/raid1/www/Hosts/bankrupt/TCRAP_Public/070206.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  

            Tuesday, February 6, 2007, Vol. 10, No. 26

                            Headlines

A U S T R A L I A

AGENIX LTD: American Diagnostica Agreement Now Unconditional
ASHGROVE PTY: To Declare Final Dividend on February 21
AVE BUILDING: To Declare First and Final Dividend on March 6
BYRNE & DAVIDSON: Members to Receive Wind-Up Report on March 1
ENTERTAINMENT MEDIA: Acquires Remaining Sapio Shares

ENTERTAINMENT MEDIA: Board Releases Restructuring Update
EVANS & TATE: Receives Yarraman's Revised Merger Proposal
FAWLDAPP PTY: Members Pass Resolution to Wind-Up Firm
FIELDMONT HOLDINGS: To Hold Final Meeting on March 2
FORTESCUE METALS: Releases Quarterly Activities Report

HEASLIP PRODUCTS: Inability to Pay Debts Prompts Wind-Up
INFOVIDUAL TECHNOLOGIES: Schedules Creditor's Meeting on Feb. 15
INTERLINK COMMUNICATIONS: Members Opt to Shut Down Firm
J T MARSDEN: Members' Final Meeting Slated for March 1
JODARO PTY: Liquidator to Present Wind-Up Report on March 1

METAL STORM: U.S. Navy Contract Outcome To Be Known in February
MULTIPLEX GROUP: Receives Brookfield's Acquisition Proposal
MULTIPLEX GROUP: Damages Claims Against Cleveland Exceeds GBP6M
SAM'S SEAFOOD: Shares Remain Suspended
SEAQUEST MANAGEMENT: Members and Creditors to Meet on Feb. 28

STRATHFIELD GROUP: Converts 38,702 Options into Ordinary Shares
TRACKER MARINE: Receivers and Managers Cease to Act
* ASIC Reveals Stats on Companies Entering External Admin.


C H I N A   &   H O N G  K O N G

BENQ CORP: Mobile Phone Unit Shuts Down Kamp-Lintfort Factory
BENNY'S CATERERS: Shareholders Decide to Close Business
BILLY CREATION: Schedules Members' Final Meeting on March 2
CENTURY EASTERN: First Meetings Set for February 13
DENSEN DEVELOPMENT: Creditors Must Prove Debts by February 28

FAR EASTERN: Fitch Keeps Individual C Rating; Outlook Negative
GOLDEN HARVEST: Court Appoints Liquidators and Inspectors
JACKIN TOTAL: Wind-Up Hearing Set for February 7
JEAN HOOD: Members' Final Meeting Slated for February 28
KHK TRADING: Inability to Pay Debts Prompts Wind-Up

NEW GAGNEUR: Joint Liquidators Cease to Act
ORIENTAL HOME: Members to Receive Wind-Up Report on Feb. 26
PRO-DIVE EDUCATION: Court to Hear Wind-Up Petition on Feb. 28
SUN RAISE: Creditors' Proofs of Claim Due on February 28
TCL CORP: Opens New Chip Production Line in Huizhou

VA TECH: Sole Member Pass Resolution to Wind-Up Firm
* Small and Medium Sized Banks Post Lower NPL Ratio, CBRC Says


I N D I A

INDUSTRIAL DEV'T. BANK: CRISIL Assigns 'AA+' to INR15-Bil. Bonds
ITI LTD: Net Loss Widens to INR1.2 Billion in 4th Quarter 2006
ORIENTAL BANK: CARE Retains 'AAA' Rating on INR500-Cr. Bond
PUNJAB NATIONAL BANK: Net Up 16% in 4th Qtr.; Declares Dividend
PUNJAB NATIONAL BANK: Board Approves Capital Increase


I N D O N E S I A

ALCATEL-LUCENT: To Set Up Mostelecom's Network in Moscow
BANK DANAMON: Moody's Revises Ratings Outlook to Positive
BANK INTERNASIONAL: Moody's Revises Ratings Outlook to Positive
BANK LIPPO: Moody's Revises Outlook to Positive from Stable
BANK MANDIRI: Moody's Revises Outlook from Stable to Positive

BANK NEGARA: Moody's Revises Outlook to Positive from Stable
BANK PERMATA: Moody's Revises Outlook to Positive from Stable
BANK NIAGA: Moody's Changes Stable Outlook to Positive
BANK RAKYAT: Moody's Revises Outlook to Positive from Stable
BANK TABUNGAN: Moody's Revises Stable Rating Outlook to Positive

HILTON HOTELS: Reports Strong Results for Quarter Ended Dec. 31
HILTON HOTELS: S&P Places BB Corp. Credit Rating on CreditWatch
PANIN BANK: Moody's Revises Rating Outlook to Positive
PERUSAHAAN GAS: Breaches Disclosure Rule, Regulator Says
PERUSAHAAN LISTRIK: Moody's Changes Ratings Outlook To Positive

* Moody's Changes Indonesian Gov't.'s Rating Outlook to Positive


J A P A N

ALL NIPPON: Net Income in 3rd Quarter Falls 8.5% to JPY9.3 Bil.
BANCO BRADESCO: Says Retirement Loans to Grow 20% Yearly
DELPHI CORP: Cerberus May Back Out of US$3.4 Billion Investment
EDDIE BAUER: Tax Review Finds Financial Restatement Not Required
FORD MOTOR: Reports 19% Decline on January Sales

FUJI HEAVY: Posts JPY24.7-Bil. Net Income in Apr.-Dec. 2006 Pd.
JAPAN AIRLINES: To Cut Jobs to Reduce Labor Costs by JPY50 Bil.
JAPAN AIRLINES: Will Introduce New Policy on Aviation Accident
US AIRWAYS: Withdraws Delta Air Merger Proposal
US AIRWAYS: Reports US$261 Mil. Net Income in 2006 Fourth Qtr.

US AIRWAYS: Has Until April 30 to Object to Claims


K O R E A

CLOROX CO: Deficit Narrows to US$MM in Qtr. Ended Dec. 31, 2006
DURA AUTOMOTIVE: Judge Carey OKs Kramer Levin as Panel's Counsel
DURA AUTOMOTIVE: Court Okays Chanin Capital as Panel's Advisor
HANAROTELECOM: Conference Call for 4Q'06 Results Set on Feb. 14
KOOKMIN BANK: Earnings Conference for FY 2006 Set for February 8

SHINHAN BANK: Net Income for FY2006 Soars to KRW1.431 Trillion
SK CORP: Aims to Raise Up to US$1 Bil. in Incheon Unit's IPO


M A L A Y S I A

ANTAH HOLDINGS: Court Moves Kaseh Litigation Hearing to Feb. 7
ANTAH HOLDINGS: Completes AMSS Disposal
ANTAH HOLDINGS: Gets Court Orders Relevant to Proposed Scheme
ARK RESOURCES: Unveils Proposals Under Regularization Plan
COMSA FARMS: Bursa Extends Plan Filing Deadline to March 16

DATAPREP HOLDINGS: Gains MYR394,000 in 2nd Qtr Ended Sept. '06
DATAPREP HOLDINGS: Unit Buys Shares in HRMBC Franchise
DCEIL INT'L: Posts MYR1.94MM Net Loss in September 2006 Quarter


N E W   Z E A L A N D

AIR NEW ZEALAND: Rejects Unions' Plans Against Outsourcing Jobs
AUTO WEB: Court Hears Liquidation Petition
BAS HOLDINGS: Creditors Must Prove Debts by February 12
BREAKERS POOL: Taps Shephard and Dunphy as Liquidators
HUNTINGDON DAIRY: Commences Liquidation Proceedings

I-STATION TRUST: Liquidation Hearing Slated for Feb. 12
J & E WILLIAMS: Court Sets Liquidation Hearing for Feb. 15
M & M PLASTERING: Faces Liquidation Proceedings
SILVER SCREEN: Creditors Must Prove Claims by February 19
SYN LUMBER: Shareholders Opt to Liquidate Business

TINT WIZARD: Appoints Joint Liquidators


P H I L I P P I N E S

APEX MINING: PSE May Impose Sanctions for Repeated Violations
BANCO DE ORO: Fitch Sees Higher Individual Rtg. on Merged Entity
COVANTA HOLDING: Prices US$325MM Senior Convertible Debentures
GLOBE TELECOM: 2006 Net Income Ups 14% to PHP11.8 Billion
GLOBE TELECOM: Board Declares PHP33 Cash Dividend In 2007

SECURITY BANK: 2006 Net Income Surges 65% to PHP1.9 Billion
WENDY'S INTERNATIONAL: Enters Employment Deal with K. Anderson
WENDY'S INTERNATIONAL: Discloses Fourth Quarter Same-Store Sales


S I N G A P O R E

CHELSEA INVESTMENTS: Court Orders Wind Up of Operations
ELIZABETH ARDEN: Profit Down to US$26.21 Mil. in 2nd Qtr. FY '07
EXCEL MACHINE: High Court Approves Creditors' Meeting on Feb. 15
FORMWORK HIRE: Undergoes Liquidation Proceedings
GOLD PRECISION: Pays Preferential Dividend to Creditors

LIANG HUAT: Capitalizes Inter-Company Loans from Subsidiaries
PETROLEO BRASILEIRO: Moves Launching of Re-Gasification Units
PETROLEO BRASILEIRO: Swapping Gas Exploration Areas with ONGC
SEA CONTAINERS: Appaloosa Acquires 1.5 MM Shares of Common Stock
SEA CONTAINERS: U.S. Trustee Amends Official Committee


T H A I L A N D

iTV PCL: PM's Office Requires THB1 Bil. Debt Payment in 30 Days
TONGKAH HARBOUR: Unit Gets US$25 Million Loan with Deutsche Bank
* BOND PRICING: For the Week 29 January to 2 February 2007

     - - - - - - - -

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

AGENIX LTD: American Diagnostica Agreement Now Unconditional
------------------------------------------------------------
According to a company press release dated Nov. 16, 2006, Agenix
Ltd. had signed an agreement to sell the assets related to the
DIMERTEST and AUTODIMERTEST (laboratory-based) range of Human
Health d-dimer diagnostic products to American Diagnostica Inc
of Connecticut, USA for AU$3.5 million.

In an update, the company says that all conditions precedent
regarding the transaction have been satisfied and the agreement
has become unconditional.

Settlement of the transaction will take place on Feb. 28, 2007,
at which time Agenix will have received AU$2.5 million from ADI.  
A further AU$1.0 million for inventory and deferred purchase
price payments will be received progressively over the next two
years.

There are no additional performance obligations related to this
amount.  In addition, Agenix is entitled to receive a royalty if
future product sales exceed a benchmark level.

Agenix is expecting to generate a further AU$0.5 million in cash
through realisation of working capital and a short-term product
manufacturing requirement.

Agenix is still in the process of negotiating the sale of its
point-of-care range of Human Health d-dimer diagnostic products
and other Human Health business

                         About Agenix

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs
110 staff and sells its products to more than 50 countries.  
ThromboView is a registered trademark of AGEN Biomedical.  
   
The Troubled Company Reporter - Asia Pacific reported on Nov. 3,
2006, that Agenix's consolidated net loss for FY 2005-06 falls
to AU$3.721 million from the previous year's AU$13.616 million.  
Agenix ended 2003 with a AU$811,000 net loss, owing to huge R&D
expense on Thromboview.  The Company had announced a AU$14.3-
million loss for the six months ending June 30, 2004, largely
due to increased investments and one-off items including legal
fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.  


ASHGROVE PTY: To Declare Final Dividend on February 21
------------------------------------------------------
Ashgrove Pty Ltd will declare a final dividend on Feb. 21, 2007.

In this regard, creditors are required to submit their proofs of
debt by Feb. 20, 2007.

According to the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on June 15, 2005.

The liquidator can be reached at:

         R. G. Shoobridge
         Deloitte Touche Tohmatsu
         Level 9, 22 Elizabeth Street
         Hobart, Tasmania 7000
         Australia
         Telephone: 03 6237 7000
         Facsimile: 03 6237 7001

                       About Ashgrove Pty

Ashgrove Pty Ltd provides business services.

The company is located in Western Australia, Australia.


AVE BUILDING: To Declare First and Final Dividend on March 6
------------------------------------------------------------
Ave Building Services Pty Ltd, which is in liquidation, will
declare a first and final dividend on March 6, 2007.

Accordingly, creditors are required to prove their debts by
Feb. 20, 2007, or they will be excluded from the dividend
distribution.

The liquidator can be reached at:

         P. Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne, Victoria 3000
         Australia

                       About Ave Building

Ave Building Services Pty Ltd provides UPS and essential
services, cable management, data and telecommunications cabling,
fiber optic cabling hauling, jointing, terminations and testing,
computer room services, lighting control, and building
automation services.

The company is located in Melbourne, Australia.


BYRNE & DAVIDSON: Members to Receive Wind-Up Report on March 1
--------------------------------------------------------------
The members of Byrne & Davidson Doors (Queensland) Pty Ltd will
meet on March 1, 2007, at 10:00 a.m., to receive the
liquidator's report regarding the company's wind-up proceedings
and property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company entered liquidation proceedings on March 15, 2006.

The liquidator can be reached at:

         Ian R. Hall
         Waterfront Place, 1 Eagle Street
         Brisbane, Queensland 4001
         Australia

                    About Byrne & Davidson

Byrne & Davidson Doors (Queensland) Pty Ltd manufactures metal
doors, sash, frames, molding, and trim.

The company is located in Queensland, Australia.


ENTERTAINMENT MEDIA: Acquires Remaining Sapio Shares
----------------------------------------------------
Entertainment Media & Telecoms Corporation Limited announces
that the company has acquired the remaining 9.9% of Sapio AB
shares in exchange for 5.94 million EMT shares to be issued at
AU$0.01 per share.

The company had previously acquired 90.1% of Sapio AB for 54.06
million shares at AU$0.01 per share, according to an agreement
signed on Dec. 29, 2006.

Sapio is a telecoms company based in Stockholm, Sweden, which
develops mobile applications which allow enterprises to
communicated directly to customers handsets and vice versa, over
mobile networks.

Headquartered in Sydney, supported by offices in Singapore,
Toronto and Halifax, Entertainment Media & Telecoms Corporation
Ltd is a telecommunications company.  EMT aims to be a provider
in the provision of cost-effective technology, products and
services throughout the Asia-Pacific region.  EMT operates two
divisions: Entertainment Media, which specializes in the
provision and implementation of digital service delivery systems
for the hospitality sectors, as well as new technologies and
premium intrigue systems, and Telecoms, which is a sales and
marketing agent for a telecommunications firm, providing sales
services for communications products and services.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 23, 2005, that Entertainment Media and Telecoms collapsed
under a AU$12 million debt.  

After a shareholder vote to issue more shares was defeated,
receivers and managers were appointed to the company.

                       Going Concern Doubt

Bruce Gordon of PKF, the company's independent auditor, said on
Feb. 28, 2005, that "the company expects its business to deliver
positive operating cash flows and operating profits in the
future.  The achievement of these results is dependent upon the
ability of the company to obtain adequate debt and equity
funding and the extension of existing facilities to fund the
working capital of the business and to enable the roll out of
the company's Hospitality Entertainment Division in accordance
with the proposed business plan.  If these events do not occur
there is significant uncertainty whether Entertainment Media &
Telecoms Corporation Limited will be able to continue as a going
concern."

The company has not issued any financials after the half-year
report for the period ending Dec. 31, 2004.


ENTERTAINMENT MEDIA: Board Releases Restructuring Update
--------------------------------------------------------
The board of directors of Entertainment Media & Telecoms
Corporation Limited has released a company restructure update on
Jan. 30, 2007.

               Galavu Entertainment Network, Inc.

On March 1, 2006, EMT, Livonia Pty. Ltd., the secured creditor
of EMT's parent entity and Cardinal Communications Inc. entered
into an agreement to assist EMT in retaining ownership of Galavu
Entertainment Network--EMT's Canadian arm.

   * The secured debt owned by Alleasing of AU$2.02 million over
     Galavu was acquired by Cardinal;

   * Cardinal agreed to provide a loan of AU$797,500 to Galavu
     for working capital;

   * Cardinal agreed to provide a loan of its debt into EMT
     shares, subject to shareholder approval.  In addition, if
     shareholder approval was not forthcoming or EMT was not re-
     listed within 120 days of the date of the agreement, then
     Cardinal had the right to transfer all of the assets of
     Galavu in exchange for Cardinal's secured debt.

On Jan. 7, 2007, EMT received a notice of foreclosure from
Cardinal saying that it had decided to exchange Cardinal's
secured debt for Galavu's assets.

In addition, the directors of EMT have received confirmation
that the foreclosure has been finalised and that all of Galavu's
assets have been transferred to Cardinal.

The directors believe that the disposal of the Galavu business
was in the best interests of EMT shareholders and did not object
to the foreclosure.

EMT's directors will now focus all its efforts on further
developing and expanding its Sapio AB business, with a number of
exciting developments expected in the near future.

                Interactive Telecoms Acquisition

EMT's directors have decided not to proceed with the Interactive
Telecoms business acquisition as a result of further due
diligence and the decision to focus on developing and
commersialising Sapio AB's existing products and services.

                   Re-quotation of EMT on ASX

The directors of EMT also disclosed that the preparation of the
outstanding reports is continuing.  The directors anticipate
finalising the financial statements in early February 2007.

The directors expect to be in a position to apply for a re-
quotation in the second week of February 2007.

              About Entertainment Media & Telecoms

Headquartered in Sydney, supported by offices in Singapore,
Toronto and Halifax, Entertainment Media & Telecoms Corporation
Ltd is a telecommunications company.  AMT aims to be a provider
in the provision of cost-effective technology, products and
services throughout the Asia-Pacific region.  AMT operates two
divisions: Entertainment Media, which specializes in the
provision and implementation of digital service delivery systems
for the hospitality sectors, as well as new technologies and
premium intrigue systems, and Telecoms, which is a sales and
marketing agent for a telecommunications firm, providing sales
services for communications products and services.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 23, 2005, that Entertainment Media and Telecoms collapsed
under AU$12 million of debt.  

After a shareholder vote to issue more shares was defeated,
receivers and managers were appointed to the company.

                       Going Concern Doubt

Bruce Gordon of PKF, the company's independent auditor, said, on
Feb. 28, 2005, that "the company expects its business to deliver
positive operating cash flows and operating profits in the
future.  The achievement of these results is dependent upon the
ability of the company to obtain adequate debt and/or equity
funding and the extension of existing facilities to fund the
working capital of the business and to enable the roll out of
the company's Hospitality Entertainment Division in accordance
with the proposed business plan.  If these events do not occur
there is significant uncertainty whether Entertainment Media &
Telecoms Corporation Limited will be able to continue as a going
concern."

The company has not issued any financials after the half-year
report for the period ending Dec. 31, 2004.


EVANS & TATE: Receives Yarraman's Revised Merger Proposal
---------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 15, 2007, Evans & Tate Limited did not accept the merger
proposal -- by way of a scheme of arrangement -- from Yarraman
Winery, Inc., in its current form.

However, a subsequent TCR-AP report citing the Australian
Associated Press noted that Yarraman refused to give up.

On Feb. 2, 2007, Evans & Tate's shares were placed in a trading
halt pending a company announcement or the commencement of
normal trading on Feb. 6, 2007, The Australian reports.

On Feb. 5, 2007, the trading halt was lifted, a statement from
the company says, advising that Evans & Tate has received a
revised offer from Yarraman Winery Inc.

The Revised Offer's key terms are:

   (a) acquisition all of Evans & Tate ordinary shares,
       preference shares (WInES) and convertible notes;

   (b) injection of approximately AU$38.5 million of new equity
       capital (conditional support has been obtained to raise
       this equity capital);

   (c) enterprise value for Evans & Tate of AU$141 million (an
       increase of AU$10 million from the First Proposal);

   (d) 1 Yarraman share for each 6.75 Evans & Tate ordinary
       shares or WInES (being equivalent to AU$0.265 per Evans &
       Tate ordinary share or WInES);

   (e) payment to ANZ Bank of AU$80 million in cash and AU$10.7
       million in an ASX listed Yarraman security acceptable to
       ANZ Bank (these figures previously being AU$70 million
       and AU$20 million respectively);

   (f) convertible Noteholders to receive the same security as
       ANZ Bank;

   (g) Yarraman to list on the American Exchange or NASDAQ
       Capital Market and simultaneously on ASX by way of CHESS
       depository interests by close of the transaction, on a
       best endeavours basis (bringing forward this commitment
       since the First Proposal);

   (h) Grape Expectations Enterprises Pty Ltd (a company owned
       by Evans & Tate director Franklin Tate and holder of
       approximately 31.6% of Evans & Tate ordinary shares) to
       receive 1 Yarraman share for each 6.75 Evans & Tate
       ordinary shares (rather than a previous agreement to pay
       Grape Expectations in cash);

   (i) GE Commercial Finance, or a subsidiary or affiliate, to
       provide debt financing; and

   (j) Yarraman consultancy agreement with Delta Dawn Pty Ltd
       will be terminated and that party's loan to Yarraman
       converted into Yarraman equity.

Yarraman's offer is open until 5:00 p.m. (Perth time) on Feb. 7,
2007, and is being considered by the Board of Evans & Tate and
its advisors.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 15, 2006, that Evans & Tate posted a loss of
AU$63.9 million for the 2005-2006 financial year, down 12% on
the corresponding figure for the previous year.

The TCR-AP report also stated that as of June 30, 2006, the
company's balance sheet revealed strained liquidity with
AU$90.930 billion in total current assets available to pay
AU$152.377 billion of total current liabilities coming due
within the next 12 months.  Furthermore, Evans & Tate's June 30,
2006 balance sheet also showed total liabilities of
AU$207.445 billion exceeding total assets of AU$139.792 billion,
resulting to total shareholders' deficit of AU$67.653 billion.


FAWLDAPP PTY: Members Pass Resolution to Wind-Up Firm
-----------------------------------------------------
The members of Fawldapp Pty Ltd passed a special resolution on
Jan. 16, 2007, to voluntarily wind up the company's operations.

Subsequently, Robyn Beverley McKern and Colin McIntosh Nicol
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Robyn Beverley McKern
         Colin McIntosh Nicol
         c/o McGrathNicol+Partners
         Level 8, IBM Centre, 60 City Road
         Southbank, Victoria 3006
         New Zealand
         Telephone:(03) 9038 3185
         Web site: http://www.mcgrathnicol.com

                       About Fawldapp Pty

Fawldapp Pty Ltd is a manufacturing industry.

The company is located in Victoria, Australia.


FIELDMONT HOLDINGS: To Hold Final Meeting on March 2
----------------------------------------------------
Fieldmont Holdings Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on March 2, 2007, at
10:30 a.m.

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

The Liquidator can be reached at:

         K. A. Strickland
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                    About Fieldmont Holdings

Fieldmont Holdings Pty Ltd is a land subdivider and developer.

The company is located in Western, Australia.


FORTESCUE METALS: Releases Quarterly Activities Report
------------------------------------------------------
Fortescue Metals Group Limited has released its quarterly
activities report.  The highlights include:

   * Rail construction progressing on four fronts following
     grant of Special Railway License in November 2006.

   * Mine site work at Cloud Break progressing well -- first
     stage of new accommodation village now open and
     construction advancing on access roads, airstrip and ore
     processing facility.

   * Port works for dredging and marine structures continue
     within budget and schedule -- c. 3 million cubic metres of
     a total 4.5 million m3 budget.

   * Forecast port and rail capital costs remain at
     AU$1.92 billion inclusive of the AU$198 million contingency
     (of which AU$53 million is currently allocated).  First ore
     on ship remains end Q1 2008.

   * The Pilbara Mining Alliance (PMA) optimising the mine plan
     for Cloud Break and as advised in the recent December
     monthly construction report some mining capital (AU$200m)
     is to be brought forward to facilitate a more rapid ramp up
     with the initial mining capital figure now at
     AU$425 million.

Fortescue's tenement portfolio remains at 35,500 km2.  Early
exploration results detailed in this report from new drilling
sites within the western Pilbara region.

   * China's third largest steel mill -- WISCO Steel -- signs
     important off take agreement.

   * Benchmark hematite iron ore prices for the 2007/08 year
     have been recently agreed at a level representing a 9.5%
     increase over current prices for both lump and fines.

For the full report, visit:

              http://ResearchArchives.com/t/s?196b

                          *     *     *

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and Nov. 5, 2004.  In particular,
Fortescue did not disclose that the Chinese parties had not
reached a concluded agreement on fundamental aspects of the
projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                          *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 10, 2006 that Moody's Investors Service assigns a Ba3
rating to approximately US$1.9 billion in senior secured 144A
bonds to be issued by FMG Finance Pty Ltd, the financing vehicle
of the Fortescue Metal Group.  The funding will be used to
partially finance the development of the Company's iron ore mine
in the Pilbara region of Western Australia as well as an
associated rail line and port infrastructure.


HEASLIP PRODUCTS: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
At a meeting held on Jan. 22, 2007, the members of Heaslip
Products Pty Ltd passed a special resolution to wind up the
company's operations due to its inability to pay debts.

