as saying that the ex-
director's continued tenure with the company had the approval of
Nikko Cordial's former president and former chairman.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 27, 2006, Junichi Arimura and Masashi Kaneko quit their
posts as Nikko Cordial's president and chairman effective
Dec. 26, over charges that the company committed accounting
irregularities.

The Asahi Shimsun report points out that Nikko's new top
executives, led by current president Shoji Kuwashima, have been
negotiating with the ex-director since December to terminate his
employment.

The executives plan to investigate the involvement of Former
President Arimura and Former Chairman Kaneko in the decision to
hire the ex-director, the report adds.

                       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.


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

ARAMARK CORP: Investor Group Completes Merger with Firm
-------------------------------------------------------
ARAMARK Corp. disclosed the completion of the merger in which
the company has been acquired by an investor group led by Joseph
Neubauer, Chairman and Chief Executive Officer of ARAMARK, and
investment funds managed by GS Capital Partners, CCMP Capital
Advisors and J.P. Morgan Partners, Thomas H. Lee Partners and
Warburg Pincus LLC.  Approximately 250 ARAMARK senior managers
will also invest in the transaction.

"We are pleased to complete this transaction," said Mr.
Neubauer, who will remain Chairman and Chief Executive Officer
of ARAMARK.  "I am particularly grateful for the support we have
received from our people who have worked hard to deliver
outstanding performance over many years, and our senior managers
who will further dedicate themselves by making a significant
investment in the company.

"This merger opens a new and exciting chapter in ARAMARK's
history.  The new structure will enable us to fully unleash the
company's potential.  Today, we are positioned to drive greater
innovation, pursue strategic opportunities, and build
sophisticated, long-term solutions that deliver the most value
for our clients and customers around the world.

"As we invest in new strategies that will define the future of
our industry, we will continue to build on our heritage of
delivering value to our employees, our partners, our clients and
our customers.  We remain dedicated to providing outstanding
experiences, environments and outcomes each and every day for
our clients around the world."

On Aug. 8, 2006, ARAMARK disclosed that it had signed a
definitive merger agreement under which the private investor
group would acquire ARAMARK in a transaction valued at
approximately US$8.3 billion, including the assumption or
repayment of approximately US$2.0 billion of debt.

On Dec. 20, 2006, ARAMARK held a special meeting of its
stockholders, at which 86% of the outstanding votes and 97% of
the votes actually cast voted in favor of the adoption of the
merger agreement.

Under the terms of the agreement, ARAMARK shareholders are
entitled to receive US$33.80 in cash for each share of ARAMARK
common stock held.  ARAMARK common stock ceased trading on the
New York Stock Exchange at market close on Jan. 26, 2007, and
will no longer be listed.

ARAMARK stockholders whose shares are held in book entry at
Mellon Investor Services, ARAMARK's transfer agent, will receive
cash for their shares from Mellon Investor Services, which also
will serve as the paying agent.

ARAMARK stockholders who possess physical stock certificates
will receive instructions and a letter of transmittal by mail
from Mellon Investor Services concerning how and where to
forward their certificates for payment.  For shares held in
"street name" by a broker, bank or other nominee, stockholders
will not need to take any action to have shares converted into
cash, as this should be done by the broker, bank or other
nominee.  Questions about the deposit of merger proceeds should
be directed to the appropriate broker, bank or other nominee.

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

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 18, 2007, Moody's Investors Service affirmed the Ba3 rating
on Aramark Corp.'s proposed US$4.15 billion secured term loan
and the B3 rating on US$1.78 billion of proposed senior notes.  
The upsized term loan and senior note offerings are intended to
replace a US$570 million senior subordinated note offering that
was cancelled.

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


HYUNDAI CARD: Fitch Assigns 'C' Individual Rating
-------------------------------------------------
Fitch Ratings assigned a Long-term foreign currency Issuer
Default rating of 'BBB' to Hyundai Card Company.  Other ratings
assigned include:

   -- a Short-term foreign currency rating of 'F2',

   -- an Individual rating of 'C', and

   -- a Support rating of '3'.

The Outlook on the ratings is Stable.

HCC's ratings reflect its good profitability, strong
capitalisation and part-ownership by GE Capital.

Over recent years, HCC has focussed on relatively low risk
"lump-sum" card users (which were not problematic during Korea's
2003 credit-card crisis), versus slightly higher-risk
"instalment" users and the even higher-risk "card-loan/cash-
advance" users. Indeed, from mid-2003 to end-2005, HCC's mix of
lump-sum, installment and card-loan/cash-advance receivables
went from 33%/15%52% to 60%/16%/20% respectively. At end-2006,
however, the mix is expected to come in at 54%/22%/18%,
reflecting some increase in risk profile - albeit with HCC
advising there will be no further increase in risk-profile going
forward.

The mid-2006 quality of HCC's receivables was good, with a 2.8%
NPL ratio (127% covered by reserves) and a 2.0% precautionary
loans ratio. H106's credit costs came in at 1.5% of average
receivables (annualised - comprising 1.2% on lump-sum
receivables versus 6.8% on the other receivables), in line with
HCC's long-term credit cost expectations of c.1.5% and against
Fitch's expectations of c.0.6% for bank loans in Korea.

HCC's profitability over recent years has improved dramatically
on the back of lower credit costs following the 2003 crisis, as
well as lower funding costs arising out of its improved balance
sheet strength, the presence of GE Capital as a 43% shareholder
since September 2005 (versus 51% for the Hyundai Motor Group or
HMG), and the lowering interest rate environment given that much
of HCC's receivables effectively carry a fixed rate of interest.
For 2006 and beyond, a core pre-tax RoAA of c.6% is expected. In
2006 and 2007, however, one-off gains on the sale of stakes in
other companies will boost this significantly. Notably, through
deferred tax assets, HCC does not expect to pay any tax until
2009.

Disregarding the one-off equity stake sale gains and assuming a
30% tax rate, results in expectations of a 4.2% net RoAA and 21%
RoAE (assuming a 20% equity/assets ratio). Fitch believes this
is achievable so long as margins and credit costs can be
maintained at their current levels. The risks here are excess
aggressiveness by market participants and/or a higher interest
rate environment - either or both of which would pressure both
margins and credit costs (although a rerun of the problems of
the 2003 crisis is highly unlikely with the market having
greatly matured since then).

Offsetting such risks is HCC's very substantial capital base,
which at mid-2006 stood at 25% of its asset base, resulting in a
total CAR of 33%. For end-2006 a 40% CAR is expected through the
retention of all of 2006's substantial profit. With no dividend
planned for 2007 either, HCC is expected to maintain a total CAR
of more than 30% for some years to come.

Both HMG and GE Capital have provided strong letters of support
for HCC. Given this and HCC's importance to HMG and GE, Fitch
believes there is a moderate probability of support for HCC
should the need arise. Established in 1995, HCC was acquired by
HMG in 2000. GE became a shareholder in 2005 and is heavily
involved in HCC's management.


LG TELECOM: Profit for 4th Qtr. Up 34% on Increased Subscribers
---------------------------------------------------------------
For the quarter ended Dec. 31, 2006, LG Telecom Ltd. recorded a
net profit of KRW109.6 billion (US$116 million), a 34% increase
from the KRW81.8 billion booked in the corresponding period in
2005.

LG Telecom attributes the surge in profit to the rising number
of subscribers, Yonhap News says.

According to Yonhap News, LG Telecom attracted a net 113,000
subscribers in the last quarter, raising its customer base to
7.01 million.

The company's sales for the 4th quarter of 2006 rose 9.4% to
KRW1.03 trillion while its operating income gained 2% to
KRW122 billion.

In 2007, LG Telecom sees its sales to total KRW3.18 trillion,
the news agency added.  The company plans to spend
KRW550 billion for expansion this year.

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and  
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom Ltd's
foreign currency Issuer Default rating to 'BB+' from 'BB.'


