TCRAP_Public/070209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, February 9, 2007, Vol. 10, No. 29

                            Headlines

A U S T R A L I A

AUSTRALIAN ROOFING: Schedules Final Meeting on March 13
C & K FINANCIAL: Liquidator to Present Wind-Up Report on March 6
F.D. CARROLL: Members & Creditors' Final Meeting Set on March 7
GRIFFIN COAL: Bond Upsizing Cues Moody's to Affirm Ba2 Ratings
HANDEX AUSTRALIA: To Declare Dividend for Priority Creditors

HAY VALLEY: Creditors' Proofs of Claim Due on February 27
JAM DEVELOPERS: Enters Wind-Up Proceedings
KENRICK VALLEY: To Declare Final Dividend on March 7
NEWPAGE PTY: Court Issues Wind-Up Order
OLD G.C. PTY: To Declare First and Final Dividend on March 7

PENEFATHINGS PTY: Receivers and Managers Cease to Act
PRECISION FINISHES: Members and Creditors to Hear Wind-Up Report
* Corp. Bondholders Affected By Strong LBO Activity, Fitch Says


C H I N A   &   H O N G  K O N G

ATMA EQUITY: Members to Receive Wind-Up Report on March 5
BENQ CORP: May Report Higher-Than-Expected Fourth Quarter Losses
BENQ CORP: Records NT$10.5 Billion in January 2007 Revenues
BENQ CORP: Report Reveals EUR883-Million Debt for Mobile Unit
CLARION ORIENT: Shareholders Pass Resolution to Wind-Up Firm

ELECTRONIC RENTALS: Members' Final Meeting Slated for March 2
FORDSKY (HK) LIMITED: Sets Members' Final Meeting on March 9
GELERT FAR EAST: Members to Receive Liquidator's Report
KENSON PROPERTIES: Creditors Appoint Liquidator
KEYBOND TRADING: Members Decide to Close Business

LA FONTE: Court to Hear Wind-Up Petition on March 7
NETTEST (HONG KONG): Creditors' Proofs of Debt Due on March 16
OPPO HOME: Appoints Provisional Liquidator
QUANTA COMPUTER: Fitch Assigns Long-Term IDR Rating of BB
REGENT WELL: Creditors Must Prove Debts by March 2

SUNWISE INTERNATIONAL: Wind-Up Hearing Set for February 28


I N D I A

AFFILIATED COMPUTER: S&P Revises B+ Rating Outloook to Positive
AFFILIATED COMP: Gets IT Outsourcing Contract from Safety-Kleen
ANDHRA BANK: Posts INR1.4-Bil. Profit in Qtr. Ended Dec. 31, '06
ANDHRA CEMENTS: Turns Around with INR32MM Profit in Dec. Quarter
BALLARPUR INDUSTRIES: Declares 15% Interim Dividend

BALLARPUR INDUSTRIES: Allots 34,77,581 Shares on FCCB Conversion
BARODA RAYON: Board Okays Amendment to Articles of Association
BHARAT PETROLEUM: Posts INR3-Bil. Profit in 2006 4th Quarter
BHARAT PETROLEUM: Acquires Interest in Australian Block AC/P32
STATE BANK OF INDIA: Hybrid Tier I Notes Gets S&P's 'BB' Rating

UNIVERSAL CORP: Declares Quarterly Dividends


I N D O N E S I A

ALCATEL-LUCENT: Unions Call for Strike Over Job Cuts
ALCATEL-LUCENT: To Sell Manufacturing Activities at Geel
BEARINGPOINT: To Provide Update on 4th Qtr. Results on Feb. 13
COMVERSE TECH: NASDAQ Delists Common Stock Effective Feb. 1
COMVERSE TECHNOLOGY: Delisting Prompts S&P to Hold Neg. Watch

GOODYEAR TIRE: Operations Back to Normal After Warehouse Fire
MEDCO ENERGI: Awaits News On Big Oil Find in Libya
TELKOM INDONESIA: Watchdog Assessing Tariff Changes
WILLBROS GROUP:  Reveals Sale of Nigerian Operations


J A P A N

CREDIA CO: R&I Downgrades Issuer Rating to BB+ from BBB-
DELPHI CORP: Wants Barclays Bank Settlement Pact Approved
FORD MOTOR: To Invest US$866 Million in Six Michigan Plants
JAPAN AIRLINES: S&P Affirms 'B+' Ratings On Mid-Term Plan
JAPAN AIRLINES: To Cut 4,300 Jobs As Part Of Revival Plan

NORTHWEST AIRLINES: To Repay US$15.3 Mil. GMAC Promissory Note
NORTHWEST AIRLINES: Taps Navigant as Appraiser and Consultant


M A L A Y S I A

HONG LEONG: Fitch Affirms 'C' Individual Rating
PARACORP BHD: Bourse to Delist Securities on Feb. 16
PARACORP BHD: Faces Claims for Repayment of Default Amounts
PARK MAY: Extends Fulfillment of DRA's Conditions to April 28
POLYMATE HOLDINGS: Ex-Director Charged w/ Inflating '03 Revenues

PUTERA CAPITAL: Submits Proposed Regularization Plan to Bourse


N E W   Z E A L A N D

A2 CORP: Records NZ$1.95-Mil. Net Loss for 6 Months to Sept. '06
A2 CORP:  Forms Joint Venture With So Natural Foods in Australia
A2 CORP: Reacquires Fairbrae Milk License Rights in Australia
ASTEN BUILDING: Creditors' Meeting Slated for February 20
BLACK-DASH LAND: Brown and Rodewald to Act as Liquidators

BLACK PEARL: Court Sets Liquidation Hearing for February 22
DATT TRANSPORT: Court to Hear Liquidation Petition on Feb. 15
ISLAND INVESTMENTS: Commences Liquidation Proceedings
OCCIDENTAL HOTEL: Faces Liquidation Proceedings
P2P GROUP: Faces CIR's Liquidation Petition

SCOTCRAFT COOPERING: Creditors' Proofs of Claim Due Today
TE HAU KAINGA: Liquidation Hearing Slated for February 19
TERRY SAVILLE: Shareholders Opt to Liquidate Business
WOODSIDE REYNOLDS: Shareholders Appoint Gouwland as Liquidator


P H I L I P P I N E S

CHINA BANK: Board Ratifies Election of Henry Sy as Chairman
IPVG CORP: Ties Up with Singapore's Infocomm Asia
PHILCOMSAT HOLDINGS: Shareholders Agree to Independent Audit
WENDY'S INT'L: Posts US$2.4 Billion Revenues for Full Year 2006
WENDY'S INT'L: Issues Financial Forecasts for 2007, 2008 & 2009


S I N G A P O R E

FLEXTRONICS INT'L: Revenue Growth Cues Moody's Stable Outlook
LEAR CORPORATION: Icahn Makes US$36 per Share Acquisition Offer
LEAR CORP: Icahn Offer Prompts Fitch's Negative Watch
OCEAN HEIGHTS: Creditors Must Prove Debts by March 2
PETROLEO BRASILEIRO: Faces Env'l Probe by Ecuadorian Authorities

PETROLEO BRASILEIRO: Gets US$399.1MM Tenders for Exchange Offer
PETROLEO BRASILEIRO: Unit Starts Operations on Gulf of Mexico
RED HAT: Names Gery Messer as Pres. for Asia Pacific Operations
SEA CONTAINERS: GNER Hints Probable Bid for East Coast Main Line
SEA CONTAINERS: U.S. Trustee Appoints SeaCon Services' Committee

SEA CONTAINERS: Trustee Opposes Houlihan's Employment as Advisor
SEAGATE TECH: Partners with Fry's to Offer Data Recovery Service
SHIP FINANCE: To Acquire Two Capesize Vessels for US$160 Million
SINGAPORE ANDES: Wind-Up Petition Hearing Slated for Feb. 16


T H A I L A N D

DAIMLERCHRYSLER AG: Chrysler Group January 2007 Sales Up 11%
DAIMLERCHRYSLER AG: Prepares Plan to Address U.S. Arm Losses
SIAM COMMERCIAL: Expects Revenue Growth in Cash Mgt. Venture


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

AUSTRALIAN ROOFING: Schedules Final Meeting on March 13
-------------------------------------------------------
Australian Roofing Solutions NSW & Qld Pty Ltd will hold a final
meeting for its members and creditors on March 13, 2007, at
2:30 p.m.

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

   -- receive the final receipts and payments from the
      liquidator;

   -- receive the formal notice of the end of administration;
      and

   -- discuss other business.

The liquidators can be reached at:

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

                    About Australian Roofing

Australian Roofing Solutions NSW & Qld Pty Ltd is a distributor
of durable goods.

The company is located in Queensland, Australia.


C & K FINANCIAL: Liquidator to Present Wind-Up Report on March 6
----------------------------------------------------------------
C & K Financial Services Pty Ltd, which is in liquidation, will
hold the final meeting for its members and creditors on
March 6, 2007, at 10:30 a.m.

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

The liquidator can be reached at:

         Anthony R. Cant
         Romanis Cant
         Chartered Accountants
         106 Hardware Street
         Melbourne, Victoria 3000
         Australia

                     About C & K Financial

C & K Financial Services Pty Ltd is an investor relation
company.

The company is located in Victoria, Australia.


F.D. CARROLL: Members & Creditors' Final Meeting Set on March 7
---------------------------------------------------------------
The members and creditors of F.D. Carroll & Co. Pty Ltd will
hold a final meeting on March 7, 2007, at 11:30 a.m., to
consider the liquidator's account of the company's wind-up
proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Oct. 31, 2006.

The liquidator can be reached at:

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

                       About F.D. Carroll

F.D. Carroll & Co Pty Ltd -- http://www.carrollelectro.com/--   
is located in Brunswick 3056, Australia.  For over 50 years, the
company is into electroplating and metal polishing business.  
F.D. Carroll specializes in commercial and public works for
architects, restorers, and engineers.


GRIFFIN COAL: Bond Upsizing Cues Moody's to Affirm Ba2 Ratings
--------------------------------------------------------------
Moody's Investors Service, on Feb. 8, 2007, affirmed the Ba2
corporate family and Ba2 senior unsecured ratings of The Griffin
Coal Mining Company Pty Ltd.  The affirmation follows Griffins
decision to upsize its recent US$400 million bond issue by
US$50 million.  The rating outlook has been changed to negative
from stable given the additional debt reduces Griffin's
financial flexibility within its current rating.

"The ratings reflect Griffin's strong coal reserves, low
extraction cost base, and sound long-term off-take contracts,
including an adjacent power station, that underpin the strength
and stability of its profit and cash flows," says Charles
Macgregor, a Moody's VP/Senior Credit Officer.

"However, offsetting these operating strengths are financial
metrics that will remain weak in coming years pending
development of new revenue streams, execution risks related to
the power project, and potential weakness in corporate
governance given a lack of independent directors, albeit to-date
the environment has operated effectively," adds Moody's
Macgregor.

The rating outlook is negative, given the increased debt has
weakened Griffin in its existing rating category and exposes the
rating to increased downward pressure should operational
challenges arise.

Moody's would not expect the rating outlook to be stabilized
prior to the completion of Griffin's Bluewaters I project and
carbonized coal plant.  Successful commissioning of both would
ameliorate the associated execution risk. Once completed,
Moody's would also look for evidence of de-leveraging, and
upward rating pressure may be reflected by Adjusted Debt/EBITDA
below 3.5x and EBIT/Interest over 2.5x on a consolidated basis.

On the other hand, the ratings could come under downward
pressure should Griffin lose a key customer or experience delays
in the commissioning of the power stations.  The key metrics
that may indicate such pressure include Adjusted Debt/EBITDA
over 4.5x and/or EBIT/Interest less than 1.5x.  The
US$50 million increase in debt may also result in Griffin
breaching Adjusted Debt/EBITDA guidance in 2007, and Moody's
would be mindful of any other credit weakness in assessing
whether material downward pressure was apparent.

The Griffin Coal Mining Company Pty Ltd, headquartered in Perth,
Australia is in involved in coal extraction.  It is a wholly
owned subsidiary of Devereaux Holdings Pty Ltd, a private
company owned in turn by the Stowe family.


HANDEX AUSTRALIA: To Declare Dividend for Priority Creditors
------------------------------------------------------------
Handex Australia Pty Ltd will declare a first and final dividend
for priority creditors on March 16, 2007.

In this regard, creditors are required to prove their debts by
March 1, 2007, or they will be excluded from the dividend
distribution.

The liquidator can be reached at:

         Adrian Lawrence Brown
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                     About Handex Australia

Handex Australia Pty Ltd provides business consulting services.

The company is located in Victoria, Australia.


HAY VALLEY: Creditors' Proofs of Claim Due on February 27
---------------------------------------------------------
At an extraordinary general meeting held on Jan. 19, 2007, the
members of Hay Valley Pty Ltd resolved to voluntarily wind up
the company's operations and appointed Maris Andris Rudaks as
liquidator.

Accordingly, Mr. Rudaks requires the company's creditors to
submit their proofs of claim by Feb. 27, 2007, for them to share
in any distribution the company will make.

The Liquidator can be reached at:

         Maris Andris 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 Hay Valley

Hay Valley Pty Ltd is engaged with residential construction.

The company is located in South Australia, Australia.


JAM DEVELOPERS: Enters Wind-Up Proceedings
------------------------------------------
At a general meeting held on Jan. 10, 2007, the members and
creditors of Jam Developers Pty Ltd resolved to voluntarily wind
up the company's operations.

In this regard, Gregory Stuart Andrews was appointed as
liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G. S. Andrews & Assocs
         22 Drummond Street, Carlton Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                      About Jam Developers

Jam Developers Pty Ltd is a land subdivider and developer,
except cemeteries.

The company is located in Victoria, Australia.


KENRICK VALLEY: To Declare Final Dividend on March 7
----------------------------------------------------
Kenrick Valley Pty Ltd will declare a final dividend on March 7,
2007.

In this regard, creditors are required to submit their proofs of
debt by Feb. 28, 2007.

As reported by the Troubled Company Reporter - Asia Pacific, the
company declared its first dividend on Nov. 11, 2005.

The liquidator can be reached at:

         G. S. Andrews
         G. S. Andrews & Assocs
         22 Drummond Street, Carlton Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                      About Kenrick Valley

Kenrick Valley Pty Ltd operates unit investment trusts, face-
amount certificate offices, and closed-end management investment
offices.

The company is located in Victoria, Australia.


NEWPAGE PTY: Court Issues Wind-Up Order
---------------------------------------
On Jan. 25, 2007, the Federal Court of Australia entered an
order to wind up the operations of Newpage Pty Ltd.

Subsequently, Barry Kenneth Hamilton was appointed as
liquidator.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Hamilton was also appointed as receiver and manager of the
company's property on Dec. 29, 2006.

Mr. Hamilton can be reached at:

         Barry Kenneth Hamilton
         Level 2, 171 Macquarie Street
         Hobart, Tasmania 7000
         Australia

                        About Newpage Pty

Newpage Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


OLD G.C. PTY: To Declare First and Final Dividend on March 7
------------------------------------------------------------
Old G.C. Pty Ltd will declare a first and final dividend for
creditors on March 7, 2007.  

As reported by the Troubled Company Reporter - Asia Pacific, the
company entered voluntary wind-up on Oct. 11, 2006.

The liquidator can be reached at:

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

                         About Old G.C.

Old G.C. Pty Ltd -- trading as Venture Associates -- operates
flotation companies.

The company is located in New South Wales, Australia.


PENEFATHINGS PTY: Receivers and Managers Cease to Act
-----------------------------------------------------
On Jan. 29, 2007, William James Harris and John Patrick Cronin
resigned from their posts as receivers and managers of the
property of Penefathings Pty Ltd.

Mssrs. Harris and Cronin were appointed on Oct. 16, 2003.

The former Receivers and Managers can be reached at:

         William James Harris
         John Patrick Cronin
         McGrathNicol
         Level 14, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Web site: http://www.mcgrathnicol.com

                     About Penefathings Pty

Penefathings Pty Ltd operates restaurants.

The company is located in Queensland, Australia.


PRECISION FINISHES: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of Precision Finishes Pty Ltd will
meet on March 7, 2007, at 12:30 p.m., to receive the
liquidator's report regarding the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific reported that the
company went into liquidation on Aug. 17, 2006.

The liquidator can be reached at:

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

                    About Precision Finishes

Precision Finishes Pty Ltd is a special trade contractor.

The company is located in Victoria, Australia.


* Corp. Bondholders Affected By Strong LBO Activity, Fitch Says
---------------------------------------------------------------
Fitch Ratings commented that Australian investors will need to
come to terms with a more highly leveraged corporate sector and
the possibility of a greater portion of local issuers being sub-
investment grade, if the level of leveraged buyout activity
continues at its current rate.

Fitch notes that the significant increase in the level of LBO
activity seen in Australia last year has adversely affected
bondholders of Australian corporates that have undergone such
buyouts.  "Bondholders have been affected because higher
leveraging of companies in LBOs has led to credit rating
downgrades, and most bonds do not have change-of-control
protection clauses," said Andrew Smith, managing director in
Fitch's Asia-Pacific Corporate Ratings Group, in a special
report published today on the Australian LBO market.  "However,
even if such protection clauses exist, corporates that are
potential LBO targets may feel pressured to adopt a more
aggressive financial profile as a pre-emptive action against
such bids, which could also in turn lead to downgrades," said
Mr. Smith.

The agency adds, however, that this is not necessarily a repeat
of the 1980s.  "Then, corporates were highly geared, but
households had low gearing, making it difficult for consumer
demand to be managed through monetary policy.  Today, the
opposite holds true, and this is being seen as a justification
for corporate balance sheets to take on increased financial
leverage," said Mr. Smith.

The report, entitled "The Australian LBO Boom and the
Implications for Bondholders", explores some of the drivers
behind the upsurge in LBO activity in Australia and what this
means for bond market investors.  Some of the drivers include
easy access to debt, confidence in the ongoing stability of
Australian corporate performance and its transparent political
and legal regime.  The report also highlights some mitigants
available to senior debtholders, such as the use of subordinated
debt, presence of lock-up provisions and restrictions on
dividend payments, all of which help protect senior debtholders'
interests.

Additionally, the report includes an analysis of the financing
structures of recent large LBO transactions.  It is noted that,
although the structures have been largely similar in terms of
tenor, the purchase and leverage multiples have been increasing,
aided by the ready availability of debt financing and private
equity funds.  Additionally, the debt maturity profile is
increasingly back-ended with either all, or the majority, of the
senior debt being structured as a bullet repayment.

"As the Australian LBO market is still in its early growth
stage, the local bond market has not been pro-actively
participating in these LBO transactions," said Mr. Smith.
"However, the combination of a continued increase in LBO
activity and the inexorable growth of institutional funds under
management is likely to push the local capital markets into
becoming more pro-actively involved."

As the financing structure and the instruments used for such LBO
transactions evolve, becoming increasingly complex, a
comprehensive and in-depth dissection of the issues involved is
necessary in order to make intelligent informed risk/reward
decisions.  In view of the agency's expertise and experience in
analysing LBO financing structures in the US and European
markets, Fitch anticipates playing a significant role in the
evolution of the LBO market in Australia as well as the rest of
the Asia-Pacific.  It will continue to monitor developments
closely, publishing regular market commentary to assist
investors and other market constituents in their analysis.

The special report is available on the agency's Web site
http://www.fitchratings.com/and is the second of a series of  
commentaries that will review the leveraged buyout market in the
Asia-Pacific region.


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

ATMA EQUITY: Members to Receive Wind-Up Report on March 5
---------------------------------------------------------
The members of ATMA Equity Management Ltd will meet on March 5,
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 voluntary liquidation on Nov. 1, 2006.