In this regard, Mark Christopher Hall and Timothy James Clifton
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Mark Christopher Hall
         Timothy James Clifton
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia

                     About Heaslip Products

Heaslip Products Pty Ltd -- http://www.heaslipproducts.com.au/
-- began manufacturing farm implements in 1910 at Crystal Brook
in South Australia's mid north.  Since moving in 1990 to Burton,
North of Adelaide, the company's product range has diversified
to keep pace with modern farming needs.  The company's products
include deluxe model bins, economy model bins, rear discharge
bins, cup elevators, side delivery truck bins, aircraft loaders,
croplifters, combs & fingers and cam-lock wire strainers.


INFOVIDUAL TECHNOLOGIES: Schedules Creditor's Meeting on Feb. 15
----------------------------------------------------------------
Infovidual Technologies Pty Ltd will hold a final meeting for
its creditors on Feb. 15, 2007, at 10:00 a.m., to consider the
liquidator's account of the company's wind-up proceedings and
property disposal activities.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation on July 27, 2005.

The liquidator can be reached at:

         M. A. Rudaks
         Maris Rudaks & Associates
         Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8236 1500
         Facsimile:(08) 8236 1555

                  About Infovidual Technologies

Infovidual Technologies Pty Ltd is s distributor of durable
goods.

The company is located in South Australia, Australia.


INTERLINK COMMUNICATIONS: Members Opt to Shut Down Firm
-------------------------------------------------------
On Jan. 16, 2007, the members of Interlink Communications
Australia Pty Ltd passed a special resolution to voluntarily
wind up the company's operations.

Accordingly, Robyn Beverley McKern and Colin McIntosh Nicol were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Robyn Beverley McKern
         Colin McIntosh Nicol
         c/o McGrathNicol+Partners
         Level 8, IBM Centre, 60 City Road
         Southbank, Victoria 3006
         New Zealand
         Telephone:(03) 9038 3185
         Web site: http://www.mcgrathnicol.com

                 About Interlink Communications

Interlink Communications Australia Pty Ltd is a distributor of
durable goods.

The company is located in Victoria, Australia.


J T MARSDEN: Members' Final Meeting Slated for March 1
------------------------------------------------------
The members of J T Marsden & Sons Pty Ltd will hold a final
meeting on March 1, 2007, at 10:00 a.m., to consider the
liquidator's account of how the company was wound up and its
properties disposed of.

The Troubled Company Reporter - Asia Pacific has reported that
the company commenced a wind-up of its operations on Oct. 4,
2006.

The liquidator can be reached at:

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

                        About J T Marsden

J T Marsden & Sons Pty Ltd is an investor relation company.

The company is located in Western, Australia.


JODARO PTY: Liquidator to Present Wind-Up Report on March 1
-----------------------------------------------------------
Jodaro Pty Ltd, which is in liquidation, will hold a general
meeting for its members on March 1, 2007, at 10:30 a.m.

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

The liquidator can be reached at:

         D. G. Scott
         2nd Floor, 83-89 Currie Street
         Adelaide, South Australia 5000
         Australia

                       About Jodaro Pty

Jodaro Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


METAL STORM: U.S. Navy Contract Outcome To Be Known in February
---------------------------------------------------------------
Metal Storm Limited's potential contract with the United States
Navy has been deferred again to late February 2007, the company
said in a corporate disclosure to NAQDAQ.

"Following further recent discussions with the U.S. Navy, the
company's understanding is that it will now be advised by mid to
late February 2007," Metal Storm Chief Financial Officer and
Company Secretary Jim MacDonald disclosed.

The potential contract for the production of one anti-personnel
unattended weapons pod system utilising Electronic Ballistic
Technology and one operator unit was first announced in November
2006.  The outcome was supposed to be announced on Dec. 30,
2006, and then in mid-January 2007.

Metal Storm Limited -- http://www.metalstorm.com/-- is a multi-
national defense technology company engaged in the development
of electronically initiated ballistics systems using its unique
"stacked projectile" technology.  The company is headquartered
in Brisbane, Australia and incorporated in Australia, with an
office in Arlington, Virginia.

Ernst & Young LLP expressed substantial doubt about Metal
Storm's ability to continue as a going concern after auditing
the Company's financial statements for the year ended Dec. 31,
2005 and 2004.  The auditing firm pointed to the Company's
recurring operating losses and negative cash flows from
operating activities.


MULTIPLEX GROUP: Receives Brookfield's Acquisition Proposal
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 29, 2007, Multiplex Group has received a request from a
third party to commence discussions on a confidential basis
which may lead to a proposal being put in relation to the
acquisition of Multiplex securities and assets.  Multiplex
however, noted that it is unaware of details of any possible
proposal.

On Feb. 5, 2007, Multiplex received a formal approach from
Brookfield Asset Management Inc., which may lead to a proposal
for the acquisition by Brookfield and Roberts Family Nominees of
100% of the underlying businesses of Multiplex Limited,
including Multiplex's property development, construction,
property funds management, and facilities management businesses.

Accordingly, Multiplex's shares jumped 6.4%, taking the
company's market value to AU$4.1 billion (US$3.2 billion),
Miriam Steffens of Bloomberg News reports.

In its statement however, Multiplex notes that at this stage,
Brookfield has not provided information in respect of valuation.  
Information in respect of key terms is also limited.

Brookfield has sought the Board's approval to enter into
discussions with RFN to develop a proposal and has indicated
that any proposal it puts forward would be conditional on the
involvement of RFN.

According to the TCR-AP, the Group's largest securityholder --
Roberts Family Nominees -- has requested the submission of the
third party's proposal to the Multiplex Board.

Reuters notes that RFN holds 25.6% of Multiplex.

Multiplex Chief Executive Officer Andrew Roberts, his brother
Tim and sister Denby Macgregor have stepped aside to avoid
conflicts of interest, Bloomberg relates.

The Multiplex Board has consented to those discussions taking
place and, given the involvement of RFN, has established
appropriate protocols, which include:

   * Andrew Roberts and Tim Roberts have taken leave of absence
     from the Board of Multiplex and Andrew Roberts, Tim Roberts
     and Denby Macgregor have also taken leave of absence from
     their executive roles;

   * Ross McDiven (currently COO) and Bob McKinnon (currently
     CFO) have been appointed acting Joint Managing Directors;

   * For the purposes of these preliminary discussions between
     Brookfield and RFN, no confidential information regarding
     Multiplex will be provided to Brookfield by RFN, Multiplex
     or the Roberts Family; and

   * If discussions between Brookfield and RFN advance to the
     development of a proposal capable of evaluation by the
     Board, confidential Multiplex information will only be
     provided through a formal due diligence process approved by
     the Board.

The Board has been advised that Brookfield's approach does not
involve the participation of any other Board member or Multiplex
executive.

The Board has engaged UBS Investment Bank and Allens Arthur
Robinson to advise it in relation to this approach.

In the event that this matter does not proceed for whatever
reason, it is contemplated that Andrew Roberts, Tim Roberts, and
Denby Macgregor will resume their current roles.

                About Brookfield Asset Management

Brookfield Asset Management Inc. (NYSE/TSX:BAM) --
http://www.brookfield.com-- focused on property, power and  
infrastructure assets, has over US$50 billion of assets under
management and is co-listed on the New York and Toronto Stock
Exchanges under the symbol BAM.

                         About Multiplex

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

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

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

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


MULTIPLEX GROUP: Damages Claims Against Cleveland Exceeds GBP6M
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
April 25, 2006, Multiplex Group commenced a legal action against
its former steel subcontractor, Cleveland Bridge UK, with the
British High Court.

According to the TCR-AP report, Multiplex initiated the lawsuit
against Cleveland Bridge to prove that some of the delay
problems at its Wembley Stadium Project in London were not
entirely its fault.  Moreover, Multiplex sought GBP38 million in
damages from Cleveland.

Cleveland countersued Multiplex for GBP22 million.

A statement posted at the company's Web site relates that the
High Court in London heard the case against Cleveland Bridge on
Jan. 31, 2007.  In response to press speculation, Multiplex
advises that:

   (a) it is pursuing various claims for both damages and
       abatement against Cleveland Bridge;

   (b) the hearing dealt with only one element of the damages
       claim;

   (c) there already exists a contractual cap on all damages
       claims of GBP6 million;

   (d) while the judgment resulted in a reduction in the total
       amount able to be claimed by Multiplex for damages, the
       company's overall claim for damages against Cleveland
       Bridge still exceeds the GBP6 million cap on the damages
       claims;

   (e) it is considering appealing the decision;

   (f) it continues to pursue substantial claims for abatement;
       and

   (g) the judgment does not alter the overall expected
       financial outcome of the Wembley project.

                         About Multiplex

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

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

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

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


SAM'S SEAFOOD: Shares Remain Suspended
--------------------------------------
Sam's Seafood Holdings Ltd.'s deed administrator, Andrew
Fielding, says that the recapitalization of the corporate shell
and the sale of the company's remaining assets are progressing.

Mr. Fielding added that the shares will remain suspended until
the outcome of the recapitalization is known.

Queensland-based Sam's Seafood Holdings Limited is an Australia-
based food company.  The company specializes in the retail,
wholesale, export distribution and processing of fresh and
frozen seafood, along with a range of corresponding products.
The company is comprised of five business units: Domestic
Retail, Food Service, Export, Distribution Markets and Fast Food
Operation.  The company exports its products to overseas markets
with its primary processing and distribution operations based in
Eagle Farm, Brisbane.  In addition, the company operates two
restaurants: Sam's on Sutton, located at the Sutton Beach
Parklands on the Redcliffe Peninsular, and Sam's Pier, located
on Mariners Cove, Seaworld Drive at Main Beach.

The Troubled Company Reporter - Asia Pacific reported on May 26,
2005, that Sam's Seafood fell into voluntary administration
after its major financial backers called in receivers.  The
board of the Queensland-based seafood king had appointed Andrew
Fielding and Julie Williams of PPB Chartered Accountants as
official administrators.


SEAQUEST MANAGEMENT: Members and Creditors to Meet on Feb. 28
-------------------------------------------------------------
The members and creditors of Seaquest Management Pty Ltd will
meet on Feb. 28, 2007, at 10:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the liquidator's account on the company's wind-up
      and property disposal exercises;

   -- review and approve, the liquidator's remuneration and
      disbursements; and

   -- resolve other matters that may arise during the course of
      the meeting.

The liquidator can be reached at:

         Graeme Lean FCPA
         G. T. Lean & Associates
         CPA
         424 Fitzgerald Street, Perth
         Australia

                   About Seaquest Management

Seaquest Management Pty Ltd -- trading as Welshpool Marine -- is
a boat dealer.

The company is located in Western Australia, Australia.


STRATHFIELD GROUP: Converts 38,702 Options into Ordinary Shares
---------------------------------------------------------------
Strathfield Group Limited issues an additional 38,702 ordinary
shares at AU$0.07 per share, the company disclosed in a
regulatory filing with the Australian Stock Exchange.

The issue was due to an exercise of options by a shareholder
converting 38,702 options into shares on Jan. 30, 2007.

The company now has 708,303,874 ordinary shares and 230,012,409
options quoted on the ASX.

The company has an additional 64,700,000 unlisted options.

Sydney Australia-based Strathfield Group Limited --
http://www.strathfield.com/-- is one of the largest independent  
retailers of mobile communication products in Australia, with 86
outlets nationwide.  Strathfield offers a large range of
products including Car, Home, and Mobile entertainment and
communication tools.  Strathfield is the leader in in-car
entertainment, and provides quality "on the spot" installation
services through its outlets.

BJ Pollock of Deloitte Touche Tohmatsu, the company's internal
auditors, said that there remains significant uncertainty
whether the company and the consolidated entity will be able to
continue as going concerns because the consolidated entity's
current liabilities of AU$39,458,000 (company: AU$41,245,000)
exceeded current assets of AU$37,539,000 (company:
AU$37,539,000).

For the 52 weeks ended July 2, 2006, the company and
consolidated entity recorded a loss before taxation of
AU$5,300,000 (2005: loss of AU$10,815,000), and net cash used by
operating activities was AU$8,794,000 for the 52 weeks ended
July 2, 2006 (2005: AU$4,188,000).


TRACKER MARINE: Receivers and Managers Cease to Act
---------------------------------------------------
On Jan. 18, 2007, Bradley Vincent Hellen and Ann Fordyce ceased
to act as receivers and managers of Tracker Marine Australia Pty
Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Hellen and Ms. Fordyce were named as the company's joint and
several liquidators on June 7, 2006.

The former Receivers and Managers can be reached at:

         Bradley Vincent Hellen
         Ann Fordyce
         c/o Pilot Partners
         Chartered Accountants
         Level 5, 175 Eagle Street
         Brisbane, Queensland 4000
         Australia

                      About Tracker Marine

Tracker Marine Australia Pty Ltd is a distributor of sporting
and recreational goods and supplies.

The company is located in Queensland, Australia.


* ASIC Reveals Stats on Companies Entering External Admin.
----------------------------------------------------------
The Australian Securities and Investments Commission discloses
in a report that 653 companies entered external administration
in November 2006.

The statistics included only companies that entered
administration for the first time during the month.

A sizable number of the companies are based in New South Wales
Queensland and Victoria, which altogether had 585 companies, or
almost 90% of the total.

Almost 40% of the companies were wound up by a court, while
another 31% had administrators appointed.  Creditors' wind-up
account for another 23%.

Meanwhile, 1,004 companies came under some form of insolvency
administration in November 2006, a bulk of which are based in
New South Wales, Victoria, and Queensland.

There were 363 companies that came under creditors wind-up, 329
under court wind-up.


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

BENQ CORP: Mobile Phone Unit Shuts Down Kamp-Lintfort Factory
-------------------------------------------------------------
BenQ Mobile GmbH & Co. OHG, the bankrupt German unit of Taiwan-
based BenQ Corp., shut down one of its three plants in Germany
last week after efforts to secure a buyer failed, according to
published reports.

Some 165 workers in the firm's Kamp-Lintfort factory in North
Rhine-Westphalia were sent home after the firm decided to stop
producing mobile phones.  The company, however, has commissioned
B2X Care Solutions GmbH last month to continue warranty services
for phones sold under the brand names "Siemens" and "BenQ
Siemens."

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

                       Job Placements

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

BenQ Mobile revealed plans to cut 1,900 jobs of its 3,000-strong
work force in October 2006.  BenQ Mobile administrator Martin
Prager had said the cuts would affect all areas of the business
including administration, marketing, sales and production.

                         Failed Bids

In a TCR-Europe report on Jan. 31, Bacoc, the German laptop
computer company, failed to submit an offer for BenQ Mobile
after creditors rejected bids by two potential buyers last
month.

Bloomberg News says Bacoc's decision not to bid for the bankrupt
assets came as a result of an exodus of key personnel relating
to the division's collapse at the end of September 2006.

Bacoc CEO Stefan Baustert told Simon Thiel of Bloomberg News
that chances of successfully turning around the mobile-phone
unit declined "dramatically" over the last few weeks.  He said
that the sale of Inservio GmbH, BenQ's insolvent mobile repair
unit, also reduced Bacoc's interest because it removed a
valuable asset, Bloomberg relates.

As widely reported, Bacoc had planned to retain the firm's Kamp-
Lintfort facility and reduce two-thirds of the company's work
force by closing down BenQ's central office in Munich.  

Aside from Bacoc, investor group SF Capital Partners, led by
Hansjoerg Beha, a former Daimler-Benz executive, pulled out of
the bidding race, with sources speculating that the group could
not raise the required funding needed for the acquisition,
Mobile Today reports.

Also, as reported in the TCR-Europe on Jan. 25, Sentex Sensing
Technology Inc. submitted a EUR52 million bid for BenQ Mobile's
assets.  Henrik Rubenstein, Sentex's chief executive officer,
told Dow Jones Newswires then that the bid is based on an earn-
out model, which would base payments on BenQ Mobile's financial
success in the future.  He added that the company had secured a
"three-digit million euro sum" of working capital financing.

Mr. Prager previously disclosed on Jan. 9 that Sentex Sensing
and SF Capital did not meet creditors' requirements on adequate
price offer and did not present concrete evidence of secured
financing, John Blau wrote for IDG News Service.

                        About Siemens

Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a  
global powerhouse in electrical engineering and electronics.  
The company has around 461,000 employees working to develop and
manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements.  Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.

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

                          About BenQ

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

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

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

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

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

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


BENNY'S CATERERS: Shareholders Decide to Close Business
-------------------------------------------------------
At an extraordinary general meeting held on Jan. 26, 2007, the
shareholders of Benny's Caterers International Ltd passed a
special resolution to voluntarily wind up the company's
operations.

In this regard, Wong Ping Cheung Benny and Tang Tai Yuen were
appointed as liquidators and were authorized to divide the
company's assets.

The Liquidators can be reached at:

         Wong Ping Cheung, Benny
         Flat A, Floor 24, Beverley Heights
         Belair Gardens, 52 Tai Chung Kiu Road
         Shatin, New Territories
         Hong Kong; and

         Tang Tai Yuen
         5/F, Ascot Tower
         45-47 Village Road, Happy Valley
         Hong Kong


BILLY CREATION: Schedules Members' Final Meeting on March 2
-----------------------------------------------------------
Billy Creation Ltd will hold a final meeting for its members on
March 2, 2007, at 11:00 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 reported that the
company entered voluntary wind-up on Nov. 9, 2006.

The liquidator can be reached at:

         Unit 801B, 8/F, Dina House
         Ruttonjee Centre
         11 Duddell Street, Central
         Hong Kong


CENTURY EASTERN: First Meetings Set for February 13
---------------------------------------------------
The first meetings of the creditors and contributories of
Century Eastern Ltd will be held on Feb. 13, 2007, at 10:00 a.m.
and 11:00 a.m., respectively.

As reported by the Troubled Company Reporter - Asia Pacific, the
Court heard a wind-up petition against the company on Nov. 22,
2006.  Han Hing Fuel Oil Co Ltd. filed the petition.


DENSEN DEVELOPMENT: Creditors Must Prove Debts by February 28
-------------------------------------------------------------
The creditors of Densen Development Ltd are required to submit
their proofs of claim by Feb. 28, 2007.  Failure to prove debts
by the due date will exclude a creditor from sharing in any
distribution the company will make.

The Troubled Company Reporter - Asia Pacific previously reported
that the company was placed under voluntary wind-up on Jan. 26,
2007.

The liquidator can be reached at:

         Yong Sum Fat
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


FAR EASTERN: Fitch Keeps Individual C Rating; Outlook Negative
--------------------------------------------------------------
Fitch Ratings on Feb 2. 2007, affirmed the ratings of Far
Eastern International Bank and revised its Outlook to Stable
from Negative.  

The ratings affected are:

   -- Long-term Issuer Default rating: BBB
   -- National Long-term: A+(twn)
   -- Short-term: F3
   -- National Short-term: F1(twn)
   -- Individual: C
   -- Support: 4

FEIB's ratings reflect its sound capital adequacy and
normalization in the asset quality of its unsecured consumer-
lending portfolio.  They also take into account its relatively
tight liquidity position and its high loan-to-deposit ratio.  
FEIB's profitability in 2005 and 2006 was depressed by high
provision expenses associated with its unsecured consumer-
lending portfolio.

Looking forward, pre-provision profits should be sufficient to
absorb elevated credit costs in 2007.  The changing loan mix
from unsecured consumer lending into corporate loans has led to
lower interest margins, but should improve FEIB's credit risk
profile.  FEIB has sound capitalization.  Increased loan balance
and FY06 losses reduced its capital adequacy in 2006, but
issuances of subordinated debt in late 2006 and 2007 should
improve its regulatory capital adequacy.

FEIB is a member of the Far Eastern Group, a major local
conglomerate with interests in a wide range of industries.  
Although the bank has confirmed nothing, it has been reported in
the media that a foreign bank may take a stake in FEIB and its
major shareholder has indicated willingness to bring in such a
partner.  The acquisition of a significant stake by a major
global bank, if it were to occur, would likely be positive for
FEIB's ratings.

FEIB was founded in 1992 and held a 1.4% market share in loans
and 1.2% share in deposits at end-Q306.  FEG member companies
appoint seven out of nine directors on its board.  FEIB owns
22.5% of Dah Chung Bills Finance Corporation.


GOLDEN HARVEST: Court Appoints Liquidators and Inspectors
---------------------------------------------------------
On Dec. 12, 2006, the High Court of Hong Kong appointed Jacky
Chung Wing Muk and Edward Simon Middleton as joint and several
liquidators of Golden Harvest Film Productions Ltd.

In addition, a Committee of Inspection was appointed, which
consist of:

   -- Golden Harvest Entertainment Co Ltd;

   -- United Harvest Asia Ltd; and

   -- Shanghai Golden Harvest Media Management Co.

The Troubled Company Reporter - Asia Pacific previously reported
that the Court entered an order on Aug. 23, 2006, to wind up the
company's operations.

The Joint Liquidators can be reached at:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         KPMG
         8/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


JACKIN TOTAL: Wind-Up Hearing Set for February 7
------------------------------------------------
A liquidation petition filed against Jackin Total Fulfilment
Services Ltd will be heard before the High Court of Hong Kong on
Feb. 7, 2007, at 9:30 a.m.

HBLP Ltd, formerly known as RSM Nelson Wheeler Corporate
Advisory Services Ltd, filed the petition with the Court on Nov.
29, 2006.

HBLP's solicitor can be reached at:

         Laracy Gall
         20/F, Dina House
         Ruttonjee Centre
         11 Duddell Street, Central
         Hong Kong
         Telephone: 2836 0555
         Facsimile: 2836 0777


JEAN HOOD: Members' Final Meeting Slated for February 28
--------------------------------------------------------
The final meeting of the members of Jean Hood Properties Ltd
will be held on Feb. 28, 2007, at 10:00 a.m., to consider the
liquidator's account of the company's wind-up proceedings and
property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on March 8, 2006.

The liquidator can be reached at:

         Chiu Wai Hon
         Rooms 603-4, 6/F
         Hang Seng Wanchai Building
         200 Hennessy Road, Wanchai
         Hong Kong


KHK TRADING: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on Jan. 24, 2007, the
members of KHK Trading Ltd passed a special resolution to
voluntarily wind up the company's operations due to its
liabilities.

Subsequently, an ordinary resolution was also passed appointing
Liu Chi Tat Stephen as liquidator.

The Liquidator can be reached at:

         Liu Chi Tat Stephen
         Room 1304, C C Wu Building
         302-8 Hennessy Road, Wanchai
         Hong Kong


NEW GAGNEUR: Joint Liquidators Cease to Act
-------------------------------------------
Lai Kar Yan Derek and Darach E. Haughey ceased to act as joint
and several liquidators of New Gagneur Ltd on Jan. 23, 2007.

The Troubled Company Reporter - Asia Pacific recounts that the
Joint Liquidators presented the company's wind-up report at a
final meeting held on that day.

The former Joint Liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35/F, One Pacific Place
         88 Queensway
         Hong Kong


ORIENTAL HOME: Members to Receive Wind-Up Report on Feb. 26
-----------------------------------------------------------
The members of Oriental Home Investments Ltd will meet on
Feb. 26, 2007, at 10:00 a.m., to receive the liquidator's report
regarding the company's wind-up proceedings and property
disposal exercises.

The liquidator can be reached at:

         Chan Kai Kit
         Unit 1602, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


PRO-DIVE EDUCATION: Court to Hear Wind-Up Petition on Feb. 28
-------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Pro-Dive Education Centre Ltd on Feb. 28, 2007, at 9:30 a.m.

Cheung Hung Kam filed the petition against the company on
Dec. 22, 2006.

Cheung Hung Kam's solicitor can be reached at:

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


SUN RAISE: Creditors' Proofs of Claim Due on February 28
--------------------------------------------------------
The creditors of Sun Raise Industries Ltd are required to submit
their proofs of claim by Feb. 28, 2007.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on Jan. 26, 2007.

The liquidator can be reached at:

         Chung Wah Shing
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong

                         About Sun Raise

Sun Raise Industries Ltd is a distributor of durable goods.

The company is located in Tsuen Wan in NT, Hong Kong.


TCL CORP: Opens New Chip Production Line in Huizhou
---------------------------------------------------
TCL Corp launched an LCD television chip production line, which
features TCL's own technology converting artificial testing to
automatic testing, in Huizhou, Guangdong Province, the China
Tech News reports.

According to the paper, TCL's new production line boasts an
automatic Functional Circuit Tester, which is rare in China and
even advanced throughout the world.

China Tech relates that through the Functional Circuit Tester,
transmitting test signals from the test set is unnecessary.  
Hence, it is possible to simplify the expensive hardware
necessary for transmitting the test signals.

As a result, the cost of the tester is reduced and is expected
to increase TCL's production efficiency from 1.5 times to 2.5
times of the international average level, China Tech notes.  

It was the dramatic sales of TCL's LCD televisions, which
prompted them to initiate the new production line, Han Qing,
general manager of TCL Multimedia China, told China Tech, adding
that the development of the new production line also
demonstrated TCL's innovation capacity and competitiveness in
the market.

                          *     *     *

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the  
manufacture of TV sets and handset products.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication .

Xinhua Far East China Ratings has downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


VA TECH: Sole Member Pass Resolution to Wind-Up Firm
----------------------------------------------------
On Jan. 22, 2007, the sole member of VA Tech Transmission &
Distribution Hong Kong Ltd passed a special resolution to place
the company under member's voluntary liquidation.