INDUSTRIAL BANK OF KOREA: Raises JPY50 Bil. from Samurai Bonds
--------------------------------------------------------------
The Industrial Bank of Korea raised JPY50 billion (roughly
KRW411 million) through the issuance of yen-denominated bonds,
South Korea's government Web site says.

Citing a statement made by the bank, Korea.net relates that the
Samurai bonds carry a 1.62% coupon rate and were priced at 27
basis points over the yen swap rate.

Daiwa Securities SMBC Co., JP Morgan Chase & Co., and Mizuho
Securities Co. arranged the deal.

State-run Industrial Bank of Korea -- http://www.kiupbank.co.kr/
-- provides commercial banking services to small and mid-sized
companies.  The Bank provides loans, discount bills, deposits,
installment savings deposits, domestic remittances, foreign
exchange, safe deposit boxes, and payment acceptances and
guarantees.  IBK also provides PC banking and telephone banking
services.

Moody's Investors Service gave Industrial Bank of Korea a Bank
Financial Strength Rating of 'D' effective Jan. 24, 2006.


SK CORP: Signs Olefin Technology-Development Deal with KBR
----------------------------------------------------------
SK Corp. reached an agreement with KBR Inc. for the development
of a new technology for olefins production.

Under the deal, the parties will also commercialize, market and
license the technology named "Advanced Catalytic Olefin
Process."

According to a company media release, the technology is based on
an SK proprietary process and offers higher overall yields of
olefins compared to conventional steam crackers.

The companies plan to install the process in an SK olefins
plant, with KBR providing the design package.

The release did not disclose the financial terms of the
agreement.

"KBR's collaboration with SK Corporation will provide a superior
technology for producers to make two of the world's most widely
used petrochemicals, propylene and ethylene, from common and
readily available feeds such as straight run naphthas and
distillates," Tim Challand, KBR's senior vice president of
Downstream and Technology, says.

                           About KBR

A subsidiary of Halliburton, KBR is a global engineering,
construction and services firm supporting the energy,
petrochemicals, government services and civil infrastructure
sectors.  

                         About SK Corp.

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

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


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

EKRAN BERHAD: Bursa Extends Plan Filing Deadline to March 7
-----------------------------------------------------------
The Bursa Malaysia Securities Bhd extends until March 7, 2007,
the deadline for Ekran Bhd to submit its regularization plan.  
In addition, the bourse also deferred the suspension and the
commencement of delisting procedures on the company's
securities.

Ekran Bhd, as an affected listed issuer under Amended Practice
Note 17 category of the Bursa Securities, was originally
required to submit a plan to regularize its financial condition
to relevant authorities by Jan. 7, 2007.  

The company however asked the bourse to extend the deadline to
July 7, 2007.  In addition, the Troubled Company Reporter - Asia
Pacific reported that Ekran submitted on Dec. 29, 2006, to the
bourse a rationalization/recovery plan and an application for
the upliftment from the Amended PN17 status.

The bourse rejected the company's requests and instead decided
to suspend and delist the company's securities.  

On January 22, 2007, the TCR-AP reported that the company
appealed the bourse's rejection of its extension request.  Ekran
also clarified with the bourse that its plan does not require
the SC's approval in its implementation, as it does not involve
any capital restructuring or issue of new securities.

The company also told the bourse that the
rationalization/recovery plan is already in progress, which, if
successfully implemented, the company believes will solve its
present financial and operational status.

                          *     *     *

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

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


FA PENINSULAR: Deadline to File Plan Extended Until February 7
--------------------------------------------------------------
The Bursa Malaysia Securities Bhd extended the deadline for FA
Peninsular Bhd to submit its regularization plan until Feb. 7,
2007.

On Dec. 29, 2006, the company filed an application with the
Bursa Malaysia to extend its plan filing deadline, which
application was subsequently rejected by the bourse.

In addition, the bourse also decided to commence suspension and
delisting procedures against the company's securities.

However, the company appealed the decision, which the bourse
reconsidered.

                          *     *     *

FA Peninsular's principal activities are processing and trading
cocoa.  Other activity includes stock and share-broking.  
Operations are carried out mainly in Malaysia.

The company is currently listed in the Amended PN-17 list of
companies in the Bursa Malaysia Securities Bhd.

As of Sept. 30, 2006, the company's balance sheet showed
insolvency with MYR15.879 million in total assets and
MYR21.804 million in liabilities.  Shareholders' deficit in the
company reached MYR5.92 million.


FEDERAL FURNITURE: Lenders OK DRA Completion Period to March 15
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Jan. 10, 2007, that the Debt Restructuring Agreement entered by
Federal Furniture Holdings Bhd along with some of its
subsidiaries and its scheme lenders lapsed on Dec. 29, 2006.

Accordingly, the company proposed to extend the completion
period of the DRA to March 15, 2007.

In an update, the company disclosed with the Bursa Malaysia
Securities Bhd that it obtained the extension approval from its
lenders.

Specifically, the scheme lenders approved:

   a. extension of the completion date of the Corporate
      Restructuring Exercise under the debt restructuring
      agreement dated June 29, 2005, from Dec. 29, 2006, to
      March 15, 2007;

   b. approval-in-principle in the event that the ownership of
      Terengganu Land cannot be transferred to SPV 2 within 90
      days from the extended completion date and FFHB will
      replace the Terengganu Land with the Puchong Land.
      However this will be subject to the approval of relevant
      authorities/FFHB's shareholders in general meeting, if
      required.

                          *     *     *

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On July
5, 2006, the Company submitted its Regularization Plan to Bursa
Malaysia Securities Berhad for approval.

The company's balance sheet as of Sept. 30, 2006, reflected
MYR149.14 million in total assets and MYR159.09 million in total
liabilities.  Shareholders' deficit totaled MYR9.95 million.


FOREMOST HOLDINGS: Plan Filing Deadline Extended to March 9
-----------------------------------------------------------
As an affected listed issuer under the Amended PN17 of the Bursa
Malaysia Securities Bhd, Foremost Holdings Bhd is required to
submit a regularization plan showing how it will stabilize its
financial condition to the Securities Commission and other
relevant authorities.  The company was to submit this plan to
the authorities by Jan. 9, 2007.

Thus, Foremost Holdings asked the bourse to extend until
March 9, 2007, its submission deadline as it needed more time to
formulate its plan.

The bourse initially rejected the extension and request and
instead decided to commence suspension and delisting procedures
on the company's securities.

The company appealed the bourse's decision.

In an update, Bursa Malaysia considered the company's appeal and
granted the extension requested by the company.

                          *    *    *

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".  
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


HALIFAX CAPITAL: Bourse Extends Plan Filing Deadline to March 7
---------------------------------------------------------------
Halifax Capital Bhd, as an affected listed issuer under Practice
Note 17 of the Bursa Malaysia Securities Bhd's Official List of
Companies, is required to submit a regularization plan showing
how it will stabilize its finances to relevant authorities by
Jan. 7, 2007.

The company asked the bourse for a plan filing extension of
until July 7, 2007.  However, the bourse rejected the company's
request and further decided to commence suspension and a
delisting procedure on the company's securities.

Subsequently, Halifax appealed the bourse's decision.  As a
result, the delisting procedure was deferred.

In an update, Bursa Malaysia considered the company's appeal and
allowed the company until March 7, 2007, to submit its plan.

                          *     *     *

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

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


JOHAN CERAMICS: Receives Take-Over Offer from Lambaga Tabung
------------------------------------------------------------
Johan Ceramics Bhd received, on January 15, 2007, a notice of
take-over offer from Lembaga Tabung Angkatan Tentera.

The offer, according to the company's disclosure with the Bursa
Malaysia Securities Bhd, was made with regard to the remaining
26,053,000 ordinary shares of MYR1.00 each not already owned by
LTAT in the company.

The ordinary shares being acquired represents 40.08% of the
issued and paid-up share capital of Johan Ceramics at a cash
price of MYR0.30 per share.