The liquidator can be reached at:

         John James Toohey
         22/F, Prince's Building
         Central
         Hong Kong


BENQ CORP: May Report Higher-Than-Expected Fourth Quarter Losses
----------------------------------------------------------------
BenQ Corp. may book higher-than-expected losses for the fourth
quarter of 2006, DigiTimes reports, citing Eric Yu, BenQ's
senior vice president for finance.

According to Mr. Yu, the higher losses would be due to the
appropriation of EUR80 million for two-year after-sale services
committed to handsets sold by the company's German unit, BenQ
Mobile GmbH & Co.

BenQ is yet publicly announce its financial reports for the 2006
fourth quarter, but analysts at Taiwan securities houses have
already estimated that the company may book a non-operating loss
of NT$6-8 billion for the period, DigiTimes says.

In addition, the report notes, the analysts have indicated that
with the higher-than-expected operating losses, BenQ will
continue operating in the red after taxes in the fourth quarter
and after posting a net loss of NT$19.72 billion in the first
three quarters of 2006.   

For all of 2006, BenQ could record up to NT$26 billion, or
NT$10 per share, in net losses, DigiTimes relates, citing the
analysts.

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.


BENQ CORP: Records NT$10.5 Billion in January 2007 Revenues
-----------------------------------------------------------
BenQ Corp. disclosed that its January 2007 revenues amounted to
NT$10.5 billion, down slightly from the NT$10.6-billion revenues
reported in December 2006, DigiTimes says.

The report, citing BenQ's senior vice president for finance,
Eric Yu, notes that the unit sales of BenQ-branded LCD TVs hit a
record in January, fueled by the company's successful channel
strategies and strong seasonal demand.

While the projector line for January was able to maintain at the
similar level as December in terms of revenues, sales of LCD
monitors suffered a sequential drop for the month as demand
started declining from a seasonal peak recorded in the previous
quarter, Mr. Yu added.

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.


BENQ CORP: Report Reveals EUR883-Million Debt for Mobile Unit
-------------------------------------------------------------
BenQ Mobile GmbH & Co. OHG, the bankrupt German unit of Taiwan-
based BenQ Corp., incurred up to EUR883 million of debts, far
worse than anticipated, Sueddeutsche Zeitung states citing the
company's insolvency report as its source.

Siemens, which sold the bankrupt mobile unit to BenQ Corp., will
likely impact Siemens as it is being asked to pay EUR100 million
to creditors, AFX News relates.

A spokeswoman for Martin Prager, BenQ Mobile's insolvency
administrator, told AFX News that the figures cited in the
insolvency report are rough estimates.

                        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.

                          *     *     *

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.


CLARION ORIENT: Shareholders Pass Resolution to Wind-Up Firm
------------------------------------------------------------
On Jan. 26, 2007, the shareholders of Clarion Orient Co. Ltd.
passed a special resolution to voluntarily wind up the company's
operations.

Accordingly, Rainier Hok Chung Lam and John James Toohey were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22/F, Prince's Building
         Central
         Hong Kong


ELECTRONIC RENTALS: Members' Final Meeting Slated for March 2
-------------------------------------------------------------
The members of Electronic Rentals (Hong Kong) Ltd will hold a
final meeting on March 2, 2007, at 10:00 a.m., to consider the
liquidator's account of the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific reported that the
company went into liquidation on Sept. 26, 2006.

The liquidator can be reached at:

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


FORDSKY (HK) LIMITED: Sets Members' Final Meeting on March 9
------------------------------------------------------------
Fordsky (HK) Ltd will hold a final meeting for its members on
March 9, 2007, at 11:00 a.m., to consider the liquidator's
account of how the company was wound up and its properties
disposed of.

The liquidator can be reached at:

         Chou Yiu Keung
         Rooms 2101-3 China Insurance Group Bldg
         141 Des Voeux Road Central
         Hong Kong


GELERT FAR EAST: Members to Receive Liquidator's Report
-------------------------------------------------------
The members of Gelert Far East Ltd will meet on March 2, 2007,
at 11:00 a.m., to receive the liquidator's report regarding the
company's wind-up proceedings and property disposal activities.

The liquidator can be reached at:

         Thomas Andrew Corkhill
         8/F, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


KENSON PROPERTIES: Creditors Appoint Liquidator
-----------------------------------------------
At a meeting held on Jan. 19, 2007, the creditors of Kenson
Properties Ltd passed an ordinary resolution to appoint Ng Hoi
Yue Herman as liquidator.

The Liquidator can be reached at:

         Ng Hoi Yue, Herman
         Room B, 4/F, Eton Building
         288 Des Voeux Road, Central
         Sheung Wan, Hong Kong


KEYBOND TRADING: Members Decide to Close Business
-------------------------------------------------
The members of Keybond Trading Ltd passed a special resolution
on Jan. 24, 2007, to voluntarily wind up the company's business.

In this regard, Sung Mi Yin was appointed as liquidator and was
authorized to distribute the company's assets to its members.

The Liquidator can be reached at:

         Sung Mi Yin
         Suite No. A, 11/F
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


LA FONTE: Court to Hear Wind-Up Petition on March 7
---------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against La Fonte Ltd on March 7, 2007, at 9:30 a.m.

Greenpak Biotech Ltd filed the petition on Dec. 21, 2006.

Greenpak's solicitor can be reached at:

         Ma Tang & Co.
         Unit 1703, Vicwood Plaza
         199 Des Voeux Road Central
         Hong Kong


NETTEST (HONG KONG): Creditors' Proofs of Debt Due on March 16
--------------------------------------------------------------
The creditors of Nettest (Hong Kong) Ltd are required to submit
their proofs of debt by March 16, 2007.

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

The liquidator can be reached at:

         Yau Tsz Sang
         Room 1204-5, 12/F
         Tai Tung Building
         No. 8 Fleming Road, Wanchai
         Hong Kong


OPPO HOME: Appoints Provisional Liquidator
------------------------------------------
At an extraordinary board meeting held on Jan. 11, 2007, the
creditors of Oppo Home Company Ltd passed a special resolution
to appoint Chan Kin Hang Danvil as the company's provisional
liquidator.

The company's wind-up proceedings commenced on Jan. 22, 2007.

The Provisional Liquidator can be reached at:

         Chan Kin Hang, Danvil
         Room 802, 8/F
         Ginza Square, 565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


QUANTA COMPUTER: Fitch Assigns Long-Term IDR Rating of BB
---------------------------------------------------------
Fitch Ratings on February 6, 2007, assigned ratings to Taiwan-
based Quanta Computer Inc., a Long-term foreign currency Issuer
Default rating of BB and a National Long-term rating of
BBB+(twn).

The Outlook on the ratings is Stable.

The ratings reflect QCI's leading industry position in providing
original design manufacturing services for notebook personal
computers and its solid customer relationships with the branded
NBPC vendors.  The ratings also reflect positive momentum of the
electronics ODM sector, with over 20% growth estimated for NBPC
shipment in 2007.

However, the ratings are constrained by QCI's concentrated
business portfolio, low profit margin, negative free cash flow
and above average financial leverage.

Fitch notes that QCI's profit margin was just above the industry
average for the past three years, which does not commensurate
with its leading market standing.  Excluding Quanta Display Inc,
which QCI owned 27.3% before the former's merger with AU
Optronics Corporation in October 2006, QCI's consolidated
revenues rose 10.6% to NT$462 billion in the last 12 months
ended June 30, 2006, but its operating EBITDAR weakened by 2.3%
from 2005, reflecting a decline in margin to 3.9% from 4.4% in
2005.

"QCI is seeing greater pressure in its operating cash flow
generation amid increasing competition in the ODM industry,
while major branded NBPC vendors are also changing their
outsourcing strategies to incorporate a larger number of ODM
suppliers," said Kevin Chang, associate director in Fitch's
Asia-Pacific telecom, media and technology team.

In response to the above developments, QCI has shifted its focus
from revenue growth to profitability through increased vertical
integration of operations and more diversified revenue mix.  
"Despite business diversification efforts by QCI, material
improvement in profitability and cash flow generation seems
unlikely to materialize in the next two years as low-margin NBPC
manufacturing would continue to account for over 70% of
revenues," added Mr. Chang.

Higher working capital requirement, a dividend payout ratio of
40% to 60%, and additional capital expenditure would lead to
negative FCF over the medium term.  To finance its capital
expenditures and working capital needs, QCI has increased its
debt to NT$55.1 billion at end-June 2006, pushing its leverage
in terms of adjusted debt over operating EBITDAR to 3.1x (1.5x
on a net basis).

Fitch also notes that QCI's debt maturity weighs heavily towards
the short term because of its working capital loans and put
options on its convertible bonds.

Formed in 1988, QCI is the world's largest NBPC ODM service
provider with over 25% market share.  Fitch estimates that NBPC
accounted for 83.3% of its consolidated revenues in 2005, with
the remaining sales contributed by PC peripherals, optical disk
drive, handsets, and others.


REGENT WELL: Creditors Must Prove Debts by March 2
--------------------------------------------------
The creditors of Regent Well Ltd are required to submit their
proofs of claim by March 2, 2007.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
company entered liquidation proceedings on Jan. 23, 2007.

The liquidator can be reached at:

         Tse Wing Sing, Victor
         Flat B, 16/F, Kwong On Bank
         (Mongkok Branch) Building
         728-730 Nathan Road, Mongkok
         Hong Kong


SUNWISE INTERNATIONAL: Wind-Up Hearing Set for February 28
----------------------------------------------------------
A liquidation petition filed against Sunwise International
Investments Ltd will be heard before the High Court of Hong Kong
on Feb. 28, 2007, at 9:30 a.m.

The Government of the Hong Kong Special Administrative Region
acting by the Secretary for Justice filed the petition on
Dec. 14, 2006.

Hong Kong Special Administrative Region's solicitor can be
reached at:

         Chan Yuen Ping
         Department of Justice
         2/F, High Block
         Queensway Government Offices
         66 Queensway
         Hong Kong


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

AFFILIATED COMPUTER: S&P Revises B+ Rating Outloook to Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications for its ratings on Dallas-based Affiliated Computer
Services Inc., including the 'B+' corporate credit rating, to
positive from negative.  The ratings remain on CreditWatch,
where they were placed on Jan. 27, 2006.

"The revision reflects the filing of audited financial reports
and the elimination of any triggering events that might have
caused a payment acceleration on the company's US$2 billion of
term debt," said Standard & Poor's credit analyst Philip
Schrank.  The current rating reflected the acceleration
potential.  Still outstanding, however, is a claim of covenant
default by certain holders of its senior notes (US$250 million
5.2% senior secured notes due June 2015, and US$250 million 4.7%
senior secured notes due June 2010).  In the event the claim of
default is upheld in a court of law, the company has the
capacity under its credit facilities to fund the debt repayment.  
ACS provides diversified business process outsourcing and
information technology outsourcing solutions.

We will meet with ACS' new management team to review current
performance and evaluate the results of its internal
investigation into its historical stock option practices to
determine the accounting consequences, the ongoing government
investigations regarding the option grants, pending litigation,
and any changes to strategy and corporate governance practices
to determine what, if any, effect they have on debt ratings.

The company has global operations in India, Brazil, China,
Dominican Republic, Guatemala, Ireland, Philippines, Poland and
Singapore.


AFFILIATED COMP: Gets IT Outsourcing Contract from Safety-Kleen
---------------------------------------------------------------
Affiliated Computer Services, Inc., has been awarded an
information technology-outsourcing contract by Safety-Kleen.  
The three-year contract is valued at US$3.3 million.

Under the terms of the agreement, ACS will maintain and support
Safety-Kleen's SAP R/3 environment, an enterprise resource
planning or ERP system.  ACS will provide integrated services
that include system and application management, monitoring, and
help desk.  The win underscores ACS' high profile in the market
for SAP services, a fast-growing segment of its full range of IT
solutions.

"The ACS team is a leader in their aptitude for proactive
management in the SAP arena," said Magnus Borg, SVP and CIO of
Safety-Kleen.  "Support is part of the program, however; we were
impressed with how they take initiative in identifying and
addressing issues before they become problems.  These
initiatives, combined with a strong track record of high
productivity and response times, will help to improve Safety-
Kleen's operational efficiencies across the board."

ACS will serve more than 4,000 SAP users at Safety-Kleen,
supporting diverse ERP modules such as order management,
finances and controlling, materials management, human resources,
and business warehouse.

Gary Gauba, President of ACS Systech Integrators, said that ACS'
ability to provide a dedicated SAP support team, its proactive
maintenance, and prowess in driving operational efficiencies
were key factors in its winning this contract.  "ACS has an
extraordinary level of SAP competence, combined with flexibility
and adaptability that stem from a business needs-driven
approach.  We look forward to a great partnership with Safety-
Kleen."

"ACS has built a strong reputation upon the reliable delivery of
world- class IT outsourcing services that offer impressive
levels of scalability," said Ann Vezina, ACS Executive Vice
President and Chief Operating Officer - Commercial.  "Our robust
support system ensures that we can adapt to Safety-Kleen's
changing needs with speed and intelligence.  ACS provides
exceptional solutions because we consider these elements of
flexibility and responsiveness vital to our philosophy of
service excellence."

                       About Safety-Kleen     

Safety-Kleen, a privately held company, is North America's
premier provider of industrial oil collection and re-refining,
parts cleaner services, and industrial waste management.  
Safety-Kleen offers its customers a complete set of responsible
re-refining, cleaning, and environmental solutions through its
fully integrated branch network designed to collect, process,
recycle, re-refine, and dispose of a wide range of both
hazardous and non-hazardous waste streams.  The company has
approximately 4,500 employees serving hundreds of thousands of
customers in the United States, Canada and Puerto Rico.

                    About Affiliated Computer

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides  
business process outsourcing and information technology
solutions to commercial and government clients.  The company's
global presence include operations in China, Brazil, Dominican
Republic, India, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 30, 2006, Standard & Poor's Ratings Services kept its
ratings for Affiliated Computer, including the 'B+' corporate
credit rating, on CreditWatch, where they were placed with
negative implications on Sept. 29, 2006.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  The rating outlook is negative.


ANDHRA BANK: Posts INR1.4-Bil. Profit in Qtr. Ended Dec. 31, '06
----------------------------------------------------------------
For the quarter ended Dec. 31, 2006, Andhra Bank reported a net
profit of INR1.363 billion, a 6% increase from the
INR1.289 billion booked in the corresponding quarter in 2005.

Revenues increased by 16% with the bank posting total income for
the December 2006 quarter at INR9.456 billion, compared to
INR8.172 billion earned in the December 2005 quarter.

Expenditures rose by 11% from INR6.145 billion in the quarter
ended Dec. 31, 2005, to INR6.849 billion in the current quarter
under review.

The bank also provided higher provisions in the December 2006
quarter -- INR600 million for tax and INR644.5 million for other
provisions and contingencies.  In the corresponding quarter in
2005, the bank set aside INR445 million for taxes and
INR296.1 million for provisions and contingencies.

A copy of the bank's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?199a

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

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

                          *     *     *

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


ANDHRA CEMENTS: Turns Around with INR32MM Profit in Dec. Quarter
--------------------------------------------------------------
Andhra Cements Ltd turns around in the quarter ended Dec. 31,
2006, with a net profit of INR32.1 million or INR0.27 per share.  
In the corresponding quarter in 2005, the company recorded a net
loss of INR86.3 million.

The company's revenues soared almost 10 times from
INR52.3-million total income posted for the three months ended
Dec. 31, 2005, to INR518 million booked in the December 2006
quarter.

Expenses also rose sharply to INR446.9 million in the
December 2006 quarter from the INR77.8 million incurred in the
corresponding period in 2005.

A copy of Andhra Cements' financial results for the quarter
ended Dec. 31, 2006, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?199b

Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement.  Andhra is part of the
Kolkata-based Duncan Goenka group.  The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

The Company had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
Appellate Authority for Industrial and Financial Reconstruction
has already approved a rehabilitation scheme, which entailed
fund infusion worth around INR80 crore.


BALLARPUR INDUSTRIES: Declares 15% Interim Dividend
---------------------------------------------------
Ballarpur Industries Ltd's board of directors declared payment
of interim dividend at 15%, i.e. INR1.50 per share, on the
equity shares of the company.

The board made the move at its meeting held on Jan. 29, 2007.

In that regard, the company has set Feb. 14, 2007, as the record
date for the purpose of payment of interim dividend.

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

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


BALLARPUR INDUSTRIES: Allots 34,77,581 Shares on FCCB Conversion
----------------------------------------------------------------
Ballarpur Industries Ltd informs the Bombay Stock Exchange that
its committee of directors has approved the allotment of
34,77,581 equity shares of INR10 each.

The Committee gave their approval at its meeting on Feb. 1,
2007.

The company's shares have been allotted on part conversion of
Foreign Currency Convertible Bonds of US$45 Million, which were
allotted by the company in November 2003.

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

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


BARODA RAYON: Board Okays Amendment to Articles of Association
--------------------------------------------------------------
Baroda Rayon Corporation Ltd informs the Bombay Stock Exchange
that the company's board of directors at its meeting held on
Jan. 31, 2007, inter alia, approved the:

   1. contract for the remuneration payable to the Managing
      Director P. S. Gaekwad; and

   2. comprehensive amendment to the articles of association
      of the company.

Headquartered in Gujarat India, Baroda Rayon Corporation was  
incorporated in 1958 as one of the major players in yarn and  
nylon industry.  The Company expanded its operations into  
polyester-oriented yarn in 1993-94, seeking loans from financial  
institutions.

Baroda Rayon was declared sick by the Board for Industrial and
Financial Reconstruction on March 6, 2006, for its failure to
turn its ailing business around.

Before running into financial troubles, Baroda Rayon was one of  
the major players in the polyester-oriented yarn, nylon, nylon  
tire cord and rayon segments.  But the Company eventually  
plunged into losses for more than five years.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 28, 2006, that the BIFR had drafted a INR200-crore
rehabilitation program for Baroda Rayon.


BHARAT PETROLEUM: Posts INR3-Bil. Profit in 2006 4th Quarter
------------------------------------------------------------
Bharat Petroleum Corporation Ltd posted a net profit of
INR3.035 billion for the quarter ended Dec. 31, 2006, a turn
around from the INR10.242-billion net loss booked in the last
quarter of 2005.  The net profit for the current quarter under
review, however, is a sharp fall from the INR12.585 billion
profit gained in the quarter ended Sept. 30, 2006.

"Financial results have been affected due to impact on account
of high crude oil and product prices which could not be fully
passed on to the consumers," Bharat Petroleum explains in a
filing with the Bombay Stock Exchange.

For the December 2006 quarter, the company recorded income
totaling INR243.543 billion, a 29% increase from the
INR189.441 billion earned in the December 2005 quarter, but a
decrease of 9% compared to the INR267.381 billion posted in the
September 2006 quarter.

Bharat Petroleum advises that INR11.350 billion has been
accounted on provisional basis during the December 2006 quarter,
under income from operations (April-December 2006:
INR43.471 billion) as per indication received from the
Government of India for issuance of Special Oil Bonds in lieu of
the under realization suffered by the company.

The company booked operating expenses totaling
INR235.164 billion in the three months ended Dec. 31, 2006,
interest expenses of INR1.698 billion, depreciation of INR2.484
billion and provision for taxes of INR1.562 billion.

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

              http://ResearchArchives.com/t/s?199c

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is   
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
Company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.   


BHARAT PETROLEUM: Acquires Interest in Australian Block AC/P32
--------------------------------------------------------------
Bharat Petroleum Corporation Ltd signed a farm-in agreement on
Feb. 1, 2007, for acquiring participating interest in the
Australian block AC/P32 in the Timor Sea area, the company
reveals in a filing with the Bombay Stock Exchange.