Accordingly, Thomas Andrew Corkhill and Iain Ferguson Bruce were
appointed as joint and several liquidators and were authorized
to distribute the company's assets to its sole member.

The Joint and Several Liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8/F, Gloucester Tower
         The Landmark
         15 Queen's Road, Central
         Hong Kong

                          About VA Tech

VA Tech Transmission & Distribution -- http://www.vatech-td.com/
-- is engaged with the power transmission and distribution
market.

The company offers integrated system solutions and advanced
technologies.


* Small and Medium Sized Banks Post Lower NPL Ratio, CBRC Says
--------------------------------------------------------------
Non-performing loan ratios in China's small and medium sized
banks had declined last year, China Daily says citing a report
from the China Banking Regulatory Commission.

After taking into account 12 joint-stock banks CBRC recorded NPL
ratio of 2.96% at the end of December 2006, 1.8 percentage
points down from the beginning of that year, the paper reports.

The Bank of Communications, China Merchants Bank, and China
Minsheng Bank were on the list, but the nation's three leading
state-owned banks that have been transformed into joint-stock
companies -- Bank of China, China Construction Bank, and the
Industrial and Commercial Bank, are not included, the China
Daily notes.

Meanwhile, 11 city-level commercial banks, each with assets of
more than CNY50 billion, also saw their combined NPL ratio drop
1.7 percentage points to 6% from the beginning of 2006, the
report further says.  

By the end of December 2006, 59 city-level banks had shed
CNY68.5 billion of bad assets, including CNY51.1 billion of
NPLs, with capital injections from 17 provincial governments,
CBRC revealed.


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

INDUSTRIAL DEV'T. BANK: CRISIL Assigns 'AA+' to INR15-Bil. Bonds
----------------------------------------------------------------
The Credit Rating Information Services of India Ltd. on Feb. 1,
2007, gave the Industrial Development Bank of India these
ratings:

   -- INR15 Billion Lower Tier II Bonds: AA+/Stable (Assigned)

   -- INR30 Billion Flexi Bonds: AA+/Stable (Reaffirmed)

   -- INR40.25 Billion Omni Bonds: AA+/Stable (Reaffirmed)

   -- INR10 Billion Lower Tier II Bonds: AA+/Stable (Reaffirmed)

   -- INR30 Billion Flexi Bonds: AA+/Stable (Reaffirmed)

   -- INR89.45 Billion Omni Bonds: AA+/Stable (Reaffirmed)

   -- Bonds Issue (Including the aggregate of
      INR1.45 Billion Subordinated Bonds of the
      erstwhile IDBI Bank Ltd):  AA+/Stable (Reaffirmed)

   -- Certificate of Deposit Programme: AA+/Stable (Reaffirmed)

   -- Fixed Deposit Programme: FAAA/Stable (Reaffirmed)  

   -- Certificate of Deposit Programme (Less than
      one year maturity, including the Certificates of
      Deposits of the erstwhile IDBI Bank Ltd):  P1+
      (Reaffirmed)

   -- INR50 Billion Short Term Debt Programme (including
      Certificates of Deposits): P1+ (Reaffirmed)

CRISIL's ratings are based on the high strategic importance of
IDBI Ltd to its majority owner, the Government of India.

The ratings also reflect the expected improvement in IDBI Ltd's
market position, and its resource and liquidity profiles,
following its conversion into a bank and the merger of its
erstwhile subsidiary, IDBI Bank Limited, with itself.  This
expectation of an improvement in its resource profile has been
further strengthened by the merger of United Western Bank with
IDBI Ltd in October 2006 (UWB had an asset base of
INR71 billion, deposit base of INR64.8 billion, and advances of
INR40.06 billion as on March 31, 2006).

The ratings also factor in the bank's adequate but slightly
reduced capitalization following the UWB merger.  These rating
strengths are partly offset by the pressure on IDBI Ltd's core
profitability, the relatively high non-performing loans in the
books of the newly merged UWB (11.5% as at March 31, 2006,
around INR4 billion) combined with IDBI Ltd's large (though
reducing) exposure to inherently weaker-quality credits.  

Despite the conversion to a bank and two mergers with IDBI Bank
Limited and UWB, IDBI Ltd is facing significant challenges in
growing its deposit base.  The bank is expected to continue to
fund a significant proportion of its balance sheet through
wholesale deposits and borrowings in the medium term (two to
three years).  This will continue to impact its business profile
and profitability during this period.

The bank's strategic importance to GoI is evident in the
development finance role envisaged for IDBI Ltd by Parliament in
the IDBI Repeal Act 2003.  GoI has extended timely support to
IDBI Ltd. in the past on a number of occasions.  CRISIL expects
such support to continue to be made available to the bank,
should the need arise.  The expected government support
significantly improves IDBI Ltd's credit profile.

IDBI Ltd is one of the larger public sector banks in India with
an asset size of INR977.54 billion as on Dec. 31, 2006.  As a
bank, IDBI Ltd is now able to access stable, low-cost resources,
sell retail asset products, and provide commercial banking
products and services.

Following the acquisition of UWB, IDBI Ltd's resource profile
and market position is expected to benefit from the growth in
its branch network by 242 branches to 432, due to UWB's wide
presence in the western state of Maharashtra.  The ability of
the combined entity to mobilize low-cost savings deposits is
also expected to increase, to an extent, on account of this.
However, a large part of its balance sheet is funded by
wholesale deposits and borrowings leading to a pressure on its
borrowing costs and interest spreads (deposits are only 38% of
IDBI Ltd's total assets as compared to 78% for scheduled
commercial banks on average).

IDBI Ltd's business relationships with corporate clients have
been strengthened following its conversion into a bank, and
mergers with IDBI Bank and UWB, as it is now able to provide a
wider suite of products, including working capital finance, cash
management services, and other fee-based services.  The merger
with UWB will also enable IDBI Ltd to enhance lending to the
agricultural and small and medium enterprises sector.  However,
the time frame and effectiveness of the integration of UWB and
IDBI Bank with IDBI Ltd will remain a key aspect with respect to
the business profile of IDBI Ltd.

Pursuant to the transfer of net loans of INR90 billion to the
Stressed Asset Stabilisation Fund and its efforts on recovery
and settlements, IDBI Ltd's net non-performing assets declined
significantly to 1.55% as on Dec. 31, 2006 (from 14.2% as on
March 31, 2003, in its erstwhile constitution as a financial
institution).

IDBI Ltd has low diversity in its advances portfolio: its
customer assets comprise mostly project loans, which have seen a
high level of delinquency in the past.  The bank has a
relatively low, although increasing, exposure to retail assets
at around 18% of total advances as against 25% for most
scheduled commercial banks.

The bank is adequately capitalised: it had a Tier I capital
adequacy of 10.3%, and a large Tier 1 capital base of INR63.7
billion as on Dec. 31, 2006, post the payout of INR1.5 billion
for UWB in September 2006.  IDBI Ltd's earnings profile has been
weak due to the high-cost wholesale deposits and borrowings in
its funding profile and the high level of non-interest bearing
and restructured assets that have a significant moratorium in
terms of interest and principal payments.  A large part of the
previously outstanding high-cost borrowings have already been
refinanced at lower rates; this has marginally reduced IDBI
Ltd's cost of borrowing even in a rising interest rate scenario.
The earnings position is expected to remain moderate over the
medium term.

                            Outlook

CRISIL expects IDBI Ltd's credit profile to continue to benefit
significantly from the support extended to it by its majority
owner, GoI, given its unique position as the only bank with a
focus on development finance.

                           About the Bank

IDBI Ltd was constituted under the Industrial Development Bank
of India Act, 1964, to serve as the apex institution providing
term finance to Indian industry, and planning, promoting,
coordinating and financing the development of industry and of
institutions engaged in similar activities in the country.  IDBI
Ltd converted into a banking company on Oct. 1, 2004, with a
focus on development finance and taking on additional business
of commercial banking.  It also merged its subsidiary IDBI Bank
with itself.  Subsequent to the merger, GoI's stake in IDBI Ltd
has reduced to 52.75% as on March 31, 2006.  The government is
committed to maintaining its shareholding in IDBI Ltd at over
51% as per the Articles of Association of IDBI Ltd.  UWB has
also merged with IDBI with effect from Oct. 3, 2006.  

For the year ended March 31, 2006, IDBI Ltd reported a profit
after tax of INR5.6 billion and had assets of INR885.42 billion.
For the nine-months ended Dec. 31, 2006, the bank has shown a
16% increase in profit after tax to INR4.17 billion, with a net
interest income of INR2.12 billion.

                          *     *     *

On Jan. 30, 2007, Standard & Poor's Ratings Services revised the
Bank Fundamental Strength Rating of IDBI to 'C' from 'D+'.

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have stable outlooks.  The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.


ITI LTD: Net Loss Widens to INR1.2 Billion in 4th Quarter 2006
--------------------------------------------------------------
ITI Ltd's net loss widened to INR1.203 billion in the three
months ended Dec. 31, 2006, from the INR819 million incurred in
the corresponding period in 2005.

For the quarter ended Dec. 31, 2006, the company recorded income
totaling INR2.803 billion, down 39% from the INR4.863 billion
earned in the December 2005 quarter.  The company's operating
expenses for the December 2006 quarter aggregated
INR3.977 billion, hence it booked an operating loss of
INR593.7 million.

In the quarter under review, the company booked interest expense
of INR509.5 million, depreciation expense of INR98.4 million and
tax provision of INR1.4 million.

A copy of ITI's unaudited financial results for the quarter
ended Dec. 31, 2006, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?1973

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a  
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, Fitch Ratings assigned final National ratings
of 'D(ind)(SO)' to  ITI's INR550 million 'J-1' Series long-term
bonds.

Credit Analysis and Research Limited has revised the rating
assigned to the 'M' series long term bond issue of ITI Limited
to CARE D (SO) Single D (Structured Obligation) from CARE AAA
(SO) with Credit Watch.


ORIENTAL BANK: CARE Retains 'AAA' Rating on INR500-Cr. Bond
-----------------------------------------------------------
Credit Analysis & Research Ltd. on Jan. 29, 2007, retained a
'CARE AAA' rating to the Subordinate Bond issue of INR500 crore
of Oriental Bank of Commerce.

The above rating draws strength from Government of India's
majority ownership of the bank, long standing operations spread
over 63 years and sustained business growth in the past.  The
rating also factors in OBC's national presence, improvement in
asset quality, high provision coverage and comfortable
capitalization levels.  The rating also takes into account the
medium asset size of the bank, limited scope for raising fresh
equity capital due to 51% GOI ownership, relatively high level
of duration of investment portfolio, pressure on spreads and
impact of merger of erstwhile GTB with OBC.  OBC's ability to
maintain increasing capital requirements to support growth in
advances with simultaneous focus on maintaining its asset
quality and sustain profitability margins would remain key
rating sensitivities.

OBC, established in February 1943 by Late Rai Bahadur Lala Sohan
Lal, was nationalized in April 1980.  Global Trust bank, a
private sector bank, was amalgamated with the Bank with effect
from August 14, 2004.  The merger with GTB facilitated OBC to
have a foothold in South India.  The Bank is currently operating
through a network of over 1,148 branches including 800 CBS
Branches.  During April 2005, OBC made a follow on public issue
of equity shares at a premium of INR240 per share aggregating
INR1,450 crore.  This has however, diluted Govt. of India
holding from 66.5% to 51.09%.

Total assets of OBC at INR5,8937 crore registered a growth of 9%
during FY06.  The bank's deposits and advances grew at a YoY
rate of 5% and 33% respectively during the same period.  
Investments declined by around 8% during FY06 and are largely
dominated by Government and other Approved Securities.  High
proportion of these securities exposes the bank to interest rate
risk.

Total Income for half year ended Sept 30, 2006, increased by
around 21%.  Interest income during the period also grew by 21%
due to the advances growth of 29% during Apr. '06-Sept. '06.  
Net Interest Income has shown a growth of mere 2.05% in H1'07
despite the modest growth in Interest income due to a 34%
increase in Interest cost.

Net profit of the bank has increased to INR344 crore in H1'07
mainly on account of the decrease in provisions.  CAR at the end
of Sept. 30, 2006, was 13.34% as compared to 11.04% at the end
of March 31, 2006, primarily due to the issue of Upper Tier II
bonds in the second quarter.  The asset quality of the bank has
improved as reflected by the decline in the Gross NPA and Net
NPA ratio from 7.9% in H1'06 to 4.8% in H1'07 and from 0.8% in
H1'06 to 0.5% in H1'07 respectively.

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The  
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.  The bank has
introduced products and services, such as Anywhere Branch
Banking, Cash Management Service, Telebanking, automated teller
machines and Internet banking through select branches.  During
the fiscal year ended March 31, 2006, the Bank had a total of
1,148 branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


PUNJAB NATIONAL BANK: Net Up 16% in 4th Qtr.; Declares Dividend
---------------------------------------------------------------
In a regulatory filing with the Bombay Stock Exchange, Punjab
National Bank disclosed its unaudited results for the quarter
ended Dec. 31, 2006.

Punjab National Bank posted a net profit of INR4.299 billion for
the quarter ended Dec. 31, 2006, a 16% increase from the
INR3.704 billion booked in the corresponding quarter in 2005.

Total income increased 21% from INR26.976 billion for the
quarter ended Dec. 31, 2005, to INR32.714 billion in the quarter
under review.

The bank's expenditures for the December 2006 quarter is
slightly higher at INR23.147 billion compared to INR21.509
billion incurred in the December 2005 quarter.

A copy of the bank's financial results for the quarter ended
Dec. 31, 2006, is available for free at the BSE at:

            http://ResearchArchives.com/t/s?197a

During the meeting to consider the results of the December 2006
quarter, the bank's board declared an interim dividend at 40%,
i.e. INR4 per share, for the fiscal year 2006 to 2007.

In this regard, the bank fixed Feb. 15, 2007, has been fixed as
the Record Date for the purpose of payment of interim dividend.  
The date of payment will be on March 2, 2007.

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank   
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'C/D' individual
rating.


PUNJAB NATIONAL BANK: Board Approves Capital Increase
-----------------------------------------------------
Punjab National Bank's board of directors has accorded "in-
principle" approval for increase in the bank's capital, a
regulatory filing with the Bombay Stock Exchange reveals.

The proposed capital increase entails issuance of the bank's
shares of up to 49% including by way of Qualified Institution
Placements in line with the guidelines of the Securities and
Exchange Board of India.

The share issuance is still subject to the approvals of India's
Ministry of Finance, the Reserve Bank of India and the bank's
shareholders.

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank   
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'C/D' individual
rating.


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

ALCATEL-LUCENT: To Set Up Mostelecom's Network in Moscow
--------------------------------------------------------
Alcatel-Lucent has been selected by JSC Mostelecom, the largest
Russian cable television operator with more than three million
subscribers and 90% of the market, to deploy a new IP-based
network that will enable the operator to introduce triple play
and business services across the city of Moscow and extend its
subscriber reach.  The project will be implemented in several
stages with the first phase scheduled for launch in the first
quarter 2007.

Mostelecom will migrate to an integrated, service-oriented and
flexible IP/MPLS solution from Alcatel-Lucent that will
transform its existing cable TV network.  The Alcatel-Lucent
solution provides higher bandwidth capacity per end-user and
differentiated quality of service, both of which are critical
for the services Mostelecom intends to introduce, including
high-speed Internet and virtual private networks immediately,
and video on demand, personal TV and online gaming in the
future.  In addition, this project will allow Mostelecom to
increase the quality of existing cable TV channels and broaden
its accessibility for subscribers enabling the operator to
provide a uniform package of TV channels across its full
customer base.

"We see a clear trend toward innovative triple play and IPTV
services in Russia, particularly in Moscow," said Anton
Osipchuk, general director JSC Mostelecom.  "We will leverage
Alcatel-Lucent's innovative IP portfolio and experience in
triple play deployments to provide our existing customers with a
wider variety of new and higher quality multimedia services, and
to address new markets to strengthen our competitive position in
Russia."

"Mostelecom's network transformation will enable them to offer a
wide range of advanced, interactive services to anticipate
demand from its large customer base," Basil Alwan, President of
Alcatel-Lucent's IP activities.  "Alcatel-Lucent's leadership in
large IP network transformation projects, combined with our
expertise in triple play and business service delivery will
allow Mostelecom to introduce the highest quality new services
quickly and seamlessly."

Alcatel-Lucent will deploy its turnkey, end-to-end IP solution
including the industry leading Alcatel-Lucent 7750 Service
Router, Alcatel-Lucent 7450 Ethernet Service Switch and Alcatel-
Lucent 5620 Service Aware Manager.   Alcatel-Lucent will also
deliver the Alcatel-Lucent 5750 Subscriber Services Controller,
a comprehensive policy management solution that will enable
Mostelecom to centrally manage its subscribers and services.

                         About Mostelecom

Joint Stock Company "Mostelecom" was set up in May 1997 by
reorganizing the state-owned enterprise "Moscow Cable
Television" established in June 1994 by decree of the Government
of Moscow.  From 2005 OAO Mostelecom is part of the holding
"National Cable Networks" owned by Nafta Moscow. Shareholders of
OAO Mostelecom are Nafta Moscow and the Government of Moscow.
The company employs over 700 people.  OAO Mostelecom has the
status of the city-wide organization authorized by the
Government of Moscow to operate, build and develop municipal
cable TV networks. The company provides its services to almost 3
million subscribers in Moscow.  OAO Mostelecom delivers TV
signals through coaxial and fiber-coaxial cable TV networks. At
present OAO Mostelecom offers up to 19 TV channels.  From July
2006, OAO Mostelecom began modernizing and upgrading its cable
networks.  Moreover, the company is building new broadband cable
TV networks based on fiber technologies in some districts of
Moscow. The company expects to complete the program in 2009.  As
a result, all subscribers will get access to advanced
telecommunications services. external link
http://www.mostelecom.ru

                      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 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.


BANK DANAMON: Moody's Revises Ratings Outlook to Positive
---------------------------------------------------------
Moody's Investors Service revised the outlook for PT Bank
Danamon Indonesia's long-term credit ratings to positive from
stable.  The short-term deposit rating continues to carry a
stable outlook while the BFSR remains on review for possible
upgrade.

The bank's detailed ratings are:

   -- subordinated debt of Ba3,

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime, and

   -- bank financial strength of D-.

The rating agency's action follows its change in Indonesia's
sovereign rating outlook to positive from stable on Feb. 5,
2007.  Specifically, the revision affected the following ratings
of Indonesia: the foreign currency and local currency government
bond of B1, the foreign currency deposit of B2 and the foreign
currency country ceiling of Ba3.

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.


BANK INTERNASIONAL: Moody's Revises Ratings Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service changed the outlook for PT Bank
Internasional Indonesia Tbk's long-term credit ratings to
positive from stable.  The bank's short-term deposit rating
continues to carry a stable outlook while the BFSR remains on
review for possible upgrade.

The bank's detailed ratings are:

   -- issuer/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of E+.

The outlook change follows the rating agency's revision in
Indonesia's sovereign rating outlook to positive from stable on
Feb. 5, 2007.  Specifically, the revision affected the following
ratings of the country: the foreign currency and local currency
government bond of B1, the foreign currency deposit of B2 and
the foreign currency country ceiling of Ba3.

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.


BANK LIPPO: Moody's Revises Outlook to Positive from Stable
-----------------------------------------------------------
Moody's Investors Service revised the outlook of PT Lippo Bank
Tbk's long-term credit ratings to positive from stable while
maintaining the stable outlook of the bank's short-term deposit
rating and BFSR:

   -- issuer/subordinated debt of Ba3/Ba3,

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime, and

   -- bank financial strength of D-.

The action follows the rating agency's change in Indonesia's
sovereign rating outlook to positive from stable on Feb. 5,
2007.  Specifically, the revision affected the following
ratings: the foreign currency and local currency government bond
of B1, the foreign currency deposit of B2 and the foreign
currency country ceiling of Ba3.

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:   
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four-payment service
offices nationwide.


BANK MANDIRI: Moody's Revises Outlook from Stable to Positive
-------------------------------------------------------------
Moody's Investors Service revised the outlook to positive from
stable of PT Bank Mandiri's senior debt and foreign currency
long-term deposit ratings.  The bank's short-term deposit rating
and long-term subordinated debt rating continue to carry Moody's
stable outlook while the bank financial strength remains on
review for possible upgrade.

Bank Mandiri's detailed ratings are:

   -- senior/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of E+.

This action follows Moody's change in Indonesia's sovereign
rating outlook to positive from stable on Feb. 5, 2007.
Specifically, the revision affected the following ratings: the
foreign currency and local currency government bond of B1, the
foreign currency deposit of B2 and the foreign currency country
ceiling of Ba3.

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


BANK NEGARA: Moody's Revises Outlook to Positive from Stable
------------------------------------------------------------
Moody's Investors Service revised the outlook from positive to
stable the ratings of PT Bank Negara Indonesia's senior debt and
foreign currency long-term deposit ratings to positive from
stable.  

The bank's short-term deposit rating and long-term subordinated
debt rating continue to carry the rating agency's stable outlook
and the bank financial strength rating a positive outlook.

The bank's detailed ratings are:

   -- senior/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of E.

The rating agency's action follows its change in Indonesia's
sovereign rating outlook to positive from stable on Feb. 5,
2007.  Specifically, the revision affected the following
ratings: the foreign currency and local currency government bond
of B1, the foreign currency deposit of B2 and the foreign
currency country ceiling of Ba3.

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


BANK PERMATA: Moody's Revises Outlook to Positive from Stable
-------------------------------------------------------------
Moody's Investors Service revised the outlook of PT Bank Permata
Tbk's long-term deposit rating to positive from stable.  The
short-term deposit rating continues to carry a stable outlook
while the bank financial strength rating remains on review for
possible upgrade.

Bank Permata's detailed ratings are:

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of E+.

The action follows Moody's change in Indonesia's sovereign
rating outlook to positive from stable on Feb. 5, 2007.
Specifically, the sovereign outlook revision affected the
following ratings: the foreign currency and local currency
government bond of B1, the foreign currency deposit of B2 and
the foreign currency country ceiling of Ba3.

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


BANK NIAGA: Moody's Changes Stable Outlook to Positive
------------------------------------------------------
Moody's Investors Service revised the outlook for PT Bank Niaga
Tbk's long-term credit ratings to positive from stable.  The
short-term deposit rating continues to carry the rating agency's
stable outlook while the bank financial strength rating remains
on review for possible upgrade.

Bank Niaga's ratings are:

   -- issuer/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of E+.

The action follows the change in Indonesia's sovereign rating
outlook to positive from stable on Feb. 5, 2007.  Specifically,
the revision affected the following ratings: the foreign
currency and local currency government bond of B1, the foreign
currency deposit of B2 and the foreign currency country ceiling
of Ba3.

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk
-- http://www.bankniaga.com/-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.


BANK RAKYAT: Moody's Revises Outlook to Positive from Stable
------------------------------------------------------------
Moody's Investors Service revised the outlook for the long-term
credit rating of PT Bank Rakyat Indonesia to positive from
stable.  The short-term deposit rating and long-term
subordinated debt rating continue to carry a stable outlook
while the BFSR remains on review for possible upgrade.

Bank Rakyat's detailed ratings are:

   -- subordinated debt of Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of D-.

The action follows the change in Indonesia's sovereign rating
outlook to positive from stable on Feb. 5, 2007.  Specifically,
the revision affected the following ratings: the foreign
currency and local currency government bond of B1, the foreign
currency deposit of B2 and the foreign currency country ceiling
of Ba3.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- clients services  
comprise Savings, Credits and Syariah.  In addition, the bank
divides its financial and business services into three groups:
Business Services, consisting of bank guarantees, bank
clearance, automatic teller machines and safe deposit boxes;
Financial Services, consisting of bill payments, CEPEBRI,
INKASO, deposit acceptance, online transactions and transfers,
and Other Services, consisting of tax and fine payments,
donations, Western Union and zakat contributions.  During the
year ended December 31, 2005, the bank had one branch office in
Cayman Islands and two representative offices in New York and
Hong Kong, respectively.


BANK TABUNGAN: Moody's Revises Stable Rating Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service revised the outlook to positive from
stable Bank Tabungan Negara (Persero)'s long-term deposit rating
while maintaining the stable outlook of the bank's short-term
deposit rating and the positive outlook of its bank financial
strength rating:

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of E-.

The action follows the change in Indonesia's sovereign rating
outlook to positive from stable on Feb. 5, 2007.  Specifically,
the revision affected the following ratings: the foreign
currency and local currency government bond of B1, the foreign
currency deposit of B2 and the foreign currency country ceiling
of Ba3.

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank  
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.


HILTON HOTELS: Reports Strong Results for Quarter Ended Dec. 31
---------------------------------------------------------------
Hilton Hotels Corp. reported financial results for the fourth
quarter and fiscal year ended Dec. 31, 2006.  Fourth quarter
highlights compared with fourth quarter 2005 are as follows:

   * Diluted EPS of US$0.50 vs. US$0.26 in 2005, an increase of
     92%;

   * Total company Adjusted EBITDA of US$485 million, up 78%;

   * Pro forma worldwide comparable owned RevPAR increased 10.7%
     driven by strong rate increases and high demand in most
     major markets.  Pro forma worldwide comparable owned
     margins improved 90 basis points;

   * Fees up 60% to US$182 million on strong RevPAR and unit
     growth, the favorable impact of the Hilton International
     acquisition and a one-time termination fee; and

   * Timeshare profitability up 11%.