Meanwhile, the company said that its board of directors, in
accordance with the Malaysian Code on Take-Overs and Mergers,
1998, will appoint an independent adviser to advise the
independent directors and minority shareholders of JCB in
relation to the offer.

The appointment of the IA is still subject to the approval of
the Securities Commission.

                          *     *     *

Headquartered in Malaysia, Johan Ceramics Berhad --
http://johanceramics.com/-- principally engages in the  
manufacture and sale of glazed ceramic wall and floor tiles.  
The Troubled Company Reporter - Asia Pacific reported that the
Company's balance sheet as of June 30, 2006 showed that the
Company has accumulated losses of MYR36,062,000. March 31, 2006,
showed accumulated losses of MYR35.5 million in shareholders
equity.  

On June 12, 2006, the Company was classified as an affected
listed issuer under the Amended Practice Note 17 category of
Bursa Malaysia Securities Berhad's Listing Requirements after
its auditors expressed doubt on the Company's ability to
continue as a going concern and after its shareholders' equity
plunged below the listing requirement.  As an affected issuer,
the Company is required to formulate and implement a plan to
regularize its financial condition.


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

ALL SET CARS: Taps Official Assignee as Liquidator
--------------------------------------------------
On Dec. 19, 2006, the Official Assignee was appointed as
liquidator of All Set Cars Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard a liquidation petition against the
company on Dec. 19, 2006.  Commercial Factors Ltd filed the
petition.

The Liquidator can be reached at:

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


ANDREW APPLIANCE: Faces Liquidation Proceedings
-----------------------------------------------
A petition to liquidate Andrew Appliance Repairs Ltd will be
heard before the High Court of Auckland on Feb. 1, 2007, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Nov. 10, 2006.

The CIR's solicitor can be reached at:

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


BRIGHT WOOD: To Close Business by Mid-March, Site to be Sold
------------------------------------------------------------
On Jan. 29, 2007, Bright Wood New Zealand disclosed that it will
close by mid-March and sell the site, The Southland Times
reports.

The report says there will be about 100 jobs lost.

According to the paper, the mill's revenues had dropped 25% in
the past year.  That, coupled with increasing labor costs and
general operating expenses had proved too much for the liking of
Bright Wood New Zealand's U.S. parent company, Bright Wood Corp,
site manager John Crane explained.

Bright Wood New Zealand President Kevin Stovall said that the
mill's closure was in response to the continuing strength of the
New Zealand dollar relative to the U.S. dollar, and the strong
and aggressive strategy the New Zealand Reserve Bank intended
pursuing to combat inflation, stuff.co.nz relates.

Mr. Stovall noted that the mill had been focused on producing
material for the U.S. housing market.

The Southland Times relates that in the past 18 months the
company attempted to broaden its markets to lessen the risks
associated with the continued strength of the New Zealand
dollar.  Markets and products in Europe and Asia showed
potential but they were outside Bright Wood's core business in
the U.S., Mr. Stovall said.

According to the paper, Mr. Crane expects a sharp price for the
mill from a buyer.  However, people in the timber industry are
aware it is "a very, very difficult business," The Southland
Times cites Mr. Crane, as saying.

                          *     *     *

Bright Wood Corp, based in Oregon, bought Bright Wood New
Zealand -- http://www.brightwood.com/-- previously known as  
Waikana Timber, in 1997.  It spent between NZ$6 million and
NZ$8 million upgrading the site, The Southland Times relates.

Bright Wood New Zealand's mission is to purchase and manufacture
quality radiata pine lumber for the U.S. millwork market.  
Bright Wood's Oregon operations are BWNZ's largest customer.

According to The Southland Times, the mill is one of the small
western Southland town's major employers.


NZ STONE: Liquidation Hearing Slated for February 8
---------------------------------------------------
On Oct. 9, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against NZ Stone Masonry Ltd before the
High Court of Auckland.

The petition will be heard on Feb. 8, 2007, at 10:00 a.m.

The CIR's solicitor can be reached at:

         Hi Chong (Sylvia) Ko
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (PO Box 33150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1294
         Facsimile:(09) 984 3116


PIXELISE LTD: Appoints Joint Liquidators
----------------------------------------
On Dec. 19, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Pixelise Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard a liquidation petition against the
company on Dec. 19, 2006.  The Commissioner of Inland Revenue
filed the petition.

The Joint and Several Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         Rodewald Hart Brown Limited
         127 Durham Street (PO Box 13380)
         Tauranga
         New Zealand
         Telephone:(07) 571 6280


RELYT HOLDINGS: Shareholders Name Merlo as Liquidator
-----------------------------------------------------
On Dec. 28, 2006, the shareholders of Relyt Holdings Ltd --
formerly known as Velocity Distribution Ltd -- appointed Robert
Laurie Merlo as the company's liquidator.

Accordingly, the creditors are given until today, Jan. 31, 2007,
to prove their debts.

The Liquidator can be reached at:

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


SAMRAT INDIAN: Creditors Must Prove Debts by February 9
-------------------------------------------------------
On Dec. 29, 2006, the shareholders of Samrat Indian Restaurant
(Henderson) Ltd passed a special resolution to liquidate the
company's business and appointed Daran Nair as liquidator.

Accordingly, the company's creditors are required to prove their
debts by Feb. 9, 2007, to be included in the company's
distribution of dividend.  

The Liquidator can be reached at:

         Daran Nair
         Nair & Associates Chartered Accountants Limited
         280 Great South Road
         Greenlane, Auckland
         New Zealand


SATCOM TELEVISION: Court to Hear Liquidation Hearing on Feb. 5
--------------------------------------------------------------
The High Court of New Plymouth will hear a liquidation petition
against Satcom Television Services Ltd on Feb. 5, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Nov. 28, 2006.

The CIR's solicitor can be reached at:

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


WAI ARIKI: Court Hears Liquidation Petition Today
-------------------------------------------------
A liquidation petition filed against Wai Ariki Holdings Ltd was
heard before the High Court of Wanganui on Jan. 31, 2007.

Sheetmetal Industries Rotorua Ltd filed the petition with the
Court on Nov. 16, 2006.

Sheetmetal Industries' solicitor can be reached at:

         Malcolm Whitlock
         Debt Recovery Group NZ Limited
         149 Ti Rakau Drive
         Pakuranga, Auckland
         New Zealand


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

BANK OF THE PHIL. ISLANDS: Posts PHP582-B Total Resources in '06
----------------------------------------------------------------
The Bank of the Philippine Islands closed the year 2006 with
unaudited total resources of PHP582 billion, PHP53 billion or
10% higher than 2005.  Deposits recorded organic growth of
PHP47 billion or 11% at PHP467 billion.  Moreover, the bank's
Asset Management and Trust Group withstood the massive UITF sell
off in the second quarter and even grew by 13% of PHP213
billion.  This affirmed the group's premier position in the
industry and the bank's strong placing power.

Net loans expanded by 6% to PHP243 billion with both corporate
and consumer loans posting gains in volumes.  The consumer loan
portfolio though contributed the bigger share of the increase
with its 11% growth, paced by a 16% growth in mortgage lending.  
The latter benefited from the recovery in the real estate market
and increase cross selling efforts to overseas Filipinos.

Asset quality further improved from 6.8% in net 90 days non-
performing loan ratio in 2005 to 6.0% in 2006 (5.5% using the
BSP definition).  This was considerably aided by the sale of
PHP9.5 billion in non-performing assets, of which PHP3.2 billion
was retail, and PHP6.3 billion was a wholesale NPL transaction
to the Avenue Capital Group.

Normally, the year after an acquisition (Prudential Bank in
2005) is a challenging one.  However, BPI managed to deliver
PHP9.0 billion in consolidated net income or 8% above 2005's IAS
adjusted profits of PHP8.4 billion.  Return on average capital
of PHP60 billion was 15%, and on adjusted average equity (net
upward adjustment for unrealized gains in available for sale
securities) was a 14.4%.  Return on assets was 1.7%.