The company will have a participating interest of 20% in the
block.  After farm-in, the participating interests of the
consortium partners will be:

   -- Coogee Resources Ltd-Operator (24.64%);

   -- Westranch Holdings, a fully owned subsidiary of Norwest
      Energy NL (24.08%);

   -- Adelphi Energy (18.48%); and

   -- Bounty Oil and Gas (12.8%).

The exploration license has six years duration and at present
the consortium is in the fourth year of operation.

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is   
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On Sept. 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On Feb. 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.   


STATE BANK OF INDIA: Hybrid Tier I Notes Gets S&P's 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services on Feb. 8, 2007, assigned its
'BBB-' rating to the proposed floating rate notes and 'BB'
rating to the proposed Hybrid Tier I perpetual notes to be
issued by State Bank of India (BBB-/Stable/A-3), India's largest
bank.  The total issue amount for both the instruments will be
US$700 million.

The rating differential between the floating rate notes and the
Hybrid Tier I perpetual notes reflects the junior subordinated
nature and embedded interest deferral feature of the latter.

The floating rate notes will have a tenor of five years, and
will have no call or put option.  The Hybrid Tier I perpetual
notes will be perpetual notes with a call option 10 years from
the date of issue.

The floating rate notes will constitute direct, unconditional,
unsubordinated, and unsecured obligations of the bank and will
rank pari passu with all of the bank's unsecured and
unsubordinated obligations, and ahead of all subordinated debt
issues.

The payment obligation on the Hybrid Tier I perpetual notes
shall rank junior to claims of senior and subordinated debt
holders but senior to claims of preference and equity
shareholders, and claims for payment of any obligation, that
expressly or by applicable law, is subordinated to the proposed
Hybrid Tier I notes.

The proceeds of these issues will be used to support the growth
of the bank, to increase its regulatory Tier I capital, and for
general corporate purposes.

The interest deferral feature of Hybrid Tier I notes is linked
to compliance with the regulatory capital adequacy ratio and a
profit test.  Should SBI's RCAR be lower than the minimum
regulatory requirement stipulated by the Reserve Bank of India,
it would be mandatory to skip interest payments.  As of Dec. 31,
2006, SBI's RCAR stood at 11.86%, compared with the minimum
regulatory requirement of 9%. If the bank is in compliance with
the RCAR but reports a "net loss," the bank will require RBI's
permission before it can make interest payments on the notes.  A
"net loss" is defined as a negative balance in the "balance in
profit and loss account," which is a component of the reserves
and surplus on the bank's balance sheet.

The Hybrid Tier I perpetual notes are not included in Standard &
Poor's measure of core capital, which is adjusted common equity.
This is in line with Standard & Poor's treatment of other forms
of hybrid capital, including preference shares, in its analysis
of capital.  Standard & Poor's will, however, recognize equity
capital credit in the bank's adjusted total equity of up to 25%
(intermediate-strong equity content) for the proposed Hybrid
Tier I perpetual notes.


UNIVERSAL CORP: Declares Quarterly Dividends
--------------------------------------------
Allen B. King, Chairman and Chief Executive Officer of Universal
Corp. disclosed that the company's Board of Directors has
declared a quarterly dividend of US$0.44 per share on the common
shares of the company, payable May 14, 2007, to common
shareholders of record at the close of business on
April 9, 2007.

In addition, the Board of Directors declared a quarterly
dividend of US$16.875 per share on the Series B 6.75%
Convertible Perpetual Preferred Stock, payable March 15, 2007,
to shareholders of record as of 5:00 p.m. Eastern Time on
March 1, 2007.

Based in Richmond, Virginia, Universal Corporation, (NYSE:UVV)
-- http://www.universalcorp.com/-- has operations in tobacco
and agri-products.  The company, through its subsidiaries, is
one of two leading independent tobacco merchants in the world.
Universal Corporation's gross revenues for the fiscal year that
ended on March 31, 2006, were approximately US$3.5 billion,
which included US$1.4 billion related to operations that were
sold on Sept. 1, 2006.

The company has operations in India, Brazil, Argentina, the
United States, Guatemala, the Netherlands, Belgium and other
countries in Europe.

The Troubled Company Reporter - Asia Pacific reported on Sept.
29, 2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors and Agricultural Cooperative sectors, the rating
agency confirmed its Ba1 Corporate Family Rating for Universal
Corporation, and downgraded its Ba1 rating to Ba2 on the
company's US$563 million MTN.  Additionally, Moody's assigned an
LGD5 rating to the debt obligation, suggesting noteholders will
experience a 73% loss in the event of a default.


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

ALCATEL-LUCENT: Unions Call for Strike Over Job Cuts
----------------------------------------------------
Union workers at Alcatel-Lucent called for a strike in France on
February 15 to protest against the restructuring at the company
as they expect more job cuts than revealed, Reuters reports.

L'Expansion, a French business magazine, reported on Feb. 6 that
Alcatel-Lucent is planning to cut between 15,000 to 20,000 jobs
worldwide, much more than the 9,000 announced as part of the
Alcatel-Lucent merger.

The management reportedly dismissed the report and advised the
union that the range was false.

If it was true, it would be devastating for the group, Reuters
cites Alain Hurstel, member of French Labour Union, as saying.  
Mr. Hurstel, however, believes there will be more than 9,000
jobs that will be lost but not in the 15,000-20,000 range.

Reuters recounts that Alcatel-Lucent said that cost savings of
at least EUR600 million for 2007 would be EUR200 million higher
than initially revealed, which some analysts said could imply
more job cuts than initially planned.

The report also notes that work councils, union representatives
and the management are due to meet on February 13, 14 and 16 to
discuss the job cuts.

On the matter regarding the job cutting, l'Expansion wrote that
1,500 to 2,000 would be in France and quoting the industrial and
union sources as saying 500 would be through early retirement,
the report says.

                       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.


ALCATEL-LUCENT: To Sell Manufacturing Activities at Geel
--------------------------------------------------------
Alcatel-Lucent in Belgium revealed the signature of a binding
memorandum of understanding to sell its manufacturing activities
at Geel to tbp Electronics B.V.  These activities will be
incorporated in a new company named tbp Electronics Belgium.  

The terms of the MOU include the transfer of all customer
contracts, the 319 employees and manufacturing assets.  The
conclusion of the agreement is expected in the second quarter of
2007.

Under the terms of the MOU, management of the manufacturing
plant in Geel will take an equity stake in the shareholders
structure of the new company.

The agreement will enable the manufacturing plant in Geel to
further grow its external market business focused on advanced
Electronics Manufacturing Services for high tech products.
Geel's strategy - the transformation from a pure volume
production plant focused on Alcatel-Lucent internal needs to an
EMS Service provider for external customers - has proven very
successful in the last years.

The core business of tbp - to provide manufacturing and assembly
services for high tech electronic products for the telecom,
medical, semiconductor and industrial sector - perfectly fits
with the external mission of Geel.  The formation of tbp
Electronics Belgium together with tbp Electronics B.V. will
therefore create one of the major Electronics Manufacturing
providers in the Benelux region with an extensive customer base,
complementary know-how and expertise with full flexibility for
prototyping and low to medium volume production.

Under the terms of the MOU, Alcatel-Lucent will provide a load
commitment for a minimum of three years and will consider tbp
for its New Product Introduction activities and as pilot
production facility and industrialization center including for
the transfer of technology to larger volume plants when
production processes reach maturity.

                    About tbp Electronics B.V.

Headquartered in Dirksland, tbp electronics -- http://www.tbp.nl
says it is a well respected leading company in the Benelux and
market leader in state of the art printed circuit assembly,
high-tech electronics production and wiring of cabinets for the
telecom, medical, semiconductor and industrial sector.  Using
special purpose CAD/CAM software and logistics applications,
advanced pick & place machines, and specialized in a wide range
of test solutions, tbp is one of the forerunners in production
innovation in its industry.  Major customers include Honeywell,
ASML, Philips Medical Systems.  Employing more than a hundred
staff members, tbp is one of the largest producers in its field.
tbp produces according to the ISO 9001:2000, AQAP-2120:2003 and
IEC 61508 quality certificates.

                        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.


BEARINGPOINT: To Provide Update on 4th Qtr. Results on Feb. 13
--------------------------------------------------------------
BearingPoint, Inc., will hold an investor meeting on Feb. 13,
2007, at 8 a.m. ET at Hilton Hotel, 1335 Ave. of the Americas,
New York City.

BearingPoint's CEO, Harry You, stated, "I look forward to
updating our shareholders on the progress we have made in our
business during the past several months as well as our plans to
become current in 2007.  I am pleased that our fourth quarter
2006 metrics continue to demonstrate momentum in the marketplace
and reflect progress against our growth objectives."

Highlights of BearingPoint's fourth quarter 2006 performance
include:

   * Bookings were US$699 million in the fourth quarter of this
     year, bringing total bookings for the full year 2006 to
     US$3.1 billion;

   * Voluntary total employee turnover was 21%, down from 28% in
     the third quarter 2006;

   * Total workforce utilization was 77.4%, up from 77.2% in the
      third quarter 2006; and

   * Billable headcount for the fourth quarter of 2006 stood at
     approximately 15,300, unchanged from the third quarter of
     2006.

In addition, cash balances as of Dec. 31, 2006, were
approximately US$389 million.  Year-end cash balances were
positively impacted by significant improvements in cash
collections and timing of payment of certain outstanding year-
end obligations.

At its investor meeting, the company will also update its
shareholders on a number of other topics, including additional
highlights of its 2006 financial performance, expected sources
and uses of cash for the first quarter of 2007, and recently
approved equity and cash compensation plans for its managing
directors and other high-performing senior-level employees.

                     About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

On Oct. 10, 2006, Moody's Investor Service downgraded and placed
these ratings on review for further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2.


COMVERSE TECH: NASDAQ Delists Common Stock Effective Feb. 1
-----------------------------------------------------------
Comverse Technology, Inc. disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that it received a
decision, dated Jan. 30, 2007, from the NASDAQ Listing and
Hearing Review Council, stating that the company's common stock
will be delisted from NASDAQ, effective at the open of business
last Thursday, Feb. 1, 2007.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 2, 2007, the company disclosed that it received an
additional Staff Determination Letter from NASDAQ indicating
that the reported delay in the filing of the Form 10-Q for the
fiscal quarter ended Oct. 31, 2006, served as an additional
basis for the delisting of the company's securities from NASDAQ
under NASDAQ Marketplace Rule 4310(c)(14).

With the delisting of its common stock from NASDAQ, the company
expects that its common stock will be quoted in the "Pink
Sheets" beginning on Feb. 1, 2007.  The company expects that the
trading symbol of its common stock will remain the same (CMVT or
CMVT.PK).

Mark Terrell, Comverse Technology's Chairman, said, "Comverse
Technology remains a financially strong, world class company
with more than 7,000 employees serving customers in more than
100 countries.  The NASDAQ decision will not affect our ability
to continue providing outstanding products, technology and
service to our customers worldwide.  We are committed to
regaining compliance with all filing requirements and obtaining
relisting of our common stock in a timely manner."

As a result of the delisting of the company's common stock from
NASDAQ, holders of the company's Zero Yield Puttable Securities
due May 15, 2023 and New Zero Yield Puttable Securities due
May 15, 2023 will have the right to require the company to
repurchase their ZYPS at a purchase price equal to 100% of the
principal amount of the ZYPS purchased.  The aggregate
outstanding principal amount of ZYPS under the applicable
Indentures was approximately US$419,647,000.

As of Oct. 31, 2006, the company had cash and cash equivalents,
bank time deposits and short term investments of $1,867,761,000.

Comverse Technology, Inc. (NASDAQ: CMVT)
-- http://www.comverse.com/-- provides software and systems  
that enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.

The Troubled Company Reporter - Asia Pacific reported on Jan 04,
2007 that Standard & Poor's Ratings Services said that it is
leaving its 'BB-' corporate credit and senior unsecured debt
ratings on New York, N.Y.-based Comverse Technology Inc. on
CreditWatch with negative implications, where they were placed
on March 15, 2006.


COMVERSE TECHNOLOGY: Delisting Prompts S&P to Hold Neg. Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York, New York-
based Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.

"On Feb. 1, 2007, Comverse's common stock, along with that of
its wholly owned subsidiaries Verint Systems Inc. and Ulticom
Inc., were delisted from NASDAQ because of the companies'
failure to file form 10-K annual financial statements for the
year ended Jan. 31, 2006, or any subsequent form 10-Q quarterly
financial statement," said Standard & Poor's credit analyst Ben
Bubeck.

As a result of this delisting, holders of Comverse's convertible
notes will have the right to require the company to repurchase
the notes at a purchase price equal to 100% of the principal
amount.

It should be noted that the company reported cash balances of
nearly US$1.9 billion as of Oct. 31, 2006, compared with
approximately US$420 million of outstanding convertible notes.
Therefore, the company is expected to be able to meet a
potentially accelerated maturity with current balance sheet
liquidity, if necessary.

Standard & Poor's will continue to monitor developments with
Comverse, including financial restatements, changes to the
strategy and corporate governance practice that may stem from
management departures, potential litigation, and debt maturity
acceleration to determine what, if any, affect they have on debt
ratings.  If holders of the convertible notes exercise their
rights to require the company to repurchase the notes, and they
are retired, Standard & Poor's  ratings on Comverse will be
withdrawn.

Comverse Technology, Inc. (NASDAQ: CMVT)
-- http://www.comverse.com/-- provides software and systems  
that enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.


GOODYEAR TIRE: Operations Back to Normal After Warehouse Fire
-------------------------------------------------------------
Executives of Goodyear Jamaica Ltd., The Goodyear Tire & Rubber
Co.'s Jamaican subsidiary, told the press that operations at the
firm were back to normal after a fire at its distribution and
sales center in January.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 30, 2007, a fire at Goodyear Tire stopped operations at its
distribution center in Kingston, Jamaica.  Investigators had not
yet determined the cause of the fire.  Damien Satterthwaite --
Goodyear Tire's consumer tire manager in Jamaica -- said that
the company relocated its administrative and sales office to 248
Spanish Town Road after a fire destroyed its distribution center
at 230 Spanish Town Road.  However, Goodyear Jamaica said that
the recent fire at its Spanish Town Road warehouse won't
negatively affect the firm's strategic and performance
objectives for this year.

The Jamaica Observer relates that the Goodyear Tire managers
pointed to the price sensitive nature of the local tyre market
as the firm's biggest challenge in moving forward.

Goodyear Jamaica general manager Steven Miller told The
Observer, "We are ramping up to full strength after the fire on
January 11th."

Mr. Miller refused to tell The Observer the dollar value of the
loss or the number of tyres that were destroyed in the fire,
citing competitive reasons.  

Mr. Miller told The Observer, "We were able to get back on
stream so quickly because we had tyres on route to Jamaica.  On
January 10th, we complained that the shipment from our
manufacturing plant in Brazil was taking too long to arrive in
Jamaica.  On January 11th, we were so happy that the shipment
from our manufacturing plant in Brazil was taking too long to
arrive in Jamaica."

According to The Observer, Mr. Miller praised Goodyear Tire for
Goodyear Jamaica's speedy recovery.  He commented, "I am more
proud today to be affiliated with Goodyear than in the four
years that I have been with the company.  Our parent came to our
aid and ensured that our ability to deliver the product was not
compromised."

Mr. Miller told The Observer that the tyre market in Jamaica was
interesting.  He said, "This market has low barriers of entry.  
Anyone can come in with a container of tyres and start selling."

Goodyear Jamaica was the Caribbean nation's sole tyre
manufacturer that provided protection of its market share and
created a high barrier to entry for other tyre distributors,
according to The Observer.  

Mr. Miller told The Observer that since 1997 when Goodyear
Jamaica closed its factory in St Thomas, the firm has seen a
steady decline in its market share.  Currently there is a
saturation of products in the market.

"The Jamaican market is very price sensitive and there needs to
be marketing to separate the brand from our competitors; if not,
then price becomes the differentiator," Mr. Miller commented to
The Observer.  

Mr. Miller explained to The Observer that Goodyear Jamaica will
be working with its re-sellers to improve their profile.  He
said, "We will help our strategic partners who sell tyres to
expand because that is good for our business.  Goodyear means
something to people.  We need to continue to build the brand
equity and provide a rationale for why consumers should buy the
product.  Most people perceive a tyre as a round black rubber
thing; but a tyre is in fact, a fine-tuned machine.  We will
take this message along with the strength of our brand name
Goodyear across Jamaica."

The Observer underscores that Goodyear Jamaica's net profit for
the nine months ending Sept. 30, 2006, decreased 55% to
US$23.813 million, compared with the US$52.97 million earned
during the same period in 2005.  

Goodyear Jamaica's revenues increased 12% to J$965.87 million
for the nine-month period ending September 2006, compared with
J$864.73 million for the same period in 2005, The Observer
states.

                         About Goodyear

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

                          *     *     *

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

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

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

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

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

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

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

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

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


MEDCO ENERGI: Awaits News On Big Oil Find in Libya
--------------------------------------------------
PT Medco Energi Internasional Tbk is waiting for verification
from its Canadian partner, Verenex Energy Inc., over an
announcement that a "big" oil reserve has been found in a Libyan
field where both companies hold the exploration rights, The
Jakarta Post reports.

Verenex made a statement on the Web site of National Oil Corp
that they had discovered the oilfield in Libya, adding that
indications shows that it maybe a big find, the Post says citing
Bloomberg News.

The Post notes that under the agreement between Verenex and
Libya, Verenex will get 13.7% of any output while Libya's
National Oil 86.3%.  The exploration rights to an area covering
6,182 square kilometers were granted to Verenex and Medco in
January 2005 during Libya's first ever auction, with each
company holds a 50% working interest, the newspaper says adding
that the exploration rights will expire in 2035.

Medco's corporate secretary, Andy Karamoy, told The Post that
the find still needs to be verified before any official
revelations will be made public.

Medco will be placed in a strong position if the find turns out
to be true, and the oil reserves verified, especially after the
company revealed its plan in December to expand its oil
exploration activities into the Gulf of Mexico, The post says.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 22, 2006, that Medco Energi expanded the area that it is
seeking to explore in the Gulf of Mexico with the purchase of a
concession for US$500,000.  The area, known as Brazos Area Block
437, covers a 5,760-acre field in the Gulf of Mexico.

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

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


TELKOM INDONESIA: Watchdog Assessing Tariff Changes
---------------------------------------------------
The Indonesian Telecommunications Regulatory Board is currently
evaluating PT Telekomunikasi Indonesia's plan to change the way
it calculates its charges, to ensure the new regime really
benefits customers, The Jakarta Post reports.

According to the report, the company plans to change the way it
charges for its products, particularly fixed-line services, by
jettisoning the current "pulse"-based system and adopting a per
minute-based system.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 23, 2007, telecommunication observer, Roy Suryo, earlier
said that one pulse of IDR250 could be used for between 1.5 and
3 minutes.

TCR-AP explains that for 0 to 20 kilometer distance at call time
from 3 p.m. to 12 a.m., one pulse can be used for three minutes.  
For more than a 20-kilometer distance on the same period of
time, the tariff is IDR250 per two minutes, while long-distance
calls for less than 30-kilometer distance are the same as the
local tariff.  By the new calculation, Telkom will charge IDR250
for the first minute and IDR125 for the following minutes.

Heru Sutadi, spokesperson of the telecom watchdog, told The Post
that BRTI supports Telkom's plan to lower prices by changing the
calculation mechanism, adding that the proposed mechanism will
certainly provide greater clarity for users, and allow them to
calculate their telecommunications costs more accurately.

However, Mr. Sutadi said that the final decision by the BRTI
would have to await the outcome of an evaluation to confirm that
the proposed change would really provide lower prices to
customers, the newspaper adds.