Hilton reported fourth quarter 2006 net income of US$207 million
compared with US$105 million in the 2005 quarter.  Diluted net
income per share was US$0.50 in the 2006 fourth quarter, versus
US$0.26 in the 2005 period.

In total, non-recurring items benefited the 2006 quarter by
approximately US$.11 per share as follows:

   * US$11 million pre-tax benefit (US$.02 per share) from
     contract termination fees related to the sale of a
     joint-venture hotel;

   * US$14 million pre-tax gain (US$.02 per share) on foreign
     currency transactions;

   * US$6 million benefit (US$.01 per share) to the tax
     provision related to a prior year's tax return;

   * US$36 million pre-tax gain (US$.06 per share) on asset
     sales and other items, including a US$22 million pre-tax
     gain from the sale of a joint-venture hotel in which the
     company had a minority interest.

Additionally, fourth quarter results included a revision to the
full year effective tax rate primarily due to higher than
expected utilization of foreign tax credits against the
company's U.S. income tax liability.  This revision benefited
fourth quarter results by US$31 million or US$0.07 per share.  
In the 2005 fourth quarter, non-recurring items benefited
results by US$0.04 per share.

The company reported fourth quarter 2006 total operating income
of US$358 million (an 85% increase from the 2005 quarter,) on
total revenue of US$2.232 billion (a 106% increase from US$1.083
billion in the 2005 quarter.)  Total company earnings before
interest, taxes, depreciation and amortization (Adjusted EBITDA)
were US$485 million, an increase of 78% from US$273 million in
the 2005 quarter.

          System-wide RevPAR; Management/Franchise Fees

All of the company's brands reported significant system-wide
revenue-per-available-room increases, with particularly strong
gains in average daily rate.  On a system-wide basis (including
owned, leased, managed and franchised properties) and pro forma
as if the acquisition of Hilton International had occurred
Jan. 1, 2005, the company's brands showed fourth quarter RevPAR
gains as follows:

   -- Scandic, 18.1%;
   -- Conrad, 15.8%;
   -- Hilton, 12.2%;
   -- Embassy Suites, 9.9%;
   -- Doubletree, 9.7%;
   -- Hampton, 9.0%;
   -- Hilton Garden Inn, 8.1%; and
   -- Homewood Suites by Hilton, 6.9%.

Management and franchise fees increased 60% in the fourth
quarter to US$182 million, benefiting from RevPAR gains, the
addition of new units, and the acquisition of HI.  Fees in the
quarter also include a one-time US$11 million management
contract termination fee related to a joint-venture hotel.  The
property was sold and converted to a franchised hotel during the
quarter.

                       Owned Hotel Results

Continued strong demand trends and pricing power resulted in
high single digit or double digit ADR increases at many of the
company's gateway hotels around the world.  Business transient,
group and leisure segments each showed significant ADR
improvement.

Across all brands, revenue from the company's owned hotels
(majority owned and controlled hotels) was US$683 million in the
fourth quarter 2006, a 39% increase from US$490 million in the
2005 quarter.  Total owned hotel expenses were up 34% in the
quarter to US$459 million.

Comparable North America owned revenue and expenses increased
10.7% and 9.2%, respectively.  Expenses were impacted by higher
insurance and marketing costs.

RevPAR from comparable N.A. owned hotels increased 10.2% (91%
rate driven.)  Comparable N.A. owned hotel occupancy increased
0.7 points to 76.3%, while ADR increased 9.2% to US$220.77.  
Particularly strong RevPAR growth was reported at the company's
owned hotels in Chicago, New York, San Francisco and Phoenix.  
Results also benefited from higher food and beverage revenue and
profits in the quarter.  Comparable N.A. owned hotel margins in
the fourth quarter increased 90 basis points to 33.4%.  The
aforementioned higher insurance and marketing costs impacted
margins by approximately 120 basis points. Renovation activity
at the Waldorf-Astoria, Hilton New York and Hilton Hawaiian
Village did not significantly impact results during the fourth
quarter.

On a pro forma basis, as if the acquisition of HI had occurred
Jan. 1, 2005, comparable international owned revenue and
expenses increased 9.7% and 8.7%, respectively.  Pro forma
RevPAR from international comparable owned hotels increased
12.8% (92% rate driven.)  Occupancy increased 0.7 points to
68.9%, while ADR increased 11.7% to US$147.34. Strong results
were reported in Barcelona, Brussels, Sao Paulo and Zurich.  
Excluding the impact of foreign exchange, RevPAR from
international comparable owned hotels increased 6.0%. Pro forma
comparable international owned margins improved 70 basis points
to 26.5%.

On a worldwide basis, pro forma comparable owned RevPAR
increased 10.7% (91% rate driven,) with margins increasing 90
basis points to 31.8%.  Excluding the impact of foreign
exchange, worldwide pro forma comparable owned RevPAR increased
9.2%.

                         Leased Hotels

Revenue from leased hotels was US$731 million in the fourth
quarter 2006 compared with US$24 million in the 2005 quarter,
while leased hotel expenses were US$605 million in the current
quarter versus US$22 million last year.  The EBITDAR-to-rent
coverage ratio was 1.9 times in the quarter.

Pro forma comparable leased revenue increased 14.0%, leased
expenses increased 11.6% and margins increased 170 basis points
to 17.0%.  RevPAR from comparable leased properties increased
17.4%.  Excluding the impact of foreign exchange, RevPAR from
comparable leased hotels increased 9.9%.  Strong results were
reported at the company's leased hotels in London, Amsterdam,
Paris, and across Germany and the Nordic region.

                     Hilton Grand Vacations

Hilton Grand Vacations Company or HGVC, the company's vacation
ownership business, reported an 11% increase in profitability in
the fourth quarter of 2006 compared with 2005, due primarily to
increased financing income.  Although average unit sales prices
increased 15% and unit sales increased 8%, percentage-of-
completion accounting negatively impacted the reported results.

HGVC had fourth quarter revenue of US$142 million, a 9% increase
from US$130 million in the 2005 quarter.  Expenses were US$121
million in the fourth quarter, compared with US$111 million in
the 2005 period.

                  Brand Development/Unit Growth

In the fourth quarter, the company added 59 properties and 9,040
rooms to its system as:

   -- Hilton Garden Inn, 18 hotels and 2,616 rooms;
   -- Hampton Inn, 21 hotels and 1,980 rooms;
   -- Embassy Suites, 5 hotels and 1,384 suites;
   -- Hilton, 4 hotels and 1,136 rooms;
   -- Homewood Suites by Hilton, 8 hotels and 885 suites;
   -- Doubletree, 2 hotels and 438 rooms; and
   -- other, 1 hotel and 601 rooms.

Nineteen properties and 4,066 rooms were removed from the system
during the quarter.

During the fourth quarter, the company added new full-service
hotels in Boston, Chicago, Mexico City, Tampa, Honolulu, Kauai,
and Manchester, U.K.  The company also added the Qasr Al Sharq
in Jeddah, Saudi Arabia to the Waldorf=Astoria Collection. In
addition, the company opened new Hilton Garden Inns in Florence
and Rome, Italy.

During the quarter, the company announced plans to form a joint
venture with DLF Limited to develop hotel properties and
serviced apartments in India.  The joint-venture company plans
to develop and own 50-75 midscale and extended-stay hotels over
the next seven years.  The company also announced an agreement
to develop and franchise an initial 25 Hilton Garden Inns in
Beijing, Shanghai and Tianjin, China to Deutsche Asset
Management and HQ Asia Pacific.  The company also announced that
it has signed a management agreement for a new Conrad in Koh
Samui, Thailand scheduled to open in 2008.

At Dec. 31, 2006, the Hilton worldwide system consisted of 2,935
properties and 501,478 rooms.  The company's current development
pipeline is its biggest yet, and the largest for any U.S.-based
hotel company, with more than 775 hotels and 110,000 rooms at
Dec. 31, 2006.  Approximately 90% of the hotels in the current
development pipeline are in the Americas (U.S., Canada, Mexico
and South America,) though international development is expected
to comprise an increasingly larger%age of the company's
development pipeline over the next few years.

                       Asset Dispositions

Hilton noted that the sale processes continue for the Scandic
portfolio, 10 hotels in Continental Europe, the Hilton
Caledonian in Scotland, and six properties in the U.S. First or
second round bids have been received for 14 of the 17 properties
for sale and Scandic.

As previously announced, during the fourth quarter the company
completed the sale of two hotels located in the U.K., the 1,054-
room Hilton London Metropole and the 794-room Hilton Birmingham
Metropole, for GBP417 million.

                       Corporate Finance

At Dec. 31, 2006, Hilton had total debt of US$6.97 billion
(net of approximately US$500 million of debt and capital lease
obligations resulting from the consolidation of certain joint-
venture entities and a managed hotel, which are non-recourse to
Hilton,) a reduction of approximately US$860 million from
Sept. 30, 2006.  Of the US$6.97 billion, approximately 53% is
floating rate debt.  Total cash and equivalents (including
restricted cash of approximately US$293 million) were
approximately US$420 million at Dec. 31, 2006.

The company's average basic and diluted share counts for the
fourth quarter were 387 million and 422 million, respectively.  
Hilton's debt currently has an average life of 6.1 years, at an
average cost of approximately 6.6%.

Hilton's effective tax rate in the fourth quarter 2006 was
22.5%.  As previously noted, the fourth quarter effective tax
rate benefited from a higher than expected utilization of full-
year 2006 foreign tax credits and a non-recurring item related
to the prior year's tax return.

Total capital expenditures in the fourth quarter were
approximately US$300 million, including US$40 million for
timeshare development.

                        Full-Year Results

For full-year 2006, Hilton reported net income of US$572
million, compared with US$460 million in 2005.  Diluted net
income per share was US$1.39 versus US$1.13 in 2005.  Non-
recurring items benefited the 2006 full-year period by US$.18
per share, versus US$.28 per share in 2005.  On a recurring
basis (including the full year impact of a lower effective tax
rate due to higher than expected utilization of foreign tax
credits,) EPS was US$1.21 versus US$.85 in 2005, an increase of
42%.  Total company operating income was US$1.274 billion in
2006 (compared with US$805 million in 2005) on revenue of
US$8.162 billion (compared with US$4.437 billion in 2005.)  
Total company Adjusted EBITDA was US$1.742 billion, a 53%
increase from US$1.140 billion in 2005.  Management and
franchise fees were US$684 million, a 51% increase from US$452
million in 2005.  Timeshare profitability was up 19% versus
2005.  The company added 223 hotels and 35,970 rooms in 2006.

                          2007 Outlook

The 2007 guidance includes incremental operating and corporate
costs associated with international growth and development
activities and technology initiatives.  The guidance also
includes cost increases related to stock compensation, including
incremental costs from extending the company's equity
compensation plans to international employees.  The 2007
effective tax rate guidance assumes full utilization of
available foreign tax credits.

As previously communicated, 2007 diluted EPS guidance includes
these two items which combine to adversely impact diluted EPS
growth by a total of US$.14 per share:

   * The company's timeshare business is expected to be
     negatively impacted, from a reporting standpoint, by
     percentage-of-completion accounting associated with new
     projects.  The net change attributable to
     percentage-of-completion accounting between 2006 and 2007
     is expected to total approximately US$60 million pre-tax,
     or US$.09 per share.  The company expects the impact of
     percentage-of-completion accounting on 2007 results to
     reverse in 2008.

   * Reported earnings growth in 2007 is expected to be impacted
     by the timing of the HI acquisition. Results in 2006
     include HI from the Feb. 23, 2006 acquisition date.  Had
     the acquisition been completed on Jan. 1, 2006, expected
     full-year 2006 results would have been reduced by
     approximately US$.05 per share.  During the period Jan. 1
     to Feb. 23, 2006 HI's pro forma fixed costs significantly
     exceeded its operating performance due to the seasonally
     weak business environment of the period.

Total capital spending in 2007 is expected to be approximately
US$985 million as:

   -- approximately US$320 million for routine improvements and
      technology,

   -- approximately US$315 million for timeshare projects and

   -- approximately US$350 million for hotel renovation, special
      projects, and hotel investments.

To the extent the company completes additional asset sales,
capital expenditures would be expected to decrease.

The company expects to add approximately 255 hotels and 35,000
rooms to its system in 2007.

Stephen F. Bollenbach, co-chairman and chief executive officer
of Hilton Hotels Corporation, said, "A historic and successful
year that began with our acquisition of Hilton International
ended with another strong quarter, highlighted by excellent
RevPAR growth both domestically and internationally, and
significant progress in introducing our brands to new markets
around the world.  We are particularly excited about the
agreements we signed with respected partners to develop Hilton
Garden Inns and other Hilton Family brands in India and China.  
These agreements lay the foundation for our global growth going
forward.

"With our market leading presence in such robust markets as New
York City, Chicago, Hawaii and London; a domestic and
international development pipeline that guarantees rapid growth,
and strong demand for our timeshare properties, the elements are
in place for continued solid operating results in 2007."

Mr. Bollenbach concluded, "We expect that the operational,
development, marketing and financial plans we have in place for
2007 will further enhance our industry-leading position."

                       About Hilton Hotels

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

                          *     *     *

The Troubled Company Reporter reported on Feb. 2, 2007 that
Fitch Ratings has upgraded the debt ratings for Hilton Hotels
Corporation as follows:

   --Issuer Default Rating to 'BB+' from 'BB';

   --Senior credit facility to 'BB+' from 'BB'; and

   --Senior notes to 'BB+' from 'BB'.

The ratings apply to its US$5.75 billion credit facility and
roughly US$2.6 billion of its senior notes.  Fitch has also
revised Hilton's Rating Outlook to Positive from Stable.

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

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

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

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

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

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

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

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

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%


HILTON HOTELS: S&P Places BB Corp. Credit Rating on CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Hilton
Hotels Corp., including the 'BB' corporate credit rating, on
CreditWatch with positive implications.

The CreditWatch listing follows Hilton's update today that it
continues to make good progress in selling assets and that a
meaningful level of asset sales could occur over the near term,
which could lead to a faster-than-expected pace of debt
reduction.

Hilton has announced these potential transactions:

   -- The sale of part or all of the company's Scandic-
      branded portfolio, which Standard & Poor's would
      view favorably because it would lead to sale
      proceeds in excess of expectations and the transfer
      of a meaningful portion of Hilton's fixed lease
      obligations, as well as improve margins in Hilton's
      global lodging portfolio;

   -- The sale of a portfolio of 10 hotels in Continental
      Europe;

   -- The sale of the Hilton Caledonian in Scotland; and

   -- The sale of six hotels in the U.S.

                      About Hilton Hotels

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

                          *     *     *

The Troubled Company Reporter reported on Feb. 2, 2007 that
Fitch Ratings has upgraded the debt ratings for Hilton Hotels
Corporation as follows:

   --Issuer Default Rating to 'BB+' from 'BB';

   --Senior credit facility to 'BB+' from 'BB'; and

   --Senior notes to 'BB+' from 'BB'.

The ratings apply to its US$5.75 billion credit facility and
roughly US$2.6 billion of its senior notes.  Fitch has also
revised Hilton's Rating Outlook to Positive from Stable.

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

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

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

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

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

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

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

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

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%


PANIN BANK: Moody's Revises Rating Outlook to Positive
------------------------------------------------------
Moody's Investors Service revised the outlook from positive to
stable the long-term deposit rating of PT Bank Pan Indonesia
Tbk, but maintained the stable outlook of its short-term deposit
rating and the positive outlook of its bank financial strength:

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of D-.

The action follows the change in Indonesia's sovereign rating
outlook to positive from stable on Feb. 5, 2007.  Specifically,
the revision affected the following ratings: the foreign
currency and local currency government bond of B1, the foreign
currency deposit of B2 and the foreign currency country ceiling
of Ba3.

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


PERUSAHAAN GAS: Breaches Disclosure Rule, Regulator Says
--------------------------------------------------------
PT Perusahaan Gas Negara breached a rule that requires companies
to disclose within two working days information that could
affect stock price, Bloomberg News relates, citing the Capital
Market and Financial Institution Supervisory Agency or Bapepam-
LK.

According to the report, Bapepam-LK found adequate evidence that
Perusahaan Gas has breached the rule.

Bloomberg recounts that on Jan. 12, Gas Negara said it will
delay until September the shipment of natural gas through a
pipeline from South Sumatra to western Java originally due to
open in March.  A second link, scheduled to begin operation in
November 2006, will start up in March.  The shares tumbled as
much as 23% that day.

The company said that the pipeline project delay is due to
problems acquiring the land, heavy rainfall in the area and
hitches in completing tests on sections of the pipeline already
built, the news agency points out.

Gas Negara's investor relations officer, Thohir Nur Ilhami, told
Bloomberg in a telephone interview that they are not aware about
the delay and still have to coordinate with the board of
directors to decide on the issue at hand.

Gas Negara denied allegations that it hadn't disclosed the
problems quickly enough, Bloomberg says.

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

The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service has affirmed the
Ba2 corporate family rating of PT Perusahaan Gas Negara
(Persero) Tbk.  At the same time, Moody's has affirmed the Ba3
debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.  This affirmation
followed the recent announcement of a delay in the South
Sumatera West Java gas commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

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

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

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


PERUSAHAAN LISTRIK: Moody's Changes Ratings Outlook To Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive
from stable for the B1 corporate family rating and senior
unsecured bond rating of PT Perusahaan Listrik Negara.

The rating action follows Moody's decision to change the outlook
of Indonesia's B1 foreign and local currency government bond
ratings to positive from stable.

Indonesian state utility firm PT Perusahaan Listrik Negara
-- http://www.pln.co.id/-- transmits and distributes  
electricity to around 30 million customers, roughly 60% of
Indonesia's population.  The Indonesian Government decided to
end PLN's power supply monopoly to attract independents to build
more capacity for sale directly to consumers, as many areas of
the country are experiencing power shortages.


* Moody's Changes Indonesian Gov't.'s Rating Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive
from stable on Indonesia's B1 foreign and local currency
government bonds, reflecting the steady improvement of the
government's debt ratios and external debt position.

The outlook on the Ba3 foreign currency country ceiling for
bonds and the B2 foreign currency country ceiling for bank
deposits was also changed to positive from stable.

"Indonesia's relative political stability means that the
government's prudent fiscal policy is likely to continue for the
next several years," said Moody's Vice President Steven Hess.  
He said last year's government budget deficit of 1.0% of GDP was
a continuation of the small deficits recorded during the last
several years.  Combined with fairly high nominal GDP growth,
these modest deficits have resulted in a substantial decline in
the ratio of government debt to GDP.  At 42% at the end of 2006,
said Hess, "this ratio is now comparable to the ratios of
countries rated more highly."

The external financial position of the country is also
improving, according to the Moody's analyst.  The current
account increased markedly in 2006 -- continuing the record of
uninterrupted surpluses since 1998 -- which led to both an
increase in international reserves and the prepayment of all the
country's debt to the IMF.  As a result, external debt ratios
showed a significant improvement.

"We believe that this trend will continue during the next few
years, although its pace could be affected by changes in
commodity prices," said Hess.  "High prices for Indonesia's
export commodities have benefited its balance-of-payments
performance during the past two years."

He said a Moody's upgrade could result from further improvements
in the government and external debt ratios and further policy
reforms that improve the investment environment.

"Although foreign direct investment has risen in the past two
years, it could be considerably higher with better laws and
regulations affecting the investment environment," said Hess.

Indonesia's local currency ceilings for bonds and for deposits
remain at Baa2.


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

ALL NIPPON: Net Income in 3rd Quarter Falls 8.5% to JPY9.3 Bil.
---------------------------------------------------------------
All Nippon Airways Co.'s net income fell to JPY9.3 billion
(US$76 million), or 8.5%, in the October-December 2006 period,
from JPY10.1 billion a year earlier, AFX News Limited reports.

According to the Associated Press, All Nippon blames the decline
in its 3rd quarter earnings on the continued high jet fuel costs
and extra cost for the disposal of aircraft and equipment.

In fact, the reports say, the cost of crude oil has added
JPY39 billion (US$319.7 million) to the airline's fuel bill for
the first nine months of the current business year, which ends
March 31, 2007.

AFX relates that All Nippon's revenues for the 2006 third
quarter rose 9.9% to JPY381.6 billion (US$3.13 billion) from the
JPY347.2 billion recorded in the third quarter of 2005, thanks
to demand for travel, buoyed by the continued recovery in
Japan's economy and a gradual increase in frequency on routes
with ANA's network.

The AP report says that the airline is predicting a 3.7% rise in
net profit to JPY28 billion (US$23 million) for the full fiscal
year, and it has raised its revenue outlook slightly to
JPY1.480 trillion (US$12.13 billion).

                   About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan 16, 2007, Fitch Ratings advised All Nippon Airways Co. Ltd.,
along with Japan Airlines Corporation, that it may need to
further increase fares and yields and adopt additional cost
reduction measures in order to improve, or at least maintain,
their current financial profiles.

In the TCP-AP report, Fitch also warns that planned capital
investments could be burdensome in the short term.  ANA plans to
make significant capital investments in the next four-to-five
years, accelerating their fleet downsizing and renewal while
trying to strengthen their competitive positions.  However, the
positive effect of the investments is only likely to appear in
the long term.  Barring any significant asset sales, the planned
investments are likely to cause negative free cash flow.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said that the credit quality gap
between Japan's top two airlines continues to widen with All
Nippon Airways Co. Limited -- rated 'BB+'/Stable -- benefiting
from market improvements, while its rival, Japan Airlines
Corporation -- rated 'BB-'/Stable -- continues to be grounded by
internal woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


BANCO BRADESCO: Says Retirement Loans to Grow 20% Yearly
--------------------------------------------------------
Banco Bradesco Chief Executive Officer Marcio Cypriano told
Business News Americas that retirement loans in Brazil will
likely increase 20% yearly over the next few years.

According to reports, Mr. Cypriano said that five million out of
a total of 25 million pensioners from the INSS federal social
security system for private sector workers have taken retirement
loans with payments deducted directly from monthly benefit
checks.

Mr. Cypriano commented to BNamericas, "This segment has a strong
appeal, a non-performing loan ratio near zero and immense
potential for growth."

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2007, Banco Bradesco signed a "Private Instrument for
Commitment of Merger of Stocks and Other Covenants," with the
controlling stockholders of Banco BMC for the acquisition of the
latter and its subsidiaries BMC Asset Management Ltda. --
Distribuidora de Titulos e Valores Mobiliarios, BMC Previdencia
Privada SA and Credicerto Promotora de Vendas Ltda.  Banco
Bradesco's investor relations manager Milton Vargas said that
the bank's purchase of Banco BMC will likely add around BRL100
million to net profits in 2007.  

Mr. Cypriano told BNamericas, "BMC is Bradesco's PAC."

Mr. Cypriano was referring to the federal government's economic
growth acceleration program, BNamericas notes.

BNamericas underscores that retirement loans represented 58% of
Banco BMC's BRL2.00-billion loan portfolio in September 2006.  
Vehicle financing operations accounted for 18% and commercial
lending to small and medium-sized enterprises equaled 24%.

Mr. Cypriano told BNamericas, "We jumped a few development
stages with this acquisition."

Credit cards and home loans are two main areas for lending
growth for Banco Bradesco in 2007.  The bank has budgeted
BRL3.00 billion for home loans this year after reaching last
year's BRL2.00-billion goal in November, BNamericas says, citing
Mr. Cypriano.

The Banco BMC acquisition is expected to generate BRL500 million
for Banco Bradesco, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and  
medium-income individuals in Brazil since the 1960s.  Bradesco
is Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                          *     *     *

Fitch Ratings upgraded Banco Bradesco S.A.'s short-term local
currency rating to 'F3' from 'B.'

Fitch has also taken these rating actions on Banco Bradesco:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.

As reported on Nov. 30, 2006, Moody's Investors Service upgraded
these ratings of Banco Bradesco SA:

   -- long-term foreign currency deposits to Ba3 from B1; and

   -- long- and short-term global local currency deposit
      ratings to A1/Prime fom A3/Prime-2.

Moody's said the ratings outlook is stable.


DELPHI CORP: Cerberus May Back Out of US$3.4 Billion Investment
---------------------------------------------------------------
Cerberus Capital Management LP may back out of its planned
US$3.4 billion investment in Delphi Corp. due to the United Auto
Workers union's resistance to pay cuts, Bloomberg News reported.

Cerberus also disagreed with the union regarding wages and
benefits, pay increases, severance pay, and factories and jobs
to remain, Bloomberg added.

As reported in the Troubled Company Reporter on Jan. 17, 2007,
the Honorable Robert D. Drain of the United States Bankruptcy
Court for the Southern District of New York gave Delphi Corp.
and its debtor-affiliates authority to enter into an equity
purchase commitment agreement and a plan framework support
agreement with their plan investors.

The Plan Investors are:

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

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

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

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

   -- UBS Securities LLC.