The improved in net income came mainly from the 9% growth in
total revenues.  Net interest income increased by a modest 6%
resulting from a PHP51 billion increase in average asset base.  
The increased volumes tempered the impact of a 17 basis points
reduction in net interest margin.  The fail in spreads was
consistent with the overall decline in interest rates.

Non-interest income posted a stronger growth of 15%, thereby
contributing a bigger share to revenue growth.  Major gains were
recorded from securities and foreign exchange trading, rental
income on bank assets, service charges and commission, and asset
management and trust fees.

As of November 2006, the bank's overseas remittance business
reached US$2.5 billion.  This represented a year-on-year
increase of 27%, outpacing the industry growth of 18% and
capturing 22% of the market.

Impairment losses amounted to PHP1.4 billion for the year.  
Operating costs were up by 13% due largely to the added cost of
the Prudential Bank operations.  Manpower costs and premises
costs were up by 20% and 24%, respectively.  Other operating
expenses on the other hand showed a 1% decline.

BPI will continue to focus on its leadership position in
consumer banking, asset management, and remittances.  It also
sees opportunities for growth in SME lending, capital markets
developments, and bancassurance.  Finally, it expects to comply
with Risk Management and the forthcoming Bassel II regulations
in 2007.

BPI's market capitalization reached PHP173 billion as against
its book value of PHP64 billion.  At the closing price of
PHP63.50, total shareholder return was at 44.4% from a 4.4% cash
dividend and 40% share price appreciation.  Cash dividends paid
at PHP2.80 per share amounted to PHP7.6 billion representing a
dividend payout ration of 84%.

                            About BPI

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

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

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


MANILA MINING: Receives Exploration Permit from Mines Bureau
------------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Manila Mining
Corp. advises that it has received a Renewed Exploration Permit
from the Mines and Geosciences Bureau.

The Renewed EP has a term of two years from issuance, covering
an area of 2,462.952 hectares, of which one parcel, consisting
of 286.63 hectares, would be subject of the joint venture
between Manila Mining and Anglo American plc.

Manila Mining relates that it is set to commence its exploration
program as soon as possible.

On Jan. 24, 2007, the Troubled Company Reporter - Asia Pacific
cited a report from ABS-CBN News stating that Manila Mining and
Anglo-American Exploration Philippines Inc. are forging a joint
venture agreement to jointly pursue copper and gold exploration
in Surigao del Norte.

According to the TCR-AP, Manila Mining disclosed that the
proposed exploration budget for the Pre-Feasibility phase is at
least US$20 million.

                       About Manila Mining

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

                          *     *     *

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


MAYNILAD WATER: MWSS and DMCI-MPIC Seals US$503-Million Deal
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 7, 2006, the Consunji family-controlled DMCI Holdings Inc.,
together with Metro Pacific Corp., won the auction for the
ownership of the Government's 83.97% stake in Maynilad Water
Services Inc.

DMCI-MPIC Water Company, Inc., is a 50/50% joint venture formed
by DMCI Holdings and Metro Pacific Investments for the purpose
of participating in the Maynilad auction and for its future
ownership and management, the TCR-AP noted.

According to the TCR-AP, under the terms of the auction, DMCI-
MPIC has committed to pay a total of US$503.9 million for the
83.97% stake.

A follow-up report from All Headline News relates that on
Jan. 24, 2007, Metropolitan Waterworks and Sewerage System
formally sealed a US$503 million deal with DMCI-MPIC.

The report reveals that during the signing of the deal, DMCI-
MPIC turned over to MWSS US$59.1 million, representing the
receivables, deferred concession fees, interest, and arbitration
fees which had been held in escrow with the Land Bank of the
Philippines since Jan. 10, 2006.

The DMCI-MPIC takeover will boost Maynilad's chances of
completing its various expansion and rehabilitation programs
that had been stalled due to financial difficulties, the paper
cites government corporate counsel chief Agnes Devanadera, as
saying.

                           About MPIC

Metro Pacific Investments Corporation is a Manila-based
investment management company focused on long-term value
creation in the Philippines' property and infrastructure
sectors.  MPIC is the product of an extensive rehabilitation
program recently concluded by Metro Pacific Corporation.  MPIC
will list its shares on the Philippine Stock Exchange under the
symbol "MPA" beginning December 15, 2006.

                          About DMCI

DMCI Holdings Inc. is among the Philippines' largest
construction firms, with a core competency in providing water
utility services through its investment and management of Subic
Water and Sewerage Company Inc., the primary water and sewerage
and sanitation provider for the Subic Bay Freeport, a special
economic zone located to east of Metro Manila.  DMCI also has
considerable interests in real estate and in mining.

                      About Maynilad Water

Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

According to a report by the TCR-AP on November 19, 2003, the
company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.

On August 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.


PHILIPPINE AIRLINES: Receives Aviation Award from Sydney Firm
-------------------------------------------------------------
The Philippine Airlines was bestowed the "Airline Turnaround of
the Year" in November 2006, a statement from the Philippine
Information Agency relates.

PAL president Jaime J. Bautista said the award of merit was
bestowed to PAL by Sydney-based Center for Asia Pacific
Aviation, one of the most prestigious and respected aviation
think-tanks in the region.

According to Mr. Bautista, PAL was recognized for its
significant transformation using innovative cost-cutting
measures that resulted in operating profits over the last seven
consecutive years.

Mr. Bautista said the last ten years was the most turbulent
decade in the 66-year history of PAL and those years were all
about the airline's turnaround.

In 1998 PAL reported a net loss of nearly US$262 million the
largest annual shortfall in its 57-year history up to that point
and in 1999 for a cumulative deficit of almost US$775 million
for the six-year period from 1994 to 1999 or nearly US$1 billion
in six years, Mr. Bautista recalled.

After successfully putting in reforms, PAL in June 2000 declared
a profit of US$1.2 million.  The profit was its first in seven
years, from a deficit of US$252 million in fiscal year 1999 to a
surplus of US$1.2 million in fiscal year 2000.  The flag carrier
recorded a net gain of over US$253 million in just one year and
in 2001, PAL's profits boosted by 550% or US$9.1 million.

Mr. Bautista further said that in August 2006, PAL announced a
net income of US$28.7 million for fiscal year 2005-2006 their
biggest profit in 12 years.  However, the carrier is yet to step
on the path to success because its rehabilitation is still in
progress, Mr. Bautista noted, adding that the airline is
"getting there, taking one sure step at a time."

                   About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


PHILIPPINE AIRLINES: To Expand Capacity in Davao
------------------------------------------------
The Philippine Airlines is expanding its capacity deployed to
Davao to provide tremendous boost to the fishing and agri-
business of the region, Prix D. Banzon writes for the Philippine
Information Agency.

According to Philippine Airlines president Jaime J. Bautista,
the number of passengers they carried increased and the cargo
carriage was also higher.

Mr. Bautista said they would like to return the favor by
enhancing the service and upgrading their operations as they are
considering to take the form of a fourth daily frequency year-
round using the new Airbus A320 and even a fifth frequency
during peak travel months.

Mr. Bautista further said they are also studying the feasibility
of mounting a regular service between Davao and Hong Kong.

"The steady expansion of Davao's economy and the higher
international profile attained by Davao City necessitates more
international air links to sustain the city's growth and PAL is
ready to support that," Mr. Bautista added.

                   About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


PILIPINO TELEPHONE: Annual Stockholders' Meeting Set for May 7
--------------------------------------------------------------
Pilipino Telephone Corporation will hold its Annual Meeting of
Stockholders on May 7, 2007.  The record date for the purpose of
determining the stockholders entitled to receive notice of, and
vote their shares at the ASM is on March 8, 2007.

Pursuant to the company's By-laws, the ASM will be held on the
third week of May, which falls on May 15, 2007.