Telkom president director Arwin Rasyid had revealed plans to
lower charges for the company's fixed-line, fixed wireless and
broadband Internet services to address growing competition in
the industry.

In the first quarter of 2007, Telkom will reduce Speedy
broadband Internet charges by 30%, the report cites Mr. Rasyid
as saying.

The report notes that, currently, Telkom's Speedy 384-kilobyte-
per-second broadband service charges IDR300,000 per 500
megabytes of downloads, IDR450,000 for 1 gigabit and IDR800,000
for 2 gigabits, but at a download speed of 512 kilobytes per
second.

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

As reported in the Troubled Company Reporter - Asia Pacific on
January 31, 1007, Fitch Ratings has revised the Outlook on
Telekomunikasi Indonesia Long-term foreign and local currency
Issuer Default ratings to Positive from Stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

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


WILLBROS GROUP:  Reveals Sale of Nigerian Operations
----------------------------------------------------
Willbros Group, Inc., had completed the sale of its Nigerian
operations through an offshore share purchase agreement for a
total consideration of US$155.25 million.

Under the terms of the share purchase agreement with Ascot
Offshore Nigeria Limited, a Nigerian energy services company,
Willbros has received US$150 million in cash and a note for the
balance of the purchase price for the shares of WG Nigeria
Holdings Limited, the Cayman Islands holding company which owns
the operating and equipment companies supporting activities in
Nigeria.  The final net proceeds to Willbros are subject to
post-closing working capital and other adjustments.

Due to the many variables affecting the Company's contracts and
commercial negotiations in Nigeria, the final adjustments may
not be determined for several months, and those adjustments may
be substantial, but are not expected to result in the
recognition of a loss on this sale.  In conjunction with this
transaction, Willbros bought out certain minority interests at a
total cost of US$10.5 million.

In order to facilitate a smooth transition of the Nigerian
operations, Willbros and Ascot have entered into a transition
services agreement.  While Ascot's parent company is an
experienced operator in the Nigerian energy sector, the
transition services agreement will enable Willbros to work with
Ascot to help them continue to provide the high level of service
to customers in West Africa, which Willbros has provided
throughout its 44-year history in that market.  Ascot and
Willbros have also executed an intellectual property license
agreement, which will allow Ascot to use the Willbros brand and
trademark in Nigeria for a specified period of time.

Randy Harl, President and Chief Executive Officer of Willbros,
commented, "We are pleased to complete the sale of our Nigerian
operations to a well- known and experienced company with
knowledge of the Nigerian energy and construction markets. We
are moving forward with the execution of our previously-stated
strategy which will position Willbros to participate in the most
attractive markets for our services wherever they exist in the
world.  The proceeds derived from this sale will be deployed to
projects and opportunities that offer Willbros strategic
advantage and the best risk- adjusted returns."

J. P. Morgan Securities, Inc. acted as financial advisor to
Willbros in this transaction.

Willbros Group, Inc. is an independent contractor serving the
oil, gas and power industries, providing engineering and
construction services to industry and government entities
worldwide. For more information on Willbros, please visit our
web site at http://www.willbros.com.

Willbros Group, Inc. (NYSE:WG) -- http://www.willbros.com/-- is  
an independent contractor serving the oil, gas and power
industries, providing engineering and construction, and
facilities development and operations services to industry and
government entities worldwide.  Willbros has operations in
Indonesia.

                     Long-term Debt Waivers

During the period from Nov. 23, 2005, to June 14, 2006, the
company entered into four additional amendments and waivers to
the 2004 Credit Facility with its syndicated bank group to waive
non-compliance with certain financial and non-financial
covenants.  Among other things, the amendments provided that:
(1) certain financial covenants and reporting obligations were
waived and/or modified to reflect the Company's current and
anticipated future operating performance; (2) the ultimate
reduction of the facility to US$70,000 for issuance of letter of
credit obligations only; and (3) a requirement for the Company
to maintain a minimum cash balance of US$15,000.


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

CREDIA CO: R&I Downgrades Issuer Rating to BB+ from BBB-
--------------------------------------------------------
Rating and Investment Information, Inc., has removed Credia Co.
Ltd. from its Rating Monitor and downgraded the company's Issuer
Ratings by one notch from BBB- to BB+.

The Rating Outlook following the review is Stable.  R&I has also
downgraded the Commercial Paper rating for Credia from a-1 to a-
2 and from a-2 to a-3 respectively.

   Issuer: Credia Co., Ltd. (Sec. Code: 8567)
   Issuer Rating: BB+ (Downgraded from BBB-; Removed from the
                  Rating Monitor)
   Rating Outlook: Stable
   Issue: Preliminary Rating for the Shelf Registration scheme
   Bonds to be Rated: Corporate Bonds
   Issue Amount: JPY30,000 million (Shelf Amount)
   Issue Period: Two years from Nov. 10, 2005
   R&I Rating: BB+ (Downgraded from BBB-; Removed from the
               Rating Monitor)
   Programme: Domestic Commercial Paper Programme
   Issue Limit: JPY10,000 million
   R&I Rating: a-3 (Downgraded from a-2; Removed from the Rating
               Monitor)

The results of the latest review reflect the outcome of an
examination of the impact of changes in operational risk
premised on the enforcement of the amended Money Lending
BusinessControl Law, and the effect on the business base of the
company, and the validity of future earnings forecasts.

R&I considers that the market for unsecured consumer loans could
shrink by just under 40% by around 2010 when the lowering of the
ceiling interest rates under the Capital Subscription Law
and restrictions on aggregate amounts will be implemented to
accompany the enforcement of the legal amendments.  At the same
time as a contraction in the business base, including a decline
in the number of new customers and a reduction of credit to
existing customers, credit-related costs will rise, and the
earnings environment will remain tough in the short term.  (R&I
is designating this period when consumer finance companies are
exposed to severe stress as an adjustment period.)  
Nevertheless, in normal times after these developments have run
their course, reputational risk and operational risk related to
legal amendments will decline, and the quality of assets should
improve due to the increase in the proportion of relatively good
quality customers.

Credia has been trying to change its business structure for a
number of years, but it will not be easy to make up for the
slump in the unsecured consumer loan business with other
earnings sources and cost cutting.  Credia compares very
unfavourably with the other major companies in terms of its
ability to acquire customers and the quality of its assets.  R&I
has concluded that the company's risk resilience is declining,
and it will be difficult to maintain it in the BBB rating zone.

In particular, R&I considers that acquiring customers for
unsecured consumer loans will become difficult in the future,
and there is a pressing need for Credia to change its earnings
structure.  In addition to the guarantee business, which is
already yielding a certain level of results, Credia plans to
expand property-secured special purpose loans, but the prospects
for this are currently very uncertain.  For the time being, the
company will be under severe stress, and it is expected to
experience difficulties in securing profits.  Despite this, if
the effects are short term, the company has room in its finances
to allow it to absorb risk.  It will be necessary to assess
whether Credia can accelerate changes to its earnings structure
as well as boosting the declining stability of its finances.
Based on these factors, R&I has downgraded the Issuer Rating by
one notch to BB+.  In conjunction with the downgrading of the
Issuer Rating, R&I has also downgraded the CP rating from a-2 to
a-3.


DELPHI CORP: Wants Barclays Bank Settlement Pact Approved
---------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the Honorable Robert
D. Drain of the United States Bankruptcy Court for the Southern
District of New York to approve their Settlement Agreement with
Barclays Bank PLC.

Delphi Corporation entered into a master swap agreement with
Barclays Bank PLC on Nov. 23, 2001.

Neil Berger, Esq., at Togut, Segal & Segal LLP, in New York,
relates that in October 2005, Barclays executed an early
termination of the Agreement and was then required, under the
Master Agreement, to make a termination payment to Delphi.

Barclays Bank subsequently represented that it owed Delphi
US$10,178,261 as the termination payment provided for by the
Master Agreement.  Barclays Bank later recalculated the
Termination Payment to equal US$9,044,399, Mr. Berger cites.

When Delphi made proper demands on Barclays for the payment and
delivery of the Termination Payment, Barclays asserted that it
had a right to withhold payment of all or part of the
Termination Payment to protect its alleged setoff rights on
account of any indemnification payment obligations that may be
owed to it by Delphi pursuant to, and in connection with:

   -- the indemnity provisions of the Master Agreement;

   -- the prepetition issuance of certain Delphi bonds by
      Barclays Capital Inc; an affiliate of Barclays Bank; and

   -- claims that have been asserted against Barclays Capital in
      a class action filed in the Southern District of New York.

Delphi contended that it does not owe any indemnification
obligation to Barclays Bank because, inter alia, the Bank was
neither an issuer of the Bonds nor was it named as a defendant
in the Litigation, Mr. Berger informs the Court.   Moreover, the
issuance of the Bonds by Barclays Capital was wholly unrelated
to the Master Agreement and the parties' rights and obligations
under the Master Agreement.

To resolve their dispute, the parties engaged in arm's-length
negotiations and have agreed to enter into a settlement.

The parties' Settlement Agreement provides that Barclays will
pay Delphi US$9,044,399 as Termination Payment in full and final
satisfaction of any and all claims Delphi may have against
Barclays for the return of the Termination Payment.  In
exchange, Delphi will release and waive any claims, charges,
causes of action and avoidance actions it may assert or may have
been able to assert against Barclays, its affiliates, employees,
and agents regarding the Termination Payment.

Mr. Berger asserts that the Settlement Agreement:

   -- eliminates a material risk of an unfavorable litigation
      outcome;

   -- avoids significant costs, uncertainties and delays
      attendant to any litigation and possible resulting
      judgment; and

   -- provides for a waiver of all claims Barclays may possess
      against the Debtors in relation to the Termination
      Payment, except for those concerning Barclays' rights
      pursuant to the Final DIP Order and the DIP Refinancing
      Order.

                      About Delphi Corporation

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

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 56; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


FORD MOTOR: To Invest US$866 Million in Six Michigan Plants
-----------------------------------------------------------
Ford Motor Co. is producing more fuel-efficient vehicles by
investing US$866 million to raise six Michigan plants,
The Associated Press reports.

Under the investment, US$130 million would be spent for a
stamping and assembly plant in Wayne, US$320 million for a
transmission plant in Van Dyke, US$88 million for a transmission
plant in Livonia, US$89 million for Woodhaven Stamping,
US$31 million for Dearborn Stamping, and US$208 million at a
Dearborn plant.

In addition, Ford would receive state incentives of up to
US$151 million and could get that amount matched by local
governments.

According to AP, the US$151 million in tax abatements and other
incentives offered by the Michigan Economic Development Corp. is
based on Ford's billion-dollar commitment.  The company has
reportedly said in August that it plans to invest up to
US$1 billion in its Detroit operations.

Local governments also have considered offering another
US$150 million to US$170 million in incentives, AP adds.

Citing Ford President Mark Fields, AP relates that the
investment in new products and infrastructure will help the
plants become an avenue to build the best vehicles in the world.

                       About Ford Motor Co.

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

The company also has operations in Japan.

                          *     *     *

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

The TCR reported 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.

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


JAPAN AIRLINES: S&P Affirms 'B+' Ratings On Mid-Term Plan
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit and issue ratings on Japan Airlines Corp.
(B+/Negative/--) following the company's announcement of
its new medium-term management plan.

The outlook on the long-term corporate credit rating is
negative.

On Jan. 6, 2007, JAL announced a new four-year management plan
targeting a consolidated operating profit of JPY88 billion by
fiscal 2010 (ending March 31, 2011).  The new plan aims for
higher business efficiency by reducing payrolls costs and
optimizing its aircraft fleet size.  The payroll reductions
will require staff cuts of about 4,300 personnel, including
attrition.  Although the new plan is believed to incorporate
measures necessary to achieve business restructuring, some
uncertainties remain over the company's ability to achieve these
measures and meet its target operating profit.  

JAL has already begun implementing some of the restructuring
measures listed in the new management plan, such as reorganizing
its domestic air routes, renewing its aircraft fleet, and
selling assets at non-core businesses, which should be supported
under the new management plan.  However, JAL still faces
negotiations with labor unions to cut JPY50 billion in payroll
costs and achieve a reduction in fixed costs.  For this reason,
benefits from the personnel reduction are not yet assured, and
progress in negotiations will be a key issue.

A recovery in JAL's share of the individual passenger market,
damaged by past aircraft safety issues, is taking longer than
initially expected.  Consequently, the target consolidated
operating profit for fiscal 2006, currently expected to be
JPY13 billion, will actually be negative after deducting an
amount for the portion of pension funds that will be transferred
to the government.  Therefore, if the large layoffs in the air
transport segment impact travel safety or service quality, this
may have a serious impact on the company's financial performance
and competitiveness.
     
To maintain its current rating, JAL will be challenged to
improve its ability to stabilize its cash flow generation
through corporate restructuring.  Moreover, although JAL has
reduced its capital investments by using operating
leases, the company is expected to need additional external
funding of JPY30 billion to JPY40 billion annually in addition
to the guarantee program offered by Japan Bank for International
Cooperation (AA-/Positive/A-1+), which comprises 80% of total
aircraft fleet acquisition costs. Because of this, JAL will need
ongoing support from financial institutions for its capital
needs after March 2008.

If the new medium-term management plan does not proceed, and
instead negatively affects the company's performance or
financial recovery, the downward pressure on the rating on the
company will likely increase.


JAPAN AIRLINES: To Cut 4,300 Jobs As Part Of Revival Plan
---------------------------------------------------------
Japan Airlines Corp. announced plans to cut more than 4,000 jobs
over three years as part of a revival plan, which is aimed at
returning to profitability in the face of high oil prices and
sluggish demand, AFX News Limited reports.

According to the International Herald Tribune, Japan Airlines
said that it would cut 4,300 employees from its payrolls by
March 2010, the end of its 2009 fiscal year, from its 53,100-
strong work force.  The report says that this comes on top of
the ongoing elimination of 6,000 ground jobs for the period
through March 2008, announced several years ago.

Also as part of the carrier's four-year business plan, it
intends to add more midsize planes and trim the number of large
planes in its international fleet to 39% from 58% by 2011, The
United Press International states.

Times Online cites JAL Chief Executive Officer Haruka Nishimatsu
as saying that the JAL Group hopes to complete its restructuring
by 2009, allowing the carrier to exploit an expansion of Tokyo's
domestic and international airports in that year.

According to the International Tribune, JAL is trying to return
to profit after posting a loss of JPY47 billion last fiscal
year.  The airline also reported a net loss of JPY10.8 billion
in the October to December 2006 quarter, slightly less than the
JPY11 billion loss it recorded for the same period in 2005.
Quarterly sales rose 4.9% to JPY584.1 billion from
JPY556.9 billion, the report recounts.

The company expects to cut JPY50 billion in annual labor costs
beginning in fiscal 2007 from the current fiscal year, and
increase group operating profit to JPY35 billion from
JPY13 billion this fiscal year, the International Tribune notes.

Times Online relates that JAL is targeting operating profits of
JPY88 billion in the year to March 2011.

              Pundits Skeptical About Revival Plan

Analysts believe that JAL's revival plan has failed to address
its high-cost structure and other long-time problems, The Asahi
Shimbun relates.

The Asahi Shimbun recounts that aside from the job cuts, JAL
also plans to shed 700 jobs through early retirement in fiscal
2007.  Moreover, the report notes that the airline will not
widen the 10% cut in basic monthly wages for all employees, but
it will consider terminating bonuses from fiscal 2007, and will
review retirement benefits, including pensions.  

According to the report, analysts say it will not be an easy
task because the airline must agree with its eight labor unions
to implement changes in working conditions.

In addition, the report relates that the company's four main
creditors decided to lend a combined JPY60 billion by the end of
March, which amount is immediately required to redeem past
bonds.  However, Asahi Shimbun states, JAL is still negotiating
an additional loan of JPY20 billion with the Development Bank of
Japan, Mizuho Corporate Bank, the Bank of Tokyo-Mitsubishi UFJ
and Sumitomo Mitsui Banking Corp.

The report says that the tranche is part of the JPY98 billion
the company expects to borrow in fiscal 2007.  Including the
JPY98-billion loan package, JAL will have to procure as much as
JPY550 billion by fiscal 2010.

                       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.


NORTHWEST AIRLINES: To Repay US$15.3 Mil. GMAC Promissory Note
--------------------------------------------------------------
Northwest Airlines, Inc., seeks the U.S. Bankruptcy Court for
the Southern District of New York's authority to repay in full a
US$15,300,000 prepetition secured promissory note held by GMAC
Commercial Finance LLC, successor by merger to GMAC Business
Credit LLC.

The Note secured by nearly 1,000 pieces of Northwest's ground
equipment that supports Northwest's operations at airports
throughout the country.  The value of the equipment
substantially exceeds the amount outstanding under the Note, and
the Note, by its terms, matured on January 1, 2007.

Currently, Northwest is paying interest on the Note at the
contractual rate as adequate protection under a stipulation with
GMAC CF.  The contractual interest rate of the Note is not
favorable to the estate, Bruce R. Zirinsky, Esq., at Cadwalader,
Wickersham & Taft LLP, says.

Mr. Zirinsky also relates that the parties' security agreement
and adequate protection stipulation place certain limitations
upon the Debtor's ability to administer the ground equipment
collateral.  Given the relatively small amount outstanding under
the Note, and the hindrances on the Debtor's administration of
the ground equipment collateral in accordance with its
operational needs, the Note represents an administrative burden
on the estate.

Repaying the Note would provide interest expense savings and
operational flexibility to Northwest and is in the best
interests of the estate, Mr. Zirinsky says.

Northwest executed the Promissory Note in favor of Transamerica
in the principal sum of US$50,931,783, with a non-default
interest rate of LIBOR plus 2.85% and a maturity of Jan. 1,
2007.  Northwest granted to Transamerica a continuing general
first priority lien on and security interest in its equipment.  
Transamerica transferred all of its right, title and interest in
and to the Ground Equipment and the Loan Documents to GMAC CF.

                 About Northwest Airlines Corp.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/  
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for
protection from their creditors, they listed US$14.4 billion in
total assets and US$17.9 billion in total debts.  The Debtors'
exclusive period to file a chapter 11 plan expires on Jan. 16,
2007.

(Northwest Airlines Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


NORTHWEST AIRLINES: Taps Navigant as Appraiser and Consultant
-------------------------------------------------------------
Northwest Airlines, Inc., and its debtor-affiliates ask the
United States Bankruptcy Court for the Southern District of New
York for authority to employ Navigant Capital Advisors LLC as
their appraiser and consultant.

Navigant will provide appraisal of:

   1. unencumbered assets or asset groups including commercial
      aircraft, spare engines, flight training equipment, and
      spare parts to assist the Debtors in preparing their
      plan of reorganization; and

   2. certain major asset categories to provide the basis for
      the Debtors' restatement of the values of their tangible
      assets for Fresh Start Accounting as of the date of
      emergence from bankruptcy, including an estimate of the
      remaining useful lives of the assets.

Navigant will be paid for its services at these hourly rates:

          Title                     Hourly Rate
          -----                     -----------
          Managing Director             US$500
          Director                      US$400
          Associate Director            US$350
          Managing Consultant           US$300
          Senior Consultant             US$250
          Consultant                    US$190

Navigant will limit its fees to an average hourly rate of
US$265. Additionally, Navigant intends to manage its time
expended on the project to approximately 2,070 hours, which
yields an estimated total project fee amount of approximately
US$550,000.

Navigant will bill out of pocket expenses and professional fees
at cost.

The Debtors will indemnify and hold harmless Navigant from any
claims, liabilities, losses and damages related or rising from
the engagement.