The deal, however, is dependent upon Delphi reaching an
agreement with its unions, TCR reported on Jan. 26, 2007.  The
investors and Delphi have the right to end the deal by Jan. 31,
2007, if the company fails to reach a pact with its unions and a
parts supply deal with General Motors Corp.

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

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


EDDIE BAUER: Tax Review Finds Financial Restatement Not Required
----------------------------------------------------------------
Eddie Bauer Holdings Inc. has completed a review of its tax
accounting for property and equipment and determined that a
financial restatement will not be required.  In the course of
preparing its 2006 financial statements, the company identified
errors related to its tax accounting for 2005 and prior years.
The company undertook a comprehensive review of the matter and
has determined that the errors are not material and do not
require restatement of any previously filed financial
statements.  The effects of the error will be corrected in the
company's 2006 financial statements.  The company's independent
auditor, BDO Seidman, concurs with the company's conclusions.

The company determined that in accounting for income taxes it
did not properly reconcile the book and tax depreciation on its
property and equipment related primarily to the treatment of
tenant improvement allowances granted in connection with the
opening of new retail stores.  As a result, the company recorded
an incorrect amount of deferred tax assets.  The correction to
be reported in the 2006 financial statements will result in a
decrease to net deferred tax assets of approximately $12
million, and an increase to goodwill of approximately $12
million.

As reported in the Troubled Company Reporter on Jan. 29, 2006,
the company is moving forward with its special meeting of
stockholders scheduled for 8:30 a.m., Pacific Time, on Thursday,
Feb. 8, 2007 at the Hyatt Regency Bellevue, 900 Bellevue Way,
NE, Bellevue, Washington.  At the special meeting, stockholders
will consider and vote upon the company's proposed sale to Eddie
B Holding Corp., a company owned by affiliates of Sun Capital
Partners, Inc. and Golden Gate Capital.

"Our Board of Directors concluded it was the prudent course of
action to postpone the special stockholders meeting while the
company investigated the tax accounting errors and reviewed its
findings with BDO Seidman," William End, Chairman of the Board
of Directors of Eddie Bauer, commented.  "Now that it has been
determined that a restatement is not necessary, we look forward
to moving ahead with the special meeting on February 8th."

Stockholders who need assistance in voting their shares may
contact Eddie Bauer's proxy solicitor, Innisfree M&A
Incorporated, toll-free at (888) 750-5834.

                         About Eddie Bauer

Headquartered in Redmond, Washington, Eddie Bauer Holdings Inc.
(NASDAQ: EBHI) -- 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 products are available at approximately 380 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.

                          *     *     *

On Nov. 13, 2006, Standard & Poor's assigned the company's long-
term foreign and local issuer credit rating at B.


FORD MOTOR: Reports 19% Decline on January Sales
------------------------------------------------
Ford Motor Co.'s January U.S. sales declined 19% compared with a
year ago, largely as a result of a planned reduction in sales to
daily rental companies.  Sales to daily rental companies were
cut by 65%.

"All of us at Ford are focused on restructuring our business to
be profitable at lower volumes and offering more of the products
people want, including more cars and more crossovers," said Mark
Fields, Ford's President of The Americas.  "We are focusing more
of our attention on retail customers and reducing sales to daily
rental companies sharply.  Our customers benefit from this plan
because their vehicles' residual values will improve -- a trend
we already are seeing with our newest products."

The resale values of Ford's newest products have improved by as
much as 11 percentage points -- with Ford closing the gap on
many Asian competitors -- according to the Automotive Leasing
Guide. Residual values have improved 2%age points compared with
the prior model year for the 2007 Ford Fusion sedan, 6 points
better for the 2007 Lincoln Navigator, 9 points better for the
2007 Ford Expedition and 11 points better for the 2008 Ford
Escape.  Ford's new 2007 Edge crossover has resale values higher
than Toyota Highlander and Nissan Murano.

January marked the first full month on sale for the company's
new crossover utilities -- the Ford Edge and Lincoln MKX.  Edge
sales were 5,586 and MKX sales were 1,699.  In fact, the Edge
post higher sales in its introduction month than did Ford's
popular Fusion in its first month (4,078 in October 2005).

Dealers reported higher retail sales for the company's 2007
model mid-size cars, the Ford Fusion, Mercury Milan, and Lincoln
MKZ.  In addition, the all- new Ford Expedition and Lincoln
Navigator full-size SUVs extended their winning streaks into
2007.  Expedition sales have been higher than a year ago for
five months in a row and Navigator sales have been up the last
four months.

The Ford Escape and Mercury Mariner utility vehicles posted
sharply higher retail sales in advance of a new 2008 model,
which now is being shipped to dealers from Ford's Kansas City
(Mo.) Assembly Plant.

Ford saw lower sales for its popular F-Series pickup truck in
January (down 15%), which compares with a strong performance for
America's best-selling pickup last year.  The company expects
softness in new home construction to adversely affect full-size
pickup sales through the first half of 2007.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles  
in 200 markets across six continents, including Mexico and
Brazil.  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 Corp.

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.


FUJI HEAVY: Posts JPY24.7-Bil. Net Income in Apr.-Dec. 2006 Pd.  
---------------------------------------------------------------
Fuji Heavy Industries Ltd reported a 5% year-on-year fall in
operating profit for the April-December 2006 period, hit by a
decline in global vehicle sales due to the aging of its two
flagship brands -- the Legacy sport utility vehicle and Impreza
sedan, AFX News Limited reports.

The report states that the company posted an operating profit of
JPY35.75 billion for the nine months to December 2006, down from
JPY37.57 billion a year earlier.  Revenue, however, rose some 2%
to JPY1.06 trillion due to the depreciation of the yen and
robust sales of its airplane parts.

AFX says that in the nine months to December 2006, global sales
fell 0.6% to 406,000 units, led by a 19.2% drop in domestic
sales of its standard cars with engine displacement of over
1,000 cc.

The report adds that net income surged 92% to JPY24.7 billion to
the absence of one-off charges, which deflated the bottom line
in the corresponding period of last year.

The report adds that despite better sales promotion incentives,
U.S. sales fell 3.7% in the April-December period from a year
earlier.

The Interactive Investor relates that Fuji Heavy spent
JPY7.8 billion in compensation charges when it cut more than
700 jobs, about 5% of 14,000, in the April-December period of
2005.

The report recounts that in the same period, Fuji Heavy also
reported losses of JPY5.6 billion upon the termination of a
joint development project with Saab, a unit of General Motors
Corp, after GM dissolved its six-year-old business and capital
partnership with Fuji Heavy.

In the April-December 2006 period, Fuji said its foreign
exchange hedging helped lift operating income by
JPY11.1 billion, while reduced sales and the worsening of a
product-mix as a result of increased sales of low-margin
mini-vehicles subtracted some JPY16.1 billion yen from its
operating income, AFX states.

According to the report, Fuji Heavy expects to double its net
profit to JPY30 billion, a figure unchanged from the previous
estimate, for the year to March 2007, as it does not expect to
book any large, one-off restructuring charges.

                    About Fuji Heavy Industries

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp/-- is a manufacturing company engaged in    
the production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.  


JAPAN AIRLINES: To Cut Jobs to Reduce Labor Costs by JPY50 Bil.
---------------------------------------------------------------
Japan Airlines Corp. has formulated a plan to eliminate 1,000
jobs by encouraging employees to retire early, The Japan Times
reports, citing company sources.

According to the Daily Times, JAL will cut jobs in order to
reduce labor costs by some JPY50 billion (US$413 million) in
fiscal 2009/10 from the current year.

AFX News Limited relates that the airline company's planned job
slash is one of its proposed restructuring measures, which are,
in turn, part of JAL's medium-term business plan.  The mid-term
plan focuses on improving productivity, overhauling flight
routes, revamping group operations and strengthening offerings,
the report says.

JAL is set to announce today, February 5, 2007, the business
plan, which covers the fiscal year starting April and through
fiscal 2010 that runs until March 2011, Reuters says.

According to The Times, company sources said that JAL also plans
to ask President Haruka Nishimatsu and other board members to
give up a greater portion -- possibly more than half -- of their
pay to signal their responsibility for the firm's business
troubles.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 24, 2007, that JAL is set to announce a reduction of about
6% of its workforce -- about 3,000 jobs -- when it presents its
midterm plan in early February 2007.

AFX recounts that JAL had initially planned to reduce its work
force expenses by around 30 billion in fiscal 2009.  However, at
lenders' behest, the company will expand those cuts to
JPY50 billion.

The report adds that JAL will slash its flight-related work
force of 30,000 or so by around 3,000, with early retirements
accounting for 700-800 of these and attrition the rest.

Top executives, who are also planning to make cuts in employees'
bonuses and retirement allowances under the plan, will hold
negotiations with the labor union to secure its support for the
revival plan, The Times says.  The executives have devised the
plan to surrender a greater proportion of their pay to muster
the union's support for the cutback in union members'
allowances.

JAL is planning to present a package of measures to its main
bank, the government-backed Development Bank of Japan, Mizuho
Corporate Bank and other lenders with an eye to securing their
consent for an additional JPY60 billion in lending for the
current business year ending March 31 to help finance the costs
of the rehabilitation process, The Times adds.
                
                       About Japan Airlines

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

                          *     *     *

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

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

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


JAPAN AIRLINES: Will Introduce New Policy on Aviation Accident
--------------------------------------------------------------
Japan Airlines Corp. officials said that the company will
introduce a policy to exempt pilots and maintenance workers from
punishment if their errors result in a fatal accident, The Japan
Times reports.  

According to the report, the airline company will try to gather
accurate information about the cause of accidents and will no
longer punish personnel with pay cuts or suspensions.

"We can't reduce human error to zero.  In many cases, there are
organizational or operational problems.  So in order to take
effective measures, we need to build a relationship with our
employees that is based on trust," The Japan Times quotes a
senior JAL official.

However, the report notes that in certain cases, JAL employees
who are deemed responsible will be temporarily relieved and will
undergo re-education or counseling.

The Times explains that the exemptions were adopted in U.S. and
European airlines in the 1970s to determine the cause of
aviation accidents and to prevent them from happening again.

The report states that JAL expects the new policy -- to take
effect Tuesday as part of the airline's midterm management
reform plan -- to generate debate and provoke criticism from
survivors and the families of the victims of previous accidents.

Studies by Boeing Co., the world's largest aircraft
manufacturer, show that 70% of aviation accidents since 1996
were caused by human error, The Times states.

                      About Japan Airlines

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

                          *     *     *

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

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

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


US AIRWAYS: Withdraws Delta Air Merger Proposal
-----------------------------------------------
US Airways Group Inc. withdrew its offer to merge with Delta Air
Lines Inc.  The airline was informed on Jan. 31, 2007, that the
Official Unsecured Creditors' Committee would not meet its
demands by the airline's established deadline of Feb. 1, 2007.

US Airways' offer of US$5 billion in cash and 89.5 million
shares of US Airways stock would have expired on Feb. 1, 2007,
unless there was affirmative support from the Official Unsecured
Creditors' Committee for commencement of due diligence, making
the required filings under Hart-Scott-Rodino, as well as the
postponement of Delta's hearing on its Disclosure Statement
scheduled for Feb. 7, 2007.

"We are disappointed that the Committee, which has been chosen
to act on behalf of all Delta creditors, is ignoring its
fiduciary obligation to those creditors," US Airways Chairman
and Chief Executive Officer Doug Parker stated.  "Our proposal
would have provided substantially more value to Delta's
unsecured creditors than the Delta stand-alone plan.  We would
have created a better and more financially stable airline that
offered more choice to consumers and increased job security to
its employees.  Our merger would have been able to be
consummated in a reasonable time-frame and we would have been
able to obtain all requisite regulatory approvals.

"The publicly traded bonds of Delta have fallen precipitously
since rumors of this Committee decision were leaked last week,
reducing the implied market valuation of what Delta's unsecured
creditors can expect to recover in these cases by over
US$1.5 billion.  We empathize with the investors who purchased
Delta bonds at increasingly higher prices since our offer was
disclosed last November and thank them for their support of our
proposal and their confidence in our team.  It is now clear that
there will not be an opportunity with the Committee to move
forward in a timely or productive manner and as a result, we
have withdrawn our offer."

"At US Airways, we are extremely confident in our own stand-
alone plan," Mr. Parker added.  "Earlier this week, we announced
a 2006 profit (excluding charges) of over US$500 million, far
and away the best performance by a network airline.  Our
employees will share US$59 million of well-deserved profit
sharing payments as a result.  Looking forward, we expect even
higher earnings and a higher profit sharing pool in 2007.  Our
35,000 employees are doing a wonderful job of transforming US
Airways and we are committed to building the best airline we can
for them.  I can't thank them enough for their support,
encouragement, and professionalism during this process.  I am
very proud of how our entire team performed."

                      About Delta Air Lines

Headquartered in Atlanta, Georgia, Delta Air Lines (OTC: DALRQ)
-- http://www.delta.com/-- is the world's second-largest  
airline in terms of passengers carried and the leading U.S.
carrier across the Atlantic, offering daily flights to 502
destinations in 88 countries on Delta, Song, Delta Shuttle, the
Delta Connection carriers and its worldwide partners.  The
Company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

                        About US Airways

Headquartered in Arlington, Virginia, US Airways' primary
business activity is the ownership of the common stock of:

            * US Airways, Inc.,
            * Allegheny Airlines, Inc.,
            * Piedmont Airlines, Inc.,
            * PSA Airlines, Inc.,
            * MidAtlantic Airways, Inc.,
            * US Airways Leasing and Sales, Inc.,
            * Material Services Company, Inc., and
            * Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 11, 2007,
Standard & Poor's Ratings Services stated that its ratings on US
Airways Group, including the 'B-' corporate credit ratings on US
Airways Group and its major operating subsidiaries America West
Holdings Corp., America West Airlines Inc., and US Airways Inc.,
remain on CreditWatch with developing implications, where they
were initially placed on Nov. 15, 2006.


US AIRWAYS: Reports US$261 Mil. Net Income in 2006 Fourth Qtr.
--------------------------------------------------------------
The new US Airways Group, Inc. (NYSE: LCC) reported its fourth
quarter and 2006 results.  Net profit for the fourth quarter was
US$12 million compared to a net loss of US$261 million for the
same period last year.  Excluding special items of
US$74 million, the company reported a net profit of
US$86 million compared to a net loss of US$138 million in the
fourth quarter of 2005.

The fourth quarter 2006 is the first full quarter where the
company's results for both periods reflect consolidated results
for the new US Airways Group.  Because the merger of US Airways
and America West occurred on Sept. 27, 2005, the results for the
full year 2006 are being compared to 2005 results, which consist
of 269 days of America West results, and 96 days of consolidated
US Airways Group's results.  Although the merger was structured
so that America West became a wholly owned subsidiary of the new
US Airways Group, America West was treated as the acquiring
company for accounting purposes under Statement of Financial
Accounting Standards No. 141, "Business Combinations."

For the full year 2006, the company reported a net profit before
cumulative effect of change in accounting principle of
US$303 million which compares to a net loss before cumulative
effect of change in accounting principle of US$335 million for
the full year 2005.  Excluding special items of US$204 million,
the company reported a net profit before cumulative effect of
change in accounting principle of US$507 million compared to a
net loss before cumulative effect of change in accounting
principle of US$188 million for the same period last year.

Chairman and CEO Doug Parker stated, "We are extremely pleased
to report our fourth quarter earnings, and couldn't be more
proud of our 35,000 employees who will share in these positive
results through our profit sharing plan.  2006 marks the first
full year of operating and financial results for the new US
Airways, and our team has done a remarkable job of integrating
our two airlines while taking care of the more than 41 million
customers who flew US Airways last year.  Few people would have
believed, at the time of our merger, that the new US Airways
would be the most profitable network airline in 2006.  
Fortunately, our team believed and we thank them for their great
work.

"Looking forward, we anticipate reporting even better results in
2007 with even higher profit sharing payments.  This will
provide our employees with job stability and the opportunity to
share in the financial success of the Company and our customers
with the choice and value they deserve," continued Mr. Parker.

                  Revenue and Cost Comparisons

The revenue environment during the fourth quarter 2006 remained
robust for both mainline and Express operations.  Mainline
passenger revenue per available seat mile was 10.12 cents, up
8.6% over the same period last year.  Express PRASM was 17.60
cents, up 14.8% over the fourth quarter 2005.  On a consolidated
basis, PRASM for US Airways Group was 11.33 cents, up 9.7%
compared to the fourth quarter 2005.

"Although fuel prices have come down significantly from the
historically high levels we saw throughout the year, fuel still
remains our largest operating expense.  If fuel prices had
remained at 2005 levels, our total fuel expense would have been
US$467 million lower for the year," said Chief Financial Officer
Derek Kerr.

Total operating cost per available seat mile for US Airways
Group for the quarter was 11.97 cents, down 1.5% on reduced
capacity of 0.1%.  Consolidated mainline operating CASM was
10.98 cents, down 1.3% compared to the fourth quarter 2005.  
Excluding fuel, special items, and merger related transition
expenses, mainline CASM was 7.64 cents, up 2.8% from the same
period last year.

                           Liquidity

As of Dec. 31, 2006, the company had US$3.0 billion in total
cash and investments, of which US$2.4 billion was unrestricted.

                 Fourth Quarter Special Items

During its fourth quarter, the company recognized US$74 million
of special items, which included a US$26 million non-cash charge
for unrealized net losses associated with the change in fair
value of the company's outstanding fuel hedge contracts,
US$10 million of net merger-related transition expenses and a
US$12 million payment in connection with an inducement to the
note holders to convert a portion of the company's seven percent
senior convertible notes to common stock.  In addition, during
the fourth quarter, the company used US$26 million of net
operating losses acquired from US Airways, which was recognized
as a reduction in goodwill rather than a reduction in tax
expense.  As a result, the company has a US$26 million non-cash
expense for income taxes for the quarter.

                        About US Airways

Headquartered in Arlington, Virginia, US Airways' primary
business activity is the ownership of the common stock of:

            * US Airways, Inc.,
            * Allegheny Airlines, Inc.,
            * Piedmont Airlines, Inc.,
            * PSA Airlines, Inc.,
            * MidAtlantic Airways, Inc.,
            * US Airways Leasing and Sales, Inc.,
            * Material Services Company, Inc., and
            * Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 11, 2007,
Standard & Poor's Ratings Services stated that its ratings on US
Airways Group, including the 'B-' corporate credit ratings on US
Airways Group and its major operating subsidiaries America West
Holdings Corp., America West Airlines Inc., and US Airways Inc.,
remain on CreditWatch with developing implications, where they
were initially placed on Nov. 15, 2006.


US AIRWAYS: Has Until April 30 to Object to Claims
--------------------------------------------------
Pursuant to Reorganized US Airways Inc. and its affiliates'
confirmed Plan of Reorganization and with the consent of the
Post-Effective Date Committee, the Hon. Stephen S. Mitchell of
the United States Bankruptcy Court for the Eastern District of
Virginia extends the deadline for the Reorganized Debtors to
object to claims to April 30, 2007.

                        About US Airways

Headquartered in Arlington, Virginia, US Airways' primary
business activity is the ownership of the common stock of:

            * US Airways, Inc.,
            * Allegheny Airlines, Inc.,
            * Piedmont Airlines, Inc.,
            * PSA Airlines, Inc.,
            * MidAtlantic Airways, Inc.,
            * US Airways Leasing and Sales, Inc.,
            * Material Services Company, Inc., and
            * Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 11, 2007,
Standard & Poor's Ratings Services stated that its ratings on US
Airways Group, including the 'B-' corporate credit ratings on US
Airways Group and its major operating subsidiaries America West
Holdings Corp., America West Airlines Inc., and US Airways Inc.,
remain on CreditWatch with developing implications, where they
were initially placed on Nov. 15, 2006.


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

CLOROX CO: Deficit Narrows to US$MM in Qtr. Ended Dec. 31, 2006
---------------------------------------------------------------
The Clorox Co. disclsoed that solid sales growth and higher
gross margin contributed to strong operating results for the
company's fiscal second quarter, which ended Dec. 31, 2006.

"I'm pleased with our second-quarter results," said Chairman and
CEO Don Knauss.  "We drove strong sales growth in two of our
three business segments, grew gross margin and delivered EPS
results above our outlook range for the quarter.

"Importantly, we remain committed to achieving our financial
targets for the full fiscal year, and work is under way to
refresh our corporate strategy as we set sights on the company's
2013 centennial.  I look forward to sharing our plans this
spring for continuing to drive the long-term growth and value of
the company."

                 Second-quarter highlights

Clorox reported second-quarter net earnings of US$96 million, or
62 cents per diluted share.  Net earnings included a tax benefit
of US$5 million, or 3 cents per diluted share, related to the
sale of the company's residual assets in a Brazilian subsidiary.  
Clorox discontinued its operations in Brazil in fiscal year
2003.  The company reported second-quarter earnings from
continuing operations of US$91 million, or 59 cents per diluted
share.  This compares with US$83 million in the year-ago
quarter, or 55 cents per diluted share, for an increase of 4
cents per diluted share.  EPS results in the current quarter
reflected the benefit of higher sales and gross margin
improvement.

Second-quarter sales grew 3% to US$1.10 billion, compared with
US$1.06 billion in the year-ago quarter.  Volume declined 1%,
driven by the continued impact of price increases taken in early
calendar year 2006, as anticipated.  In addition, shipments of
Gladr trash bags and some laundry and home-care products were
also impacted by aggressive competitive activity.  Sales growth
outpaced the change in volume primarily due to the pricing
impact.

Gross margin in the second quarter increased 100 basis points
versus the year-ago quarter to 42%.  This increase was primarily
due to the benefit of cost savings and price increases,
partially offset by cost increases for commodities,
manufacturing and logistics.

Net cash provided by operations in the second quarter was US$122
million, compared to US$142 million in the year-ago quarter.  
The year-over-year decrease was primarily due to the timing of
tax payments and cash provided by discontinued operations in the
year-ago quarter.

During the quarter, Clorox repurchased about 1.1 million shares
of the company's common stock at a cost of about US$69 million,
under its ongoing program to offset stock option dilution.

        Second-Quarter Results By Business Segment

            Household Group -- North America

The segment reported a 2% sales decline, 5% volume decline and
9% decrease in pretax earnings.  Aggressive competitive activity
resulted in lower shipments of some household products,
including Clorox disinfecting wipes and Clorox 2 color-safe
bleach.  Also contributing to the segment's volume results were
the impact of price increases on Clorox bleach and auto-care
products, as consumers adjusted to higher retail prices.  The
variance between changes in sales and volume was primarily due
to the impact of price increases.  Pretax earnings reflected the
impact of higher commodity costs, unfavorable product mix, lower
sales and increased transportation costs.  These factors were
partially offset by the benefits of cost savings and the pricing
impact.

                       Specialty Group

The segment reported 8% sales growth, flat volume and a 30%
increase in pretax earnings.  The segment delivered all-time-
record shipments of Fresh Step scoopable cat litter for the
third consecutive quarter behind a significant product
improvement, as well as higher shipments of Kingsfordr grilling
products due to a product improvement and favorable December
weather.  These results were offset by lower shipments of Glad
products, particularly trash bags, due to intense competitive
activity and the ongoing impact of early calendar year 2006
price increases.  Sales growth outpaced the change in volume
primarily due to the pricing impact. Pretax earnings reflected
the benefit of higher sales, cost savings and favorable product
mix, partially offset by higher commodity costs and energy-
related manufacturing and transportation costs.

                       International

The segment reported 9% sales growth, 10% volume growth and a 3%
increase in pretax earnings.  Volume growth was driven by
increased shipments of home-care products in Argentina and
Mexico. Pretax earnings reflected the benefit of price increases
and higher sales, substantially offset by increased commodity
costs and marketing spending to support new cleaning products in
certain markets.

                          Outlook

For fiscal 2007, Clorox continues to anticipate sales growth
within its previously communicated long-term target range of 3-
5%.  The fiscal year outlook includes the impact of the
previously announced acquisition of Colgate-Palmolive company's
bleach business in Canada and Latin America.  The company now
anticipates the acquisition to reduce diluted earnings per share
by about 2 cents in the second half of the fiscal year.  In
addition, fiscal 2007 outlook continues to include about 8-9
cents diluted EPS of transition and restructuring costs
associated with the previously announced IT services agreement.
The company's tax rate for the fiscal year is anticipated to be
in the range of about 35%, versus 32% in fiscal 2006, with some
anticipated variability among quarters.  The company anticipates
that its third- and fourth-quarter tax rates will range around
34 to 36%, possibly slightly higher than 36% in the fourth
quarter.  The anticipated year-over-year increase in tax rate is
primarily due to lower expected tax-settlement benefits versus
fiscal 2006.  Net of these factors, the company now anticipates
fiscal 2007 diluted EPS from continuing operations in the range
of US$3.20-US$3.28.  This updated outlook includes the
aforementioned 2-cent impact from the acquisition of the bleach
business.

For the third quarter, the company continues to anticipate sales
growth in the range of 3-5% and diluted EPS in the range of 74-
80 cents.  Volume growth may outpace sales growth due to
anticipated higher spending to support brands facing competitive
pressure.  To help recover higher costs, the company increased
prices on Kingsford charcoal products, effective January 2007.  
The third-quarter outlook also includes 3-4 cents diluted EPS of
incremental impact from transition and restructuring costs
associated with the IT services agreement.

