TCRAP_Public/070213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Tuesday, February 13, 2007, Vol. 10, No. 31

                            Headlines

A U S T R A L I A

AUSTRALIAN TRADE: Placed Under Voluntary Liquidation
CADNITE HOLDINGS: Members Opt for Voluntary Wind-Up
CHEMEQ LTD: Court Restrains Bondholders from Appointing Receiver
CROSSCITY MOTORWAY: All Creditors will be Paid, KordaMentha Says
EVANS & TATE: Extends Revised Offer Assessment to February 14

FOURTH COOLAMAROO: Members and Creditors to Meet on March 8
G&AM HOLDINGS: Appoints Peter Ngan as Liquidator
GRIFFIN COAL: Moody's Affirms Ba2 Ratings with Negative Outlook
NWAI PTY: Undergoes Wind-Up Proceedings
PINE EXPERTS: Names Peter P. Krejci as Liquidator

RIMCAPITAL ADVISORS: Members' Final Meeting Slated for March 12
SPONSAFE PTY: Creditors Appoint R.G. Tolcher as Liquidator
STRAMCO INVESTMENTS: Members and Creditors to Meet on March 9
TARGET CONSTRUCTIONS: Creditors Agree to Liquidate Business


C H I N A   &   H O N G  K O N G

AIRBORNE INVESTMENT: Placed Under Voluntary Wind-Up
BENQ CORP: Euro 2008 Sponsorship Irks German Workers Union
DANA CORP: U.S. Trustee Disbands Equity Committee
DANA CORP: Wants Divestiture Order to Admit Restructuring Pacts
DANA CORP: Wants to Reject CBAs and Modify Retiree Benefits

ELECTRICAL COMPONENTS: S&P Rates Proposed US$245 Mil. Loan at B
ELECTRICAL COMPONENTS: Moody's Keeps Ratings and Revises Outlook
EMPEROR BULLION: Creditors Must Prove Debts by February 26
EUREKA SECURITIES: Appoints Shom Chun Po as Liquidator
FAR EAST: Creditors Must Prove Debts by March 15

HI YIELD: Final General Meeting Slated for March 19
JOHNSTONE LIMITED: Taps Cheng Mo Kit as Liquidator
LAVALLE INVESTMENTS: Names Joint and Several Liquidators
SAIYU MANAGEMENT: Appoints Joint and Several Liquidators
TCL MULTIMEDIA: Faces Patent Infringement Suit from LG

TCL MULTIMEDIA: In Talks to Dispose Unit's Assets in Poland
TMT FINANCIAL: Liu Chi Lai Quits Liquidator's Post
ROAD KING: Buys Additional 39.74% Sunco Shares for CNY1.3 Bil.
* NAO Uncovers CNY280 Bil. in Accounting Irregularities for 2006


I N D I A

BAUSCH & LOMB: Files 2005 Annual Report with U.S. SEC
CANARA BANK: RBI Okays Venture into Primary Dealership
DUNLOP INDIA: Pawan Ruia Group Makes Open Offer for 20% Stake
EMCO LTD: Set to Venture Into Electrical Equipment Industry
EMCO LTD: Allots 4,000 Stock Options to Chief Financial Officer

ESSAR OIL: To Seek Shareholders' Consent on Stock Delisting
SUN MICROSYSTEMS: Picks Solution Box to Tap Small, Medium Biz
UNIVERSAL CORP: Earns US$35.8MM in Quarter Ended Dec. 31, 2006


I N D O N E S I A

ALCATEL-LUCENT: Reports 4Q & Full Year 2006 Results
ALLIANCE ONE: Incurs US$23.7MM Loss in Qtr. Ended Dec. 31, 2006
BANK NEGARA: Indonesian Government to Sell 40-49% Stake
BANK NEGARA: To Raise IDR3-4 Trillion by Rights Issue
METSO CORP: Unit Supplies Large Paper Making Line to Oji Paper

METSO CORP: Unit to Set Up & Operate Maintenance at Plattling
TELKOM INDONESIA: Loses IDR18 Billion in Potential Revenue
* Indonesia: Moody's introduces National Scale Rating


J A P A N

JAPAN AIRLINES: Increases Frequency on New York-Tokyo Route
MAZDA MOTOR: Reports Nine-Month Financial Results for FY 2006
NIPPON SHEET: 9-Month Profit Rises to JPY28BB on Pilkington Buy
NIKKO CORDIAL: Fitch Downgrades Individual Rating to 'C/D-'


K O R E A

ARAMARK CORP: Fitch Downgrades IDR to B & Rates Sr. Notes B-/RR5
DAEWOO ELECTRONICS: Videocon Revises Bid, Lowers Price by 13%
SK CORP: Acquires 25% Stake in Petroleum Exploration Project
* South Korea may Experience Twin Deficit, Report Warns


M A L A Y S I A

AMSTEEL CORP: Bursa Denies Further Plan Filing Extension Request
ANTAH HOLDINGS: EGM Approves Restructuring Scheme Resolutions
ANTAH HOLDINGS: Books MYR258.50 Mil. Loan Default as of Jan. 31
ARK RESOURCES: Inks Sub-Contracting Deal with Power Line
CHIN FOH: Bursa Further Extends Plan Filing Deadline to March 7

COMSA FARMS: Wind-Up Hearing Against Unit Slated for March 23
COMSA FARMS: Court Moves Civil Suit Hearing to April 10
CRIMSON LAND: Securities Suspension & Delisting Set for Feb. 16
SOLUTIA INC: Posts US$21 Million Net Loss in December 2006
TENAGA NASIONAL: In Talk with Sime for Power Cable Plan Venture


N E W   Z E A L A N D

A A WORLDWIDE: Court Appoints Joint Liquidators
ANDREW APPLIANCE: Parsons and Kenealy to Act as Liquidators
ARMADILLO ROOFING: High Court Hears Wind-Up Petition
BERWICK CONSTRUCTION: Court Sets Liquidation Hearing on April 5
BLUE CHIP: Court to Hear Liquidation Petition on Feb. 15

CER GROUP: Posts NZ$234,000 Net Loss for 2006 Half-Year Period
GLASS EARTH: Posts CDN$130,000 Loss for November Quarter
GLASS EARTH: Starts Airborne Geophysical Survey in Otago
H. AND J. KNOX: Court Hears Liquidation Petition
J A & L J BURNETT: Creditors' Proofs of Claim Due on March 9

WHANGAPOUA PROPERTIES: CIR Files Liquidation Petition
WILLOW LANE: Commences Liquidation Proceedings


P H I L I P P I N E S

GLOBE TELECOM: To Raise Fresh Loans to Redeem US$300-Mil. Bonds
IPVG CORP: SEC Okays Increase in Capital Stock to PHP800 Million
IPVG CORP: Discloses Terms of Infocomm Option-to-Purchase Pact
PHIL. LONG DISTANCE: Denies Selling ACeS System Business


S I N G A P O R E

ATECH MOULDS: Members and Creditors to Meet on March 9
CHINA AVIATION: Trading Scandal Forces Jia Changbin to Quit Post
CHUAN JOO: Creditors Must Prove Debts by February 24
INTERMEC INC: Delays Issuance of 4th Qtr. and FY2006 Results
LERENO BIO-CHEM: Shareholders Pass Resolutions at EGM

MILLENNIUM-WESTMONT: Creditors Must Prove Debts by February 23
OVERSEAS SHIPHOLDING: Declares Regular Quarterly Dividend
PETROLEO BRASILEIRO: Buys 40% Participation in Rufisque Block
PETROLEO BRASILEIRO: Reopens Bond Swap Offer
SPECTRUM BRANDS: Posts US$18.8 Million Net Loss in 1st Qtr. 2007

SPECTRUM BRANDS: Weak Performance Cues S&P to Lower All Ratings


T H A I L A N D

PROPERTY PERFECT: Fitch Thailand Downgrades Bonds to 'BB+(tha)'
TOTAL ACCESS: Reports 13% YoY Fall in 4Q Net Profit to THB1.3BB


* Fitch: Stable to Positive Credit Outlook for Oil & Gas Sector
* BOND PRICING: For the Week 5 February to 9 February 2007

     - - - - - - - -

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

AUSTRALIAN TRADE: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on Jan. 18, 2007, the
members of Australian Trade Enterprise Pty Limited resolved to
voluntarily wind up the company's operations.

In this regard, the creditors appointed Peter P. Krejci as
liquidator.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


CADNITE HOLDINGS: Members Opt for Voluntary Wind-Up
---------------------------------------------------
The members of Cadnite Holdings Pty Limited held a general
meeting on Jan. 17, 2007, and resolved to voluntarily wind up
the company's operations.

In this regard, David Shehade was appointed as liquidator.

The Liquidator can be reached at:

         David Shehade
         Edney Ryan Chartered Accountants
         357 Military Road
         Mosman, New South Wales 2088
         Australia


CHEMEQ LTD: Court Restrains Bondholders from Appointing Receiver
----------------------------------------------------------------
On Feb. 8, 2007, the Supreme Court of Western Australia granted
an injunction restraining Chemeq Limited's bondholders from
appointing a receiver pending a determination of the company's
appeal.

On Feb. 8, 2007, the Troubled Company Reporter - Asia Pacific
cited a report from the Sydney Morning Herald stating that
Chemeq Limited is facing liquidation or a "proxy takeover" after
a court ruled that the company had breached its contract with
its bondholders.

According to the TCR-AP report, Chemeq advised that its Board of
Directors had decided to launch an appeal against the Supreme
Court's decision, which found that it has failed to meet the
terms of the final milestone covenant set out in the Convertible
Bonds Deed Poll.

The injunction was granted on the basis of various undertakings
given by Chemeq to the Court and bondholders.

Those undertakings include that pending the outcome of the
appeal or further Court order, Chemeq will not:

   (a) enter into any transaction or commitment or incur any
       liability other than in accordance with a prescribed
       schedule;

   (b) sell any of its assets, business, or undertakings;

   (c) distribute any of its income or assets; or

   (d) engage further employees or contractors, or terminate or
       vary the employment of existing employees or contractors.

And that Chemeq will:

   (a) allow monitoring of the undertakings by a representative
       of the bondholders;

   (b) regularly report expenditure; and

   (c) maintain the Rockingham facility on a care and
       maintenance basis and not operate the plant to produce
       product.

The TCR-AP also noted that the Supreme Court has ruled that the
trading halt for Feb. 1, which Chemeq has requested, was
continued in the interim.

The Court of Appeal in Western Australia will commence a hearing
on the appeal on March 12, 2007.

                         About Chemeq

Chemeq Limited -- http://www.chemeq.com.au/-- is in the  
business of developing, manufacturing and marketing its
revolutionary CHEMEQ polymeric antimicrobial (CHEMEQ), which
replaces antibiotics for the control of disease causing bacteria
in commercial animal production.

Chemeq has maintained its Intellectual Property protection
through patents wholly owned by the Company.  There are over 90
patents registered in numerous countries including the United
States of America and countries within Europe and Asia.  There
are more than 170 patents pending.

Chemeq continues to establish and grow its distribution network
in its target markets and regions and in taking the Company
forward, is investigating further uses of its technology to
gauge the potential for developing new products and entering
alternative markets.


CROSSCITY MOTORWAY: All Creditors will be Paid, KordaMentha Says
----------------------------------------------------------------
On Dec. 29, 2006, the Troubled Company Reporter - Asia Pacific
cited The Wall Street Journal as stating that CrossCity Motorway
Pty. Ltd. was placed into receivership due to debts of around
AU$560 million (US$438 million) owed to a syndicate of 16
domestic and international banks.

Martin Madden and David Winterbottom, of Australian insolvency
specialist KordaMentha, were appointed receivers and managers to
CrossCity Motorway.

A follow-up report from the Australian Associated Press relates
that KordaMentha confirmed that all of the private tollway's
creditors will be paid.  The receiver also noted that there
would be no fire sale of the tunnel.

"Creditor payments have not been impeded by the Group's
receivership," Mr. Madden said, noting that tunnel patronage is
growing.

KordaMentha is confident the tunnel is a sustainable business,
The Age relates.  The paper cites Fairfax newspapers as saying
that the tunnel is likely to attract a maximum sale bid of
AU$350 million, which amount would leave banks facing losses of
AU$220 million.

According to Fairfax, the Cross City Tunnel's debts included
AU$100,000 owed to federal and state government agencies.

The AAP recounts that a NSW public service superannuation fund
last year wrote down a AU$60-million investment in the tollway.

A Roads and Traffic Authority spokesman later said Cross City
Motorways owed the authority more than AU$31,000 for processing
toll notices and infringements, the AAP relates.

                        About CrossCity

Based in Sydney, Australia, CrossCity Motorway Pty. Ltd. --
http://www.crosscity.com.au/-- operates the 2.1-kilometer Cross   
City Tunnel in Sydney.  CrossCity Motorway is a private
consortium with three major shareholders: Bilfinger Berger BOT,
Cheung Kong Infrastructure and clients of RREEF Infrastructure
Investments.

CrossCity Motorway is the consortium that won the tender to
design, build and operate the Cross City Tunnel for the next 30
years.

Contact:

         Martin Madden
         KordaMentha
         Telephone: +61 2 8257 3000

         -- or --

         Gabrielle Trainor
         John Connolly and Partners
         Telephone: +61 2 9232 1033


EVANS & TATE: Extends Revised Offer Assessment to February 14
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 6, 2007, Evans & Tate Limited advised that it has received
a revised offer from Yarraman Winery, Inc.

According to the TCR-AP, Yarraman's offer was open until Feb. 7,
2007, under consideration by the Board of Evans & Tate and its
advisors.

However, in a statement filed with the Australian Securities
Exchanges, Evans & Tate advises that the company's Board and its
advisors have agreed to extend their assessment of the Revised
Offer to 5:00 p.m. (Perth Time) on Feb. 14, 2007.

                       About Evans & Tate

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

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

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


FOURTH COOLAMAROO: Members and Creditors to Meet on March 8
-----------------------------------------------------------
The members and creditors of Fourth Coolamaroo Pty Ltd will hold
a final meeting on March 8, 2007, at 11:00 a.m.

At the meeting, the members and creditors will receive the
liquidator's report regarding the company's wind-up proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company entered voluntary wind-up on March 10, 2006.

The liquidator can be reached at:

         Leonard A. Milner
         Boardroom
         Venn Milner & Co Chartered Accountants
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia


G&AM HOLDINGS: Appoints Peter Ngan as Liquidator
------------------------------------------------
The members of G & A M Holdings Pty Limited met on Jan. 25,
2007, and resolved to wind up the company's operations.

Accordingly, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


GRIFFIN COAL: Moody's Affirms Ba2 Ratings with Negative Outlook
---------------------------------------------------------------
On February 9, 2007, Moody's Investors Service affirmed the Ba2
corporate family and Ba2 senior unsecured ratings of The Griffin
Coal Mining Company Pty Ltd.  The affirmation follows Griffin's
decision to further upsize its recent US$400 million bond issue
to US$475 million.  The rating outlook remains negative.

"While the additional funding increases Griffin's debt
commitments the increase is not material enough to move the
rating and is ameliorated to a small degree by a US$25 million
reduction in the debt carve-out allowed within the bond
indenture," says Charles Macgregor, a Moody's VP/Senior Credit
Officer and lead analyst for the company.  The maintenance of
cash reserves -- arising form the upsizing of the bond --
provides additional rating support.

The rating outlook is negative.  Moody's would not expect the
rating outlook to be stabilized prior to the completion of its
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:

   1) lose a key customer, or

   2) experience delays in the commissioning of the power
      stations.

Reduction in liquid assets below US$100 million would also
pressure the rating.  Key financial metrics that may indicate
such pressure include Adjusted Debt/EBITDA over 4.5x and/or
EBIT/Interest less than 1.5x.  The US$75 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 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.


NWAI PTY: Undergoes Wind-Up Proceedings
---------------------------------------
The members of N W A I PTY Limited met on Jan. 25, 2007, and
agreed to place the company under voluntary wind-up.

Subsequently, James Alexander Shaw was appointed as liquidator.

The Liquidator can be reached at:

         James Alexander Shaw
         Ferrier Hodgson Chartered Accountants
         Level 3, 2 Market Street
         Newcastle New South Wales 2300
         Australia


PINE EXPERTS: Names Peter P. Krejci as Liquidator
-------------------------------------------------
At a general meeting held on Jan. 18, 2007, the members of Pine
Experts Pty Limited passed a special resolution to wind up the
company's operations.

Accordingly, Peter P. Krejci was appointed as liquidator.

The Liquidator can be reached at:

         Peter P Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


RIMCAPITAL ADVISORS: Members' Final Meeting Slated for March 12
---------------------------------------------------------------
The members of Rimcapital Advisors Pty Limited will hold a final
meeting on March 12, 2007, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific the
company was placed under liquidation on April 29, 2005.


SPONSAFE PTY: Creditors Appoint R.G. Tolcher as Liquidator
----------------------------------------------------------
The members of Sponsafe Pty Limited -- formerly trading as
Maryland Vehicle Sales -- met on Jan. 18, 2007, and resolved to
wind up the company's operations.

Subsequently, creditors appointed Raymond George Tolcher as
liquidator.

The Liquidator can be reached at:

         Raymond George Tolcher
         Lawler Partners Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia


STRAMCO INVESTMENTS: Members and Creditors to Meet on March 9
-------------------------------------------------------------
The members and creditors of Stramco Investments Pty Ltd will
hold a final meeting on March 9, 2007, to hear the liquidator's
report regarding the company's wind-up proceedings and property
disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that the
company entered wind-up proceedings on July 25, 2006.

The liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988


TARGET CONSTRUCTIONS: Creditors Agree to Liquidate Business
-----------------------------------------------------------
The creditors of Target Constructions Pty Limited held a meeting
on Jan. 23, 2007, and resolved to wind up the company's
operations.

Accordingly, Roderick Mackay Sutherland was appointed as
liquidator.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


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

AIRBORNE INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on Feb. 1, 2007, the
members of Airborne Investment Limited passed a special
resolution to voluntarily wind up the company's operations.

Accordingly, Tsui Kar Kim was appointed as liquidator.

The Liquidator can be reached at:

         Tsui Kar Kim
         Room 1305
         3 Arbuthnot Road Central
         Hong Kong


BENQ CORP: Euro 2008 Sponsorship Irks German Workers Union
----------------------------------------------------------
BenQ Corp., the Taiwan-based parent of bankrupt BenQ Mobile GmbH
& Co. OHG, reveals an official sponsorship to the UEFA Euro 2008
in Austria and Switzerland triggering protests from German
politicians and trade union officials.

The announcement came following BenQ Mobile's closure of its
Kamp-Lintfort factory in North Rhine-Westphalia, Germany, and
thousands of job cuts in the country.

"These plans are tasteless, arrogant, and a slap in the face for
all those who lost their job," IG Metall union spokesman
Georgios Arwanitidis told Berliner Zeitung.

Deutsche Welle says some 2,000 people have been laid-off from
BenQ Mobile since Jan. 31 after the company filed for insolvency
on Sept. 29, 2006.

However, K.Y. Lee, chairman of BenQ Corp., said "the sponsorship
supports BenQ's commitment to Europe and ongoing efforts to make
BenQ a household name in the region."  

"The UEFA European Football Championship is one of the most
prestigious and recognizable sporting brands in the world.  It
has a heritage and legacy with football fans of all ages for the
quality of the football and the enjoyment the tournament brings
to fans around the world.  This reflects BenQ's mission to
enhance customer enjoyment through quality consumer-oriented
solutions designed especially for the networked digital
lifestyle," Mr. Lee continued.