Doran V. McClellan, ASA, a director at Navigant, discloses that
Navigant performed:

-- a liquidation and fair value appraisal of personal property
assets of United Air Lines in connection with United's plan of
reorganization and fresh start accounting.  The services were
completed by February 1, 2006;

   -- a fair value appraisal of the personal property assets of
      ATA Airlines for its fresh start accounting in connection
      with ATA's emergence from Chapter 11.  The services were
      completed by June 30, 2006; and

   -- a liquidation analysis of certain personal property assets
      owned by Mesaba Airlines on behalf of MAIR Holdings, Inc.
      The services were completed by October 30, 2005.

Mr. McClellan, however, assures the Court that his firm is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code, as modified by section 1107(b) of the
Bankruptcy Code, and as required by Section 327(a).  Navigant,
Mr. McClellan says, holds no interest adverse to the Debtors and
their estates.

Mr. McClellan also attests that Navigant did not receive any
amounts from the Debtors in the 90 days prior to the Petition
Date.  As of their bankruptcy filing, no amounts were due and
owing from the Debtors to Navigant.

                  About Northwest Airlines Corp.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/  
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for
protection from their creditors, they listed US$14.4 billion in
total assets and US$17.9 billion in total debts.  The Debtors'
exclusive period to file a chapter 11 plan expires on Jan. 16,
2007.

(Northwest Airlines Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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

HONG LEONG: Fitch Affirms 'C' Individual Rating
-----------------------------------------------
On Feb. 8, 2007, Fitch Ratings affirmed all the ratings of Hong
Leong Bank Berhad.  Hong Leong's ratings are:

    * Long-term Issuer Default rating at BBB+
    * Short-term rating at F2
    * Individual rating at C
    * Support rating at 3 and
    * subordinated debt rating of BBB.

The Outlook for the ratings is Stable.

The Individual rating reflects HLB's strong balance sheet and
stable profitability while its Support rating reflects a
moderate probability of government support for the bank in the
unlikely event of need, given its status as a mid-sized bank in
the Malaysian banking system and the government's past record of
supporting distressed financial institutions.

Profitability was stable with pre-tax ROA at 1.3% over FY06 --
ending June 2006 -- and the September 2006 quarter.  Income
contribution improved from non-interest income sources like
credit cards, treasury and other loan/advisory fees, while net
interest margin was higher at 2.3%.  Cost discipline remained
strong with the cost-income ratio unchanged at its target level
of 40% over the period.

Meanwhile, the bank's capital ratios were reduced due to loan
expansion and its share buyback program but remained above
industry average with Tier 1 at 13.0% and Total CAR at 16.3% --
net of proposed dividends.

Credit quality improved with the gross NPL ratio reduced to 4.5%
at end-September 2006 -- industry average: 8.9% -- as compared
with 6.3% at end-June 2005, and were well-reserved with
provisions at 72% of NPLs.  Its core banking operations remained
focused on middle-market consumers and SME/commercial customers
at 60% and 30% of total loans respectively, although overall
loan growth moderated to an annualized rate of c.6% in the
September quarter reflecting the industry wide slowdown
following higher domestic interest rates.

Established in 1905 and listed in 1994, HLB is the sixth-largest
Malaysian bank by assets.  It is 63%-owned by Hong Leong
Financial Group, the financial services investment holding
company of the Hong Leong Group in Malaysia, a diversified
conglomerate controlled by prominent businessman Tan Sri Quek
Leng Chan.


PARACORP BHD: Bourse to Delist Securities on Feb. 16
----------------------------------------------------
The Bursa Malaysia Securities has decided to delist the
securities of Paracorp Bhd from its official list after the
company's financial condition and operations failed to warrant
continued listing.

Paracorp's securities will be removed from the trading list on
Feb. 16, 2007, at 9:00 a.m.

However, the bourse clarified that the company's securities may
remain deposited with the Bursa Malaysia Depositary Sdn Bhd.  
Shareholders who intend to hold their securities in the form of
physical certificates can withdraw these securities with Bursa
Depository at any time after the securities of Paracorp have
been delisted.

An application form is required by the Bursa Securities to grant
the securities withdrawal.    

Shareholders can contact Bursa Securities General Line at 03-
2034 7000.

                          *     *     *

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

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

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


PARACORP BHD: Faces Claims for Repayment of Default Amounts
-----------------------------------------------------------
On Feb. 2, 2007, Paracorp Bhd and its wholly owned subsidiary,
Goda (M) Bhd, received a copy of Pembangunan Leasing Corporation
Sdn Bhd's application for summary judgment against Goda.

The application is in relation to Goda's default in payment to
the Equipment Lease Agreement granted by PLC on Nov. 30, 2001,
Paracorp said in a disclosure with the Bursa Malaysia Securities
Bhd.

Meanwhile, in another related disclosure, Paracorp told the
bourse that there is no change in wholly owned subsidiary Lion
Electronics Enterprise Sdn Bhd's status of default in relation
to the overdraft facility of MYR500,000 under the Master
Facility Agreement granted by Citibank Berhad on August 12,
1999.

In addition, the company also told the bourse that there is also
no change in the status of default in payment of its wholly
owned subsidiary, ParaEngineering Sdn Bhd, to the Term Loan
Facility of MYR5 million granted by Southern Bank Berhad.

Paracorp is currently reviewing options to restructure the
repayments due.

                          *     *     *

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

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

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


PARK MAY: Extends Fulfillment of DRA's Conditions to April 28
-------------------------------------------------------------
Park May Bhd, along with Konsortium Transnasional Berhad,
Malaysian Trustees Berhad and Affin Investment Bank -- the sole
holder of the entire MYR63.0 million Commercial Papers
outstanding -- mutually agreed to further extend until April 28,
2007, the period for them to fulfill the conditions of the Debt
Restructuring Agreement.

On Jan. 23, 2006, the Troubled Company Reporter - Asia Pacific
reported that Park May disclosed its Proposed Restructuring
Scheme with the Bursa Malaysia Securities Bhd, which comprises
of:

(a) Konsortium Transnasional Berhad's acquisitions of these
    six subsidiaries of Kumpulan Kenderaan Malaysia Berhad:

    1. Kenderaaan Langkasuka Sdn Bhd,
    2. Kenderaan Klang Banting Berhad,
    3. Kenderaan Labu Sendayan Sdn Bhd,
    4. Starise Sdn Bhd,
    5. Syarikat Rembau Tampin Sdn Bhd, and
    6. Transnasional Express Sdn Bhd.

    KTB is the company which will assume the listing status of
    Park May pursuant to the Proposed Restructuring Scheme,
    for a total purchase consideration of MYR85,055,614.50,
    which was satisfied by the issuance of 170,111,229 new
    ordinary shares of MYR0.50 each in KTB at an issue price
    of MYR0.50 per Share;

(b) a voluntary offer by KTB to acquire all the issued and
    paid-up share capital of Syarikat Kenderaan Melayu
    Kelantan Berhad, comprising 7,250,620 ordinary shares of
    MYR1.00 each which was satisfied by the issuance of
    72,506,200 new shares in KTB at an issue price of MYR0.50
    per share on the basis of 10 new shares in KTB for every
    one existing ordinary share of MYR1.00 each held in SKMK;

(c) a voluntary offer by KTB to acquire all the issued and
    paid-up share capital of Tanjong Keramat Temerloh Utara
    Omnibus Berhad, comprising 1,054,653 ordinary shares of
    MYR1.00 each, which was satisfied by the issuance of
    7,382,571 new shares in KTB at an issue price of MYR0.50
    per share on the basis of seven new Shares in KTB for
    every one existing ordinary share of MYR1.00 each held in
    Keramat;

(d) a proposed exchange of all the existing ordinary shares of
    MYR1.00 each in Park May with new shares in KTB on the
    basis of two new shares in KTB for every three existing
    ordinary shares of MYR1.00 each held in Park May prior to
    the Proposed Shares Cancellation;

(e) a proposed cancellation of the entire issued and paid-up
    share capital of Park May involving 74,996,022 ordinary
    shares of MYR1.00 each pursuant to Section 64 of the
    Companies Act of 1965 and the issuance of new ordinary
    shares of MYR1.00 each in Park May to KTB;

(f) a proposed debt restructuring of the entire MYR63.0
    million Commercial Papers outstanding of Park May by way
    of canceling the entire MYR63.0 million CP outstanding and
    the issuance of an equivalent nominal value of Irredeemable
    Convertible Secured Loan Stocks by KTB;

(g) a waiver to KKMB and parties acting in concert with it from
    the obligation to extend an unconditional mandatory general
    offer for all the remaining shares in KTB not already owned
    after the Acquisitions of Bus Companies and Proposed
    Share Exchange;

(h) a proposed offer for sale or placement of the shares in KTB
    held by KKMB to the Malaysian public or to investors to
    comply with the minimum 25% public shareholding spread
    requirement; and

(i) a proposed admission of the entire enlarged issued and
    paid-up share capital of KTB to the official list of the
    Bursa Malaysia Securities Berhad and proposed delisting of
    Park May.

                          *     *     *

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

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

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


POLYMATE HOLDINGS: Ex-Director Charged w/ Inflating '03 Revenues
----------------------------------------------------------------
Datuk Ng Kim Weng, former group managing director of Polymate
Holdings Bhd, was charged at the Kuala Lumpur Sessions Court on
Feb. 7, 2007, with furnishing inflated figures in the company's
2003 annual report to Malaysian Securities Exchange Bhd, The
Edge Daily reports.

According to the report, Mr. Ng is alleged to have furnished
false information by inflating revenue and trade receivables as
contained in the company's 2003 annual report.

Charanjit Kaur, Securities Commission prosecuting officer, told
Judge Akhtar Tahir that the amount falsified in the case was
about MYR22.7 million.

However, Mr. Ng, who resigned from Polymate on Jan. 27, 2005,
pleaded not guilty to the charges, the paper says.

The Edge relates that if convicted, Mr. Ng may pay a fine of up
to MYR3 million or may be jailed for a term not more than 10
years, or both.

Judge Akhtar fixed the trial date pertaining to Mr. Ng's case
for Oct. 8-12, 2007.  The judge set bail at MYR300,000 with one
surety and ordered that Mr. Ng's passport be handed over to the
court, The Edge says.

                          *     *     *

Headquartered in Selangor Malaysia, Polymate Holdings Berhad --
http://www.polymate.com.my/-- is engaged in the manufacturing  
and marketing of lead acid batteries for the automotive and
related industries.  It is also engaged in the manufacturing and
dealing of plastic articles and products, corrugated carton
boxes and related products, manufacturing and trading of door
closers and trading of building materials, investment holding,
and provision of corporate and financial support services.  The
Group operates in Malaysia, Australia, New Zealand, and Europe.

Polymate is negotiating with its lenders to restructure the
Group's credit facilities and is working on various schemes to
regulate its financial position.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Polymate's securities were delisted from the
Bursa Securities as it has inadequate level of financial
condition to warrant continued listing.


PUTERA CAPITAL: Submits Proposed Regularization Plan to Bourse
--------------------------------------------------------------
Putera Capital Bhd filed with the Bursa Malaysia Securities Bhd
its regularization plan, showing proposals on how it would
improve its current financial status.

The company's proposed plan involves, among others:

    -- capital reduction,

    -- share split,

    -- rights issue of shares and irredeemable convertible
       preference shares,

    -- debt settlement, and

    -- exemptions.

Moreover, Putera's plan involves the cancellation of issued and
paid-up share capital, comprising 68.8 million ordinary shares
of MYR1.00 each to 34.4 million ordinary shares of MYR1.00 each.  
In addition, the company would cancel MYR6.7 million from the
share premium account as at May 30, 2006.

The reduction in the issued and paid-up share capital and share
premium account will give rise to a credit of approximately
MYR41.11 million, Putera said.  The fund is intended to be
utilized to set-off against the accumulated losses of Putera,
which stood at MYR98.78 million based on the audited accounts as
at May 31, 2006.

After capital reduction, the company intends to split its share,
which involves the subdivision of every one existing reduced
ordinary share of MYR0.50 each into five ordinary shares of
MYR0.10 each.  The proposed share split will give rise to
343,975,000 ordinary shares of MYR0.10 each.

The split shares will, upon allotment and issuance, rank pari
passu in all respects with one another, Putera said.

In addition, Putera would take on a rights issue involving the
issuance of a minimum of 159.09 million Rights Shares up to a
maximum of 343.98 million Rights Shares at an issue price to be
determined later.  The company will also issue 171.99 million
ICPS at an issue price of RM0.10 each on a renounceable basis of
two Rights Shares and one ICPS for every two existing Putera
Shares held by entitled shareholders.

Putera will use the fund it will gain from the rights issue for
construction projects, restructuring expense and as a working
capital.

Putera also proposed a plan for debt settlement, which involves
issuance of company's shares to settle its debt.  According to
the company, as at Dec. 31, 2006, total debts owing to creditors
stood at MYR30.57 million.

The company will settle the amount through the issuance of
MYR30 million nominal value of Class A RCSLS, Class B RCSLS and
Class A RSMTN on the basis of RM1.00 for every MYR1.00 value of
debt the company owed.

Meanwhile, the company proposes that for Secured bank
facilities, which are due or repayable within 12 months will be
paid on two types of instrument:

    (i) secured bank facilities granted under conventional
        principles; and

   (ii) secured bank facilities granted under Syariah
        principles.

For secured bank facilities granted under the conventional
principles, their debts, excluding penalty interest, are
proposed to be restructured by the issuance of 6% 3 years Class
A Redeemable Convertible Secured Loan Stocks on the basis of
MYR1.00 nominal amount of Class A RCSLS for every MYR1.00 amount
of debt.

Secured bank facilities granted under the Syariah principles,
their debts due to the lender up to December 31, 2006, excluding
penalty charges, are proposed to be restructured by the issuance
of 3 years Class A Redeemable Secured Islamic Medium Term Notes
based on the principle of Al-Murabahah on the basis of MYR1.00
nominal amount of Class A RSMTN for every MYR1.00 amount of
debt.

Meanwhile, unsecured bank facilities granted under the
conventional principles, their debts as at December 31, 2006,
excluding penalty interest, are proposed to be restructured by
the issuance of 6% 3 years Class B Redeemable Convertible
Secured Loan Stocks on the basis of MYR1.00 nominal amount of
Class B RCSLS for every MYR1.00 amount of debt.

Putera also has intercompany creditors, which currently the
company owes Pembinaan PCB, a wholly owned subsidiary, of
approximately MYR5 million after netting-off dividend to be
declared by Pembinaan PCB subject to the availability of tax
credits.  The net amount owed by Putera will be settled by an
issue of 6.5% 4 years Class B RCSLS on the basis of MYR1.00
nominal amount of Class B RCSLS for every MYR1.00 debt.

Meanwhile, Putera also clarifies that in conjunction with the
Proposed Rights Issue, certain major shareholders of the
company, namely Good Quantum and Altima will provide an
irrevocable undertaking to subscribe for their entitlement to
the Rights Shares and ICPS.  They will also undertake to
subscribe for any remaining ICPS not subscribed for by the other
existing shareholders pursuant to the Proposed Rights issue.

Good Quantum currently owns 26.12% of the existing issued and
paid-up share capital of the Company.  In view of its
Irrevocable Undertaking, the resultant shareholding of Good
Quantum in PCB may exceed the 33% threshold to trigger a general
offer under the Malaysian Code on Take-Overs and Mergers, 1998.  
In the event that it will happen, Good Quantum will be obliged
to extend a mandatory offer for the remaining Shares in PCB not
already owned by it after the completion of the Proposed Rights
Issue.  In this regard, Good Quantum will seek an exemption from
the SC from having to undertake a mandatory offer on PCB Shares
pursuant to Practice Note 2.9.3 of the Code.

                          *     *     *

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

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

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

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

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

As of end-Nov. 2006, total assets of the company amounted to
MYR44.79 million and liabilities totaled MYR49.8 million,
resulting to a shareholders' equity deficit of MYR5.01 million.


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

A2 CORP: Records NZ$1.95-Mil. Net Loss for 6 Months to Sept. '06
----------------------------------------------------------------
For the six months to September 30, 2006, A2 Corporation Ltd has
recorded a 404% rise in consolidated operating revenues to
NZ$3.494 million from the NZ$694,000 recorded for the same
period in 2005, the company disclosed in its half-year report.

The company's trading loss of NZ$1.945 million for the half-year
period to Sept. 30, 2006, includes the trading results of A2
Australia Pty Ltd and A2 Milk Company LLC.  Also included are
expenses associated with the operations of A2A, higher foreign
exchange translations (NZ$129,000), ongoing marketing and
promotional costs (NZ$141,000), and the share of the deficit
from A2MC LLC (NZ$226,000).

Despite this loss, the group now has net assets of
NZ$1.794 million as of Sept. 30, 2006, compared with a capital
deficit of NZ$449,000 as of Sept. 30, 2005.

New Zealand-based A2 Corporation Ltd. --
http://www.a2corporation.com/-- is engaged in the sale and  
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  During the fiscal year ended March 31,
2006, the company acquired A2 Australia Pty Ltd.  In April 2006,
the company reacquired the business of A2 Australia Pty Ltd from
F&N Dairy Investments Limited.  A2 Milk Company LLC provided the
Company with a research basis for launching A2 Milk in the North
American market.

The company suffered net losses of NZ$925,847 and NZ$9,017,633
for the years ended March 31, 2006, and March 31, 2005,
respectively.


A2 CORP:  Forms Joint Venture With So Natural Foods in Australia
----------------------------------------------------------------
A2 Corporation Ltd. has formed a joint venture in Australia with
So Natural Foods Australia, the National Business Review
reports.

According to the report, the new company will sell A2 milk
products in Australia and Japan.

SNF, Business Review relates, capitalizes on its strength in
marketing products to the Japanese with its relationship with
dairy company Yakult Honsha in Japan, and from its experience
marketing Thorpedo Foods in the country.

Business Review states that A2C's current operations in
Australia will be transferred into the new entity, which is
still subject to due diligence, board approval and the
finalization of a formal documentation.  The deal is set for
completion by March 30, 2007.

The report cites A2C Chairman Clifford Cook as saying that the
joint venture will accelerate A2's business in Australia and its
entry into Japan.  

New Zealand-based A2 Corporation Ltd. --
http://www.a2corporation.com/-- is engaged in the sale and  
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  During the fiscal year ended March 31,
2006, the company acquired A2 Australia Pty Ltd.  In April 2006,
the company reacquired the business of A2 Australia Pty Ltd from
F&N Dairy Investments Limited.  A2 Milk Company LLC provided the
Company with a research basis for launching A2 Milk in the North
American market.

The company suffered net losses of NZ$925,847 and NZ$9,017,633
for the years ended March 31, 2006, and March 31, 2005,
respectively.


A2 CORP: Reacquires Fairbrae Milk License Rights in Australia
-------------------------------------------------------------
A2 Corporation Limited has disclosed that it has further
consolidated its operations in Australia with the re-acquisition
of a license rights previously granted to Fairbrae Milk Co Pty
Ltd, the company said in a press release.

The Fairbrae re-acquisition means that A2C's wholly owned
subsidiary, A2 Australia Pty Ltd, is now the sole licensee in
Australia selling a2 milk and a2 milk products.

A2C CEO International Business Richard Le Grice says that this
is another indication that the company is achieving its
strategic goals as planned.

"This is one of a number of objectives achieved in 2006 to
consolidate Australian operations.  It is in line with A2C's
overall strategic plan of having more direct involvement in the
production and sale of a2 milk(TM) and a2 milk(TM) products, as
opposed to previously licensing these rights to outside parties.
Anticipated benefits to A2C include greater scope to develop the
potential in the Australian market and likely cost savings in
the long term."