The company's initial fourth-quarter outlook is for sales growth
in the range of 3-5% and diluted EPS in the range of US$1.10 to
US$1.16.  This outlook anticipates solid gross margin growth and
lower selling and administrative expenses, compared to the year-
ago quarter.  The year-ago quarter included compensation expense
related to a voluntary review of the company's historical stock
option practices, and costs related to the retirement of the
former chairman and CEO from his positions.

                      About The Clorox Co.

Headquartered in Oakland, California, The Clorox Company --
http://www.thecloroxcompany.com/-- provides household cleaning
products and reaches beyond bleach.  Although best known for
bleach (leader worldwide), Clorox makes laundry and cleaning
items (Formula 409, Pine-Sol, Tilex), cat litter (Fresh Step),
car care products (Armor All, STP), the Brita water-filtration
system (in North America), and charcoal briquettes (Kingsford).

The company has locations worldwide, including the Philippines
and South Korea.

                          *     *     *

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.


DURA AUTOMOTIVE: Judge Carey OKs Kramer Levin as Panel's Counsel
----------------------------------------------------------------
The Honorable Kevin J. Carey of the United States Bankruptcy
Court for the District of Delaware authorized the Official
Committee of Unsecured Creditors in Dura Automotive Systems Inc.
and its debtor-affiliates' chapter 11 cases to retain Kramer
Levin Naftalis & Frankel LLP as its counsel, effective as of
Nov. 7, 2006.

In addition to acting as primary spokesman for the Committee,
Kramer Framer Levin's services will include, without limitation,
assisting, advising and representing the Committee with respect
to these matters:

   a. The administration of these cases and the exercise of
      oversight with respect to the Debtors' affairs including
      all issues in connection with the Debtors, the Committee
      or the Chapter 11 cases;

   b. The preparation on behalf of the Committee of necessary
      applications, motions, memoranda, orders, reports and
      other legal papers;

   c. Appearances in Court and at statutory meetings of
      creditors to represent the interests of the Committee;

   d. The negotiation, formulation, drafting and confirmation
      of a plan or plans of reorganization and matters related
      thereto;

   e. The investigation, if any, as the Committee may desire
      concerning, among other things, the assets, liabilities,
      financial condition, sale of any of the Debtors'
      businesses, and operating issues concerning the Debtors
      that may be relevant to the Chapter 11 Cases;

   f. Communications with the Committee's constituents and
      others at the direction of the Committee in furtherance
      of its responsibilities, including, but not limited to,
      communications required under Section 1102 of the
      Bankruptcy Code; and

   g. The performance of all of the Committee's duties and
      powers under the Bankruptcy Code and the Bankruptcy Rules
      and the performance of  other services as are in the
      interests of those represented by the Committee.

Kramer Levin will be paid on an hourly basis based on its
customary rates:

          Professional                    Hourly Rate
          ------------                    -----------
          Partners                     US$500 to US$795
          Counsel                      US$505 to US$855
          Associates                   US$295 to US$545
          Legal Assistants             US$190 to US$220

Kramer Levin will also seek reimbursement of out-of-pocket
expenses.  The firm regularly charges its clients for the
expenses and disbursements incurred in connection with the
client's case, including, inter alia, word processing,
secretarial time, telecommunications, photocopying, postage and
package delivery charges, court fees, transcript costs, travel
expenses, expenses for "working meals" and computer-aided
research.

Thomas Moers Mayer, Esq., a member at Kramer Levin, assured the
Court that:

   (i) the firm is a "disinterested person" within the meaning
       of Section 101(14) of the Bankruptcy Code;

  (ii) neither Kramer Levin nor its professionals have any
       connection with the Debtors, the creditors or any other
       party-in-interest; and

(iii) Kramer Levin does not hold or represent any interest
       adverse to the Committee in the matters for which it is
       to be retained.

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

                          *     *     *

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

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

                          *     *     *

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


DURA AUTOMOTIVE: Court Okays Chanin Capital as Panel's Advisor
--------------------------------------------------------------
The Honorable Kevin J. Carey of the United States Bankruptcy
Court for the District of Delaware authorized the Official
Committee of Unsecured Creditors to retain Chanin Capital
Partners as its financial advisors, nunc pro tunc Nov. 10, 2006,
in Dura Automotive Systems Inc. and its debtor-affiliates'
chapter 11 cases.

The Committee needs Chanin Capital's assistance in collecting
and analyzing financial and other information in relation to the
Debtors' Chapter 11 cases.  

The Committee expects the firm to:

   (a) analyze and evaluate the liquidity position, assets and
       liabilities, and financial condition of the Debtors;

   (b) review and analyze the Debtors' financial and operating
       statement;

   (c) review and analyze the Company's business and financial
       projections;

   (d) evaluate the Company's debt capacity in light of its
       projected cash flows;

   (e) assist in the determination of an appropriate capital
       structure for the Company;

   (f) determine a theoretical range of values for the Company
       on a going concern basis;

   (g) assist the Committee in identifying and evaluating
       candidates for the potential acquisition of certain
       assets of the Company;

   (h) analyze proposed sales of assets of the Debtors, the
       terms and options and related issues, including available
       strategic alternatives;

   (i) review, analyze and monitor the Debtor-In-Possession
       financing and other financing alternatives;

   (j) advise the Committee on tactics and strategies for
       negotiating with the Company and other purported
       stakeholders;

   (k) determine a theoretical range of values for any
       securities to be issued or distributed in connection with
       the Chapter 11 case, including without limitation any
       securities to be distributed under a plan;

   (l) advise and assist the Committee in the review and
       analysis of the Debtors' business plan;

   (m) advise and assist the Committee in the review of all
       plans;

   (n) assist with a review of the Debtors' short-term cash
       management procedures and monitoring of cash flow;

   (o) assist with a review of the Debtors' employee benefit
       programs;

   (p) assist and advise the Committee with respect to the
       Debtors' management of their supply chain, including
       critical and foreign vendors;

   (q) assist with a review of the Debtors' performance of
       cost/benefit evaluations with respect to the affirmation
       or rejection of various executory contracts involving
       vendors and customers;

   (r) assist in the evaluation of the Debtors' operations and
       identification of areas of potential cost savings,
       including overhead and operating expense reductions and
       efficiency improvements;

   (s) assist in the review and preparation of information and
       analysis necessary for the confirmation of a plan;

   (t) assist in the review of potential claims levels and the
       Debtors' reconciliation process;

   (u) assist with various tax matters;

   (v) provide testimony in any proceeding before the Court; and

   (w) provide the Committee with other appropriate general
       restructuring advice.

Chanin Capital will be paid US$150,000 per month and will be
reimbursed for expenses incurred in connection with the
engagement.  A US$1,500,000 transaction fee will also be paid to
the firm on the effective date of a plan of reorganization.

Brent Williams, managing director at Chanin Capital, disclosed
that the firm represents certain Committee members or parties-
in-interest in the Debtors' Chapter 11 cases.  Chanin Capital,
however, has not identified any material relationships with any
party that would otherwise affect its judgment or ability to
perform services for the Committee.  

Chanin Capital assured the Court that it has not and will not
provide any professional services to the Debtors, any of the
creditors, other parties-in-interest with regard to any matter
related to the Debtors' Chapter 11 cases.

Mr. Williams attestd that Chanin Capital is a "disinterested
person," as that term is defined in Section 101(14) of the
Bankruptcy Code.

                 About DURA Automotive Systems Inc.

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

                          *     *     *

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

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

                          *     *     *

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


HANAROTELECOM: Conference Call for 4Q'06 Results Set on Feb. 14
---------------------------------------------------------------
hanarotelecom Inc. will hold a conference call for its fourth
quarter 2006 earnings results on Feb. 14, 2007 (from 16:00 by
Korean Time), at the  conference room of the company's head
office at 17-7 Yeouido-dong, Youngdeungpo-gu in Seoul.

At the conference, the company will also disclose its business
plan for this year.

The conference's participants will include institutional
investors and analysts in and out of Korea.  According to
hanarotelecom, consecutive interpretation (Korean-English) would
be serviced during the conference call.

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second   
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.

Fitch Ratings assigned hanarotelecom a Long-term foreign
currency Issuer Default rating of 'BB'.  The rating Outlook is
Stable.


KOOKMIN BANK: Earnings Conference for FY 2006 Set for February 8
----------------------------------------------------------------
Kookmin Bank will hold an earnings conference for the bank's FY
2006 results on Thursday, Feb. 8.  The conference will be held
in the International Conference Room of the Korea Exchange and
will be Web cast live throughout the world on the company's Web
site at http://www.kbstar.com/

According to the bank, investors can participate by telephone
during the Q&A session after the presentation.

The conference will start at 15:30 (Seoul, Korea Time) in both
Korean and English languages.  Simultaneous translation will be
available for English-speaking participants.

To participate in the Q&A via telephone, the participants will
dial these numbers and passcodes:

   -- From overseas: 82-31-810-3001 or 82-2-6677-2256

   -- From Korea: 1566-2256 or 031-810-3001

   -- Pass code: 6412

   -- Q&A code: 14

To listen to a recording of the Web cast and conference call,
the bank gave these instructions:

A. Listening Order

      1. Dialing

            From overseas: 82-31-810-3100
            From Korea: 1566-2258 or 031-810-3100

      2. Press listening code: 82939#

B. Press Button Instructions

      -- 1 min. F.F.:       1
      -- 5 min. F.F.:       7
      -- 1 min. REW:        3
      -- 5 min. REW:        9
      -- Pause:             5
      -- To cancel pause:   5

The presentation materials will be available for viewing at the
time of the Web cast and Q&A session, the bank says.

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

On Feb. 2, 2007, Fitch Ratings gave Kookmin Bank a B/C
individual rating.

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


SHINHAN BANK: Net Income for FY2006 Soars to KRW1.431 Trillion
--------------------------------------------------------------
Shinhan Financial Group has released its operating results for
the year ended on Dec. 31, 2006, in the form of a live Web cast
and conference call.  

On the same date, SFG filed with the United States Securities
and Exchange Commission key figures for 2006 including that of
Shinhan Bank:

   (KRW, in millions)        FY2006       FY2005      Change
                           ----------   ----------    ------
   Operating Revenue       12,933,437    7,310,666    76.91%
   Operating Income         1,389,483      643,582   115.90%
   Ordinary Income          1,942,879      696,062   179.12%
   Net Income               1,431,147      756,505    89.18%

The bank's balance sheet as of Dec. 31, 2006, shows total assets
of KRW154.207 trillion, total liabilities of KRW144.540 billion
and stockholders' equity of KRW9.667 billion.

The full IR presentation material and an audio recording of the
Web cast and conference call are available at the company's Web
site http://www.shinhangroup.com/

                      About Shinhan Bank

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

                          *     *     *

Fitch Ratings on Feb. 2, 2007, affirmed Shinhan Bank's B/C
individual rating.

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


SK CORP: Aims to Raise Up to US$1 Bil. in Incheon Unit's IPO
------------------------------------------------------------
SK Corp. aims to raise between U$700 million to US$1 billion
from the listing of its stake in SK Incheon Oil, Reuters says,
citing two sources close to the plans.

As stated in previous reports by the Troubled Company Reporter -
Asia Pacific, SK Corp. intends to sell its stake in the Incheon
unit through a listing in the London Stock Exchange in December.  
SK Corp. later postponed its planned IPO.  Later, reports
revealed that the oil refiner will not only be reviving the
London IPO but will also list the Incheon unit in the Korean
market.

According to Reuters' unnamed sources, the listing will be
around June 2007 and a detailed timetable will likely come
around mid-February.

The sources also told the news agency that SK Corp. has asked
Mirae Asset Securities to underwrite the domestic part of the
dual listing and work with Merril Lynch on the IPO.

As reported in the TCR-AP on Dec. 13, SK Corp. dropped UBS AG as
an advisor for the listing.  UBS was reportedly hired to assist
Merrill Lynch to complete the planned IPO but was later
terminated after a dispute about the refinery's valuation arose.  
The Financial Times says that UBS was dropped as advisor after
the investment bank insisted that Incheon Oil be given a
valuation as much as a third lower than SK was seeking.

Reuters says SK Corp. has been working with Merrill since last
year.

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
===============

ANTAH HOLDINGS: Court Moves Kaseh Litigation Hearing to Feb. 7
--------------------------------------------------------------
The court hearing on the litigation involving Kaseh Lebuhraya
Sdn Bhd, a wholly owned subsidiary of Antah Holdings Berhad, and
ECK Construction Sdn Bhd is moved to Feb. 7, 2007.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 6, 2006, ECK is asserting a MYR19.8 million from Kaseh as
payment for construction fees.  ECK served the demand notice on
its claim to Kaseh on May 16, 2006.

Kaseh, however, disputed ECK's claim as Kaseh's previous sub-
contractor had already settled the full outstanding amount owed
to ECK.  Thus, Kaseh insisted that there is no debt to which it
is liable to ECK.  Kaseh asserted that ECK's statutory right
under Section 218 of CA 1965 does not arise.

The TCR-AP also noted that Kaseh has commenced a legal action
against ECK for a court declaration that it does not owe any
amount to ECK.  Kaseh is asking MYR300,000 from ECK as payment
for damages.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah's balance sheet as of Sept. 30, 2006, showed insolvency
with total assets at MYR691.364 million and total liabilities at
MYR1.059 billion.  Shareholders' deficit amounted to
MYR369.42 million.


ANTAH HOLDINGS: Completes AMSS Disposal
---------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Dec. 13, 2006, that Antah Holdings Bhd was seeking to dispose
its entire 60% equity interest in Antah Melco Sales & Services
Sdn Bhd as part of its restructuring scheme.

According to the TCR-AP, Antah and Mitsubishi Electric Asia Pte.
Ltd. entered into a share purchase agreement for the disposal of
the company's equity interest in AMSS comprising 600,000
ordinary shares equal to a total cash consideration of
MYR1,894,394.

Proceeds from the proposed AMSS share purchase would be used to
fund Antah's day-to-day operations until the completion of its
Proposed Restructuring Scheme, the company told the Bursa
Malaysia Securities Bhd.

In an update, Antah disclosed with the bourse on Jan. 31, 2007,
that the disposal has been completed and AMMS ceased to be a
subsidiary of the company.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah's balance sheet as of Sept. 30, 2006, showed insolvency
with total assets at MYR691.364 million and total liabilities at
MYR1.059 billion.  Shareholders' deficit amounted to
MYR369.42 million.


ANTAH HOLDINGS: Gets Court Orders Relevant to Proposed Scheme
-------------------------------------------------------------
Antah Holdings Bhd, on Jan. 30, 2007, received orders from the
High Court pertaining to the implementation of its proposed
restructuring scheme.

The court orders received were:

(a) extension of the timeframe to convene the meeting of its
    scheme creditors and shareholders respectively for a further
    period of 90 days up to May 6, 2007;

(b) extension of the restraining order granted pursuant to
    Section 176(10) of the Act for a further period of 90 days
    up to May 6, 2007; and

(c) the sanction for the disposal by Antah of its entire 60%
    equity interest in Antah Melco Sales & Services Sdn Bhd to
    Mitsubishi Electric Asia Pte. Ltd.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah's balance sheet as of Sept. 30, 2006, showed insolvency
with total assets at MYR691.364 million and total liabilities at
MYR1.059 billion.  Shareholders' deficit amounted to
MYR369.42 million.


ARK RESOURCES: Unveils Proposals Under Regularization Plan
----------------------------------------------------------
Ark Resources Bhd filed the draft of its regularization plan
with the Bursa Malaysia Securities Bhd.  The Plan involves:

    -- a proposed capital reduction;

    -- proposed acquisitions;

    -- a proposed debt restructuring;

    -- a proposed liquidation;

    -- proposed rights issue with warrants; and

    -- proposed placement with warrants.

Based on the proposed plan, the company would reduce its share
capital through cancellation of MYR0.50 of the par value of each
existing issued and fully paid-up share of the company at
MYR1.00 each and a capital consolidation on the basis of two
ordinary shares of MYR0.50 each into one ordinary share of
MYR1.00 each.  

In addition, the credit arising from the Proposed Capital
Cancellation together with the audited share premium account as
at December 31, 2005, will be utilized to reduce the accumulated
losses of the company as at December 31, 2005.

Ark also plans to acquire its entire equity interest in its
subsidiaries, ARK Development Sdn Bhd, ARK M&E Sdn Bhd and ARK
Construction Sdn Bhd.

After the acquisition, Ark would settle its subsidiaries debts
thru cash payment and the issuance of up to MYR10,355,311
nominal value of redeemable convertible secured loan stocks to
its creditors.

Ark will then proceed to liquidate all of its subsidiaries save
for ARKC and ARK Thai Co. Ltd.

Ark also plan to enter into a sub-contracting agreement with
Tanjung Serbaneka (M) Sdn Bhd, a company controlled by Rashidi
Aly Abdul Rais, a substantial shareholder of the company, to
develop and construct low and medium cost apartments, car parks
and shop offices for a total development cost of MYR48,650,000.

                          *     *     *

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of September 30, 2006, ARK Resources' balance sheet showed
insolvency with total assets of MYR43.83 million and total
liabilities of MYR214.37 million, resulting to a shareholders'
deficit of MYR170.54 million.


COMSA FARMS: Bursa Extends Plan Filing Deadline to March 16
-----------------------------------------------------------
The Bursa Malaysia Securities Bhd extended Comsa Farms Sdn Bhd's
regularization plan filing deadline to March 16, 2007.

In addition, the bourse also required the company to make a
relevant announcement regarding the company's plan on Feb. 16.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2006, Comsa Farm's board of directors sought to extend
the submission of the regularization plan from Dec. 7, 2006, to
June 6, 2007.

The request was initially turned down by the bourse, who instead
decided to commence suspension and delisting procedures of the
company's securities.  Comsa, however, appealed the decision,
which was considered by the bourse.

Comsa, listed under the Practice Note 17 category by Bursa
Malaysia due to a stockholders' equity deficit is required to
submit a plan to regularize its financial condition.

                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific, the
company registered US$63.60 million in total assets and a
US$5-million shareholders' equity deficit as of Nov. 2, 2006.


DATAPREP HOLDINGS: Gains MYR394,000 in 2nd Qtr Ended Sept. '06
--------------------------------------------------------------
Dataprep Holdings Bhd posted net profit of MYR394,000 on
MYR26.74 million revenues in the second quarter ended Sept. 30,
2006, as compared with the MYR2.76-million net loss on
MYR12,13 million revenues in the corresponding period in 2005.

As of Sept. 30, 2006, the company's balance sheet showed current
assets of MYR57.88 million and current liabilities of
MYR52.78 million.

Total assets of the company as of end-September 2006 reached
MYR68.02 million and total liabilities equaled to
MYR53.06 million, resulting to a shareholders' equity of
MYR14.95 million.

A full text-copy of the company's financial statement for the
quarter ended Sept. 2006, can be viewed for free at:

   http://bankrupt.com/misc/dprep2q-financialreport.xls

                          *     *     *

Headquartered in Petaling Jaya, Dataprep Holdings Berhad is an
investment holding company that provides management services to
its subsidiary companies.  The company provides a spectrum of
information, communication and technology services from business
and technology consulting, systems and network integration,
software developments to managed services, e-business and
application services.

The company was classified as an affected listed issuer of the
Amended PN 17 category of the Bursa Malaysia Securities Bhd on
May 5, 2006.  Based on the unaudited consolidated quarterly
results of the company for the financial quarter ended
December 31, 2005, shareholders' equity, amounting to
MYR12.171 million, is less than 25% of the issued and paid-up
share capital of MYR76.118 million and is also less than the
minimum issued and paid-up share capital of MYR40.0 million for
companies listed on the Second Board of Bursa Securities.


DATAPREP HOLDINGS: Unit Buys Shares in HRMBC Franchise
------------------------------------------------------
HRM Business Consulting Sdn Bhd, a subsidiary of Dataprep
Holdings Bhd, subscribed for 64,998 ordinary shares representing
65% of the paid up capital in HRMBC Franchise Advisory Sdn Bhd
for a total consideration of MYR64,998.

In addition, the remaining 35,000 ordinary shares, representing
35% of HRMBC Franchise's paid up capital has been allotted to
Encik Awalan bin Abdul Aziz, director of the company.

The purpose of the allotment is to increase the bumiputera
equity interest in HRMBC Franchise, the company told the Bursa
Malaysia Securities Bhd.  

DHB made it clear that the subscription is not expected to have
any material effects on its earnings or net assets for the
financial year ending March 31, 2007.

                          *     *     *

Headquartered in Petaling Jaya, Dataprep Holdings Berhad is an
investment holding company that provides management services to
its subsidiary companies.  The company provides a spectrum of
information, communication and technology services from business
and technology consulting, systems and network integration,
software developments to managed services, e-business and
application services.

The company was classified as an affected listed issuer of the
Amended PN 17 category of the Bursa Malaysia Securities Bhd on
May 5, 2006.  Based on the unaudited consolidated quarterly
results of the company for the financial quarter ended
December 31, 2005, shareholders' equity, amounting to
MYR12.171 million, is less than 25% of the issued and paid-up
share capital of MYR76.118 million and is also less than the
minimum issued and paid-up share capital of MYR40.0 million for
companies listed on the Second Board of Bursa Securities.


DCEIL INT'L: Posts MYR1.94MM Net Loss in September 2006 Quarter
---------------------------------------------------------------
Dceil International Sdn Bhd incurred a MYR1.94-million net loss
on MYR773,000 revenues in the first quarter ended Sept. 30,
2006, as compared with the net profit of MYR3.15 million on
MYR33.93 million revenues recorded in the same quarter in 2005.

As of Sept. 30, 2006, the company's balance sheet showed
strained liquidity with current assets of MYR127.26 million and
current liabilities of MYR145.96 million.

In addition, Dceil's balance sheet as of end-September 2006
reflected total assets of MYR139.93 million and total
liabilities of MYR146.6 million, resulting in a shareholders'
equity deficit of MYR6.66 million.

A full text-copy of the company's financial statement for the
quarter ended Sept. 2006, can be viewed for free at:

   http://bankrupt.com/misc/dceil-1q-2007.xls

                          *     *     *

DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works.  Its other activities include manufacturing of toilet
partitions and investment holding.  The Group operates in
Malaysia and other foreign countries.

DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements,
and is therefore required to implement a plan to regularize its
finances.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 7, 2006, Wang & Co, the external auditor of Dceil, raised
doubt on the company's ability to continue as a going concern
after auditing the company's financial statements for the fiscal
year ended June 30, 2006.  The auditor pointed to the bankers'
demands for the company to settle its outstanding loans.


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

AIR NEW ZEALAND: Rejects Unions' Plans Against Outsourcing Jobs
---------------------------------------------------------------
On Jan. 30, 2007, the Troubled Company Reporter - Asia Pacific
reported that the Engineering, Printing and Manufacturing Union
and Air New Zealand were finding some common ground over talks
on the future of the airline's passenger and ground-handling
services and the 1,700 jobs involved.

Another previous TCR-AP report also noted that the talks
represent the last opportunity for Air New Zealand to stop
outsourcing services.

However, on Feb. 2, 2007, an e-mail from Air New Zealand Chief
Executive Officer Rob Fyfe advised that the airline will not
agree to the unions' proposed plans to avoid outsourcing some
jobs, the National Business Review reports.

Mr. Fyfe said the Unions "have delivered alternative
propositions to outsourcing," but that these propositions fell
short of what is required, stuff.co.nz relates, citing a report
from The Press.

According to Jill Ovens from the Service and Food Workers Union,
the e-mail is a blatant breach of good faith.  Ms. Ovens
asserted that Mr. Fyfe is trying to influence union members, NBR
relates.

NBR also cites the National Secretary of the Engineering,
Printing and Manufacturing Union, Andrew Little, as saying that
the unions and Air New Zealand have reached an impasse.  Staff
morale is not high, Mr. Little added.

EPMU is also taking Air New Zealand to court, claiming the
airline has failed to provide relevant and timely information
throughout the talks, Mr. Little further said.

A report from The Press also cites Mr. Little as saying that the
airline is in a difficult position to make a decision on the
outsourcing given that the unions had started action in the
Auckland Employment Court.

The Press says the Unions must deliver revised proposals to meet
targets and have the mandates of their members to prevent the
airline from outsourcing the jobs.

The paper reveals that the EPMU has about 1,200 members voting
on the proposal, and the Service and SFWU around 300, with at
least 200 non-union members potentially adversely affected by
restructuring.

Mr. Little also alleged that Air New Zealand's moves could also
be seen as trying to take advantage of a period where union
staff could not take industrial action ahead of the
renegotiating of a new collective agreement for the period after
June 30, 2007, The Press relates.

"The other thing we're alleging is, the whole situation is a
contrivance to reopen the collective agreement negotiations,"
Mr. Little added.

Air New Zealand said a decision on outsourcing is likely to be
made within two weeks, NBR notes.

The TCR-AP previously reported that Swissport International and
partner company Transfield Services New Zealand Ltd. agreed with
Air New Zealand to be the preferred bidders in the potential
outsourcing of Air New Zealand's ground handling operations at
Auckland, Wellington, and Christchurch airports.