According to Deutsche Welle, the latest deal reportedly cost at
least EUR15 million, with some speculating between EUR30 million
and EUR40 million.

"If BenQ wants to make an image campaign, it can start here in
Kamt-Lintfort by spending the same sum they are giving UEFA on
the creation of new jobs," IG Metall official Ulrich Marschner
from the former BenQ Mobile plant in western German Kamp-
Lintfort told the Neue Rhein/Neue Ruhr Zeitung.

                           About BenQ

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

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

BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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.


DANA CORP: U.S. Trustee Disbands Equity Committee
-------------------------------------------------
Diana G. Adams, the Acting United States Trustee for Region 2,
has disbanded the Official Committee of Equity Security Holders,
effective Feb. 9, 2007, due to the resignation of two of the
three members of the Equity Committee, appointed on June 27,
2006, in Dana Corp. and its debtor-affiliates' chapter 11 cases.

                          About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances to
that plan.

(Dana Corporation Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of US$1.45
billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.


DANA CORP: Wants Divestiture Order to Admit Restructuring Pacts
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask the Honorable Burton R.
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York to:

   (a) extend the Divestiture Order to include the Restructuring
       Agreements; and

   (b) allow them to make payments to individuals who may be
       "managers" or "consultants" as defined in Section
       503(c)(3).

The Debtors also seek authority from the Court to pay reasonable
fees and out-of-pocket expenses of the Unions' Advisors, subject
to:

   (a) a cap of US$1,000,000 for fees and US$100,000 for
       expenses;

   (b) the terms under the Union Letter Agreement; and

   (c) certain advisor payment procedures.

In late 2006, the Debtors said they aim to implement
Postpetition Restructuring Initiatives to, among others,
increase product profitability; reduce labor and benefit costs,
pension and other retiree costs and overhead costs; and adjust
their manufacturing footprint.

In light of this goal, the Debtors intended to eliminate their
obligation to provide retiree benefits and to modify certain
collective bargaining agreements.  Subsequently, the Debtors
have been working with the International Union, United
Automobile, Aerospace and Agricultural Implement Workers of
America and the United Steel, Paper and Forestry, Rubber,
Manufacturing, Energy, Allied Industrial and Service Workers
International Union, AFL-CIO, CLC to further the Section
1113/1114 Process.

Corinne Ball, Esq., at Jones Day, in New York, contends that the
implementation of the Debtors' Postpetition Restructuring
Initiatives may from time to time require retention or
separation arrangements with employees who may be considered
"managers" or "consultants" under Section 503(c)(3) of the
Bankruptcy Code -- the Restructuring Agreements.

The Section 1113/1114 Process also makes it advisable for the
Unions to enter into retention agreements with advisors who
will, among other things, assist them in evaluating the Debtors'
proposals in connection with the Section 1113/1114 Process, Mr.
Ball asserts.

The Debtors have agreed to pay the reasonable fees and expenses
of the Union Advisors, Ms. Ball informs the Court.

The Debtors anticipate that the aggregate payments to
individuals under the Restructuring Agreements will not exceed
US$3,500,000.

                        Payment Procedures

The Debtors propose to make payments under the Restructuring
Agreements, without further application to the Court, subject to
the Restructuring Payment Limit, in accordance with these
procedures:

   1. The Debtors will submit a copy of the relevant
      Restructuring Agreement, which details the nature of the
      services rendered and disbursements actually incurred to
      counsel to the Official Committee of Unsecured Creditors,
      the Official Committee of Equity Security Holders and the
      U.S. Trustee.

   2. The Interested Parties can review and object to the
      proposed payments.  If no objection is timely filed, the
      Debtors will be deemed authorized, but not required, to
      make the proposed payments without further Court action.

   3. Objections must be in writing and served to the Debtors,
      Jones Day and other interested parties.  If no resolution
      between the Debtors and the Objecting Party is reached,
      the Debtors may proceed with the Court for adjudication.

The Debtors also propose to pay the Union Advisors pursuant to
the Union Retention Agreements, without further application to
the Court, subject to the Caps and in accordance with the Union
Letter Agreement and these procedures:

   1. The Debtors will pay the Union Advisors' fees and    
      expenses, subject to the Caps, for all work performed
      between the Petition Date and the earlier of:

        (i) the date the Advisors' work is concluded;

       (ii) the entry of a final order confirming a plan of
            reorganization; or

      (iii) the date on which either the fees or expenses
            requested in all Fee Statements submitted to the
            Debtors for approval, in the aggregate, exceed
either
            of their Caps.

   2. Each Advisor will submit his statement of fees and
      expenses to the designated Union representative.  Once the
      Union representative has determined that the requested
      fees and expenses are reasonable and, when added together
      with the amounts already paid by the Debtors to the
      Advisors on account of all prior Fee Statements are within
      the Caps, the Unions will submit the Fee Statement to the
      Debtors and Jones Day.

   3. The Debtors will be authorized to pay the reasonable fees
      and expenses requested by the Advisors in each Fee
      Statement, subject, in the aggregate, to the Caps, without
      further Court action.

                         *     *     *

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances to
that plan.

(Dana Corporation Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of US$1.45
billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.


DANA CORP: Wants to Reject CBAs and Modify Retiree Benefits
-----------------------------------------------------------
Dana Corp. and its debtor-affiliates seek authority from the
Honorable Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York to reject their collective
bargaining agreements and modify certain of their retiree
benefits.

The Debtors' existing labor costs, especially in the United
States, impair their financial position and are a significant
impediment to their successful reorganization, Kenneth A. Hiltz,
the Debtors' chief financial officer and officer, disclosed in a
Form 10-Q filing with the Securities and Exchange Commission for
the period ended Sept. 30, 2006.

In light of this, the Debtors stated that, subject to applicable
collective bargaining and bankruptcy procedures, they intend to:

   -- freeze merit wage increases;

   -- realign gain-share programs;

   -- modify short-term disability program;

   -- eliminate company-paid long-term disability benefits;

   -- establish inflation limits on the company-paid portion of
      health care programs;

   -- eliminate post-retirement health care benefits for active
      employees; and

   -- reduce company-provided life insurance.

The Debtors expect to earn US$60,000,000 to US$90,000,000 every
year as a result of the wages and labor contracts modifications.  
An additional annual savings of US$70,000,000 to US$90,000,000
is expected for ending the Debtors' retiree health care and
pension plan changes.

Since November 2006, the Debtors engaged in discussions and
negotiations with the Official Committee of Non-Union Retirees;
the International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America; the United Steel,
Paper and Forestry, Rubber, Manufacturing, Energy, Allied
Industrial and Service Workers International Union; and
International Association of Machinists, in relation to the
Section 1113/1114 Process.

The Court has established schedules to govern the briefing,
discovery, hearing and adjudication towards a consensual and
expedited Section 1113/1114 Process.  The Court has set Jan. 29,
2007, as the deadline for the Debtors to file a Section
1113/1114 Motion.

Pursuant to the Section 1113/1114 Order, the Debtors filed their
CBA Rejection Motion under seal to protect confidential and
sensitive information that might adversely affect parties to the
Section 1113/1114 Process.

                         *     *     *

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances to
that plan.

(Dana Corporation Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of US$1.45
billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.


ELECTRICAL COMPONENTS: S&P Rates Proposed US$245 Mil. Loan at B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' bank loan
rating and '3' recovery rating to Electrical Components
International Inc.'s proposed US$245 million first-lien term
loan, indicating that lenders can expect to recover a meaningful
amount of principal in the event of a payment default.

In addition, Standard & Poor's affirmed its ratings on the
company, including its 'B' corporate credit rating.

The outlook is stable.

The affirmation follows the company's report that it has entered
into an agreement to acquire the assets of Noma Corp., which is
a subsidiary of GenTek Inc. and ECI's leading competitor in the
North American market.  The purchase price of US$75 million
represents a multiple of approximately 6.8x Noma's EBITDA.

Proceeds from the term loan will be used to refinance ECI's
existing US$155 million term loan, to fund the purchase of
Noma's assets, and to repay drawn amounts under ECI's existing
US$35 million revolving credit facility.  Standard & Poor's will
withdraw its ratings on the existing US$155 million term loan
upon the closing of the new term loan facility.

"Upon completion of the Noma acquisition, ECI's highly leveraged
financial risk profile will weaken somewhat as a result of the
additional term loan financing necessary to fund the purchase,"
said Standard & Poor's credit analyst James Siahaan.

"However, the company will benefit from ECI's increased scale
and market positions, coupled with the possibility of additional
cost savings following the integration process," Mr. Siahaan
continued.

Electrical Components International Holdings Company --
http://www.electricalcomponentsinternational.com/--  
manufactures wire harnesses and leads for traditional and
specialty markets, complex harness sub-assemblies, radiant glass
heaters, power cords and we have contract manufacturing
capabilities.  The company has facilities in the United States,
Mexico, and China.


ELECTRICAL COMPONENTS: Moody's Keeps Ratings and Revises Outlook
----------------------------------------------------------------
Moody's Investors Service affirmed Electrical Components
International, Inc.'s -- formerly known as Electrical Components
International Holdings Company -- B1 corporate family rating.

Moody's also affirmed the Ba3 rating for ECI's US$35 million
revolving credit facility and US$245 million first lien term
loan, and the B3 rating for its US$60 million second lien term
loan.  

The company recently upsized the first lien term loan by US$90
million to US$245 million to finance its US$75 million cash
acquisition of the Noma Wire and Cable Assembly Business from
GenTek Inc.

Moody's revised the rating outlook to negative from stable due
to integration risk and weaker credit metrics stemming from the
aforementioned acquisition and related financing.

Outlook Actions:

   * Electrical Components International, Inc.

      -- Outlook, Changed To Negative From Stable

The B1 corporate family rating reflects ECI's improved market
position pro forma for the Noma acquisition, inherently stable
end markets, and long-term customer relationships.  
Additionally, the ratings reflect Moody's belief that ECI should
be able to achieve production, purchasing, and overhead
synergies by rationalizing operations.

The Noma acquisition's scale, inherent integration risks despite
the similarity of the two businesses, high customer
concentration, and increased leverage to nearly 5x supports a
cautious approach and therefore a negative rating outlook.

Moody's believes that ECI has little room for error at the B1
rating level for the remainder of 2007.  Achieving
aforementioned production synergies will require a significant
investment in 2007 and 2008, which will dampen free cash flow.  
Therefore, lower than expected top line performance, significant
delays in implementing production-related synergies, or margin
deterioration could trigger a rating downgrade as ECI would be
weakly positioned at the B1 rating level.

Additionally, Moody's notes that despite the investment required
to achieve operational synergies, nominal expected free cash in
2007 and a significant increase in the company's scale, the
revolving credit facility commitment remains unchanged at US$35
million.

ECI's failure to capitalize on its improved pro forma market
position and achieve purchasing and overhead synergies could
also trigger a rating downgrade.  Given the company's inherently
slow growth, which is effectively tied to the fortunes of the
white goods industry, low margins, coupled with weak expected
cash flow metrics in 2007 and the need to reduce leverage,
Moody's does not envision a scenario that would result in
positive near-term rating momentum.  Moody's could stabilize the
outlook if it appears that the timing and magnitude of
operational and purchasing synergies are achieved, or if ECI
demonstrates continued top line and margin stability, an
enhanced liquidity profile, and reduced leverage.

Electrical Components International Holdings Company --
http://www.electricalcomponentsinternational.com/--  
manufactures wire harnesses and leads for traditional and
specialty markets, complex harness sub-assemblies, radiant glass
heaters, power cords and we have contract manufacturing
capabilities.  The company has facilities in the United States,
Mexico, and China.


EMPEROR BULLION: Creditors Must Prove Debts by February 26
----------------------------------------------------------
The creditors of Emperor Bullion Investments Limited are
required to file their proofs of debt by Feb. 26, 2007.

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

The joint and several liquidators can be reached at:

         Yeung Wing Kay
         Cheuk Shui Wah
         Rooms 304 C306, 3rd Floor
         Hua Qin International Building
         340 Queen's Road Central
         Hong Kong


EUREKA SECURITIES: Appoints Shom Chun Po as Liquidator
------------------------------------------------------
Shom Chun Po was appointed as liquidator of Eureka Securities
Limited at a general meeting held on Feb. 1, 2007.

The Liquidator can be reached at:

         Shom Chun Po
         Room A, 19/Floor
         Tung Hip Commercial Building
         248 Des Voeux Road Central
         Hong Kong


FAR EAST: Creditors Must Prove Debts by March 15
------------------------------------------------
The creditors of Far East Petroleum Investment Company Limited
are required to file their proofs of debt by March 15, 2007.

Failure to file 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:

         Ha Yue Fuen, Henry
         Room 1010, 10th Floor
         Wing On Centre
         111 Connaught Road Central
         Hong Kong


HI YIELD: Final General Meeting Slated for March 19
---------------------------------------------------
Hi Yield Holdings Limited will hold a final general meeting for
its sole member on March 19, 2007, at 5:00 p.m.

At the meeting, Ho Tak Kwong, the appointed liquidator, will
present the final accounts of the company's wind-up proceedings
and property disposal exercises.


JOHNSTONE LIMITED: Taps Cheng Mo Kit as Liquidator
--------------------------------------------------
Cheng Mo Kit, Katherine was appointed as liquidator of Johnstone
Limited, through a special resolution passed on Jan. 26, 2007.

The Liquidator can be reached at:

         Cheng Mo Kit, Katherine
         United Centre, 26th Floor
         Office B, 95 Queensway
         Hong Kong


LAVALLE INVESTMENTS: Names Joint and Several Liquidators
--------------------------------------------------------
On January 31, 2007, Ying Hing Chiu and Chung Miu Yin
were appointed as joint and several liquidators of Lavalle
Investments Limited.

In this regard, Messrs. Ying and Chung will be receiving proofs
of debt from the company's creditors until March 2, 2007.

The Joint and Several Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SAIYU MANAGEMENT: Appoints Joint and Several Liquidators
--------------------------------------------------------
The shareholders of Saiyu Management Limited appointed Rainier
Hok Chung Lam and John James Toohey as joint and several
liquidators on Jan. 31, 2007.

The Joint and Several Liquidators can be reached at:

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


TCL MULTIMEDIA: Faces Patent Infringement Suit from LG
------------------------------------------------------
LG Electronics filed a lawsuit against Thomson TCL Electronics
and its parent company, TCL Multimedia Technology Holdings, for
infringement of patents on television manufacturing technology.

The suit was filed on February 10, 2007, before the US District
Court, Eastern District of Texas.   

LG Electronics in a statement on its web site accuses TCL for
infringement of four patents, which includes digital TV
technology of virtual channel table for a broadcast protocol and
V-chip program rating control system.

The material litigation came out after LG and TTE failed to
resolve the problem after starting discussion since early 2005,
the company's statement said.

"Intellectual property including patents is the company's
essential asset, which we have a right not to be disturbed.  
This lawsuit shows our strong will for protection of our own
intellectual property," Jeong Hwan Lee, executive vice president
and head of LG Electronics Intellectual Property Center said in
the statement.

                          *     *     *

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,  
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                          *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of this year, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million for 2005.

TCR-AP recounts that in 2004, TCL acquired the TV unit of French
electronics firm Thomson, which uses the Thomson brand in Europe
and RCA in North America.  TCL grouped all its TV businesses
under TMT.


TCL MULTIMEDIA: In Talks to Dispose Unit's Assets in Poland
-----------------------------------------------------------
TCL Multimedia Technology Holdings Ltd is in negotiation with an
independent third party to dispose of certain assets owned by a
unit in Poland, Forbes reports.

However, Li Dongsheng, company chairman, said the proposed
disposal may or may not push ahead, the paper relates.

In addition, asked on the reason for the recent rise in the
trading volume of the company's shares, Mr. Li said the
company's board is not aware of any reasons for the recent
increase, Forbes says.

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,  
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                          *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of this year, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million for 2005.

TCR-AP recounts that in 2004, TCL acquired the TV unit of French
electronics firm Thomson, which uses the Thomson brand in Europe
and RCA in North America.  TCL grouped all its TV businesses
under TMT.


TMT FINANCIAL: Liu Chi Lai Quits Liquidator's Post
--------------------------------------------------
On January 22, 2007, Liu Chi Lai ceased to act as liquidator of
TMT Financial Services Limited.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Liu presented the company's wind-up report on June 21, 2006.

The former Liquidator can be reached at:

         Liu Chi Lai
         13/Floor, Wah Kit Commercial Centre
         302 Des Voeux Road Central
         Hong Kong


ROAD KING: Buys Additional 39.74% Sunco Shares for CNY1.3 Bil.
--------------------------------------------------------------
Sunco Property confirmed the report that Road King
Infrastructure Ltd purchased a further 39.74% of its shares for
CNY1.3 billion after buying a 55% stake last September, China
Daily reports.

The paper recounts that Road King has bought the 55% stake for
CNY1.27 billion.

"We've signed a deal with Road King, under which Road King will
take over 94.74% of Sunco's shares when all the agreed options
are cashed in," Yang Sen, head of Sunco's public relations
division, told the paper.

Sun Hongbin, the founder of Sunco, will retain the remaining
5.26% stake, the report adds.

The acquisition of Sunco was likely to bring substantial rewards
to its shareholders, China Daily cites Zen Weipao, chairman of
Road King, as saying.

However, some experts said Sunco was sold for too little.  "It
is hard to imagine that Road King could take over such a big
enterprise for a mere CNY2.58 billion," an industry insider was
quoted by the paper as saying.

China Daily adds that Road King also plans to expand its China
property business to over 16 cities, covering 39 projects with a
construction area of 12.5 million square meters after the
acquisition of Sunco.

The Troubled Company Reporter - Asia Pacific recounts that major
rating agencies like Standard and Poor's, Moody's and Fitch
reviewed their ratings on Road King for possible downgrade in
anticipation of the then planned additional stake purchase in
Sunco.

                          *     *     *

Road King Infrastructure Limited -- http://www.roadking.com.hk/-
- is a publicly listed company in Hong Kong with its core
business in the investment, development, operation and
management of toll roads and bridges in China.  Road King has a
toll road investment portfolio comprising over 20 toll roads and
bridges spanning approximately 1,100 kilometers in 8 provinces
of China.  In 2004, Road King entered the property development
business in China and the developing property projects have
reached total gross floor area of 1.6 million square meters.

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

Fitch Ratings on Jan. 30, 2007, put Road King's 'BB+' Long-term
Issuer Default rating on Rating Watch Negative.  The rating
action follows the announcement by Road King that it has signed
a new acquisition agreement with China's Sunco Group.

In addition, on Jan. 26, 2007, Moody's Investor Service put on
review for possible downgrade the Ba1 corporate family rating of
Road King and the Ba1 senior unsecured rating of the bond issued
by Road King Infrastructure Finance Ltd.


* NAO Uncovers CNY280 Bil. in Accounting Irregularities for 2006
----------------------------------------------------------------
China's National Audit Office has discovered around CNY280
billion in accounting "irregularities" in companies and
government departments across the country, Xinhuanet says citing
a report from the Shanghai Daily.

According to the report, the problems were found after checking
the books of more than 137,000 organizations last year, the
audit's office said on its Web site quoting a speech by chief Li
Jinhua.

Mr. Li added that with 425 firms and agencies alone, NAO already
uncovered CNY64.4 billion in irregularities.  It already sent
149 cases to police for prosecution.  However, details on the
type of problems discovered were not disclosed, the paper notes.

Meanwhile, Xinhuanet notes that with the crackdown, it allowed
the state to save CNY49 billion through cost reductions and
capital reclamation.