New Zealand-based A2 Corporation Ltd. --
http://www.a2corporation.com/-- is engaged in the sale and  
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  During the fiscal year ended March 31,
2006, the company acquired A2 Australia Pty Ltd.  In April 2006,
the company reacquired the business of A2 Australia Pty Ltd from
F&N Dairy Investments Limited.  A2 Milk Company LLC provided the
Company with a research basis for launching A2 Milk in the North
American market.

The company suffered net losses of NZ$925,847 and NZ$9,017,633
for the years ended March 31, 2006, and March 31, 2005,
respectively.


ASTEN BUILDING: Creditors' Meeting Slated for February 20
---------------------------------------------------------
On Jan. 22, 2007, the shareholders of Asten Building Ltd
appointed Gerald Stanley Rea and Paul Graham Sargison as the
company's liquidators.

In this regard, Mr. Rea fixes Feb. 18, 2007, as the due date for
the company's creditors to prove their debts.

Moreover, the creditors will meet on Feb. 20, 2007, at 10:00
a.m., to:

   -- receive an update on the progress of the liquidation;

   -- decide on whether to appoint any other nominees as
      liquidator of the company;

   -- decide whether to appoint a liquidation committee; and

   -- decide whether to pass resolutions setting out any other
      views of creditors.

The joint liquidators can be reached at:

         Gerald Stanley Rea
         Paul Graham Sargison
         Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


BLACK-DASH LAND: Brown and Rodewald to Act as Liquidators
---------------------------------------------------------
On Jan. 12, 2007, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Black-Dash
Land Company Ltd.

The Joint and Several Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street (PO Box 13380)
         Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz


BLACK PEARL: Court Sets Liquidation Hearing for February 22
-----------------------------------------------------------
A liquidation petition filed against Black Pearl Enterprise Ltd
will be heard before the High Court of Auckland on Feb. 22,
2007, at 10:45 a.m.

Accident Compensation Corporation filed the petition with the
Court on Nov. 2, 2006.

Accident'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


DATT TRANSPORT: Court to Hear Liquidation Petition on Feb. 15
-------------------------------------------------------------
A liquidation petition filed against Datt Transport Ltd will be
heard before the High Court of Auckland on Feb. 15, 2007, at
10:00 a.m.

Accident Compensation Corporation filed the petition 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


ISLAND INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 19, 2007, the shareholders of Island Investements
(Ashburton) Ltd resolved to liquidate the company's business.

Accordingly, Trevor James Croy was appointed 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


OCCIDENTAL HOTEL: Faces Liquidation Proceedings
-----------------------------------------------
On Oct. 31, 2006, Accident Compensation Corporation filed a
liquidation petition against Occidental Hotel (1998) Ltd before
the High Court of Christchurch.

The petition against the company was heard on Feb. 12, 2007.

Accident's Compensation's solicitor can be reached at:

         Dianne S. Lester
         Maude & Miller
         2nd Floor, McDonald's Building
         Cobham Court (PO Box 50555 or DX SP 32505)
         Porirua City
         New Zealand


P2P GROUP: Faces CIR's Liquidation Petition
-------------------------------------------
On Nov. 22, 2006, the Commissioner of Inland Revenue filed a
liquidation petition before the High Court of Tauranga against
The P2P Group Ltd.

The petition was heard before the High Court of Rotorua on
Feb. 7, 2007.

The CIR's solicitor can be reached at:

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


SCOTCRAFT COOPERING: Creditors' Proofs of Claim Due Today
---------------------------------------------------------
The creditors of Scotcraft Coopering Services Ltd are required
to submit their proofs of claim today, Feb. 9, 2007.

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

The liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Anna Groen
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace (PO Box 3978)
         Christchurch
         New Zealand
         Telephone:(03) 379 7929


TE HAU KAINGA: Liquidation Hearing Slated for February 19
---------------------------------------------------------
The High Court of Whangarei will hear a liquidation petition
against Te Hau Kainga Holdings Ltd on Feb. 19, 2007, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition on Dec.
11, 2006.

The CIR's solicitor can be reached at:

         M. B. Smith
         P. J. Smith
         Marsden Woods Inskip & Smith
         122 Bank Street (PO Box 146)
         Whangarei
         New Zealand


TERRY SAVILLE: Shareholders Opt to Liquidate Business
-----------------------------------------------------
On Jan. 15, 2007, the shareholders of Terry Saville Motors Ltd
resolved by special resolution to liquidate the company's
business.

In this regard, Robert Drum was appointed as liquidator.

The Liquidator can be reached at:

         Robert Drum
         69 Wood Street
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 6070
         Facsimile:(09) 376 6350


WOODSIDE REYNOLDS: Shareholders Appoint Gouwland as Liquidator
--------------------------------------------------------------
The shareholders of Woodside Reynolds Properties Ltd appointed
Leicester Jac Forbes Gouwland as the company's liquidator.

Accordingly, Mr. Gouwland fixes Feb. 28, 2007, as the day for
which the company's creditors are to prove their debts.

The Liquidator can be reached at:

         Leicester Jac Forbes Gouwland
         Christmas Gouwland & Co
         PO Box 106090, Auckland
         New Zealand
         Telephone:(09) 309 1799
         Facsimile:(09) 307 3113


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

CHINA BANK: Board Ratifies Election of Henry Sy as Chairman
-----------------------------------------------------------
China Banking Corp's board of directors approved, confirmed and
ratified the election of Henry Sy Sr. as the bank's honorary
chairman, a filing with the Philippine Stock Exchange reveals.

The board made the decision at a regular meeting on Feb. 7,
2007, in view of the clearance from the Bangko Sentral ng
Pilipinas.

China Banking Corporation -- http://www.chinabank.com.ph/-- is  
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

                          *     *     *

Moody's Investors Service gave China Bank a 'B' Long-term Issuer
Default Rating effective May 17, 2006.


IPVG CORP: Ties Up with Singapore's Infocomm Asia
-------------------------------------------------
IPVG Corp., together with shareholders of IP E-Game Ventures,
Inc., entered and executed an option-to-purchase agreement with
Singapore-based regional gaming firm Infocomm Asia Holdings Pte.
Ltd., a filing with the Philippine Stock Exchange dated Feb. 7,
2007, says.

IP E-Game is IPVG's subsidiary and has exclusive rights to
publish e-games portal of TERRA ICT in the Philippine market.
The subsidiary has rights to RAN ONLINE, a Massively Multiplayer
Online Game in Taiwan, Malaysia, Hong Kong and Thailand.

Under the deal, IAH will have the option to purchase shares in
IP E-Game within 15 months from the execution of the agreement.

The Option Shares will be comprised of the shares of the IP E-
Game original shareholders, divided pro rata based on their
current ownership.  

IPVG, including the IP E-Game original shareholders, will also
have the option to purchase shares in IAH or a publicly-listed
company owned and controlled by IAH.

In a joint press release, both companies expressed that they
will be maximizing the value of their agreement, taking their
collaboration to the level where IAH can acquire and invest in
IP EGames.  In the same manner, the agreement likewise enables
IPVG to invest in IAH that will also allow them to participate
in a regional floatation on a regional stock exchange.

"Our alliance with IAH not only provides us a pipeline of
quality games for the Philippine market, it also means that we
join ranks with Asia's leading game publishers, the IPVG CEO was
quoted as saying.  "This places IPVG and IPE in a unique
position in the Philippine market."

Infocomm Asia Holdings aims to become the leading operator and
distributor of online games in Southeast Asia through strategic
alliances with other online games operators in the region.  IAH
has obtained exclusive rights to two top-rated Massively-
Multiplayer Online Role-Playing Games in the region, and will
continue to bring the best online games from all over the world
to gamers in Southeast Asia.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the   
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The Company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

As of September 30, 2006, IPVG's consolidated balance sheet
reveals that the company has a stockholders' equity deficit of
PHP40.40 million, on total assets of PHP214.45 million and total
liabilities of PHP260.93 million.  The deficit is 49% more than
the PHP27.04-million deficit recorded as of June 30, 2006.


PHILCOMSAT HOLDINGS: Shareholders Agree to Independent Audit
------------------------------------------------------------
Philcomsat Holdings Corp., on Feb. 6, 2007, confirmed reports
that shareholders have agreed to an independent audit of its
government-sequestered parent companies -- Philippine
Communications Satellite Corp. and the Philippine Overseas and
Telecommunications Corp.

As reported by the Troubled Company Reporter - Asia Pacific on
May 10, 2006, two rival groups of PHC shareholders threw
accusations of mismanagement against each other, which led the
Philippine Senate to initiate a probe on the company and summon
officials of the Presidential Commission on Good Government.  
The Senate investigated, among others, on the alleged anomalous
losses incurred by the company and purportedly committed by the
PCGG nominees sitting on its board of directors.

The factions in the squabble are the group of Manuel Nieto Jr.
and Enrique Locsin, versus the group of minority stockholders
led by Victor Africa and Erlinda Ilusorio Bildner.

The decision for an independent audit, which aims to determine
the true financial standing of the firms, was arrived at a
Philippine Senate hearing on Feb. 4.

Both factions have also agreed to have Lybrand, Ross Brothers &
Montgomery, now PricewaterhouseCoopers, to conduct the
independent audit, BusinessWorld (Philippines) reports.

SGV and Co., the auditor of POTC and Philcomsat, could not close
the books of the two companies because of the war between the
two groups, which have separate boards of directors,
BusinessWorld say, citing Ms. Bildner.

The PCGG, which holds 25% of PHC through its 35% stake in the
government-sequestered entities, reportedly agreed to oversee
the independent audit.

PHC admits that its directors manifested in the Feb. 4 hearing
that they are not opposed to the proposal to have the company
shoulder the cost of the independent audit.  The board, however,
will still have to give a formal approval of the proposal, PHC
clarifies.

BusinessWorld reported that during the Senate hearing, the
warring factions said they are "agreeable" to the dissolving of
the companies after the audit would be carried out.  PHC denies
the report as not accurate.

"[T]here was neither an agreement, nor a proposal for the
opposing groups to make an agreement, to so dissolve the said
companies after the said audit," PHC says.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, PHC was one of
the active participants in search of oil.  The company has since
withdrawn from oil exploration because there was no commercial
discovery of oil.

On Jan. 10, 1997, the company approved amendments to its
Articles of Incorporation, changing its primary purpose from
embarking in the discovery, exploitation, development and
exploration of mineral oils, petroleum in its natural state,
rock or carbon oils, natural oils and other volatile mineral
substances to a holding company.

According to a Troubled Company Reporter - Asia Pacific report
on May 18, 2006, PHC has not declared dividends for the past two
fiscal years.

Philcomsat is involved in an anomaly brought about by huge
losses.  The company reported a PHP16.9-million net loss in
2005.  The Philippine Senate has initiated an inquiry into the
matter.  Moreover, according to press reports, a huge fraction
of the shareholdings of Philcomsat, which is said to be ill-
gotten, had been confiscated by the Government.


WENDY'S INT'L: Posts US$2.4 Billion Revenues for Full Year 2006
---------------------------------------------------------------
Wendy's International, Inc., reported financial results for the
full year 2006 and the fourth quarter ended Dec. 31, 2006.

The company completed its spinoff of Tim Hortons in the third
quarter and completed the sale of Baja Fresh Mexican Grill
during the fourth quarter.  During the fourth quarter, the
company also approved the prospective sale of Cafe Express.
Accordingly, the after-tax operating results of Tim Hortons,
Baja Fresh and Cafe Express now appear in the "Discontinued
Operations" line on the income statement.

                 2006 Full-Year Results

   -- Total 2006 revenues were US$2.4 billion, approximately
      flat with 2005.

   -- The company and its franchisees opened a total of 122 new
      Wendy's(R) restaurants during the year.  The openings
      consisted of 25 company-operated restaurants in North
      America and 80 franchised restaurants in North America, as
      well as 16 International franchised restaurants and one
      International company-operated restaurant.

   -- Same-store sales increased 0.8% for U.S. company-owned
      restaurants and 0.6% for U.S. franchised restaurants in
      2006.  The company ended the year with seven consecutive
      months and three consecutive quarters of positive
      same-store sales.

"Our new strategic plan, 'Quality-Driven: Wendy's Recipe for
Success,' enabled us to take important actions that will help us
substantially enhance profitability and create additional
shareholder value," said Chief Executive Officer and President
Kerrii Anderson.  "Our plan focuses on the core elements that
have made the Wendy's brand synonymous with quality and
freshness.

"We ended 2006 with strong momentum, positive same-store sales
and significantly reduced costs," Ms. Anderson said.  "We intend
to build on this momentum and drive even stronger results in
2007 and beyond, as we examine every facet of our business for
improvement."

Adjusted earnings before interest, taxes, depreciation and
amortization from continuing operations was US$220.7 million in
2006, compared with US$260.9 million in 2005.

EBITDA from continuing operations was US$164.0 million in 2006,
compared with US$304.9 million in 2005.

Reported 2006 pretax income from continuing operations was
US$42.5 million compared with US$136.8 million in 2005.  The
company reported after-tax income from continuing operations of
US$37.0 million, or US$0.32 per share, in 2006 compared with
US$82.1 million, or US$0.70 per share, in 2005.

The company reported full-year net income of US$94.3 million and
total diluted earnings per share of US$0.82 in 2006, compared
with US$224.1 million and total diluted earnings per share of
US$1.92, respectively, in 2005.  The 2005 results include Tim
Hortons and other discontinued operations for the full year in
2005, which contributed US$141.9 million to 2005 net income,
compared with a US$57.3 million contribution for 2006.  
Discontinued operations included Tim Hortons only for the first
three quarters of 2006.

The company-operated restaurant EBITDA margins were 8.9% in 2006
compared with 8.6% in 2005, reflecting improvements in cost of
sales.  Company-operated restaurant EBITDA margins consist of
sales from company-operated restaurants minus cost of sales from
company-operated restaurants minus company restaurant operating
costs divided by sales from company-operated restaurants.

The company's full-year 2006 reported results from continuing
operations include the impact of these items:

   * Sales -- US$2.2 billion in 2006, approximately flat
     compared with 2005.
   
     Positive same-store sales at company-operated restaurants
     were mostly offset by fewer U.S. company-operated stores
     open during the year, as the company closed 29
     underperforming company-operated restaurants in 2006.

   * Franchise Revenue -- US$284.7 million in 2006 vs. US$317.1
     million in 2005.  The year-over-year decrease relates
     primarily to:

     -- Approximately US$16.8 million less in rental income in
        2006 compared with a year ago due to the sale of
        Wendy's properties leased to franchisees during 2005
        and early 2006, and

     -- No significant gains on property sales during 2006,
        compared with US$16.3 million in gains on the sale of
        properties leased to franchisees in 2005.

   * Cost of Sales -- US$1.4 billion, or 62.8% of sales, in
     2006 vs. US$1.4 billion, or 63.7% of sales, in 2005.  The
     year-over-year decrease as a percentage of sales is due to
     favorable commodity costs in 2006, primarily beef, and
     effective menu management.

   * Company Restaurant Operating Costs -- US$602.3 million, or
     28.0% of sales, in 2006 vs. US$581.9 million, or 27.2% of
     sales, in 2005.  The year-over-year increase is due
     primarily to higher costs related to performance-based
     incentive compensation of US$4.4 million for field staff in
     2006, as well as higher costs for utilities, property
     management, insurance and supplies.

   * Operating Costs -- US$46.7 million in 2006 compared with
     US$20.4 million in 2005.  The year-over-year increase is
     primarily due to US$25 million incremental advertising
     expense in 2006.

   * General and Administrative expense -- US$237.6 million, or
     9.7% of revenues, in 2006 compared with US$220.9 million,
     or 9.0% of revenues, in 2005.  The year-over-year increase,
     which was partly offset by cost savings realized during
     2006, is due to:

     -- Incremental expense for performance-based incentive
        compensation of US$10.9 million for corporate officers
        and employees in 2006, as the company will pay bonuses
        commensurate with stronger second-half operating results
        for Wendy's core business compared with 2005.

     -- Approximately US$7.4 million in expense for research and
        development primarily related to the breakfast program
        that is currently in approximately 150 U.S. restaurants.

     -- Incremental consulting fees and professional services of
        US$9.2 million during 2006.

   * Other Expense (Income) -- US$37.5 million of expense in
     2006 compared with income of US$34.3 million in 2005.  The
     US$71.8 million year-over-year difference relates primarily
     to:

     -- US$46.4 million in 2005 gains on the sale of real estate
        to third parties that had previously been leased to
        franchisees,

     -- Store closure and sale charges of US$26.6 million in
        2005, compared with US$17.9 million in 2006, and

     -- US$38.9 million in restructuring and severance charges
        during 2006.

   * Interest -- US$35.7 million of interest expense in 2006
     compared with US$43.1 million in 2005 and US$37.9 million
     of interest income in 2006 compared with US$4.0 million in
     2005.  The increase in interest income primarily relates to
     funds received from Tim Hortons after its initial public
     offering in March, while the decrease in interest expense
     relates primarily to the company's repayment of its 6.35%
     Notes in December 2005.

   * Taxes -- An effective tax rate of 12.8% in 2006 compared
     with 40.0% in 2005.  The 2006 rate is lower due primarily
     to the favorable settlement of Federal and various state
     tax examinations, as well as Federal tax credits for
     hiring employees in the Gulf Zone subsequent to Hurricane
     Katrina.

                 2006 Fourth-Quarter Results

   -- Total revenues were US$596.4 million in the fourth
      quarter of 2006, compared with US$602.9 million in the
      fourth quarter of 2005.

   -- The company and its franchisees opened a total of 21 new
      Wendy's restaurants during the quarter.  The openings
      consisted of one company-owned North American restaurant
      and 15 franchised North American restaurants, as well as
      four International franchised restaurants and one
      International company-operated restaurant.

   -- Same-store sales were 3.1% for U.S. company-owned
      restaurants and 2.7% for U.S. franchised restaurants.

Adjusted EBITDA from continuing operations was US$38.4 million
in the fourth quarter of 2006, compared with US$46.0 million in
2005.

EBITDA from continuing operations was US$30.5 million in the
fourth quarter of 2006, compared with US$83.7 million in the
fourth quarter of 2005.

Reported fourth-quarter pretax income from continuing operations
was US$3.1 million compared with US$42.5 million in the fourth
quarter of 2005.  The company reported after-tax income from
continuing operations of US$9.9 million in the fourth quarter of
2006 compared with US$26.1 million in the fourth quarter of
2005.

The company reported 2006 fourth-quarter net income of US$3.0
million and total diluted earnings per share of US$0.03,
compared with US$30.0 million and total diluted earnings per
share of US$0.25, respectively, in the fourth quarter of 2005.
The 2005 results include the impact of Tim Hortons and other
discontinued operations, which contributed approximately US$3.9
million to fourth-quarter net income, compared with a US$6.9
million loss in the fourth quarter of 2006.  Discontinued
operations did not include Tim Hortons in the fourth quarter of
2006.

The company-operated store EBITDA margins were 8.4% in the
fourth quarter of 2006 compared with 7.7% in the fourth quarter
of 2005, reflecting improvements in cost of sales.

The company's fourth-quarter 2006 reported results from
continuing operations include the impact of these items:

   * Sales -- US$526.7 million in the fourth quarter of
     2006 vs. US$515.6 million in the fourth quarter of 2005.
     The year-over-year increase is due to positive same-store
     sales at company-operated restaurants, partly offset by 22
     fewer average U.S. company stores open during the fourth
     quarter.

   * Franchise Revenue -- US$69.7 million in the fourth quarter
     of 2006, compared with US$87.3 million in the fourth
     quarter of 2005.  The decrease is due primarily to:

     -- A US$4.7 million decline in rental income due to sales
        of U.S. leased properties in 2005 and early 2006, and

     -- A US$14.9 million reduction in gains on sales of
        properties to franchisees.