The TCR-AP said Swissport International had put in a formal
offer to provide frontline services for NZ$20 million a year
less than current costs.  Air New Zealand assumed that the
contractor could do the job NZ$20 million cheaper.  If the
consortium gets the contract, ground services staff will be made
redundant and have to reapply for what is expected to be fewer
jobs with less pay, The Press says.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solidliquidity
position, with cash balances of NZ$1.071 billion held as at June
30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


AUTO WEB: Court Hears Liquidation Petition
------------------------------------------
A liquidation petition filed against Auto Web Ltd was heard
before the High Court of Wellington on Feb. 5, 2007.

Ingram Micro (N.Z.) Ltd filed the petition with the High Court
of Masterton on Nov. 22, 2006.

Ingram Micro's solicitor can be reached at:

         Debra M. Law
         Debtor Management Limited
         Unit 11, 9 Freeman Way
         Manukau City, Auckland
         New Zealand


BAS HOLDINGS: Creditors Must Prove Debts by February 12
-------------------------------------------------------
The creditors of BAS Holdings Ltd are required to prove their
debts by Feb. 12, 2007.

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

The liquidator can be reached at:

         Daran Nair
         280 Great South Road
         Greenlane, Auckland
         New Zealand
         Telephone:(09) 522 5182
         Facsimile:(09) 522 5183
         e-mail: daran@nair.co.nz


BREAKERS POOL: Taps Shephard and Dunphy as Liquidators
------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
as joint and several liquidators of Breakers Pool Hall Ltd by a
special resolution passed on Jan. 10, 2007.

The Joint and Several Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Level 2, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


HUNTINGDON DAIRY: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 19, 2007, the shareholders of Huntingdon Dairy Farms Ltd
resolved to liquidate the company's business and appointed
Trevor James Croy as liquidator.

The Liquidator can be reached at:

         Trevor James Croy
         257 Havelock Street, Ashburton
         New Zealand
         Telephone:(03) 308 8353
         Facsimile:(03) 308 1535


I-STATION TRUST: Liquidation Hearing Slated for Feb. 12
-------------------------------------------------------
On Dec. 11, 2006, P C Rentals Ltd filed a liquidation petition
against I-Station Trust Ltd before the High Court of Wellington.

The petition will be heard on Feb. 12, 2007, at 10:00 a.m.

P C Rentals' solicitor can be reached at:

         Julian Mark Airey
         Inder Lynch Lawyers
         corner of Cavendish Drive and Great South Road
         (PO Box 76745)
         Manukau City, Auckland
         New Zealand
         Telephone:(09) 266 6185
         Facsimile:(09) 266 7445


J & E WILLIAMS: Court Sets Liquidation Hearing for Feb. 15
----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against J & E Williams Builders Ltd on Feb. 15, 2007, at 10:00
a.m.

Accident Compensation Corporation filed the petition with the
Court on Oct. 24, 2006.

Accident Compensation's solicitor can be reached at:

         Dianne S. Lester
         Maude & Miller
         2/F, McDonald's Building
         Cobham Court (PO Box 50555 or DX SP 32505)
         Porirua City
         New Zealand


M & M PLASTERING: Faces Liquidation Proceedings
-----------------------------------------------
On Feb. 5, 2007, the High Court of Wellington heard a
liquidation petition against M & M Plastering Contractors Ltd.

Accident Compensation Corporation filed the petition with the
Court on Dec. 20, 2006.

Accident Compensation's solicitor can be reached at:

         Dianne S. Lester
         Maude & Miller
         2/F, McDonald's Building
         Cobham Court (PO Box 50555 or DX SP 32505)
         Porirua City
         New Zealand


SILVER SCREEN: Creditors Must Prove Claims by February 19
---------------------------------------------------------
The creditors of Silver Screen Productions Ltd are required to
prove their claims by Feb. 19, 2007, or they will be excluded
from any distribution the company will make.

Jeffrey Philip Meltzer and Karen Betty Mason were appointed as
the company's joint and several liquidators on Jan. 12, 2007.

The Joint and Several Liquidators can be reached at:

         Jeffrey Philip Meltzer
         Karen Betty Mason
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302
         Wellesley Street, Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


SYN LUMBER: Shareholders Opt to Liquidate Business
--------------------------------------------------
On Jan. 12, 2007, the shareholders of SYN Lumber Company Ltd
resolved by special resolution to liquidate the company's
business and appointed Joon Youl Seo as liquidator.

The Liquidator can be reached at:

         Joon Youl Seo
         PO Box 8722
         Symonds Street, Auckland 1015
         New Zealand
         Telephone:(09) 303 2200
         Facsimile:(09) 307 2074


TINT WIZARD: Appoints Joint Liquidators
---------------------------------------
Edward Christian Jansen and Brian Joseph Walshe were appointed
as joint and several liquidators of Tint Wizard Ltd on Jan. 15,
2007.

Accordingly, the company's creditors are required to make their
claims and establish any priority claims they may have on Feb.
9, 2007.

The Joint and Several Liquidators can be reached at:

         Edward Christian Jansen
         Brian Joseph Walshe
         PO Box 30568
         Lower Hutt
         New Zealand
         Telephone:(04) 569 9069


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

APEX MINING: PSE May Impose Sanctions for Repeated Violations
-------------------------------------------------------------
The Philippine Stock Exchange may impose sanctions against Apex
Mining Co. for repeated violations of disclosure rules and
continuing failure to hold an annual stockholder's meeting, the
Philippine Inquirer reports, citing Xinhua Financial News
Service.

PSE President Francis Lim directed Apex to strictly comply with
the rules of the exchange, Xinhua News relates.

"Otherwise, the exchange shall have no choice but to impose
appropriate measures to protect the interest of the investing
public, including actions as may be appropriate against the
directors and officers of Apex," Xinhua News quotes Mr. Lim, as
saying.

Apex Mining President Leo Cleto Gamolo replied that the company
is "currently making every effort to address all the Securities
and Exchange Commission's and the stock exchange's compliance
and regulatory requirements," The Inquirer relates.

According to Mr. Lim, Apex's violations include:

   (a) putting off its annual stockholders meeting six times
       last year;

   (b) delayed submission of quarterly and annual reports; and

   (c) improper release of information about the company in the
       Crew Gold Web site prior to disclosure to the exchange.

Mr. Lim noted that the company's annual stockholders' meeting
should be held as scheduled on Feb. 28, 2007.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 4, 2007, Apex Mining originally scheduled the ASM for
Nov. 21, 2006.  It was first reset to Dec. 15, then to Jan. 18.

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Sept. 20, 2006, that Apex Mining Co. incurred a net loss of
PHP46 million for the year ended December 31, 2005.  As of this
date, the Company has accumulated a deficit of PHP1.037 billion
while current liabilities exceed current assets by PHP86
million.

As of Dec. 31, 2005, the company posted total assets of
PHP65,509,996 and total liabilities of PHP86,860,797.


BANCO DE ORO: Fitch Sees Higher Individual Rtg. on Merged Entity
----------------------------------------------------------------
On Feb. 5, 2007, Fitch Ratings commented on the upcoming merger
of the Philippines' Banco de Oro and Equitable PCI, noting that
the new BDO-EPCI (the merged entity) will be superior to the
pre-merged EPCI in several aspects, and will likely take on the
higher Individual rating of BDO.

Fitch currently has the ratings of BDO at Individual 'C/D',
Support '3'; and EPCI at Individual 'D', Support '3'.  Fitch
also has a Long-term foreign currency Issuer Default rating on
EPCI of 'BB'/Outlook stable.

On Dec. 27, 2007, the stockholders of Banco de Oro and Equitable
PCI approved the planned merger between both entities -- noting
that both banks are controlled by the Sy family, which has long
owned BDO but only recently gained control of EPCI.  The merger
of equals is expected to be legally completed in Q107, pending
the necessary regulatory approvals.  Together the two banks will
form the Philippines' second largest bank with PHP615 billion in
combined assets accounting for c.16% of commercial-bank-system
assets (vs. Metropolitan Bank and Bank of the Philippine Islands
with 17% and 14% of system-wide assets respectively).

Through numerous acquisitions, BDO has grown rapidly over recent
years to become one of the Philippines' major banks (7.7% of
system-assets), even on a standalone basis.  The bank's astute
acquisitions and its good management has ensured an ongoing
adequate level of profitability and balance sheet strength.  At
the same time, however, while the integration of its
acquisitions has been smooth, the bank has not yet had the time
necessary to forge a profile or franchise commensurate with its
size.  EPCI on the other hand, has long been one of the
Philippines' major banks with a high-profile and has a well-
respected and a well-rounded franchise with particular strengths
in consumer finance and remittance services.  Over recent years,
however, EPCI has been dogged by shareholder disputes that
threatened to divert management's attention from the job at
hand.  Its acquisition by the Sy family brought a welcome end to
these disputes and its merger now with BDO provides it with the
opportunity of becoming a real force in the Philippine banking
industry going forward. This is particularly so given that BDO's
very competent and experienced management will be taking the
lead in guiding the enlarged bank's integration and development.

Profitability for the merged entity should improve given time
through the realization of revenue synergies and cost
rationalization, although in the short term this may be
constrained by the incurrence of expenses related to the two
banks' integration.  In FY2005, BDO achieved a satisfactory RoA
of 1.2% vs. EPCI's somewhat low 0.9%, reflecting the latter's
high non-accrual drag from its legacy NPLs, stagnant loans
growth over the past few years and high operating costs.  That
said, the merged entity's profitability will benefit from EPCI's
strength in consumer banking, especially its credit card and
overseas Filipino workers' business, as well as its expanded
distribution network and wider product range.

Balance sheet strength, meanwhile, should remain satisfactory.  
On a pro-forma basis, the merged bank's non-performing asset
ratio (consisting of both non-performing loans and foreclosed
properties) would be 14.4%, with a reserves coverage ratio of
50% (through NPLs being almost entirely covered, but foreclosed
property assets only slightly covered).  At the same time, the
equity-to-assets ratio should come out at 10.2% and the CAR at
15%.  Even after assuming substantial ultimate losses on the
bank's foreclosed property assets, its capitalization would
remain just satisfactory.

In addition to BDO and EPCI, the Sy family also majority-owns
China Bank (3.5% of system assets with an Individual rating of
'C/D'), which has a strong consumer/SME franchise amongst
Chinese-Filipinos.  If and when this too will be merged into the
larger entity remains to be seen.  Although Fitch notes that any
merger plan here will prioritize protecting China Bank's strong
franchise within its niche market.


COVANTA HOLDING: Prices US$325MM Senior Convertible Debentures
--------------------------------------------------------------
Covanta Holding Corp. has priced its offering of US$325 million
aggregate principal amount of 1.00% senior convertible
debentures due 2027, which amount does not include the
underwriters' option to purchase up to an additional
US$48.75 million aggregate principal amount of the Debentures to
cover overallotments, if any.

The Debentures will be convertible under certain circumstances
into Covanta's common stock at a conversion rate of 35.4610
shares per US$1,000 principal amount of Debentures, subject to
adjustment in certain circumstances, which represents a
conversion price of US$28.20 per share.  The conversion price is
a 20.0% premium to the offer price of our common stock in its
concurrent common stock offering described below, which is
approximately a 1.1% discount to the closing price of Covanta's
common stock on Jan. 25, 2007.  Upon conversion, Covanta will
pay cash and, if required, shares of Covanta common stock.  In
addition, the Debentures will accrue contingent interest
commencing with the interest period beginning on Feb. 1, 2012,
under certain circumstances.

The Debentures will be redeemable at Covanta's option on or
after Feb. 1, 2012, at a redemption price equal to 100% of the
principal amount of the Debentures being redeemed, plus accrued
and unpaid interest.  The Debentures will also be subject to
repurchase at the option of the holders on Feb. 1, 2012,
Feb. 1, 2017, and Feb. 1, 2022, and upon the occurrence of
certain fundamental changes at a repurchase price equal to 100%
of the principal amount of the Debentures being repurchased plus
accrued and unpaid interest.

Covanta also priced its offering of 5,320,000 shares of common
stock, which does not include the underwriters' option to
purchase 798,000 additional shares to cover overallotments, if
any, at a price of US$23.50 per share.

These offerings are part of Covanta's previously announced
recapitalization plan, which includes tender offers for any and
all of the approximately US$612 million in principal amount of
outstanding notes issued by certain of Covanta's intermediate
subsidiaries. Assuming that Covanta and its wholly owned
subsidiary, Covanta Energy Corp. are successful in refinancing
Covanta Energy's existing credit facilities with new senior
secured credit facilities in the amount of up to US$1.3 billion,
which are currently being negotiated by Covanta Energy, Covanta
intends to use the proceeds from the concurrent offerings of the
Debentures and the common stock, as well as cash on hand and a
portion of the borrowings under the New Credit Facilities, to
repurchase all of the Notes that are properly tendered pursuant
to Covanta's concurrent tender offers and related consent
solicitations.

Headquartered in Fairfield, New Jersey, Covanta Energy Corp. --
http://www.covantaenergy.com/-- is a publicly traded holding  
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad.  Covanta has operations in the
Philippines, China, Costa Rica, India, and Bangladesh.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 24 2007,
Standard & Poor's Ratings Services assigned a 'BB-' corporate
credit rating to Covanta Holding Corp. and a 'B' issue rating to
the company's US$325 million senior unsecured convertible bonds.  
At the same time, Standard & Poor's also raised the corporate
credit rating on subsidiary Covanta Energy Co., to 'BB-' from
'B+' and assigned a 'BB-' issue rating, with a '2' recovery
rating (reflecting 80% to 100% of recovery in a default
scenario) to its proposed US$1.3 billion credit facilities
consisting of a US$680 million, first-lien secured term loan,
US$320 million in funded LOCs, and US$300 million in revolving
credit facilities.  The outlook remains stable.

Moody's Investors Service also assigned a Ba2 rating to Covanta
Energy Corp.'s new US$1.3 billion senior secured credit facility
and a B1 rating to Covanta Holding Corp.'s US$325 million
convertible debentures.  The Ba2 rating assigned to the new
credit facility is effectively a two-notch upgrade from the B1
rating assigned to Covanta's current first lien credit facility.
With the convertible debenture offering, Moody's has reassigned
the Corporate Family Rating to Covanta Holding Corp. from its
subsidiary, Covanta Energy Corp.  Concurrently, the CFR has been
upgraded to Ba2 from Ba3.


GLOBE TELECOM: 2006 Net Income Ups 14% to PHP11.8 Billion
---------------------------------------------------------
Globe Telecom closed the year on a high note, with sustained
growth in its subscriber base and record profitability levels, a
company release says.

Globe's consolidated service revenues for the year ended
Dec. 31, 2006, continued on an upward trend, improving 4% year-
on-year to close at PHP57 billion.  The sustained growth in
service revenues together with effective cost management
measures drove double-digit growth in earnings, with EBITDA and
EBIT ending the year at PHP37.2 and PHP20.1 billion,
respectively.

EBITDA margin remained healthy at 65% despite a seasonal rise in
marketing spend in the last quarter.  Despite doubling of its
corporate income taxes, net income grew by 14% and stood at a
historic high of PHP11.8 billion.  Excluding the impact of
foreign exchange and mark-to-market gains and losses, Globe's
core net income grew even stronger at 24%, closing at
PHP10.8 billion.

"We started the year with strong first quarter performance and
we are pleased that we were able to maintain that positive
momentum forward, bringing 2006 to a very good close," said
Gerardo C. Ablaza, Jr., President and CEO of Globe Telecom.  "We
are particularly pleased with how the market has warmly received
our various service offers, and we look forward to introducing
more compelling propositions in 2007."

To further extend its reach in the market and support the
seamless delivery of its innovative and relevant services, Globe
continues to deepen the coverage and network quality of its 2G
network, as well as accelerate its 3G and broadband rollout.
With its 5,884 cell sites at year-end, it currently serves 98%
of the population with a 94% geographic reach.

"Moving forward into 2007, our challenge is to build on the
gains that we have achieved in 2006 by sustaining our core
wireless business while creating new platforms for growth for
Globe.  We are particularly excited about the growth
opportunities in the broadband sector, and will accelerate the
roll out of our network to tap into the huge demand for
affordable internet access," said Mr. Ablaza.

                       About Globe Telecom

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

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

                          *     *     *

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

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

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


GLOBE TELECOM: Board Declares PHP33 Cash Dividend In 2007
---------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Globe Telecom
Inc. relates that on Feb. 5, 2007, and in accordance with its
75% dividend payout policy, the Board of Directors declared the
first semi-annual cash dividend in 2007 of PHP33 per common
share payable to common stockholders of record as of Feb. 19,
2007.

A total of PHP4.36 billion in dividends will be paid on March
15, 2007.  The annualized dividend yield at the current price of
PHP1,410 is 4.7%.

                       About Globe Telecom

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

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

                          *     *     *

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

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

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


SECURITY BANK: 2006 Net Income Surges 65% to PHP1.9 Billion
-----------------------------------------------------------
Security Bank Corporation (PSE: SECB) posted an unaudited net
income of PHP1.9 billion for the full year of 2006, 65% more
than the PHP1.16 billion earnings registered the previous year.  
With its third consecutive year of greater than 50% growth in
net income, the bank boosted its return on equity to 17.3%,
substantially higher than the 13.4% recorded in 2005.
Consequently, full year unaudited earnings per share greatly
improved to PHP5.77 versus the prior year's PHP3.51 per share.

The continued exemplary growth in earnings was underpinned by a
healthy increase in total revenues registering PHP6.6 billion,
PHP625 million greater than a year earlier.  Expenses showed
moderate increases and coupled with the healthy revenue growth
resulted in a cost-to-income ratio of 43% versus the prior
year's 46%.

Meanwhile provisions slowed down considerably to
PHP530.8 million, lower by 27.5% or PHP201.4 million as the bank
had completed its asset clean up and impairment activities as
planned.  This resulted in the bank improving its NPL ratio to
4.2% from the 5.3% reflected at the end of 2005 while NPL cover
further increased to 154.5% from the previous year's 141.6%.

The buoyant earnings performance occurred on the back of a 16.5%
growth in the bank's balance sheet, which increased from the
prior year's level of PHP105.0 Billion to PHP122.3 billion.
Fuelling the expansion in the balance sheet is a robust build up
in deposits, which grew 34% over the previous year to
PHP88.8 billion.  The incremental deposit funding was
momentarily deployed into investment securities (AFS), which
increased by PHP13.5 billion to PHP50.2 billion while the bank
focused on programs to build its loan portfolio as exemplified
by its Homelite Mortgage offering in partnership with Megaworld.  
This loan program is Security Bank's initial foray into
customized mortgage offerings in support of real estate
developer-led sales efforts, which will subsequently be expanded
to include other developers.  The Bank is well poised to take
advantage of an upturn in the credit environment as its capital
adequacy ratio at the end of 2006 stood at 24.0% versus 14.5% at
2005.

                        About Security Bank

Security Bank Corporation -- http://www.securitybank.com.ph/--  
offers a wide variety of financial products and services.  The
Bank's services include peso, dollar and third currency
deposits, domestic and international fund transfers, deposit
pick-up and payroll services, and ancillary services.  Security
Bank also provides working capital financing, term arrangements
and loan syndication services.

Fitch Ratings gave Security Bank a 'BB' Long-Term Foreign
Currency Issuer Default Rating, a 'BB' Long-Term Local Currency
Issuer Default Rating, a 'D' Individual Rating and a '4' Support
Rating.


WENDY'S INTERNATIONAL: Enters Employment Deal with K. Anderson
--------------------------------------------------------------
Wendy's International Inc. entered into an employment agreement
with Kerrii B. Anderson, the company's chief executive officer
and president.  The employment agreement became effective as of
Nov. 10, 2006, the day after the company reported her
appointment as Chief Executive Officer and President, and has a
three-year term, with an automatic renewal of successive one-
year periods.

The employment agreement provides for an initial annual base
salary of $950,000, which may be increased from time to time
at the discretion of the Board of Directors or its Compensation
Committee.

The agreement provides also for an annual cash bonus payout
opportunity based on performance targets, both of which will be
established by the Compensation Committee.

Mrs. Anderson's annual bonus payout for fiscal 2006 will be
at least $900,000, and may exceed that amount based on the
performance of the Company and determined by aggregating:

   i) the pro-rata bonus based on target bonus criteria
      established for the CFO position plus;

  ii) the pro-rated bonus based on the 2006 target bonus of
      $1.8 million established for the CEO position.

For fiscal 2007 and years thereafter, Mrs. Anderson's annual
target bonus will, at a minimum, be set at 100% of her base
salary then in effect and she will also be eligible for
threshold and maximum bonus amounts as established by the
Compensation Committee.  

The agreement provides also for an annual award, commencing in
2007, of equity-based compensation having an aggregate value of
285% of the base salary as of the grant date; however, Mrs.
Anderson's eligibility for and the amount of those grants are
subject to the company's compensation policy for senior
executives, as determined by the Board of Directors or its
Compensation Committee from time to time.  

During the term of the employment agreement, Mrs. Anderson will
also be entitled to participate in the company's executive
employee benefit plans and programs.

If the Company terminates Mrs. Anderson's employment for
"cause", she will only be entitled to any accrued, but unpaid,
obligations.

If Mrs. Anderson is terminated without cause or resigns for
"good reason", she will be entitled to:

   i) all accrued, but unpaid, obligations,

  ii) a pro-rata portion of the target bonus of the year in
      which the termination occurs,

iii) one year's base salary plus payment of the target bonus     
      opportunity for the one-year period following termination,

  iv) any stock options or stock appreciation rights that would
      have otherwise vested within 12 months of the termination,
      and

   v) continuation of employee benefits for one year following
      the termination event.

If Mrs. Anderson dies or becomes disabled during the term of the
agreement, her employment will terminate and she will be
entitled to:

   a) all amounts earned or accrued and not previously paid,

   b) a pro-rata portion of the target bonus of the year in
      which the termination occurs,

   c) the immediate vesting of all unvested equity awards, and

   d) continuation of employee benefits for one year following
      the termination event.

In addition, Mrs. Anderson has also agreed to certain non-
competition provisions during the term of the employment
agreement and for up to eighteen months thereafter, depending
on the manner of termination.

                          About Wendy's

Wendy's International Inc. (NYSE:WEN) -- http://www.wendys-
invest.com/ -- is a restaurant operating and franchising company
with more than 9,900 total restaurants and quality brands,
including Wendy's Old Fashioned Hamburgers(R) and Baja Fresh
Mexican Grill.  The company also has investments in three
additional quality brands -- Tim Hortons, Cafe Express and Pasta
Pomodoro(R).  There are Wendy's restaurants in Asia, including
the Philippines.

                          *     *     *

On Nov. 7, 2006, the Troubled Company Reporter - Asia Pacific
reported that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the restaurant sector, the rating
agency held its Ba2 Corporate Family Rating for Wendy's
International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200m 6.25%
   senior unsecured
   notes due 2011         Ba2      Ba2     LGD4       54%

   US$225m 6.2% senior
   unsecured notes
   due 2014               Ba2      Ba2     LGD4       54%

   US$100m 7%
   debentures
   due 2025               Ba2      Ba2     LGD4       54%

   Unsecured shelf        Ba2      Ba2     LGD4       54%

   Subordinated shelf     Ba3       B1     LGD6       97%

   Preferred shelf        B1        B1     LGD6       97%

On July 3, 2006, the TCR-AP reported that  Standard & Poor's
Ratings Services lowered its corporate credit and senior
unsecured debt ratings on Wendy's International Inc. to 'BB+'
from 'BBB-'.  At the same time, the short-term rating was
lowered to 'B-1' from 'A-3'.  The outlook was negative.


WENDY'S INTERNATIONAL: Discloses Fourth Quarter Same-Store Sales
----------------------------------------------------------------
Wendy's International, Inc., disclosed preliminary same-store
sales of 3.1% at U.S. company stores and 2.7% at U.S. franchised
restaurants for its fourth quarter ended Dec. 31, 2006

"We closed the year with same-store sales of 6.1% in December,
which is our strongest month in two and a half years," said
Chief Executive Officer and President Kerrii Anderson.  "We have
made tremendous progress in improving our sales performance in
the past three quarters, after a difficult first quarter.  We
are proud that we achieved positive same-store sales for the
full year in 2006.

"We are also pleased that we finished the year with company
store average unit volumes of US$1.4 million, which equals the
all-time high for Wendy's."

In October, Wendy's promoted its 99-cent junior bacon
cheeseburger and 99-cent crispy chicken sandwich.  Wendy's
promoted its new Double Melt cheeseburgers and also introduced a
reloadable gift card program in November.  During December,
Wendy's reintroduced its Chicken Club sandwich, featuring a
chicken fillet, natural Swiss cheese, bacon, mayonnaise, tomato
and lettuce on a Kaiser roll.

"Our strong promotional calendar, menu management, product
innovation and improved marketing have been the driving forces
behind the positive sales momentum we have generated over the
past three quarters," Anderson said.  "We expect to see similar
quarterly sales results in the coming year and anticipate a
strong start in 2007.

"We are working diligently to improve all aspects of operations
-- friendliness, speed of service, order accuracy and
cleanliness of our restaurants -- to drive transactions during
2007," Ms. Anderson said.  "We believe the best way to improve
the financial performance of our restaurants is with better
operations.