The company explains that the purpose of resetting the ASM is
for the immediate disclosure of its financial results for the
first quarter of 2007 to the stockholders during the ASM.  The
Board is expected to approve the quarterly results prior to ASM
on May 7.

The company also discloses that it is receiving nominations for
election to the Board at the ASM until Feb. 6, 2007.

                          About PILTEL

Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides cellular mobile telephone service provider,
as well as provides fixed line telephone services and paging
services to Filipino customers.  In the past seven years, Piltel
was on the brink of bankruptcy with its seemingly insurmountable
debt, continuous losses, outmoded service and dwindling
subscriber base.

As of March 31, 2006, PilTel acknowledges that it has not
complied with the terms of convertible bonds with a principal
amount of US$0.7 million -- approximately US$0.9 million
redemption price at the option of the holders.  Accordingly, the
amount was presented as part of the current portion of interest-
bearing financial liabilities.

PilTel may not be able to restructure or otherwise pay the
claims of its unrestructured debt.

However, PilTel says that default on and acceleration of its
unrestructured indebtedness does not create a cross-default
under its restructured indebtedness.

As stated in its 2005 annual report, PilTel's non-participating
creditors may take forceful measures to enforce their claims,
and it is possible that the Company would be required to submit
to a court-supervised rehabilitation proceeding or an
involuntary insolvency proceeding seeking liquidation.  All of
PilTel's creditors that participated in the debt restructuring
agreed that they would submit the Company to a rehabilitation
proceeding in those circumstances and petition for the adoption
of a plan of rehabilitation that includes the financial terms of
the debt-restructuring plan.


PILIPINO TELEPHONE: Appoints SGV as Independent Auditors
--------------------------------------------------------
Pilipino Telephone Corporation advises the Philippine Stock
Exchange that the company's Board of Directors has confirmed the
appointment of the auditing firm Sycip Gorres Velayo & Co., as
the company's independent auditors for the fiscal year 2007
subject to finalization of audit fees, as recommended by the
Audit Committee.

                   Compliance Officer Resigns

The company also reveals that the Board has accepted the
resignation of Deborah Anne N. Tan, as Corporate Governance
Compliance Officer, effective Jan. 31, 2007.

Accordingly, Atty. Elmer D. Nitura is appointed to replace Ms.
Tan effective Feb. 1, 2007.  Ms. Tan will continue to act as the
company's Corporate Informatnion/Investor Relations Officer.

                          About PILTEL

Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides cellular mobile telephone service provider,
as well as provides fixed line telephone services and paging
services to Filipino customers.  In the past seven years, Piltel
was on the brink of bankruptcy with its seemingly insurmountable
debt, continuous losses, outmoded service and dwindling
subscriber base.

As of March 31, 2006, PilTel acknowledges that it has not
complied with the terms of convertible bonds with a principal
amount of US$0.7 million -- approximately US$0.9 million
redemption price at the option of the holders.  Accordingly, the
amount was presented as part of the current portion of interest-
bearing financial liabilities.

PilTel may not be able to restructure or otherwise pay the
claims of its unrestructured debt.

However, PilTel says that default on and acceleration of its
unrestructured indebtedness does not create a cross-default
under its restructured indebtedness.

As stated in its 2005 annual report, PilTel's non-participating
creditors may take forceful measures to enforce their claims,
and it is possible that the Company would be required to submit
to a court-supervised rehabilitation proceeding or an
involuntary insolvency proceeding seeking liquidation.  All of
PilTel's creditors that participated in the debt restructuring
agreed that they would submit the Company to a rehabilitation
proceeding in those circumstances and petition for the adoption
of a plan of rehabilitation that includes the financial terms of
the debt-restructuring plan.


* RP's Economic Freedom Remains Low, Heritage Survey Says
---------------------------------------------------------
Heritage Foundation's 2007 Index of Economic Freedom revealed
that although the Philippines' economic freedom has improved, it
remains low due to weak business, investment and monetary
freedoms, and corruption, The Manila Times reports.

Thus, the Philippine economy remains "mostly unfree," the paper
cites the Washington-based think-tank, as saying.

Based on the survey, the Philippines' score is 57.4%, which
placed it at 97th place among 161 countries surveyed, up from
98th place the previous year, Manila Times says, noting however
that the country is below the regional average.

Heritage's scoring system considers a country as free, if its
average overall score ranges from 80% to 100%, the paper
relates.

However, Manila Times notes that the Philippines scored well in
terms of:

   * fiscal freedom -- 84%,
   * trade freedom -- 74.8%, and
   * freedom from government -- 91.4%

Heritage also noted that the Philippines has burdensome tax
rates with a top income-tax rate of 32%, and a top corporate-tax
rate of 35%, the paper relates.

                          *     *     *

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

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

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

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


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

CADPO ASIA: Creditors Must Prove Debts by February 26
-----------------------------------------------------
Cadpo Asia Pte Ltd, which is undergoing members' voluntary
liquidation, requires its creditors to submit their proofs of
debt by Feb. 26, 2007.

Failure to submit proof of debt by the due date will exclude a
creditor from sharing in any distribution the company will make.

The company's liquidators can be reached at:

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


CHINA AVIATION: Extends Proposed Asset Injection by 6-9 Mos.
------------------------------------------------------------
As part of China Aviation Oil (Singapore) Corp. Ltd.'s Scheme of
Arrangement, it entered into a Memorandum of Understanding with
China National Aviation Fuel Holding Company and BP Investments
Asia Limited.

Pursuant to the Memorandum of Understanding, the parties will
inject their respective operating assets to increase the
company's assets base, earning capacity and prospects.

In an update the company disclosed that the parties have agreed
to extend for six to nine months from Jan. 29, 2007, the
proposed injection of assets into the company, which time frame
as originally contemplated had since expired.

The company explains that it is still evaluating various assets
injection proposals from China National and BP Investments.

              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.


CHINA AVIATION: Sells 41% Xinyuan's Shares to Juzhengyuan
---------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd and Shenzhen
Juzhengyuan Petrolchemical Co. Ltd have inked a share sale and
purchase agreement to sell the company's 41% shares in China
Aviation Oil Xinyuan Petrochemicals Co. Ltd, for a purchase
consideration of RMB20.5 million.

Upon the completion of the Share Purchase Agreement, Shenzhen
Juzhengyuan's stake in Xinyuan Petrochemicals will increase to
60%, leaving the company with 39% stake, while the remaining 1%
share is still held by China National Aviation Fuel Holding
Company.

Once the share transfer is completed, Xinyuan Petrochemicals
will cease to be a subsidiary of the company but will become an
associate.

              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.


CHEMTURA CORP: Names Edward P. Garden to Board of Directors
-----------------------------------------------------------
Chemtura Corp. has appointed Edward P. Garden, a principal and
co-founder of Trian Fund Management, L.P., to the Board of
Directors, effective immediately, to serve until the company's
annual meeting of stockholders in 2009.  Mr. Garden will fill
recently vacated positions on two Chemtura Board committees: the
Finance and Pension Committee; and the Organization,
Compensation and Governance Committee.  Trian manages investment
funds and accounts that recently acquired a beneficial ownership
interest of slightly less than 5% of the company's common stock.

Mr. Garden is a founding partner and principal of Trian as well
as vice chairman and a director of Triarc Companies, Inc.  He
has significant investment banking experience, having previously
been employed as a senior investment banker at Credit Suisse
First Boston.  He holds a B.A. in Economics from Harvard
College.

"The Board and I welcome Ed and look forward to working closely
with him and adding his considerable financial expertise to our
Board as we work together to improve our businesses and maximize
shareholder value," said Robert L. Wood, Chairman and CEO.

                     About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In the Asia Pacific, Chemtura has facilities in
Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan and Thailand.

                          *     *     *

In November 2006, Moody's Investors Service assigned a Ba1
rating to Chemtura Corp.'s US$400 million of senior notes due
2016 and affirmed the Ba1 ratings for its other debt and the
corporate family rating.