Additional information on cases at the central government level
are expected in March or April, when the audit authority
normally posts its annual report on state organization, the
paper adds.


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

BAUSCH & LOMB: Files 2005 Annual Report with U.S. SEC
-----------------------------------------------------
Bausch & Lomb Inc. filed its annual report on Form 10-K for the
year ended Dec. 31, 2005, with the United States Securities and
Exchange Commission on Feb. 7, 2007.

The company was unable to timely file its 2005 Annual Report due
to:

   -- ongoing independent investigations conducted by the Board
      of Directors' Audit Committee;

   -- expanded year-end procedures that were not complete;

   -- expanded procedures with respect to the accounting for
      income taxes that were not complete; and

   -- continued efforts to complete the company's assessment of
      its internal control over financial reporting.

As a result of the Audit Committee's investigations and the
expanded procedures, the company identified errors made in the
application of generally accepted accounting principles that
impacted previously reported financial statements.

Consequently, management determined that it should restate its
previously issued:

   -- consolidated financial statements for fiscal years ended
      Dec. 27, 2003, and Dec. 25, 2004;

   -- financial information for the fiscal years ended 2001 and
      2002 (including a cumulative increase to 2001 beginning
      retained earnings of US$34,000,000); and

   -- financial reports for the first and second quarters of
      2005.

The company included the restated financial statements for the
years 2003 and 2004 in the 2005 annual report.

                            Financials

For the year ended Dec. 31, 2005, the company reported
US$19,200,000 of net income on US$2,353,800,000 of net sales,
compared with US$153,900,000 of net income on US$2,233,500,000
of net sales for the fiscal year ended Dec. 25, 2004.

At Dec. 31, 2005, the company had US$3,416,400,000 in total
assets, US$2,108,000,000 in total liabilities, and
US$1,283,900,000 in total shareholders' equity.

A full-text copy of the company's 2005 annual report is
available for free at http://ResearchArchives.com/t/s?19c0

Headquartered in Rochester, New York, Bausch & Lomb Inc. is a
leading worldwide provider of eye care products, including
contact lens, lens care, ophthalmic pharmaceuticals and surgical
products.

The company is organized into three geographic segments: the
Americas, Europe, Middle East and Africa, and Asia (including
operations in India, Australia, China, Hong Kong, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan and Thailand.  Its
additional operating segments, which are managed on a global
basis, are the Research, Development and Engineering
organization and the Global Supply Chain Organization.  In each
geographic segment, Bausch & Lomb  markets products in five
product categories: contact lenses, lens care products,
ophthalmic pharmaceuticals, cataract and vitreoretinal surgery,
and refractive surgery.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 7, 2007, Moody's Investors Service downgraded Bausch &
Lomb's senior unsecured debt to Ba1 and continues to review all
ratings for possible downgrade.   The rating agency also
assigned a Ba1 Corporate Family Rating.


CANARA BANK: RBI Okays Venture into Primary Dealership
------------------------------------------------------
The Reserve Bank of India, by a letter dated Feb. 7, 2007,
authorized Canara Bank to commence primary dealership business
departmentally.

Pursuant to the RBI letter, Canara is authorized to commence PD
business effective from Feb. 20.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse  
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie-up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of D on
June 1, 2005.


DUNLOP INDIA: Pawan Ruia Group Makes Open Offer for 20% Stake
-------------------------------------------------------------
Wealth Sea Pte Ltd and Manali Properties & Finance Pvt Ltd, as a
person acting in concert, made an open offer to Dunlop India Ltd
shareholders to acquire up to 89,97,859 equity shares
representing up to 20% of the voting equity share capital of
Dunlop at an offer price of INR10 fully paid-up equity share of
INR10 each payable in cash.

According to a report by the Business Standard, the Pawan Ruia
group actually made the offer using special-purpose vehicle
Wealth Sea.

The offer is pursuant to an order by the Securities & Exchange
Board of India dated Nov. 1, 2006.  SEBI directed the group to
make open offers for Dunlop India and Falcon Tyres.

Microsec Capital Ltd was hired to manage the offer, which is set
to open on March 24 and will close on April 12.

Interest at 10% p.a. will be paid to the eligible affected
shareholders on total consideration with effect from June 2,
2006, a filing with the Bombay Stock Exchange states.

The Ruia group, who holds a 74.5% stake in Dunlop, is not
expecting a huge response from the offer, BS says.

"I do not think that we shall get a huge chunk of shares of
Dunlop at INR10, BS quotes group Chairman Pawan Ruia as saying.  
"The company is in turnaround mode and even in the last meeting
shareholders were optimistic about the future."

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, Dunlop India submitted a INR582-crore draft
rehabilitation scheme to the BIFR.


EMCO LTD: Set to Venture Into Electrical Equipment Industry
-----------------------------------------------------------
Emco Ltd is set to venture into the electrical equipment
business.

At a meeting on Feb. 7, the company's board of directors decided
to put up a strategic investment in an electrical industry.  
Specifically, the board authorized the company's managing
director to invest up to INR100 crores in the electrical
equipment industry and to execute the related documents and
agreements.

A filing with the Bombay Stock Exchange did not provide other
details of the planned investment.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and     
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


EMCO LTD: Allots 4,000 Stock Options to Chief Financial Officer
---------------------------------------------------------------
Emco Ltd's ESOP (Compensation) Committee of Directors allotted
stock options totaling 4,000, which covers rights to apply for
equal number of equity shares of the company  -- each option
carrying right to apply for one equity share to Sunil Rustagi,
the company's chief financial officer.

Against each stock option, the CFO will have right to apply for
and get allotted one equity share at an exercise price of
INR870.  The vesting period for the options is in graded manner
within the period from the respective grant and as prescribed in
grant letters, subject to minimum vesting period of one year.

The Committee made the allotment at its meeting on Feb. 1.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and     
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


ESSAR OIL: To Seek Shareholders' Consent on Stock Delisting
-----------------------------------------------------------
Essar Oil Ltd's board of directors has decided to seek consent
from shareholders to delist the company's equity shares from
Bombay Stock Exchange Ltd and National Stock Exchange of India
Ltd pursuant to the terms of the Securities and Exchange Board
of India (Delisting of Securities) Guidelines, 2003.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 30, Essar Energy Holdings Limited, a major shareholder of
Essar Oil, has sought the delisting.

Essar Oil believes the delisting will offer more flexibility in
its operations and management, greater efficiencies and at the
same time provide an exit opportunity for its shareholders.

Essar Oil's shareholders will vote on the special resolution to
delist the shares by way of postal ballot.

In this regard, the company's board appointed Prakash Pandya,
practicing company secretary, as the scrutinizer for conducting
the postal ballot process.

The postal ballot forms duly completed should reach the
Scrutinizer on or before March 12, 2007.  The scrutinizer will
submit his report to the chairman/director of the company after
completion of scrutiny.

The results of the postal ballot will be announced on March 15,
2007.

Essar Oil is a fully integrated oil company of international
size and scale, covering the entire value chain from exploration
and production to refining and retailing of oil.  Essar has set
up over 900 retail outlets which are fully operational and plans
to set up 2500 retail outlets by the end of 2007.  Essar Oil
employs highly qualified and experienced technical staff at its
refinery.

                          *     *     *

On Aug. 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


SUN MICROSYSTEMS: Picks Solution Box to Tap Small, Medium Biz
-------------------------------------------------------------
Sun Microsystems (Nasdaq: SUNW) has chosen Argentine IT
wholesaler Solution Box to market its products to small-to-
medium enterprises, Business News Americas reports, citing
Infobae.

According to BNamericas, the move signals Sun's departure from
its traditional direct sales distribution line to select
clients.

Increase in demand from SMEs for volume servers, storage,
infrastructure software and thin client servers has led the
company to introduce new product lines and seek an appropriate
partner to sell them, BNamericas relates.

"The agreement with Solution Box allows Sun Microsystems to
develop a chain of resellers to form part of our community,
which will enable us to get closer to small and medium-sized
companies," Sun Microsystems' channel director for Southern
Latin America, Claudia Boeri, was quoted by BNamericas as
saying.

Solution Box started its operations in 2002.  It posted revenues
of US$16 million last year, up 60% compared to 2005.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
-- http://www.sun.com/-- provides network computing   
infrastructure solutions that include computer systems, data
management, support services and client solutions and
educational services.  It sells networking solutions, including
products and services, in most major markets worldwide through a
combination of direct and indirect channels.  The company has
operations in Brazil, Hungary and India, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 27, 2006, Moody's Investors Service confirmed its Ba1
Corporate Family Rating for Sun Microsystems Inc.


UNIVERSAL CORP: Earns US$35.8MM in Quarter Ended Dec. 31, 2006
--------------------------------------------------------------
Allen B. King, Chairman and Chief Executive Officer of Universal
Corp. disclosed a significant improvement in third quarter
earnings, noting that income from continuing operations for the
quarter ended Dec. 31, 2006, was US$35.8 million compared with a
loss of US$349,000 last year.  Income from continuing operations
in the current period included about US$3.5 million in
impairment costs related to the value of long-lived assets.
Income from continuing operations in fiscal year 2006 included
US$24 million in restructuring and impairment costs related to
the closure of the company's Danville, Virginia, factory.

Results were significantly improved over last year's third
quarter due to improved results in all reportable segments as
well as reduced restructuring and impairment costs.  Revenues in
the quarter were US$516 million, up 8.4% from the same period
last year.  Net income for the quarter, which includes results
from discontinued operations, was US$24.1 million compared with
a net loss of US$5.7 million last year.

For the nine months ended Dec. 31, 2006, income from continuing
operations also was strong at US$59.3 million, or US$1.87 per
diluted share, including the effect of the impairment charges in
the third quarter as well as charges recognized earlier in the
fiscal year.  Those earlier charges comprised a US$12.3 million
impairment charge on long-lived assets in Zambia, on which no
tax benefit was recognized, and a US$4.9 million valuation
allowance on deferred tax assets there.  The total effect of
those restructuring and impairment charges and the valuation
allowance in fiscal year 2007 was a reduction of net income of
US$19.5 million.  Last year's income from continuing operations
was US$22.3 million including the effect of the U.S.
restructuring and impairment charges of US$24 million.  On an
after-tax basis, the nine-month restructuring and impairment
costs were higher in the current year when combined with the
related tax valuation allowance in Zambia; however, income from
continuing operations showed a marked improvement over last
year, reflecting better results in all reportable segments.
Revenues for the nine months increased by about 10%, to US$1.5
billion.  Net income for the nine months was US$24.8 million, or
US$0.54 per diluted share, compared with US$32.7 million, or
US$1.27 per diluted share, last year.

Mr. King noted, "The remainder of the fiscal year is expected to
benefit from seasonal shipping patterns for North American,
African, and European tobaccos while other origins move toward
seasonally low periods.  Although we have seen improvements this
year from steps we took last year and a better South American
crop, we will continue our efforts to improve our worldwide
operations and to eliminate unproductive operations and assets.
We have been disappointed with results from our flue-cured
growing projects in Africa, and we are taking the necessary
steps to reduce our costs and improve margins there.  While it
will take time to restore our profitability to prior levels in
all of our operations, we have made substantial progress.  Our
debt levels have been significantly reduced, our balance sheet
has strengthened, and we are beginning to see the results of our
efforts reflected in reported earnings."

Universal modified its segment reporting because of its decision
to sell its non-tobacco operations.  With this change, effective
for this quarter, the worldwide leaf tobacco business represents
the company's continuing operations.  The tobacco operations
have been classified into three reportable segments.  The flue-
cured and burley leaf tobacco operations are reported in two
segments -- North America and Other Regions.  The company
reports Other Tobacco Operations as one segment.

Flue-cured and burley operations earned US$69.5 million in the
third fiscal quarter, more than double last year's performance
of US$33.5 million.  Operating income for the North America
segment improved by US$8.7 million, or 74%, primarily due to
increased export and processing volumes, cost savings related to
last year's closure of the Danville, Virginia, facility, sales
of tobacco purchased from the stabilization cooperatives, and
better pricing.  Increased volumes and pricing were also
responsible for that segment's increase in revenues. Other
Regions also reported significantly higher segment operating
income for the quarter due to better pricing and improved sales
mix, and comparisons were further improved by the absence of
amounts recorded in last year's third quarter, including start-
up costs of US$4 million in the company's Mozambique facility
and lower of cost or market adjustments of US$10.4 million on
its flue-cured projects in Africa.  Similar lower cost or market
adjustments on the African flue-cured projects of about US$13
million were made in the second quarter of this year.  Revenues
for Other Regions were US$333 million, representing an increase
of US$14 million, or about 4%.

For the nine months ended Dec. 31, 2006, flue-cured and burley
operations earned US$140 million, up US$46 million from last
year. Results of the North America segment improved by US$17
million, and the primary factors causing that improvement were
similar to those of the third fiscal quarter.  During the
period, the North America segment also benefited from US$3
million in gains on the sale of property and equipment and
carryover sales of prior year tobacco.  North America revenues
increased by US$71 million, or 38%, principally due to carryover
sales of old crop tobacco.  Other Regions' results also
increased, primarily due to better pricing and sales mix.
Although operating improvements were evident in many of the
African operations, additional provisions for farmer receivables
totaling approximately US$18 million, most of which were
recorded earlier in the year, offset those benefits for the nine
months.  In addition, comparisons benefited from the absence of
losses incurred in the company's Zimbabwe operations prior to
their deconsolidation last year.  Finally, Other Regions'
results also reflected the favorable resolution of a tax case in
South America that resulted in the recovery of US$8.5 million in
revenue taxes and interest.  The recovery was recorded as part
of sales and other operating revenues.  Other Regions' revenues
for the nine months increased by 4.7% primarily due to higher
volumes in Asia and higher sales prices in South America, mostly
because of increased farmer prices and the strong local currency
in Brazil.

Other Tobacco Operations also showed substantial improvement in
both the quarter and nine-month period. Revenues for this
segment increased by US$10 million in the quarter and US$15
million for the nine-month period, primarily due to volume
increases.  The dark air-cured operations benefited from higher
sales volumes for wrapper and increased leaf sales and some
increase in processing volume for both periods, as well as the
absence of exchange losses incurred in the prior year.  The
company's 49%-owned Oriental tobacco joint venture benefited
from improved product mix and the absence of currency- related
losses experienced last year, which were sufficient to offset
the impact of lower customer deliveries.

The consolidated effective income tax rates for continuing
operations for the three and nine months ended Dec. 31, 2006,
were approximately 37% and 43%, respectively.  The rate for the
quarter is higher than the 35% U.S. marginal corporate tax rate
due primarily to excess foreign taxes in countries where the tax
rate exceeds the U.S. tax rate.  For the nine months, in
addition to this factor, the tax rate is higher because no
income tax benefit was provided on an impairment charge of
US$12.3 million recorded in the first quarter to reduce the
carrying value of certain growing projects in Zambia to fair
value, and a valuation allowance of US$4.9 million was provided
on deferred tax assets related to prior year operating losses in
Zambia that the company no longer expects to realize.  The
higher effective tax rate generated by those items was partially
offset by a reduction in the allowance on deferred tax assets of
US$4.1 million due to the combined effect of the company's
current U.S. tax position and the method of attributing income
taxes to discontinued operations under the applicable accounting
guidance. Without these items, Universal's effective income tax
rate for the year is estimated at approximately 38%.

The loss from discontinued operations in the third quarter of
fiscal year 2007 was US$11.7 million, or US$0.38 per diluted
share, which primarily represented an impairment charge related
to the company's plan to sell its remaining non-tobacco
businesses.  Universal announced that plan in December 2006, and
reclassified operating results, assets, and liabilities related
to those operations to discontinued operations.

For the nine months ended Dec. 31, 2006, the loss from
discontinued operations was US$34.5 million, or US$1.33 per
diluted share.  Results from discontinued operations for the
nine months reflected the operating results and estimated
effects of selling the company's non-tobacco businesses, the
largest part of which was completed in the second fiscal
quarter.

During the second quarter, Universal completed the sale of the
non-tobacco businesses managed by its wholly owned subsidiary,
Deli Universal Inc. Those businesses were its lumber and
building products distribution segment and a substantial portion
of its agri-products segment.  The total value of the
transaction was US$567 million.  After selling and other
expenses, the net value was approximately US$552 million.  The
company's financial statements now report the results and
financial position of the businesses that were sold as
discontinued operations.  The value of the transaction is
subject to refinement, which could result in future adjustments.
Those adjustments could also affect the loss on the sale.  No
adjustments were made in the third quarter.

Based in Richmond, Virginia, Universal Corp., (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 Corp.'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.

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

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.  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: Reports 4Q & Full Year 2006 Results
---------------------------------------------------
Alcatel-Lucent's board of directors reviewed and approved
reported results for the fourth quarter and full year 2006.

                      Executive Commentary

"This is the first quarter that Alcatel-Lucent is reporting
results as a combined company," stated Patricia Russo, Chief
Executive Officer of Alcatel-Lucent.  "While the results for the
fourth quarter are clearly disappointing, the positive long-term
benefits of the merger and the growth potential of Alcatel-
Lucent remain as envisioned.  Since we began operating as a
combined company on December 1, 2006, we have made progress
against our integration plans, and we expect to increasingly
recognize the benefits of our integration over the course of the
year.

"Our newly combined company is focused on supporting the overall
transformation occurring in our industry.  This includes the
transformation of networks to all-IP, video and multimedia
content to enhance communication services, broadband mobility as
well as high value services," continued Patricia Russo.

"We have now finalized Alcatel-Lucent's product portfolio and
aligned it with these key areas as evidenced by our investments
in IMS, 3G mobile networks, services, next-generation optical,
as well as wireless and wireline broadband access," added
Patricia Russo.  "This is a strong portfolio that we intend to
leverage across fixed, mobile, converged and enterprise
opportunities to grow our business and gain market share over
time.  In fact, we've recently announced contracts with Softbank
Mobile in Japan to deploy a 3G UMTS/HSDPA solution and with
Globacom in Nigeria to provide fixed and mobile networks as well
as next generation, IP/MPLS and optical network solution."

"Our integration plans are proceeding.  We are leveraging the
integration of our two companies to create a more competitive
enterprise over the long term, and enhance our operating model
to enable greater efficiencies in our operations," said Patricia
Russo.  "We now believe the combination of our original synergy
plan (EUR1.4 billion) and additional cost reductions will enable
us to realize a total of EUR1.7 billion pre-tax cost savings
within three years, with at least Euro 600 million for 2007.
These savings will include among other things, the optimization
of our supply chain and services, the elimination of duplicate
resources and product rationalization.  We believe these actions
will enhance our competitiveness in this dynamic industry.  As a
result, we expect the impact on our global workforce will be
about 12,500 positions over three years.  These are difficult
but necessary decisions, and we will manage these reductions
with care.  We are committed to serving our customers' needs,
with a competitive cost structure and effective operating model.
We will maintain the appropriate workforce level to do that."

"As we previously stated, the results for the fourth quarter
were impacted by a combination of short-term uncertainty for
both our customers and our people, as well as challenging market
conditions, particularly in North America.  While we believe
these factors will be mitigated, we expect they will continue to
have a more limited effect on our business in the early months
of the year, leading to some revenue decline in the first
quarter 2007." stated Patricia Russo.  "We are confident that we
can resume revenue growth as the year progresses.  Looking
forward to the full year 2007, we expect revenues to increase on
a percentage basis at least at the carrier market growth rate of
mid single digits."