   * Cost of Sales -- US$331.0 million, or 62.8% of sales, in
     the fourth quarter of 2006 vs. US$328.0 million, or 63.6%
     of sales, in the fourth quarter of 2005.  The year-over-
     year percentage decrease is due to favorable commodity
     costs, primarily beef, and effective menu management.

   * Company Restaurant Operating Costs -- US$149.5 million, or
     28.4% of sales, in the fourth quarter of 2006 vs. US$145.1
     million, or 28.1% of sales, in the fourth quarter of 2005.
     The slight year-over-year increase as a percentage of sales
     is due to rent expense paid by Wendy's to the 50/50 joint
     venture between Wendy's and Tim Hortons.  Due to the
     September spinoff of Tim Hortons, the joint venture is no
     longer consolidated, and therefore the rent expense is no
     longer eliminated.

   * Operating Costs -- US$4.2 million in the fourth quarter of
     2006 compared with US$5.9 million in the fourth quarter of
     2005.  The year-over-year decrease is primarily due to
     US$1.7 million in rental expense paid by the 50/50 joint
     venture between Wendy's and Tim Hortons.  Due to the
     September spinoff of Tim Hortons, the joint venture is no
     longer consolidated, and therefore this rent expense is no
     longer reflected in operating costs.

   * General and Administrative expense -- US$67.4 million, or
     11.3% of revenues, in the fourth quarter of 2006 compared
     with US$65.4 million, or 10.8% of revenues, in the fourth
     quarter of 2005.  The year-over-year increase, which was
     largely offset by cost savings realized during the quarter,
     relates to:

     -- Incremental expense for performance-based incentive
        compensation of US$5.5 million in the fourth quarter of
        2006, and
  
     -- Approximately US$5.7 million in expense for research and
        development primarily related to the company's breakfast
        expansion.

   * Other Expense (Income) -- US$14.0 million of expense in the
     fourth quarter of 2006 compared with US$24.9 million of
     income in the fourth quarter of 2005.  The US$38.9 million
     year-over-year difference relates primarily to:

     -- A US$46.4 million gain in the fourth quarter of 2005
        from the sale of real estate to third parties that had
        previously been leased to franchisees.

     -- US$7.9 million in restructuring and severance charges
        during the fourth quarter of 2006.

     -- Store closures and sale charges of US$24.9 million in
        the fourth quarter of 2005 compared with US$10.1 million
        in the fourth quarter of 2006.

   * Interest -- US$9.0 million of interest expense in the
     fourth quarter of 2006, compared with US$10.7 million in
     the fourth quarter of 2005 and US$10.2 million of interest
     income in the fourth quarter of 2006 compared with US$1.4
     million in the fourth quarter of 2005.  The increase in
     interest income primarily relates to funds received from
     Tim Hortons after its initial public offering in March.

   * Taxes -- Taxes benefited net income in the fourth quarter
     of 2006, compared with a 38.7% tax expense rate in the
     fourth quarter of 2005.  The year-over-year difference is
     due to the December 2006 reauthorization of the Work
     Opportunity Tax Credit by Congress for the full year 2006,
     which resulted in the entire retroactive annual impact
     being recorded in the fourth quarter.  Also impacting the
     fourth quarter rate was the favorable settlement of certain
     tax examinations.

   * Share Count -- A lower diluted share count (108.8 million
     average shares in the fourth quarter of 2006 vs. 118.4
     million average shares in the fourth quarter of 2005).

The company repurchased 26.2 million shares for more than US$1
billion in 2006.

As part of its plan to return more than US$1 billion in cash to
shareholders, the company repurchased 26.2 million shares during
2006, including 22.4 million shares for US$803.4 million in a
modified Dutch tender offer in the fourth quarter.

"Our share repurchase program has increased liquidity for our
shareholders, and it was consistent with the commitment we made
to shareholders in 2005, which is to use the cash generated from
our strategic initiatives to return value to our shareholders,"
Ms. Anderson said.

The company purchased the shares using existing cash on its
balance sheet.

           Board Approves 116th Consecutive Dividend

The Board of Directors approved a quarterly dividend of 8.5
cents per share, payable on Feb. 27, 2007, to shareholders of
record as of Feb. 12, 2007.  The dividend will be the company's
116th consecutive dividend.

                         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 INT'L: Issues Financial Forecasts for 2007, 2008 & 2009
---------------------------------------------------------------
Wendy's International, Inc., provided key financial projections
for 2007, 2008 and 2009.

The company reaffirmed its previously issued estimate of US$330
to US$340 million in EBITDA in 2007.  The company also said it
expects to generate EBITDA of US$390 to US$410 million in 2008
due to improvements resulting from its initiatives related to
its comprehensive strategic plan, "Quality-Driven: Wendy's
Recipe for Success," which emphasizes the company's outstanding
hamburger brand and quality position in QSR.  In 2009, the
company is projecting EBITDA of US$425 to US$460 million.  On
Feb. 2, the company disclosed that its 2006 adjusted EBITDA from
continuing operations was US$220.7 million.

"The new strategic plan is already paying dividends, as it has
enabled us to accelerate our timeline for operational
improvements," said Chief Executive Officer and President Kerrii
Anderson.  "We have realized eight consecutive months of
positive same-store sales, including January, which is trending
at 4.5% to 5%, due to strong marketing, Wendy's new Deluxe Value
Meals and gift card redemptions," Ms. Anderson said.  "We have
also enhanced our new product pipeline and have significantly
reduced costs in 2006 to establish a platform for future
improvement.  We intend to build on this momentum and leave no
stone unturned, as we continue to review every element of our
business and drive significant improvement in 2007 and beyond.

"These anticipated improvements in our core business give us the
confidence to commit to returning capital to our shareholders,
including a 47% increase in our annual dividend rate, from
US$0.34 per share to US$0.50 per share, beginning with our May
dividend payment."

The company is seeing measurable results from its strategic
plan, and management is confident about generating improved
results in 2007.

The components of the plan include:

   * Revitalize Wendy's brand -- The company has re-established
     its brand essence, "Quality Made Fresh," centered on
     Wendy's core strength, its hamburger business.

   * Streamline and improve operations -- Wendy's believes it
     can significantly improve operations attributes such as
     Order Accuracy, Friendliness, Cleanliness, and Speed of
     Service, clearly positioning the company as the best
     operator in QSR and resulting in significantly improved
     store-level profits.

   * Reclaim innovation leadership -- The company expects to
     introduce more than 10 new products during 2007, including
     exciting sandwiches and salads, as well as beverages that
     are unique to Wendy's.

   * Strengthen franchisee commitments -- Management is focused
     on driving sales and improving profitability across the
     entire system and is providing incentives to franchisees
     to re-invest in existing restaurants.

   * Capture new opportunities -- Wendy's will seek to drive
     growth beyond its existing business, including expanding
     its breakfast program to 20% to 30% of its system in 2007
     and more than half the system in 2008.

   * Embrace a performance-driven culture -- Wendy's has
     redesigned its incentive compensation plan by creating
     a more direct link between company performance and
     individual pay.

"We have aggressive plans in place to revitalize the Wendy's
brand, and we expect our 2007, 2008 and 2009 results to be
significantly improved compared with 2006," Ms. Anderson said.
"Our management team is focused on performance and execution,
and we are excited to usher in this new era at Wendy's."
  
The company reaffirmed its previously issued estimate of US$330
to US$340 in EBITDA in 2007.  The 2007 estimate incorporates:

   * Annual revenue growth of approximately 5% to 6%;

   * Same-store sales growth in a range of 3% to 4%;

   * A 390-to-410 basis-point improvement in store operations
     EBITDA margins in a range of 12.8% to 13.0% in 2007 from
     a base of 8.9% in 2006 by the end of the year;

   * Tight control of G&A and other overhead costs, in the
     range of 8.75% to 9.25% of revenue;

   * The sale of up to 50 restaurants to franchisees;

   * Opportunistic purchase of franchise restaurants;

   * North American restaurant development goals as:

          2007 Outlook        Company         Franchise

           Openings            15-30            50-60
           Closings           (15-30)          (50-60)

          Total Net Stores     0                0

   * A steady expansion of a breakfast offering, with a goal of
     reaching breakeven in the day-part during the year;

   * Slightly lower beef costs relative to 2006, with slightly
     higher prices for chicken and higher prices for produce;

   * Operating income of US$215 million to US$225 million;

   * An effective tax rate of approximately 39.0%;

   * Opportunistic share repurchases roughly offsetting
     dilution;

   * Earnings per share of US$1.17 to US$1.23;

   * The investment of up to US$110 million into the
     renovation of Wendy's company-owned and franchised
     restaurants during the year; and

   * No impact from currency.

The company expects to generate significantly improved year-
over-year results in 2008 due to operational improvements
enabled by its strategic plan.  The company expects to deliver
EBITDA of US$390 to US$410 million for the year, compared with
its estimate of US$330 to US$340 million in 2007.  The company
had previously announced that it expected to achieve EBITDA of
US$400 to US$410 million in 2009.

The 2008 estimate incorporates:

   * Operating income of US$275 to US$295 million;

   * A full-year benefit from store-level operating margin
     improvements implemented during 2007;

   * A strategic plan that has been implemented and a strong
     core business that is demonstrating continuous improvement;

   * A powerful marketing calendar and a full new product
     pipeline;

   * Tight control of G&A and other overhead costs; and

   * Continued expansion of the company's breakfast program,
     which is expected to be profitable.

The company expects to deliver operating income of US$310 to
US$345 million and EBITDA of US$425 to US$460 million for the
year, compared with its estimate of US$390 to US$410 million in
2008.

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

FLEXTRONICS INT'L: Revenue Growth Cues Moody's Stable Outlook
-------------------------------------------------------------
Moody's Investors Service revised the outlook of Flextronics
International Ltd. to stable from negative, while affirming its
corporate family rating at Ba1.

The outlook revision reflects Flextronics' solid revenue growth
over the past twelve months, with fiscal 2007 revenue expected
to rise 24% over 2006.

Although revenue from acquisitions including its recently
acquired Nortel assets contributed to the growth, organic growth
in areas such as handsets was strong.  The company's industry-
leading growth rate reflects the nature of Flextronics'
portfolio -- one of the most diversified in the EMS industry.  
The outlook revision also reflects Moody's expectation that
Flextronics' profitability measures and free cash flow
generation will improve in the near term.

Other factors considered in the current rating action include
Flextronics' size and scale with revenue nearly twice as large
as the average of its North American peers, its aforementioned
product diversity, solid credit metrics, and Moody's expectation
that improving working capital will help generate free cash flow
in fiscal 2008.

The rating also continues to reflect risks associated with the
volatility of the EMS industry, exacerbated by high client
concentration, and the challenges Flextronics will face in
managing a business with revenue exceeding US$19 billion, or 35%
larger than three years ago, and management's strategy to
maintain high growth rates, which implies periodic high capital
investments and negative cash flow.

Flextronics' rapid growth strategy, in Moody's view, presents
both opportunities and potential risks.  On the one hand,
significant growth will further enhance Flextronics' scale and
business diversity.  On the other hand, it would also present
further challenges in terms of business complexity, importance
of quality execution and management bandwidth.  Moody's notes
that Flextronics has been adding key management personnel
recently, possibly mitigating concerns over the pace of the
growth.  The expectation that Flextronics will generate free
cash flow over the next 12-18 months is an important
consideration in stabilizing its outlook.

These ratings have been affirmed:

   -- Corporate family rating at Ba1;

   -- Probability of default rating at Ba1;

   -- US$400 million 6.25% Senior Subordinated Notes due 2014,
      Ba2, LGD5, 85%;

   -- US$400 million 6.5% Senior Subordinated Notes due 2013,
      Ba2, LGD5, 85%;

   -- US$7.7 million 9.875% senior subordinated notes, due 2010,
      Ba2, LGD5, 85%; and,

   -- Speculative grade liquidity rating, SGL-1.

Outlook revised from negative to stable

Flextronics International Ltd., headquartered in Singapore, has
its main U.S. offices in San Jose, California.  The company is
one of the largest providers of electronics manufacturing
services to OEMs primarily in the handheld electronics devices,
information technologies infrastructure, communications
infrastructure, computer and office automation, and consumer
devices industries.

For the latest twelve months ending December 2006, the company
generated approximately US$17.5 billion in revenues.


LEAR CORPORATION: Icahn Makes US$36 per Share Acquisition Offer
---------------------------------------------------------------
Lear Corporation disclosed that following discussions with the
company, American Real Estate Partners LP, an affiliate of
Carl C. Icahn, has made an offer to acquire all of the issued
and outstanding shares of Lear Corporation for US$36.00 per
share in cash.

Any transaction would be subject to negotiation and execution of
definitive documentation and other conditions.  Lear's Board of
Directors is expected to formally consider the acquisition
proposal following the conclusion of on-going negotiations.

The acquisition proposal contemplates that Bob Rossiter, Lear's
chairman and CEO, and the rest of the senior management team
will remain with the Company.

No assurances can be given that definitive documentation will be
entered into or that the proposed transaction will be
consummated on the terms contemplated or at all.

                      About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, the Philippines and Thailand.


LEAR CORP: Icahn Offer Prompts Fitch's Negative Watch
-----------------------------------------------------
Fitch Ratings has placed Lear Corporation on Rating Watch
Negative as:

   -- Issuer Default Rating 'B'; and;

   -- Senior unsecured debt 'B/RR4'.

Fitch's rating action follows Lear's report that after
discussions with Carl Icahn, his affiliate, American Real Estate
Partners LP, has made an offer to acquire the company.  Lear's
'BB/RR1' rated senior secured revolving credit facility and
senior secured term loan are both unaffected as they contain
'change-of-control' clauses.  If an acquisition is completed,
Lear would most likely need to renegotiate an entirely new bank
agreement.

Lear's revolving credit agreement gives the company healthy
liquidity, crucial during the currently volatile environment
being experienced by the industry.  However, Fitch is concerned
that as part of an acquisition, the amount of Lear's total debt
could potentially increase, resulting in reduced liquidity and
greater default risk.  In addition, if incremental debt were
secured, the position of the senior unsecured debtholders would
be impaired.

The Rating Watch Negative will be resolved following Fitch's
assessment of any resulting changes in Lear's capital structure
and liquidity.

Lear completed financing arrangements during 2006 which ensures
that the company will have good liquidity, relaxed covenants and
no major maturities while restructuring its operations in the
near term.

However, Lear faces very difficult conditions in the U.S. market
due to declining domestic manufacturers' production levels, high
commodity costs and restructuring costs.  Lear is a major
seating and interior products supplier to domestic passenger
truck programs that have fallen from consumer favor.  New
business wins and reduced capital expenditures should help
support operating results during the restructuring process in
the near term.  However, new business backlog after 2007 drops
off substantially.  The formation of a joint-venture to which
Lear will contribute its interiors operations is viewed as a
positive due to that unit's operating losses and high capital
expenditure requirements, despite the financial commitments
associated with the agreement.

                      About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, the Philippines and Thailand.


OCEAN HEIGHTS: Creditors Must Prove Debts by March 2
----------------------------------------------------
Ocean Heights Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to submit their proofs of
debt by March 2, 2007.

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

The liquidators can be reached at:

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


PETROLEO BRASILEIRO: Faces Env'l Probe by Ecuadorian Authorities
----------------------------------------------------------------
Ecuadorian President Rafael Correa told Bloomberg News that
Petroleo Brasileiro SA's operating contract maybe nullified if
the government found violations to their environmental
agreements.  The government is also reviewing its service
contracts with cellular companies.

National authorities are probing the Brazilian state-oil
company's operations within a national park that is inhabited by
indigenous groups to see if environmental guidelines are
observed.

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: Gets US$399.1MM Tenders for Exchange Offer
---------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras and its wholly owned
subsidiary Petrobras International Finance Company aka PIFCo, in
connection with the previously announced offer to exchange five
series of notes for new notes and a cash amount, disclosed that
PIFCo has received tenders of approximately US$399.1 million
aggregate principal amount of Old Notes.  Pursuant to the terms
of the exchange offer, PIFCo has accepted the entire principal
amount of Old Notes tendered for settlement.  Settlement is
expected to occur on Feb. 7, 2007.

Specifically, PIFCo accepted tenders of approximately:

   -- US$7.8 million principal amount of the 12.375% Global
      Step-Up Notes due 2008;

   -- US$14.0 million principal amount of 9.875% Senior Notes
      due 2008;

   -- US$51.0 million principal amount of the 9.75% Senior
      Notes due 2011;

   -- US$124.1 million principal amount of the 9.125% Global
      Notes due 2013 and

   -- US$202.1 million principal amount of the 7.750% Global
      Notes due 2014.

On the Settlement Date, PIFCo will issue approximately US$399.1
million principal amount of the Reopening Notes, which
constitute a further issuance of, and form a single fungible
series with, PIFCo's 6.125% Global Notes due 2016 that were
issued on Oct. 6, 2006.  There will be approximately US$899.1
million principal amount of total outstanding 6.125% Global
Notes due 2016 once the Reopening Notes have been issued.

The exchange offers expired at 12:00 midnight, New York City
time, on Feb. 2, 2007.  The terms of the exchange offers are
further described in the applicable prospectus dated Jan. 4,
2007.

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

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

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

Questions regarding the offers may be directed to:

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

                    -- and --

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

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

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

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

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

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

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


PETROLEO BRASILEIRO: Unit Starts Operations on Gulf of Mexico
-------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras disclosed that the first
well of the new Cottonwood field has been brought online on
Feb. 5, through its wholly owned subsidiary Petrobras America
Inc., headquartered in Houston.

Initial output is 1.1 million cubic meters of gas and 4,000
barrels of light oil (condensate) per day.  A second well will
also start production by the end of February, boosting gas
production to 2 million cubic meters per day.  Together, the two
wells will take the field production to 20,000 barrels of oil
equivalent per day.  As a result, Cottonwood will be the biggest
Petrobras America field in production, leading the subsidiary's
production to surpass 25,000 barrels of oil equivalent per day
already this month, up from the current 5,500 boed.

This is the first deepwater field Petrobras has developed and
put into production abroad as an operator.  The field is also an
example of the integrated work of specialists from several of
the company's units in Brazil, with Petrobras America's team,
integrating Petrobras' experience and technology with the Gulf
of Mexico's market practices.

The outcome of this joint work has brought the project from
blueprints into operation a mere 12 months after the company's
Executive Board approval.  The Cottonwood field is located in
Garden Banks quadrant block 244, in the American sector of the
Gulf of Mexico, in a water depth of 670 meters.  This is the
company's first field to use submarine equipment and systems
capable of operating under high pressure.  The field's two
submarine completion wells are interconnected to a third-party
fixed production platform, located 27 km away, via two
production pipelines and a chemical product control and
injection umbilical cable.

This event marks Petrobras' return, as an operator, to Gulf of
Mexico production fields.

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.


RED HAT: Names Gery Messer as Pres. for Asia Pacific Operations
---------------------------------------------------------------
Red Hat has hired Gery Messer as president for its Asia Pacific
operations, the company said in a release dated Feb. 1.

Mr. Messer will report to Alex Pinchev, Executive Vice President
of Global Sales, and Charlie Peters, Chief Financial Officer.  
Particularly, Mr. Messer will be based at Red Hat's APAC
headquarters in Singapore.

"Gery has gained a reputation for putting people and systems in
place to drive massive growth in this region.  His experience
will enable Red Hat to better suit the market demand and
accelerated growth in the Asia Pacific region," said
Mr. Pinchev.

Mr. Messer has over 20 years of experience as a management
consulting, sales and marketing professional.  He held
significant line management roles in Europe and Asia Pacific. He
successfully founded and launched the SAP operation in Korea,
where he was Managing Director prior to his joining Deloitte
Consulting as the managing director in 1996.  Mr. Messer was
also appointed as the President and Regional Managing Director
for Deloitte Consulting Korea.  Recently, Mr. Messer was
appointed as the Vice President for EMC Asia Pacific.