"We also plan to invest approximately US$60 million in 2007 to
upgrade our existing company restaurants, in addition to the
US$25 million in incentives we will offer to franchisees who
remodel their stores according to our standards," Ms. Anderson
said.  "This is consistent with our previously announced plan to
slow development and focus on driving sales and profits in our
existing restaurants."

                     Fourth-quarter outlook

The company previously disclosed that its fourth-quarter beef
costs were approximately 4% lower in 2006 than in the fourth
quarter of 2005, and that it expects to realize US$5 million to
US$6 million in incremental interest income due to a higher cash
balance relative to the fourth quarter of 2005.

Wendy's also anticipates that it will incur additional costs in
the fourth quarter, including US$4 million to US$8 million in
pretax charges for the closure of certain underperforming
Wendy's restaurants and approximately US$4 million in pretax
expense for research and development related to its breakfast
test.  In addition, the company expects to record higher expense
for performance-based incentive compensation in the fourth
quarter of 2006 commensurate with improved second-half core
operating results compared to 2005.

Wendy's to promote new deluxe value meals, cranberry pecan
chicken salad in first quarter

In January, Wendy's is promoting its new double junior
cheeseburger and crispy chicken deluxe value meals.  These combo
meals include a sandwich, small order of fries and a 20-ounce
cold drink at a suggested price of US$2.99.  Wendy's will also
add a new limited-time seasonal cranberry pecan chicken salad in
the first quarter, featuring spring mix greens, Mandarin
oranges, chicken, dried cranberries and pecans, with a berry
balsamic vinaigrette dressing.

In February, Wendy's will promote several limited-time
sandwiches locally, including the bacon mushroom melt
cheeseburger, Mozzarella Lovers' Bacon Cheeseburger, bacon Swiss
chicken sandwich and bacon Swiss cheeseburger.

                          About Wendy's

Wendy's International Inc. (NYSE:WEN) -- http://www.wendys-
invest.com/ -- is a restaurant operating and franchising company
with more than 9,900 total restaurants and quality brands,
including Wendy's Old Fashioned Hamburgers(R) and Baja Fresh
Mexican Grill.  The company also has investments in three
additional quality brands -- Tim Hortons, Cafe Express and Pasta
Pomodoro(R).  There are Wendy's restaurants in Asia, including
the Philippines.

                          *     *     *

On Nov. 7, 2006, the Troubled Company Reporter - Asia Pacific
reported that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the restaurant sector, the rating
agency held its Ba2 Corporate Family Rating for Wendy's
International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200m 6.25%
   senior unsecured
   notes due 2011         Ba2      Ba2     LGD4       54%

   US$225m 6.2% senior
   unsecured notes
   due 2014               Ba2      Ba2     LGD4       54%

   US$100m 7%
   debentures
   due 2025               Ba2      Ba2     LGD4       54%

   Unsecured shelf        Ba2      Ba2     LGD4       54%

   Subordinated shelf     Ba3       B1     LGD6       97%

   Preferred shelf        B1        B1     LGD6       97%

On July 3, 2006, the TCR-AP reported that  Standard & Poor's
Ratings Services lowered its corporate credit and senior
unsecured debt ratings on Wendy's International Inc. to 'BB+'
from 'BBB-'.  At the same time, the short-term rating was
lowered to 'B-1' from 'A-3'.  The outlook was negative.


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

CHELSEA INVESTMENTS: Court Orders Wind Up of Operations
-------------------------------------------------------
The High Court of Singapore entered an order on Jan. 19, 2007,
to wind up the operations of Chelsea Investments Pte Ltd.

The liquidator can be reached at:

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


ELIZABETH ARDEN: Profit Down to US$26.21 Mil. in 2nd Qtr. FY '07
----------------------------------------------------------------
Elizabeth Arden, Inc. disclosed its financial results for the
fiscal 2007 second quarter ended December 31, 2006.

                       Second Quarter Results

Net income for the three months ended December 31, 2006 was
US$26.2 million, or US$0.92 per diluted share, excluding
previously announced restructuring charges of US$0.3 million
after taxes related to the company's restructuring in its
European operations, compared to net income of US$33.1 million,
or US$1.12 per diluted share, in the same period last year.  On
a reported basis, net income was US$25.9 million, or US$0.91 per
diluted share.  

Net sales increased 18.8% to US$410.8 million for the three
months ended December 31, 2006, from US$345.9 million in the
comparable period of the prior year.  Sales growth was driven by
a significant increase in fragrance brands sold to the company's
mass retail customers and sales of new brands.  In addition,
higher sales of the company's Elizabeth Arden branded skin care
and color products and growth in the company's businesses in
China and Taiwan contributed to the net sales increase.
Excluding the favorable impact of foreign currency translation,
net sales increased 17.3%.

E. Scott Beattie, Chairman, President and Chief Executive
Officer of Elizabeth Arden, Inc., said, "We are pleased with our
second quarter results and the general execution of our
business.  Our better than planned earnings reflect the strength
of our broad-based business model, which spans multiple retail
channels and geographies, as well as the strength of our brand
portfolio.  Overall, the recent acquisitions are performing
ahead of our original expectations.  We have completed the
transition of the distribution activities out of the Sovereign
Sales facility and are on schedule to integrate all remaining
functions during the third fiscal quarter."

"Our U.S. mass retail business increased significantly, and we
are expanding our market share.  Our international business
achieved another quarter of solid sales growth, with increases
across most markets and particularly in Asia," Mr. Beattie
added.

                        Six Months Results

For the six-months ended December 31, 2006, net sales rose 16.1%
to US$665.6 million from US$573.3 million for the six months
ended December 31, 2005.  Excluding the favorable impact of
foreign currency translation, net sales increased 15.0%.  Net
income was US$25.8 million, or US$0.91 per diluted share, versus
US$34.0 million, or US$1.15 million per diluted share, for the
year-ago period.  The results for the six months ended Dec. 31,
2006, exclude restructuring charges of US$1.2 million after
taxes related to the company's previously announced
restructuring charges.  On a reported basis, net income was
US$24.5 million, or US$0.86 per diluted share.

As of December 31, 2006, the company has US$913.83 million in
total assets, US$614.36 million in total liabilities and
US$299.47 million in total shareholders' equity.

                            Outlook

The company confirms its fiscal 2007 annual net sales guidance.
For the fiscal year, the company currently anticipates net sales
will increase by approximately 15% to 18%, assuming current
foreign currency rates.  The company is raising the lower end of
its fiscal 2007 earnings guidance range and currently estimates
diluted earnings per share in the range of US$1.15 to US$1.20,
versus its previous guidance range of US$1.10 to US$1.20.

The company currently expects net sales to range between US$215
million to US$230 million for each of the third and fourth
fiscal quarters.  Diluted earnings per share for the third
fiscal quarter are currently estimated to be in the range of
US$0.01 to US$0.06.  The company expects to incur in its third
fiscal quarter the final transition expenses for the Sovereign
Sales acquisition and increased investment to support the global
roll-out of the With Love.Hilary Duff fragrance, PREVAGE Eye
skin treatment and the Intervene skin care line and the global
launch of the new Elizabeth Arden fragrance, Elizabeth Arden
Mediterranean.

Mr. Beattie concluded, "As we look forward to the second half of
the year, we are excited about the global introduction of the
new Elizabeth Arden fragrance, Elizabeth Arden Mediterranean, to
support the strong growth of the Elizabeth Arden skin care and
color business globally.  Prevage Eye continues to gain traction
and is lifting total sales of the Prevage skin care line and the
entire Elizabeth Arden skin care and color business.  In
addition, we anticipate sales from the recent acquisitions, a
strong pipeline of new distributed brands in the U.S. mass
retail market, the successful roll-out of recently launched
brands and continued growth of our international business to
contribute to the second half results."

Elizabeth Arden (NASDAQ: RDEN) -- http://www.elizabetharden.com/  
-- is a global prestige beauty products company.  The company's
portfolio of brands includes the fragrance brands of Elizabeth
Arden: Red Door, Red Door Revealed, Elizabeth Arden 5th Avenue,
Elizabeth Arden after five, Elizabeth Arden green tea, and
Elizabeth Arden Provocative Woman; the fragrance brands of
Elizabeth Taylor: White Diamonds and Passion; the fragrances
brands of Britney Spears: curious, curious In Control and
fantasy; the Daytona 500 and GANT adventure men's fragrances;
and the fragrances White Shoulders, Geoffrey Beene's Grey
Flannel, the Halston brands, Halston and Halston Z-14, PS Fine
Cologne for Men, Design and Wings; the Elizabeth Arden skin care
lines, including Ceramide and Eight Hour Cream, PREVAGE(TM)
anti-aging treatment and the Elizabeth Arden color cosmetics
line.

The company has corporate presence in Singapore, Australia,
Austria, China, Italy, Spain, and the United States, among

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its Ba3
Corporate Family Rating for Elizabeth Arden and upgraded its B2
rating on the company's US$225 million senior subordinated notes
to B1.  In addition, Moody's assigned an LGD5 rating to notes,
suggesting noteholders will experience a 70% loss in the event
of a default.


EXCEL MACHINE: High Court Approves Creditors' Meeting on Feb. 15
----------------------------------------------------------------
Excel Machine Tools Ltd, which is in judicial management, was
authorized by the High Court of Singapore to hold a meeting for
its creditors.

Pursuant to the Order of the Court, the creditors' meeting will
be held on Feb. 15, 2007, at 3 p.m., at 8 Cross Street, in #12-
00 PWC Building, Singapore 048424.

At the meeting, the creditors will be asked to:

   -- approve the Judicial Managers' Statement of Proposals and
      the Scheme of Arrangement both dated Dec. 27, 2006; and

   -- discuss other business.

In this regard, the Judicial Management Order and the deadline
to comply with the requirements set out in Section 227M of the
Companies Act have been extended to June 30, 2007, pursuant to
the Order of the Court dated Dec. 18, 2006.


FORMWORK HIRE: Undergoes Liquidation Proceedings
------------------------------------------------
The High Court of Singapore has entered an order to wind up the
operations of Formwork Hire (Singapore) Pte Ltd on Jan. 22,
2007.

Allinton Engineering & Trading Pte Ltd filed the wind-up
petition against the company.

The liquidator can be reached at:

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


GOLD PRECISION: Pays Preferential Dividend to Creditors
-------------------------------------------------------
Gold Precision Engineering Pte Ltd paid the first and final
preferential dividend to its creditors on Jan. 4, 2007.

The company paid 80.29% to all received claims.

The liquidator can be reached at:

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


LIANG HUAT: Capitalizes Inter-Company Loans from Subsidiaries
-------------------------------------------------------------
Pursuant to the corporate restructuring exercise of Liang Huat
Aluminum Limited, US$63,059,020 of inter-company loans due from
several of its wholly owned subsidiaries have been capitalized.  
Subsequent to the capitalization of the inter-company loans, the
paid-up and issued share capital of the subsidiaries, would be:

Subsidiary   Amount of
----------     Inter-    Existing  Issued & Paid          Number
              Company    No. of     -Up Capital        of Shares
                Loans    Issued           After            After
          Capitalized    Shares  Capitalization   Capitalization
          -----------    ------   -------------   --------------

Almex
Technology
Pte Ltd   US$1,776,329   500,000   SGD2,276,329        2,276,329

Durabeau
Industries
Pte Ltd  US$12,477,213  500,000   SGD12,977,213       12,977,213

Durawall
Technology
Pte Ltd     US$243,370  100,000      SGD343,370          343,370

Liang Huat
Aluminium
Industries
Pte Ltd  US$48,562,108  20,000,000  SGD68,562,108     68,562,108

The increase is not expected to have any material impact on the
company's earning's per share or net tangible asset per share
for the current financial year.

                         About Liang Huat

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

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

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


PETROLEO BRASILEIRO: Moves Launching of Re-Gasification Units
-------------------------------------------------------------
Jose Gabrielli, Brazilian state oil Petroleo Brasileiro SA's
chief executive officer, said in a seminar that the firm has
moved the launching of two liquefied natural gas re-gasification
units to July 2008 from 2009, Business News Americas reports.

According to BNamericas, Petroleo Brasileiro will construct two
floating storage and re-gasification units or FSRU:

          -- one in Rio de Janeiro with capacity for up to 14
             million cubic meters per day, and

          -- another in the port of Paca in Ceara with six
             million cubic meters per day capacity.

Mr. Gabrielli told BNamericas that Petroleo Brasileiro has
started preparing the licensing procedure for the Rio de Janeiro
FSRU.

Local press says that the FSRUs are expected to cost BRL385
million each.

Total investment in the liquefied natural gas import and re-
gasification program is expected at BRL5 billion.  It is part of
the federal government's growth acceleration program.  The
investment includes lease and operating costs of ships and
terminals, BNamericas states.

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

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

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

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

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

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


PETROLEO BRASILEIRO: Swapping Gas Exploration Areas with ONGC
-------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA told
The Economic Times that it has started negotiations with Indian
firm Oil and Natural Gas Corp. aka ONGC on a possible exchange
of oil and gas exploration areas.

Petroleo Brasileiro said that it is evaluating offshore blocks
in India's Krishna-Godavari or KG Basin, which has large natural
gas potential, Dow Jones Newswires relates.

The Economic Times underscores that in return, ONGC would get
blocks in the Campos Basin off the coast of Rio de Janeiro,
Brazil, that have an equivalent value in the price of the oil or
gas to be sold from the blocks.

No date has been set for a deal, The Economic Times relates,
citing Petroleo Brasileiro.

According to The Economic Times, ONGC disclosed in January it
made new gas discoveries in the KG and the Mahanadi basins.

ONGC Chairperson R S Sharmaat told The Economic Times that the
firm was willing to offer a stake to a strategic partner like
Petroleo Brasileiro, ENI SpA and Norsk Hydro ASA to help it with
ultra-deep water drilling techniques.  

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

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

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

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

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

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


SEA CONTAINERS: Appaloosa Acquires 1.5 MM Shares of Common Stock
----------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission dated Jan. 26, 2007, David A. Tepper, sole
stockholder and president of Appaloosa Partners Inc., disclosed
that on January 24, he acquired 1,500,000 shares of Sea
Containers Ltd. Class A Common Stock at US$1.6167 per share.

Appaloosa Partners is the general partner of, and Mr. Tepper
owns a majority of the limited partnership interests of,
Appaloosa Management L.P.

Appaloosa Management is the general partner of Appaloosa
Investment Limited Partnership I, and acts as an investment
advisor to Palomino Fund Ltd.

Immediately following the reported transactions, 862,180 Class A
Common Shares are held by Appaloosa Investment and 597,820 Class
A Common Shares are held by Palomino.  Each of the reporting
persons disclaims beneficial ownership of the Class A Common
Shares of Sea Containers except to the extent of their pecuniary
interest.

The reporting persons may be deemed to constitute a "group"
within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended, that beneficially owns more
than 10% of the outstanding shares of the Common Stock.

As of Oct. 31, 2005, there were approximately 26,145,000
shares of Sea Containers Ltd. common stock outstanding.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 10;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on June 12, 2007.


SEA CONTAINERS: U.S. Trustee Amends Official Committee
------------------------------------------------------
Sea Containers 1983 Pension Scheme Aspen Trustees, Ltd., and Sea
Containers 1990 Pension Scheme have resigned from the Official
Committee of Unsecured Creditors appointed in Sea Containers,
Ltd. and its debtor-affiliates' chapter 11 case.

Accordingly, Kelly Beaudin Stapleton, United States Trustee for
Region 3, amends her appointment of the creditors to reflect the
five creditors who will serve on the SCL Creditors Committee.

The Committee is now composed of:

   1. Bank of New York
      101 Barclay Street-8 West
      New York, NY 10286
      Attn: Martin Feig, Vice President
      Phone: (212) 815-5385
      Fax: (732) 667-4767

   2. HSH Nordbank AG
      Gerhart-Hauptmann-Platz 50
      Hamburg, Germany D20095
      Attn: Jorg-Rainer Kalz
      Phone: (9) 40-3333-13561
      Fax: (9) 40-3333-13561

   3. Trilogy Capital LLC
      2 Pickwick Plaza
      Greenwich, CT 06830
      Attn: Barry D. Kupferberg
      Phone: (203) 971-3420
      Fax: (203) 971-3499

   4. Dune Capital LLC
      c/o Dune Capital Management LP
      623 Fifth Avenue, 30th Floor
      New York, NY 10022
      Attn: Andrew B. Cohen
      Phone: (212) 301-8308
      Fax: (646) 885-2473

   5. Mariner Investment Group, Inc.
      500 Mamaroneck Avenue, Suite 101
      Harrison, NY 10528
      Attn: Adam S. Cohen
      Phone: (914) 798-4234
      Fax: (914) 777-3363

David L. Buchbinder, Esq., remains the trial attorney assigned
to Sea Containers' case.

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtors is impossible,
the Committee will urge the Bankruptcy Court to convert the
chapter 11 cases to a liquidation proceeding.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 10;
Bankruptcy Creditors' Service, Inc., or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on June 12, 2007.


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

iTV PCL: PM's Office Requires THB1 Bil. Debt Payment in 30 Days
---------------------------------------------------------------
iTV Pcl received a letter from the Prime Minister's Office dated
Jan. 31, 2007, requiring the broadcaster's payment of
approximately THB1 billion debt within 30 days from the date of
the letter.

According to the company's disclosure with the Stock Exchange of
Thailand, the PM's Office is seeking payment of THB2.21 million
on account of remaining compensation plus interest at 15% per
annum starting from April 2004 to Dec. 2006.  

In addition, the PM's Office is also asking for the payment of a
THB97.76-million fine imposed on the broadcaster after it
changed its broadcasting schedule.

The PM's Office said that if iTV fails to pay within the given
period, it will commence a legal proceeding against the company.

iTV, on Feb. 2, sent a letter to the PM's Office to appeal the
office's demand.  In the letter, iTV asked for:

   1. limit the debt repayment to the THB2.21 million remaining
      compensation as the company is now under the process of
      procuring the money to repay its debt;

   2. more time to wait for the outcome of the legal proceeding
      pertaining to the fine plus interest imposed.  

      iTV and the PM's Office have different interpretations on
      the terms of broadcasting concession agreement and the
      matter is now under the consideration of the Arbitration
      Tribunal.    

   3. iTV also told the PM's Office that the deadline set for
      payment of the debt has severely affected iTV's ability to
      procure loan facility.

Meanwhile, iTV also asked the PM's Office to change the due date
of the THB2.21 million remaining compensation debt to be paid
within 30 days after PMO's acknowledgment of its letter.

                          *     *     *

iTV Plc's principal activity is producing and broadcasting
television programs and channels, including the promotion of
related rights and assets.  Shin Corp Plc is iTV's major
shareholder, with a 53% stake.  Singapore's state investment arm
Temasek Holdings controls more than 96% of Shin, which was
previously owned by caretaker Prime Minister Thaksin
Shinawatra's family.  Earlier this year, it sold its majority
stake in iTV to Temasek.

On Dec. 15, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Supreme Administrative Court upholds the
Central Administrative Court's verdict by voiding the
arbitration ruling on concession fee payments won by iTV in
2004, various reports say.

The overdue concession payment and fines that the broadcaster
must pay reached THB100 billion.

The TCR-AP reported on June 23, 2006, that the Prime Minister's
Office demanded a concession fee payment and fines to the
government from the television network.

The demand, TCR-AP recounted, was a result of the Arbitration
Court's consent given to the company to pay an annual concession
fee to the Prime Minister's Office amounting to THB230 million.  
The original rate before the consent amounted to THB1 billion
per year.



TONGKAH HARBOUR: Unit Gets US$25 Million Loan with Deutsche Bank
---------------------------------------------------------------
Tungkum Ltd, a subsidiary of Tongkah Harbour Pcl, completed its
loan deal worth US$25 million with Deutsche Bank on Jan. 29,
2007.

According to the company's disclosure with the Stock Exchange of
Thailand, approximately US$10 million of the total loan amount
will be used to repay existing debts of Tungkum Ltd.  Another
US$5 million will be used as cash collateral.

The remaining amount will be used to pay the expenses due under
the loan facility and to finance Tungkum's capital expenditure
plans.

Tungkum will repay the loan granted by Deutsche with:

    1. a pledged 90% shares;
    2. THL's corporate guarantee; and
    3. assignment of 105,000 ounces of gold into the loan
       mechanism.

The assignment of the 105,000 ounces of gold to Deutsche Bank
from Tungkum's TKL's Loei gold mine will cover for 48 months,
the company told the SET.  Shipments assigned to the bank are
required to be delivered every month where the price for all the
shipments will be based on the London Bullion Market Assoc.

Meanwhile, Tongkah Harbour also told the SET that Tungkum had
already paid THB29.93 million of the THB57.03 million loan its
unit owed.  Tongkah Harbour used THB23.53 million of the payment
as a working capital and the remaining amount was recorded as
cash balance as at Dec. 31, 2006.   

                          *     *     *

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/-- is primarily  
engaged in mining operations.  The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with the SET
requirements.

                       Going Concern Doubt

After auditing the company's financial report for the third
quarter and nine-month periods ended Sept. 30, 2006, Kesree
Narongdej of A.M.T. & Associates Ltd expressed doubt on
Tongkah's continued operations as a going concern.

According to the auditor, the company and its subsidiaries have
experienced continuous operating losses, and their consolidated
financial statements for nine-month period ended September 30,
2006, showed operating losses of THB44.78 million and a working
capital deficit of THB173.74 million.  These may have
significant effect on the liquidity status and the going concern
position of the Company.


* BOND PRICING: For the Week 29 January to 2 February 2007
----------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                 8.000%  12/31/09     AUD     0.90
Alinta Networks                5.750%  09/22/10     AUD     6.77
APN News & Media Ltd           7.250%  10/31/08     AUD     5.95
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.50
Arrow Energy NL               10.000%  03/31/08     AUD     1.20
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.60
Becton Property Group          9.500%  06/30/10     AUD     0.84
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.55
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.00
Cardno Limited                 9.000%  06/30/08     AUD     5.58
CBH Resources                  9.500%  12/16/09     AUD     0.48
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     0.90
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.62
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.42
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.10
Fletcher Building Ltd          7.800%  03/15/09     NZD     7.80
Fletcher Building Ltd          8.850%  03/15/10     NZD     8.20
Fletcher Building Ltd          7.550%  03/15/11     NZD     7.90
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.44
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.05
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.50
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.52
IMF Australia Ltd             11.500%  06/30/10     AUD     0.84
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.15
Infratil Ltd                   8.500%  11/15/15     NZD     8.15
Kagara Zinc Ltd                9.750%  05/06/07     AUD     6.00
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.23
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.89
Nuplex Industries Ltd          9.300%  09/15/07     NZD     8.50
Pacific Print Group Ltd       10.250%  10/15/09     NZD    12.00
Primelife Corporation         10.000%  01/31/08     AUD     1.03
Salomon SB Australia           4.250%  02/01/09     USD     7.80
Silver Chef Ltd               10.000%  08/31/08     AUD     1.05
Software of Excellence         7.000%  08/09/07     NZD     1.80
Speirs Group Ltd.             10.000%  06/30/49     NZD    75.00
Structural Systems            11.000%  06/30/07     AUD     1.60
TrustPower Ltd                 8.300%  09/15/07     NZD     8.20
TrustPower Ltd                 8.300%  12/15/08     NZD     8.15
TrustPower Ltd                 8.500%  09/15/12     NZD     8.15
TrustPower Ltd                 8.500%  03/15/14     NZD     8.10


CHINA & HONGKONG
----------------
Jiangxi Investment
   Group Co. Ltd.              4.380%  09/11/21     CNY    60.00


KOREA
-----
Korea Development Bank         7.350%  10/27/21     KRW    48.26
Korea Development Bank         7.450%  10/31/21     KRW    49.24
Korea Development Bank         7.400%  11/02/21     KRW    49.22
Korea Development Bank         7.310%  11/08/21     KRW    49.18
Korea Development Bank         8.450%  12/15/26     KRW    70.35


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.84
AHB Holdings Bhd               5.500%  03/06/07     MYR     0.17
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.34
Berjaya Land Bhd               5.000%  12/30/09     MYR     0.93
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.23
Camerlin Group Bhd             5.500%  07/15/07     MYR     2.11
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     0.89
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.88
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.99
EG Industries Bhd              5.000%  06/16/10     MYR     0.63
Equine Capital Bhd             3.000%  08/26/08     MYR     0.41
Greatpac Holdings Bhd          2.000%  12/11/08     MYR     0.32
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.43
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.84
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.61
I-Berhad                       5.000%  04/30/07     MYR     0.56
Insas Bhd                      8.000%  04/19/09     MYR     0.57
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.39
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.53
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.64
Kumpulan Jetson                5.000%  11/27/12     MYR     0.69
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.40
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.50
Media Prima Bhd                2.000%  07/18/08     MYR     1.63
Mithril Bhd                    8.000%  04/05/09     MYR     0.40
Mithril Bhd                    3.000%  04/05/12     MYR     0.63
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.54
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     2.00
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.51
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.16
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     0.97
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.27
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.36
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.42
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.32
Southern Steel                 5.500%  07/31/08     MYR     1.69
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.34
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.75
WCT Land Bhd                   3.000%  08/02/09     MYR     1.27
Wah Seong Corp                 3.000%  05/21/12     MYR     3.00
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.60


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.10




                            *********

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.
   
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