FRONT PAGE: Pays First & Final Preferential Dividend
----------------------------------------------------
Front Page Distributors Pte Ltd paid the first and final
preferential dividend to its creditors on Jan. 18, 2007.

The company paid 93% of wages to all admitted claims.

The liquidator can be reached at:

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


KIM THYE: Undergoes Liquidation Proceedings
-------------------------------------------
Kim Thye Private Limited entered liquidation proceedings on
Jan. 12, 2007.

Oversea-Chinese Banking Corporation Limited filed the wind-up
petition against the company.

The liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


READER'S DIGEST: Earns US$62 Mil. in Second Qtr. Ended Dec. 31
--------------------------------------------------------------
The Reader's Digest Association Inc. reported US$62 million of
net income on US$802 million of revenues for the second quarter
ended Dec. 31, 2006, compared with a US$122 million net loss on
US$765 million of revenues for the same period ended Dec. 31,
2005, reflecting stronger operating results at RD North America
and RD International.

For fiscal 2007, reported results for the quarter included a
loss on the sale of American Woodworker of US$6 million, and
costs related to the pending merger with an entity formed by an
investor group led by Ripplewood Holdings L.L.C. totaling US$5
million, which included higher stock-based compensation expenses
as a result of increases in the company's stock price and non-
operating transaction costs.  Excluding these items, adjusted
operating profits were US$122 million.

For Fiscal 2006, reported results included a non-cash charge of
US$188 million in connection with the write-down of goodwill
associated with Books Are Fun and a gain on an asset sale of
US$1 million.  Excluding these items, fiscal 2006 adjusted
operating profits were US$111 million.

Free Cash Flow was US$133 million in the quarter, favorable to
last year's free cash flow by US$13 million.  The improvement is
attributable to improved operating results, proactive working
capital management across the divisions, and the final
installment of US$10 million from the sale of the Pleasantville
headquarters facility.  

"The improved operating results for this quarter were in line
with our expectations," said Eric W. Schrier, President and
Chief Executive Officer.  "We had strong performances from our
North America and International divisions, and we saw signs of
improvement at Consumer Business Services, especially Books Are
Fun.  Free cash flow increased, as we had projected, building on
our cash flow improvement in the first quarter.  In particular,
I am very encouraged by the performance of our new initiatives,
which are increasingly contributing to the company's growth."

                Reader's Digest North America (RDNA)

In the second quarter, revenues for RDNA were US$275 million, up
11 percent over last year, and operating profits were US$37
million, up 31 percent.

Revenue and profit gains were driven by the favorable impact of
investments in new businesses including Every Day with Rachael
Ray, Taste of Home Entertaining, and the acquisition of
http://Allrecipes.com/. Further driving results were recent  
cookbook launches including The Taste of Home Cookbook.  
Increased sales of U.S. Books and Home Entertainment products
also contributed to higher RDNA revenues.  These gains were
partly offset by lower advertising sales at Reader's Digest
magazine and reduced revenues from American Woodworker magazine,
which was sold in December 2006.

                Reader's Digest International (RDI)

Revenues for RDI were US$330 million, versus US$301 million in
the 2006 quarter.  Foreign currency fluctuations increased
revenues in fiscal 2007 by US$23 million.  Higher revenues
reflected strong continuous and attached mail campaigns in
Australia, and strong product performance in Germany, including
new products.  Revenues improved in many of the newer markets,
including Ukraine, Bulgaria and Romania.  These results were
partly offset by lower revenues for Books and Home Entertainment
products in the United Kingdom, Poland, Portugal and Hungary as
a result of lower response rates from outside list customers,
and postal disruptions in Poland and Portugal.

Operating profits were US$47 million, versus US$39 million in
the prior-year quarter, an increase of 22 percent, or 13 percent
currency-neutral.  Foreign currency fluctuations increased
operating profits by US$3 million.  The revenue improvement, as
well as a shift in timing of certain promotional campaigns,
contributed to the profit increase.

                  Consumer Business Services (CBS)

In the second quarter, CBS reported revenues of US$211 million,
down 8 percent from last year, and operating profits of US$49
million, down 9 percent.  At BAF, revenue declines were driven
by fewer corporate events, reflecting higher vacancies of
corporate sales representatives in certain markets due to the
departure of those sales reps in fiscal 2006, as well as the
absence of revenue from exited lines of business.  BAF has made
significant progress in replacing sales reps, as well as gaining
traction with initiatives designed to lower the cost base,
upgrade the management team, improve the effectiveness of the
sales force and strengthen cash flow.  At QSP, revenues and
profits declined principally because of lower magazine and gift
sales.  

Corporate unallocated expenses were US$13 million, versus
US$10 million in the year-ago quarter.  The increase in these
costs was driven by additional stock-based compensation expense
attributed to a 29 percent increase in the price of RDA common
stock during the second quarter of Fiscal 2007.  In addition,
the variance was driven by lower expense in Fiscal 2006 because
of the reversal of a litigation-related reserve that was no
longer necessary.

                         Merger Agreement

The company has entered into a merger agreement under which an
investor group led by Ripplewood Holdings L.L.C. will acquire
all of the outstanding common shares of RDA for US$17.00 per
share.  The transaction is expected to close by the end of
February 2007, and is subject to the funding of the investor
group's committed financing and the approval of the holders of a
majority of the outstanding shares of RDA common stock, as well
as other customary closing conditions.  A shareholders meeting
to consider adoption of the merger agreement is scheduled for
Feb. 2, 2007.

                      About Reader's Digest

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher  
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  Annual revenues approximate US$2.4 billion.
Reader's Digest has offices in Singapore, Korea, Malaysia,
Philippines, Thailand and India.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Sept. 8, 2006, that Moody's Investors Service placed the
Reader's Digest Association, Inc.'s Ba1 Corporate Family Rating
and Ba2 senior unsecured note rating on review for possible
downgrade.  The review is prompted by increasing debt to fund
acquisitions and return of capital to shareholders,
deterioration in cash generation, and Moody's concern regarding
the company's weakened liquidity position.

Moreover, the TCR-AP noted on Nov 21, 2006, that Moody's
expanded the scope of the company's review for downgrade after
it has reported that Ripplewood Holdings LLC will take the
company private for approximately US$2.4 billion.  

Ratings Remaining On Review for Possible Downgrade:

   * Issuer: Reader's Digest Association, Inc.

      -- Corporate Family Rating, currently Ba1

      -- Probability of Default Rating, currently Ba1

      -- Senior Unsecured Regular Bond/Debenture, currently Ba2,
         LGD5, 82%

On the other hand, Standard & Poor's Ratings Services placed in
August 2006 its ratings, including the 'BB' corporate credit and
'BB-' senior unsecured debt ratings, on Reader's Digest
Association Inc. on CreditWatch with negative implications.


SHIN TAI: Creditors Must File Proofs of Debt by February 26
-----------------------------------------------------------
Shin Tai Enterprise Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by Feb. 26, 2007.

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

The liquidators can be reached at:

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


STATS CHIPPAC: Posts US$76.81 Million Profit for 4th Qtr. 2006
--------------------------------------------------------------
STATS ChipPAC Ltd released its financial results for the quarter
ended Dec. 31, 2006.

Revenue for the fourth quarter of 2006 increased 16.4% to
US$416.0 million, compared to US$357.5 million in the fourth
quarter of 2005.  "This represents a sequential increase of 4.8%
compared to the third quarter of 2006," the company said in a
media release.

The company said that on a U.S. GAAP basis, net income for the
fourth quarter of 2006 was US$28.3 million or US$0.13 per
diluted ADS, compared to net income of US$16.9 million or
US$0.08 per diluted ADS in the fourth quarter of 2005.  U.S.
GAAP results for the fourth quarter of 2006 and 2005 include
US$8.2 million and US$13.9 million in special items and
costs associated with the merger of STATS and ChipPAC,
respectively.