                         Reported Results

In accordance with regulatory reporting requirements, the fourth
quarter 2006 reported results include Alcatel stand-alone
operations for October and November 2006, and the combined
operations of Alcatel-Lucent for December 2006.  Businesses to
be contributed to Thales are presented as discontinued
activities.  There were neither capital gains nor cash proceeds
from the Thales transaction recognized during the quarter.
Results from Nortel's UMTS radio access business are not
included as the transaction was completed on December 31, 2006.

For the fourth quarter, Alcatel-Lucent's reported revenues
amounted to EUR3,871 million and reported operating income was
EUR102 million, including the impact from purchase price
allocation entries of EUR (226) million.  For the quarter, net
income (group share) was EUR(615) million or EUR(0.37) per
diluted share (US$(0.48) per ADS), which included the negative
pre-tax impact of EUR(0.48) per diluted share (EUR802 million)
for restructuring charges and impairment of intangible assets.

In accordance with regulatory reporting requirements, full year
2006 reported results include Alcatel stand-alone operations
from January to November 2006, and combined operations of
Alcatel-Lucent for December 2006.  Businesses to be contributed
to Thales are presented as discontinued activities.  For the
full year 2006, Alcatel-Lucent's reported revenues amounted to
Euro 12,282 million and reported operating income was EUR694
million, including the impact from purchase price allocation
entries of Euro (226) million.  For the full year 2006, net
income (group share) was EUR(176) million, or EUR(0.12) per
diluted share (US$(0.16) per ADS), which included the negative
pre-tax impact of EUR(0.59) per diluted share (EUR848 million)
for restructuring charges and impairment of intangible assets.
As of December 31, 2006, Alcatel-Lucent's net (debt)/cash was
EUR508 million

                   Adjusted Pro-Forma Results

In order to provide meaningful comparable information, Alcatel-
Lucent is providing adjusted pro-forma financial results, in
addition to reported results for the fourth quarter and full
year 2006.  Adjusted pro-forma results include combined
operations for Alcatel-Lucent as of January 1, 2006.  Businesses
to be contributed to Thales are presented as discontinued
activities.  There were neither capital gains nor cash proceeds
from the Thales transaction recognized during the quarter.
Results from Nortel's UMTS radio access business are not
included as the transaction was completed on December 31, 2006.
In addition, these results exclude any impact from purchase
price allocation entries.

For the fourth quarter, Alcatel-Lucent's adjusted pro-forma
revenues were EUR4,421 million, a decrease of 16% compared with
revenue of EUR5,249 million in the year-ago quarter (a decrease
of 12% at constant at EUR/US$ rate) and operating profit was
EUR21 million, compared with an operating profit of EUR566
million in the year-ago quarter.  For the quarter, net income
(group share) was EUR(618) million, or EUR(0.27) per diluted
share (US$(0.35 per ADS), which included the negative impact of
EUR(0.26) per diluted share (EUR(577) million) for restructuring
charges and impairment of intangible assets.

For the full year 2006 Alcatel-Lucent's adjusted pro-forma
revenue was EUR18,254 million, a decrease of 2%, compared with
revenue of EUR18,574 million for full year 2005, operating
profit was EUR1,025 million, compared with EUR1,411 million in
full year 2005.  For the full year 2006, net income (group
share) was EUR522 million, or EUR0.23 per diluted share (US$0.30
per ADS), which included the negative impact of EUR(0.28) per
diluted share (EUR(626) million) for restructuring charges and
asset impairment charges of intangible assets.  The breakdown of
revenues per region is as follows:

   * 36% in North America,
   * 15% in Asia,
   * 26% in Western Europe, and
   * 23% rest of the world.

Carrier Business

For the fourth quarter 2006, adjusted pro-forma revenue for the
carrier business groups, which was estimated at EUR3.22 billion.

Wireline

For the fourth quarter 2006, adjusted pro-forma revenue for the
wireline business group was estimated at EUR1.47 billion.

   Key Highlights:

   * The transformation towards all IP networks and the
     sustained increase in the number of broadband subscribers    
     continued to significantly influence fixed operators'
     investments.

   * The access business registered a record quarter with 8.8
     million DSL lines delivered (totaling 30.6 million lines
     for the full year 2006), with significant growth in the IP
     based DSLAM product line.

   * The IP routing activity continued its excellent growth
     above market rate, solidifying its established #2 position
     in IP/MPLS. The MS WAN business continued transitioning to
     Ethernet, in particular for DSL aggregation.

   * The optics business was primarily driven by both metro and
     long haul DWDM.

Wireless

For the fourth quarter 2006, adjusted pro-forma revenue for the
wireless business group was estimated at Euro 1.24 billion.

   Key Highlights:

   * The deployment of higher speed data capabilities for 3G
     networks continued to drive mobile operators investment.

   * The CDMA business continued its expansion into high data
     capabilities but was impacted by a shift in spending by
     some North American customers.

   * The GSM infrastructure activity was impacted by a
     heightened competitive environment but remained solid in
     China.  One new cost-effective, IP-based base station
     controller started to ship.

   * Several trials were deployed in the WiMAX Rev e technology
     in emerging markets.

Convergence

For the fourth quarter 2006, adjusted pro-forma revenue for the
convergence business group was estimated at Euro 0.51 billion.

   Key Highlights:

   * The positive momentum continued in the NGN/IMS activity,
     with a rapidly growing installed base in China, North
     America and Western Europe.

   * In the multicore activity and for both mobile and fixed
     operators, the traditional circuit core networks continued
     to be replaced by packet or IP-based core networks, which
     now accounts for a significant portion of the business.
     Deployment of maintenance services and new software
     releases contributed to optimize the business with the
     existing customer base.

   * The deployment of video services at fixed operators across
     all regions continued to drive our IPTV applications
     business.  The payment converged solutions for mobile
     operators gained traction, with 220 customers to date.

Enterprise Business Group

For the fourth quarter 2006, adjusted pro-forma revenues for the
enterprise business group were estimated at Euro 0.41 billion.

   Key Highlights:

   * The voice and IP networking business reported a strong
     uptake in data and exceptionally strong performance across
     all product lines in Europe, Middle East and Africa. The IP
     telephony activities continued to benefit from a balanced
     customer mix in small, medium and large businesses and    
     gained traction in Western Europe.

   * The leadership position of the contact center activity,
     Genesys, has been reinforced as the business continues
     repositioning from a CTI company to Dynamic Contact Center
     Platform company.  In particular, in the voice portal
     business has contributed to the overall success of the
     business, following the two recent acquisitions. Market
     adoption of Open IP has helped in this effort, while
     continued growth in market presence in emerging economies
     has also been achieved (China, India, Brazil and Russia).

                     Services Business Group

For the fourth quarter 2006, adjusted pro-forma revenue for the
services business group was estimated at Euro 0.74 billion.

   Key Highlights:

   * The services business is positively influenced by the    
     current customers needs, either carriers or enterprises,
     who transform their networks to an all IP infrastructure,
     require maintenance services on a multi-vendor environment
     and require hosted management of some of their services.

   * The network integration activity was fueled by the
     evolution towards converged services, preparation of large
     network transformation plans, network optimization and QoS
     improvement.

   * The professional services activity benefited from large
     deployments of IPTV services in North America and from    
     strong OSS/BSS activity.

                      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.


ALLIANCE ONE: Incurs US$23.7MM Loss in Qtr. Ended Dec. 31, 2006
---------------------------------------------------------------
Alliance One International, Inc., reported results for the
quarter and nine months ended Dec. 31, 2006.

                  Third Quarter Results

For the third quarter ended Dec. 31, 2006, the company reported
net loss of US$23.7 million compared with a net loss of US$22.9
million in the year-ago quarter.  The underlying net loss for
the third quarter which excludes market valuation adjustments
for derivative financial instruments, discontinued operations
and non-recurring items, was US$1.2 million compared with a net
loss of US$8.3 million for the previous year's quarter.

Robert E. "Pete" Harrison, Chief Executive Officer, said,
"Performance this quarter met our expectations in terms of
volume and moderately increased margins.  During this time the
company's merger integration and leadership succession plan
continues to progress smoothly.  The entire Alliance One
organization is fully focused on strategic execution, including
addressing significant industry challenges and positioning
ourselves to capitalize on opportunities in key markets. We
continue to place top priority on our global marketing efforts,
development of more value-added programs for customers and
reduction of our debt burden.  We believe the groundwork we are
laying will strengthen our ability to perform in the future and
create long-term value for both our shareholders and customers."

Mr. Harrison continued, "We have encountered unexpected in-
country infrastructure issues resulting in delays in the
Mozambique port of Beira, which is one of the primary locations
we use to ship product of African origin.  However, we are in
the process of exploring opportunities to shift future shipments
to alternate ports we currently utilize, such as Durban, South
Africa, while working with local partners in Beira to pursue
potential solutions there."

Mr. Harrison concluded, "Based on our performance to date, we
are affirming our previously provided guidance of underlying net
income -- excluding market valuation adjustments for derivative
financial instruments, discontinued operations and non-recurring
items -- of between US$0.25 and US$0.32 per basic share for the
fiscal year ending March 31, 2007."

                     Nine Months Results

For the first nine months ended Dec. 31, 2006, the company had a
net loss of US$6.8 million compared with a net loss of US$124.1
million for the year-ago period.  The underlying net income for
this period, which excludes market valuation adjustments for
derivative financial instruments, discontinued operations and
non-recurring items, was US$41.7 million, or US$0.48 per basic
share, compared with a net loss of US$16.6 million, or US$0.21
per basic share for the year-ago period.

               Performance Summary for the Quarter

Sales and Other Operating Revenues

The decrease of 10.9% from US$515.1 million in 2005 to US$458.8
million in 2006 is the result of a 16.2% or 25.7 million kilo
decrease in quantities sold, offset by a 3.9% or US$0.12 per
kilo increase in average sales prices and a 22.7% or US$6.6
million increase in processing and other revenues.

Gross Profit as a Percentage of Sales

The US$9.4 million increase in gross profit, or 18.3%, from
US$51.3 million in 2005 to US$60.7 million in 2006, as well as
the increase in gross profit percentage from 10.0% in 2005 to
13.2% in 2006 is primarily attributable to the Other Regions
operating segment of the company's business, which is comprised
of all regions outside of South America.

Selling, administrative and general expenses decreased US$1.4
million or 3.5% from US$40.1 million in 2005 to US$38.7 million
in 2006. The decrease is primarily due to decreased compensation
costs and travel expenses as a result of merger and integration
related reductions and the deconsolidation of Zimbabwe partially
offset by increases in insurance expense.

Other Income of US$1.5 million in 2006 and US$0.4 million in
2005 relates primarily to fixed asset sales.

Restructuring and asset impairment charges were US$5.5 million
in 2006 compared with US$13.4 million in 2005.  The 2006 costs
relate to additional employee severance and other integration
related charges of US$4.5 million, primarily in Turkey as a
result of the merger integration.  The remaining US$1.0 million
in 2006 relates to additional asset impairment charges on assets
held for sale, primarily in the United States.

Interest expense decreased US$1.7 million from US$28.2 million
in 2005 to US$26.5 million in 2006 primarily due to lower
average borrowings partially offset by higher average rates.

Derivative financial instruments resulted in a benefit of US$1.2
million in 2005.  These items are derived from changes in the
fair value of non-qualifying interest rate swap agreements.

Effective tax rates for the quarter and year to date ended
Dec. 31, 2006, were impacted by FIN 18 and specific events
including a US$7.1 million additional income tax accrual
following the German tax audit. The company now forecasts the
tax rate for the year ended March 31, 2007, will be in excess of
100%.  This is discussed in more detail in SEC form 10Q for the
period ended Dec. 31, 2006.

Losses from discontinued operations were US$10.9 million in 2006
and income of US$0.7 million in 2005.  The decrease of US$11.6
million is due to US$9.3 million in charges related to
finalizing our exit from the Italian market and a US$1.1 million
fair value adjustment to inventory in Mozambique.

                  Liquidity and Capital Resources

As of Dec. 31, 2006, total debt, net of US$25.8 million of cash,
was US$893.9 million, compared with US$1.05 billion at
Dec. 31, 2005.  Decreases in net debt levels totaling US$158.9
million are attributable to debt repayment as a result of cash
flow from operations and proceeds generated through the sale of
non-core assets.  Following the most recent quarter end we
achieved additional loan prepayments totaling US$30.5 million as
a result of non-core asset sales.

As of Dec. 31, 2006, we were near the low point of our
borrowings related to seasonally adjusted working capital. Loans
related to South America are approaching full repayment as
tobacco from the most recent crop has largely been sold.  Africa
and Europe are in the middle of their selling seasons and are
utilizing working capital funding. North America is maximizing
its working capital funding as it continues buying, processing
and selling its current crop.

            Recent Senior Secured Credit Amendments

On May 13, 2005, the company entered into a US$650 million
senior secured credit facility, consisting of a revolving credit
line and term loans, with a syndicate of banks.  Subsequently,
four amendments to the credit facility have been entered into,
of which the third amendment was established in the most recent
quarter, the fourth following the quarter end.

Effective Nov. 8, 2006, the company entered into the third
amendment, which provides for an increase in the maximum
permitted uncommitted inventory, from US$115 million to US$150
million.  This amendment also provides for delivery of certain
modified internal monthly financial information within 45 days
(rather than 15 days) after the end of each month.

Effective Jan. 16, 2007, the company also entered into a Fourth
Amendment, which waives the occurrence of asset sales or
agreements to engage in asset sales, in excess of a previously
established US$15 million limit for the fiscal year ending
March 31, 2007.  The Fourth Amendment also provides for the sale
of certain selected assets up to US$90 million in the aggregate
in future fiscal years, provided that the proceeds from such
sales are used to prepay outstanding term loans under the senior
secured credit facility.  This amendment also allows certain
guarantees in the ordinary course of business relative to the
company's consolidated cash management and credit card
agreements.

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a   
leaf tobacco merchant.

The company has worldwide operations, including in Indonesia,
Argentina, Brazil, Bulgaria, Canada, China, France, India,
Philippines, Malaysia, and Singapore.

                          *    *    *

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 US Consumer
Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Alliance One
International, Inc., and upgraded its B2 rating on the company's
US$300 million senior secured revolver to B1.  In addition,
Moody's assigned an LGD3 rating to notes, suggesting noteholders
will experience a 37% loss in the event of a default.


BANK NEGARA: Indonesian Government to Sell 40-49% Stake
-------------------------------------------------------
The Indonesian Government plans to sell 40-49% of PT Bank Negara
Indonesia Tbk, Reuters News says, citing a report by The Jakarta
Post.

According to Reuters, the sale is part of the Government's plans
to sell stakes in 18 state-owned firms this year to help plug a
state budget deficit, forecast at 1.1% of gross domestic
product.

Before deciding how much of Bank Negara it will sell, the
Government will have to discuss the plan first with the
parliament, Reuters cites a statement made by Enterprises
Minister Sugiharto as reported by The Post.

The Government controls 98.125% of Bank Negara, leaving a tiny
free float in the market -- limiting investor interest in the
lender, which has a US$2.6 billion market capitalization,
Reuters notes.

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

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 6, 2007, that Moody's Investors Service revised the outlook
from positive to stable the ratings of PT Bank Negara
Indonesia's senior debt and foreign currency long-term deposit
ratings to positive from stable.  

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

The bank's detailed ratings are:

   -- senior/subordinated debt of Ba3/Ba3;

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

   -- bank financial strength of E.

TCR-AP reported on Feb. 1, 2007, that Fitch Ratings has affirmed
all the ratings of PT Bank Negara Indonesia (Persero) Tbk as
follows:

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

   * Short-term rating 'B',

   * National Long-term rating 'A+(idn)',

   * Individual 'D', and

   * Support '4'.

The Outlook for the ratings was revised to Positive from Stable.

Standard & Poor's Ratings Services revised the outlook on the
local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


BANK NEGARA: To Raise IDR3-4 Trillion by Rights Issue
-----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007, that PT Bank Negara Indonesia Tbk plans to
conduct a rights issue in the first semester of 2007.

In an update, Antara News, citing Bank Negara President Director
Sigit Pramono, relates that the bank plans to conduct the rights
issue to raise IDR3-4 trillion to develop its business.

"The process for it is still underway," the news agency quotes
Mr. Pramono as saying.

According to Antara News, the bank hoped it could collect IDR3-4
trillion from the right issues to increase its capital, which
Mr. Pramono observes tended to decrease in line with business
development.

Mr. Pramono told Antara that the bank also made the move in
preparation for the implementation of "Bassel II" since the
bank's capital adequacy ratio, currently at 18%, could decrease
2 to 3% as a result of operational risk factors.

The bank's credit growth rate is at an average of 25% and total
bank credits now stand at around IDR66 trillion, which means
they will grow at between IDR12 and IDR15 trillion and the CAR
usually will also drop gradually because of credit expansion,
Mr. Pramono adds.

After the right issue, the bank also plans to conduct a
secondary offering in the second semester.  The total shares of
the government that would be released through the right issue
and secondary offering would reach between 30 and 40%, Mr.
Pramono notes.  The bank is only permitted to release to a
maximum of 49% shares.

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

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 6, 2007, that Moody's Investors Service revised the outlook
from positive to stable the ratings of PT Bank Negara
Indonesia's senior debt and foreign currency long-term deposit
ratings to positive from stable.  

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

The bank's detailed ratings are:

   -- senior/subordinated debt of Ba3/Ba3;

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

   -- bank financial strength of E.

TCR-AP reported on Feb. 1, 2007, that Fitch Ratings has affirmed
all the ratings of PT Bank Negara Indonesia (Persero) Tbk as
follows:

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

   * Short-term rating 'B',

   * National Long-term rating 'A+(idn)',

   * Individual 'D', and

   * Support '4'.

The Outlook for the ratings was revised to Positive from Stable.

Standard & Poor's Ratings Services revised the outlook on the
local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


METSO CORP: Unit Supplies Large Paper Making Line to Oji Paper
--------------------------------------------------------------
Metso Paper, Metso Corp.'s paper unit, will supply Oji Paper
Co., Ltd. in Japan with a large paper making line.  The new
350,000 tpy PM N-1 lightweight coated paper production line will
be constructed at Oji Paper's Tomioka mill located in Anan City
on Shikoku Island.  Start-up is scheduled for the fourth quarter
of 2008. The total value of the order is more than EUR 100
million.

The OptiConcept paper machine will have a wire width of 10.2 m
and a design speed of 2,000 m/min.  It is an all on-line
machine, featuring the first on-line multinip calender in Japan.  
The delivery also includes two winders, various auxiliaries,
process systems, air systems and site services.

Oji has production facilities in Asia, Europe, North America and
New Zealand.  In 2005 the company had sales of EUR 8 billion and
a personnel of close to 20,000.

The Japanese paper and board industry, which currently ranks
number three in the world with its 31 million annual tons, has
recently made major investments in new capacity.  Within the
past eight months, four new, large papermaking lines have been
announced in the country, with Metso Paper selected as the main
supplier for three of them:

   -- Nippon Paper's Ishinomaki mill PM 6,
   -- Hokuetsu Paper Mills' Niigata PM 9, and
   -- Oji Paper's Tomioka PM 1.

Metso Paper has been actively present in the Japanese pulp and
paper market -- widely considered as one of the world's most
demanding -- for 30 years, first in co-operation with Sumitomo
Heavy Industries, and since the beginning of 2007 as an
independent company, Metso Paper Japan Co., Ltd.

Headquartered in Helsinki, Finland, Metso Corporation
-- http://www.metso.com/-- serves customers in the pulp and   
paper industry, rock and minerals processing, the energy
industry and selected other industries.

The company also has operations in Indonesia.