                         About Red Hat

Red Hat, Inc. -- http://www.redhat.com/ -- provides open source  
software solutions to the enterprise, including its core
enterprise operating system platform, Red Hat Enterprise Linux,
as well as other Red Hat enterprise technologies.  It employs an
open source software development and licensing model that uses
the collaborative input of an international community of
contributors to develop and enhance software.

The company has offices in Singapore, Germany and Argentina.

The Troubled Company Reporter - Asia Pacific on Nov. 3, 2006,
reported that Standard & Poor's Ratings Services revised its
outlook on Raleigh, N.C.-based operating systems provider Red
Hat Inc. to stable from positive, and affirmed its 'B+'
corporate credit rating.


SEA CONTAINERS: GNER Hints Probable Bid for East Coast Main Line
----------------------------------------------------------------
Great North Eastern Railways hinted it would raise a new bid for
the East Coast Main Line, the franchise it agreed to let go on
Dec. 11, 2006, The Scotsman reports.

According to the report, GNER emphasized it has "no intention of
simply standing on the sidelines," while Virgin/Stagecoach and
FirstGroup lodged interest on the franchise by the Jan. 15,
2007, deadline.

"We are not confirming at this stage whether we have submitted a
bid for pre-qualification, either with or without another
party," a spokesman for GNER told Scotsman.

GNER declined to clarify its purpose, but raised an option that
it would join a consortium.

According to the report, the United Kingdom's Department for
Transport would announce on Feb. 9, 2007, a shortlist of three
to five bidders, with an invitation to tender being issued in
March and bids being returned by June.  The successful bidder
will be disclosed in July or August, and would run the franchise
from "late autumn" of 2007 until 2015.

                      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 Appoints SeaCon Services' Committee
----------------------------------------------------------------
Pursuant to Section 1102(a)(1) of the Bankruptcy Code, Kelly
Beaudin Stapleton, United States Trustee for Region 3, appointed
three creditors willing to serve on the Official Committee of
Unsecured Creditors in Sea Containers Services, Ltd.'s Chapter
11 case:

   1. Sea Containers 1983 Pension Scheme Aspen Trustees, Ltd.
      Northumberland House, 303-306 High Holbern
      London WCIV 7J2, United Kingdom
      Attn: Jane Kathryn Fryer
      Phone: (44) 207-430-0734
      Fax: (44) 207-430-0525

   2. Sea Containers 1990 Pension Scheme
      c/o Farrington Yates, Esq.
      Sonnenschein Nath & Rosenthal LLP
      1221 Avenue of the Americas,
      New York, NY 10020
      Phone: (212) 768-6878
      Fax: (212) 768-6800

   3. Robert George Finch
      c/o Katherine Ashton, Esq.
      Debevoise & Plimpton LLP
      Old Broad Street,
      London, UK EC2N 1HQ
      Attn: Robert George Finch,
      Phone: (44) 207-786-9040
      Fax: (44) 207-588-4180

The trial attorney assigned to Sea Containers Services' case is
David L. Buchbinder, Esq.

                      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: Trustee Opposes Houlihan's Employment as Advisor
----------------------------------------------------------------
Kelly Beaudin Stapleton, United States Trustee for Region 3,
asks the U.S. Bankruptcy for District of Delaware to deny the
request of the Official Committee of Unsecured Creditors in Sea
Containers, Ltd. and its debtor-affiliates' chapter 11 case for
authority to employ Houlihan Lokey Howard & Zukin Capital, Inc.
as financial advisor, nunc pro tunc to Oct. 26, 2006.

The U.S. Trustee asserts that the proposed compensation for the
retention of Houlihan Lokey Howard & Zukin Capital, Inc. is not
reasonable.

The Debtors will pay Houlihan Lokey a fee of US$150,000 per
month beginning Oct. 26, 2006, and after that on the 26th day of
each subsequent month until termination or expiration of the
agreement.  Upon consummation of any Transaction, Houlihan Lokey
will be paid in cash an additional fee of US$2,100,000, offset
by US$50,000 of each Monthly Fee, if any, earned and paid on or
after March 26, 2007.  Houlihan Lokey will also seek
reimbursement for reasonable out-of-pocket expenses incurred in
connection with its engagement.

However, the U.S. Trustee proposes that the deferred fee, which
is the sum of US$2,100,000 less a credit of US$50,000 per month
commencing March 26, 2007, be subjected to review for
reasonableness.

In addition, the definition of transaction is ambiguous under
the facts and circumstances of the Debtors' Chapter 11 case.  
The Debtors have more than 100 non-debtor affiliates and
subsidiaries and it is possible that substantially all the
assets of one or more of these affiliates and subsidiaries will
be sold through the course of the bankruptcy proceeding.  The
U.S. Trustee seeks clarification whether or not Houlihan Lokey
will claim more than one Deferred Fee since there may be
multiple Transactions during the course of the Debtors' Chapter
11 cases.

The U.S. Trustee also points out that it is inappropriate for a
professional retention application to purport to limit the
potential liability of a professional.

                      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.


SEAGATE TECH: Partners with Fry's to Offer Data Recovery Service
----------------------------------------------------------------
Seagate Technology and Fry's Electronics, Inc., entered into a
strategic partnership in which Fry's Electronics will provide
Seagate's renowned data recovery services through 33 of its
retail locations.  Fry's stores are now equipped with a
revolutionary software solution allowing in- store service
technicians to conduct on-site data recovery service assessments
and present service price quotations on all brands of hard disc
drives.  This diagnostic software tool is the cornerstone to a
process that promises a pleasant, hassle-free experience for
Fry's customers.

"We are extremely excited to have partnered with a respected
computer retailer like Fry's," commented Paul Steele, vice
president, Sales and Marketing for Seagate Recovery Services.  
"Fry's enthusiasm for this program is a true demonstration of
its commitment to providing its customers with an innovative,
full-service offering."

Seagate's groundbreaking software solution enables Fry's service
technicians to assess the extent of data loss situations
resulting from data corruption, physical hardware damage or
virus attacks while providing firm price quotations for
Seagate's in-lab data recovery services.  Until now, businesses
and individuals seeking in-lab recovery solutions could only be
offered wide price ranges for recovery services until their
media was shipped and evaluated at a remote lab facility.  
Seagate's enhanced tools, advanced processes and complete
service technician training are part of the organization's
ongoing partner commitment to increase the success of
recoverability for its customers' data.

All Fry's service desks have been equipped with customer
literature describing in-lab data recovery options and service
features.  Should customers proceed with an in-lab recovery,
their storage media will be shipped, free of charge, to one of
Seagate's lab facilities and returned to the store location upon
completion of the recovery. Seagate Recovery Services' standard
"your data back or no recovery fee" policy and money-back data
quality commitment on all recovered data apply to all recovery
cases.

"Fry's main objective is to offer customers a complete suite of
after- sales services and support," said Jeff Staat, director,
Service Operations of Fry's Electronics.  "Seagate has provided
an extremely user-friendly recovery solution that is consistent
with Fry's need to provide superior quality services to our
customers as efficiently and cost-effectively as possible."

                    About Seagate Technology

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

                          *     *     *

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

Moody's confirmed the company's Corporate Family Rating at Ba1
and SGL Rating of 1.  Moody's upgraded its rating on Seagate
Technology HDD Holdings' US$400 million senior notes 8%, due
2009 to Ba1.


SHIP FINANCE: To Acquire Two Capesize Vessels for US$160 Million
----------------------------------------------------------------
Ship Finance International Limited will acquire from Golden
Ocean Group Limited, two newbuilding Capesize dry bulk vessels
for a purchase consideration of US$160 million, or US$80 million
per vessel.  

According to the company's press release, the two vessels will
have a capacity of 170,000 dwt each and will be constructed by
Daehan Shipbuilding Co. Ltd. in South Korea.  The delivery from
the shipyard is scheduled in the fourth quarter of 2008 and in
the first quarter of 2009.

Upon the delivery, the vessels will begin a 15-year bareboat
contracts to Golden Ocean, and the agreed charter rate per
vessel are:

   * Year 1-5:                 US$27,450 per day
   * Year 6-10:                US$22,600 per day
   * Year 11-15:               US$19,750 per day

Golden Ocean has been granted fixed price purchase options for
each of the vessels after five, ten and 15 years at US$61
million, US$44 million and US$24 million, respectively.  The
charter contracts are on bareboat basis and Golden Ocean will be
responsible for all operating and maintenance costs during the
charter period.

With the acquisition, Ship Finance aims to diversify its asset
base and customer portfolio.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages   
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

Moody's Investors Service affirmed Ship Finance International
Ltd.'s ratings, including the Ba3 Corporate Family Rating, the
Ba2 Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


SINGAPORE ANDES: Wind-Up Petition Hearing Slated for Feb. 16
------------------------------------------------------------
A petition to wind up the operations of Singapore Andes Trade &
Investment Pte Ltd, has been filed by Agricultural Bank of China
on Jan. 25, 2007.

The High Court will hear the petition on Feb. 16, 2007, at 10:00
a.m.

Agricultural Bank's solicitor can be reached at:

         TanJinHwee LLC
         105 Cecil Street
         #23-00 The Octagon
         Singapore 069534


TARGUS GROUP: Names Robert Shortt as Sales & Marketing Sr. VP
-------------------------------------------------------------
Targus Group International, Inc., disclosed that Robert Shortt
has joined the company as Senior Vice President, Sales and
Marketing.  Mr. Shortt will oversee all of Targus' sales and
marketing efforts, including product development and industrial
design.

"With the addition of Bob to the Targus team, the company is  
increasing its commitment to providing our customers and  
consumers with the focused sales and marketing strategies and  
innovative products necessary to enhance our market leading  
positions around the world," said Michael Hoopis, president and  
CEO of Targus.  "Bob's ability to deliver consistently strong  
results through innovation and teamwork will be extremely  
important as we build our business to new levels."

Mr. Shortt brings over 24 years of business, sales and marketing  
management experience to the Targus team.  He joins the company  
from Waterpik Technologies, Inc., where he served as Executive  
Vice President and General Manager for the Personal Healthcare  
Products Division.  Prior to Waterpik, Shortt worked at CSK Auto  
Corp., a billion dollar auto parts retailer with 700 stores.   
Mr. Shortt was Senior Vice President of Merchandising,  
Marketing, and Commercial Sales.  He also spent over 13 years at  
Black and Decker Corp. where he was Vice President of Marketing  
for the Price Pfisterr and Kwikset divisions.  He earned a  
Bachelor of Arts degree from the University of California,  
Berkeley.

Headquartered in Anaheim, California, Targus Group International
Inc. -- http://www.targus.com/-- supplies notebook carrying  
cases and accessories.  The company has offices on every
continent and distributes in over 145 countries including
Argentina, Barbados, Costa Rica and El Salvador.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer product sector last week, the
rating agency affirmed its B2 Corporate Family Rating for Targus
Group International Inc., and raised its rating on the company's
US$40 million Guaranteed First Lien Senior Secured Revolver Due
2011 to Ba3 from B2.  Moody's assigned an LGD2 rating to those
bonds suggesting lenders will experience a 27% loss in the event
of a default.


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

DAIMLERCHRYSLER AG: Chrysler Group January 2007 Sales Up 11%
------------------------------------------------------------
Chrysler Group, the United States arm of DaimlerChrysler AG,
disclosed January 2007 sales outside North America increased 11%
compared with the same month last year and marked the strongest
January the company has seen in nine years.  The month also
upheld the company's consecutive year-over-year increases, now
at an unprecedented 20 straight months.

The Dodge brand was a key contributor to the January sales
increases.  Another month of strong Dodge Caliber sales
(2,566 units) made it the top-selling vehicle in markets outside
North America, outselling all other Chrysler Group products for
the first time.  Since its international introduction in June of
last year, Caliber has remained among the top-five-selling
vehicles.

"The unique styling, appealing features and overall value of
Dodge Caliber has made it very attractive to customers
throughout Europe and many other parts of the world," said
Thomas Hausch, Executive Director of International Sales and
Marketing. "And as the brand continues to expand this year with
the Dodge Nitro SUV and Avenger D-segment sedan, we expect to
see continued positive developments."

Dodge will not be alone in the introduction of new Chrysler
Group products this year.  In 2007, the company will launch more
vehicles than ever before in its history, with at least eight
new vehicles available to customers before the end of the year,
and a total of 20 or more vehicles available in most markets
around the world.

Many regions continue to experience increased demand for
Chrysler Group's new products.  In Western Europe, January sales
were up 13% (8,489 units) compared with last year, signifying a
strong start to 2007.  In addition to Western Europe, sales have
been steadily growing in regions such as Asia Pacific, up three
percent, and the Middle East, where sales jumped 52%.

"Our growth will need to focus not only on an abundance of
product," cautioned Hausch, "but on having the right products in
the right markets, as well as a skilled dealer network to
support our customers.  We have been working together over the
last few years to improve our retail facilities as well as
dealer training, and in turn increase customer satisfaction.  
The positive results can be seen in our recent sales success as
well as a smooth integration of new vehicles into our product
portfolio."

Chrysler Group sells and services vehicles in more than 125
countries around the world, and Chrysler Group sales outside
North America currently account for around eight percent of the
company's total global sales.  Vehicles available range across
all three Chrysler Group brands, with limited availability on
some trucks and SUV models.  The company's operations outside
North America have been experiencing year-over-year sales
increases since 2004, and will continue to increase the number
of product offerings, powertrain options and RHD availability
through 2007.

                      About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,  
manufacture, distribution, and sale of various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

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

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

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.

As reported in the TCR-AP on Nov. 2, 2006, DaimlerChrysler
said it expects a slight decrease in worldwide demand for
automobiles in the fourth quarter and thus slower market growth
than in Q4 2005. For full-year 2006, the company anticipates
market growth of around 3%. It expects unit sales in 2006 to be
lower than in the previous year (4.8 million units).  The
company reported a third-quarter operating loss of EUR1.16
billion.

On Sept. 15, 2006, DaimlerChrysler reduced the Group's operating
profit target for 2006 to US$6.3 billion.  Although the company
now has to assume that the profit contribution from EADS will be
US$0.3 billion lower than originally anticipated because of the
delayed delivery of the Airbus A380, DaimlerChrysler is
maintaining this earnings target due to very positive business
developments in the divisions Mercedes Car Group, Truck Group
and Financial Services.


DAIMLERCHRYSLER AG: Prepares Plan to Address U.S. Arm Losses
------------------------------------------------------------
DaimlerChrysler AG CEO Dieter Zetsche is setting up a plan that
would closely tie Chrysler and Mercedes to cut big losses at its
U.S. operations, Stephen Powers writes for
The Wall Street Journal.

The plan includes the joint development of the basic
underpinnings of automobiles and possibly include the idling of
DaimlerChrysler's truck plant in Newark, Delaware, and several
thousand layoffs, WSJ reports citing people familiar with the
matter as saying.

Stephen Power of WSJ reveals that DaimlerChrysler aimed to
outline a strategy for Chrysler's turnaround on Valentine's Day,
Feb. 14, 2007.  People familiar with the matter said top
executives were still deliberating on details of the
announcement and are still undecided on explicitly identifying
new areas of cooperation between the divisions, WSJ adds.

"We can't compete in this area [small cars] without cooperating.
It's a brutally competitive market," a person familiar with the
company's internal deliberations told WSJ.  He added that senior
executives from the company's German and American sides are
aware of the need to protect Mercedes's exclusive image.

"The outlook on [DaimlerChrysler] depends largely on the
credibility or otherwise of management's plan for Chrysler,"
Stephen Cheetham, an analyst with Sanford C. Bernstein Ltd. was
quoted by WSJ as saying.  "We view management's claims to be
able to separate Chrysler from the uncomfortable fate of its
Detroit peers as increasingly threadbare."

                       About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,  
manufacture, distribution, and sale of various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

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

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

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.

As reported in the TCR-AP on Nov. 2. 30, 2006, DaimlerChrysler
said it expects a slight decrease in worldwide demand for
automobiles in the fourth quarter and thus slower market growth
than in Q4 2005. For full-year 2006, the company anticipates
market growth of around 3%. It expects unit sales in 2006 to be
lower than in the previous year (4.8 million units).  The
company reported a third-quarter operating loss of EUR1.16
billion.

On Sept. 15, 2006, DaimlerChrysler reduced the Group's operating
profit target for 2006 to US$6.3 billion.  Although the company
now has to assume that the profit contribution from EADS will be
US$0.3 billion lower than originally anticipated because of the
delayed delivery of the Airbus A380, DaimlerChrysler is
maintaining this earnings target due to very positive business
developments in the divisions Mercedes Car Group, Truck Group
and Financial Services.


SIAM COMMERCIAL: Expects Revenue Growth in Cash Mgt. Venture
------------------------------------------------------------
Siam Commercial Bank projects a 20% revenue growth for its cash-
management business this year along with a 50% increase in
transaction volume, The Bangkok Post reports.

Charamporn Jotikasthira, SCB's executive vice-president for
business cash management, told the paper that the business
contributed THB3 billion in revenue last year to the bank,
including THB1 billion in fee income.

Meanwhile, client accounts, now at 10,000, are projected to rise
to over 40,000 by the end of the year, The Post says.

The paper notes that Siam Commercial processes around one
million transactions per month, with THB600 billion worth of
transactions handled last year.  Transaction volume is expected
to rise to 1.5 million per month this year.

"We will focus on the small and medium-sized business segment
through partnerships with large companies that boost wide dealer
networks such as Acer Computer," Mr. Charamporn said.

In a related report, Siam Commercial signed a contract with Acer
to offer Internet payment services for the dealers.  Dealers can
review invoices in real time through a secure network, and
schedule advance payment dates with customer confirmations
through real-time report from the bank, Bangkok Post relates.

Theeradej Chaiwan, the Acer financial controller, told the paper
that the service would allow dealers to reduce the time to
utilize credit notes or trade receivables from Acer.

"Dealers can view their invoices and credit notes through the
bank's Internet site using their username and password.  They
can save time to use trade discounts to deduct from the amount
in the invoice," Mr. Theeradej added.

Accordingly, Siam Commercial expects that half of Acer's 2,000
dealers nationwide would eventually join the service, Mr.
Charamporn said.

                          *     *     *

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal  
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.  
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 23, 2006, that Moody's Investors Service confirmed Siam
Commercial Bank Public Company Limited's D+ bank financial
strength rating and changed its outlook to positive from stable.

On Oct. 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

After the rating action, SCB's ratings are as follows:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Senior unsecured debt BBB+;
    * Subordinated debt BBB.



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

AUSTRALIA

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


CHINA AND HONG KONG

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


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd.                   NVXL      98.77      -14.62
CORE Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd.                DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      20.03       -0.15
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Ltd.                          HMT     238.05     -288.85
IFCI Ltd.                        IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
J.K. Synthetics Ltd.              JKS      24.04       -1.42
Jenson and Nicholson
   (India) Ltd.                    JN      15.41      -77.32
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
Lloyds Steel Industries Ltd.     LYDS     380.94      -69.93
Mafatlal Ind.                     MFI     110.62      -74.82
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements Ltd.               MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Phil Corporation Ltd.            NPPI      22.13       -4.96
RPG Cables Ltd.                  NRPG      51.43      -20.19
Saurashtra Cement Ltd.            SRC     112.31        4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi-Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd.                SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Tata Teleservice Ltd.           NTTLS     653.56       -9.99
Uniflex Cables Ltd.               UFC      17.22       -5.04


INDONESIA

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


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.34      -11.20


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


SOUTH KOREA

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


THAILAND

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




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Nolie Christy Alaba, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano,
Catherine Gutib, Tara Eliza Tecarro, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***