"The fourth quarter concluded a record year for our company,"
said Tan Lay Koon, President and Chief Executive Officer of
STATS ChipPAC.  "We achieved the highest revenue and profits in
the history of our company.  We also generated free cash flow
and significantly improved our capital efficiency."

As of Dec. 31, 2006, the company's balance sheet showed US$2.46
billion in total assets, US$1.15 billion in total liabilities,
minority interest of US$57.95 million and stockholders' equity
of US$1.25 billion.

Michael G. Potter, the company's chief financial officer expects
the company to be able to continue funding capital expenditures
from the cash the company generates from its business without
increasing debt level.  For the full year 2007, the company
expects capital expenditures to be approximately US$250 million,
"depending on business conditions."

                            Outlook

According to Mr. Tan, "Industry sources currently expect the
overall semiconductor industry to grow about 7% in 2007.  
Historically, we have outpaced the growth of the semiconductor
industry and we believe we are well positioned to benefit from
the growing outsourcing trend and from our strategic positioning
in the higher growth communication, computing and consumer
markets.  In 2007, we will continue to focus on margin expansion
and return on invested capital, and further improve our capital
efficiency and cash flow generation."

As for the first quarter of 2007, our current customer forecasts
reflect the seasonal slowdown in the semiconductor industry and
their general caution.  Specifically, we currently expect
revenue in the first quarter of 2007 to be approximately in the
range of US$374 million to US$391 million or in the range of 6%
to 10% lower than the fourth quarter of 2006, with US GAAP net
income in the range of US$12 million to US$21 million, which
represents US GAAP net income per diluted ADS of US$0.06 to
US$0.10, including the impact of approximately US$0.02 per ADS
for the expensing of share-based compensation."  Mr. Tan added.

Stats ChipPAC's unaudited financial results for the quarter
ended Dec. 31, 2006, is available for free at:

           http://bankrupt.com/misc/Stats4thqtr..pdf

                       About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/-- provides semiconductor test and  
assembly services.  The company assembles leaded and laminate
packages and provides related services such as package design
and leadframe and substrate designs.  The company provides these
tests and assembly services to semiconductor companies, which do
not have their own manufacturing facilities.  The company's
offices outside the United States are located in Singapore,
South Korea, China, Malaysia, Taiwan, Japan, the Netherlands and
United Kingdom.

                          *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on Oct. 21, 2004,
and the company's Senior Unsecured Debt a 'Ba2' rating on
Oct. 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credit Rating effective on Oct. 7, 2004.


TOSHALI MARKETING: Court Set to Hear Wind-Up Petition on Feb. 2
---------------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the
operations of Toshali Marketing Pte Ltd on Feb. 2, 2007, at
10:00 a.m.

Sayed Fatima Begum Wasif Husain filed the petition on Jan. 10,
2007.

Sayed Fatima's solicitor can be reached at:

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


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

PICNIC CORP: KTAM Seeks Probe on Possible Mishandling of Funds
--------------------------------------------------------------
Krung Thai Asset Management called on market regulators to
investigate Picnic Corp Pcl's capital increase exercise saying
it may have improperly diverted proceeds to other purposes than
for paying debt, the Bangkok Post reports.

Sripop Sarasas, KTAM president and chief executive, questioned
whether Picnic had ever intended to use new equity capital to
service its debt, the paper says.

The Post recounts that Picnic made two capital increases last
year to repay 11 asset-management companies holding Picnic's
bills of exchange.  Krung Thai Asset holds THB500 million in the
company's paper.

In Jan. 2006 Picnic issued a total of 1.48 billion shares at
THB1 each.  The rights however flopped with only 136,585 shares
subscribed, the paper notes.

Mr. Sripop told the Post that Picnic allocated shares to
investors through private placements or exercise a debt-to-
equity swap for creditors if it could not sell all of the shares
to existing shareholders.  Many creditors accepted the debt-to-
equity scheme as "It would be better than getting nothing," he
said.

KTAM believes that market regulators should get involved to help
shareholders commence a legal action against Picnic's
management.

Currently, KTAM is planning a lawsuit against Picnic for the
overdue debt, the paper says.

                          *     *     *

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

Picnic's financial troubles began in the middle of last year
when its two major shareholders and former executives, Supaporn
and Theeratchanon Lapvisuthisin, were charged with accounting
fraud and dishonest management.  Troubles add up as it took over
B Grimm Engineering Plc, a company that had languished in the
Stock Exchange of Thailand's rehabilitation sector since the
financial crisis.

As reported by the Troubled Company Reporter - Asia Pacific,
Picnic Corporation Pcl posted a THB252.097-million net loss on
THB3 billion in revenues for the quarter ended September 30,
2006, compared with a net loss of THB1.423 billion on THB5.529
billion of revenues recorded in the same quarter the previous
year.

                      Going Concern Doubt

After auditing the company's financial statement for the third
quarter ended September 30, 2006, Somchai Kurujitkosol of S.K.
Accountant Services Co Ltd, raised substantial doubt on Picnic
Corp's ability to continue as a going concern.

Mr. Somchai specifically pointed at the company's strained
liquidity status, where current liability exceeds current assets
by THB1.6 million.

Mr. Somchai added that the Picnic Corp's ability to continue its
operations is dependent on its ability to negotiate its debt
restructuring and share capital increment.  The auditor also
added the ability of the company to collect debt is significant
in the company's capability to continue operations.


THAI PROPERTY: Board Okays THB2.51B Registered Capital Increase
---------------------------------------------------------------
Thai Property Pcl's board approved to increase the company's
registered capital from THB2.009 billion to THB2.511 billion by
issuing 50,225,000 new ordinary shares.

The new shares were priced at par value THB10 each.  

The shares will be offered to existing shareholders in
proportion to a subscription ratio of four existing shares to
one new share at a price of THB4 each.

The capital increase is expected to contribute to the financial
liquidity of Thai Property and in return help to maintain its
continued operation.

Share subscription and payment are fixed on March 12-16, 2007,
at the Company Office No. 2922/305-306 Charn Issara Tower II,
New Petchburi Road, Kwaeng Bangkapi, Khet Huaykwang, Bangkok
Metropolis.

                          *     *     *

Thai Property Public Company Limited was formerly known as
Rattana Real Estate Public Company Limited.  The Company
develops real estate for sale and rental including residential,
commercial, and office buildings.

On August 16, 2002, Thai Property entered into a reciprocal
agreement with a new investor, Great China Millennium (Thailand)
Company Limited, to continue its real estate development
project.  The agreement stipulates certain conditions, which the
Company and the new investor must comply.

In 2003, Thai Property had successfully concluded negotiations
with most of its lenders and creditors to restructure the
conditions and the repayment of its debts.  The remaining parts
of its debts are subject to ongoing repayments, which the
Company believes will be concluded successfully.

However, in July 2005, remuneration of THB150 million was due
under the agreement and the new investor intended to offset such
remuneration against part of the loan balance of THB509 million
it had provided to the Company.  The new investor has not been
able to offset the amounts because of certain conditions under
the Company's short-term loan agreement.

Currently, the company is listed under the "Non-Performing
Group" Sector of the Stock Exchange of Thailand.

                        Going Concern Doubt

After reviewing the company's financial report for the period
ended September 2006, Supachai Phanyawattano of Ernst & Young
Office Ltd raised a substantial doubt on the company's continued
operation as a going concern.  Mr. Supachai specifically pointed
at the company's ability to increase its asset and settle its
liabilities in the ordinary course of business.


THAI PROPERTY: Seeks Extension on Debt Payment to Advance P.E.C.
----------------------------------------------------------------
Thai Property Pcl is negotiating with Advance P.E.C. Co Ltd to
extend the period of debt repayment as the company awaits the
result of a loan deal it entered with an unnamed lender.