                          *     *     *

Standard & Poor's Ratings Services revised its outlook on
Finland-based machinery and engineering group Metso Corp. to
positive from stable, reflecting improvements in the group's
operating performance and capital structure that offer it the
potential to return to a low investment-grade rating.  The 'BB+'
long-term and 'B' short-term corporate credit ratings, as well
as the 'BB' senior unsecured debt rating on the group were
affirmed.


METSO CORP: Unit to Set Up & Operate Maintenance at Plattling
-------------------------------------------------------------
Metso Paper, Metso Corp.'s paper unit, through its Scandinavian
Mill Service or SMS subsidiary, will establish and operate
maintenance services at the new Plattling Papier paper mill,
next to Myllykoski's MD Plattling mill in Germany.  The value of
the long-term, full-scope agreement will not be disclosed.  The
mill, which is one of the world's most modern, is scheduled to
start up in the first quarter of 2008.

The agreement -- which uses the principles of Myllykoski's
alliance partner, Rhein Papier's operational model based on
long-term partnering -- covers both the establishment of a
maintenance infrastructure, such as building up an organization,
and computerized maintenance management system, and the
maintenance operations themselves.

The operations consist of roll maintenance and daily
maintenance, the focus being on preventive and predictive
activities.  SMS will be responsible for mechanical, electrical,
automation and civil maintenance for the entire mill.

SMS uses the latest state-of-the-art maintenance concepts
combined with Metso's machinery, process and automation know-
how, and the operator maintenance principle.  Once fully
operational, SMS will employ 40 people in Plattling.

The Scandinavian Mill Service Group operates and develops pulp
and paper industry maintenance.  The Group employs approximately
500 people in Finland, Sweden, Norway, the Czech Republic and
Spain, and now also in Germany.

Myllykoski is a family-owned international paper group with
manufacturing in Finland, Germany, Switzerland and North
America, and sales offices around the world.  The Group's
products are wood containing uncoated and coated publication
papers, including newsprint.  Myllykoski operates nine paper
mills with a total annual capacity of 2.8 million tons,
including its alliance partner Rhein Papier GmbH.  The Group
companies employ approximately 3,600 people.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation
-- http://www.metso.com/-- serves customers in the pulp and   
paper industry, rock and minerals processing, the energy
industry and selected other industries.

The company also has operations in Indonesia.

                          *     *     *

Standard & Poor's Ratings Services revised its outlook on
Finland-based machinery and engineering group Metso Corp. to
positive from stable, reflecting improvements in the group's
operating performance and capital structure that offer it the
potential to return to a low investment-grade rating.  The 'BB+'
long-term and 'B' short-term corporate credit ratings, as well
as the 'BB' senior unsecured debt rating on the group were
affirmed.


TELKOM INDONESIA: Loses IDR18 Billion in Potential Revenue
----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk has lost potential revenues of
about IDR15-18 billion caused by floods which cut off about
132 thousands of its telephone lines in Jakarta as well as its
buffer towns of Bogor, Depok, Tangerang and Bekasi, Antara News
reports, citing PT Telkom President Director Arwin Rasyid.

According to the report, Mr. Rasyid said that most of the
revenue Telkom was losing amounting to IDR6-8 billion came from
the Semanggi 2 Automatic Telephone Exhange that caters long
distance call and international direct dial services.

The report points out that the company's lost revenues also came
from subscription fee amounting to about IDR-5 billion, traffic
voice at Semanggi 2 STO IDR2-2.5 billion, incoming
interconnection call IDR1-1.6 billion and Speedy Internet
Service Rp0.3-0.5 billion.

However, Mr. Rasyid points out, PT Telkom did not suffer too
much with real losses as a result of damage to its
infrastructure because those had been insured.

Even with the lost potential revenues, Mr. Rasyid believes
profitability this year would not be affected.

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, 2007, 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+.


* Indonesia: Moody's introduces National Scale Rating
-----------------------------------------------------
Moody's Investors Service on Feb. 12 introduced a new National
Scale Rating for use in Indonesia.

The scale provides a ranking of relative creditworthiness --
including relevant external support -- in Indonesia and will use
Moody's globally recognized rating symbols, modified with an
".id" marker.

At the same time, Moody's will within Indonesia continue to
issue global scale ratings comparable internationally, and which
would not carry the ".id" marker.

"Investors and other users of credit ratings have found National
Scale Ratings to be helpful in providing greater differentiation
among credits within a particular country," says Thomas J.
Keller, Group Managing Director, Moody's Asia Pacific.

"In Indonesia, NSRs will be particularly beneficial since global
scale ratings for most domestic issuers are clustered around a
more narrow rating range, and the Indonesia national scale
rating divides the ratings more finely within these clusters,"
adds Keller.

"Overall, Moody's believes -- based on our experience in other
countries -- that NSRs provide enhanced transparency regarding
the local credit market environment," says Keller.

Minon Almasyhur, Country Manager for Moody's Indonesia, agrees,
adding, "NSRs will benefit Indonesian issuers that are active in
the domestic corporate bond markets."

"Moody's introduction of NSRs in Indonesia will allow us to
provide enhanced customer service to both domestic and cross-
border Indonesian issuers," adds Almasyhur.

Moody's has also published today its methodology for National
Scale Ratings in Indonesia, and which provides a detailed
explanation of how it develops and implements national scale
systems and their applicability to Indonesia.

Moody's introduction of its NSR for Indonesia follows its
announcement on January 18 that it had acquired acquired 99% of
PT Kasnic Credit Rating Indonesia, whose name accordingly
changes to PT Moody's Indonesia and will operate as Moody's
Indonesia. Moody's has an option to acquire the remaining 1%,
subject to compliance with Indonesian law.

Following is a comparison of Moody's Indonesia National Scale
Ratings and Kasnic's Rating Scale:

Kasnic Rating
Rating Scale
Long Term Ratings

   Investment Grade
      AAA
      AA+
      AA
      AA-
      A+
      A
      A-
      BBB+
      BBB
      BBB-

   Non-Investment Grade
      BB+
      BB
      BB-
      B+
      B
      B-
      CCC+
      CCC
      CCC-
      D
      D

Moody's Indonesia
National Scale
Long Term Ratings

   Investment Grade
      Aaa.id
      Aa1.id
      Aa2.id
      Aa3.id
      A1.id
      A2.id
      A3.id
      Baa1.id
      Baa2.id
      Baa3.id

   Non-Investment Grade
      Ba1.id
      Ba2.id
      Ba3.id
      B1.id
      B2.id
      B3.id
      Caa1.id
      Caa2.id
      Caa3.id
      Ca.id
      C.id

Kasnic, established in 1997 and based in Jakarta, is one of two
domestic credit rating agencies in Indonesia and specializes in
providing rating opinions on debt instruments, including Islamic
debt, corporate bonds, asset-backed securities and other
structured financings, municipal bonds and Medium-Term-Notes.


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

JAPAN AIRLINES: Increases Frequency on New York-Tokyo Route
-----------------------------------------------------------
Starting March 28, 2007, Japan Airlines will introduce three
additional weekly flights between New York's John F. Kennedy
Airport and Tokyo's Narita International Airport, for a total of
13 flights a week between the two cities.

The newest flights, JL007/008, provide attractive alternatives
for Asia-bound travelers with morning departures from New York
and evening returns from Tokyo.

"Our new Friday evening departure from Tokyo is especially being
welcomed by business travelers," said Mr. Tsukasa Oka, East
Coast Region Vice President and Regional Manager for Japan
Airlines.  "After a week of working overseas, they can still
return home in time for the weekend."

Japan Airlines' current schedule between New York and Tokyo
includes one daily nonstop, JL005/006, plus three weekly
flights, JL047/048, that extend onto Sao Paulo, Brazil.  
Together with the newest flights, JL007/008, connection
opportunities to and from JAL's network throughout Japan, China
and S.E. Asia are greatly expanded.

Japan Airlines utilizes Boeing 747-400s on its New York-Tokyo
route and offers three cabin classes including flat, bed-style
seats in First Class and award-winning JAL Shell Flat seats in
Executive Class - Seasons, the carrier's own brand business
class.

On April 1, Japan Airlines will join the oneworld(R) alliance
and the carrier's subsidiaries JALways, Japan Asia Airways, JAL
Express, J-AIR and Japan Transocean Air will join as affiliates.
With Japan Airlines, oneworld's Asian network will be greatly
extended and frequent flyers will have more opportunities to
earn and redeem miles and points.  The alliance's most frequent
travelers will also enjoy priority check-in and have access to
airport lounges worldwide.

The JAL Group currently serves 214 destinations in 34 countries
and territories.  The carrier's American Region gateways include
New York, Chicago, Los Angeles, San Francisco, Honolulu, Kona,
Vancouver, Mexico City and Sao Paulo.

                      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 Feb. 9,
2007, that 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.

The TCR-AP 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.


MAZDA MOTOR: Reports Nine-Month Financial Results for FY 2006
-------------------------------------------------------------
Mazda Motor Corporation reported its financial results for the
first nine months of fiscal year 2006 and announced revisions to
its full-year financial projections.  Highlights include:

   * Consolidated sales revenue up 9% year-on-year to JPY2,289.6
     billion;

   * Consolidated operating profit up 28% to JPY107.3 billion;

   * Full-year operating profit outlook revised upward to
     JPY158.0 billion, up 28%.

For the nine-month period of April through December 2006,
Mazda's consolidated sales revenues reached JPY2,289.6 billion,
a 9% year-on-year increase over the same period in FY2005.
Operating profit increased by JPY23.6 billion to
JPY107.3 billion, up 28% from year-ago levels.  This is due to
an improved product mix, cost cutting efforts and positive
effects of a depreciation in the Japanese yen, which offset
higher raw materials prices.

Ordinary profit increased by 23% to JPY83.9 billion and net
income was JPY42.1 billion, up 2% over FY2005.  However,
excluding the one-time impact of an extraordinary gain from the
transfer of pension fund liabilities and asset-impairment losses
reflected in last year's results, net income was up 26% compared
with the prior year.  In addition, due to an accident involving
a car-carrying vessel near the Aleutian Islands of Alaska in
July 2006, an extraordinary loss, net of projected insurance
coverage, was recorded in the third quarter.

On a geographic basis, despite strong sales of mini vehicles,
Mazda retail sales in Japan were down 8% to 182,000 units due to
the effects of reduced industry demand for registered vehicles.
In the United States, sales volumes reached 202,000 units, a 4%
increase year-on-year, primarily due to the contributions from
newly-launched models such as the Mazda CX-7, and the Mazda5 and
MX-5 Miata.  Strong demand in Europe for Mazda5 and Mazda6
diesel models, in addition to the MX-5, led to a retail volume
of 219,000 units, an 11 percent increase.  In China, a tough
competitive environment resulted in a 4% decrease in sales to
98,000 units.  Total wholesales for first 9 months of this
fiscal year were higher in North America and Europe.  This was
offset by lower demand in Japan and other regions, resulting in
consolidated Mazda wholesales of 829,000 units, down 1% on the
same period last year.

Full-year projections for FY2006

For FY2006, Mazda is forecasting all year-on-year profits to be
at record levels for a sixth consecutive year of profit
improvements.  Global revenues are forecast to be
JPY3,200.0 billion, up 10% on FY2005.  Operating profit is
forecast to reach JPY158.0 billion, a 28% improvement, and
ordinary profit is forecast to grow by 28%, reaching
JPY130.0 billion.  Full-year net income is projected to rise 9%
to JPY73.0 billion.  Based on the results for the first nine
months of the fiscal year, Mazda has revised the projections it
announced in November 2006.  Due to the impact of revised unit
volumes, exchange rate assumptions and fixed costs, full-year
projections for sales revenues and operating profit have been
revised upward and forecasts for ordinary profit and net income
have been revised down.  In addition, with revised sales
estimates for Japan and other regions, consolidated wholesales
are projected to increase 2% over FY2005 figures to 1.17 million
units.

Mazda Representative Director and Chief Financial Officer David
Friedman said, "Mazda's financial results for the first nine
months of fiscal 2006 reflect progress despite challenging
business conditions.  We are pleased to see that our operating
margin has improved to 4.7 percent, up 0.7 points over last
year.  With less than two months remaining in the Mazda Momentum
plan, we will continue to focus on steady improvement as we move
forward in building a solid foundation for Mazda's future."

April-December 2006 Financial Results

                                         (millions)
                                  JPY         US$          EUR
                                  ---         ---          ---
  Sales Revenue             2,289,600    19,221.0     14,623.5
  Operating profit            107,300       900.8        685.3
  Ordinary profit              83,900       704.3        535.9
  Net income                   42,100       353.4        268.9

  -- Dollar equivalents compiled at JPY119.12 to the dollar
     (Exchange rate prevailing on Dec. 31, 2006).

  -- Euro equivalents compiled at JPY156.57 yen to the Euro
     (Exchange rate prevailing on Dec. 31, 2006).

                  About Mazda Motor Corporation

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and   
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets.  The company has
58 subsidiaries.  It has operations in the United States,
Canada, Mexico, Germany, Belgium, France, the United Kingdom,
Switzerland, Portugal, Italy, Spain, Austria, Russia, Columbia,
New Zealand, Thailand, Indonesia and China.  The company has a
global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.


NIPPON SHEET: 9-Month Profit Rises to JPY28BB on Pilkington Buy
---------------------------------------------------------------
Nippon Sheet Glass Co. boosted its profit for the nine-month
period ended Dec. 31, 2007, by almost five times after the
Japanese company acquired Pilkington Plc of the United Kingdom
to become the world's biggest supplier of glass used in cars and
buildings, Bloomberg News reports.

Bloomberg's Masumi Suga notes that Nippon Sheet's net income for
the 2006 nine-month period rose to JPY28.2 billion
(US$233.6 million), or JPY54.25 a share from the
JPY5.79 billion, or JPY13.06 a share, net income recorded in the
same period in 2005.

The report relates that sales more than doubled to
JPY485.9 billion.

Nippon Sheet, Bloomberg recounts, which was less than half as
profitable as its two main competitors, agreed to buy Pilkington
a year ago in the third-biggest takeover in at least a decade of
a U.K.-based operation by a Japanese company.

Headquartered in Tokyo, Japan, Nippon Sheet Glass Company,
Limited -- http://www.nsg.co.jp/-- operates in four business    
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that Standard & Poor's Ratings Services affirmed
its 'BB+' long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.  At the same time, Standard & Poor's removed the ratings
from CreditWatch, where they were placed on Nov. 1, 2005.


NIKKO CORDIAL: Fitch Downgrades Individual Rating to 'C/D-'
-----------------------------------------------------------  
Fitch Ratings has downgraded Nikko Cordial Corporation's Long-
term foreign and local currency Issuer Default ratings to 'BBB-'
from 'BBB', the Short-term foreign and local currency IDRs to
'F3' from 'F2', and the Individual rating to 'C/D' from 'C'.  
All the aforementioned ratings remain on Rating Watch Negative
on which they were placed on December 21, 2006.  Meanwhile, the
Support rating is affirmed at '5'.

This action follows the second restatement of NCC's financial
results for the past two years and, more importantly,
unfavourable findings by its independent special council, which
has cast doubt on the strength and integrity of the group's
corporate governance and led to an erosion of its franchise.  On
Dec. 18, 2006, the Tokyo Stock Exchange placed the shares of NCC
on its official watchlist, pending a full investigation into
reported accounting breaches by the group.  Fitch maintains
Rating Watch Negative as well for Nikko Cordial Securities
Inc.'s -- NCC's primary subsidiary -- Long-term foreign and
local currency IDRs of 'BBB+', Short-term foreign and local
currency IDRs of 'F2', and Individual rating of 'C; its Support
rating is '4'.

The TSE action could lead to a de-listing of NCC shares, if the
investigation concludes that the reporting breach by NCC had a
significant and material negative impact on the integrity of the
Japanese capital markets.  Fitch will closely monitor the
fallout from the TSE review to gauge the full implications for
the group and its ratings.  The agency is concerned about the
potential impact on NCC and the group entities associated with
the 'Nikko' name as NCC is certain to struggle to regain
investor confidence.

In the meantime, Japan's Financial Services Agency has decided
to impose a fine of JPY500 million on NCC for breaches of
domestic securities reporting regulations based on the
recommendation issued by the Securities and Exchange
Surveillance Commission.  The SESC identified the accounting
irregularities at one of the company's subsidiary investment
vehicles, Nikko Principal Investments; as a result NCC has
restated again its financial results for the past years
following the previous restatement on December 18, 2006.


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

ARAMARK CORP: Fitch Downgrades IDR to B & Rates Sr. Notes B-/RR5
----------------------------------------------------------------
On Feb. 9, 2007, Fitch Ratings downgraded the Issuer Default
Rating (IDR) for both ARAMARK Corporation (NYSE: RMK) and its
wholly owned subsidiary, ARAMARK Services, Inc. to 'B' from 'BB-
' and has rated the new financing of ARAMARK Corporation as
follows:

   -- US$600 million revolving senior secured credit facility
      due 2013 'BB-/RR2';

   -- US$4.15 billion senior secured term loans due 2014 'BB-
      /RR2';

   -- US$250 million senior secured synthetic letter of credit
      facility due 2013 'BB-/RR2';

   -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5'.

In addition, the rating for the US$250 million senior unsecured
notes due 2012 was lowered to 'CCC+/RR6' from 'BB-'.  The
ratings are removed from Rating Watch Negative.  The Rating
Outlook is Stable.

This action follows ARAMARK's recent announcement that its
leveraged buyout had been completed.  This action finalizes
Fitch's review of the rating following the company's Aug. 8,
2006 announcement that the company's board of directors had
agreed to accept a management buyout offer from a group of
investors led by chairman and Chief Executive Officer Joseph
Neubauer.  The merger, valued at approximately US$8.6 billion,
was financed through approximately US$2 billion in equity
commitments with the remainder consisting of various debt
instruments noted above.

Fitch expects to withdraw its 'BB-' unsecured bank facility
rating and withdraw its 'BB-' senior unsecured rating for
ARAMARK's existing notes due 2007 and 2008 with the successful
completion of debt tender offers planned for late February.

The ratings reflect ARAMARK's substantially higher leverage
ratio and debt service requirements following the completion of
its LBO and Fitch's expectations for significantly reduced free
cash flow.  Pro forma Sept. 29, 2006, total adjusted leverage
(adjusted for rents and A/R securitizations) is expected to be
approximately 7.2 times (x) with interest coverage at
approximately 1.9x.  Fitch expects credit protection measures to
remain near pro forma levels through the intermediate term.  The
ratings also incorporate potential margin pressure from
competitive pricing and higher operating costs.

The ratings and outlook reflect ARAMARK's leading positions in
its core services, brand recognition, a well-diversified
customer portfolio, and high customer retention rates.  In
addition, ARAMARK's operating performance has been relatively
stable through various market conditions, including the
company's exposure to unforeseen events over the last couple of
years.

The Stable Outlook is also supported by the company's adequate
liquidity position pro forma the proposed transaction, which
includes US$103 million of pro forma cash and approximately
US$450 million available under its revolving credit facility
(US$150 million was drawn at closing for seasonal working
capital purposes).  The company also has a US$250 million
accounts receivable securitization program.  Fitch believes that
ARAMARK will have limited ability to improve its credit
protection measures in the next few years.  However the
company's stable organic revenue growth and solid market
positions should limit any significant deterioration of credit
measures.

According to company filings, the 2012 notes are only guaranteed
by ARAMARK's holding company and will not be guaranteed by
ARAMARK's operating subsidiaries, thereby resulting in
structural subordination of these notes in relation to all of
the new debt issuances which will be fully and unconditionally
guaranteed by substantially all of the company's domestic
material operating subsidiaries.  The indenture for the 2012
bonds generally provides no protection from a change in control
event and does not limit the company's ability to incur
additional indebtedness.