According to Thai Property, it is indebted to Advance P.E.C.
after it loaned an amount used for repayment to an overseas
financial institution.

In order to pay Advance P.E.C., Thai Property's board of
directors authorized Vitavas Vibhagool to negotiate a credit
facility from financial institutions.

In a disclosure statement to the Stock Exchange of Thailand, the
company said that it currently awaits the outcome of its loan
deal negotiation with an unnamed lender.  Thai Property expects
the result within the first quarter of 2007.

Thai Property also clarified that they are not in default with
payment, as it will pay the interest to the principal amount it
owed to Advance P.E.C. at 14% per annum.

                          *     *     *

Thai Property Public Company Limited was formerly known as
Rattana Real Estate Public Company Limited.  The Company
develops real estate for sale and rental including residential,
commercial, and office buildings.

On August 16, 2002, Thai Property entered into a reciprocal
agreement with a new investor, Great China Millennium (Thailand)
Company Limited, to continue its real estate development
project.  The agreement stipulates certain conditions, which the
Company and the new investor must comply.

In 2003, Thai Property had successfully concluded negotiations
with most of its lenders and creditors to restructure the
conditions and the repayment of its debts.  The remaining parts
of its debts are subject to ongoing repayments, which the
Company believes will be concluded successfully.

However, in July 2005, remuneration of THB150 million was due
under the agreement and the new investor intended to offset such
remuneration against part of the loan balance of THB509 million
it had provided to the Company.  The new investor has not been
able to offset the amounts because of certain conditions under
the Company's short-term loan agreement.

Currently, the company is listed under the "Non-Performing
Group" Sector of the Stock Exchange of Thailand.

                        Going Concern Doubt

After reviewing the company's financial report for the period
ended September 2006, Supachai Phanyawattano of Ernst & Young
Office Ltd raised a substantial doubt on the company's continued
operation as a going concern.  Mr. Supachai specifically pointed
at the company's ability to increase its asset and settle its
liabilities in the ordinary course of business.


TMB BANK: Fitch Cuts Hybrid Tier 1 Rating to B
----------------------------------------------
On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

The agency has affirmed the:

- Long-term foreign currency IDR at BB+;
- Short-term foreign currency rating at B;
- foreign currency subordinated debt rating at BB;
- Individual rating at D; and
- Support rating at 3.

At the same time, Fitch Ratings (Thailand) has also revised the
Outlook on TMB's National Long-term rating to Stable from
Positive, and affirmed the:

- National Long-term rating at A(tha);
- National Short-term rating at F1(tha); and
- National subordinated debt rating at A-(tha).

The downgrade of the bank's hybrid Tier 1 securities rating
reflects the heightened risks of non-payment of interest on the
bank's hybrid Tier 1 securities following the recently reported
net loss of THB12.3 billion in 2006 given TMB's poor
profitability, weak asset quality and additional provisioning
risk that could further impact capital.

A non-payment will depend in part on how stringently the Bank of
Thailand decides to interpret the regulations governing hybrid
instruments, which is based on the BOT's assessment of the
bank's stability, such as the level of capital funds,
profitability, or the level of retained earnings.  At end-2006,
TMB's Tier 1 capital ratio fell to 7.3% from 10% at end-
September 2006.

The bank's retained losses are estimated to have increased to
about THB55 billion at end-2006 from THB43.2 billion at end-
September 2006. Even if the bank were to raise new equity in
2007 and to reorganize its capital it is unlikely these retained
losses could be eliminated.

Fitch's Outlook revision on the bank follows a review of the
expected improvement from TMB's strategic tie-up with
Singapore's DBS Bank which has yet to yield any material
improvement in the bank's financial performance, operations or
franchise, which remain poor.  In addition, the merger with the
Industrial Finance Corporation of Thailand continues to be an
ongoing drag on TMB's performance while the weakening operating
environment in 2007 is likely to further impede an improvement
in the bank's profitability and asset quality.

The large loss reported for 2006 was due mainly to a substantial
increase in provisions due to tighter provisioning rules
following the implementation of new International Accounting
Standard No.39 ("IAS39") as well as the recognition of possible
losses from dispute of pledged machinery with the Thai Asset
Management Corporation ("TAMC") and losses arising from the
gain/loss sharing scheme with the TAMC.  The new rules affected
TMB to a greater extent than most other Thai banks given its
lower level of loan loss reserves.

Stripping out the impact of the new IAS39 rule and non-recurring
losses relating to the TAMC, TMB's pre-provisioning income would
have still declined significantly in 2006 due to negative loan
growth, higher funding costs and higher operating expenses.  
While TMB has made large provisions to meet the BOT's IAS39
first-phase requirement in H206, further provisioning risks
remain in 2007 due to further implementation of IAS39 and asset
quality pressures, which could see the bank's profitability and
capital deteriorate further.  The bank has announced plans to
raise a large amount of capital in 2007, but given the poor
market sentiment this could be challenging.

Nonetheless, the Ministry of Finance, which currently holds a
31% stake in TMB, is likely to provide support.  The bank's long
historical affiliation with the Thai military might be expected
to enhance potential support from Thailand's current government
but in Fitch's view could also add political complexity to any
decision to use public funds to support the bank.  If
successful, a large capital raising would help stabilize the
bank's Tier 1 hybrid rating and the bank's overall financial
strength.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 30-31, 2007
  Euromoney Institutional Investor
    Korea Securitisation and Structured Credit Summit
      JW Marriott Hotel, Seoul, South Korea
        Web site: http://www.euromoneyplc.com/

January 31-February 1, 2007
  Euromoney Institutional Investor
    Asia M&A Forum
      Island Shangri-La, Hong Kong
        Web site: http://www.euromoneyplc.com/

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

February 5-7, 2007
  Fitch Training
    Intensive Bank Analysis
      Sydney, Australia
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com   

February 8-9, 2007
  Euromoney
    Leveraged Finance Asia
      JW Marriott Hong Kong
        Web site: http://www.euromoneyplc.com/

February 8-9, 2007
  Euromoney Conferences
    2nd Philippines Investment Conference
      Cebu Convention Center, Cebu, Philippines
        Web site: http://www.euromoneyplc.com/

February 8-11, 2007
  Turnaround Management Association
    Certified Turnaround Professional (CTP) Training
      NY/NJ
        Contact: http://www.turnaround.org/

February 14, 2007
  Turnaround Management Association
    Marketing Strategies Available to the
      Turnaround Practitioner
        Sydney, Australia
          Web site: http://www.turnaround.org/

February 20, 2007
  Turnaround Management Association
    Professional Development
      Brisbane, Australia
        Web site: http://www.turnaround.org/

February 22, 2007
  Turnaround Management Association
    TMA PowerPlay - Atlanta Thrashers
      Philips Arena, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

February 21-22, 2007
  Euromoney
    Euromoney Pakistan Conference
      Perceptions & Realities
        Marriott Hotel, Islamabad, Pakistan
          Web site: http://www.euromoneyplc.com/

February 22, 2007
  Euromoney
    2nd Annual Euromoney Japan Forex Forum
      Mandarin Oriental, Tokyo, Japan
        Web site: http://www.euromoneyplc.com/

February 25-26, 2007
  Norton Institutes
    Norton Bankruptcy Litigation Institute
      Marriott Park City, UT
        Contact: http://www2.nortoninstitutes.org/

March 12-15, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

March 14, 2007
  Turnaround Management Association
    The Great Debate
      Sydney, Australia
        Web site: http://www.turnaround.org/

March 21-22, 2007
  Euromoney
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  Euromoney
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 22-23, 2007
  Euromoney Institutional Investor
    Euromoney Indonesian Financial Markets Congress
      Bali, Indonesia
        Web site: http://www.euromoneyplc.com/

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 2-3, 2007
  Fitch Training
    Leveraged Finance Workshop
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Nolie Christy Alaba, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano,
Catherine Gutib, Tara Eliza Tecarro, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***