The recovery ratings and notching reflect Fitch recovery
expectations under a distressed scenario.  ARAMARK's recovery
ratings reflect Fitch's expectation that the enterprise value of
the company, and hence, recovery rates for its creditors, will
be maximized in a restructuring scenario (going concern), rather
than a liquidation.

The 'RR2' recovery rating for the company's credit facilities
reflects Fitch's belief that 71%-90% recovery is reasonable
given its priority position.  The recovery rating of 'RR5' for
the US$1.78 billion of senior unsecured notes due 2015 reflects
that 11%-30% recovery is reasonable and 'RR6' for the $250
million 5% senior unsecured notes due 2012 reflects Fitch's
estimate that negligible recovery would be achievable due to
their position in the capital structure.


DAEWOO ELECTRONICS: Videocon Revises Bid, Lowers Price by 13%
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 5, 2007, creditors of Daewoo Electronics rejected the
latest offer by a consortium led by Videocon Industries Ltd. to
buy the company.

The TCR-AP cited a Reuters report stating that a source close to
the deal said that the negative response came after Videocon and
bid partner Ripplewood Holdings LLC sought to lower the price.

In an update, reports say that the consortium has revised its
bid, which has been lowered by 13% from the original price of
KRW700 billion (about US$728 million).

According to the reports, the consortium had asked for a 13% cut
of the agreed value after conducting due diligence when it
became the preferred bidder.

However, Videocon Group Chief Venugopal Dhoot did not comment,
ChennaiOnline says.

The consortium however, is expecting a positive reply from the
company's creditors, led by Woori Bank, the paper cites sources
as saying.

ChennaiOnline relates that South Korea-based fund MRK Partners,
promoted by the Carlyle Group, is expected to give the
consortium competition.  But sources said Videocon is confident
of getting through, the paper notes.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer  
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the TCR-AP, Daewoo Electronics has been under a
debt workout program since January 2000, months after its parent
group -- the Daewoo Group -- collapsed under debts of nearly
US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 14, 2005, that creditors of Daewoo Electronics have placed
the firm for sale for US$1 billion.  ABN Amro,
PricewaterhouseCoopers and Woori Bank were appointed to find a
buyer for the business.  In September 2006, the consortium led
by Videocon Industries submitted a winning bid for a controlling
stake in Daewoo.  The deal is currently threatened by
disagreement between Daewoo's creditors and the bidders on the
final price tag.


SK CORP: Acquires 25% Stake in Petroleum Exploration Project
------------------------------------------------------------
SK Corp. has acquired a 25% stake in a petroleum exploration
project in Vietnam, amid expansion of its overseas exploration,
Seonjin Cha writes for Bloomberg News.

However, the financial terms were not disclosed.

The project is in Vietnam's 15-1/05 block in the northwestern
part of CuuLong Basin, the report notes.

PetroVietnam and Petro Vietnam Exploration and Production Co.
jointly hold the remainder of the block, Bloomberg cites a
company's statement.  These companies, according to Yonhap News,
hold a 75% stake in the exploration block.

Thanhniennews notes that, as stated in a report from the Korea
Herald, the purchase is SK's second energy investment in
Vietnam.  Under the deal, SK will develop the 3,800-square-
kilometer field near the Vietnam 15-1 block, located 145
kilometers east of the southern Vietnamese city of Vung Tau,
starting 2007, Yonhap News relates.

According to SK, it holds a 9% stake in the 15-1 block and
produces 60,000 barrels a day there, the paper relates.

Thanhniennews recounts that SK's oil development business turned
in about US$228 million in operating income in 2006, which
accounted for nearly 20% of total earnings.

Thanhniennews also notes that most industry watchers expect the
company's revenue from exploration projects to further rise in
the coming years on the back of high petroleum prices.

SK is also planning to set up an office in Vietnam in the first
half of 2007 to enhance its local operations and to seek new
business opportunities, Yonhap adds.

Yonhap recounts that SK participated in the development of the
Vietnam 15-1 block in 1998 with Korea National Oil Corp. and
started to produce oil from the field in 2003.

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

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


* South Korea may Experience Twin Deficit, Report Warns
-------------------------------------------------------
The increase of indirect investment in emerging markets raises
the possibility of a twin deficit, or current account deficit
combined with a fiscal deficit, The Korea Herald cites a warning
from Hyundai Research Institute's report.

Hyundai Research is affiliated to Hyundai Group, the paper
notes.

While the country is expected to post current account losses in
2007 due to a global economic slowdown and a widening service
sector deficit, its fiscal account could fall into the red amid
increasing capital outflow, the report further says.

"Surging indirect investment abroad is concentrated in risky
regions such as China," HRI said, noting "Koreans' insufficient
experience in overseas investment and lack of institutional
tools to prevent problems, expanded indirect investment raises
the possibility of losses."

"The government's recent measures to encourage outbound
investment could disrupt the capital market as they came without
much research on the consequences," HRI states.

The report also points out that excessive expansion of risky
direct investment in natural resource development abroad would
be a waste of foreign currency and hamper national finances
because up to 80% of corporate investment in petroleum or gas
development projects was financed through government loans.

Korean companies' investment in 142 development projects in 42
countries totaled at US$6.16 billion as of 2005, HRI reveals.

Accordingly, HRI's report suggests that to manage the risks of
indirect investment overseas, the government should:

   (a) control the extent to which its policy encourages
       outbound investment;

   (b) provide guidelines based on the risks of each region; and

   (c) bolster supervision


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

AMSTEEL CORP: Bursa Denies Further Plan Filing Extension Request
----------------------------------------------------------------
The Bursa Malaysia Securities Bhd has denied Amsteel Corp Bhd's
request to further extend its deadline to make a requisite
announcement and to submit a regularization plan to relevant
authorities.

According to the company, it failed to make the requisite
announcement regarding its regularization plan on the Feb. 7
deadline, so it asked the bourse for another extension.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 22, 2007, the Bursa already extended Amsteel Corp's plan
submission deadline to March 7, from the original deadline on
Jan. 7.

Meanwhile, because of the company's non-compliance, the bourse
decided to commence a suspension and delisting procedure against
Amsteel's securities on Feb. 16, 2007, at 9:00 a.m.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As reported in the Troubled Company Reporter - Asia Pacific on
May 19, 2006, Amsteel Corporation Berhad was classified under
Bursa Malaysia Securities Berhad's Amended Practice Note 17
category.   The Company was identified as an affected listed
issuer because:

   -- the auditors have expressed a modified opinion with
      emphasis on the Company's going concern in the Company's
      latest audited financial statement for the financial year
      ended June 30, 2005; and

   -- the Company's consolidated shareholders' equity as of
      June 30, 2005, represented 17.3% of the issued and paid-up
      capital of the Company.

Pursuant to the PN17 classification, the Company is required to
submit and implement a plan to regularize its financial
condition.


ANTAH HOLDINGS: EGM Approves Restructuring Scheme Resolutions
-------------------------------------------------------------
Antah Holdings Bhd's shareholders approved the entire
restructuring scheme's resolutions at its extraordinary general
meeting on Feb. 7, 2007.

According to the company's disclosure with the Bursa, these
provisions pertaining to Antah's regularization plan were
approved:

    1. the Proposed Acquisition of PIPO Group;

    2. the Proposed Scheme of Arrangement with Shareholder;

    3. the Proposed Acquisition of Property;

    4. the Proposed Scheme of Arrangement with Scheme Creditors;

    5. the Proposed Offer for Sales of Hua-An Shares;

    6. the Proposed Issuance of Hua-An Shares;

    7. the Proposed of Listing Status; and

    8. the Proposed Disposal.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 13, 2006, that the Securities Commission had already
approved Antah Holdings' proposed restructuring scheme.  
However, it rejected the proposed acquisition of Lekas SPA,
saying that it would not be able to provide immediate benefits
to Antah's shareholders and Sino Hua-An International Sdn Bhd,
the company incorporated in Malaysia to facilitate the
implementation of the restructuring.

                          *     *     *

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

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

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


ANTAH HOLDINGS: Books MYR258.50 Mil. Loan Default as of Jan. 31
---------------------------------------------------------------
Antah Holdings Bhd filed with the Bursa Malaysia Securities Bhd
a report on the default status of its credit facilities as of
Jan. 31, 2007.

As of end-January 2007, Antah Holdings' default, plus interest,
owed to financial institutions totaled MYR258.50 million:

   Lender                                      Loan Default
   ------                                      ------------
   RHB Sakura Merchant Bankers Berhad          MYR8,595,000
   RHB Bank Berhad                                3,041,000
                                                  4,371,000
   OCBC Bank Berhad                               7,845,000
                                                  1,383,000
   Mizuho Corporate Bank Ltd                     37,394,000
   Standard Chartered Bank Malaysia Berhad        7,052,000
   EON Bank Berhad                                5,348,000
   Bank of Tokyo-Mitsubishi (M) Berhad            1,954,000
   Aseambankers Malaysia Berhad                     996,000
   AmBank Berhad                                  1,241,000
   Arab Malaysian Bank Berhad                     4,365,000
   Bank Pertanian Malaysia                       10,662,000
   Malayan Banking Berhad                        17,253,000
   DBS Bank Ltd                                 119,692,000
   Deutsche Bank (M) Berhad                       5,262,000
   Affin Bank Berhad                              8,774,000
   Malayan Banking Berhad                        10,723,000
                                                  2,545,000
                                              -------------
                                             MYR258,496,000

                          *     *     *

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

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

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


ARK RESOURCES: Inks Sub-Contracting Deal with Power Line
--------------------------------------------------------
Ark Resources Bhd, through its wholly owned subsidiary, Ark Thai
Bhd, entered into a sub-contracting deal with Power Line
Engineering Pcl relating to the National Housing Authority of
Thailand's Baan Eua-Arthorn Project.

According to the company's disclosure with the Bursa Malaysia
Securities Bhd, the sub-contracting deal was inked following the
mutual termination of Pastiya Thai Co. Ltd -- the original sub-
contractor -- and Power Line on their agreement on January 30,
2007.

Accordingly, Power Line choose Ark Thai as its new partner in
the development of 2,196 units of 4-storey low-cost houses at
Bang-Pu 2, Bangkok, Thailand.

The Troubled Company Reporter - Asia Pacific on Dec. 20, 2006,
reported that Ark Resources first entered into a Cooperation
Agreement with Pastiya pertaining to the Thai government's low
cost housing project.

Accordingly, after the termination of Power Line and Pastiya's
sub-contracting deal, the cooperation agreement between Ark and
Pastiya was also automatically terminated.

                          *     *     *

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

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

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


CHIN FOH: Bursa Further Extends Plan Filing Deadline to March 7
---------------------------------------------------------------
The Bursa Malaysia Securities Bhd further extended Chin Foh
Bhd's deadline to submit its regularization plan to relevant
authorities until March 7, 2007.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 23, 2007, Chin Foh was earlier granted an extension of
until Feb. 7, by the bourse to submit its plan.

However, according to the company, it requested Bursa on Jan.
31, for a further extension of one month from the "extended
period" to file its plan.

                          *     *     *

Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my--  
is principally involved in trading and distribution of metal
base and non-metal base products, construction materials, panels
and non-ferrous metal products.  Its other activities include
manufacturing of glass, aluminium extrusions, stainless steel
and related products, rotary aluminium ventilators, providing,
cutting and slitting of metal and other related services,
general contracting, design, fabrication, supply and
installation of curtain wall and cladding and holding properties
and investments.  Operations are carried out in Malaysia,
Australia, and China.

Chin Foh is listed under Bursa Malaysia's Amended Practice Note
17 category and is therefore required to submit a regularization
plan to the Securities Commission and other relevant authorities
for approval.


COMSA FARMS: Wind-Up Hearing Against Unit Slated for March 23
-------------------------------------------------------------
A wind-up petition filed by Wilmar Trading Pte Ltd against Comsa
Feedmills Sdn Bhd, a wholly owned subsidiary of Comsa Farms Bhd,
will be heard before the High Court of Sandakan on Mach 23,
2007, at 9:00 a.m.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 10, 2007, that the hearing of the petition was earlier
scheduled for Feb. 2, 2007.

Comsa Farms and its subsidiaries had been granted a restraining
and stay order for a period of 120 days effective from Nov. 3,
2006 to March 2, 2007, by the High Court of Malaya at Kuala
Lumpur, pursuant to Section 176 (10) of the Companies Act, 1965.

                          *     *     *

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

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

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


COMSA FARMS: Court Moves Civil Suit Hearing to April 10
-------------------------------------------------------
The High Court of Sandakan has adjourned to April 10, 2007, the
hearing of Civil Suit No. K22-57-2006 filed by Orix Credit
Malaysia Sdn Bhd against Comsa Farms Bhd.

The original hearing date of the suit was Jan. 31 2007.

However, Comsa Farms and its subsidiaries had been granted a
restraining and stay order for a period of 120 days effective
from November 3, 2006 to March 2, 2007, by the High Court of
Malaya at Kuala Lumpur, pursuant to Section 176 (10) of the
Companies Act, 1965.

                          *     *     *

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

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

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


CRIMSON LAND: Securities Suspension & Delisting Set for Feb. 16
---------------------------------------------------------------
Crimson Land Bhd is facing a suspension and delisting of its
securities from the Bursa Malaysia Securities Bhd's official
list after its request for a further extension of the plan
filing deadline was rejected.

According to the company, it has failed to comply with the
necessary requirements stipulated under the extended timeframe
granted by Bursa Malaysia.  The extended timeframes stated that
Crimson was:

   a. to make the Requisite Announcement of its regularization
      plans by February 7, 2007; and

   b. to submit its regularization plans to the Securities
      Commission and other relevant authorities for approval
      within one month from the date of RA.

In this regard, the bourse decided to commence a suspension and
delisting of the company's securities on Feb. 16, 2007, at 9:00
a.m.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's
activities are property development, maintenance, investment and
rental services.  The Company is also into investment holding,
property cultivation, growing and trading of marine products,
rental of promotional space, management services and investment
holding.  

The Group operates in Malaysia.

Crimson Land is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd.

As of September 30, 2006, Crimson Land's balance sheet reflected
insolvency with MYR471.253 million in total assets and
MYR472.70 million in total liabilities.  Shareholders' deficit
in the company reached MYR1.44 million.


SOLUTIA INC: Posts US$21 Million Net Loss in December 2006
----------------------------------------------------------

                Solutia, Inc. Chapter 11 Debtors
               Unaudited Consolidated Statement of
                       Financial Position
                     As of December 31, 2006

                              ASSETS

Cash                                             US$38,000,000
Trade Receivables, net                             146,000,000
Account Receivables-Unconsolidated Subsidiaries     47,000,000
Inventories                                        176,000,000
Other Current Assets                                90,000,000
Assets of Discontinued Operations                            0
                                                 -------------
Total Current Assets                            US$497,000,000

Property, Plant and Equipment, net                 660,000,000
Investments in Subsidiaries and Affiliates         565,000,000
Intangible Assets, net                             100,000,000
Other Assets                                        69,000,000
                                                 --------------
Total Assets                                  US$1,891,000,000

              LIABILITIES AND SHAREHOLDERS' DEFICIT

Accounts Payable                                US$200,000,000
Short Term Debt                                    650,000,000
Other Current Liabilities                          168,000,000
Liabilities of Discontinued Operations               1,000,000
                                                --------------
Total Current Liabilities                     US$1,019,000,000

Other Long-Term Liabilities                        209,000,000
                                                 --------------
Total Liabilities not Subject to Compromise      1,228,000,000

Liabilities Subject to Compromise                1,963,000,000

Shareholders' Deficit                           (1,300,000,000)
                                                --------------
Total Liabilities & Shareholders' Deficit     US$1,891,000,000

                Solutia, Inc. Chapter 11 Debtors
         Unaudited Consolidated Statement of Operations
              For the Month Ended December 31, 2006

Total Net Sales                                 US$170,000,000
Total Cost Of Goods Sold                           162,000,000
                                                --------------
Gross Profit                                      US$8,000,000

Total MAT Expense                                 US$19,000,000
                                                 --------------
Operating Income (Loss)                          (US$11,000,000)

Equity Earnings from Affiliates                       6,000,000
Interest Expense, net                                (7,000,000)
Other Income, net                                     3,000,000

Reorganization Items:
Professional fees                                    (6,000,000)
Employee severance and retention costs                        0
Other                                                (1,000,000)
                                                 --------------
                                                     (7,000,000)
                                                  -------------
Loss Before Taxes                                   (16,000,000)
  
Income tax expense (benefit)                          5,000,000
                                                  -------------
Net Loss                                         (US$21,000,000)

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its   
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.


TENAGA NASIONAL: In Talk with Sime for Power Cable Plan Venture
---------------------------------------------------------------
Malaysia's Tenaga Nasional Bhd is in talks with Sime Darby for a
possible cooperation on the placement of submarine cables
required for the massive Bakun dam project, The Edge Daily
reports, citing a statement from the company.

According to Tenaga's president and chief executive officer,
Datuk Seri Che Khalib Mohamad Noh, the company would assist
interested parties in the cable project, which will link the dam
to Peninsular Malaysia from Borneo.

Tenaga has the technical expertise and its role is to ensure
that the technical specifications and requirements were
correctly conveyed to all interested parties, Mr. Khalib told
The Edge.

"The only interested party made known to us is Sime Darby," Mr.
Khalib added.

Meanwhile, Reuters relates that some local newspapers have
projected that the venture might cost more than US$4 billion.

The cables will take power from the 2,400-megawatt Bakun
hydroelectric dam, nearing completion in the eastern state of
Sarawak on Borneo, and plug it into the power grid on the
peninsula, home to the vast majority of Malaysians, Reuters
says.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity. The Company
also manufactures, sells and repairs transformers and
switchgears. It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services. It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's Investor Service gave the Company a 'Ba' rating due to
its relatively high financial leverage and significant PPA
obligations.   


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

A A WORLDWIDE: Court Appoints Joint Liquidators
-----------------------------------------------
On Feb. 1, 2007, the High Court of Auckland appointed Iain Bruce
Shephard and Christine Margaret Dunphy as joint and several
liquidators of A A Worldwide Machinery Spares Ltd.

The Joint and Several Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Shed 20, Princes Wharf, Auckland
         New Zealand
         Telephone:(09) 309 3264
         Facsimile:(09) 309 3265


ANDREW APPLIANCE: Parsons and Kenealy to Act as Liquidators
-----------------------------------------------------------
On Feb. 1, 2007, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of
Andrew Appliance Repairs Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
petition was heard before the High Court of Auckland on that
day.

The Joint and Several Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


ARMADILLO ROOFING: High Court Hears Wind-Up Petition
----------------------------------------------------
On Dec. 11, 2006, Metro Brick Ltd filed before the High Court of
Wellington a liquidation petition against Armadillo Roofing Ltd.

The petition was heard on Feb. 5, 2007.

Metro Brick's solicitor can be reached at:

         Charles Michael Gallagher
         Greig Gallagher & Co
         Level 6, Old Wool House
         139 Featherston Street, Wellington
         New Zealand


BERWICK CONSTRUCTION: Court Sets Liquidation Hearing on April 5
---------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Berwick Construction Ltd on April 5, 2007, at
10:00 a.m.

GDR Plasterboard Services Ltd filed the petition on Dec. 20,
2006.

GDR Plasterboard's solicitor can be reached at:

         S. J. Ropati
         Level 1, 105 Queen Street
         Auckland
         New Zealand
         Telephone:(09) 377 1530
         Facsimile:(09) 377 1533


BLUE CHIP: Court to Hear Liquidation Petition on Feb. 15
--------------------------------------------------------
A petition to liquidate Blue Chip New Zealand Ltd will be heard
before the High Court of Auckland on Feb. 15, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on Oct.
12, 2006.

The CIR's solicitor can be reached at:

         S. J. Eisdell Moore
         Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 7556)


CER GROUP: Posts NZ$234,000 Net Loss for 2006 Half-Year Period
--------------------------------------------------------------
CER Group Ltd. incurred a net loss of NZ$234,000 for the six
months ended June 30, 2006, against a net loss of NZ$325,000 for
the six months ending June 30, 2005.

For the period in review, the company had NZ$2.54 million in
revenues, and cost of sales amounted to NZ$1.24 million, giving
it a gross profit of NZ$1.26 million.

The company, however, chalked up -- among other expenses -- a
NZ$546,000 and NZ$590,000 in sales and marketing and management
expenses, respectively.

                  Encouraging Full Year Sales

Stuff.co.nz reports that CER Group, which operates Certified
Organics and New Zealand Nature, said sales revenue rose 86% to
NZ$6.2 million in the year 2006 to December.

The report states that fourth quarter sales were NZ$2.8 million
against NZ$2.4 million in 2005 with NZ Nature's sales up at
NZ$2.6 million from NZ$2.2 million.  CER Group Chief Executive
David Warrick said that Certified Organics achieved significant
momentum for its Bio Weedkiller product overseas, while New
Zealand Nature performed above expectations, the report adds.

According to Stuff.co.nz, the company will not be releasing
profit figures until later this month.  The paper also notes
that the company was not budgeting for a profit.

Stuff.co.nz further adds that on a like-for-like basis, the
business grew its sales "a very encouraging" 17.5% in 2005.

                         About CER Group

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified  
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       Going Concern Doubt

On Feb. 27, 2006, upon completion of its audit on the company's
financial statements, KPMG -- the company's independent auditors
-- raised fundamental uncertainties on the company's ability to
continue as a going concern, the validity of which is dependent
upon "many factors both within and external to the control of
the directors."

                          *     *     *

The group suffered net losses of NZ$1.03 million and
NZ$1.34 million for the years ended December 31, 2005, and 2004,
respectively.


GLASS EARTH: Posts CDN$130,000 Loss for November Quarter
--------------------------------------------------------
Glass Earth Ltd. posted a net loss of CDN$130,000 for the three
months ending Nov. 30, 2006, against a CDN$174,000 for the same
period in the previous year, the company said in its interim
financials.

At Nov. 30, 2006, the company had net working capital of
CDN$7,498,000 (May 31, 2006: CDN$1,127,000), including cash and
equivalents of CDN$7,603,000 (May 31, 2006: CDN$1,403,000).

                    Exploration Expenditures

Mineral exploration costs, which form the bulk of the company's
expenditures, increased from CDN$265,000 in the first quarter to
CDN$463,000 during the three month period under review.

Expenditure was lower in the first quarter, which coincided with
the winter period in New Zealand and staff vacations, as
emphasis was placed on the preparation of the prospectus that
underpinned the recent NZ$10 million capital raising in New
Zealand that included significant input from technical staff.

                       Going Concern Doubt

The company is in the development stage, and has not earned
revenues to date.

For the nine-month period ended Nov. 30, 2006, the company had a
net loss of CDN$629,000 and accumulated deficit of
CDN$2,579,000.  The company's ability to meet its obligations
and continue as a going concern is dependent on its ability to
obtain additional financing, the discovery, development or sale
of mining reserves and achievement of profitable operations.  
The company is planning to meet its future expenditures and
obligations by raising funds through public offerings, private
placements or by farm-outs of mineral properties.  It is not
possible to predict whether these efforts will be successful or
whether the company will attain profitable levels of operation.

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its  
subsidiaries principal activity are the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralisation.  
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.


GLASS EARTH: Starts Airborne Geophysical Survey in Otago
--------------------------------------------------------
Glass Earth Limited discloses the commencement of its major
airborne geophysical campaign in the Otago mesothermal gold
region, South Island, New Zealand, the company said in a press
release.

The airborne geophysical survey will cover an area of over
22,000 square kilometers and is the largest airborne survey of
this nature ever flown in New Zealand.  The airborne geophysical
survey is contracted to Fugro BTW Limited.  It has been planned
to obtain a detailed geological understanding of the area
allowing targeting of new areas with the potential for hardrock
and alluvial gold.  The survey will involve the helicopter-borne
"RESOLVETM" EM system combined with a magnetic gradiometer. This
system targets the top 100 meters of the earth's crust (the zone
of interest for Glass Earth).  Two helicopters each towing a 9
meter ResolveTM drone will carry out this geophysical survey
which is expected to take about 4 months to complete.

The South Island Otago geophysical survey is part of a second
major Intervention Project carried out by Glass Earth in New
Zealand, the first being the Coromandel/Central Volcanic Region
Intervention Project in the North Island undertaken in 2005.

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its  
subsidiaries principal activity are the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralization.  
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

                       Going Concern Doubt

The company is in the development stage, and has not earned
revenues to date.

For the nine-month period ended Nov. 30, 2006, the company had a
net loss of CDN$629,000 and accumulated deficit of DN$2,579,000.  
The company's ability to meet its obligations and continue as a
going concern is dependent upon its ability to obtain additional
financing, the discovery, development or sale of mining reserves
and achievement of profitable operations.  The company is
planning to meet its future expenditures and obligations by
raising funds through public offerings, private placements or by
farm-outs of mineral properties.  It is not possible to predict
whether these efforts will be successful or whether che Company
will attain profitable levels of operation.

                          *     *     *

The company recorded two consecutive net losses of CDN$1,307,000
and CND$591,000 for the years ended May 31, 2006 and 2005,
respectively.


H. AND J. KNOX: Court Hears Liquidation Petition
------------------------------------------------
On Aug. 22, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate H. and J. Knox Ltd.

The High Court of Wellington heard the petition on Feb. 12,
2007.

The CIR's solicitor can be reached at:

         Mary Kate Crimp
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone:(04) 890 1067
         Facsimile:(04) 890 0009


J A & L J BURNETT: Creditors' Proofs of Claim Due on March 9
------------------------------------------------------------
The creditors of J A & L J Burnett Ltd are required to submit
their proofs of claim by March 9, 2007.

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

The liquidator can be reached at:

         Roderick Thomas Mckenzie
         McKenzie & Partners Limited
         Level 1, 484 Main Street
         Palmerston North
         New Zealand
         Telephone:(06) 354 9639
         Facsimile:(06) 356 2028


WHANGAPOUA PROPERTIES: CIR Files Liquidation Petition
-----------------------------------------------------
The Commissioner of Inland Revenue filed with the High Court of
Auckland, a petition to liquidate Whangapoua Properties Ltd on
Nov. 7, 2006.

The Court will hear the liquidation petition on Feb. 15, 2007,
at 10:45 a.m.

The CIR's solicitor can be reached at:

         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (PO Box 76198)
         Manukau, Auckland
         New Zealand
         Telephone:(09) 984 2002)


WILLOW LANE: Commences Liquidation Proceedings
----------------------------------------------
On Jan. 28, 2007, the shareholders of Willow Lane Ltd resolved
by special resolution to liquidate the company's business and
appointed Alison Ann Turner as liquidator.

The Liquidator can be reached at:

         Alison Ann Turner
         Staples Rodway Taranaki Limited
         109-113 Powderham Street, New Plymouth
         New Zealand
         Telephone:(06) 758 0956
         Facsimile:(06) 757 5081


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

GLOBE TELECOM: To Raise Fresh Loans to Redeem US$300-Mil. Bonds
---------------------------------------------------------------
Globe Telecom, Inc., will raise about PHP5 billion in fresh
loans and another US$50 million to partly finance capital
expenditures, The Manila Standard Today reports, citing Globe
Chief Financial Officer Delfin Gonzales.

The fresh loans will be used to finance the redemption of Globe
Telecom's US$300 million bonds due in April 2012, the company
indicated in a filing with the Philippine Stock Exchange.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 15, 2007, Globe wants to redeem its US$300 million senior
unsecured notes in April 2007, to take advantage of the low
interest rate environment.

In that regard, the company is in the process of finalizing a
PHP5-billion loan with a group of banks led by Standard
Chartered Bank, the PSE filing states.

Moreover, Globe signed a US$50-million term loan facility with
Norddeutshce Landesbank Gironzentrale, Singapore Branch, on
Feb. 9, 2007.  The loan is a five-year facility with floating
interest rate.

To partly finance capital expenditure for 2007, the company
tells the PSE that it will draw on previously signed loans
amounting to PHP5.8 billion.

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

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

                          *     *     *

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

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

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


IPVG CORP: SEC Okays Increase in Capital Stock to PHP800 Million
----------------------------------------------------------------
On Feb. 7, 2007, the Philippines Securities and Exchange
Commission granted IPVG Corp. a certificate of increase of
capital stock from PHP500,000,000 divided into 500,000,000
shares with par value of PHP1.00 to PHP800,000,000 divided into
800,000,000 shares with par value of PHP1.00 each.

The capital increase was approved my majority of the company's
board of directors and shareholders in July 2005.

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.


IPVG CORP: Discloses Terms of Infocomm Option-to-Purchase Pact
--------------------------------------------------------------
Upon the request of the Philippine Stock Exchange, IPVG Corp.
discloses terms and conditions of an option-to-purchase
agreement the company entered into with the shareholders of
subsidiary IP E-Game Ventures, Inc., and Infocomm Asia Holdings
Pte. Ltd.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 9, IPVG Corp., together with shareholders of IP E-Game
executed the Option-to-Purchase Agreement with Singapore-based
regional gaming firm Infocomm Asia.

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

In a filing with the stock exchange, IPVG reveals that terms of
payment in acquiring shares will be in shares and the settlement
period will be 15 months from the execution of the deal.  Should
IAH exercises its option, the payment for the IP E-Game shares
IAH may acquire will be shares in IAH, the total number of which
will be approximately 300,000 shares at US$25 per share.

The parties to the option agreement also undertook to execute,
on mutually agreed terms, a shareholders' agreement upon the
exercise of the option, IPVG relates.  The shareholders pact
will contain the definitive and implementing terms and
conditions of the shares including the number of shares to be
issued, the percentage and total outstanding shares, issue price
per share and valuation method.

IPVG, however, is still unable to issue a definitive or accurate
statement on the effect of the option agreement on the
composition of the board of directors and officers and on the
ownership and capital structure of IP E-Game because:

   * the exact number of shares, valuation and percentage of
     ownership are still to be determined at the time the call
     option is exercised by IAH -- this will affect the number
     of directors IAH is entitled to;

   * IAH has the sole discretion to nominate its chosen nominees
     to the board of IP E-Game after the exercise of the option;
     and

   * the transaction does not happen unless IAH undertakes a
     listing on a regional stock exchange.

IPVG assures PSE that it will make the necessary disclosures
when the parties decide to exercise the option.  

Citing a confidentially pact, IPVG did not furnish the PSE a
copy of the option agreement.

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.


PHIL. LONG DISTANCE: Denies Selling ACeS System Business
--------------------------------------------------------
Philippine Long Distance Telephone Co., in a letter to the
Philippine Stock Exchange, denies selling its ACeS System
satellite-based business.  PLDT also said that it has not
divested its equity interest in ACeS International Limited.

PLDT's letter was in response to the stock exchange's request to
confirm a Feb. 6 report by the Philippine Business Daily Mirror.
Specifically, PSE sought confirmation of the veracity of news
that PLDT recently sold its mobile satellite business through
ACeS International Ltd.

The company, however, reveals that ACeS International entered
into wide-ranging collaboration arrangements with Inmarsat plc,
a mobile satellite operator.  The collaboration will take
ACeS International, formerly a regional operator, to become
global, with the combined coverage of its Garuda 1 satellite and
the Inmarsat 4 series satellites.

After the signing of the collaboration arrangements, PLDT and
its subsidiary ACeS Philippines Cellular Satellite Corp.,
entered into agreements with:

   -- ACeS International;

   -- other stockholders of ACeS International;

   -- creditors of ACeS International; and

   -- National Service Providers of the ACeS System satellite-
      based services;

regarding changes in the debt and equity structure of ACeS
International and amendments to the Air Time Purchase Agreements
with the NSPs.

PLDT relates that it is a party to a Founder NSP Air Time
Purchase Agreement entered into with ACeS International in March
1997, which was amended in December 1998, under which PLDT was
granted the exclusive right to sell satellite-based mobile
communication system services as NSP in the Philippines.  In
exchange, the ATPA required PLDT to purchase from ACeS
International a minimum of US$5 million worth of air time
annually over 10 years commencing on Jan. 1, 2002, the purported
date of commercial operations of the Garuda-1 Satellite.  In the
event that ACeS International's aggregate billed revenue was
less than US$45 million in any given year, the ATPA also
required PLDT to make supplemental airtime purchase payments not
to exceed US$15 million per year during the term.

Starting on Dec. 31, 2003, PLDT made a reasonable estimate of
the monetary amount necessary in the event the obligation under
the ATPA was required to be settled and has made the appropriate
provisions in the company's consolidated financial statements
based on available information and circumstances then existing.  
However, with the signing of the Agreements with its subsidiary,
PLDT is currently evaluating the necessity for the provision.

PLDT informs PSE that the audit of the company's financial
statements is ongoing.  The company expects to announce its
audited financial results for the full year 2006 on March 6,
2007.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading  
national telecommunications service provider in the Philippines.  
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

Moody's Investors Service placed a Ba1 local currency corporate
family rating on PLDT.  Moody's also affirmed the company's Ba2
foreign currency senior unsecured ratings, with a negative
outlook.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.


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

ATECH MOULDS: Members and Creditors to Meet on March 9
------------------------------------------------------
Atech Moulds Manufacturing Pte Ltd, which is in creditors'
voluntary liquidation, will hold a final meeting for its members
and creditors on March 9, 2007, at 3:00 p.m., at Slater Room,
Level 12, AEC Centre, International Factors Building in 141
Market Street, Singapore 048944.

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

   -- approve and adopt the final liquidators' status report and
      the final liquidation account;

   -- approve the payment of all preferential debts and the
      first and final dividend to the unsecured creditors;

   -- release the joint liquidators and that the company will be
      dissolved; and

   -- approve that the books and papers will be destroyed after
      the company is dissolved.

The joint and several liquidators can be reached at:

         Yin Kum Choy
         Mok Wai Seng
         c/o K C Yin & Co
         Certified Public Accountants
         100 Tras Street
         #16-01 Amara Corporate Tower
         Singapore 079027
         Tel: 6323 1613
         Fax: 6323 1763


CHINA AVIATION: Trading Scandal Forces Jia Changbin to Quit Post
----------------------------------------------------------------
Jia Changbin, a general manager of China Aviation Oil Holding
Company -- parent company of China Aviation Oil (Singapore)
Corp. Ltd. -- has been forced to quit his post after his
involvement in a trading scandal, reports the People's Daily
Online, citing the Xinhua News Agency as source.

The Wall Street Journal relates that Mr. Jia, who had also been
the director of China Aviation Oil (Singapore), was fined by the
Singapore Court in 2006, for insider trading and failure to
disclose the company's losses to the Singapore Exchange.

"We will learn from the lesson of the Singapore incident,
improve the governance of the parent company, tighten risk
assessment and improve the company's performance," WSJ quotes
Mr. Sun as saying.  
State-owned Assets Supervision and Administration Commission
reportedly appointed Sun Li to replace Mr. Jia's post.  Mr. Sun
is the former chief of the chemical and marketing business of
China National Petroleum Corp., a state-run oil giant.

               About China Aviation Oil (Singapore)

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

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

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


CHUAN JOO: Creditors Must Prove Debts by February 24
----------------------------------------------------
Chuan Joo (Pte) Ltd will declare a preferential dividend.
Accordingly, creditors are asked to file their proofs of debt by
Feb. 24, 2007, to be included in the company's distribution of
dividend.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was served a petition to wind up its operations on
May 20, 2005.

The liquidator can be reached at:

         Goh Boon Kok
         c/o Goh Boon Kok & Co.
         Certified Public Accountants
         1 Claymore Drive #08-11
         Orchard Tower Rear Block
         Singapore 229594
         Tel: 63336960
         Fax: 63336961


INTERMEC INC: Delays Issuance of 4th Qtr. and FY2006 Results
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Feb. 2,
2007, that Intermec Inc. would issue its 2006 fourth quarter and
full year financial results on Feb. 8, 2007.

However, in an update, the company said it will delay the
issuance of its financial results because it needs additional
time to complete the closing process related to accounting for
income taxes resulting from the analysis and application of new
accounting guidance.  

"Intermec will reschedule its earnings release shortly," the
company said in a media release.

                       About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,   
manufactures and  integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, United Kingdom and Singapore.

                          *     *     *

On Oct. 31, 2006, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Intermec Inc., as well as its Ba3
rating on the company's US$400 million Senior Unsecured Shelf in
connection with Moody's implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector.

Those debentures were assigned an LGD5 rating suggesting
noteholders will experience an 85% loss in the event of default.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec 20, 2006, Fitch Ratings has affirmed and simultaneously
withdrawn these ratings for Intermec, Inc.:

   -- Issuer Default Rating at 'BB-';
   -- Senior secured bank facility at 'BB+'; and,
   -- Senior unsecured debt at 'BB-'.


LERENO BIO-CHEM: Shareholders Pass Resolutions at EGM
-----------------------------------------------------
At an extraordinary general meeting held on Feb. 10, 2007, the
shareholders of Lereno Bio-Chem Ltd -- formerly known as MAE
Engineering Ltd -- passed these resolutions:

   -- Approve the company's acquisition of an aggregate of
      4,768,396 ordinary shares at MYR1 each in the share
      capital of Lereno, which represents an approximately 38%
      of Lereno's total issued and paid up capital for a
      purchase consideration of SGD17,500,000.  This will be
      satisfied through an allotment and issuance of the
      company's share capital of 350,000,000 new shares at an
      issue price of SGD0.05 each; and

   -- Change the company's name to "Lereno Bio-Chem Ltd" from
      "MAE Engineering Ltd".

During the general meeting and before passing the mentioned
resolutions, the company explained the rationale of:

   (a) change of the company's name;

   (b) change of the company's main business focus to biofuel
       production and its related businesses; and

   (c) change of the future plan and direction of the company's
       board of directors.

                     About Lereno Bio-Chem

Headquartered in Singapore, Lereno Bio-Chem Ltd -- formerly
known as MAE Engineering Limited -- is engaged in the provision
of integrated electrical and mechanical engineering services
including designing, planning and procurement.  These services
are categorized into electrical installations, mechanical
installations, electrical power supply installations,
instrumentation and building automation as well as maintaining
electrical and mechanical systems.  The Group also offers
consulting and specialist services to oceanariums and aquariums.  
The Group has disposed off its prawn and fish farming as well as
edutainment businesses, after suffering accumulated losses of
SGD48 million as of September 30, 2005.  The company also
suffered a liquidity crunch since September 30, 2005, when its
total current liabilities of SGD23,695,000 exceeded its total
current assets of SGD5,582,000.

As of March 31, 2006, the company's balance sheet showed
SGD7,404,000 in total assets and SGD27,257,000 in total
liabilities, resulting in a SGD19,853,000 stockholders' equity
deficit.


MILLENNIUM-WESTMONT: Creditors Must Prove Debts by February 23
--------------------------------------------------------------
Millennium-Westmont Pte Ltd, which is in liquidation, will be
receiving proofs of debt until Feb. 23, 2007.

Creditors who cannot prove their debts by the due date will be
excluded from any distribution the company will make.

The liquidator can be reached at:

         Ong Yew Huat
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583


OVERSEAS SHIPHOLDING: Declares Regular Quarterly Dividend
---------------------------------------------------------
Overseas Shipholding Group Inc., declared on Feb. 9, 2007, a
regular quarterly dividend of 25 cents per share on the common
stock outstanding.

The dividend is payable to the company's stockholders of record
as of Feb. 23, 2007.

The company is set to pay the dividends on March 8.

                   About Overseas Shipholding

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest   
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the company is committed to setting high standards of
excellence for its quality, safety and environmental programs.
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
August 14, 2006, Moody's Investors Service affirmed the debt
ratings of Overseas Shipholding Group, Inc.'s Senior Unsecured
at Ba1.  The outlook has been changed to stable from negative.


PETROLEO BRASILEIRO: Buys 40% Participation in Rufisque Block
-------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras purchased a 40% stake in
the exploration of the Rufisque Profond block, in Senegal,
Western Africa, in waters ranging form 150 to 3,000 meters and
covering a 7,294-square-meter area.  The participation was
purchased from Edison Spa, the operator, which until then held
95% of the block's interests.  The remaining 5% belong to
Petrosen, the Senegalese national oil company.

Senegal adopts the production sharing contract system.  The
contract for the Rufisque Profond block was signed between
Edison Spa and Petrosen in 2004.

The exploration, spread-out into three periods, is in the 3D
seismic realization phase and is currently seeking to increase
knowledge regarding the area and, thus, better define the
block's exploratory potential.  Only eight wells have been
drilled in the Senegalese offshore region, all of which in
shallow waters.  Deep-water blocks have thus far remained
unexplored.  It is possible that light oil, with an API
classification ranging form 30 to 40 degrees, will be found in
the area.

In the purchase and sell agreement it signed with Edison Spa,
Petrobras committed to reimburse 42.1% of the passed costs, and
to offer a greater participation in the 1,500 square kilometers
of 3D seismic, which is already in the phase of acquisition.

This participation in Senegal is in line with Petrobras'
International Strategy for Western Africa and is an opportunity
that may contribute to growing and diversifying the company's
project portfolio and to consolidating it in the African
continent with a selective performance.

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: Reopens Bond Swap Offer
--------------------------------------------
Brazilian state firm Petroleo Brasileiro SA said in a statement
that it has decided to reopen an offer to redeem bonds maturing
from 2008-14 and replace them with ones maturing in 2016.

Petroleo Brasileiro told Business News Americas that the firm
had accepted tenders to issue US$399 million of news bonds in
exchange for the old ones by the previous closing date of
Feb. 2.

BNamericas relates that with the reopening, Petroleo Brasileiro
expects the new issue of 2016 bonds to reach US$899 million.

The bonds maturing from 2008-14 included in the swap totaled
US$1.76 billion, BNamericas states.

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

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

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

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

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

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


SPECTRUM BRANDS: Posts US$18.8 Million Net Loss in 1st Qtr. 2007
----------------------------------------------------------------
On Feb. 8, 2007, Spectrum Brands Inc. disclosed a net loss of
US$18.8 million for the 2007 first quarter ended Dec. 31, 2006,
as compared to US$2.3 million net income in the first quarter of
FY 2006.  The company also reported its 2007 first quarter net
sales of US$564.6 million as compared to US$566.3 million net
sales in the first quarter of 2006.  Reported net sales exclude
sales from the company's Home & Garden division, which is being
accounted for as discontinued operations pending completion of
an ongoing sale process.  Excluding certain adjustments which
management believes are not indicative of the company's on-going
normalized operations, the company generated diluted earnings
per share for the first quarter of US$0.12.  Included in the
quarterly results are:

   -- a loss from discontinued operations, net of tax, of
      US$22.2 million, or US$0.43 per share, related to the
      company's Home & Garden division, which is being held for
      sale; and

   -- pretax restructuring and related charges of US$7.4
      million, or US$0.10 per share, related to ongoing
      integration activities within the Global Pet business and
      the rationalization of the company's Latin American and
      European businesses.

During the first quarter of fiscal 2006, the company reported
diluted earnings per share of US$0.05, which included a loss
from discontinued operations, net of tax, of US$0.40 per share
and restructuring and related charges and other charges of
US$0.05 per share.

Global battery sales declined six percent year over year, as
strong results from Latin America were offset by sales declines
in North America and Europe/ROW. Sales of Remington branded
products increased by seven percent on a worldwide basis.  
Global Pet reported growth of four percent.  Favorable foreign
exchange rates had a US$16.2 million positive impact on net
sales during the quarter, mostly driven by the strong Euro.

Gross profit and gross margin for the quarter were US$208.9
million and 37.0 percent, respectively, versus US$224.0 million
and 39.6 percent for the same period last year.  Restructuring
and related charges of US$6.0 million were included in the
current quarter's cost of goods sold; cost of goods sold in the
comparable period last year included US$1.3 million in similar
charges.  Increased raw material costs, primarily zinc, were the
most significant driver of the decline in gross margin.

The company generated operating income of US$37.5 million versus
US$67.6 million in fiscal 2006's first quarter.  The primary
reasons for the decline were increased advertising and marketing
expense of approximately US$14 million and higher commodity
costs, including an increase of US$7 million in zinc costs.

Commenting on the results of the quarter, Spectrum Brands
President and Chief Executive Officer David Jones stated, "Our
first quarter results reflect progress in a number of areas,
despite a challenging environment, and we are confident that we
are taking the right actions for the long-term to build our
brands, reduce costs and create sustainable value.  We are
focused on the successful completion of the divestiture of our
Home & Garden business, a key milestone in the strategic review
we began last July.  We anticipate that the proceeds from this
transaction will enable us to reduce outstanding debt and
leverage and will allow us more flexibility to focus on
strengthening our remaining businesses.  With the assistance of
Goldman Sachs, we are continuing to consider further strategic
options to improve our capital structure, including potential
additional asset sales."

                   First Quarter Segment Results

North America net sales were US$172.2 million, compared with
US$190.9 million reported last year, as a result of a decline in
battery sales, largely driven by the timing of holiday shipments
and lower sales of Remington branded products.  Rayovac alkaline
battery sales at retail were up six percent, versus industry-
wide sales growth of three percent, largely due to the
successful launch of Rayovac's new marketing campaign.  
Remington men's shaving products underperformed in an overall
weak category during the holiday season, partially offset by
growth from grooming and personal care products.  North American
segment profits were US$18.9 million versus US$35.5 million
reported last year, as an improvement in operating expenses
resulting from integration savings was more than offset by
higher commodity costs and US$7 million in increased advertising
expense.

Europe/ROW net sales were US$186.9 million versus US$182.7
million in the prior year.  Foreign exchange translation
contributed US$13.1 million.  Remington branded product sales
showed significant growth, partially offset by continuing
weakness in the battery category, particularly in Central
Europe.  Segment profitability for the quarter was US$21.4
million compared with US$30.5 million last year, primarily a
function of lower battery sales volume and higher raw material
costs.

Latin America continued its positive growth trend with a
quarterly net sales increase of 13 percent versus the prior
year, benefiting from strong growth in both Remington branded
products and Rayovac batteries.  Latin America segment
profitability of US$10.2 million increased from US$6.7 million
last year, attributable to the implementation of battery pricing
increases across the region, the growing profit contribution
from Remington and the reversal of certain excise tax-related
accruals.

Global Pet net sales of US$137.7 million represented a four
percent year over year increase, largely driven by robust growth
from companion animal products and Tetra branded products.
Favorable foreign exchange translation contributed US$2.0
million during the quarter.  Global Pet segment profits were
US$21.0 million versus US$20.2 million reported last year.
Consolidation of distribution and manufacturing facilities
during the quarter caused a short term increase in distribution
expense which was offset by a US$2.7 million gain on termination
of certain post-retirement benefit plans.

Corporate expenses were US$26.6 million as compared to US$22.8
million in the prior year period, primarily attributable to
increased deferred compensation accruals when compared with
fiscal 2006, which included no such accruals.

As previously disclosed, Spectrum Brands is reorganizing into
three product-focused operating segments: Global Batteries &
Personal Care, Home & Garden, and Global Pet Supplies. Starting
in the second quarter of fiscal 2007, the company will report
segment results for Global Batteries & Personal Care and Global
Pet Supplies, and will continue to report Home & Garden as
discontinued operations until such time as a transaction is
consummated.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products    
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 3, 2006, Moody's Investors Service confirmed Spectrum
Brands Inc.'s B3 Corporate Family Rating in connection with the
rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology.

The TCR-AP also noted on Feb. 13, 2007, that Standard & Poor's
Ratings Services lowered the company's corporate credit rating
to 'CCC+' from 'B-'.


SPECTRUM BRANDS: Weak Performance Cues S&P to Lower All Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered all of its ratings on
Atlanta, Georgia-based Spectrum Brands Inc., including the
company's corporate credit rating, which was lowered to 'CCC+'
from 'B-'.

The outlook is developing.

"The ratings downgrade is based on the company's continued weak
operating performance that has resulted in debt leverage
trending at about 9x," said Standard & Poor's credit analyst
Patrick Jeffrey.

The company has also faced intense competition in its battery
business, as well as significantly increased commodity costs.

"While Spectrum Brands was in compliance with financial
covenants in the first quarter of fiscal 2007, the company may
need to seek further relief as its debt leverage covenant steps
down to 8.75x from 9.75x in the second quarter of fiscal 2007,"
added Mr. Jeffrey.

The ratings on Spectrum Brands reflect the company's poor
operating performance over the past year, very high leverage,
marginal liquidity, and very aggressive acquisition history.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.


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

PROPERTY PERFECT: Fitch Thailand Downgrades Bonds to 'BB+(tha)'
---------------------------------------------------------------
Fitch Ratings (Thailand) Limited has downgraded the National
Long-term rating of Property Perfect Public Company Limited's  
THB350 million secured debentures, due February 2007, to
'BB+(tha)' from 'BBB-(tha)'.  At the same time, Fitch downgraded
the National Long-term rating of PF's THB450 million partially
guaranteed debentures (50% guaranteed by TMB Bank Public Company
Limited, rated 'A(tha)'/Stable/'F1(tha)'), due February 2008, to
'BBB(tha)' from 'BBB+(tha)'.  The Outlook on the ratings is
Negative.

The ratings downgrade reflect PF's worse-than-expected operating
performance and a substantial deterioration in its financial
leverage in 2006 which has reduced the company's financial
flexibility and increased its refinancing risk, as well as the
weakening operating environment for 2007.  PF's sales and EBITDA
performance was very weak in 2006, especially during the first
nine months, (sales and EBITDA down 17% year-on-year and 63%
yoy, respectively), due to the continued slowdown in overall
housing demand, higher construction costs and intensified
competition which lowered PF's single detached-housing sales and
put pressure on its margins.  While Q406 results, which are due
to be released shortly, may show some improvement in sales and
EBITDA, the overall improvement in leverage is only expected to
be modest, due to the continued high level of debt.

It should be noted that PF expects a strong improvement in its
earnings performance in 2007, largely driven by a strong sales
backlog of THB3.3 billion at end-2006, most of which should be
recognized in 2007.  Together with a more moderate land
acquisition and expectations for no dividend payout for this
year, PF's net debt should decline, while its net debt to EBITDA
ratio is expected to improve significantly to around 7.0x by
end-2007.  Nonetheless, Fitch believes the company now faces a
tougher operating environment, including weaker demand and
slower inventory turnover, which could continue to negatively
affect its cash flow.  Other key credit concerns include PF's
liquidity management, although this is partly mitigated by its
cash on hand of THB313 million and the remaining undrawn credit
facilities of THB2.8 billion at end-2006.

The Negative Outlook reflects PF's continued vulnerability to a
further slowdown in the industry.  However, Fitch notes that
should the company meet its expected sales growth and manage to
substantially reduce its financial leverage in the next 12
months, this could result in a positive revision of the ratings.


TOTAL ACCESS: Reports 13% YoY Fall in 4Q Net Profit to THB1.3BB
---------------------------------------------------------------
Total Access Communications Ltd -- DTAC -- said that its fourth-
quarter net profit rose 9% after it added more than 760,000
subscribers during the quarter to take its total customer
numbers to almost 11.9 million, AFX News Limited reports.  

According to AFX News, Telenor ASA -- which owns 70.6% of Total
Access -- said that in Norwegian kroner, the company posted
fourth quarter EBITDA of NOK795 million, and EBIT of
NOK410 million, on sales of NOK2.16 billion.  DTAC had capital
expenditure of NOK737 million during the quarter, Telenor added.

DTAC disclosed with the Singapore Stock Exchange that its fourth
quarter net profit rose 9% to THB1.31 billion from the third
quarter, but fell 13% year-on-year, while EBITDA rose 5% year-
on-year to THB4.6 billion, equivalent to a rise of 4% over the
quarter, the report relates.

AFX News notes that DTAC's EDITDA margin rose 1.2% to 37% during
the quarter.

Moreover, the report says that the mobile operator booked total
revenues of THB12.4 billion during the quarter, up from
THB11.3 billion at the same point last year.

The company said that its net profit rose 16.9% to
THB3.6 billion for the first nine months, equivalent to
a year-on-year rise of 8.9%, the report adds.

            About Total Access Communications, DTAC

Total Access Communications, DTAC -- http://www.dtac.co.th/--   
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

On Jan. 12, 2007, Fitch Ratings affirmed the ratings of Total
Access Communication following the proposed amendments to
Thailand's Foreign Business Act.

    -- Long-term foreign currency Issuer Default rating at BB+;

    -- National Long-term rating at A(tha);

    -- National Short-term rating at F2(tha); and

    -- National senior unsecured rating at A(tha).

The Outlook on DTAC's ratings is Stable.


* Fitch: Stable to Positive Credit Outlook for Oil & Gas Sector
---------------------------------------------------------------
Fitch Ratings said the credit outlook for the Asia-Pacific oil
and gas sector is stable to positive for 2007.  The agency
expects that continued high prices will support strong operating
cash flow, which in turn, will underpin stable credit metrics
despite significant cost pressures on all major inputs.

"Fitch's energy ratings in the Asia-Pacific region reflect
continued high prices being achieved, supporting strong
operational cash flow in the upstream sector - and in some cases
explicit and implicit support from government owners," said
Carolyn Martin, Regional Head of Fitch's Energy & Utilities team
in a 2007 outlook report for the Asia-Pacific oil and gas sector
published Feb. 11, 2007.

However, Fitch notes in the report that specific credit
challenges exist in some regions and bondholders will face risks
from the upstream sector.

"These risks are expected to stem from higher service and
drilling costs, increased M&A activity at much higher premiums,
increased shareholder-friendly transactions, higher finding and
development costs, as well as higher overall cost structures,"
said Ms. Martin.  "High prices have mitigated the near-term
effect of these concerns; however, a substantial pullback in
prices would highlight each of these risks to bondholders."

The strong oil and gas prices continue to be underpinned by the
ongoing growth of China and India, both of which have limited
domestic oil and gas resources.  With the strategic requirement
for China and India to secure ongoing sources of oil to feed
their energy needs, the national oil companies of both countries
have been a significant presence in upstream M&A activity and in
bidding for exploration permits.  This heightened activity has,
in turn, increased the multiples evidenced in acquisitions and
the prices paid for exploration permits across the industry.
While this continued M&A activity at high multiples might
normally be a concern to bondholders, continued government
support provides some comfort, along with continued strong
growth in domestic demand in both territories.

A copy of the report 'Asia-Pacific Oil & Gas: Credit Outlook
2007' will be available shortly on the agency's Web sites,
http://www.fitchratings.com/and the subscription-based  
http://www.fitchresearch.com/  


* BOND PRICING: For the Week 5 February to 9 February 2007
----------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                 8.000%  12/31/09     AUD     0.90
Alinta Networks                5.750%  09/22/10     AUD     6.78
APN News & Media Ltd           7.250%  10/31/08     AUD     6.00
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.50
Arrow Energy NL               10.000%  03/31/08     AUD     1.25
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.60
Becton Property Group          9.500%  06/30/10     AUD     0.84
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.55
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.05
Cardno Limited                 9.000%  06/30/08     AUD     5.76
CBH Resources                  9.500%  12/16/09     AUD     0.46
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     0.86
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.71
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.44
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.25
Fletcher Building Ltd          7.800%  03/15/09     NZD     7.85
Fletcher Building Ltd          8.850%  03/15/10     NZD     8.40
Fletcher Building Ltd          7.550%  03/15/11     NZD     7.83
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.44
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.05
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.50
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.52
IMF Australia Ltd             11.500%  06/30/10     AUD     0.82
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.05
Infratil Ltd                   8.500%  11/15/15     NZD     8.15
Kagara Zinc Ltd                9.750%  05/06/07     AUD     8.50
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.24
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.89
Nuplex Industries Ltd          9.300%  09/15/07     NZD     8.80
Pacific Print Group Ltd       10.250%  10/15/09     NZD    11.75
Primelife Corporation         10.000%  01/31/08     AUD     1.03
Salomon SB Australia           4.250%  02/01/09     USD     7.72
Silver Chef Ltd               10.000%  08/31/08     AUD     1.00
Software of Excellence         7.000%  08/09/07     NZD     1.75
Speirs Group Ltd.             10.000%  06/30/49     NZD    61.00
Structural Systems            11.000%  06/30/07     AUD     1.60
TrustPower Ltd                 8.300%  09/15/07     NZD     8.30
TrustPower Ltd                 8.300%  12/15/08     NZD     8.15
TrustPower Ltd                 8.500%  09/15/12     NZD     8.05
TrustPower Ltd                 8.500%  03/15/14     NZD     8.15


KOREA
-----
Korea Development Bank         7.350%  10/27/21     KRW    49.32
Korea Development Bank         7.450%  10/31/21     KRW    49.29
Korea Development Bank         7.400%  11/02/21     KRW    49.28
Korea Development Bank         7.310%  11/08/21     KRW    49.24
Korea Development Bank         8.450%  12/15/26     KRW    70.50


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.89
AHB Holdings Bhd               5.500%  03/06/07     MYR     0.18
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.27
Berjaya Land Bhd               5.000%  12/30/09     MYR     0.92
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.24
Camerlin Group Bhd             5.500%  07/15/07     MYR     2.23
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     0.89
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.60
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.03
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.99
EG Industries Bhd              5.000%  06/16/10     MYR     0.60
Equine Capital Bhd             3.000%  08/26/08     MYR     0.42
Gadang Holdings Bhd            2.000%  12/24/08     MYR     0.77
Greatpac Holdings Bhd          2.000%  12/11/08     MYR     0.32
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.45
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.87
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.59
I-Berhad                       5.000%  04/30/07     MYR     0.57
Insas Bhd                      8.000%  04/19/09     MYR     0.65
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.35
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.53
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.62
Kumpulan Jetson                5.000%  11/27/12     MYR     0.54
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.55
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.54
Media Prima Bhd                2.000%  07/18/08     MYR     1.63
Mithril Bhd                    8.000%  04/05/09     MYR     0.40
Mithril Bhd                    3.000%  04/05/12     MYR     0.63
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.55
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.50
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.50
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.16
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     0.94
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.55
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.67
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.37
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.30
Southern Steel                 5.500%  07/31/08     MYR     1.62
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.00
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.10
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.86
WCT Land Bhd                   3.000%  08/02/09     MYR     1.35
Wah Seong Corp                 3.000%  05/21/12     MYR     3.12
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.77


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.10




                            *********

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

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

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


                            *********


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

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